# EDGAR Filing Document

**Accession Number:** 0001084380
**File Stem:** 0001193125-25-174320
**Filing Date:** 2025-8
**Character Count:** 1492911
**Document Hash:** e21bbe2f11a08ebbf47c680385ee7e07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-174320.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001193125-25-174320

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 284

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**EFFECTIVENESS DATE**: 20250806

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09301
- **FILM NUMBER:** 251188852

**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 Lifecycle 2010 Fund (Series ID: S000005375)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014639 | Retirement Class | TCLEX           |
| C000047972 | Class R6         | TCTIX           |
| C000079559 | Premier Class    | TCTPX           |
| C000162552 | Class I          | TCLHX           |

### Nuveen Lifecycle 2015 Fund (Series ID: S000005376)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014640 | Retirement Class | TCLIX           |
| C000047973 | Class R6         | TCNIX           |
| C000079560 | Premier Class    | TCFPX           |
| C000162553 | Class I          | TCNHX           |

### Nuveen Lifecycle 2020 Fund (Series ID: S000005377)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014641 | Retirement Class | TCLTX           |
| C000047974 | Class R6         | TCWIX           |
| C000079561 | Premier Class    | TCWPX           |
| C000162554 | Class I          | TCWHX           |

### Nuveen Lifecycle 2025 Fund (Series ID: S000005378)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014642 | Retirement Class | TCLFX           |
| C000047975 | Class R6         | TCYIX           |
| C000079562 | Premier Class    | TCQPX           |
| C000162555 | Class I          | TCQHX           |

### Nuveen Lifecycle 2030 Fund (Series ID: S000005379)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014643 | Retirement Class | TCLNX           |
| C000047976 | Class R6         | TCRIX           |
| C000079563 | Premier Class    | TCHPX           |
| C000162556 | Class I          | TCHHX           |

### Nuveen Lifecycle 2035 Fund (Series ID: S000005380)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014644 | Retirement Class | TCLRX           |
| C000047977 | Class R6         | TCIIX           |
| C000079564 | Premier Class    | TCYPX           |
| C000162557 | Class I          | TCYHX           |

### Nuveen Lifecycle 2040 Fund (Series ID: S000005382)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014647 | Retirement Class | TCLOX           |
| C000047978 | Class R6         | TCOIX           |
| C000079566 | Premier Class    | TCZPX           |
| C000162559 | Class I          | TCZHX           |

### Nuveen Managed Allocation Fund (Series ID: S000012194)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000033271 | Class A          | TIMRX           |
| C000033272 | Retirement Class | TITRX           |
| C000033273 | Class R6         | TIMIX           |

### Nuveen Lifecycle 2045 Fund (Series ID: S000019659)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000054991 | Class R6         | TTFIX           |
| C000054992 | Retirement Class | TTFRX           |
| C000079575 | Premier Class    | TTFPX           |
| C000162574 | Class I          | TTFHX           |

### Nuveen Lifecycle 2050 Fund (Series ID: S000019660)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000054993 | Class R6         | TFTIX           |
| C000054994 | Retirement Class | TLFRX           |
| C000079576 | Premier Class    | TCLPX           |
| C000162575 | Class I          | TFTHX           |

### Nuveen Lifecycle Retirement Income Fund (Series ID: S000019661)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000054995 | Class A          | TLRRX           |
| C000054996 | Class R6         | TLRIX           |
| C000054997 | Retirement Class | TLIRX           |
| C000079577 | Premier Class    | TPILX           |
| C000162576 | Class I          | TLRHX           |

### Nuveen Lifecycle Index 2010 Fund (Series ID: S000026498)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000079517 | Class R6         | TLTIX           |
| C000079518 | Premier Class    | TLTPX           |
| C000079519 | Retirement Class | TLTRX           |
| C000162577 | Class I          | TLTHX           |

### Nuveen Lifecycle Index Retirement Income Fund (Series ID: S000026499)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000079520 | Class R6         | TRILX           |
| C000079521 | Premier Class    | TLIPX           |
| C000079522 | Retirement Class | TRCIX           |
| C000162578 | Class I          | TLIHX           |

### Nuveen Lifecycle Index 2015 Fund (Series ID: S000026501)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000079527 | Class R6         | TLFIX           |
| C000079528 | Premier Class    | TLFPX           |
| C000079529 | Retirement Class | TLGRX           |
| C000162580 | Class I          | TLFAX           |

### Nuveen Lifecycle Index 2020 Fund (Series ID: S000026502)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000079530 | Class R6         | TLWIX           |
| C000079531 | Premier Class    | TLWPX           |
| C000079532 | Retirement Class | TLWRX           |
| C000162581 | Class I          | TLWHX           |

### Nuveen Lifecycle Index 2025 Fund (Series ID: S000026503)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000079533 | Class R6         | TLQIX           |
| C000079534 | Premier Class    | TLVPX           |
| C000079535 | Retirement Class | TLQRX           |
| C000162582 | Class I          | TLQHX           |

### Nuveen Lifecycle Index 2030 Fund (Series ID: S000026504)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000079536 | Class R6         | TLHIX           |
| C000079537 | Premier Class    | TLHPX           |
| C000079538 | Retirement Class | TLHRX           |
| C000162583 | Class I          | TLHHX           |

### Nuveen Lifecycle Index 2035 Fund (Series ID: S000026505)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000079539 | Class R6         | TLYIX           |
| C000079540 | Premier Class    | TLYPX           |
| C000079541 | Retirement Class | TLYRX           |
| C000162584 | Class I          | TLYHX           |

### Nuveen Lifecycle Index 2040 Fund (Series ID: S000026506)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000079542 | Class R6         | TLZIX           |
| C000079543 | Premier Class    | TLPRX           |
| C000079544 | Retirement Class | TLZRX           |
| C000162585 | Class I          | TLZHX           |

### Nuveen Lifecycle Index 2045 Fund (Series ID: S000026507)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000079545 | Class R6         | TLXIX           |
| C000079546 | Premier Class    | TLMPX           |
| C000079547 | Retirement Class | TLMRX           |
| C000162586 | Class I          | TLMHX           |

### Nuveen Lifecycle Index 2050 Fund (Series ID: S000026508)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000079548 | Class R6         | TLLIX           |
| C000079549 | Premier Class    | TLLPX           |
| C000079550 | Retirement Class | TLLRX           |
| C000162587 | Class I          | TLLHX           |

### Nuveen Lifecycle Index 2055 Fund (Series ID: S000031926)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000099413 | Retirement Class | TTIRX           |
| C000099414 | Class R6         | TTIIX           |
| C000099415 | Premier Class    | TTIPX           |
| C000162590 | Class I          | TTIHX           |

### Nuveen Lifecycle 2055 Fund (Series ID: S000031927)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000099416 | Retirement Class | TTRLX           |
| C000099417 | Class R6         | TTRIX           |
| C000099418 | Premier Class    | TTRPX           |
| C000162591 | Class I          | TTRHX           |

### Nuveen Lifestyle Aggressive Growth Fund (Series ID: S000034958)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000107517 | Class R6         | TSAIX           |
| C000107518 | Premier Class    | TSAPX           |
| C000107519 | Class A          | TSALX           |
| C000107520 | Retirement Class | TSARX           |
| C000162593 | Class I          | TSAHX           |

### Nuveen Lifestyle Conservative Fund (Series ID: S000034959)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000107521 | Class R6         | TCSIX           |
| C000107522 | Premier Class    | TLSPX           |
| C000107523 | Class A          | TSCLX           |
| C000107524 | Retirement Class | TSCTX           |
| C000162594 | Class I          | TLSHX           |

### Nuveen Lifestyle Growth Fund (Series ID: S000034960)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000107525 | Premier Class    | TSGPX           |
| C000107526 | Class A          | TSGLX           |
| C000107527 | Retirement Class | TSGRX           |
| C000107528 | Class R6         | TSGGX           |
| C000162595 | Class I          | TSGHX           |

### Nuveen Lifestyle Income Fund (Series ID: S000034961)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000107529 | Class R6         | TSITX           |
| C000107530 | Premier Class    | TSIPX           |
| C000107531 | Class A          | TSILX           |
| C000107532 | Retirement Class | TLSRX           |
| C000162596 | Class I          | TSIHX           |

### Nuveen Lifestyle Moderate Fund (Series ID: S000034962)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000107533 | Class R6         | TSIMX           |
| C000107534 | Premier Class    | TSMPX           |
| C000107535 | Class A          | TSMLX           |
| C000107536 | Retirement Class | TSMTX           |
| C000162597 | Class I          | TSMHX           |

### Nuveen Lifecycle 2060 Fund (Series ID: S000046661)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000145612 | Class R6         | TLXNX           |
| C000145613 | Premier Class    | TLXPX           |
| C000145614 | Retirement Class | TLXRX           |
| C000162601 | Class I          | TLXHX           |

### Nuveen Lifecycle Index 2060 Fund (Series ID: S000046662)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000145615 | Retirement Class | TVITX           |
| C000145616 | Class R6         | TVIIX           |
| C000145617 | Premier Class    | TVIPX           |
| C000162602 | Class I          | TVIHX           |

### Nuveen Lifecycle 2065 Fund (Series ID: S000069450)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000221702 | Premier Class    | TSFPX           |
| C000221703 | Class I          | TSFHX           |
| C000221704 | Class R6         | TSFTX           |
| C000221705 | Retirement Class | TSFRX           |

### Nuveen Lifecycle Index 2065 Fund (Series ID: S000069451)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000221706 | Premier Class    | TFIPX           |
| C000221707 | Retirement Class | TFIRX           |
| C000221708 | Class I          | TFIHX           |
| C000221709 | Class R6         | TFITX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-09301</u> 

TIAA-CREF Funds

(Exact name of registrant as specified in charter)

730 Third Avenue

New York, New York 10017-3206

(Address of principal executive offices) (Zip code)

Jeremy D. Franklin, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

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

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

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

------

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

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2010 Fund

Retirement Class Shares/TCLEX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $53 | 0.51% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2010 Fund returned 7.14% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 8.55%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000<sup>®</sup> Index; 12.3% MSCI All Country World Index ex USA Investable Market Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» A position in the Nuveen Real Property Fund LP.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06x27.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 7.14% | 5.19% | 4.84% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2010 Fund Composite Index | 8.55% | 5.39% | 5.24% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2010 Index | 8.09% | 5.14% | 4.79% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $688742970 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $2913688 |

---

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

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

![LOGO](g945482g1g06x29.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87244W458_AR_0525<br> 4546352 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2010 Fund

Class R6 Shares/TCTIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $27 | 0.26% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2010 Fund returned 7.43% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 8.55%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000<sup>®</sup> Index; 12.3% MSCI All Country World Index ex USA Investable Market Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» A position in the Nuveen Real Property Fund LP.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06x62.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 7.43% | 5.45% | 5.11% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2010 Fund Composite Index | 8.55% | 5.39% | 5.24% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2010 Index | 8.09% | 5.14% | 4.79% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $688742970 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $2913688 |

---

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

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

![LOGO](g945482g1g03g94.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315662_AR_0525<br> 4546352 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2010 Fund

Premier Class Shares/TCTPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

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

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2010 Fund returned 7.26% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 8.55%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000<sup>®</sup> Index; 12.3% MSCI All Country World Index ex USA Investable Market Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» A position in the Nuveen Real Property Fund LP.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g73z20.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 7.26% | 5.31% | 4.96% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2010 Fund Composite Index | 8.55% | 5.39% | 5.24% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2010 Index | 8.09% | 5.14% | 4.79% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $688742970 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $2913688 |

---

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

![LOGO](g945482g1g49s19.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M434_AR_0525<br> 4546352 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2010 Fund

Class I Shares/TCLHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $33 | 0.32% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2010 Fund returned 7.37% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 8.55%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000<sup>®</sup> Index; 12.3% MSCI All Country World Index ex USA Investable Market Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» A position in the Nuveen Real Property Fund LP.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g80y12.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 7.37% | 5.37% | 5.57% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2010 Fund Composite Index | 8.55% | 5.39% | 5.74% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2010 Index | 8.09% | 5.14% | 5.23% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $688742970 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $2913688 |

---

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

![LOGO](g945482g1g21q77.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P205_AR_0525<br> 4546352 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2015 Fund

Class R6 Shares/TCNIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $29 | 0.28% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2015 Fund returned 7.40% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 8.92%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06a67.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 7.40% | 5.81% | 5.38% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2015 Fund Composite Index | 8.92% | 5.98% | 5.64% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2015 Index | 8.07% | 5.67% | 5.17% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $982124540 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $4137942 |

---

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

![LOGO](g945482g1g16k17.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315654_AR_0525<br> 4546357 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2015 Fund

Premier Class Shares/TCFPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $45 | 0.43% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2015 Fund returned 7.27% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 8.92%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g73z70.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 7.27% | 5.66% | 5.22% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2015 Fund Composite Index | 8.92% | 5.98% | 5.64% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2015 Index | 8.07% | 5.67% | 5.17% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $982124540 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $4137942 |

---

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

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

![LOGO](g945482g1g11l77.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M426_AR_0525<br> 4546357 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2015 Fund

Class I Shares/TCNHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $33 | 0.32% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2015 Fund returned 7.40% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 8.92%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g80y17.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 7.40% | 5.73% | 5.84% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2015 Fund Composite Index | 8.92% | 5.98% | 6.18% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2015 Index | 8.07% | 5.67% | 5.66% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $982124540 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $4137942 |

---

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

![LOGO](g945482g1g70z53.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P304_AR_0525<br> 4546357 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2015 Fund

Retirement Class Shares/TCLIX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $55 | 0.53% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2015 Fund returned 7.21% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 8.92%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06x32.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 7.21% | 5.55% | 5.11% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2015 Fund Composite Index | 8.92% | 5.98% | 5.64% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2015 Index | 8.07% | 5.67% | 5.17% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $982124540 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $4137942 |

---

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

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

![LOGO](g945482g1g06x34.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87244W441_AR_0525<br> 4546357 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2020 Fund

Retirement Class Shares/TCLTX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $55 | 0.53% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2020 Fund returned 7.36% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 9.29%.<br>• The Fund's Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000<sup>®</sup> Index; 15.7% MSCI All Country World Index ex USA Investable Market Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06x37.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 7.36% | 6.05% | 5.48% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2020 Fund Composite Index | 9.29% | 6.58% | 6.08% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2020 Index | 8.47% | 6.18% | 5.55% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2101876834 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $9002264 |

---

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

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

![LOGO](g945482g1g06x39.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| <br>87244W433_AR_0525<br> 4546361 | <br>![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2020 Fund

Class R6 Shares/TCWIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $29 | 0.28% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2020 Fund returned 7.66% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 9.29%.<br>• The Fund's Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000<sup>®</sup> Index; 15.7% MSCI All Country World Index ex USA Investable Market Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06a72.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 7.66% | 6.33% | 5.74% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2020 Fund Composite Index | 9.29% | 6.58% | 6.08% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2020 Index | 8.47% | 6.18% | 5.55% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2101876834 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $9002264 |

---

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

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

![LOGO](g945482g1g54s07.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315647_AR_0525<br> 4546361 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2020 Fund

Premier Class Shares/TCWPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $45 | 0.43% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2020 Fund returned 7.39% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 9.29%.<br>• The Fund's Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000<sup>®</sup> Index; 15.7% MSCI All Country World Index ex USA Investable Market Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g74r20.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 7.39% | 6.14% | 5.58% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2020 Fund Composite Index | 9.29% | 6.58% | 6.08% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2020 Index | 8.47% | 6.18% | 5.55% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2101876834 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $9002264 |

---

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

![LOGO](g945482g1g44k17.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M418_AR_0525<br> 4546361 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2020 Fund

Class I Shares/TCWHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $34 | 0.33% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2020 Fund returned 7.52% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 9.29%.<br>• The Fund's Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000<sup>®</sup> Index; 15.7% MSCI All Country World Index ex USA Investable Market Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g08r22.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 7.52% | 6.22% | 6.24% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2020 Fund Composite Index | 9.29% | 6.58% | 6.67% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2020 Index | 8.47% | 6.18% | 6.08% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2101876834 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $9002264 |

---

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

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

![LOGO](g945482g1g44q88.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P403_AR_0525<br> 4546361 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2025 Fund

Retirement Class Shares/TCLFX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $55 | 0.53% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2025 Fund returned 7.48% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 9.68%.<br>• The Fund's Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000<sup>®</sup> Index; 17.5% MSCI All Country World Index ex USA Investable Market Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» An allocation to the Nuveen Quant Small/Mid Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br> » Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06x42.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 7.48% | 6.85% | 5.98% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2025 Fund Composite Index | 9.68% | 7.46% | 6.65% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2025 Index | 8.82% | 7.23% | 6.16% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3367492187 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $14518478 |

---

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

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

![LOGO](g945482g1g06x44.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87244W425_AR_0525<br> 4546367 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2025 Fund

Class R6 Shares/TCYIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $29 | 0.28% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2025 Fund returned 7.73% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 9.68%.<br>• The Fund's Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000<sup>®</sup> Index; 17.5% MSCI All Country World Index ex USA Investable Market Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» An allocation to the Nuveen Quant Small/Mid Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g66g77.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 7.73% | 7.12% | 6.24% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2025 Fund Composite Index | 9.68% | 7.46% | 6.65% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2025 Index | 8.82% | 7.23% | 6.16% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3367492187 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $14518478 |

---

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

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

![LOGO](g945482g1g05q23.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315639_AR_0525<br> 4546367 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2025 Fund

Premier Class Shares/TCQPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of $10,000<br>investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $45 | 0.43% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2025 Fund returned 7.71% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 9.68%.<br>• The Fund's Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000<sup>®</sup> Index; 17.5% MSCI All Country World Index ex USA Investable Market Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» An allocation to the Nuveen Quant Small/Mid Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g74r70.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 7.71% | 6.98% | 6.10% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2025 Fund Composite Index | 9.68% | 7.46% | 6.65% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2025 Index | 8.82% | 7.23% | 6.16% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3367492187 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $14518478 |

---

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

![LOGO](g945482g1g23k07.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M392_AR_0525<br> 4546367 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2025 Fund

Class I Shares/TCQHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $32 | 0.31% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2025 Fund returned 7.74% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 9.68%.<br>• The Fund's Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000<sup>®</sup> Index; 17.5% MSCI All Country World Index ex USA Investable Market Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» An allocation to the Nuveen Quant Small/Mid Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g08k27.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 7.74% | 7.06% | 6.81% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2025 Fund Composite Index | 9.68% | 7.46% | 7.31% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2025 Index | 8.82% | 7.23% | 6.75% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3367492187 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $14518478 |

---

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

![LOGO](g945482g1g81t09.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P502_AR_0525<br> 4546367 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2030 Fund

Retirement Class Shares/TCLNX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $55 | 0.53% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2030 Fund returned 7.89% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 10.28%.<br>• The Fund's Composite Index consisted of: 37.8% Russell 3000<sup>®</sup> Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI All Country World Index ex USA Investable Market Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» A position in the Nuveen Real Property Fund LP.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06x47.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 7.89% | 7.85% | 6.56% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2030 Fund Composite Index | 10.28% | 8.50% | 7.30% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2030 Index | 9.51% | 8.53% | 6.87% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4365167433 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $18369937 |

---

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

![LOGO](g945482g1g06x50.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87244W417_AR_0525<br> 4546372 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2030 Fund

Class R6 Shares/TCRIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $29 | 0.28% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2030 Fund returned 8.16% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 10.28%.<br>• The Fund's Composite Index consisted of: 37.8% Russell 3000<sup>®</sup> Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI All Country World Index ex USA Investable Market Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» A position in the Nuveen Real Property Fund LP.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06a82.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 8.16% | 8.12% | 6.83% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2030 Fund Composite Index | 10.28% | 8.50% | 7.30% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2030 Index | 9.51% | 8.53% | 6.87% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4365167433 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $18369937 |

---

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

![LOGO](g945482g1g67p49.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315621_AR_0525<br> 4546372 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2030 Fund

Premier Class Shares/TCHPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $45 | 0.43% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2030 Fund returned 8.04% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 10.28%.<br>• The Fund's Composite Index consisted of: 37.8% Russell 3000<sup>®</sup> Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI All Country World Index ex USA Investable Market Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» A position in the Nuveen Real Property Fund LP.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g75r20.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 8.04% | 7.95% | 6.67% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2030 Fund Composite Index | 10.28% | 8.50% | 7.30% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2030 Index | 9.51% | 8.53% | 6.87% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4365167433 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $18369937 |

---

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

![LOGO](g945482g1g82h42.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M384_AR_0525<br> 4546372 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2030 Fund

Class I Shares/TCHHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $31 | 0.30% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2030 Fund returned 8.16% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 10.28%.<br>• The Fund's Composite Index consisted of: 37.8% Russell 3000<sup>®</sup> Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI All Country World Index ex USA Investable Market Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» A position in the Nuveen Real Property Fund LP.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88m09.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 8.16% | 8.04% | 7.46% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2030 Fund Composite Index | 10.28% | 8.50% | 8.03% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2030 Index | 9.51% | 8.53% | 7.53% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4365167433 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $18369937 |

---

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

![LOGO](g945482g1g67s49.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P601_AR_0525<br> 4546372 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2035 Fund

Retirement Class Shares/TCLRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $54 | 0.52% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2035 Fund returned 8.21% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 10.91%.<br>• The Fund's Composite Index consisted of: 43.0% Russell 3000<sup>®</sup> Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI All Country World Index ex USA Investable Market Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06x52.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 8.21% | 8.90% | 7.17% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2035 Fund Composite Index | 10.91% | 9.66% | 7.98% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2035 Index | 10.24% | 9.95% | 7.61% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4835172704 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $20275659 |

---

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

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

![LOGO](g945482g1g06x55.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87244W391_AR_0525<br> 4546379 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2035 Fund

Class R6 Shares/TCIIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $28 | 0.27% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2035 Fund returned 8.51% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 10.91%.<br>• The Fund's Composite Index consisted of: 43.0% Russell 3000<sup>®</sup> Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI All Country World Index ex USA Investable Market Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06a87.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 8.51% | 9.19% | 7.45% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2035 Fund Composite Index | 10.91% | 9.66% | 7.98% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2035 Index | 10.24% | 9.95% | 7.61% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4835172704 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $20275659 |

---

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

![LOGO](g945482g1g68u97.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315613_AR_0525<br> 4546379 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2035 Fund

Premier Class Shares/TCYPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $44 | 0.42% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2035 Fund returned 8.36% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 10.91%.<br>• The Fund's Composite Index consisted of: 43.0% Russell 3000<sup>®</sup> Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI All Country World Index ex USA Investable Market Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g75r70.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 8.36% | 9.03% | 7.28% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2035 Fund Composite Index | 10.91% | 9.66% | 7.98% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2035 Index | 10.24% | 9.95% | 7.61% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4835172704 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $20275659 |

---

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

![LOGO](g945482g1g19c28.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M376_AR_0525<br> 4546379 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2035 Fund

Class I Shares/TCYHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $31 | 0.30% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2035 Fund returned 8.41% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 10.91%.<br>• The Fund's Composite Index consisted of: 43.0% Russell 3000<sup>®</sup> Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI All Country World Index ex USA Investable Market Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>» Holding the Nuveen Core Plus Bond Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g83z70.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 8.41% | 9.09% | 8.12% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2035 Fund Composite Index | 10.91% | 9.66% | 8.78% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2035 Index | 10.24% | 9.95% | 8.34% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4835172704 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $20275659 |

---

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

![LOGO](g945482g1g91t59.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P700_AR_0525<br> 4546379 | <br> ![LOGO](g945482g1g85u20.jpg)  |

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3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

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Nuveen Lifecycle 2040 Fund

Retirement Class Shares/TCLOX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $53 | 0.51% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2040 Fund returned 8.74% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 11.78%.<br>• The Fund's Composite Index consisted of: 50.8% Russell 3000<sup>®</sup> Index; 27.3% MSCI All Country World Index ex USA Investable Market Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06x57.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 8.74% | 10.11% | 7.82% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2040 Fund Composite Index | 11.78% | 11.01% | 8.72% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2040 Index | 10.87% | 11.07% | 8.19% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $5926168970 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $25066996 |

---

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

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

![LOGO](g945482g1g06x60.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87244W383_AR_0525<br> 4546389 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

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Nuveen Lifecycle 2040 Fund

Class R6 Shares/TCOIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $27 | 0.26% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2040 Fund returned 9.03% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 11.78%.<br>• The Fund's Composite Index consisted of: 50.8% Russell 3000<sup>®</sup> Index; 27.3% MSCI All Country World Index ex USA Investable Market Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g66g92.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.03% | 10.39% | 8.09% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2040 Fund Composite Index | 11.78% | 11.01% | 8.72% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2040 Index | 10.87% | 11.07% | 8.19% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $5926168970 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $25066996 |

---

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

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

![LOGO](g945482g1g32u18.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315597_AR_0525<br> 4546389 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

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Nuveen Lifecycle 2040 Fund

Premier Class Shares/TCZPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $43 | 0.41% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2040 Fund returned 8.80% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 11.78%.<br>• The Fund's Composite Index consisted of: 50.8% Russell 3000<sup>®</sup> Index; 27.3% MSCI All Country World Index ex USA Investable Market Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g07n62.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 8.80% | 10.23% | 7.92% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2040 Fund Composite Index | 11.78% | 11.01% | 8.72% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2040 Index | 10.87% | 11.07% | 8.19% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $5926168970 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $25066996 |

---

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

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

![LOGO](g945482g1g50k48.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M368_AR_0525<br> 4546389 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

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Nuveen Lifecycle 2040 Fund

Class I Shares/TCZHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $30 | 0.29% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2040 Fund returned 8.93% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 11.78%.<br>• The Fund's Composite Index consisted of: 50.8% Russell 3000<sup>®</sup> Index; 27.3% MSCI All Country World Index ex USA Investable Market Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g84z20.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 8.93% | 10.31% | 8.86% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2040 Fund Composite Index | 11.78% | 11.01% | 9.61% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2040 Index | 10.87% | 11.07% | 8.97% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $5926168970 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $25066996 |

---

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

![LOGO](g945482g1g04m37.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P809_AR_0525<br> 4546389 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

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Nuveen Managed Allocation Fund

Class A Shares/TIMRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Managed Allocation Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

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

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Managed Allocation Fund returned 8.05% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Managed Allocation Fund Composite Index, which returned 10.29%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000<sup>®</sup> Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g02v02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 8.05% | 7.55% | 6.34% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | 1.85% | 6.29% | 5.71% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Managed Allocation Fund Composite Index | 10.29% | 7.85% | 6.85% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderate Target Risk Index | 10.52% | 7.42% | 6.34% |

---

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

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $876851708 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $0 |

---

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

![LOGO](g945482g1g63v84.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315845_AR_0525<br> 4546597 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Managed Allocation Fund

Retirement Class Shares/TITRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Managed Allocation Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

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

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Managed Allocation Fund returned 8.10% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Managed Allocation Fund Composite Index, which returned 10.29%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000<sup>®</sup> Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g00k07.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 8.10% | 7.53% | 6.33% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Managed Allocation Fund Composite Index | 10.29% | 7.85% | 6.85% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderate Target Risk Index | 10.52% | 7.42% | 6.34% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $876851708 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $0 |

---

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

![LOGO](g945482g1g08w98.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315829_AR_0525<br> 4546597 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Managed Allocation Fund

Class R6 Shares/TIMIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Managed Allocation Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $0 | 0.00% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Managed Allocation Fund returned 8.37% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Managed Allocation Fund Composite Index, which returned 10.29%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000<sup>®</sup> Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g12v12.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 8.37% | 7.82% | 6.60% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Managed Allocation Fund Composite Index | 10.29% | 7.85% | 6.85% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderate Target Risk Index | 10.52% | 7.42% | 6.34% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $876851708 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $0 |

---

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

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

![LOGO](g945482g1g53x82.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315837_AR_0525<br> 4546597 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2045 Fund

Class R6 Shares/TTFIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

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

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2045 Fund returned 9.32% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 12.37%.<br>• The Fund's Composite Index consisted of: 56.0% Russell 3000<sup>®</sup> Index; 30.1% MSCI All Country World Index ex USA Investable Market Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06a97.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.32% | 11.34% | 8.58% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2045 Fund Composite Index | 12.37% | 12.07% | 9.26% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2045 Index | 11.33% | 11.80% | 8.56% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4362593840 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $18305071 |

---

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

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

![LOGO](g945482g1g49a33.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses** or upon request at (800) 257-8787.

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315589_AR_0525<br> 4546393 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2045 Fund

Retirement Class Shares/TTFRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

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

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2045 Fund returned 9.06% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 12.37%.<br>• The Fund's Composite Index consisted of: 56.0% Russell 3000<sup>®</sup> Index; 30.1% MSCI All Country World Index ex USA Investable Market Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g70a02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 9.06% | 11.05% | 8.31% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2045 Fund Composite Index | 12.37% | 12.07% | 9.26% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2045 Index | 11.33% | 11.80% | 8.56% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4362593840 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $18305071 |

---

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

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

![LOGO](g945482g1g01z93.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315522_AR_0525<br> 4546393 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2045 Fund

Premier Class Shares/TTFPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $42 | 0.40% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2045 Fund returned 9.13% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 12.37%.<br>• The Fund's Composite Index consisted of: 56.0% Russell 3000<sup>®</sup> Index; 30.1% MSCI All Country World Index ex USA Investable Market Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g07n67.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 9.13% | 11.16% | 8.41% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2045 Fund Composite Index | 12.37% | 12.07% | 9.26% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2045 Index | 11.33% | 11.80% | 8.56% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4362593840 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $18305071 |

---

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

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

![LOGO](g945482g1g29v80.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M350_AR_0525<br> 4546393 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2045 Fund

Class I Shares/TTFHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $28 | 0.27% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2045 Fund returned 9.28% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 12.37%.<br>• The Fund's Composite Index consisted of: 56.0% Russell 3000<sup>®</sup> Index; 30.1% MSCI All Country World Index ex USA Investable Market Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g84z70.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.28% | 11.25% | 9.39% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2045 Fund Composite Index | 12.37% | 12.07% | 10.19% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2045 Index | 11.33% | 11.80% | 9.37% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4362593840 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $18305071 |

---

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

![LOGO](g945482g1g77q28.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P882_AR_0525<br> 4546393 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2050 Fund

Class R6 Shares/TFTIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

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

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2050 Fund returned 9.54% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 12.66%.<br>• The Fund's Composite Index consisted of: 58.5% Russell 3000<sup>®</sup> Index; 31.5% MSCI All Country World Index ex USA Investable Market Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88m01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.54% | 11.62% | 8.75% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2050 Fund Composite Index | 12.66% | 12.39% | 9.45% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2050 Index | 11.41% | 12.12% | 8.75% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3502564733 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $14671786 |

---

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

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

![LOGO](g945482g1g05j86.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315571_AR_0525<br> 4546397 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2050 Fund

Retirement Class Shares/TLFRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

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

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2050 Fund returned 9.15% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 12.66%.<br>• The Fund's Composite Index consisted of: 58.5% Russell 3000<sup>®</sup> Index; 31.5% MSCI All Country World Index ex USA Investable Market Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88m02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 9.15% | 11.34% | 8.47% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2050 Fund Composite Index | 12.66% | 12.39% | 9.45% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2050 Index | 11.41% | 12.12% | 8.75% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3502564733 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $14671786 |

---

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

![LOGO](g945482g1g13l97.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315514_AR_0525<br> 4546397 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2050 Fund

Premier Class Shares/TCLPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $42 | 0.40% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2050 Fund returned 9.27% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 12.66%.<br>• The Fund's Composite Index consisted of: 58.5% Russell 3000<sup>®</sup> Index; 31.5% MSCI All Country World Index ex USA Investable Market Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g07n72.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 9.27% | 11.44% | 8.58% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2050 Fund Composite Index | 12.66% | 12.39% | 9.45% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2050 Index | 11.41% | 12.12% | 8.75% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3502564733 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $14671786 |

---

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

![LOGO](g945482g1g36u99.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M343_AR_0525<br> 4546397 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2050 Fund

Class I Shares/TFTHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $28 | 0.27% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2050 Fund returned 9.44% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 12.66%.<br>• The Fund's Composite Index consisted of: 58.5% Russell 3000<sup>®</sup> Index; 31.5% MSCI All Country World Index ex USA Investable Market Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g85z20.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.44% | 11.56% | 9.56% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2050 Fund Composite Index | 12.66% | 12.39% | 10.38% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2050 Index | 11.41% | 12.12% | 9.58% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3502564733 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $14671786 |

---

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

![LOGO](g945482g1g32z81.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P874_AR_0525<br> 4546397 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Retirement Income Fund

Class A Shares/TLRRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifecycle Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $55 | 0.53% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Retirement Income Fund returned 7.11% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 8.87%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88m03.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 7.11% | 5.16% | 4.78% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | 0.94% | 3.92% | 4.16% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Retirement Income Fund Composite Index | 8.87% | 5.59% | 5.28% |
| &nbsp;&nbsp;&nbsp; S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.31% |

---

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

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $392788433 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $1585977 |

---

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

![LOGO](g945482g1g93d95.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315498_AR_0525<br> 4546338 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Retirement Income Fund

Class R6 Shares/TLRIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $28 | 0.27% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Retirement Income Fund returned 7.37% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 8.87%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88m04.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 7.37% | 5.43% | 5.03% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Retirement Income Fund Composite Index | 8.87% | 5.59% | 5.28% |
| &nbsp;&nbsp;&nbsp; S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.31% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $392788433 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $1585977 |

---

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

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

![LOGO](g945482g1g25q20.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315563_AR_0525<br> 4546338 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Retirement Income Fund

Retirement Class Shares/TLIRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $55 | 0.53% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Retirement Income Fund returned 7.12% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 8.87%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g72z70.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 7.12% | 5.18% | 4.78% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Retirement Income Fund Composite Index | 8.87% | 5.59% | 5.28% |
| &nbsp;&nbsp;&nbsp; S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.31% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $392788433 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $1585977 |

---

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

![LOGO](g945482g1g70z00.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 886315480_AR_0525<br> 4546338 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Retirement Income Fund

Premier Class Shares/TPILX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $45 | 0.43% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Retirement Income Fund returned 7.21% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 8.87%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g07n77.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 7.21% | 5.27% | 4.88% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Retirement Income Fund Composite Index | 8.87% | 5.59% | 5.28% |
| &nbsp;&nbsp;&nbsp; S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.31% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $392788433 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $1585977 |

---

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

![LOGO](g945482g1g88p76.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M335_AR_0525<br> 4546338 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Retirement Income Fund

Class I Shares/TLRHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $34 | 0.33% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Retirement Income Fund returned 7.31% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 8.87%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Core Plus Bond Fund.<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» A position in the Nuveen Real Property Fund LP.<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g85z70.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 7.31% | 5.35% | 5.44% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Retirement Income Fund Composite Index | 8.87% | 5.59% | 5.77% |
| &nbsp;&nbsp;&nbsp; S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.69% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $392788433 |
|  Total number of portfolio holdings | 21 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $1585977 |

---

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

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

![LOGO](g945482g1g58p16.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P106_AR_0525<br> 4546338 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2010 Fund

Class R6 Shares/TLTIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of <br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $10 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2010 Fund returned 8.34% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2010 Fund Composite Index, which returned 8.52%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000<sup>®</sup> Index; 12.3% MSCI EAFE + Emerging Markets Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g14p04.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 8.34% | 5.26% | 5.15% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2010 Fund Composite Index | 8.52% | 5.35% | 5.23% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2010 Index | 8.09% | 5.14% | 4.79% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $658312939 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $1110285 |

---

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

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

![LOGO](g945482g1g01r48.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M830_AR_0525<br> 4546444 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2010 Fund

Premier Class Shares/TLTPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

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

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2010 Fund returned 8.21% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2010 Fund Composite Index, which returned 8.52%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000<sup>®</sup> Index; 12.3% MSCI EAFE + Emerging Markets Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g15a21.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 8.21% | 5.10% | 4.99% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2010 Fund Composite Index | 8.52% | 5.35% | 5.23% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2010 Index | 8.09% | 5.14% | 4.79% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $658312939 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $1110285 |

---

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

![LOGO](g945482g1g83w43.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M723_AR_0525<br> 4546444 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2010 Fund

Retirement Class Shares/TLTRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br>**$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $36 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2010 Fund returned 8.09% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2010 Fund Composite Index, which returned 8.52%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000<sup>®</sup> Index; 12.3% MSCI EAFE + Emerging Markets Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g16a22.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 8.09% | 5.00% | 4.89% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2010 Fund Composite Index | 8.52% | 5.35% | 5.23% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2010 Index | 8.09% | 5.14% | 4.79% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $658312939 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $1110285 |

---

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

![LOGO](g945482g1g32e47.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M202_AR_0525<br> 4546444 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2010 Fund

Class I Shares/TLTHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $11 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2010 Fund returned 8.35% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2010 Fund Composite Index, which returned 8.52%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000<sup>®</sup> Index; 12.3% MSCI EAFE + Emerging Markets Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g04n87.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 8.35% | 5.19% | 5.57% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2010 Fund Composite Index | 8.52% | 5.35% | 5.72% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2010 Index | 8.09% | 5.14% | 5.23% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $658312939 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $1110285 |

---

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

![LOGO](g945482g1g65l07.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P833_AR_0525<br> 4546444 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index Retirement Income Fund

Class R6 Shares/TRILX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $10 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index Retirement Income Fund returned 8.68% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index Retirement Income Fund Composite Index, which returned 8.84%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g17a23.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 8.68% | 5.46% | 5.20% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index Retirement Income Fund Composite Index | 8.84% | 5.56% | 5.26% |
| &nbsp;&nbsp;&nbsp; S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.31% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $772632516 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 23% |
|  Total management fees paid for the year | $1238918 |

---

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

![LOGO](g945482g1g01r78.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M731_AR_0525<br> 4546434 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index Retirement Income Fund

Premier Class Shares/TLIPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

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

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index Retirement Income Fund returned 8.53% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index Retirement Income Fund Composite Index, which returned 8.84%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g18a24.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 8.53% | 5.29% | 5.04% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index Retirement Income Fund Composite Index | 8.84% | 5.56% | 5.26% |
| &nbsp;&nbsp;&nbsp; S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.31% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $772632516 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 23% |
|  Total management fees paid for the year | $1238918 |

---

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

![LOGO](g945482g1g96u49.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M624_AR_0525<br> 4546434 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index Retirement Income Fund

Retirement Class Shares/TRCIX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of <br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $36 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index Retirement Income Fund returned 8.43% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index Retirement Income Fund Composite Index, which returned 8.84%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g19a35.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 8.43% | 5.20% | 4.94% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index Retirement Income Fund Composite Index | 8.84% | 5.56% | 5.26% |
| &nbsp;&nbsp;&nbsp; S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.31% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $772632516 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 23% |
|  Total management fees paid for the year | $1238918 |

---

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

![LOGO](g945482g1g96r17.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M889_AR_0525<br> 4546434 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index Retirement Income Fund

Class I Shares/TLIHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $11 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index Retirement Income Fund returned 8.59% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index Retirement Income Fund Composite Index, which returned 8.84%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g04n96.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 8.59% | 5.35% | 5.58% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index Retirement Income Fund Composite Index | 8.84% | 5.56% | 5.75% |
| &nbsp;&nbsp;&nbsp; S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.69% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $772632516 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 23% |
|  Total management fees paid for the year | $1238918 |

---

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

![LOGO](g945482g1g50j87.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P841_AR_0525<br> 4546434 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2015 Fund

Class R6 Shares/TLFIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $10 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2015 Fund returned 8.73% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2015 Fund Composite Index, which returned 8.89%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**![LOGO](g945482g1g20a21.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 8.73% | 5.86% | 5.56% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2015 Fund Composite Index | 8.89% | 5.94% | 5.63% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2015 Index | 8.07% | 5.67% | 5.17% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1002489875 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $1768166 |

---

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

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

![LOGO](g945482g1g02r08.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M822_AR_0525<br> 4546450 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2015 Fund

Premier Class Shares/TLFPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

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

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2015 Fund returned 8.55% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2015 Fund Composite Index, which returned 8.89%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g21a22.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 8.55% | 5.68% | 5.39% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2015 Fund Composite Index | 8.89% | 5.94% | 5.63% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2015 Index | 8.07% | 5.67% | 5.17% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1002489875 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $1768166 |

---

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

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

![LOGO](g945482g1g53g82.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M715_AR_0525<br> 4546450 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2015 Fund

Retirement Class Shares/TLGRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $36 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2015 Fund returned 8.46% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2015 Fund Composite Index, which returned 8.89%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g22p02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 8.46% | 5.59% | 5.29% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2015 Fund Composite Index | 8.89% | 5.94% | 5.63% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2015 Index | 8.07% | 5.67% | 5.17% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1002489875 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $1768166 |

---

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

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

![LOGO](g945482g1g37j83.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M301_AR_0525<br> 4546450 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2015 Fund

Class I Shares/TLFAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $13 | 0.12% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2015 Fund returned 8.74% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2015 Fund Composite Index, which returned 8.89%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g05x06.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 8.74% | 5.77% | 6.01% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2015 Fund Composite Index | 8.89% | 5.94% | 6.16% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2015 Index | 8.07% | 5.67% | 5.66% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1002489875 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $1768166 |

---

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

![LOGO](g945482g1g01b48.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P825_AR_0525<br> 4546450 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

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Nuveen Lifecycle Index 2020 Fund

Class R6 Shares/TLWIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $10 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2020 Fund returned 9.09% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2020 Fund Composite Index, which returned 9.25%.<br>• The Fund's Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000<sup>®</sup> Index; 15.7% MSCI EAFE + Emerging Markets Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g23p32.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.09% | 6.44% | 5.98% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2020 Fund Composite Index | 9.25% | 6.54% | 6.06% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2020 Index | 8.47% | 6.18% | 5.55% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3010533049 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $5125874 |

---

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

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

![LOGO](g945482g1g02v38.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M814_AR_0525<br> 4546455 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

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Nuveen Lifecycle Index 2020 Fund

Premier Class Shares/TLWPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

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

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2020 Fund returned 8.86% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2020 Fund Composite Index, which returned 9.25%.<br>• The Fund's Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000<sup>®</sup> Index; 15.7% MSCI EAFE + Emerging Markets Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g00l20.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 8.86% | 6.27% | 5.82% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2020 Fund Composite Index | 9.25% | 6.54% | 6.06% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2020 Index | 8.47% | 6.18% | 5.55% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3010533049 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $5125874 |

---

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

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

![LOGO](g945482g1g96e69.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M699_AR_0525<br> 4546455 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

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Nuveen Lifecycle Index 2020 Fund

Retirement Class Shares/TLWRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2020 Fund returned 8.83% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2020 Fund Composite Index, which returned 9.25%.<br>• The Fund's Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000<sup>®</sup> Index; 15.7% MSCI EAFE + Emerging Markets Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g02x51.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 8.83% | 6.18% | 5.72% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2020 Fund Composite Index | 9.25% | 6.54% | 6.06% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2020 Index | 8.47% | 6.18% | 5.55% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3010533049 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $5125874 |

---

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

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

![LOGO](g945482g1g37b02.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M400_AR_0525<br> 4546455 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

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Nuveen Lifecycle Index 2020 Fund

Class I Shares/TLWHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $13 | 0.12% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2020 Fund returned 9.03% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2020 Fund Composite Index, which returned 9.25%.<br>• The Fund's Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000<sup>®</sup> Index; 15.7% MSCI EAFE + Emerging Markets Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g05x16.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.03% | 6.34% | 6.46% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2020 Fund Composite Index | 9.25% | 6.54% | 6.65% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2020 Index | 8.47% | 6.18% | 6.08% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3010533049 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $5125874 |

---

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

![LOGO](g945482g1g33p51.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P817_AR_0525<br> 4546455 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2025 Fund

Class R6 Shares/TLQIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $10 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2025 Fund returned 9.42% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2025 Fund Composite Index, which returned 9.64%.<br>• The Fund's Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000<sup>®</sup> Index; 17.5% MSCI EAFE + Emerging Markets Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g02x62.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.42% | 7.30% | 6.55% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2025 Fund Composite Index | 9.64% | 7.41% | 6.63% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2025 Index | 8.82% | 7.23% | 6.16% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $6030274815 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $9875884 |

---

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

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

![LOGO](g945482g1g36j41.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M798_AR_0525<br> 4546463 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2025 Fund

Premier Class Shares/TLVPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

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

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2025 Fund returned 9.26% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2025 Fund Composite Index, which returned 9.64%.<br>• The Fund's Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000<sup>®</sup> Index; 17.5% MSCI EAFE + Emerging Markets Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g02x71.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 9.26% | 7.15% | 6.40% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2025 Fund Composite Index | 9.64% | 7.41% | 6.63% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2025 Index | 8.82% | 7.23% | 6.16% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $6030274815 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $9875884 |

---

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

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

![LOGO](g945482g1g57h99.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M681_AR_0525<br> 4546463 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2025 Fund

Retirement Class Shares/TLQRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2025 Fund returned 9.13% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2025 Fund Composite Index, which returned 9.64%.<br>• The Fund's Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000<sup>®</sup> Index; 17.5% MSCI EAFE + Emerging Markets Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g02x81.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 9.13% | 7.04% | 6.29% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2025 Fund Composite Index | 9.64% | 7.41% | 6.63% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2025 Index | 8.82% | 7.23% | 6.16% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $6030274815 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $9875884 |

---

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

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

![LOGO](g945482g1g97s06.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M509_AR_0525<br> 4546463 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2025 Fund

Class I Shares/TLQHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br>**$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $12 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2025 Fund returned 9.37% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2025 Fund Composite Index, which returned 9.64%.<br>• The Fund's Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000<sup>®</sup> Index; 17.5% MSCI EAFE + Emerging Markets Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g05x26.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.37% | 7.21% | 7.10% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2025 Fund Composite Index | 9.64% | 7.41% | 7.28% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2025 Index | 8.82% | 7.23% | 6.75% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $6030274815 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $9875884 |

---

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

![LOGO](g945482g1g92w37.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P791_AR_0525<br> 4546463 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2030 Fund

Class R6 Shares/TLHIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $11 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2030 Fund returned 10.01% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2030 Fund Composite Index, which returned 10.23%.<br>• The Fund's Composite Index consisted of: 37.8% Russell 3000<sup>®</sup> Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI EAFE + Emerging Markets Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g19s92.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 10.01% | 8.33% | 7.20% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2030 Fund Composite Index | 10.23% | 8.44% | 7.28% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2030 Index | 9.51% | 8.53% | 6.87% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $8826858954 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $13474913 |

---

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

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

![LOGO](g945482g1g69m02.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M780_AR_0525<br> 4546474 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2030 Fund

Premier Class Shares/TLHPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

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

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2030 Fund returned 9.83% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2030 Fund Composite Index, which returned 10.23%.<br>• The Fund's Composite Index consisted of: 37.8% Russell 3000<sup>®</sup> Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI EAFE + Emerging Markets Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g53q49.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 9.83% | 8.17% | 7.03% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2030 Fund Composite Index | 10.23% | 8.44% | 7.28% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2030 Index | 9.51% | 8.53% | 6.87% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $8826858954 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $13474913 |

---

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

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

![LOGO](g945482g1g95s70.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M673_AR_0525<br> 4546474 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2030 Fund

Retirement Class Shares/TLHRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2030 Fund returned 9.71% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2030 Fund Composite Index, which returned 10.23%.<br>• The Fund's Composite Index consisted of: 37.8% Russell 3000<sup>®</sup> Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI EAFE + Emerging Markets Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g16c34.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 9.71% | 8.07% | 6.93% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2030 Fund Composite Index | 10.23% | 8.44% | 7.28% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2030 Index | 9.51% | 8.53% | 6.87% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $8826858954 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $13474913 |

---

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

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

![LOGO](g945482g1g07r71.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M608_AR_0525<br> 4546474 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2030 Fund

Class I Shares/TLHHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br>**$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $12 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2030 Fund returned 9.96% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2030 Fund Composite Index, which returned 10.23%.<br>• The Fund's Composite Index consisted of: 37.8% Russell 3000<sup>®</sup> Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI EAFE + Emerging Markets Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g05x35.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.96% | 8.24% | 7.81% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2030 Fund Composite Index | 10.23% | 8.44% | 7.99% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2030 Index | 9.51% | 8.53% | 7.53% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $8826858954 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $13474913 |

---

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

![LOGO](g945482g1g17x25.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P783_AR_0525<br> 4546474 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2035 Fund

Class R6 Shares/TLYIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $11 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2035 Fund returned 10.57% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2035 Fund Composite Index, which returned 10.86%.<br>• The Fund's Composite Index consisted of: 43.0% Russell 3000<sup>®</sup> Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI EAFE + Emerging Markets Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g94m22.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 10.57% | 9.47% | 7.88% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2035 Fund Composite Index | 10.86% | 9.60% | 7.95% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2035 Index | 10.24% | 9.95% | 7.61% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $9649276577 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $14023410 |

---

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

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

![LOGO](g945482g1g59f61.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M772_AR_0525<br> 4546483 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2035 Fund

Premier Class Shares/TLYPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

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

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2035 Fund returned 10.45% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2035 Fund Composite Index, which returned 10.86%.<br>• The Fund's Composite Index consisted of: 43.0% Russell 3000<sup>®</sup> Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI EAFE + Emerging Markets Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g95x75.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 10.45% | 9.30% | 7.71% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2035 Fund Composite Index | 10.86% | 9.60% | 7.95% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2035 Index | 10.24% | 9.95% | 7.61% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $9649276577 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $14023410 |

---

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

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

![LOGO](g945482g1g34c48.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M665_AR_0525<br> 4546483 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2035 Fund

Retirement Class Shares/TLYRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2035 Fund returned 10.34% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2035 Fund Composite Index, which returned 10.86%.<br>• The Fund's Composite Index consisted of: 43.0% Russell 3000<sup>®</sup> Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI EAFE + Emerging Markets Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g03n40.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 10.34% | 9.19% | 7.60% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2035 Fund Composite Index | 10.86% | 9.60% | 7.95% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2035 Index | 10.24% | 9.95% | 7.61% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $9649276577 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $14023410 |

---

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

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

![LOGO](g945482g1g34f70.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M707_AR_0525<br> 4546483 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2035 Fund

Class I Shares/TLYHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br>**$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $12 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2035 Fund returned 10.56% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2035 Fund Composite Index, which returned 10.86%.<br>• The Fund's Composite Index consisted of: 43.0% Russell 3000<sup>®</sup> Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI EAFE + Emerging Markets Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

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

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g05x45.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 10.56% | 9.38% | 8.57% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2035 Fund Composite Index | 10.86% | 9.60% | 8.75% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2035 Index | 10.24% | 9.95% | 8.34% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $9649276577 |
|  Total number of portfolio holdings | 7 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $14023410 |

---

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

![LOGO](g945482g1g21s60.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245P775_AR_0525<br> 4546483 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2040 Fund

Class R6 Shares/TLZIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $11 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2040 Fund returned 11.44% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2040 Fund Composite Index, which returned 11.72%.<br>• The Fund's Composite Index consisted of: 50.8% Russell 3000<sup>®</sup> Index; 27.3% MSCI EAFE + Emerging Markets Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g03n50.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 11.44% | 10.80% | 8.61% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2040 Fund Composite Index | 11.72% | 10.94% | 8.70% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2040 Index | 10.87% | 11.07% | 8.19% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $10206947097 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $14334217 |

---

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

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

![LOGO](g945482g1g03p56.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M764_AR_0525<br> 4546496 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2040 Fund

Premier Class Shares/TLPRX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

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

---

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

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2040 Fund returned 11.28% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2040 Fund Composite Index, which returned 11.72%.<br>• The Fund's Composite Index consisted of: 50.8% Russell 3000<sup>®</sup> Index; 27.3% MSCI EAFE + Emerging Markets Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

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

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g03n59.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 11.28% | 10.64% | 8.45% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2040 Fund Composite Index | 11.72% | 10.94% | 8.70% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2040 Index | 10.87% | 11.07% | 8.19% |

---

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

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $10206947097 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $14334217 |

---

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

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

![LOGO](g945482g1g03p65.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

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

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 87245M657_AR_0525<br> 4546496 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2040 Fund

Retirement Class Shares/TLZRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2040 Fund returned 11.18% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2040 Fund Composite Index, which returned 11.72%.<br>• The Fund's Composite Index consisted of: 50.8% Russell 3000<sup>®</sup> Index; 27.3% MSCI EAFE + Emerging Markets Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g03n68.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 11.18% | 10.53% | 8.35% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2040 Fund Composite Index | 11.72% | 10.94% | 8.70% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2040 Index | 10.87% | 11.07% | 8.19% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $10206947097 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $14334217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g03p74.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M806_AR_0525<br> 4546496 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2040 Fund

Class I Shares/TLZHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br>**$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $12 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2040 Fund returned 11.46% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2040 Fund Composite Index, which returned 11.72%.<br>• The Fund's Composite Index consisted of: 50.8% Russell 3000<sup>®</sup> Index; 27.3% MSCI EAFE + Emerging Markets Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g55m40.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 11.46% | 10.72% | 9.39% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2040 Fund Composite Index | 11.72% | 10.94% | 9.57% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2040 Index | 10.87% | 11.07% | 8.97% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $10206947097 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $14334217 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g18u49.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P767_AR_0525<br> 4546496 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2045 Fund

Class R6 Shares/TLXIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $11 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2045 Fund returned 12.05% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2045 Fund Composite Index, which returned 12.31%.<br>• The Fund's Composite Index consisted of: 56.0% Russell 3000<sup>®</sup> Index; 30.1% MSCI EAFE + Emerging Markets Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g03n77.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 12.05% | 11.86% | 9.16% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2045 Fund Composite Index | 12.31% | 11.99% | 9.24% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2045 Index | 11.33% | 11.80% | 8.56% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $8792581032 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $12090250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g03p83.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M756_AR_0525<br> 4546503 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2045 Fund

Premier Class Shares/TLMPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $26 | 0.25% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2045 Fund returned 11.86% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2045 Fund Composite Index, which returned 12.31%.<br>• The Fund's Composite Index consisted of: 56.0% Russell 3000<sup>®</sup> Index; 30.1% MSCI EAFE + Emerging Markets Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g38a61.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 11.86% | 11.70% | 8.99% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2045 Fund Composite Index | 12.31% | 11.99% | 9.24% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2045 Index | 11.33% | 11.80% | 8.56% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $8792581032 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $12090250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g03p92.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M640_AR_0525<br> 4546503 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2045 Fund

Retirement Class Shares/TLMRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2045 Fund returned 11.77% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2045 Fund Composite Index, which returned 12.31%.<br>• The Fund's Composite Index consisted of: 56.0% Russell 3000<sup>®</sup> Index; 30.1% MSCI EAFE + Emerging Markets Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g39a62.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 11.77% | 11.58% | 8.88% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2045 Fund Composite Index | 12.31% | 11.99% | 9.24% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2045 Index | 11.33% | 11.80% | 8.56% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $8792581032 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $12090250 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g04p02.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M863_AR_0525<br> 4546503 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2045 Fund

Class I Shares/TLMHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $12 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2045 Fund returned 12.04% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2045 Fund Composite Index, which returned 12.31%.<br>• The Fund's Composite Index consisted of: 56.0% Russell 3000<sup>®</sup> Index; 30.1% MSCI EAFE + Emerging Markets Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g56b30.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 12.04% | 11.77% | 9.95% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2045 Fund Composite Index | 12.31% | 11.99% | 10.15% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2045 Index | 11.33% | 11.80% | 9.37% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $8792581032 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 11% |
|  Total management fees paid for the year | $12090250 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g18u72.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P759_AR_0525<br> 4546503 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2050 Fund

Class R6 Shares/TLLIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $11 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2050 Fund returned 12.30% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2050 Fund Composite Index, which returned 12.60%.<br>• The Fund's Composite Index consisted of: 58.5% Russell 3000<sup>®</sup> Index; 31.5% MSCI EAFE + Emerging Markets Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**![LOGO](g945482g1g40a53.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 12.30% | 12.17% | 9.34% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2050 Fund Composite Index | 12.60% | 12.31% | 9.42% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2050 Index | 11.41% | 12.12% | 8.75% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $7598502604 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $10284015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g04p11.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M749_AR_0525<br> 4546511 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2050 Fund

Premier Class Shares/TLLPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $27 | 0.25% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2050 Fund returned 12.13% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2050 Fund Composite Index, which returned 12.60%.<br>• The Fund's Composite Index consisted of: 58.5% Russell 3000<sup>®</sup> Index; 31.5% MSCI EAFE + Emerging Markets Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**![LOGO](g945482g1g88q48.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 12.13% | 12.01% | 9.18% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2050 Fund Composite Index | 12.60% | 12.31% | 9.42% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2050 Index | 11.41% | 12.12% | 8.75% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $7598502604 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $10284015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g04p20.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M632_AR_0525<br> 4546511 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2050 Fund

Retirement Class Shares/TLLRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2050 Fund returned 12.04% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2050 Fund Composite Index, which returned 12.60%.<br>• The Fund's Composite Index consisted of: 58.5% Russell 3000<sup>®</sup> Index; 31.5% MSCI EAFE + Emerging Markets Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g41o95.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 12.04% | 11.89% | 9.07% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2050 Fund Composite Index | 12.60% | 12.31% | 9.42% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2050 Index | 11.41% | 12.12% | 8.75% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $7598502604 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $10284015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g04p29.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M871_AR_0525<br> 4546511 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2050 Fund

Class I Shares/TLLHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $12 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2050 Fund returned 12.29% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2050 Fund Composite Index, which returned 12.60%.<br>• The Fund's Composite Index consisted of: 58.5% Russell 3000<sup>®</sup> Index; 31.5% MSCI EAFE + Emerging Markets Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g57b20.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 12.29% | 12.08% | 10.16% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2050 Fund Composite Index | 12.60% | 12.31% | 10.34% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2050 Index | 11.41% | 12.12% | 9.58% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $7598502604 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $10284015 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g08e05.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P742_AR_0525<br> 4546511 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2055 Fund

Retirement Class Shares/TTIRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2055 Fund returned 12.10% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2055 Fund Composite Index, which returned 12.70%.<br>• The Fund's Composite Index consisted of: 59.3% Russell 3000<sup>®</sup> Index; 32.0% MSCI EAFE + Emerging Markets Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g39k99.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 12.10% | 12.07% | 9.18% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2055 Fund Composite Index | 12.70% | 12.49% | 9.54% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2055 Index | 11.61% | 12.27% | 8.83% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4768659573 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $6304188 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g04p38.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M152_AR_0525<br> 4546520 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2055 Fund

Class R6 Shares/TTIIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $11 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2055 Fund returned 12.41% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2055 Fund Composite Index, which returned 12.70%.<br>• The Fund's Composite Index consisted of: 59.3% Russell 3000<sup>®</sup> Index; 32.0% MSCI EAFE + Emerging Markets Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g23v82.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 12.41% | 12.35% | 9.46% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2055 Fund Composite Index | 12.70% | 12.49% | 9.54% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2055 Index | 11.61% | 12.27% | 8.83% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4768659573 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $6304188 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g04p47.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M178_AR_0525<br> 4546520 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2055 Fund

Premier Class Shares/TTIPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $27 | 0.25% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2055 Fund returned 12.22% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2055 Fund Composite Index, which returned 12.70%.<br>• The Fund's Composite Index consisted of: 59.3% Russell 3000<sup>®</sup> Index; 32.0% MSCI EAFE + Emerging Markets Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g89c12.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 12.22% | 12.19% | 9.30% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2055 Fund Composite Index | 12.70% | 12.49% | 9.54% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2055 Index | 11.61% | 12.27% | 8.83% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4768659573 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $6304188 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g04p56.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M160_AR_0525<br> 4546520 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2055 Fund

Class I Shares/TTIHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $12 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2055 Fund returned 12.37% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2055 Fund Composite Index, which returned 12.70%.<br>• The Fund's Composite Index consisted of: 59.3% Russell 3000<sup>®</sup> Index; 32.0% MSCI EAFE + Emerging Markets Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g58m50.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 12.37% | 12.26% | 10.29% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2055 Fund Composite Index | 12.70% | 12.49% | 10.47% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2055 Index | 11.61% | 12.27% | 9.68% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $4768659573 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $6304188 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g74s95.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P734_AR_0525<br> 4546520 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2055 Fund

Retirement Class Shares/TTRLX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $52 | 0.50% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2055 Fund returned 9.25% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 12.76%.<br>• The Fund's Composite Index consisted of: 59.3% Russell 3000<sup>®</sup> Index; 32.0% MSCI All Country World Index ex USA Investable Market Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g07x82.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 9.25% | 11.49% | 8.56% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2055 Fund Composite Index | 12.76% | 12.57% | 9.57% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2055 Index | 11.61% | 12.27% | 8.83% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1854725709 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 19% |
|  Total management fees paid for the year | $7594169 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g00s85.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •   proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M194_AR_0525<br> 4546405 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2055 Fund

Class R6 Shares/TTRIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $26 | 0.25% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2055 Fund returned 9.53% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 12.76%.<br>• The Fund's Composite Index consisted of: 59.3% Russell 3000<sup>®</sup> Index; 32.0% MSCI All Country World Index ex USA Investable Market Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g07x87.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.53% | 11.76% | 8.83% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2055 Fund Composite Index | 12.76% | 12.57% | 9.57% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2055 Index | 11.61% | 12.27% | 8.83% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1854725709 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 19% |
|  Total management fees paid for the year | $7594169 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g88c41.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M210_AR_0525<br> 4546405 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2055 Fund

Premier Class Shares/TTRPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $42 | 0.40% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2055 Fund returned 9.41% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 12.76%.<br>• The Fund's Composite Index consisted of: 59.3% Russell 3000<sup>®</sup> Index; 32.0% MSCI All Country World Index ex USA Investable Market Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g07x92.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 9.41% | 11.60% | 8.67% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2055 Fund Composite Index | 12.76% | 12.57% | 9.57% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2055 Index | 11.61% | 12.27% | 8.83% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1854725709 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 19% |
|  Total management fees paid for the year | $7594169 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g20t04.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M186_AR_0525<br> 4546405 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2055 Fund

Class I Shares/TTRHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $29 | 0.28% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2055 Fund returned 9.54% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 12.76%.<br>• The Fund's Composite Index consisted of: 59.3% Russell 3000<sup>®</sup> Index; 32.0% MSCI All Country World Index ex USA Investable Market Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88m05.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.54% | 11.71% | 9.67% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2055 Fund Composite Index | 12.76% | 12.57% | 10.51% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2055 Index | 11.61% | 12.27% | 9.68% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1854725709 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 19% |
|  Total management fees paid for the year | $7594169 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g94f93.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P866_AR_0525<br> 4546405 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Aggressive Growth Fund

Class R6 Shares/TSAIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifestyle Aggressive Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $10 | 0.10% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Aggressive Growth Fund returned 9.76% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 13.43%.<br>• The Fund's Composite Index consisted of: 65.0% Russell 3000<sup>®</sup> Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g17a77.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.76% | 12.49% | 9.16% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Aggressive Growth Fund Composite Index | 13.43% | 13.74% | 10.13% |
| &nbsp;&nbsp;&nbsp; Morningstar Aggressive Target Risk Index | 13.29% | 12.22% | 8.77% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $243194466 |
|  Total number of portfolio holdings | 13 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $250898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g29b56.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R748_AR_0525<br> 4546591 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Aggressive Growth Fund

Premier Class Shares/TSAPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifestyle Aggressive Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $26 | 0.25% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Aggressive Growth Fund returned 9.59% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 13.43%.<br>• The Fund's Composite Index consisted of: 65.0% Russell 3000<sup>®</sup> Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g00k22.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 9.59% | 12.32% | 9.00% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Aggressive Growth Fund Composite Index | 13.43% | 13.74% | 10.13% |
| &nbsp;&nbsp;&nbsp; Morningstar Aggressive Target Risk Index | 13.29% | 12.22% | 8.77% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $243194466 |
|  Total number of portfolio holdings | 13 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $250898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g96r19.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R730_AR_0525<br> 4546591 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Aggressive Growth Fund

Class A Shares/TSALX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifestyle Aggressive Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $45 | 0.43% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Aggressive Growth Fund returned 9.37% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund significantly underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 13.43%.<br>• The Fund's Composite Index consisted of: 65.0% Russell 3000<sup>®</sup> Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g27k27.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 9.37% | 12.17% | 8.83% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | 3.08% | 10.85% | 8.19% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Aggressive Growth Fund Composite Index | 13.43% | 13.74% | 10.13% |
| &nbsp;&nbsp;&nbsp; Morningstar Aggressive Target Risk Index | 13.29% | 12.22% | 8.77% |

---

Class A Shares at Offering Price reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $243194466 |
|  Total number of portfolio holdings | 13 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $250898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g52j77.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at** https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R755_AR_0525<br> 4546591 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Aggressive Growth Fund

Retirement Class Shares/TSARX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifestyle Aggressive Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Aggressive Growth Fund returned 9.49% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 13.43%.<br>• The Fund's Composite Index consisted of: 65.0% Russell 3000<sup>®</sup> Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g01r32.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 9.49% | 12.22% | 8.89% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Aggressive Growth Fund Composite Index | 13.43% | 13.74% | 10.13% |
| &nbsp;&nbsp;&nbsp; Morningstar Aggressive Target Risk Index | 13.29% | 12.22% | 8.77% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $243194466 |
|  Total number of portfolio holdings | 13 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $250898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g92n24.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R722_AR_0525<br> 4546591 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Aggressive Growth Fund

Class I Shares/TSAHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifestyle Aggressive Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $21 | 0.20% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Aggressive Growth Fund returned 9.59% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 13.43%.<br>• The Fund's Composite Index consisted of: 65.0% Russell 3000<sup>®</sup> Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g11p07.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since<br> Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.59% | 12.39% | 9.99% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifestyle Aggressive Growth Fund Composite Index | 13.43% | 13.74% | 11.15% |
| &nbsp;&nbsp;&nbsp; Morningstar Aggressive Target Risk Index | 13.29% | 12.22% | 9.86% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $243194466 |
|  Total number of portfolio holdings | 13 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $250898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g32t50.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R227_AR_0525<br> 4546591 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Conservative Fund

Class R6 Shares/TCSIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifestyle Conservative Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $10 | 0.10% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Conservative Fund returned 7.50% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 8.78%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 20.0% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 14.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g37p37.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 7.50% | 5.70% | 5.11% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Conservative Fund Composite Index | 8.78% | 5.46% | 5.19% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Conservative Target Risk Index | 9.01% | 4.95% | 4.98% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $308475297 |
|  Total number of portfolio holdings | 16 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $311490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g56c79.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R870_AR_0525<br> 4546563 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Conservative Fund

Premier Class Shares/TLSPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifestyle Conservative Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $26 | 0.25% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Conservative Fund returned 7.39% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 8.78%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 20.0% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 14.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g00k42.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 7.39% | 5.53% | 4.95% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Conservative Fund Composite Index | 8.78% | 5.46% | 5.19% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Conservative Target Risk Index | 9.01% | 4.95% | 4.98% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $308475297 |
|  Total number of portfolio holdings | 16 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $311490 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g31l26.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R862_AR_0525<br> 4546563 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Conservative Fund

Class A Shares/TSCLX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifestyle Conservative Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $41 | 0.40% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Conservative Fund returned 7.20% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 8.78%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 20.0% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 14.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g01r47.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 7.20% | 5.40% | 4.82% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | 1.03% | 4.16% | 4.20% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Conservative Fund Composite Index | 8.78% | 5.46% | 5.19% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Conservative Target Risk Index | 9.01% | 4.95% | 4.98% |

---

Class A Shares at Offering Price reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $308475297 |
|  Total number of portfolio holdings | 16 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $311490 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g71x70.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R888_AR_0525<br> 4546563 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Conservative Fund

Retirement Class Shares/TSCTX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifestyle Conservative Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $36 | 0.35% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Conservative Fund returned 7.24% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 8.78%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 20.0% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 14.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g07j94.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 7.24% | 5.44% | 4.86% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Conservative Fund Composite Index | 8.78% | 5.46% | 5.19% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Conservative Target Risk Index | 9.01% | 4.95% | 4.98% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $308475297 |
|  Total number of portfolio holdings | 16 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $311490 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g81j39.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R854_AR_0525<br> 4546563 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Conservative Fund

Class I Shares/TLSHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifestyle Conservative Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $19 | 0.18% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Conservative Fund returned 7.43% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 8.78%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000<sup>®</sup> Index; 20.0% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 14.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g12p02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since<br> Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 7.43% | 5.59% | 5.48% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifestyle Conservative Fund Composite Index | 8.78% | 5.46% | 5.65% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Conservative Target Risk Index | 9.01% | 4.95% | 5.46% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $308475297 |
|  Total number of portfolio holdings | 16 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $311490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g33n97.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R250_AR_0525<br> 4546563 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Growth Fund

Premier Class Shares/TSGPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifestyle Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $26 | 0.25% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Growth Fund returned 8.77% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 11.87%.<br>• The Fund's Composite Index consisted of: 52.0% Russell 3000<sup>®</sup> Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>» A position in the Nuveen Core Plus Bond Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g57d57.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 8.77% | 9.97% | 7.69% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Growth Fund Composite Index | 11.87% | 10.80% | 8.52% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Aggressive Target Risk Index | 11.96% | 10.07% | 7.72% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $304177350 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $309006 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g30j76.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R771_AR_0525<br> 4546581 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Growth Fund

Class A Shares/TSGLX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifestyle Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $43 | 0.41% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Growth Fund returned 8.63% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 11.87%.<br>• The Fund's Composite Index consisted of: 52.0% Russell 3000<sup>®</sup> Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>» A position in the Nuveen Core Plus Bond Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g01r62.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 8.63% | 9.80% | 7.54% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | 2.39% | 8.51% | 6.91% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Growth Fund Composite Index | 11.87% | 10.80% | 8.52% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Aggressive Target Risk Index | 11.96% | 10.07% | 7.72% |

---

Class A Shares at Offering Price reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $304177350 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $309006 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g15o29.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R797_AR_0525<br> 4546581 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Growth Fund

Retirement Class Shares/TSGRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifestyle Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Growth Fund returned 8.71% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 11.87%.<br>• The Fund's Composite Index consisted of: 52.0% Russell 3000<sup>®</sup> Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>» A position in the Nuveen Core Plus Bond Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g00k67.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 8.71% | 9.84% | 7.57% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Growth Fund Composite Index | 11.87% | 10.80% | 8.52% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Aggressive Target Risk Index | 11.96% | 10.07% | 7.72% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $304177350 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $309006 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g44g85.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R763_AR_0525<br> 4546581 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Growth Fund

Class R6 Shares/TSGGX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifestyle Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $10 | 0.10% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Growth Fund returned 8.98% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 11.87%.<br>• The Fund's Composite Index consisted of: 52.0% Russell 3000<sup>®</sup> Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>» A position in the Nuveen Core Plus Bond Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**![LOGO](g945482g1g72o72.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 8.98% | 10.12% | 7.85% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Growth Fund Composite Index | 11.87% | 10.80% | 8.52% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Aggressive Target Risk Index | 11.96% | 10.07% | 7.72% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $304177350 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $309006 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g06b05.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R789_AR_0525<br> 4546581 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Growth Fund

Class I Shares/TSGHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifestyle Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $18 | 0.17% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Growth Fund returned 8.94% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 11.87%.<br>• The Fund's Composite Index consisted of: 52.0% Russell 3000<sup>®</sup> Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>» A position in the Nuveen Core Plus Bond Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g12p07.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since<br> Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 8.94% | 10.03% | 8.53% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifestyle Growth Fund Composite Index | 11.87% | 10.80% | 9.35% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Aggressive Target Risk Index | 11.96% | 10.07% | 8.66% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $304177350 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $309006 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g33h72.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R235_AR_0525<br> 4546581 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Income Fund

Class R6 Shares/TSITX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifestyle Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $10 | 0.10% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Income Fund returned 6.84% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 7.26%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000<sup>®</sup> Index; and 7.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» Positions in the Nuveen Core Plus Bond Fund and the Nuveen Core Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**![LOGO](g945482g1g15h28.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 6.84% | 3.63% | 3.67% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Income Fund Composite Index | 7.26% | 3.02% | 3.47% |
| &nbsp;&nbsp;&nbsp; Morningstar Conservative Target Risk Index | 7.35% | 2.11% | 3.16% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $75506081 |
|  Total number of portfolio holdings | 16 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $75659 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g24w89.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R607_AR_0525<br> 4546548 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Income Fund

Premier Class Shares/TSIPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifestyle Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $26 | 0.25% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Income Fund returned 6.72% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 7.26%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000<sup>®</sup> Index; and 7.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» Positions in the Nuveen Core Plus Bond Fund and the Nuveen Core Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**![LOGO](g945482g1g01r82.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 6.72% | 3.49% | 3.52% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Income Fund Composite Index | 7.26% | 3.02% | 3.47% |
| &nbsp;&nbsp;&nbsp; Morningstar Conservative Target Risk Index | 7.35% | 2.11% | 3.16% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $75506081 |
|  Total number of portfolio holdings | 16 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $75659 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g33h95.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R706_AR_0525<br> 4546548 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Income Fund

Class A Shares/TSILX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifestyle Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $41 | 0.40% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Income Fund returned 6.52% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 7.26%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000<sup>®</sup> Index; and 7.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» Positions in the Nuveen Core Plus Bond Fund and the Nuveen Core Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**![LOGO](g945482g1g87u87.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 6.52% | 3.35% | 3.38% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | 0.38% | 2.14% | 2.77% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Income Fund Composite Index | 7.26% | 3.02% | 3.47% |
| &nbsp;&nbsp;&nbsp; Morningstar Conservative Target Risk Index | 7.35% | 2.11% | 3.16% |

---

Class A Shares at Offering Price reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $75506081 |
|  Total number of portfolio holdings | 16 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $75659 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g05x39.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R508_AR_0525<br> 4546548 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Income Fund

Retirement Class Shares/TLSRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifestyle Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $36 | 0.35% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Income Fund returned 6.56% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 7.26%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000<sup>®</sup> Index; and 7.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» Positions in the Nuveen Core Plus Bond Fund and the Nuveen Core Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g00k92.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 6.56% | 3.37% | 3.41% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Income Fund Composite Index | 7.26% | 3.02% | 3.47% |
| &nbsp;&nbsp;&nbsp; Morningstar Conservative Target Risk Index | 7.35% | 2.11% | 3.16% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $75506081 |
|  Total number of portfolio holdings | 16 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $75659 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g73h94.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R805_AR_0525<br> 4546548 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Income Fund

Class I Shares/TSIHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifestyle Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $21 | 0.20% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Income Fund returned 6.67% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 7.26%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000<sup>®</sup> Index; and 7.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» An allocation to the Nuveen Short Term Bond Fund.<br>» Positions in the Nuveen Core Plus Bond Fund and the Nuveen Core Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g13p02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since<br> Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 6.67% | 3.56% | 3.91% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifestyle Income Fund Composite Index | 7.26% | 3.02% | 3.74% |
| &nbsp;&nbsp;&nbsp; Morningstar Conservative Target Risk Index | 7.35% | 2.11% | 3.47% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $75506081 |
|  Total number of portfolio holdings | 16 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $75659 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g66f82.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   • financial statements and other information   • fund holdings   • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R268_AR_0525<br> 4546548 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Moderate Fund

Class R6 Shares/TSIMX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifestyle Moderate Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $10 | 0.10% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Moderate Fund returned 8.21% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 10.29%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000<sup>®</sup> Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g00k97.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 8.21% | 7.73% | 6.51% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Moderate Fund Composite Index | 10.29% | 7.85% | 6.85% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderate Target Risk Index | 10.52% | 7.42% | 6.34% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $557266562 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $568729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g35e31.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R839_AR_0525<br> 4546572 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Moderate Fund

Premier Class Shares/TSMPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifestyle Moderate Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $26 | 0.25% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Moderate Fund returned 8.07% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 10.29%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000<sup>®</sup> Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g12o20.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 8.07% | 7.57% | 6.34% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Moderate Fund Composite Index | 10.29% | 7.85% | 6.85% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderate Target Risk Index | 10.52% | 7.42% | 6.34% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $557266562 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $568729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g80f62.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R821_AR_0525<br> 4546572 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Moderate Fund

Class A Shares/TSMLX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifestyle Moderate Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $43 | 0.41% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Moderate Fund returned 7.90% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 10.29%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000<sup>®</sup> Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g01k07.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 7.90% | 7.42% | 6.21% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | 1.70% | 6.15% | 5.58% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Moderate Fund Composite Index | 10.29% | 7.85% | 6.85% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderate Target Risk Index | 10.52% | 7.42% | 6.34% |

---

Class A Shares at Offering Price reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $557266562 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $568729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g38g59.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R847_AR_0525<br> 4546572 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Moderate Fund

Retirement Class Shares/TSMTX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifestyle Moderate Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $36 | 0.35% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Moderate Fund returned 7.95% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 10.29%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000<sup>®</sup> Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g01r12.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 7.95% | 7.46% | 6.23% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifestyle Moderate Fund Composite Index | 10.29% | 7.85% | 6.85% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderate Target Risk Index | 10.52% | 7.42% | 6.34% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $557266562 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $568729 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g58i66.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R813_AR_0525<br> 4546572 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifestyle Moderate Fund

Class I Shares/TSMHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifestyle Moderate Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $19 | 0.18% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifestyle Moderate Fund returned 8.13% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 10.29%.<br>• The Fund's Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000<sup>®</sup> Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Core Plus Bond Fund.<br>» Holding the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g13p07.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since<br> Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 8.13% | 7.63% | 7.04% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifestyle Moderate Fund Composite Index | 10.29% | 7.85% | 7.49% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderate Target Risk Index | 10.52% | 7.42% | 7.04% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $557266562 |
|  Total number of portfolio holdings | 14 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $568729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g57y56.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R243_AR_0525<br> 4546572 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2060 Fund

Class R6 Shares/TLXNX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $26 | 0.25% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2060 Fund returned 9.59% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 12.86%.<br>• The Fund's Composite Index consisted of: 60.1% Russell 3000<sup>®</sup> Index; 32.4% MSCI All Country World Index ex USA Investable Market Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g07x97.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.59% | 11.92% | 8.93% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2060 Fund Composite Index | 12.86% | 12.76% | 9.69% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2060 Index | 11.58% | 12.25% | 8.88% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $851122197 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 17% |
|  Total management fees paid for the year | $3347998 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g00s99.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R573_AR_0525<br> 4546413 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2060 Fund

Premier Class Shares/TLXPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $42 | 0.40% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2060 Fund returned 9.40% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 12.86%.<br>• The Fund's Composite Index consisted of: 60.1% Russell 3000<sup>®</sup> Index; 32.4% MSCI All Country World Index ex USA Investable Market Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g80y02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 9.40% | 11.73% | 8.77% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2060 Fund Composite Index | 12.86% | 12.76% | 9.69% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2060 Index | 11.58% | 12.25% | 8.88% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $851122197 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 17% |
|  Total management fees paid for the year | $3347998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g48j83.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R524_AR_0525<br> 4546413 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2060 Fund

Retirement Class Shares/TLXRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $52 | 0.50% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2060 Fund returned 9.31% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 12.86%.<br>• The Fund's Composite Index consisted of: 60.1% Russell 3000<sup>®</sup> Index; 32.4% MSCI All Country World Index ex USA Investable Market Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g80y07.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 9.31% | 11.63% | 8.66% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2060 Fund Composite Index | 12.86% | 12.76% | 9.69% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2060 Index | 11.58% | 12.25% | 8.88% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $851122197 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 17% |
|  Total management fees paid for the year | $3347998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g71u73.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R532_AR_0525<br> 4546413 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2060 Fund

Class I Shares/TLXHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $31 | 0.30% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2060 Fund returned 9.54% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 12.86%.<br>• The Fund's Composite Index consisted of: 60.1% Russell 3000<sup>®</sup> Index; 32.4% MSCI All Country World Index ex USA Investable Market Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88m06.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.54% | 11.83% | 9.75% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2060 Fund Composite Index | 12.86% | 12.76% | 10.64% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2060 Index | 11.58% | 12.25% | 9.74% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $851122197 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 17% |
|  Total management fees paid for the year | $3347998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g63f95.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P858_AR_0525<br> 4546413 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2060 Fund

Retirement Class Shares/TVITX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2060 Fund returned 12.18% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2060 Fund Composite Index, which returned 12.79%.<br>• The Fund's Composite Index consisted of: 60.1% Russell 3000<sup>®</sup> Index; 32.4% MSCI EAFE + Emerging Markets Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g04n59.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 12.18% | 12.24% | 9.31% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2060 Fund Composite Index | 12.79% | 12.67% | 9.66% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2060 Index | 11.58% | 12.25% | 8.88% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2790148930 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $3584265 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g04p65.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R557_AR_0525<br> 4546525 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2060 Fund

Class R6 Shares/TVIIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $11 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2060 Fund returned 12.48% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2060 Fund Composite Index, which returned 12.79%.<br>• The Fund's Composite Index consisted of: 60.1% Russell 3000<sup>®</sup> Index; 32.4% MSCI EAFE + Emerging Markets Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g04n68.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 12.48% | 12.52% | 9.58% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2060 Fund Composite Index | 12.79% | 12.67% | 9.66% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2060 Index | 11.58% | 12.25% | 8.88% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2790148930 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $3584265 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g04p74.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R565_AR_0525<br> 4546525 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2060 Fund

Premier Class Shares/TVIPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $27 | 0.25% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2060 Fund returned 12.32% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2060 Fund Composite Index, which returned 12.79%.<br>• The Fund's Composite Index consisted of: 60.1% Russell 3000<sup>®</sup> Index; 32.4% MSCI EAFE + Emerging Markets Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 1, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g04n77.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 12.32% | 12.36% | 9.41% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.49% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2060 Fund Composite Index | 12.79% | 12.67% | 9.66% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2060 Index | 11.58% | 12.25% | 8.88% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2790148930 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $3584265 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g04p83.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R540_AR_0525<br> 4546525 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2060 Fund

Class I Shares/TVIHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $12 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2060 Fund returned 12.44% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2060 Fund Composite Index, which returned 12.79%.<br>• The Fund's Composite Index consisted of: 60.1% Russell 3000<sup>®</sup> Index; 32.4% MSCI EAFE + Emerging Markets Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (December 4, 2015 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g59q90.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 12.44% | 12.42% | 10.41% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.00% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (0.90)% | 1.60% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2060 Fund Composite Index | 12.79% | 12.67% | 10.60% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2060 Index | 11.58% | 12.25% | 9.74% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2790148930 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $3584265 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g96v58.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P726_AR_0525<br> 4546525 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2065 Fund

Premier Class Shares/TSFPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a**<br> **$10,000 investment** | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $41 | 0.39% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2065 Fund returned 9.41% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 12.96%.<br>• The Fund's Composite Index consisted of: 61.0% Russell 3000<sup>®</sup> Index; 32.8% MSCI All Country World Index ex USA Investable Market Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 30, 2020 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88m07.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 9.41% | 10.22% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 13.79% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (1.23)% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2065 Fund Composite Index | 12.96% | 11.38% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2065+ Index | 11.78% | 11.18% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $139898313 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 29% |
|  Total management fees paid for the year | $478665 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g08k73.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87249N750_AR_0525<br> 4546418 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2065 Fund

Class I Shares/TSFHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $27 | 0.26% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2065 Fund returned 9.63% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 12.96%.<br>• The Fund's Composite Index consisted of: 61.0% Russell 3000<sup>®</sup> Index; 32.8% MSCI All Country World Index ex USA Investable Market Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 30, 2020 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88m08.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.63% | 10.30% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 13.79% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (1.23)% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2065 Fund Composite Index | 12.96% | 11.38% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2065+ Index | 11.78% | 11.18% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $139898313 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 29% |
|  Total management fees paid for the year | $478665 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g08k77.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87249N776_AR_0525<br> 4546418 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2065 Fund

Class R6 Shares/TSFTX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $25 | 0.24% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2065 Fund returned 9.56% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 12.96%.<br>• The Fund's Composite Index consisted of: 61.0% Russell 3000<sup>®</sup> Index; 32.8% MSCI All Country World Index ex USA Investable Market Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 30, 2020 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88v88.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.56% | 10.45% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 13.79% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (1.23)% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2065 Fund Composite Index | 12.96% | 11.38% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2065+ Index | 11.78% | 11.18% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $139898313 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 29% |
|  Total management fees paid for the year | $478665 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g08k81.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87249N768_AR_0525<br> 4546418 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br>Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle 2065 Fund

Retirement Class Shares/TSFRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $51 | 0.49% |

---

\* The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle 2065 Fund returned 9.35% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 12.96%.<br>• The Fund's Composite Index consisted of: 61.0% Russell 3000<sup>®</sup> Index; 32.8% MSCI All Country World Index ex USA Investable Market Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to relative performance<br>» A position in the Nuveen Quant International Small Cap Equity Fund.<br>» Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.<br>• Top detractors from relative performance<br>» Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.<br>» Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 30, 2020 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g88p08.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 9.35% | 10.23% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 13.79% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (1.23)% |
| &nbsp;&nbsp;&nbsp; Lifecycle 2065 Fund Composite Index | 12.96% | 11.38% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2065+ Index | 11.78% | 11.18% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $139898313 |
|  Total number of portfolio holdings | 19 |
|  Portfolio turnover (%) | 29% |
|  Total management fees paid for the year | $478665 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g08k85.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87249N743_AR_0525<br> 4546418 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2065 Fund

Premier Class Shares/TFIPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $27 | 0.25% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2065 Fund returned 12.35% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 12.89%.<br>• The Fund's Composite Index consisted of: 61.0% Russell 3000<sup>®</sup> Index; 32.8% MSCI EAFE + Emerging Markets Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 30, 2020 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g05r99.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 12.35% | 11.07% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 13.79% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (1.23)% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2065 Fund Composite Index | 12.89% | 11.32% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2065+ Index | 11.78% | 11.18% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $613248507 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $680037 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g06p03.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87249N719_AR_0525<br> 4546536 | ![LOGO](g945482g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2065 Fund

Retirement Class Shares/TFIRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $37 | 0.35% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2065 Fund returned 12.25% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 12.89%.<br>• The Fund's Composite Index consisted of: 61.0% Russell 3000<sup>®</sup> Index; 32.8% MSCI EAFE + Emerging Markets Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 30, 2020 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06r06.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 12.25% | 10.89% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 13.79% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (1.23)% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2065 Fund Composite Index | 12.89% | 11.32% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2065+ Index | 11.78% | 11.18% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $613248507 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $680037 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g12r93.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87249N693_AR_0525<br> 4546536 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2065 Fund

Class I Shares/TFIHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $12 | 0.11% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2065 Fund returned 12.54% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 12.89%.<br>• The Fund's Composite Index consisted of: 61.0% Russell 3000<sup>®</sup> Index; 32.8% MSCI EAFE + Emerging Markets Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 30, 2020 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06r13.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 12.54% | 11.17% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 13.79% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (1.23)% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2065 Fund Composite Index | 12.89% | 11.32% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2065+ Index | 11.78% | 11.18% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $613248507 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $680037 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g60y37.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87249N735_AR_0525<br> 4546536 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g945482g1g19w55.jpg) | <br> Annual Shareholder Report <br>May 31, 2025  |

---

Nuveen Lifecycle Index 2065 Fund

Class R6 Shares/TFITX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $11 | 0.10% |

---

\* The Fund's ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Highlights**<br>• The Nuveen Lifecycle Index 2065 Fund returned 12.54% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 12.89%.<br>• The Fund's Composite Index consisted of: 61.0% Russell 3000<sup>®</sup> Index; 32.8% MSCI EAFE + Emerging Markets Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.<br>• Top contributors to absolute performance<br>» Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.<br>• Top detractors from absolute performance<br>» Management fees and other expenses incurred by the Fund.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 30, 2020 through May 31, 2025) **Initial Investment of $10,000**

![LOGO](g945482g1g06r20.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 12.54% | 11.22% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 13.12% | 13.79% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 5.46% | (1.23)% |
| &nbsp;&nbsp;&nbsp; Lifecycle Index 2065 Fund Composite Index | 12.89% | 11.32% |
| &nbsp;&nbsp;&nbsp; S&P Target Date 2065+ Index | 11.78% | 11.18% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of May 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $613248507 |
|  Total number of portfolio holdings | 5 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $680037 |

---

What did the Fund invest in? (as of May 31, 2025)

![LOGO](g945482g1g28c91.jpg)

<sup>(1)</sup> Affiliated investment companies (Underlying Funds), except for repurchase agreements.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87249N727_AR_0525<br> 4546536 | <br> ![LOGO](g945482g1g85u20.jpg)  |

---

3.0 ------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") had determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the 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. Young 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.

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

TIAA-CREF Funds

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE REGISTRANT

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
|  May 31, 2025 | $482125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |
|  Percentage approved pursuant to<br> pre-approval exception | 0% | 0% | 0% | 0% |
|  May 31, 2024 | $478208 | $0 | $0 | $0 |
|  Percentage approved pursuant to<br> pre-approval exception | 0% | 0% | 0% | 0% |

---

1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees".

3 "Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Teachers Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the

------

time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  May 31, 2025 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  May 31, 2024 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the**<br> **Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  May 31, 2025 | $0 | $0 | $10974000 | $10974000 |
|  May 31, 2024 | $0 | $0 | $756059 | $756059 |

---

"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this registrant.

------

**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

## Report of Independent Registered Public Accounting Firm
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

To the Board of Trustees of TIAA-CREF Funds and Shareholders of Nuveen Lifecycle Retirement Income Fund, Nuveen Lifecycle 2010 Fund, Nuveen Lifecycle 2015 Fund, Nuveen Lifecycle 2020 Fund, Nuveen Lifecycle 2025 Fund, Nuveen Lifecycle 2030 Fund, Nuveen Lifecycle 2035 Fund, Nuveen Lifecycle 2040 Fund, Nuveen Lifecycle 2045 Fund, Nuveen Lifecycle 2050 Fund, Nuveen Lifecycle 2055 Fund, Nuveen Lifecycle 2060 Fund and Nuveen Lifecycle 2065 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Lifecycle Retirement Income Fund, Nuveen Lifecycle 2010 Fund, Nuveen Lifecycle 2015 Fund, Nuveen Lifecycle 2020 Fund, Nuveen Lifecycle 2025 Fund, Nuveen Lifecycle 2030 Fund, Nuveen Lifecycle 2035 Fund, Nuveen Lifecycle 2040 Fund, Nuveen Lifecycle 2045 Fund, Nuveen Lifecycle 2050 Fund, Nuveen Lifecycle 2055 Fund, Nuveen Lifecycle 2060 Fund and Nuveen Lifecycle 2065 Fund (thirteen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the "Funds") as of May 31, 2025, the related statements of operations for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

July 28, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

4.0 ------

## Portfolio of Investments May 31, 2025
Lifecycle Retirement Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—100.1%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 1843074<br> (b) | Nuveen Real Property Fund LP (purchased 8/01/16-4/09/25; cost $18,968,182) |  |  | $17656650 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 17656650 |
|  | FIXED INCOME—39.5% |  |  |  |
| 9003159 | Nuveen Core Bond Fund, Class W |  |  | 81568623 |
| 5546232 | Nuveen Core Plus Bond Fund, Class W |  |  | 50470709 |
| 846912 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 7342730 |
| 886240 | Nuveen High Yield Fund, Class W |  |  | 7728011 |
| 921283 | Nuveen International Bond Fund, Class W |  |  | 8098076 |
|  | TOTAL FIXED INCOME |  |  | 155208149 |
|  | INFLATION-PROTECTED ASSETS—9.9% |  |  |  |
| 3600440 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 38920758 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 38920758 |
|  | INTERNATIONAL EQUITY—12.6% |  |  |  |
| 1011200 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 8494082 |
| 1397556 | Nuveen International Equity Fund, Class W |  |  | 21312722 |
| 796496 | Nuveen International Opportunities Fund, Class W |  |  | 12751896 |
| 567133 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 6992755 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 49551455 |
|  | SHORT-TERM FIXED INCOME—9.9% |  |  |  |
| 3831896 | Nuveen Short Term Bond Fund, Class W |  |  | 38855426 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 38855426 |
|  | U.S. EQUITY—23.7% |  |  |  |
| 942594 | Nuveen Core Equity Fund, Class W |  |  | 13837273 |
| 220691 | Nuveen Dividend Growth Fund, Class R6 |  |  | 13863836 |
| 941498 | Nuveen Dividend Value Fund, Class R6 |  |  | 13604648 |
| 476465 | Nuveen Growth Opportunities ETF |  |  | 16052106 |
| 563647 | Nuveen Large Cap Growth Fund, Class W |  |  | 16030119 |
| 597174 | Nuveen Large Cap Value Fund, Class W |  |  | 13603613 |
| 151819 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 2659871 |
| 228794 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 3303780 |
|  | TOTAL U.S. EQUITY |  |  | 92955246 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $355,502,406) |  |  | 393147684 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.0% |  |  |  |
|  | REPURCHASE AGREEMENT—0.0% |  |  |  |
| $170000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 170000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 170000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $170,000) |  |  | 170000 |
|  | TOTAL INVESTMENTS—100.1%<br> (Cost $355,672,406) |  |  | 393317684 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.1)% |  |  | (529251) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392788433 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $170,060 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 7/15/32, valued at $173,406.

See Notes to Financial Statements 5

------

Lifecycle 2010

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—100.0%(a) |  |  |  |
|  | DIRECT REAL ESTATE—2.3% |  |  |  |
| 1668032<br> (b) | Nuveen Real Property Fund LP (purchased 7/01/16-4/09/25; cost $16,877,004) |  |  | $15979751 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 15979751 |
|  | FIXED INCOME—39.6% |  |  |  |
| 15796410 | Nuveen Core Bond Fund, Class W |  |  | 143115477 |
| 9743159 | Nuveen Core Plus Bond Fund, Class W |  |  | 88662743 |
| 1484241 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 12868369 |
| 1555082 | Nuveen High Yield Fund, Class W |  |  | 13560311 |
| 1616775 | Nuveen International Bond Fund, Class W |  |  | 14211452 |
|  | TOTAL FIXED INCOME |  |  | 272418352 |
|  | INFLATION-PROTECTED ASSETS—9.9% |  |  |  |
| 6319073 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 68309177 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 68309177 |
|  | INTERNATIONAL EQUITY—11.7% |  |  |  |
| 1635960 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 13742062 |
| 2264279 | Nuveen International Equity Fund, Class W |  |  | 34530248 |
| 1290542 | Nuveen International Opportunities Fund, Class W |  |  | 20661585 |
| 917456 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 11312232 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 80246127 |
|  | SHORT-TERM FIXED INCOME—14.7% |  |  |  |
| 9998275 | Nuveen Short Term Bond Fund, Class W |  |  | 101382509 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 101382509 |
|  | U.S. EQUITY—21.8% |  |  |  |
| 1526674 | Nuveen Core Equity Fund, Class W |  |  | 22411579 |
| 352678 | Nuveen Dividend Growth Fund, Class R6 |  |  | 22155211 |
| 1529215 | Nuveen Dividend Value Fund, Class R6 |  |  | 22097153 |
| 771077 | Nuveen Growth Opportunities ETF |  |  | 25977584 |
| 912251 | Nuveen Large Cap Growth Fund, Class W |  |  | 25944414 |
| 969863 | Nuveen Large Cap Value Fund, Class W |  |  | 22093478 |
| 245714 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 4304915 |
| 370299 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 5347111 |
|  | TOTAL U.S. EQUITY |  |  | 150331445 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $610,596,653) |  |  | 688667361 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $502000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 502000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 502000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $502,000) |  |  | 502000 |
|  | TOTAL INVESTMENTS—100.1%<br> (Cost $611,098,653) |  |  | 689169361 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.1)% |  |  | (426391) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688742970 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $502,178 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 4/15/26, valued at $512,069.

6 *See Notes to Financial Statements*

------

Lifecycle 2015

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 4602547<br> (b) | Nuveen Real Property Fund LP (purchased 11/28/16-4/09/25; cost $47,310,256) |  |  | $44092402 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 44092402 |
|  | FIXED INCOME—39.5% |  |  |  |
| 22465939 | Nuveen Core Bond Fund, Class W |  |  | 203541406 |
| 13861340 | Nuveen Core Plus Bond Fund, Class W |  |  | 126138191 |
| 2112468 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 18315101 |
| 2212172 | Nuveen High Yield Fund, Class W |  |  | 19290142 |
| 2299661 | Nuveen International Bond Fund, Class W |  |  | 20214024 |
|  | TOTAL FIXED INCOME |  |  | 387498864 |
|  | INFLATION-PROTECTED ASSETS—9.8% |  |  |  |
| 8944494 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 96689984 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 96689984 |
|  | INTERNATIONAL EQUITY—12.6% |  |  |  |
| 2532876 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 21276157 |
| 3500279 | Nuveen International Equity Fund, Class W |  |  | 53379257 |
| 1996989 | Nuveen International Opportunities Fund, Class W |  |  | 31971794 |
| 1419667 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 17504494 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 124131702 |
|  | SHORT-TERM FIXED INCOME—9.8% |  |  |  |
| 9521858 | Nuveen Short Term Bond Fund, Class W |  |  | 96551639 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 96551639 |
|  | U.S. EQUITY—23.7% |  |  |  |
| 2361312 | Nuveen Core Equity Fund, Class W |  |  | 34664057 |
| 552181 | Nuveen Dividend Growth Fund, Class R6 |  |  | 34687980 |
| 2358313 | Nuveen Dividend Value Fund, Class R6 |  |  | 34077616 |
| 1193543 | Nuveen Growth Opportunities ETF |  |  | 40210464 |
| 1411847 | Nuveen Large Cap Growth Fund, Class W |  |  | 40152938 |
| 1495834 | Nuveen Large Cap Value Fund, Class W |  |  | 34075099 |
| 380284 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 6662570 |
| 573095 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 8275491 |
|  | TOTAL U.S. EQUITY |  |  | 232806215 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $906,658,884) |  |  | 981770806 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $725000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 725000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 725000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $725,000) |  |  | 725000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $907,383,884) |  |  | 982495806 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.0)% |  |  | (371266) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982124540 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $725,257 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 1/15/30, valued at $739,552.

See Notes to Financial Statements 7

------

Lifecycle 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 9843316<br> (b) | Nuveen Real Property Fund LP (purchased 11/28/16-4/09/25; cost $101,817,531) |  |  | $94298970 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 94298970 |
|  | FIXED INCOME—38.4% |  |  |  |
| 46761654 | Nuveen Core Bond Fund, Class W |  |  | 423660584 |
| 28844460 | Nuveen Core Plus Bond Fund, Class W |  |  | 262484588 |
| 4390824 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 38068440 |
| 4635236 | Nuveen High Yield Fund, Class W |  |  | 40419259 |
| 4806790 | Nuveen International Bond Fund, Class W |  |  | 42251688 |
|  | TOTAL FIXED INCOME |  |  | 806884559 |
|  | INFLATION-PROTECTED ASSETS—7.9% |  |  |  |
| 15268475 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 165052211 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 165052211 |
|  | INTERNATIONAL EQUITY—14.4% |  |  |  |
| 6161753 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 51758728 |
| 8547731 | Nuveen International Equity Fund, Class W |  |  | 130352894 |
| 4860422 | Nuveen International Opportunities Fund, Class W |  |  | 77815354 |
| 3458770 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 42646633 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 302573609 |
|  | SHORT-TERM FIXED INCOME—7.8% |  |  |  |
| 16249930 | Nuveen Short Term Bond Fund, Class W |  |  | 164774288 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 164774288 |
|  | U.S. EQUITY—26.9% |  |  |  |
| 5741439 | Nuveen Core Equity Fund, Class W |  |  | 84284321 |
| 1331083 | Nuveen Dividend Growth Fund, Class R6 |  |  | 83618651 |
| 5736341 | Nuveen Dividend Value Fund, Class R6 |  |  | 82890129 |
| 2904762 | Nuveen Growth Opportunities ETF |  |  | 97861432 |
| 3440788 | Nuveen Large Cap Growth Fund, Class W |  |  | 97856010 |
| 3642999 | Nuveen Large Cap Value Fund, Class W |  |  | 82987528 |
| 928654 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 16270013 |
| 1399297 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 20205843 |
|  | TOTAL U.S. EQUITY |  |  | 565973927 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $1,899,877,844) |  |  | 2099557564 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $1835000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 1835000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 1835000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $1,835,000) |  |  | 1835000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $1,901,712,844) |  |  | 2101392564 |
|  | OTHER ASSETS & LIABILITIES, NET—0.0% |  |  | 484270 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101876834 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $1,835,651 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 7/15/32, valued at $1,871,712.

8 *See Notes to Financial Statements*

------

Lifecycle 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 15768906<br> (b) | Nuveen Real Property Fund LP (purchased 8/01/16-4/09/25; cost $164,960,585) |  |  | $151066120 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 151066120 |
|  | FIXED INCOME—37.2% |  |  |  |
| 72702435 | Nuveen Core Bond Fund, Class W |  |  | 658684059 |
| 44845765 | Nuveen Core Plus Bond Fund, Class W |  |  | 408096462 |
| 6834284 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 59253243 |
| 7151238 | Nuveen High Yield Fund, Class W |  |  | 62358799 |
| 7442428 | Nuveen International Bond Fund, Class W |  |  | 65418939 |
|  | TOTAL FIXED INCOME |  |  | 1253811502 |
|  | INFLATION-PROTECTED ASSETS—5.9% |  |  |  |
| 18277070 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 197575130 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 197575130 |
|  | INTERNATIONAL EQUITY—16.1% |  |  |  |
| 11090793 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 93162661 |
| 15347037 | Nuveen International Equity Fund, Class W |  |  | 234042309 |
| 8741127 | Nuveen International Opportunities Fund, Class W |  |  | 139945441 |
| 6219330 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 76684344 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 543834755 |
|  | SHORT-TERM FIXED INCOME—5.9% |  |  |  |
| 19468800 | Nuveen Short Term Bond Fund, Class W |  |  | 197413628 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 197413628 |
|  | U.S. EQUITY—30.3% |  |  |  |
| 10332837 | Nuveen Core Equity Fund, Class W |  |  | 151686045 |
| 2404619 | Nuveen Dividend Growth Fund, Class R6 |  |  | 151058146 |
| 10342466 | Nuveen Dividend Value Fund, Class R6 |  |  | 149448633 |
| 5248733 | Nuveen Growth Opportunities ETF |  |  | 176829815 |
| 6183866 | Nuveen Large Cap Growth Fund, Class W |  |  | 175869144 |
| 6551987 | Nuveen Large Cap Value Fund, Class W |  |  | 149254256 |
| 1665662 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 29182403 |
| 2510440 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 36250747 |
|  | TOTAL U.S. EQUITY |  |  | 1019579189 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $2,979,344,871) |  |  | 3363280324 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.0% |  |  |  |
|  | REPURCHASE AGREEMENT—0.0% |  |  |  |
| $1845000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 1845000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 1845000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $1,845,000) |  |  | 1845000 |
|  | TOTAL INVESTMENTS—99.9%<br> (Cost $2,981,189,871) |  |  | 3365125324 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% |  |  | 2366863 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367492187 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $1,845,655 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/31, valued at $1,881,942.

See Notes to Financial Statements 9

------

Lifecycle 2030

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 20446485<br> (b) | Nuveen Real Property Fund LP (purchased 8/01/16-4/09/25; cost $216,751,361) |  |  | $195877327 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 195877327 |
|  | FIXED INCOME—32.3% |  |  |  |
| 81810361 | Nuveen Core Bond Fund, Class W |  |  | 741201867 |
| 50450863 | Nuveen Core Plus Bond Fund, Class W |  |  | 459102855 |
| 7699972 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 66758758 |
| 8105195 | Nuveen High Yield Fund, Class W |  |  | 70677303 |
| 8412166 | Nuveen International Bond Fund, Class W |  |  | 73942939 |
|  | TOTAL FIXED INCOME |  |  | 1411683722 |
|  | INFLATION-PROTECTED ASSETS—3.9% |  |  |  |
| 15694431 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 169656801 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 169656801 |
|  | INTERNATIONAL EQUITY—19.3% |  |  |  |
| 17123054 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 143833651 |
| 23752487 | Nuveen International Equity Fund, Class W |  |  | 362225419 |
| 13510489 | Nuveen International Opportunities Fund, Class W |  |  | 216302933 |
| 9627670 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 118709177 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 841071180 |
|  | SHORT-TERM FIXED INCOME—3.9% |  |  |  |
| 16694371 | Nuveen Short Term Bond Fund, Class W |  |  | 169280927 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 169280927 |
|  | U.S. EQUITY—36.0% |  |  |  |
| 15947931 | Nuveen Core Equity Fund, Class W |  |  | 234115634 |
| 3709810 | Nuveen Dividend Growth Fund, Class R6 |  |  | 233050242 |
| 15942931 | Nuveen Dividend Value Fund, Class R6 |  |  | 230375353 |
| 8065771 | Nuveen Growth Opportunities ETF |  |  | 271735825 |
| 9561664 | Nuveen Large Cap Growth Fund, Class W |  |  | 271933728 |
| 10120494 | Nuveen Large Cap Value Fund, Class W |  |  | 230544857 |
| 2575104 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 45115827 |
| 3882194 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 56058880 |
|  | TOTAL U.S. EQUITY |  |  | 1572930346 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $3,754,752,670) |  |  | 4360500303 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $3552000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 3552000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 3552000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $3,552,000) |  |  | 3552000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $3,758,304,670) |  |  | 4364052303 |
|  | OTHER ASSETS & LIABILITIES, NET—0.0% |  |  | 1115130 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365167433 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $3,553,261 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/31, valued at $3,623,066.

10 *See Notes to Financial Statements*

------

Lifecycle 2035

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 22640454<br> (b) | Nuveen Real Property Fund LP (purchased 8/01/16-4/09/25; cost $241,979,642) |  |  | $216895548 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 216895548 |
|  | FIXED INCOME—27.3% |  |  |  |
| 76596362 | Nuveen Core Bond Fund, Class W |  |  | 693963043 |
| 47224516 | Nuveen Core Plus Bond Fund, Class W |  |  | 429743093 |
| 7234979 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 62727270 |
| 7604511 | Nuveen High Yield Fund, Class W |  |  | 66311339 |
| 7854790 | Nuveen International Bond Fund, Class W |  |  | 69043607 |
|  | TOTAL FIXED INCOME |  |  | 1321788352 |
|  | INFLATION-PROTECTED ASSETS—1.9% |  |  |  |
| 8559185 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 92524787 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 92524787 |
|  | INTERNATIONAL EQUITY—22.4% |  |  |  |
| 22011172 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 184893844 |
| 30535773 | Nuveen International Equity Fund, Class W |  |  | 465670542 |
| 17382993 | Nuveen International Opportunities Fund, Class W |  |  | 278301713 |
| 12377389 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 152613205 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 1081479304 |
|  | SHORT-TERM FIXED INCOME—1.9% |  |  |  |
| 9109112 | Nuveen Short Term Bond Fund, Class W |  |  | 92366397 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 92366397 |
|  | U.S. EQUITY—41.8% |  |  |  |
| 20491772 | Nuveen Core Equity Fund, Class W |  |  | 300819216 |
| 4773084 | Nuveen Dividend Growth Fund, Class R6 |  |  | 299845153 |
| 20523384 | Nuveen Dividend Value Fund, Class R6 |  |  | 296562896 |
| 10367944 | Nuveen Growth Opportunities ETF |  |  | 349296033 |
| 12297085 | Nuveen Large Cap Growth Fund, Class W |  |  | 349729091 |
| 13020006 | Nuveen Large Cap Value Fund, Class W |  |  | 296595746 |
| 3308450 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 57964047 |
| 4988982 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 72040900 |
|  | TOTAL U.S. EQUITY |  |  | 2022853082 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $4,000,969,938) |  |  | 4827907470 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $4036000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 4036000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 4036000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $4,036,000) |  |  | 4036000 |
|  | TOTAL INVESTMENTS—99.9%<br> (Cost $4,005,005,938) |  |  | 4831943470 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% |  |  | 3229234 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835172704 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $4,037,433 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 7/15/32, valued at $4,116,750.

See Notes to Financial Statements 11

------

Lifecycle 2040

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 27757324<br> (b) | Nuveen Real Property Fund LP (purchased 8/01/16-5/16/25; cost $295,001,893) |  |  | $265915162 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 265915162 |
|  | FIXED INCOME—18.6% |  |  |  |
| 63693472 | Nuveen Core Bond Fund, Class W |  |  | 577062858 |
| 39242388 | Nuveen Core Plus Bond Fund, Class W |  |  | 357105731 |
| 6004001 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 52054685 |
| 6323400 | Nuveen High Yield Fund, Class W |  |  | 55140047 |
| 6562039 | Nuveen International Bond Fund, Class W |  |  | 57680326 |
|  | TOTAL FIXED INCOME |  |  | 1099043647 |
|  | INTERNATIONAL EQUITY—26.8% |  |  |  |
| 32232557 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 270753478 |
| 44790747 | Nuveen International Equity Fund, Class W |  |  | 683058884 |
| 25545821 | Nuveen International Opportunities Fund, Class W |  |  | 408988594 |
| 18145956 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 223739635 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 1586540591 |
|  | U.S. EQUITY—50.0% |  |  |  |
| 30043068 | Nuveen Core Equity Fund, Class W |  |  | 441032237 |
| 6973689 | Nuveen Dividend Growth Fund, Class R6 |  |  | 438087125 |
| 30176048 | Nuveen Dividend Value Fund, Class R6 |  |  | 436043896 |
| 15197179 | Nuveen Growth Opportunities ETF |  |  | 511992961 |
| 18046878 | Nuveen Large Cap Growth Fund, Class W |  |  | 513253209 |
| 19121079 | Nuveen Large Cap Value Fund, Class W |  |  | 435578185 |
| 4852802 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 85021090 |
| 7319743 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 105697090 |
|  | TOTAL U.S. EQUITY |  |  | 2966705793 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $4,667,713,930) |  |  | 5918205193 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $5068000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 5068000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 5068000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $5,068,000) |  |  | 5068000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $4,672,781,930) |  |  | 5923273193 |
|  | OTHER ASSETS & LIABILITIES, NET—0.0% |  |  | 2895777 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5926168970 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $5,069,799 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $5,169,389.

12 *See Notes to Financial Statements*

------

Lifecycle 2045

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 20432498<br> (b) | Nuveen Real Property Fund LP (purchased 8/01/16-5/16/25; cost $217,718,539) |  |  | $195743335 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 195743335 |
|  | FIXED INCOME—9.9% |  |  |  |
| 25023236 | Nuveen Core Bond Fund, Class W |  |  | 226710516 |
| 15463314 | Nuveen Core Plus Bond Fund, Class W |  |  | 140716158 |
| 2372784 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 20572039 |
| 2485252 | Nuveen High Yield Fund, Class W |  |  | 21671393 |
| 2587350 | Nuveen International Bond Fund, Class W |  |  | 22742804 |
|  | TOTAL FIXED INCOME |  |  | 432412910 |
|  | INTERNATIONAL EQUITY—29.8% |  |  |  |
| 26387235 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 221652772 |
| 36677153 | Nuveen International Equity Fund, Class W |  |  | 559326591 |
| 20991848 | Nuveen International Opportunities Fund, Class W |  |  | 336079483 |
| 14885551 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 183538843 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 1300597689 |
|  | U.S. EQUITY—55.6% |  |  |  |
| 24575871 | Nuveen Core Equity Fund, Class W |  |  | 360773788 |
| 5731225 | Nuveen Dividend Growth Fund, Class R6 |  |  | 360035526 |
| 24656812 | Nuveen Dividend Value Fund, Class R6 |  |  | 356290932 |
| 12415555 | Nuveen Growth Opportunities ETF |  |  | 418280048 |
| 14768222 | Nuveen Large Cap Growth Fund, Class W |  |  | 420008244 |
| 15617410 | Nuveen Large Cap Value Fund, Class W |  |  | 355764589 |
| 3976514 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 69668525 |
| 5987986 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 86466518 |
|  | TOTAL U.S. EQUITY |  |  | 2427288170 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $3,317,334,206) |  |  | 4356042104 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $4263000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 4263000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 4263000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $4,263,000) |  |  | 4263000 |
|  | TOTAL INVESTMENTS—99.9%<br> (Cost $3,321,597,206) |  |  | 4360305104 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% |  |  | 2288736 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4362593840 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $4,264,513 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 4/15/26, valued at $4,348,312.

See Notes to Financial Statements 13

------

Lifecycle 2050

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 16407008<br> (b) | Nuveen Real Property Fund LP (purchased 8/01/16-5/16/25; cost $174,909,761) |  |  | $157179132 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 157179132 |
|  | FIXED INCOME—5.2% |  |  |  |
| 10519896 | Nuveen Core Bond Fund, Class W |  |  | 95310257 |
| 6489040 | Nuveen Core Plus Bond Fund, Class W |  |  | 59050267 |
| 987918 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 8565251 |
| 1049921 | Nuveen High Yield Fund, Class W |  |  | 9155313 |
| 1091991 | Nuveen International Bond Fund, Class W |  |  | 9598598 |
|  | TOTAL FIXED INCOME |  |  | 181679686 |
|  | INTERNATIONAL EQUITY—31.4% |  |  |  |
| 22411588 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 188257335 |
| 31058500 | Nuveen International Equity Fund, Class W |  |  | 473642125 |
| 17752495 | Nuveen International Opportunities Fund, Class W |  |  | 284217445 |
| 12567940 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 154962704 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 1101079609 |
|  | U.S. EQUITY—58.8% |  |  |  |
| 20822924 | Nuveen Core Equity Fund, Class W |  |  | 305680530 |
| 4866066 | Nuveen Dividend Growth Fund, Class R6 |  |  | 305686296 |
| 20888511 | Nuveen Dividend Value Fund, Class R6 |  |  | 301838977 |
| 10525437 | Nuveen Growth Opportunities ETF |  |  | 354601972 |
| 12518394 | Nuveen Large Cap Growth Fund, Class W |  |  | 356023113 |
| 13231814 | Nuveen Large Cap Value Fund, Class W |  |  | 301420713 |
| 3375593 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 59140385 |
| 5077497 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 73319062 |
|  | TOTAL U.S. EQUITY |  |  | 2057711048 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $2,676,533,024) |  |  | 3497649475 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.0% |  |  |  |
|  | REPURCHASE AGREEMENT—0.0% |  |  |  |
| $2673000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 2673000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 2673000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $2,673,000) |  |  | 2673000 |
|  | TOTAL INVESTMENTS—99.9%<br> (Cost $2,679,206,024) |  |  | 3500322475 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% |  |  | 2242258 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502564733 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $2,673,949 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $2,726,460.

14 *See Notes to Financial Statements*

------

Lifecycle 2055

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 8682680<br> (b) | Nuveen Real Property Fund LP (purchased 8/01/16-5/16/25; cost $93,446,514) |  |  | $83180076 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 83180076 |
|  | FIXED INCOME—4.0% |  |  |  |
| 4292054 | Nuveen Core Bond Fund, Class W |  |  | 38886008 |
| 2646659 | Nuveen Core Plus Bond Fund, Class W |  |  | 24084597 |
| 401001 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 3476675 |
| 428850 | Nuveen High Yield Fund, Class W |  |  | 3739570 |
| 444976 | Nuveen International Bond Fund, Class W |  |  | 3911342 |
|  | TOTAL FIXED INCOME |  |  | 74098192 |
|  | INTERNATIONAL EQUITY—31.9% |  |  |  |
| 12023279 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 100995541 |
| 16647780 | Nuveen International Equity Fund, Class W |  |  | 253878648 |
| 9535948 | Nuveen International Opportunities Fund, Class W |  |  | 152670526 |
| 6768042 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 83449952 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 590994667 |
|  | U.S. EQUITY—59.4% |  |  |  |
| 11206764 | Nuveen Core Equity Fund, Class W |  |  | 164515289 |
| 2607837 | Nuveen Dividend Growth Fund, Class R6 |  |  | 163824292 |
| 11193476 | Nuveen Dividend Value Fund, Class R6 |  |  | 161745725 |
| 5617937 | Nuveen Growth Opportunities ETF |  |  | 189268298 |
| 6714896 | Nuveen Large Cap Growth Fund, Class W |  |  | 190971643 |
| 7085662 | Nuveen Large Cap Value Fund, Class W |  |  | 161411381 |
| 1807442 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 31666379 |
| 2719713 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 39272650 |
|  | TOTAL U.S. EQUITY |  |  | 1102675657 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $1,469,326,042) |  |  | 1850948592 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $2083000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 2083000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 2083000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $2,083,000) |  |  | 2083000 |
|  | TOTAL INVESTMENTS—99.9%<br> (Cost $1,471,409,042) |  |  | 1853031592 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% |  |  | 1694117 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854725709 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $2,083,739 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 1/15/30, valued at $2,124,771.

See Notes to Financial Statements 15

------

Lifecycle 2060

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 3983550<br> (b) | Nuveen Real Property Fund LP (purchased 8/01/16-5/16/25; cost $42,971,246) |  |  | $38162405 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 38162405 |
|  | FIXED INCOME—2.8% |  |  |  |
| 1369389 | Nuveen Core Bond Fund, Class W |  |  | 12406660 |
| 846827 | Nuveen Core Plus Bond Fund, Class W |  |  | 7706125 |
| 130229 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 1129085 |
| 137384 | Nuveen High Yield Fund, Class W |  |  | 1197991 |
| 141492 | Nuveen International Bond Fund, Class W |  |  | 1243714 |
|  | TOTAL FIXED INCOME |  |  | 23683575 |
|  | INTERNATIONAL EQUITY—32.2% |  |  |  |
| 5593506 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 46985451 |
| 7726513 | Nuveen International Equity Fund, Class W |  |  | 117829318 |
| 4404970 | Nuveen International Opportunities Fund, Class W |  |  | 70523565 |
| 3135490 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 38660595 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 273998929 |
|  | U.S. EQUITY—60.3% |  |  |  |
| 5208716 | Nuveen Core Equity Fund, Class W |  |  | 76463949 |
| 1220097 | Nuveen Dividend Growth Fund, Class R6 |  |  | 76646497 |
| 5206234 | Nuveen Dividend Value Fund, Class R6 |  |  | 75230078 |
| 2608103 | Nuveen Growth Opportunities ETF |  |  | 87866990 |
| 3127480 | Nuveen Large Cap Growth Fund, Class W |  |  | 88945522 |
| 3301650 | Nuveen Large Cap Value Fund, Class W |  |  | 75211585 |
| 839969 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 14716258 |
| 1265089 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 18267884 |
|  | TOTAL U.S. EQUITY |  |  | 513348763 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $706,027,454) |  |  | 849193672 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $1343000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 1343000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 1343000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $1,343,000) |  |  | 1343000 |
|  | TOTAL INVESTMENTS—99.9%<br> (Cost $707,370,454) |  |  | 850536672 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% |  |  | 585525 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851122197 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $1,343,477 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 4/15/26, valued at $1,369,897.

16 *See Notes to Financial Statements*

------

Lifecycle 2065

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.7%(a) |  |  |  |
|  | DIRECT REAL ESTATE—4.5% |  |  |  |
| 654185<br> (b) | Nuveen Real Property Fund LP (purchased 9/30/20-5/16/25; cost $6,889,746) |  |  | $6267091 |
|  | TOTAL DIRECT REAL ESTATE |  |  | 6267091 |
|  | FIXED INCOME—1.6% |  |  |  |
| 127315 | Nuveen Core Bond Fund, Class W |  |  | 1153475 |
| 78891 | Nuveen Core Plus Bond Fund, Class W |  |  | 717905 |
| 12193 | Nuveen Emerging Markets Debt Fund, Class W |  |  | 105716 |
| 12632 | Nuveen High Yield Fund, Class W |  |  | 110154 |
| 13036 | Nuveen International Bond Fund, Class W |  |  | 114590 |
|  | TOTAL FIXED INCOME |  |  | 2201840 |
|  | INTERNATIONAL EQUITY—32.5% |  |  |  |
| 929224 | Nuveen Emerging Markets Equity Fund, Class W |  |  | 7805484 |
| 1284652 | Nuveen International Equity Fund, Class W |  |  | 19590946 |
| 731746 | Nuveen International Opportunities Fund, Class W |  |  | 11715255 |
| 520965 | Nuveen Quant International Small Cap Equity Fund, Class W |  |  | 6423499 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 45535184 |
|  | U.S. EQUITY—61.1% |  |  |  |
| 868754 | Nuveen Core Equity Fund, Class W |  |  | 12753316 |
| 202961 | Nuveen Dividend Growth Fund, Class R6 |  |  | 12750026 |
| 865834 | Nuveen Dividend Value Fund, Class R6 |  |  | 12511304 |
| 430436 | Nuveen Growth Opportunities ETF |  |  | 14501389 |
| 525321 | Nuveen Large Cap Growth Fund, Class W |  |  | 14940126 |
| 549089 | Nuveen Large Cap Value Fund, Class W |  |  | 12508241 |
| 139694 | Nuveen Quant Small Cap Equity Fund, Class W |  |  | 2447445 |
| 210397 | Nuveen Quant Small/Mid Cap Equity Fund, Class W |  |  | 3038126 |
|  | TOTAL U.S. EQUITY |  |  | 85449973 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $122,983,118) |  |  | 139454088 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.2% |  |  |  |
|  | REPURCHASE AGREEMENT—0.2% |  |  |  |
| $259000<br> (c) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 259000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 259000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $259,000) |  |  | 259000 |
|  | TOTAL INVESTMENTS—99.9%<br> (Cost $123,242,118) |  |  | 139713088 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% |  |  | 185225 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139898313 |

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ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Restricted security.

(c) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $259,092 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $264,214.

See Notes to Financial Statements 17

------

## Statement of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| May 31, 2025 | Lifecycle Retirement<br>Income | Lifecycle 2010 | Lifecycle 2015 | Lifecycle 2020 |
|  ASSETS |  |  |  |  |
|  Affiliated investments, at value‡ | $393147684 | $688667361 | $981770806 | $2099557564 |
|  Short-term investments, at value# | 170000 | 502000 | 725000 | 1835000 |
|  Cash |  |  | 282 | 910 |
| &nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 711517 | 1385684 | 1778782 | 3552134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 40 | 119 | 172 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3007437 | 5221468 | 7841711 | 17113800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from Adviser | 68231 | 146000 | 132499 | 268266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 40990 | 13416 | 27771 | 779081 |
|  Other | 59457 | 220139 | 315500 | 474451 |
|  Total assets | 397205356 | 696156187 | 992592523 | 2123581640 |
|  LIABILITIES |  |  |  |  |
|  Due to affiliates | 10553 | 9604 | 10283 | 12871 |
|  Cash overdraft | 187 | 414 |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 129076 | 229237 | 323302 | 697504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement | 3448386 | 6328945 | 9246178 | 20166688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 661178 | 523730 | 441281 | 115176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service agreement fees | 25366 | 39128 | 55437 | 97329 |
|  Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 3298 | 3310 | 3294 | 3326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 80 | 144 | 206 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 26490 | 41872 | 49097 | 90843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 10790 | 376 | 422 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 60399 | 221883 | 318010 | 479888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution and service fees | 26874 | 3430 | 4989 | 10187 |
|  Other | 14246 | 11144 | 15484 | 29872 |
|  Total liabilities | 4416923 | 7413217 | 10467983 | 21704806 |
|  Net assets | $392788433 | $688742970 | $982124540 | $2101876834 |
|  NET ASSETS CONSIST OF: |  |  |  |  |
|  Paid-in capital | $364995515 | $626963783 | $932064458 | $1945909512 |
|  Total distributable earnings (loss) | 27792918 | 61779187 | 50060082 | 155967322 |
|  Net assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392788433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688742970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982124540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101876834 |
|  ‡ Affiliated investments, cost | $355502406 | $610596653 | $906658884 | $1899877844 |
|  # Short-term investments, cost | $170000 | $502000 | $725000 | $1835000 |

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18 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Lifecycle 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Lifecycle 2030 | Lifecycle 2035 | Lifecycle 2040 | Lifecycle 2045 | Lifecycle 2050 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363280324 | $4360500303 | $4827907470 | $5918205193 | $4356042104 | $3497649475 |
| 1845000 | 3552000 | 4036000 | 5068000 | 4263000 | 2673000 |
| 461 | 875 | 875 | 1272 | 942 | 949 |
| 5290008 | 5703074 | 5056011 | 3880345 | 1515063 | 631050 |
| 437 | 841 | 955 | 1199 | 1009 | 633 |
| 29237275 | 36282861 | 38791920 | 36494730 | 18891587 | 11458746 |
| 430830 | 601557 | 726136 | 969041 | 767542 | 634902 |
| 2063016 | 1364019 | 3605755 | 3514267 | 3259161 | 2514018 |
| 510077 | 507623 | 513569 | 664599 | 256465 | 168286 |
| 3402657428 | 4408513153 | 4880638691 | 5968798646 | 4384996873 | 3515731059 |
| 15835 | 17889 | 18863 | 21289 | 17705 | 15771 |
| 1130897 | 1477574 | 1654748 | 2059873 | 1523103 | 1226766 |
| 32660235 | 40797735 | 42718838 | 39263361 | 20209229 | 11220048 |
| 512429 | 146083 | 146780 | 131807 | 52415 | 253029 |
| 128520 | 156553 | 158881 | 187975 | 112882 | 85059 |
| 3349 | 3362 | 3332 | 3308 | 3368 | 3354 |
| 717 | 903 | 991 | 1215 | 886 | 709 |
| 129148 | 146859 | 154921 | 186741 | 139085 | 123009 |
| 805 | 870 | 859 | 903 | 859 | 835 |
| 518688 | 518168 | 525006 | 678514 | 266522 | 176282 |
| 17048 | 23100 | 24796 | 28337 | 21659 | 15796 |
| 47570 | 56624 | 57972 | 66353 | 55320 | 45668 |
| 35165241 | 43345720 | 45465987 | 42629676 | 22403033 | 13166326 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367492187 | $4365167433 | $4835172704 | $5926168970 | $4362593840 | $3502564733 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040869635 | $3798670396 | $4014700914 | $4651872227 | $3285730068 | $2649873188 |
| 326622552 | 566497037 | 820471790 | 1274296743 | 1076863772 | 852691545 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367492187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365167433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835172704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5926168970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4362593840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502564733 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979344871 | $3754752670 | $4000969938 | $4667713930 | $3317334206 | $2676533024 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845000 | $3552000 | $4036000 | $5068000 | $4263000 | $2673000 |

---

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## Statement of Assets and Liabilities (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| May 31, 2025 | Lifecycle Retirement<br> Income | Lifecycle 2010 | Lifecycle 2015 | Lifecycle 2020 |
|  CLASS A: |  |  |  |  |
|  Net assets | $122877098 | $– | $– | $– |
|  Shares outstanding | 10665574 |  |  |  |
|  Net asset value ("NAV") per share | $11.52 | $– | $– | $– |
|  Maximum sales charge | 5.75% | –% | –% | –% |
|  Offering price per share (NAV per share plus maximum sales charge) | $12.22 | $– | $– | $– |
|  CLASS I: |  |  |  |  |
|  Net assets | $183741 | $90371 | $277675 | $347663 |
|  Shares outstanding | 15918 | 8790 | 29769 | 35862 |
|  NAV and offering price per share | $11.54 | $10.28 | $9.33 | $9.69 |
|  PREMIER CLASS: |  |  |  |  |
|  Net assets | $7624386 | $27069402 | $39085453 | $81188685 |
|  Shares outstanding | 661014 | 2649130 | 4209986 | 8392852 |
|  NAV and offering price per share | $11.53 | $10.22 | $9.28 | $9.67 |
|  CLASS R6: |  |  |  |  |
|  Net assets | $141910147 | $476782774 | $679851478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558874777 |
|  Shares outstanding | 12296947 | 46557745 | 72889965 | 160763367 |
|  NAV and offering price per share | $11.54 | $10.24 | $9.33 | $9.70 |
|  RETIREMENT CLASS: |  |  |  |  |
|  Net assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120193061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184800423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262909934 | $461465709 |
|  Shares outstanding | 10445584 | 14071284 | 20755783 | 33838936 |
|  NAV and offering price per share | $11.51 | $13.13 | $12.67 | $13.64 |
|  Authorized shares - per class | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value per share | $0.0001 | $0.0001 | $0.0001 | $0.0001 |

---

20 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Lifecycle 2025 | Lifecycle 2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Lifecycle 2035 | Lifecycle 2040 | Lifecycle 2045 | Lifecycle 2050 |
| $– | $– | $– | $– | $– | $– |
| $– | $– | $– | $– | $– | $– |
| –% | –% | –% | –% | –% | –% |
| $– | $– | $– | $– | $– | $– |
| $651234 | $840492 | $878124 | $319506 | $644282 | $529982 |
| 63880 | 79422 | 79516 | 28056 | 44115 | 35023 |
| $10.19 | $10.58 | $11.04 | $11.39 | $14.60 | $15.13 |
| $134870095 | $184117002 | $198432005 | $226681352 | $173495932 | $126595023 |
| 13303607 | 17522935 | 18013978 | 19967140 | 11955580 | 8415937 |
| $10.14 | $10.51 | $11.02 | $11.35 | $14.51 | $15.04 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626443686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434339663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879693522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806853037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648654642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970304120 |
| 257683826 | 324759135 | 350895838 | 421783331 | 249927695 | 196503070 |
| $10.19 | $10.58 | $11.06 | $11.40 | $14.60 | $15.12 |
| $605527172 | $745870276 | $756169053 | $892315075 | $539798984 | $405135608 |
| 41549637 | 47885811 | 44971806 | 49419950 | 37393770 | 27111133 |
| $14.57 | $15.58 | $16.81 | $18.06 | $14.44 | $14.94 |
| Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| $0.0001 | $0.0001 | $0.0001 | $0.0001 | $0.0001 | $0.0001 |

---

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## Statement of Assets and Liabilities (continued)

---

| | | | |
|:---|:---|:---|:---|
| May 31, 2025 | Lifecycle 2055 | Lifecycle 2060 | Lifecycle 2065 |
|  ASSETS |  |  |  |
|  Affiliated investments, at value‡ | $1850948592 | $849193672 | $139454088 |
|  Short-term investments, at value# | 2083000 | 1343000 | 259000 |
| &nbsp;&nbsp; Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 255488 | 80143 | 7141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 493 | 318 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5357944 | 2725773 | 574161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from Adviser | 355988 | 187561 | 50517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2405104 | 1300029 | 375603 |
|  Other | 53222 | 13690 | 944 |
|  Total assets | 1861459831 | 854844186 | 140721515 |
|  LIABILITIES |  |  |  |
|  Due to affiliates | 12049 | 9822 | 8295 |
|  Cash overdraft | 67 | 171 | 22 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 648630 | 296145 | 48032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement | 5825638 | 3293362 | 700422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 29195 | 10827 | 10145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service agreement fees | 42166 | 18875 | 3974 |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 3282 | 3301 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 366 | 162 | 14842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 78840 | 53393 | 20632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 750 | 617 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 57307 | 15439 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution and service fees | 8939 | 3588 | 749 |
|  Other | 26893 | 16287 | 11347 |
|  Total liabilities | 6734122 | 3721989 | 823202 |
|  Net assets | $1854725709 | $851122197 | $139898313 |
|  NET ASSETS CONSIST OF: |  |  |  |
|  Paid-in capital | $1466269117 | $705942165 | $122127237 |
|  Total distributable earnings (loss) | 388456592 | 145180032 | 17771076 |
|  Net assets | $1854725709 | $851122197 | $139898313 |
|  ‡ Affiliated investments, cost | $1469326042 | $706027454 | $122983118 |
|  # Short-term investments, cost | $2083000 | $1343000 | $259000 |
|  CLASS I: |  |  |  |
|  Net assets | $418193 | $352759 | $146372 |
|  Shares outstanding | 23301 | 22587 | 11090 |
|  NAV and offering price per share | $17.95 | $15.62 | $13.20 |
|  PREMIER CLASS: |  |  |  |
|  Net assets | $71942094 | $29012577 | $6144934 |
|  Shares outstanding | 4029078 | 1862845 | 460127 |
|  NAV and offering price per share | $17.86 | $15.57 | $13.35 |
|  CLASS R6: |  |  |  |
|  Net assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581178201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730798680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114265560 |
|  Shares outstanding | 88126323 | 46767815 | 8426602 |
|  NAV and offering price per share | $17.94 | $15.63 | $13.56 |
|  RETIREMENT CLASS: |  |  |  |
|  Net assets | $201187221 | $90958181 | $19341447 |
|  Shares outstanding | 11279562 | 5851862 | 1428580 |
|  NAV and offering price per share | $17.84 | $15.54 | $13.54 |
|  Authorized shares - per class | Unlimited | Unlimited | Unlimited |
|  Par value per share | $0.0001 | $0.0001 | $0.0001 |

---

22 *See Notes to Financial Statements*

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## Statement of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended May 31, 2025 | Lifecycle Retirement<br>Income | Lifecycle 2010 | Lifecycle 2015 | Lifecycle 2020 |
|  INVESTMENT INCOME |  |  |  |  |
|  Dividends from affiliated investments | $15828431 | $28877821 | $41426388 | $86031463 |
|  Interest | 14188 | 24838 | 32293 | 65973 |
|  Total investment income | 15842619 | 28902659 | 41458681 | 86097436 |
|  EXPENSES |  |  |  |  |
|  Management fees | 1585977 | 2913688 | 4137942 | 9002264 |
|  12b-1 distribution and service fees — Class A | 313022 |  |  |  |
|  12b-1 distribution and service fees — Premier Class | 13134 | 45290 | 61887 | 128513 |
|  Shareholder servicing agent fees — Class A | 43671 |  |  |  |
|  Shareholder servicing agent fees — Class I | 138 | 73 | 105 | 239 |
|  Shareholder servicing agent fees — Premier Class | 100 | 91 | 101 | 185 |
|  Shareholder servicing agent fees — Class R6 | 2315 | 2045 | 2407 | 4360 |
|  Shareholder servicing agent fees — Retirement Class | 311239 | 526785 | 746839 | 1319593 |
|  Administrative service fees | 41563 | 37924 | 40629 | 50906 |
|  Trustees fees | 6866 | 12604 | 18013 | 38798 |
|  Custodian expenses | 7820 | 7850 | 7787 | 7878 |
|  Overdraft expense | 4407 | 10769 | 8290 | 9071 |
|  Professional fees | 15603 | 15870 | 16130 | 17110 |
|  Registration fees | 81322 | 62766 | 67443 | 70507 |
|  Shareholder reporting expenses | 56124 | 82877 | 80754 | 122286 |
|  Other | 79200 | 130983 | 171818 | 343623 |
|  Total expenses | 2562501 | 3849615 | 5360145 | 11115333 |
|  Expenses reimbursed by the investment adviser | (277827) | (245537) | (256683) | (338479) |
|  Fee waiver by investment adviser | (529701) | (1123226) | (1314501) | (2920915) |
|  Net expenses | 1754973 | 2480852 | 3788961 | 7855939 |
|  Net investment income (loss) | 14087646 | 26421807 | 37669720 | 78241497 |
|  REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |
|  Realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 802239 | 7996819 | 4946517 | 21631367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from affiliated investments | 5099141 | 8751112 | 13580137 | 33123508 |
|  Net realized gain (loss) | 5901380 | 16747931 | 18526654 | 54754875 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 8649040 | 10225320 | 20191165 | 36159988 |
|  Net change in unrealized appreciation (depreciation) | 8649040 | 10225320 | 20191165 | 36159988 |
|  Net realized and unrealized gain (loss) | 14550420 | 26973251 | 38717819 | 90914863 |
|  Net increase (decrease) in net assets from operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28638066 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53395058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76387539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169156360 |

---

24 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Lifecycle 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Lifecycle 2030 | Lifecycle 2035 | Lifecycle 2040 | Lifecycle 2045 | Lifecycle 2050 |
| $131420431 | $151718249 | $151573194 | $162754586 | $106752565 | $80550473 |
| 126427 | 191516 | 235338 | 293430 | 227709 | 201677 |
| 131546858 | 151909765 | 151808532 | 163048016 | 106980274 | 80752150 |
| 14518478 | 18369937 | 20275659 | 25066996 | 18305071 | 14671786 |
| 220121 | 281908 | 304810 | 353193 | 265951 | 194795 |
| 174 | 154 | 272 | 172 | 172 | 128 |
| 288 | 354 | 355 | 424 | 307 | 281 |
| 6370 | 7427 | 7969 | 9336 | 7596 | 6652 |
| 1773133 | 2085371 | 2084590 | 2443757 | 1482165 | 1086894 |
| 62776 | 71028 | 74863 | 84578 | 70346 | 62697 |
| 62128 | 77732 | 84762 | 103315 | 75226 | 60150 |
| 7918 | 7963 | 7923 | 7904 | 7968 | 7935 |
| 9953 | 4835 | 3059 | 3607 | 3130 | 2580 |
| 18254 | 19064 | 19441 | 20387 | 19026 | 18287 |
| 80574 | 72450 | 63612 | 66348 | 70481 | 72526 |
| 162004 | 181910 | 194421 | 236039 | 196714 | 196415 |
| 530293 | 645282 | 685771 | 806997 | 577647 | 460141 |
| 17452464 | 21825415 | 23807507 | 29203053 | 21081800 | 16841267 |
| (429124) | (468976) | (483854) | (561883) | (478007) | (453841) |
| (4713905) | (6411856) | (7792551) | (10432282) | (7988081) | (6532984) |
| 12309435 | 14944583 | 15531102 | 18208888 | 12615712 | 9854442 |
| 119237423 | 136965182 | 136277430 | 144839128 | 94364562 | 70897708 |
| 43727897 | 57031850 | 83648188 | 111185350 | 79850794 | 45844512 |
| 60216570 | 89551003 | 114068546 | 165805838 | 132966514 | 112128681 |
| 103944467 | 146582853 | 197716734 | 276991188 | 212817308 | 157973193 |
| 51182130 | 72900832 | 70335322 | 95582656 | 82614932 | 86698584 |
| 51182130 | 72900832 | 70335322 | 95582656 | 82614932 | 86698584 |
| 155126597 | 219483685 | 268052056 | 372573844 | 295432240 | 244671777 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274364020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356448867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404329486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517412972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389796802 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315569485 |

---

------

## Statement of Operations (continued)

---

| | | | |
|:---|:---|:---|:---|
| Year Ended May 31, 2025 | Lifecycle 2055 | Lifecycle 2060 | Lifecycle 2065 |
|  INVESTMENT INCOME |  |  |  |
|  Dividends from affiliated investments | $40877191 | $17676226 | $2406245 |
|  Interest | 109428 | 60014 | 15570 |
|  Total investment income | 40986619 | 17736240 | 2421815 |
|  EXPENSES |  |  |  |
|  Management fees | 7594169 | 3347998 | 478665 |
|  12b-1 distribution and service fees — Premier Class | 105578 | 40693 | 7545 |
|  Shareholder servicing agent fees — Class I | 137 | 204 | 50 |
|  Shareholder servicing agent fees — Premier Class | 177 | 111 | 92 |
|  Shareholder servicing agent fees — Class R6 | 4610 | 3056 | 1118 |
|  Shareholder servicing agent fees — Retirement Class | 525880 | 219213 | 42802 |
|  Administrative service fees | 47796 | 38875 | 32709 |
|  Trustees fees | 31122 | 13715 | 1935 |
|  Custodian expenses | 7779 | 7937 | 7858 |
|  Overdraft expense | 1813 | 2171 | 2097 |
|  Professional fees | 16830 | 15974 | 15385 |
|  Registration fees | 70188 | 67997 | 69094 |
|  Shareholder reporting expenses | 166529 | 147759 | 73560 |
|  Other | 247649 | 119428 | 35208 |
|  Total expenses | 8820257 | 4025131 | 768118 |
|  Expenses reimbursed by the investment adviser | (370686) | (317373) | (223143) |
|  Fee waiver by investment adviser | (3379095) | (1492284) | (220846) |
|  Net expenses | 5070476 | 2215474 | 324129 |
|  Net investment income (loss) | 35916143 | 15520766 | 2097686 |
|  REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
|  Realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 543 | 202 | 24604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 11146372 | (1206625) | (739078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from affiliated investments | 59101248 | 26683252 | 3832688 |
|  Net realized gain (loss) | 70248163 | 25476829 | 3118214 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 57291729 | 30778920 | 4943935 |
|  Net change in unrealized appreciation (depreciation) | 57291729 | 30778920 | 4943935 |
|  Net realized and unrealized gain (loss) | 127539892 | 56255749 | 8062149 |
|  Net increase (decrease) in net assets from operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163456035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71776515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10159835 |

---

26 *See Notes to Financial Statements*

------

[This page intentionally left blank.]

------

## Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifecycle Retirement Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifecycle Retirement Income | Lifecycle 2010 | Lifecycle 2010 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended |
| | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $14087646 | $13457165 | $26421807 | $26489058 |
|  Net realized gain (loss) | 5901380 | 4201305 | 16747931 | 11316868 |
|  Net change in unrealized appreciation (depreciation) | 8649040 | 24912587 | 10225320 | 42222166 |
|  Net increase (decrease) in net assets from operations | 28638066 | 42571057 | 53395058 | 80028092 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |  |
|  Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4078576) | (4116154) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (7945) | (11163) | (4956) | (5954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (295128) | (399759) | (1621020) | (1407286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (5257423) | (5949631) | (29104411) | (21323739) |
| &nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (4039158) | (4318428) | (9067334) | (6997365) |
|  Total distributions | (13678230) | (14795135) | (39797721) | (29734344) |
|  FUND SHARE TRANSACTIONS |  |  |  |  |
|  Subscriptions | 35151487 | 30622312 | 64271790 | 48538732 |
|  Reinvestments of distributions | 13508864 | 14629488 | 39795437 | 29730651 |
|  Redemptions | (89531953) | (98931270) | (233387950) | (180691381) |
|  Net increase (decrease) from Fund share transactions | (40871602) | (53679470) | (129320723) | (102421998) |
|  Net increase (decrease) in net assets | (25911766) | (25903548) | (115723386) | (52128250) |
|  Net assets at the beginning of period | 418700199 | 444603747 | 804466356 | 856594606 |
|  Net assets at the end of period | $392788433 | $418700199 | $688742970 | $804466356 |

---

28 *See Notes to Financial Statements*

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Lifecycle 2015 | Lifecycle 2015 | Lifecycle 2020 | Lifecycle 2020 | Lifecycle 2025 | Lifecycle 2025 | Lifecycle 2030 | Lifecycle 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended |
| 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 |
| $37669720 | $37421468 | $78241497 | $78788046 | $119237423 | $113788471 | $136965182 | $122549518 |
| 18526654 | 8340942 | 54754875 | 30376363 | 103944467 | 66087173 | 146582853 | 87052112 |
| 20191165 | 73193086 | 36159988 | 177006342 | 51182130 | 303399538 | 72900832 | 433504193 |
| 76387539 | 118955496 | 169156360 | 286170751 | 274364020 | 483275182 | 356448867 | 643105823 |
| (11250) | (12512) | (18848) | (24576) | (33235) | (30026) | (38938) | (20519) |
| (1732420) | (1716848) | (3999247) | (3674578) | (7244493) | (5781619) | (8641673) | (6248703) |
| (30844386) | (29407552) | (80430468) | (66477947) | (140567956) | (97183078) | (167870196) | (105109214) |
| (8951414) | (8650230) | (17029727) | (14602705) | (23487619) | (17686177) | (25191754) | (16705312) |
| (41539470) | (39787142) | (101478290) | (84779806) | (171333303) | (120680900) | (201742561) | (128083748) |
| 68186554 | 64034390 | 105934257 | 109210643 | 207300117 | 196081459 | 264887553 | 292815032 |
| 41470195 | 39723654 | 101285207 | 84652988 | 170710985 | 120343523 | 201568037 | 127987885 |
| (320496059) | (252426006) | (687634259) | (586806808) | (1029440184) | (770449630) | (1008798089) | (734878265) |
| (210839310) | (148667962) | (480414795) | (392943177) | (651429082) | (454024648) | (542342499) | (314075348) |
| (175991241) | (69499608) | (412736725) | (191552232) | (548398365) | (91430366) | (387636193) | 200946727 |
| 1158115781 | 1227615389 | 2514613559 | 2706165791 | 3915890552 | 4007320918 | 4752803626 | 4551856899 |
| $982124540 | $1158115781 | $2101876834 | $2514613559 | $3367492187 | $3915890552 | $4365167433 | $4752803626 |

---

------

## Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifecycle 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifecycle 2035 | Lifecycle 2040 | Lifecycle 2040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended |
| | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $136277430 | $117803463 | $144839128 | $124173682 |
|  Net realized gain (loss) | 197716734 | 114540240 | 276991188 | 155111273 |
|  Net change in unrealized appreciation (depreciation) | 70335322 | 540919202 | 95582656 | 772123597 |
|  Net increase (decrease) in net assets from operations | 404329486 | 773262905 | 517412972 | 1051408552 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (39306) | (18308) | (22636) | (11242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (8527791) | (5722397) | (9174380) | (6020354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (172639733) | (104203854) | (203141552) | (114353049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (22167807) | (14124702) | (23548314) | (14032733) |
|  Total distributions | (203374637) | (124069261) | (235886882) | (134417378) |
|  FUND SHARE TRANSACTIONS |  |  |  |  |
|  Subscriptions | 304972586 | 330940782 | 293035890 | 356828431 |
|  Reinvestments of distributions | 203116579 | 123950460 | 235712156 | 134330432 |
|  Redemptions | (988470092) | (742401971) | (1051404392) | (939750538) |
|  Net increase (decrease) from Fund share transactions | (480380927) | (287510729) | (522656346) | (448591675) |
|  Net increase (decrease) in net assets | (279426078) | 361682915 | (241130256) | 468399499 |
|  Net assets at the beginning of period | 5114598782 | 4752915867 | 6167299226 | 5698899727 |
|  Net assets at the end of period | $4835172704 | $5114598782 | $5926168970 | $6167299226 |

---

30 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Lifecycle 2045 | Lifecycle 2045 | Lifecycle 2050 | Lifecycle 2050 | Lifecycle 2055 | Lifecycle 2055 | Lifecycle 2060 | Lifecycle 2060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended |
| 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 |
| $94364562 | $79488274 | $70897708 | $58960031 | $35916143 | $28500222 | $15520766 | $10939381 |
| 212817308 | 105225167 | 157973193 | 75937683 | 70248163 | 34355577 | 25476829 | 11623186 |
| 82614932 | 616594431 | 86698584 | 513205206 | 57291729 | 260129409 | 30778920 | 104781601 |
| 389796802 | 801307872 | 315569485 | 648102920 | 163456035 | 322985208 | 71776515 | 127344168 |
| (28881) | (14037) | (15129) | (7741) | (15902) | (7680) | (10698) | (7924) |
| (6339340) | (3589833) | (4374389) | (2435974) | (2469848) | (1176582) | (828467) | (351954) |
| (138161083) | (71073943) | (107879742) | (53020684) | (58177790) | (24606427) | (22926985) | (8843631) |
| (21129752) | (11619998) | (14695039) | (7770079) | (7402119) | (3385358) | (2647674) | (1109516) |
| (165659056) | (86297811) | (126964299) | (63234478) | (68065659) | (29176047) | (26413824) | (10313025) |
| 290731183 | 345097825 | 260131714 | 311291710 | 215374673 | 238774681 | 170143384 | 173144011 |
| 165518216 | 86151403 | 126886622 | 63200612 | 67956803 | 29103903 | 26263851 | 10259051 |
| (765035736) | (648559949) | (578892864) | (519282102) | (290244704) | (261084816) | (125358077) | (93812271) |
| (308786337) | (217310721) | (191874528) | (144789780) | (6913228) | 6793768 | 71049158 | 89590791 |
| (84648591) | 497699340 | (3269342) | 440078662 | 88477148 | 300602929 | 116411849 | 206621934 |
| 4447242431 | 3949543091 | 3505834075 | 3065755413 | 1766248561 | 1465645632 | 734710348 | 528088414 |
| $4362593840 | $4447242431 | $3502564733 | $3505834075 | $1854725709 | $1766248561 | $851122197 | $734710348 |

---

------

## Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Lifecycle 2065 | Lifecycle 2065 | Year Ended | Year Ended |
|  | Year Ended | Year Ended | 5/31/24 | 5/31/24 |
|  | 5/31/25 | 5/31/25 | | |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $— | 2097686 | $— | 1087895 |
|  Net realized gain (loss) |  | 3118214 |  | 1368578 |
|  Net change in unrealized appreciation (depreciation) |  | 4943935 |  | 10796854 |
|  Net increase (decrease) in net assets from operations |  | 10159835 |  | 13253327 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |  |
|  Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (4065) |  | (9894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Class |  | (150235) |  | (47168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (2730931) |  | (746406) |
| &nbsp;&nbsp;&nbsp;&nbsp; Retirement Class |  | (482116) |  | (142051) |
|  Total distributions |  | (3367347) |  | (945519) |
|  FUND SHARE TRANSACTIONS |  |  |  |  |
|  Subscriptions |  | 70752055 |  | 52453040 |
|  Reinvestments of distributions |  | 3365436 |  | 857443 |
|  Redemptions |  | (31948510) |  | (16803139) |
|  Net increase (decrease) from Fund share transactions |  | 42168981 |  | 36507344 |
|  Net increase (decrease) in net assets |  | 48961469 |  | 48815152 |
|  Net assets at the beginning of period |  | 90936844 |  | 42121692 |
|  Net assets at the end of period | $— | 139898313 | $— | 90936844 |

---

32 *See Notes to Financial Statements*

------

[This page intentionally left blank.]

------

## Financial Highlights
The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
|  | | Net | | | | | | |
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized/ | | From Net | From Net | | |
|  | | Income | Unrealized | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized | | |
| |<br>Net Asset<br>Value,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning<br>of Period | (Loss)<sup>(a)</sup> | Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | Income | Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>End of<br>Period |
|  Lifecycle Retirement Income | Lifecycle Retirement Income | Lifecycle Retirement Income |  |  |  |  |  |  |
|  Class A: |  |  |  |  |  |  |  |  |
|  5/31/25 | $11.11 | $0.38 | $0.40 | $0.78 | $(0.34) | $(0.03) | $(0.37) | $11.52 |
|  5/31/24 | 10.42 | 0.32 | 0.72 | 1.04 | (0.35) |  | (0.35) | 11.11 |
|  5/31/23 | 11.12 | 0.36 | (0.46) | (0.10) | (0.28) | (0.32) | (0.60) | 10.42 |
|  5/31/22 | 12.79 | 0.26 | (1.02) | (0.76) | (0.35) | (0.56) | (0.91) | 11.12 |
|  5/31/21 | 11.51 | 0.20 | 1.75 | 1.95 | (0.28) | (0.39) | (0.67) | 12.79 |
|  Class I: | Class I: | Class I: |  |  |  |  |  |  |
|  5/31/25 | 11.13 | 0.41 | 0.39 | 0.80 | (0.36) | (0.03) | (0.39) | 11.54 |
|  5/31/24 | 10.44 | 0.34 | 0.72 | 1.06 | (0.37) |  | (0.37) | 11.13 |
|  5/31/23 | 11.14 | 0.41 | (0.49) | (0.08) | (0.30) | (0.32) | (0.62) | 10.44 |
|  5/31/22 | 12.81 | 0.30 | (1.04) | (0.74) | (0.37) | (0.56) | (0.93) | 11.14 |
|  5/31/21 | 11.52 | 0.20 | 1.78 | 1.98 | (0.30) | (0.39) | (0.69) | 12.81 |
|  Premier Class: | Premier Class: | Premier Class: |  |  |  |  |  |  |
|  5/31/25 | 11.12 | 0.40 | 0.39 | 0.79 | (0.35) | (0.03) | (0.38) | 11.53 |
|  5/31/24 | 10.43 | 0.33 | 0.72 | 1.05 | (0.36) |  | (0.36) | 11.12 |
|  5/31/23 | 11.13 | 0.37 | (0.46) | (0.09) | (0.29) | (0.32) | (0.61) | 10.43 |
|  5/31/22 | 12.80 | 0.27 | (1.01) | (0.74) | (0.37) | (0.56) | (0.93) | 11.13 |
|  5/31/21 | 11.51 | 0.21 | 1.76 | 1.97 | (0.29) | (0.39) | (0.68) | 12.80 |
|  Class R6: | Class R6: | Class R6: |  |  |  |  |  |  |
|  5/31/25 | 11.13 | 0.42 | 0.39 | 0.81 | (0.37) | (0.03) | (0.40) | 11.54 |
|  5/31/24 | 10.44 | 0.35 | 0.72 | 1.07 | (0.38) |  | (0.38) | 11.13 |
|  5/31/23 | 11.14 | 0.39 | (0.46) | (0.07) | (0.31) | (0.32) | (0.63) | 10.44 |
|  5/31/22 | 12.81 | 0.29 | (1.02) | (0.73) | (0.38) | (0.56) | (0.94) | 11.14 |
|  5/31/21 | 11.52 | 0.23 | 1.76 | 1.99 | (0.31) | (0.39) | (0.70) | 12.81 |
|  Retirement Class: | Retirement Class: | Retirement Class: |  |  |  |  |  |  |
|  5/31/25 | 11.10 | 0.38 | 0.40 | 0.78 | (0.34) | (0.03) | (0.37) | 11.51 |
|  5/31/24 | 10.41 | 0.32 | 0.72 | 1.04 | (0.35) |  | (0.35) | 11.10 |
|  5/31/23 | 11.11 | 0.36 | (0.46) | (0.10) | (0.28) | (0.32) | (0.60) | 10.41 |
|  5/31/22 | 12.78 | 0.26 | (1.02) | (0.76) | (0.35) | (0.56) | (0.91) | 11.11 |
|  5/31/21 | 11.49 | 0.20 | 1.76 | 1.96 | (0.28) | (0.39) | (0.67) | 12.78 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

34 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| | Net Assets, | | | Net | Portfolio |
| Total | End of | Gross | Net | Investment | Turnover |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Expenses<sup>(d)</sup> | Expenses<sup>(d)</sup> | Income (Loss)<sup>(d)</sup> | Rate |
| 7.11% | $122877 | 0.75% | 0.53% | 3.35% | 13% |
| 10.19 | 124235 | 0.74 | 0.53 | 3.00 | 12 |
| (0.69) | 123946 | 0.72 | 0.52 | 3.43 | 19 |
| (6.49) | 131167 | 0.70 | 0.51 | 2.10 | 28 |
| 17.31 | 144030 | 0.71 | 0.54 | 1.62 | 41 |
| 7.31 | 184 | 0.52 | 0.33 | 3.61 | 13 |
| 10.36 | 337 | 0.54 | 0.36 | 3.16 | 12 |
| (0.50) | 317 | 0.52 | 0.35 | 3.86 | 19 |
| (6.33) | 609 | 0.50 | 0.34 | 2.44 | 28 |
| 17.57 | 596 | 0.52 | 0.38 | 1.63 | 41 |
| 7.21 | 7624 | 0.61 | 0.43 | 3.50 | 13 |
| 10.29 | 9940 | 0.61 | 0.43 | 3.09 | 12 |
| (0.58) | 15207 | 0.59 | 0.42 | 3.55 | 19 |
| (6.40) | 17624 | 0.58 | 0.41 | 2.17 | 28 |
| 17.51 | 19161 | 0.58 | 0.44 | 1.71 | 41 |
| 7.37 | 141910 | 0.46 | 0.27 | 3.64 | 13 |
| 10.45 | 156206 | 0.46 | 0.28 | 3.25 | 12 |
| (0.42) | 171457 | 0.44 | 0.27 | 3.72 | 19 |
| (6.25) | 222227 | 0.43 | 0.26 | 2.37 | 28 |
| 17.67 | 244923 | 0.43 | 0.29 | 1.87 | 41 |
| 7.12 | 120193 | 0.71 | 0.53 | 3.36 | 13 |
| 10.20 | 127984 | 0.71 | 0.53 | 3.00 | 12 |
| (0.68) | 133676 | 0.69 | 0.52 | 3.45 | 19 |
| (6.49) | 157609 | 0.68 | 0.50 | 2.11 | 28 |
| 17.43 | 200300 | 0.68 | 0.54 | 1.61 | 41 |

---

See Notes to Financial Statements 35

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
|  | | Net | | | | | | |
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized/ | | From Net | From Net | | |
|  | | Income | Unrealized | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized | | |
| |<br>Net Asset<br>Value,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning<br>of Period | (Loss)<sup>(a)</sup> | Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | Income | Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>End of<br>Period |
|  Lifecycle 2010 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $10.13 | $0.37 | $0.37 | $0.74 | $(0.37) | $(0.22) | $(0.59) | $10.28 |
|  5/31/24 | 9.55 | 0.32 | 0.65 | 0.97 | (0.39) |  | (0.39) | 10.13 |
|  5/31/23 | 10.32 | 0.36 | (0.42) | (0.06) | (0.36) | (0.35) | (0.71) | 9.55 |
|  5/31/22 | 12.22 | 0.26 | (0.93) | (0.67) | (0.40) | (0.83) | (1.23) | 10.32 |
|  5/31/21 | 11.30 | 0.22 | 1.71 | 1.93 | (0.33) | (0.68) | (1.01) | 12.22 |
|  Premier Class: | Premier Class: |  |  |  |  |  |  |  |
|  5/31/25 | 10.08 | 0.36 | 0.37 | 0.73 | (0.37) | (0.22) | (0.59) | 10.22 |
|  5/31/24 | 9.50 | 0.31 | 0.65 | 0.96 | (0.38) |  | (0.38) | 10.08 |
|  5/31/23 | 10.27 | 0.34 | (0.41) | (0.07) | (0.35) | (0.35) | (0.70) | 9.50 |
|  5/31/22 | 12.17 | 0.25 | (0.94) | (0.69) | (0.38) | (0.83) | (1.21) | 10.27 |
|  5/31/21 | 11.24 | 0.20 | 1.73 | 1.93 | (0.32) | (0.68) | (1.00) | 12.17 |
|  Class R6: | Class R6: |  |  |  |  |  |  |  |
|  5/31/25 | 10.10 | 0.37 | 0.38 | 0.75 | (0.39) | (0.22) | (0.61) | 10.24 |
|  5/31/24 | 9.53 | 0.32 | 0.65 | 0.97 | (0.40) |  | (0.40) | 10.10 |
|  5/31/23 | 10.29 | 0.36 | (0.41) | (0.05) | (0.36) | (0.35) | (0.71) | 9.53 |
|  5/31/22 | 12.20 | 0.27 | (0.94) | (0.67) | (0.41) | (0.83) | (1.24) | 10.29 |
|  5/31/21 | 11.27 | 0.22 | 1.73 | 1.95 | (0.34) | (0.68) | (1.02) | 12.20 |
|  Retirement Class: | Retirement Class: |  |  |  |  |  |  |  |
|  5/31/25 | 12.79 | 0.45 | 0.46 | 0.91 | (0.35) | (0.22) | (0.57) | 13.13 |
|  5/31/24 | 11.96 | 0.38 | 0.82 | 1.20 | (0.37) |  | (0.37) | 12.79 |
|  5/31/23 | 12.73 | 0.41 | (0.50) | (0.09) | (0.33) | (0.35) | (0.68) | 11.96 |
|  5/31/22 | 14.80 | 0.30 | (1.17) | (0.87) | (0.37) | (0.83) | (1.20) | 12.73 |
|  5/31/21 | 13.48 | 0.23 | 2.07 | 2.30 | (0.30) | (0.68) | (0.98) | 14.80 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

36 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| | Net Assets, | | | Net | Portfolio |
| Total | End of | Gross | Net | Investment | Turnover |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Expenses<sup>(d)</sup> | Expenses<sup>(d)</sup> | Income (Loss)<sup>(d)</sup> | Rate |
| 7.37% | $90 | 0.51% | 0.32% | 3.55% | 13% |
| 10.33 | 157 | 0.50 | 0.32 | 3.25 | 14 |
| (0.42) | 146 | 0.50 | 0.32 | 3.69 | 18 |
| (6.32) | 177 | 0.48 | 0.33 | 2.29 | 21 |
| 17.57 | 164 | 0.49 | 0.36 | 1.81 | 38 |
| 7.26 | 27069 | 0.59 | 0.41 | 3.46 | 13 |
| 10.27 | 34029 | 0.59 | 0.41 | 3.17 | 14 |
| (0.50) | 40794 | 0.57 | 0.39 | 3.53 | 18 |
| (6.45) | 50141 | 0.56 | 0.41 | 2.16 | 21 |
| 17.62 | 77845 | 0.57 | 0.44 | 1.70 | 38 |
| 7.43 | 476783 | 0.44 | 0.26 | 3.63 | 13 |
| 10.31 | 534127 | 0.44 | 0.26 | 3.30 | 14 |
| (0.23) | 570203 | 0.42 | 0.24 | 3.66 | 18 |
| (6.34) | 700875 | 0.41 | 0.26 | 2.34 | 21 |
| 17.75 | 836684 | 0.42 | 0.29 | 1.84 | 38 |
| 7.14 | 184800 | 0.69 | 0.51 | 3.41 | 13 |
| 10.11 | 236153 | 0.69 | 0.51 | 3.05 | 14 |
| (0.54) | 245451 | 0.67 | 0.49 | 3.42 | 18 |
| (6.56) | 290686 | 0.66 | 0.51 | 2.09 | 21 |
| 17.45 | 368266 | 0.67 | 0.54 | 1.62 | 38 |

---

See Notes to Financial Statements 37

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2015 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $9.06 | $0.33 | $0.33 | $0.66 | $(0.33) | $(0.06) | $(0.39) | $9.33 |
|  5/31/24 | 8.49 | 0.29 | 0.61 | 0.90 | (0.33) |  | (0.33) | 9.06 |
|  5/31/23 | 9.17 | 0.30 | (0.37) | (0.07) | (0.27) | (0.34) | (0.61) | 8.49 |
|  5/31/22 | 10.81 | 0.22 | (0.86) | (0.64) | (0.35) | (0.65) | (1.00) | 9.17 |
|  5/31/21 | 9.61 | 0.18 | 1.67 | 1.85 | (0.29) | (0.36) | (0.65) | 10.81 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 9.02 | 0.32 | 0.33 | 0.65 | (0.33) | (0.06) | (0.39) | 9.28 |
|  5/31/24 | 8.46 | 0.27 | 0.61 | 0.88 | (0.32) |  | (0.32) | 9.02 |
|  5/31/23 | 9.14 | 0.30 | (0.37) | (0.07) | (0.27) | (0.34) | (0.61) | 8.46 |
|  5/31/22 | 10.76 | 0.21 | (0.84) | (0.63) | (0.34) | (0.65) | (0.99) | 9.14 |
|  5/31/21 | 9.57 | 0.17 | 1.66 | 1.83 | (0.28) | (0.36) | (0.64) | 10.76 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 9.07 | 0.34 | 0.32 | 0.66 | (0.34) | (0.06) | (0.40) | 9.33 |
|  5/31/24 | 8.50 | 0.28 | 0.62 | 0.90 | (0.33) |  | (0.33) | 9.07 |
|  5/31/23 | 9.18 | 0.31 | (0.37) | (0.06) | (0.28) | (0.34) | (0.62) | 8.50 |
|  5/31/22 | 10.81 | 0.23 | (0.85) | (0.62) | (0.36) | (0.65) | (1.01) | 9.18 |
|  5/31/21 | 9.62 | 0.19 | 1.66 | 1.85 | (0.30) | (0.36) | (0.66) | 10.81 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 12.17 | 0.43 | 0.44 | 0.87 | (0.31) | (0.06) | (0.37) | 12.67 |
|  5/31/24 | 11.30 | 0.35 | 0.83 | 1.18 | (0.31) |  | (0.31) | 12.17 |
|  5/31/23 | 11.99 | 0.38 | (0.48) | (0.10) | (0.25) | (0.34) | (0.59) | 11.30 |
|  5/31/22 | 13.82 | 0.27 | (1.12) | (0.85) | (0.33) | (0.65) | (0.98) | 11.99 |
|  5/31/21 | 12.13 | 0.21 | 2.11 | 2.32 | (0.27) | (0.36) | (0.63) | 13.82 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

38 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup>  | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 7.40% | $278 | 0.46% | 0.32% | 3.56% | 11% |
| 10.74 | 355 | 0.47 | 0.28 | 3.26 | 13 |
| (0.52) | 381 | 0.53 | 0.38 | 3.49 | 18 |
| (6.61) | 390 | 0.52 | 0.38 | 2.15 | 20 |
| 19.60 | 255 | 0.52 | 0.39 | 1.75 | 36 |
| 7.27 | 39085 | 0.58 | 0.43 | 3.44 | 11 |
| 10.56 | 42131 | 0.58 | 0.39 | 3.11 | 13 |
| (0.57) | 56724 | 0.57 | 0.42 | 3.48 | 18 |
| (6.54) | 71144 | 0.56 | 0.42 | 2.06 | 20 |
| 19.47 | 116117 | 0.57 | 0.44 | 1.67 | 36 |
| 7.40 | 679851 | 0.43 | 0.28 | 3.62 | 11 |
| 10.82 | 782265 | 0.43 | 0.24 | 3.25 | 13 |
| (0.39) | 831507 | 0.42 | 0.27 | 3.61 | 18 |
| (6.43) | 1005382 | 0.41 | 0.27 | 2.25 | 20 |
| 19.56 | 1217691 | 0.42 | 0.29 | 1.83 | 36 |
| 7.21 | 262910 | 0.68 | 0.53 | 3.40 | 11 |
| 10.52 | 333364 | 0.68 | 0.49 | 2.99 | 13 |
| (0.66) | 339003 | 0.67 | 0.52 | 3.36 | 18 |
| (6.73) | 393955 | 0.66 | 0.52 | 2.01 | 20 |
| 19.34 | 500838 | 0.67 | 0.54 | 1.60 | 36 |

---

See Notes to Financial Statements 39

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2020 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $9.45 | $0.31 | $0.39 | $0.70 | $(0.33) | $(0.13) | $(0.46) | $9.69 |
|  5/31/24 | 8.77 | 0.28 | 0.73 | 1.01 | (0.33) |  | (0.33) | 9.45 |
|  5/31/23 | 9.47 | 0.30 | (0.35) | (0.05) | (0.27) | (0.38) | (0.65) | 8.77 |
|  5/31/22 | 11.25 | 0.21 | (0.90) | (0.69) | (0.37) | (0.72) | (1.09) | 9.47 |
|  5/31/21 | 9.89 | 0.14 | 1.94 | 2.08 | (0.31) | (0.41) | (0.72) | 11.25 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 9.44 | 0.32 | 0.37 | 0.69 | (0.33) | (0.13) | (0.46) | 9.67 |
|  5/31/24 | 8.75 | 0.27 | 0.74 | 1.01 | (0.32) |  | (0.32) | 9.44 |
|  5/31/23 | 9.45 | 0.29 | (0.35) | (0.06) | (0.26) | (0.38) | (0.64) | 8.75 |
|  5/31/22 | 11.23 | 0.21 | (0.92) | (0.71) | (0.35) | (0.72) | (1.07) | 9.45 |
|  5/31/21 | 9.87 | 0.18 | 1.89 | 2.07 | (0.30) | (0.41) | (0.71) | 11.23 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 9.46 | 0.34 | 0.38 | 0.72 | (0.35) | (0.13) | (0.48) | 9.70 |
|  5/31/24 | 8.77 | 0.28 | 0.74 | 1.02 | (0.33) |  | (0.33) | 9.46 |
|  5/31/23 | 9.48 | 0.31 | (0.37) | (0.06) | (0.27) | (0.38) | (0.65) | 8.77 |
|  5/31/22 | 11.26 | 0.23 | (0.91) | (0.68) | (0.38) | (0.72) | (1.10) | 9.48 |
|  5/31/21 | 9.89 | 0.20 | 1.90 | 2.10 | (0.32) | (0.41) | (0.73) | 11.26 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 13.12 | 0.44 | 0.52 | 0.96 | (0.31) | (0.13) | (0.44) | 13.64 |
|  5/31/24 | 12.05 | 0.36 | 1.01 | 1.37 | (0.30) |  | (0.30) | 13.12 |
|  5/31/23 | 12.75 | 0.39 | (0.47) | (0.08) | (0.24) | (0.38) | (0.62) | 12.05 |
|  5/31/22 | 14.78 | 0.27 | (1.24) | (0.97) | (0.34) | (0.72) | (1.06) | 12.75 |
|  5/31/21 | 12.79 | 0.22 | 2.46 | 2.68 | (0.28) | (0.41) | (0.69) | 14.78 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

40 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup>  | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br>Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 7.52% | $348 | 0.47% | 0.33% | 3.23% | 11% |
| 11.65 | 520 | 0.51 | 0.35 | 3.10 | 12 |
| (0.32) | 695 | 0.50 | 0.36 | 3.33 | 18 |
| (6.93) | 498 | 0.46 | 0.32 | 1.91 | 22 |
| 21.43 | 726 | 0.48 | 0.35 | 1.26 | 38 |
| 7.39 | 81189 | 0.57 | 0.43 | 3.32 | 11 |
| 11.68 | 93230 | 0.58 | 0.41 | 2.97 | 12 |
| (0.42) | 141676 | 0.57 | 0.42 | 3.31 | 18 |
| (7.06) | 165761 | 0.55 | 0.42 | 1.96 | 22 |
| 21.37 | 252876 | 0.57 | 0.45 | 1.66 | 38 |
| 7.66 | 1558875 | 0.42 | 0.28 | 3.49 | 11 |
| 11.86 | 1821625 | 0.43 | 0.26 | 3.11 | 12 |
| (0.36) | 1921359 | 0.41 | 0.27 | 3.45 | 18 |
| (6.86) | 2303415 | 0.40 | 0.27 | 2.15 | 22 |
| 21.61 | 2712681 | 0.42 | 0.29 | 1.82 | 38 |
| 7.36 | 461466 | 0.67 | 0.53 | 3.27 | 11 |
| 11.50 | 599239 | 0.68 | 0.51 | 2.86 | 12 |
| (0.47) | 642436 | 0.67 | 0.52 | 3.21 | 18 |
| (7.17) | 764245 | 0.65 | 0.52 | 1.89 | 22 |
| 21.27 | 993670 | 0.67 | 0.55 | 1.59 | 38 |

---

See Notes to Financial Statements 41

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2025 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $9.94 | $0.33 | $0.43 | $0.76 | $(0.33) | $(0.18) | $(0.51) | $10.19 |
|  5/31/24 | 9.09 | 0.28 | 0.88 | 1.16 | (0.31) |  | (0.31) | 9.94 |
|  5/31/23 | 9.85 | 0.27 | (0.31) | (0.04) | (0.26) | (0.46) | (0.72) | 9.09 |
|  5/31/22 | 11.75 | 0.22 | (0.98) | (0.76) | (0.38) | (0.76) | (1.14) | 9.85 |
|  5/31/21 | 10.03 | 0.15 | 2.31 | 2.46 | (0.31) | (0.43) | (0.74) | 11.75 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 9.89 | 0.32 | 0.43 | 0.75 | (0.32) | (0.18) | (0.50) | 10.14 |
|  5/31/24 | 9.05 | 0.26 | 0.89 | 1.15 | (0.31) |  | (0.31) | 9.89 |
|  5/31/23 | 9.80 | 0.28 | (0.32) | (0.04) | (0.25) | (0.46) | (0.71) | 9.05 |
|  5/31/22 | 11.70 | 0.21 | (0.98) | (0.77) | (0.37) | (0.76) | (1.13) | 9.80 |
|  5/31/21 | 9.99 | 0.18 | 2.25 | 2.43 | (0.29) | (0.43) | (0.72) | 11.70 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 9.95 | 0.34 | 0.42 | 0.76 | (0.34) | (0.18) | (0.52) | 10.19 |
|  5/31/24 | 9.09 | 0.28 | 0.90 | 1.18 | (0.32) |  | (0.32) | 9.95 |
|  5/31/23 | 9.85 | 0.30 | (0.34) | (0.04) | (0.26) | (0.46) | (0.72) | 9.09 |
|  5/31/22 | 11.76 | 0.23 | (0.99) | (0.76) | (0.39) | (0.76) | (1.15) | 9.85 |
|  5/31/21 | 10.04 | 0.19 | 2.27 | 2.46 | (0.31) | (0.43) | (0.74) | 11.76 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.01 | 0.45 | 0.59 | 1.04 | (0.30) | (0.18) | (0.48) | 14.57 |
|  5/31/24 | 12.69 | 0.36 | 1.25 | 1.61 | (0.29) |  | (0.29) | 14.01 |
|  5/31/23 | 13.44 | 0.38 | (0.44) | (0.06) | (0.23) | (0.46) | (0.69) | 12.69 |
|  5/31/22 | 15.63 | 0.26 | (1.35) | (1.09) | (0.34) | (0.76) | (1.10) | 13.44 |
|  5/31/21 | 13.14 | 0.22 | 2.97 | 3.19 | (0.27) | (0.43) | (0.70) | 15.63 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

42 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup>  | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 7.74% | $651 | 0.45% | 0.31% | 3.28% | 12% |
| 13.00 | 773 | 0.50 | 0.35 | 2.92 | 13 |
| (0.21) | 855 | 0.51 | 0.36 | 2.99 | 20 |
| (7.32) | 391 | 0.48 | 0.34 | 1.93 | 25 |
| 24.93 | 553 | 0.49 | 0.36 | 1.35 | 40 |
| 7.71 | 134870 | 0.57 | 0.43 | 3.18 | 12 |
| 12.84 | 161319 | 0.58 | 0.43 | 2.80 | 13 |
| (0.20) | 221273 | 0.57 | 0.42 | 3.09 | 20 |
| (7.44) | 236147 | 0.55 | 0.42 | 1.83 | 25 |
| 24.80 | 336773 | 0.58 | 0.45 | 1.59 | 40 |
| 7.73 | 2626444 | 0.42 | 0.28 | 3.32 | 12 |
| 13.20 | 2940148 | 0.43 | 0.28 | 2.94 | 13 |
| (0.14) | 2939672 | 0.42 | 0.27 | 3.23 | 20 |
| (7.33) | 3488042 | 0.40 | 0.27 | 2.01 | 25 |
| 24.96 | 3909833 | 0.43 | 0.30 | 1.76 | 40 |
| 7.48 | 605527 | 0.67 | 0.53 | 3.12 | 12 |
| 12.79 | 813651 | 0.68 | 0.53 | 2.69 | 13 |
| (0.30) | 845520 | 0.67 | 0.52 | 3.00 | 20 |
| (7.55) | 973393 | 0.65 | 0.52 | 1.75 | 25 |
| 24.64 | 1217409 | 0.68 | 0.55 | 1.52 | 40 |

---

See Notes to Financial Statements 43

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br>Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2030 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $10.25 | $0.32 | $0.51 | $0.83 | $(0.31) | $(0.19) | $(0.50) | $10.58 |
|  5/31/24 | 9.20 | 0.25 | 1.09 | 1.34 | (0.29) |  | (0.29) | 10.25 |
|  5/31/23 | 9.97 | 0.26 | (0.29) | (0.03) | (0.23) | (0.51) | (0.74) | 9.20 |
|  5/31/22 | 12.01 | 0.21 | (1.03) | (0.82) | (0.39) | (0.83) | (1.22) | 9.97 |
|  5/31/21 | 10.01 | 0.18 | 2.60 | 2.78 | (0.31) | (0.47) | (0.78) | 12.01 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 10.19 | 0.30 | 0.51 | 0.81 | (0.30) | (0.19) | (0.49) | 10.51 |
|  5/31/24 | 9.14 | 0.25 | 1.08 | 1.33 | (0.28) |  | (0.28) | 10.19 |
|  5/31/23 | 9.91 | 0.26 | (0.30) | (0.04) | (0.22) | (0.51) | (0.73) | 9.14 |
|  5/31/22 | 11.95 | 0.19 | (1.02) | (0.83) | (0.38) | (0.83) | (1.21) | 9.91 |
|  5/31/21 | 9.96 | 0.17 | 2.59 | 2.76 | (0.30) | (0.47) | (0.77) | 11.95 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 10.26 | 0.32 | 0.51 | 0.83 | (0.32) | (0.19) | (0.51) | 10.58 |
|  5/31/24 | 9.20 | 0.26 | 1.10 | 1.36 | (0.30) |  | (0.30) | 10.26 |
|  5/31/23 | 9.97 | 0.28 | (0.30) | (0.02) | (0.24) | (0.51) | (0.75) | 9.20 |
|  5/31/22 | 12.01 | 0.21 | (1.02) | (0.81) | (0.40) | (0.83) | (1.23) | 9.97 |
|  5/31/21 | 10.01 | 0.19 | 2.60 | 2.79 | (0.32) | (0.47) | (0.79) | 12.01 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.88 | 0.44 | 0.73 | 1.17 | (0.28) | (0.19) | (0.47) | 15.58 |
|  5/31/24 | 13.22 | 0.34 | 1.58 | 1.92 | (0.26) |  | (0.26) | 14.88 |
|  5/31/23 | 13.98 | 0.36 | (0.41) | (0.05) | (0.20) | (0.51) | (0.71) | 13.22 |
|  5/31/22 | 16.36 | 0.25 | (1.44) | (1.19) | (0.36) | (0.83) | (1.19) | 13.98 |
|  5/31/21 | 13.39 | 0.22 | 3.51 | 3.73 | (0.29) | (0.47) | (0.76) | 16.36 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

44 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup>  | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 8.16% | $840 | 0.45% | 0.30% | 3.02% | 13% |
| 14.76 | 853 | 0.51 | 0.37 | 2.57 | 14 |
| 0.09 | 597 | 0.50 | 0.34 | 2.77 | 22 |
| (7.71) | 497 | 0.46 | 0.31 | 1.88 | 26 |
| 28.41 | 520 | 0.50 | 0.37 | 1.65 | 41 |
| 8.04 | 184117 | 0.58 | 0.43 | 2.90 | 13 |
| 14.75 | 199927 | 0.58 | 0.44 | 2.56 | 14 |
| (0.01) | 246776 | 0.57 | 0.42 | 2.84 | 22 |
| (7.87) | 265245 | 0.56 | 0.41 | 1.66 | 26 |
| 28.35 | 369690 | 0.58 | 0.45 | 1.52 | 41 |
| 8.16 | 3434340 | 0.43 | 0.28 | 3.06 | 13 |
| 14.95 | 3630602 | 0.43 | 0.29 | 2.70 | 14 |
| 0.15 | 3405403 | 0.42 | 0.27 | 2.97 | 22 |
| (7.66) | 3872654 | 0.41 | 0.26 | 1.86 | 26 |
| 28.49 | 4216718 | 0.43 | 0.30 | 1.69 | 41 |
| 7.89 | 745870 | 0.68 | 0.53 | 2.85 | 13 |
| 14.66 | 921422 | 0.68 | 0.54 | 2.45 | 14 |
| (0.10) | 899081 | 0.67 | 0.52 | 2.74 | 22 |
| (7.94) | 1008369 | 0.66 | 0.51 | 1.60 | 26 |
| 28.25 | 1254456 | 0.68 | 0.55 | 1.46 | 41 |

---

See Notes to Financial Statements 45

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2035 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $10.63 | $0.30 | $0.59 | $0.89 | $(0.29) | $(0.19) | $(0.48) | $11.04 |
|  5/31/24 | 9.33 | 0.23 | 1.34 | 1.57 | (0.27) |  | (0.27) | 10.63 |
|  5/31/23 | 10.12 | 0.24 | (0.23) | 0.01 | (0.21) | (0.59) | (0.80) | 9.33 |
|  5/31/22 | 12.35 | 0.19 | (1.07) | (0.88) | (0.41) | (0.94) | (1.35) | 10.12 |
|  5/31/21 | 10.06 | 0.18 | 2.96 | 3.14 | (0.31) | (0.54) | (0.85) | 12.35 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 10.61 | 0.29 | 0.59 | 0.88 | (0.28) | (0.19) | (0.47) | 11.02 |
|  5/31/24 | 9.31 | 0.23 | 1.33 | 1.56 | (0.26) |  | (0.26) | 10.61 |
|  5/31/23 | 10.10 | 0.24 | (0.24) |  | (0.20) | (0.59) | (0.79) | 9.31 |
|  5/31/22 | 12.33 | 0.18 | (1.07) | (0.89) | (0.40) | (0.94) | (1.34) | 10.10 |
|  5/31/21 | 10.04 | 0.17 | 2.96 | 3.13 | (0.30) | (0.54) | (0.84) | 12.33 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 10.65 | 0.31 | 0.59 | 0.90 | (0.30) | (0.19) | (0.49) | 11.06 |
|  5/31/24 | 9.35 | 0.24 | 1.34 | 1.58 | (0.28) |  | (0.28) | 10.65 |
|  5/31/23 | 10.13 | 0.25 | (0.22) | 0.03 | (0.22) | (0.59) | (0.81) | 9.35 |
|  5/31/22 | 12.37 | 0.20 | (1.08) | (0.88) | (0.42) | (0.94) | (1.36) | 10.13 |
|  5/31/21 | 10.07 | 0.19 | 2.97 | 3.16 | (0.32) | (0.54) | (0.86) | 12.37 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 15.95 | 0.43 | 0.88 | 1.31 | (0.26) | (0.19) | (0.45) | 16.81 |
|  5/31/24 | 13.88 | 0.33 | 1.98 | 2.31 | (0.24) |  | (0.24) | 15.95 |
|  5/31/23 | 14.63 | 0.34 | (0.32) | 0.02 | (0.18) | (0.59) | (0.77) | 13.88 |
|  5/31/22 | 17.27 | 0.24 | (1.56) | (1.32) | (0.38) | (0.94) | (1.32) | 14.63 |
|  5/31/21 | 13.78 | 0.22 | 4.09 | 4.31 | (0.28) | (0.54) | (0.82) | 17.27 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

46 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup>  | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 8.41% | $878 | 0.46% | 0.30% | 2.76% | 14% |
| 17.03 | 918 | 0.54 | 0.38 | 2.35 | 14 |
| 0.46 | 597 | 0.52 | 0.36 | 2.58 | 25 |
| (8.20) | 447 | 0.49 | 0.34 | 1.64 | 27 |
| 32.02 | 472 | 0.52 | 0.39 | 1.56 | 44 |
| 8.36 | 198432 | 0.58 | 0.42 | 2.64 | 14 |
| 16.98 | 215181 | 0.59 | 0.43 | 2.29 | 14 |
| 0.39 | 264692 | 0.58 | 0.41 | 2.55 | 25 |
| (8.29) | 277894 | 0.56 | 0.40 | 1.52 | 27 |
| 31.99 | 396128 | 0.59 | 0.45 | 1.46 | 44 |
| 8.51 | 3879694 | 0.43 | 0.27 | 2.80 | 14 |
| 17.10 | 3987848 | 0.44 | 0.28 | 2.46 | 14 |
| 0.66 | 3634034 | 0.43 | 0.26 | 2.68 | 25 |
| (8.19) | 4103430 | 0.41 | 0.25 | 1.72 | 27 |
| 32.19 | 4468950 | 0.44 | 0.30 | 1.63 | 44 |
| 8.21 | 756169 | 0.68 | 0.52 | 2.59 | 14 |
| 16.78 | 910652 | 0.69 | 0.53 | 2.19 | 14 |
| 0.38 | 853592 | 0.68 | 0.51 | 2.46 | 25 |
| (8.42) | 923818 | 0.66 | 0.50 | 1.46 | 27 |
| 31.86 | 1157175 | 0.69 | 0.55 | 1.40 | 44 |

---

See Notes to Financial Statements 47

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2040 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $10.89 | $0.29 | $0.68 | $0.97 | $(0.26) | $(0.21) | $(0.47) | $11.39 |
|  5/31/24 | 9.34 | 0.21 | 1.59 | 1.80 | (0.25) |  | (0.25) | 10.89 |
|  5/31/23 | 10.11 | 0.21 | (0.15) | 0.06 | (0.18) | (0.65) | (0.83) | 9.34 |
|  5/31/22 | 12.51 | 0.18 | (1.10) | (0.92) | (0.43) | (1.05) | (1.48) | 10.11 |
|  5/31/21 | 9.98 | 0.17 | 3.30 | 3.47 | (0.32) | (0.62) | (0.94) | 12.51 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 10.86 | 0.25 | 0.70 | 0.95 | (0.25) | (0.21) | (0.46) | 11.35 |
|  5/31/24 | 9.32 | 0.20 | 1.58 | 1.78 | (0.24) |  | (0.24) | 10.86 |
|  5/31/23 | 10.09 | 0.21 | (0.16) | 0.05 | (0.17) | (0.65) | (0.82) | 9.32 |
|  5/31/22 | 12.48 | 0.17 | (1.09) | (0.92) | (0.42) | (1.05) | (1.47) | 10.09 |
|  5/31/21 | 9.95 | 0.15 | 3.31 | 3.46 | (0.31) | (0.62) | (0.93) | 12.48 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 10.90 | 0.27 | 0.71 | 0.98 | (0.27) | (0.21) | (0.48) | 11.40 |
|  5/31/24 | 9.35 | 0.22 | 1.59 | 1.81 | (0.26) |  | (0.26) | 10.90 |
|  5/31/23 | 10.12 | 0.23 | (0.17) | 0.06 | (0.18) | (0.65) | (0.83) | 9.35 |
|  5/31/22 | 12.52 | 0.19 | (1.10) | (0.91) | (0.44) | (1.05) | (1.49) | 10.12 |
|  5/31/21 | 9.99 | 0.18 | 3.30 | 3.48 | (0.33) | (0.62) | (0.95) | 12.52 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 17.01 | 0.39 | 1.10 | 1.49 | (0.23) | (0.21) | (0.44) | 18.06 |
|  5/31/24 | 14.46 | 0.30 | 2.47 | 2.77 | (0.22) |  | (0.22) | 17.01 |
|  5/31/23 | 15.18 | 0.32 | (0.25) | 0.07 | (0.14) | (0.65) | (0.79) | 14.46 |
|  5/31/22 | 18.04 | 0.24 | (1.66) | (1.42) | (0.39) | (1.05) | (1.44) | 15.18 |
|  5/31/21 | 14.05 | 0.21 | 4.69 | 4.90 | (0.29) | (0.62) | (0.91) | 18.04 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

48 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup>  | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 8.93% | $320 | 0.47% | 0.29% | 2.57% | 14% |
| 19.49 | 591 | 0.54 | 0.36 | 2.07 | 13 |
| 1.04 | 367 | 0.52 | 0.33 | 2.27 | 26 |
| (8.55) | 239 | 0.48 | 0.31 | 1.53 | 29 |
| 35.84 | 305 | 0.51 | 0.37 | 1.48 | 46 |
| 8.80 | 226681 | 0.59 | 0.41 | 2.27 | 14 |
| 19.32 | 249804 | 0.59 | 0.42 | 2.00 | 13 |
| 0.94 | 305164 | 0.58 | 0.40 | 2.28 | 26 |
| (8.57) | 314758 | 0.56 | 0.39 | 1.44 | 29 |
| 35.81 | 441951 | 0.59 | 0.45 | 1.36 | 46 |
| 9.03 | 4806853 | 0.44 | 0.26 | 2.45 | 14 |
| 19.56 | 4859805 | 0.44 | 0.27 | 2.17 | 13 |
| 1.11 | 4401861 | 0.43 | 0.25 | 2.42 | 26 |
| (8.47) | 4851096 | 0.41 | 0.24 | 1.61 | 29 |
| 35.87 | 5311332 | 0.44 | 0.29 | 1.54 | 46 |
| 8.74 | 892315 | 0.69 | 0.51 | 2.23 | 14 |
| 19.27 | 1057099 | 0.69 | 0.52 | 1.90 | 13 |
| 0.79 | 991507 | 0.68 | 0.50 | 2.20 | 26 |
| (8.67) | 1085996 | 0.66 | 0.49 | 1.36 | 29 |
| 35.59 | 1391417 | 0.69 | 0.55 | 1.31 | 46 |

---

See Notes to Financial Statements 49

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2045 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $13.86 | $0.33 | $0.95 | $1.28 | $(0.28) | $(0.26) | $(0.54) | $14.60 |
|  5/31/24 | 11.69 | 0.24 | 2.19 | 2.43 | (0.26) |  | (0.26) | 13.86 |
|  5/31/23 | 12.61 | 0.19 | (0.12) | 0.07 | (0.19) | (0.80) | (0.99) | 11.69 |
|  5/31/22 | 15.57 | 0.23 | (1.40) | (1.17) | (0.52) | (1.27) | (1.79) | 12.61 |
|  5/31/21 | 11.99 | 0.22 | 4.41 | 4.63 | (0.35) | (0.70) | (1.05) | 15.57 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 13.79 | 0.29 | 0.96 | 1.25 | (0.27) | (0.26) | (0.53) | 14.51 |
|  5/31/24 | 11.62 | 0.23 | 2.19 | 2.42 | (0.25) |  | (0.25) | 13.79 |
|  5/31/23 | 12.54 | 0.24 | (0.18) | 0.06 | (0.18) | (0.80) | (0.98) | 11.62 |
|  5/31/22 | 15.49 | 0.20 | (1.38) | (1.18) | (0.50) | (1.27) | (1.77) | 12.54 |
|  5/31/21 | 11.93 | 0.18 | 4.42 | 4.60 | (0.34) | (0.70) | (1.04) | 15.49 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 13.87 | 0.31 | 0.98 | 1.29 | (0.30) | (0.26) | (0.56) | 14.60 |
|  5/31/24 | 11.69 | 0.25 | 2.20 | 2.45 | (0.27) |  | (0.27) | 13.87 |
|  5/31/23 | 12.61 | 0.26 | (0.18) | 0.08 | (0.20) | (0.80) | (1.00) | 11.69 |
|  5/31/22 | 15.57 | 0.22 | (1.38) | (1.16) | (0.53) | (1.27) | (1.80) | 12.61 |
|  5/31/21 | 11.98 | 0.20 | 4.45 | 4.65 | (0.36) | (0.70) | (1.06) | 15.57 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 13.72 | 0.28 | 0.96 | 1.24 | (0.26) | (0.26) | (0.52) | 14.44 |
|  5/31/24 | 11.57 | 0.21 | 2.18 | 2.39 | (0.24) |  | (0.24) | 13.72 |
|  5/31/23 | 12.48 | 0.23 | (0.18) | 0.05 | (0.16) | (0.80) | (0.96) | 11.57 |
|  5/31/22 | 15.43 | 0.18 | (1.37) | (1.19) | (0.49) | (1.27) | (1.76) | 12.48 |
|  5/31/21 | 11.89 | 0.17 | 4.39 | 4.56 | (0.32) | (0.70) | (1.02) | 15.43 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

50 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup>  | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 9.28% | $644 | 0.46% | 0.27% | 2.28% | 15% |
| 21.04 | 838 | 0.54 | 0.36 | 1.86 | 14 |
| 1.03 | 565 | 0.52 | 0.33 | 1.67 | 27 |
| (8.67) | 168 | 0.45 | 0.27 | 1.55 | 29 |
| 39.64 | 153 | 0.50 | 0.35 | 1.57 | 46 |
| 9.13 | 173496 | 0.59 | 0.40 | 2.02 | 15 |
| 21.06 | 186993 | 0.60 | 0.42 | 1.78 | 14 |
| 0.92 | 225586 | 0.58 | 0.40 | 2.06 | 27 |
| (8.77) | 224448 | 0.56 | 0.38 | 1.34 | 29 |
| 39.52 | 309234 | 0.59 | 0.45 | 1.26 | 46 |
| 9.32 | 3648655 | 0.44 | 0.25 | 2.19 | 15 |
| 21.22 | 3613760 | 0.45 | 0.27 | 1.96 | 14 |
| 1.08 | 3141514 | 0.43 | 0.25 | 2.19 | 27 |
| (8.63) | 3351968 | 0.41 | 0.23 | 1.52 | 29 |
| 39.80 | 3557269 | 0.44 | 0.30 | 1.44 | 46 |
| 9.06 | 539799 | 0.69 | 0.50 | 1.99 | 15 |
| 20.88 | 645652 | 0.70 | 0.52 | 1.69 | 14 |
| 0.90 | 581879 | 0.68 | 0.50 | 1.97 | 27 |
| (8.89) | 613731 | 0.66 | 0.48 | 1.26 | 29 |
| 39.38 | 779894 | 0.69 | 0.55 | 1.21 | 46 |

---

See Notes to Financial Statements 51

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2050 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $14.32 | $0.28 | $1.07 | $1.35 | $(0.28) | $(0.26) | $(0.54) | $15.13 |
|  5/31/24 | 11.98 | 0.24 | 2.36 | 2.60 | (0.26) |  | (0.26) | 14.32 |
|  5/31/23 | 12.89 | 0.23 | (0.16) | 0.07 | (0.18) | (0.80) | (0.98) | 11.98 |
|  5/31/22 | 15.82 | 0.13 | (1.34) | (1.21) | (0.53) | (1.19) | (1.72) | 12.89 |
|  5/31/21 | 12.04 | 0.14 | 4.63 | 4.77 | (0.36) | (0.63) | (0.99) | 15.82 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.25 | 0.28 | 1.04 | 1.32 | (0.27) | (0.26) | (0.53) | 15.04 |
|  5/31/24 | 11.91 | 0.22 | 2.36 | 2.58 | (0.24) |  | (0.24) | 14.25 |
|  5/31/23 | 12.83 | 0.23 | (0.18) | 0.05 | (0.17) | (0.80) | (0.97) | 11.91 |
|  5/31/22 | 15.76 | 0.20 | (1.42) | (1.22) | (0.52) | (1.19) | (1.71) | 12.83 |
|  5/31/21 | 12.00 | 0.18 | 4.55 | 4.73 | (0.34) | (0.63) | (0.97) | 15.76 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.31 | 0.31 | 1.05 | 1.36 | (0.29) | (0.26) | (0.55) | 15.12 |
|  5/31/24 | 11.97 | 0.24 | 2.37 | 2.61 | (0.27) |  | (0.27) | 14.31 |
|  5/31/23 | 12.89 | 0.25 | (0.18) | 0.07 | (0.19) | (0.80) | (0.99) | 11.97 |
|  5/31/22 | 15.83 | 0.22 | (1.42) | (1.20) | (0.55) | (1.19) | (1.74) | 12.89 |
|  5/31/21 | 12.05 | 0.20 | 4.57 | 4.77 | (0.36) | (0.63) | (0.99) | 15.83 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.16 | 0.27 | 1.02 | 1.29 | (0.25) | (0.26) | (0.51) | 14.94 |
|  5/31/24 | 11.84 | 0.21 | 2.34 | 2.55 | (0.23) |  | (0.23) | 14.16 |
|  5/31/23 | 12.76 | 0.22 | (0.18) | 0.04 | (0.16) | (0.80) | (0.96) | 11.84 |
|  5/31/22 | 15.68 | 0.18 | (1.40) | (1.22) | (0.51) | (1.19) | (1.70) | 12.76 |
|  5/31/21 | 11.94 | 0.17 | 4.53 | 4.70 | (0.33) | (0.63) | (0.96) | 15.68 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

52 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup>  | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 9.44% | $530 | 0.47% | 0.27% | 1.92% | 16% |
| 21.89 | 458 | 0.52 | 0.33 | 1.82 | 15 |
| 1.00 | 331 | 0.50 | 0.31 | 1.90 | 26 |
| (8.75) | 580 | 0.49 | 0.30 | 0.93 | 27 |
| 40.56 | 395 | 0.49 | 0.33 | 0.96 | 43 |
| 9.27 | 126595 | 0.60 | 0.40 | 1.88 | 16 |
| 21.90 | 137821 | 0.60 | 0.41 | 1.69 | 15 |
| 0.89 | 163684 | 0.59 | 0.39 | 1.97 | 26 |
| (8.86) | 159978 | 0.56 | 0.37 | 1.34 | 27 |
| 40.35 | 205713 | 0.60 | 0.44 | 1.25 | 43 |
| 9.54 | 2970304 | 0.45 | 0.25 | 2.07 | 16 |
| 21.99 | 2901702 | 0.45 | 0.26 | 1.87 | 15 |
| 1.06 | 2485183 | 0.44 | 0.24 | 2.09 | 26 |
| (8.73) | 2529399 | 0.41 | 0.22 | 1.49 | 27 |
| 40.55 | 2626383 | 0.45 | 0.29 | 1.43 | 43 |
| 9.15 | 405136 | 0.70 | 0.50 | 1.85 | 16 |
| 21.76 | 465853 | 0.70 | 0.51 | 1.60 | 15 |
| 0.79 | 416557 | 0.69 | 0.49 | 1.88 | 26 |
| (8.93) | 439910 | 0.66 | 0.47 | 1.22 | 27 |
| 40.27 | 549874 | 0.70 | 0.54 | 1.19 | 43 |

---

See Notes to Financial Statements 53

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2055 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $16.99 | $0.35 | $1.27 | $1.62 | $(0.32) | $(0.34) | $(0.66) | $17.95 |
|  5/31/24 | 14.17 | 0.27 | 2.83 | 3.10 | (0.28) |  | (0.28) | 16.99 |
|  5/31/23 | 15.17 | 0.25 | (0.16) | 0.09 | (0.22) | (0.87) | (1.09) | 14.17 |
|  5/31/22 | 18.37 | 0.26 | (1.69) | (1.43) | (0.62) | (1.15) | (1.77) | 15.17 |
|  5/31/21 | 13.77 | 0.23 | 5.30 | 5.53 | (0.40) | (0.53) | (0.93) | 18.37 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 16.92 | 0.32 | 1.27 | 1.59 | (0.31) | (0.34) | (0.65) | 17.86 |
|  5/31/24 | 14.11 | 0.26 | 2.82 | 3.08 | (0.27) |  | (0.27) | 16.92 |
|  5/31/23 | 15.11 | 0.27 | (0.20) | 0.07 | (0.20) | (0.87) | (1.07) | 14.11 |
|  5/31/22 | 18.30 | 0.23 | (1.67) | (1.44) | (0.60) | (1.15) | (1.75) | 15.11 |
|  5/31/21 | 13.72 | 0.20 | 5.29 | 5.49 | (0.38) | (0.53) | (0.91) | 18.30 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 17.00 | 0.36 | 1.26 | 1.62 | (0.34) | (0.34) | (0.68) | 17.94 |
|  5/31/24 | 14.17 | 0.29 | 2.83 | 3.12 | (0.29) |  | (0.29) | 17.00 |
|  5/31/23 | 15.18 | 0.29 | (0.21) | 0.08 | (0.22) | (0.87) | (1.09) | 14.17 |
|  5/31/22 | 18.38 | 0.26 | (1.68) | (1.42) | (0.63) | (1.15) | (1.78) | 15.18 |
|  5/31/21 | 13.77 | 0.23 | 5.32 | 5.55 | (0.41) | (0.53) | (0.94) | 18.38 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 16.91 | 0.31 | 1.25 | 1.56 | (0.29) | (0.34) | (0.63) | 17.84 |
|  5/31/24 | 14.09 | 0.24 | 2.84 | 3.08 | (0.26) |  | (0.26) | 16.91 |
|  5/31/23 | 15.10 | 0.26 | (0.21) | 0.05 | (0.19) | (0.87) | (1.06) | 14.09 |
|  5/31/22 | 18.29 | 0.21 | (1.67) | (1.46) | (0.58) | (1.15) | (1.73) | 15.10 |
|  5/31/21 | 13.71 | 0.19 | 5.29 | 5.48 | (0.37) | (0.53) | (0.90) | 18.29 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

54 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 9.54% | $418 | 0.48% | 0.28% | 2.00% | 19% |
| 22.11 | 542 | 0.54 | 0.34 | 1.74 | 16 |
| 1.11 | 334 | 0.51 | 0.31 | 1.79 | 25 |
| (8.78) | 155 | 0.45 | 0.26 | 1.49 | 26 |
| 41.04 | 162 | 0.50 | 0.33 | 1.40 | 41 |
| 9.41 | 71942 | 0.60 | 0.40 | 1.83 | 19 |
| 22.02 | 71798 | 0.61 | 0.41 | 1.69 | 16 |
| 0.99 | 81671 | 0.59 | 0.39 | 1.93 | 25 |
| (8.86) | 76685 | 0.57 | 0.37 | 1.33 | 26 |
| 40.88 | 93442 | 0.60 | 0.44 | 1.24 | 41 |
| 9.53 | 1581178 | 0.45 | 0.25 | 2.03 | 19 |
| 22.26 | 1472020 | 0.46 | 0.26 | 1.84 | 16 |
| 1.08 | 1189521 | 0.44 | 0.24 | 2.05 | 25 |
| (8.73) | 1127411 | 0.42 | 0.22 | 1.47 | 26 |
| 41.14 | 1092033 | 0.47 | 0.29 | 1.41 | 41 |
| 9.25 | 201187 | 0.70 | 0.50 | 1.80 | 19 |
| 22.02 | 221889 | 0.71 | 0.51 | 1.56 | 16 |
| 0.82 | 194120 | 0.69 | 0.49 | 1.85 | 25 |
| (8.97) | 195461 | 0.67 | 0.47 | 1.21 | 26 |
| 40.80 | 237666 | 0.71 | 0.54 | 1.18 | 41 |

---

See Notes to Financial Statements 55

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2060 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $14.71 | $0.31 | $1.09 | $1.40 | $(0.26) | $(0.23) | $(0.49) | $15.62 |
|  5/31/24 | 12.21 | 0.23 | 2.49 | 2.72 | (0.22) | (0.00)<sup>(e)</sup> | (0.22) | 14.71 |
|  5/31/23 | 12.95 | 0.22 | (0.15) | 0.07 | (0.18) | (0.63) | (0.81) | 12.21 |
|  5/31/22 | 15.35 | 0.22 | (1.44) | (1.22) | (0.52) | (0.66) | (1.18) | 12.95 |
|  5/31/21 | 11.35 | 0.17 | 4.46 | 4.63 | (0.32) | (0.31) | (0.63) | 15.35 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.68 | 0.27 | 1.10 | 1.37 | (0.25) | (0.23) | (0.48) | 15.57 |
|  5/31/24 | 12.19 | 0.23 | 2.47 | 2.70 | (0.21) | (0.00)<sup>(e)</sup> | (0.21) | 14.68 |
|  5/31/23 | 12.92 | 0.23 | (0.16) | 0.07 | (0.17) | (0.63) | (0.80) | 12.19 |
|  5/31/22 | 15.33 | 0.20 | (1.44) | (1.24) | (0.51) | (0.66) | (1.17) | 12.92 |
|  5/31/21 | 11.33 | 0.17 | 4.44 | 4.61 | (0.30) | (0.31) | (0.61) | 15.33 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.73 | 0.30 | 1.11 | 1.41 | (0.28) | (0.23) | (0.51) | 15.63 |
|  5/31/24 | 12.23 | 0.24 | 2.49 | 2.73 | (0.23) | (0.00)<sup>(e)</sup> | (0.23) | 14.73 |
|  5/31/23 | 12.96 | 0.24 | (0.15) | 0.09 | (0.19) | (0.63) | (0.82) | 12.23 |
|  5/31/22 | 15.36 | 0.22 | (1.43) | (1.21) | (0.53) | (0.66) | (1.19) | 12.96 |
|  5/31/21 | 11.35 | 0.19 | 4.45 | 4.64 | (0.32) | (0.31) | (0.63) | 15.36 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.65 | 0.26 | 1.10 | 1.36 | (0.24) | (0.23) | (0.47) | 15.54 |
|  5/31/24 | 12.17 | 0.20 | 2.48 | 2.68 | (0.20) | (0.00)<sup>(e)</sup> | (0.20) | 14.65 |
|  5/31/23 | 12.90 | 0.21 | (0.15) | 0.06 | (0.16) | (0.63) | (0.79) | 12.17 |
|  5/31/22 | 15.30 | 0.18 | (1.43) | (1.25) | (0.49) | (0.66) | (1.15) | 12.90 |
|  5/31/21 | 11.31 | 0.16 | 4.43 | 4.59 | (0.29) | (0.31) | (0.60) | 15.30 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

<sup>(e)</sup> Value rounded to zero.

56 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 9.54% | $353 | 0.52% | 0.30% | 2.00% | 17% |
| 22.46 | 530 | 0.56 | 0.35 | 1.75 | 15 |
| 1.02 | 397 | 0.55 | 0.31 | 1.85 | 24 |
| (8.77) | 208 | 0.51 | 0.28 | 1.48 | 26 |
| 41.50 | 241 | 0.54 | 0.34 | 1.25 | 40 |
| 9.40 | 29013 | 0.62 | 0.40 | 1.79 | 17 |
| 22.33 | 26358 | 0.63 | 0.41 | 1.70 | 15 |
| 1.01 | 23600 | 0.62 | 0.39 | 1.90 | 24 |
| (8.92) | 19013 | 0.60 | 0.37 | 1.39 | 26 |
| 41.44 | 18792 | 0.64 | 0.44 | 1.25 | 40 |
| 9.59 | 730799 | 0.47 | 0.25 | 1.99 | 17 |
| 22.51 | 620377 | 0.48 | 0.26 | 1.80 | 15 |
| 1.16 | 436209 | 0.47 | 0.24 | 2.00 | 24 |
| (8.71) | 364640 | 0.45 | 0.22 | 1.48 | 26 |
| 41.61 | 313864 | 0.49 | 0.29 | 1.39 | 40 |
| 9.31 | 90958 | 0.72 | 0.50 | 1.73 | 17 |
| 22.17 | 87446 | 0.73 | 0.51 | 1.51 | 15 |
| 0.90 | 67883 | 0.72 | 0.49 | 1.78 | 24 |
| (8.97) | 60036 | 0.70 | 0.47 | 1.22 | 26 |
| 41.31 | 63880 | 0.74 | 0.54 | 1.16 | 40 |

---

See Notes to Financial Statements 57

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle 2065 |  |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $12.49 | $0.20 | $1.00 | $1.20 | $(0.31) | $(0.18) | $(0.49) | $13.20 |
|  5/31/24 | 10.34 | 0.20 | 2.14 | 2.34 | (0.18) | (0.01) | (0.19) | 12.49 |
|  5/31/23 | 10.55 | 0.20 | (0.11) | 0.09 | (0.15) | (0.15) | (0.30) | 10.34 |
|  5/31/22 | 12.44 | 0.19 | (1.21) | (1.02) | (0.55) | (0.32) | (0.87) | 10.55 |
|  5/31/21<sup>(e)</sup> | 10.00 | 0.13 | 2.60 | 2.73 | (0.26) | (0.03) | (0.29) | 12.44 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 12.55 | 0.22 | 0.95 | 1.17 | (0.19) | (0.18) | (0.37) | 13.35 |
|  5/31/24 | 10.39 | 0.19 | 2.15 | 2.34 | (0.17) | (0.01) | (0.18) | 12.55 |
|  5/31/23 | 10.59 | 0.18 | (0.10) | 0.08 | (0.13) | (0.15) | (0.28) | 10.39 |
|  5/31/22 | 12.43 | 0.13 | (1.13) | (1.00) | (0.52) | (0.32) | (0.84) | 10.59 |
|  5/31/21<sup>(e)</sup> | 10.00 | 0.12 | 2.60 | 2.72 | (0.26) | (0.03) | (0.29) | 12.43 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 12.74 | 0.25 | 0.96 | 1.21 | (0.21) | (0.18) | (0.39) | 13.56 |
|  5/31/24 | 10.53 | 0.20 | 2.20 | 2.40 | (0.18) | (0.01) | (0.19) | 12.74 |
|  5/31/23 | 10.74 | 0.19 | (0.09) | 0.10 | (0.16) | (0.15) | (0.31) | 10.53 |
|  5/31/22 | 12.45 | 0.17 | (1.15) | (0.98) | (0.41) | (0.32) | (0.73) | 10.74 |
|  5/31/21<sup>(e)</sup> | 10.00 | 0.14 | 2.60 | 2.74 | (0.26) | (0.03) | (0.29) | 12.45 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 12.72 | 0.23 | 0.95 | 1.18 | (0.18) | (0.18) | (0.36) | 13.54 |
|  5/31/24 | 10.53 | 0.18 | 2.18 | 2.36 | (0.16) | (0.01) | (0.17) | 12.72 |
|  5/31/23 | 10.73 | 0.17 | (0.09) | 0.08 | (0.13) | (0.15) | (0.28) | 10.53 |
|  5/31/22 | 12.42 | 0.10 | (1.07) | (0.97) | (0.40) | (0.32) | (0.72) | 10.73 |
|  5/31/21<sup>(e)</sup> | 10.00 | 0.12 | 2.58 | 2.70 | (0.25) | (0.03) | (0.28) | 12.42 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

<sup>(e)</sup> The Fund commenced operations on September 30, 2020.

<sup>(f)</sup> Annualized.

58 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return<sup>(c)</sup>  | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 9.63% | $146 | 0.64% | 0.26% | 1.57% | 29% |
| 22.77 | 687 | 0.76 | 0.26 | 1.79 | 34 |
| 1.05 | 541 | 0.96 | 0.24 | 2.04 | 55 |
| (8.96) | 527 | 1.81 | 0.23 | 1.55 | 109 |
| 27.62 | 622 | 5.07 <sup>(f)</sup> | 0.41 <sup>(f)</sup> | 1.70<sup>(f)</sup> | 49 |
| 9.41 | 6145 | 0.78 | 0.39 | 1.70 | 29 |
| 22.58 | 4320 | 0.90 | 0.40 | 1.68 | 34 |
| 0.94 | 2922 | 1.10 | 0.38 | 1.84 | 55 |
| (8.78) | 1784 | 1.96 | 0.36 | 1.11 | 109 |
| 27.51 | 726 | 5.20 <sup>(f)</sup> | 0.41 <sup>(f)</sup> | 1.60<sup>(f)</sup> | 49 |
| 9.56 | 114266 | 0.63 | 0.24 | 1.89 | 29 |
| 22.85 | 71437 | 0.75 | 0.25 | 1.75 | 34 |
| 1.07 | 31199 | 0.95 | 0.23 | 1.85 | 55 |
| (8.52) | 17581 | 1.80 | 0.21 | 1.44 | 109 |
| 27.76 | 4818 | 4.73 <sup>(f)</sup> | 0.26 <sup>(f)</sup> | 1.81<sup>(f)</sup> | 49 |
| 9.35 | 19341 | 0.88 | 0.49 | 1.71 | 29 |
| 22.46 | 14493 | 1.00 | 0.50 | 1.51 | 34 |
| 0.88 | 7460 | 1.20 | 0.48 | 1.71 | 55 |
| (8.46) | 3862 | 2.06 | 0.46 | 0.91 | 109 |
| 27.38 | 802 | 5.33 <sup>(f)</sup> | 0.51 <sup>(f)</sup> | 1.54<sup>(f)</sup> | 49 |

---

See Notes to Financial Statements 59

------

## Notes to Financial Statements

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1. General Information

Trust and Fund Information: TIAA-CREF Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, ("1940 Act"), as amended. The Trust is comprised of the following (collectively the "Funds" or individually, the "Fund"), among others:

---

| | |
|:---|:---|
| Fund Name | Short Name |
| Nuveen Lifecycle Retirement Income Fund | Lifecycle Retirement Income |
| Nuveen Lifecycle 2010 Fund | Lifecycle 2010 |
| Nuveen Lifecycle 2015 Fund | Lifecycle 2015 |
| Nuveen Lifecycle 2020 Fund | Lifecycle 2020 |
| Nuveen Lifecycle 2025 Fund | Lifecycle 2025 |
| Nuveen Lifecycle 2030 Fund | Lifecycle 2030 |
| Nuveen Lifecycle 2035 Fund | Lifecycle 2035 |
| Nuveen Lifecycle 2040 Fund | Lifecycle 2040 |
| Nuveen Lifecycle 2045 Fund | Lifecycle 2045 |
| Nuveen Lifecycle 2050 Fund | Lifecycle 2050 |
| Nuveen Lifecycle 2055 Fund | Lifecycle 2055 |
| Nuveen Lifecycle 2060 Fund | Lifecycle 2060 |
| Nuveen Lifecycle 2065 Fund | Lifecycle 2065 |

---

Current Fiscal Period: The end of the reporting period for the Funds is May 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2025 (the "current fiscal period").

Investment Adviser: Teachers Advisors, LLC (the "Adviser"), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), is registered with the Securities and Exchange Commission ("SEC") as an investment adviser and provides investment management services for the Funds.

Share Classes and Sales Charges: Each Fund is a "fund of funds" that diversifies its assets by investing in Class W or Class R6 shares of other Nuveen mutual funds and potentially other investment pools or investment products. The Funds offer Class A (Lifecycle Retirement Income only), Class I, Premier Class, Class R6 and Retirement Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. The Funds offer their shares through their principal underwriter, Nuveen Securities, LLC ("Nuveen Securities"), which is a wholly owned indirect subsidiary of TIAA.

Class A Shares are generally sold with an up-front sales charge. Class A Shares purchases of $1 million or more are sold with respect to the Retirement Income Fund at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1% if redeemed within eighteen months of purchase. Class I, Premier Class, Class R6 and Retirement Class shares are sold without an up-front sales charge.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, *Financial Services—Investment Companies*. The NAV for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: The Funds pay the members of the Board of Trustees ("Board") all of whom are independent, certain remuneration for their services, plus travel and other expenses. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statement of Assets and Liabilities. Trustees' fees, including any deferred compensation incurred, are reflected in the Statement of Operations.

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

60.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Indemnification: Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Multiclass Operations and Allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a Fund. Expenses that cannot be directly attributed are allocated to each Fund in the Trust based upon the average net assets of each Fund.

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

Segment Reporting: In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker ("CODM"). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

------

## Notes to Financial Statements (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to the oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

• Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

• Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Investments in unregistered limited partnerships are measured at fair value as of the valuation date using the NAV per share practical expedient and are not classified within the fair value hierarchy.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Fund | Level 1 | Level 2 | Level 3 | Fair value<br>using practical<br> expedient<sup>a</sup> | Total |
|  Lifecycle Retirement Income |  |  |  |  |  |
|  Affiliated investment companies | $375491034 | $— | $— | 17656650 | $393147684 |
|  Short-term investments |  | 170000 |  |  | 170000 |
|  Total | $375491034 | $170000 | $— | $17656650 | $393317684 |
|  Lifecycle 2010 |  |  |  |  |  |
|  Affiliated investment companies | $672687610 | $— | $— | 15979751 | $688667361 |
|  Short-term investments |  | 502000 |  |  | 502000 |
|  Total | $672687610 | $502000 | $— | $15979751 | $689169361 |
|  Lifecycle 2015 |  |  |  |  |  |
|  Affiliated investment companies | $937678404 | $— | $— | 44092402 | $981770806 |
|  Short-term investments |  | 725000 |  |  | 725000 |
|  Total | $937678404 | $725000 | $— | $44092402 | $982495806 |
|  Lifecycle 2020 |  |  |  |  |  |
|  Affiliated investment companies | $2005258594 | $— | $— | 94298970 | $2099557564 |
|  Short-term investments |  | 1835000 |  |  | 1835000 |
|  Total | $2005258594 | $1835000 | $— | $94298970 | $2101392564 |
|  Lifecycle 2025 |  |  |  |  |  |
|  Affiliated investment companies | $3212214204 | $— | $— | 151066120 | $3363280324 |
|  Short-term investments |  | 1845000 |  |  | 1845000 |
|  Total | $3212214204 | $1845000 | $— | $151066120 | $3365125324 |
|  Lifecycle 2030 |  |  |  |  |  |
|  Affiliated investment companies | $4164622976 | $— | $— | 195877327 | $4360500303 |
|  Short-term investments |  | 3552000 |  |  | 3552000 |
|  Total | $4164622976 | $3552000 | $— | $195877327 | $4364052303 |

---

62.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Fund | Level 1 | Level 2 | Level 3 | Fair value<br>using practical<br> expedient<sup>a</sup> | Total |
|  Lifecycle 2035 |  |  |  |  |  |
|  Affiliated investment companies | $4611011922 | $— | $— | 216895548 | $4827907470 |
|  Short-term investments |  | 4036000 |  |  | 4036000 |
|  Total | $4611011922 | $4036000 | $— | $216895548 | $4831943470 |
|  Lifecycle 2040 |  |  |  |  |  |
|  Affiliated investment companies | $5652290031 | $— | $— | 265915162 | $5918205193 |
|  Short-term investments |  | 5068000 |  |  | 5068000 |
|  Total | $5652290031 | $5068000 | $— | $265915162 | $5923273193 |
|  Lifecycle 2045 |  |  |  |  |  |
|  Affiliated investment companies | $4160298769 | $— | $— | 195743335 | $4356042104 |
|  Short-term investments |  | 4263000 |  |  | 4263000 |
|  Total | $4160298769 | $4263000 | $— | $195743335 | $4360305104 |
|  Lifecycle 2050 |  |  |  |  |  |
|  Affiliated investment companies | $3340470343 | $— | $— | 157179132 | $3497649475 |
|  Short-term investments |  | 2673000 |  |  | 2673000 |
|  Total | $3340470343 | $2673000 | $— | $157179132 | $3500322475 |
|  Lifecycle 2055 |  |  |  |  |  |
|  Affiliated investment companies | $1767768516 | $— | $— | 83180076 | $1850948592 |
|  Short-term investments |  | 2083000 |  |  | 2083000 |
|  Total | $1767768516 | $2083000 | $— | $83180076 | $1853031592 |
|  Lifecycle 2060 |  |  |  |  |  |
|  Affiliated investment companies | $811031267 | $— | $— | 38162405 | $849193672 |
|  Short-term investments |  | 1343000 |  |  | 1343000 |
|  Total | $811031267 | $1343000 | $— | $38162405 | $850536672 |
|  Lifecycle 2065 |  |  |  |  |  |
|  Affiliated investment companies | $133186997 | $— | $— | 6267091 | $139454088 |
|  Short-term investments |  | 259000 |  |  | 259000 |
|  Total | $133186997 | $259000 | $— | $6267091 | $139713088 |

---

---

| | |
|:---|:---|
| a | In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.  |

---

4. Portfolio Securities

Repurchase Agreements: In connection with transactions in repurchase agreements, it is the Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Counterparty | Short-term Investments,<br> at Value | Collateral Pledged<br> (From) Counterparty |
|  Lifecycle Retirement Income | Fixed Income Clearing Corporation | $170000 | $(173406) |
|  Lifecycle 2010 | Fixed Income Clearing Corporation | 502000 | (512069) |
|  Lifecycle 2015 | Fixed Income Clearing Corporation | 725000 | (739552) |
|  Lifecycle 2020 | Fixed Income Clearing Corporation | 1835000 | (1871712) |
|  Lifecycle 2025 | Fixed Income Clearing Corporation | 1845000 | (1881942) |
|  Lifecycle 2030 | Fixed Income Clearing Corporation | 3552000 | (3623066) |
|  Lifecycle 2035 | Fixed Income Clearing Corporation | 4036000 | (4116750) |
|  Lifecycle 2040 | Fixed Income Clearing Corporation | 5068000 | (5169389) |
|  Lifecycle 2045 | Fixed Income Clearing Corporation | 4263000 | (4348312) |
|  Lifecycle 2050 | Fixed Income Clearing Corporation | 2673000 | (2726460) |
|  Lifecycle 2055 | Fixed Income Clearing Corporation | 2083000 | (2124771) |
|  Lifecycle 2060 | Fixed Income Clearing Corporation | 1343000 | (1369897) |
|  Lifecycle 2065 | Fixed Income Clearing Corporation | 259000 | (264214) |

---

------

## Notes to Financial Statements (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Real Property Fund ("RPF"): The Funds invest in the RPF, which is an affiliated real estate limited partnership. The RPF is an unregistered open-end fund that intends to invest in direct real estate holdings and may invest a portion of its assets in REIT securities, mortgage related securitization and money market instruments in accordance with exemptive relief received from the SEC. The Funds are not liable for the debts of the RPF beyond the amounts the Funds have contributed. The Funds can redeem from RPF daily subject to certain approvals. Investments in the RPF are illiquid and the Funds may be unable to dispose of such investments at opportune times. As such, this investment has been designated as restricted and the value is reflected in the Portfolio of Investments.

As a restricted security, RPF may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicaly traded.

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Non-U.S. Government<br> Purchases | Non-U.S. Government<br> Sales |
|  Lifecycle Retirement Income | $54074756 | $88826339 |
|  Lifecycle 2010 | 94586505 | 227538511 |
|  Lifecycle 2015 | 121692007 | 322266360 |
|  Lifecycle 2020 | 250522533 | 721188799 |
|  Lifecycle 2025 | 439401173 | 1081847843 |
|  Lifecycle 2030 | 597965871 | 1114376563 |
|  Lifecycle 2035 | 682819908 | 1117846194 |
|  Lifecycle 2040 | 833764016 | 1280835277 |
|  Lifecycle 2045 | 665962020 | 913394801 |
|  Lifecycle 2050 | 568814085 | 704268113 |
|  Lifecycle 2055 | 361638406 | 341645715 |
|  Lifecycle 2060 | 225336913 | 138647914 |
|  Lifecycle 2065 | 77332378 | 32499180 |

---

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

64.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle Retirement Income | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 311386 | $3550796 | 433655 | $4649203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 118822 | 1357688 | 97480 | 1033218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1865588 | 21220360 | 1894748 | 20150886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 797495 | 9022643 | 447110 | 4789005 |
|  Total subscriptions | 3093291 | 35151487 | 2872993 | 30622312 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 348227 | 3958189 | 373021 | 3989284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 627 | 7135 | 713 | 7653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 25875 | 294232 | 37327 | 398934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 457983 | 5210150 | 552701 | 5915189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 355881 | 4039158 | 404463 | 4318428 |
|  Total reinvestments of distributions | 1188593 | 13508864 | 1368225 | 14629488 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1177599) | (13387343) | (1517407) | (16303756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (14967) | (171274) | (855) | (9006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (377393) | (4318536) | (698781) | (7420310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (4065192) | (46211655) | (4836522) | (52159628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (2243007) | (25443145) | (2159852) | (23038570) |
|  Total redemptions | (7878158) | (89531953) | (9213417) | (98931270) |
|  Net increase (decrease) from shareholder transactions | (3596274) | $(40871602) | (4972199) | $(53679470) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2010 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 868478 | $9119759 | 274759 | $2657063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4083812 | 42681705 | 3769540 | 37031541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 962197 | 12470326 | 720436 | 8850128 |
|  Total subscriptions | 5914487 | 64271790 | 4764735 | 48538732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 353 | 3575 | 234 | 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 160975 | 1621021 | 145231 | 1407286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2887253 | 29103507 | 2196057 | 21323714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 700180 | 9067334 | 568429 | 6997365 |
|  Total reinvestments of distributions | 3748761 | 39795437 | 2909951 | 29730651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (7034) | (74774) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (1756554) | (18255634) | (1336291) | (13017239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (13282630) | (135837303) | (12953147) | (126422270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (6049185) | (79220239) | (3347115) | (41251872) |
|  Total redemptions | (21095403) | (233387950) | (17636553) | (180691381) |
|  Net increase (decrease) from shareholder transactions | (11432155) | $(129320723) | (9961867) | $(102421998) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2015 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 1144467 | $10857584 | 498860 | $4308836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4078341 | 38187664 | 4358795 | 38323222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1520308 | 19141306 | 1828109 | 21402332 |
|  Total subscriptions | 6743116 | 68186554 | 6685764 | 64034390 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1225 | 11250 | 1038 | 9022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 189129 | 1732421 | 198250 | 1716848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3348761 | 30775110 | 3377164 | 29347554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 716113 | 8951414 | 740602 | 8650230 |
|  Total reinvestments of distributions | 4255228 | 41470195 | 4317054 | 39723654 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (10644) | (101114) | (6795) | (59999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (1792289) | (16700990) | (2736462) | (23748817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (20824544) | (192551456) | (19318250) | (168124946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (8866118) | (111142499) | (5183233) | (60492244) |
|  Total redemptions | (31493595) | (320496059) | (27244740) | (252426006) |
|  Net increase (decrease) from shareholder transactions | (20495251) | $(210839310) | (16241922) | $(148667962) |

---

------

## Notes to Financial Statements (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2020 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 80365 | $781146 | 433 | $4098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 1729246 | 17096584 | 615272 | 5521845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 7391377 | 71835625 | 9108728 | 83167889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1201634 | 16220902 | 1650063 | 20516811 |
|  Total subscriptions | 10402622 | 105934257 | 11374496 | 109210643 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1972 | 18848 | 2346 | 21159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 418465 | 3996339 | 407611 | 3672579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8384778 | 80242330 | 7348605 | 66357906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1264120 | 17027690 | 1165311 | 14601344 |
|  Total reinvestments of distributions | 10069335 | 101285207 | 8923873 | 84652988 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (101495) | (981361) | (26993) | (244878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (3632966) | (35311497) | (7335038) | (66134691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (47551522) | (458083344) | (42907519) | (389330718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (14300892) | (193258057) | (10477131) | (131096521) |
|  Total redemptions | (65586875) | (687634259) | (60746681) | (586806808) |
|  Net increase (decrease) from shareholder transactions | (45114918) | $(480414795) | (40448312) | $(392943177) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2025 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 5061 | $51436 | 13326 | $125471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 2825185 | 29321643 | 1705503 | 15876187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 14371593 | 146953109 | 15645291 | 148258330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 2150740 | 30973929 | 2403383 | 31821471 |
|  Total subscriptions | 19352579 | 207300117 | 19767503 | 196081459 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 3300 | 33235 | 2834 | 26729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 722970 | 7244158 | 615708 | 5781500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 13897488 | 139947702 | 10270415 | 96850017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1629833 | 23485890 | 1329720 | 17685277 |
|  Total reinvestments of distributions | 16253591 | 170710985 | 12218677 | 120343523 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (22265) | (228840) | (32414) | (308366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (6549139) | (66636407) | (10476187) | (98384052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (66180199) | (669557704) | (53544359) | (508096110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (20317544) | (293017233) | (12301216) | (163661102) |
|  Total redemptions | (93069147) | (1029440184) | (76354176) | (770449630) |
|  Net increase (decrease) from shareholder transactions | (57462977) | $(651429082) | (44367996) | $(454024648) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2030 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 11062 | $116013 | 36170 | $354398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 3065099 | 32746016 | 2460993 | 23328078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 18342102 | 193396344 | 22894247 | 221980026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 2514662 | 38629180 | 3377573 | 47152530 |
|  Total subscriptions | 23932925 | 264887553 | 28768983 | 292815032 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 3723 | 38938 | 1812 | 17467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 830930 | 8641674 | 651585 | 6248703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 16032827 | 167703368 | 10893857 | 105016784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1633207 | 25184057 | 1193209 | 16704931 |
|  Total reinvestments of distributions | 18500687 | 201568037 | 12740463 | 127987885 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (18577) | (195989) | (19644) | (198171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (5989961) | (63118887) | (10496353) | (100691110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (63627765) | (665202863) | (50051694) | (484938640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (18195552) | (280280350) | (10654918) | (149050344) |
|  Total redemptions | (87831855) | (1008798089) | (71222609) | (734878265) |
|  Net increase (decrease) from shareholder transactions | (45398243) | $(542342499) | (29713163) | $(314075348) |

---

66.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2035 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 17265 | $187549 | 25142 | $262197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 2541611 | 28254177 | 2702997 | 26291383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 21563503 | 237682922 | 25621992 | 253828740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 2352258 | 38847938 | 3409573 | 50558462 |
|  Total subscriptions | 26474637 | 304972586 | 31759704 | 330940782 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 3593 | 39306 | 1563 | 15472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 780933 | 8527791 | 579190 | 5722397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 15742619 | 172381675 | 10503319 | 104087889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1329005 | 22167807 | 950518 | 14124702 |
|  Total reinvestments of distributions | 17856150 | 203116579 | 12034590 | 123950460 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (27739) | (300273) | (4319) | (45012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (5596196) | (61724127) | (11418018) | (111382410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (60998041) | (664461351) | (50307243) | (500942206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (15803664) | (261984341) | (8772119) | (130032343) |
|  Total redemptions | (82425640) | (988470092) | (70501699) | (742401971) |
|  Net increase (decrease) from shareholder transactions | (38094853) | $(480380927) | (26707405) | $(287510729) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2040 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 9275 | $104427 | 14973 | $152630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 2288560 | 26006427 | 3495767 | 34199040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 20787395 | 235509976 | 27883638 | 278770192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1780883 | 31415060 | 2813218 | 43706569 |
|  Total subscriptions | 24866113 | 293035890 | 34207596 | 356828431 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 2003 | 22636 | 861 | 8627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 813904 | 9172701 | 601976 | 6019759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 17947075 | 202981414 | 11393482 | 114276623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1311895 | 23535405 | 895621 | 14025423 |
|  Total reinvestments of distributions | 20074877 | 235712156 | 12891940 | 134330432 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (37488) | (412368) | (892) | (8970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (6136127) | (69946172) | (13853760) | (136330356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (62739358) | (700573784) | (64252883) | (645033029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (15816093) | (280472068) | (10132726) | (158378183) |
|  Total redemptions | (84729066) | (1051404392) | (88240261) | (939750538) |
|  Net increase (decrease) from shareholder transactions | (39788076) | $(522656346) | (41140725) | $(448591675) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2045 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 7710 | $110364 | 15132 | $193389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 1580159 | 22813700 | 2219476 | 27470385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 16452815 | 237049503 | 21973395 | 277220123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 2161263 | 30757616 | 3193589 | 40213928 |
|  Total subscriptions | 20201947 | 290731183 | 27401592 | 345097825 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1992 | 28881 | 905 | 11443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 439621 | 6339340 | 285134 | 3589833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9519245 | 138029050 | 5607406 | 70933689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1471843 | 21120945 | 927090 | 11616438 |
|  Total reinvestments of distributions | 11432701 | 165518216 | 6820535 | 86151403 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (26020) | (371613) | (3951) | (48428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (3625356) | (52513904) | (8349883) | (102647216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (36594169) | (522648420) | (35711665) | (453214173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (13303707) | (189501799) | (7357392) | (92650132) |
|  Total redemptions | (53549252) | (765035736) | (51422891) | (648559949) |
|  Net increase (decrease) from shareholder transactions | (21914604) | $(308786337) | (17200764) | $(217310721) |

---

------

## Notes to Financial Statements (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2050 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 17307 | $256972 | 7834 | $103640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 1194003 | 17811192 | 2032289 | 25822530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 14459532 | 214653153 | 19505170 | 252685367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1870058 | 27410397 | 2532808 | 32680173 |
|  Total subscriptions | 17540900 | 260131714 | 24078101 | 311291710 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1007 | 15129 | 401 | 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 292503 | 4372922 | 188061 | 2435390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 7177332 | 107803532 | 4073015 | 52989920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 988899 | 14695039 | 603267 | 7770079 |
|  Total reinvestments of distributions | 8459741 | 126886622 | 4864744 | 63200612 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (15237) | (225540) | (3931) | (52821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (2745397) | (41232835) | (6283935) | (79284743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (27845409) | (410062487) | (28450518) | (370290822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (8658012) | (127372002) | (5401775) | (69653716) |
|  Total redemptions | (39264055) | (578892864) | (40140159) | (519282102) |
|  Net increase (decrease) from shareholder transactions | (13263414) | $(191874528) | (11197314) | $(144789780) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2055 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 7456 | $131013 | 9080 | $142095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 814240 | 14404501 | 1147339 | 17310104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10201404 | 179433691 | 12759571 | 196379956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1222434 | 21405468 | 1625713 | 24942526 |
|  Total subscriptions | 12245534 | 215374673 | 15541703 | 238774681 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 892 | 15901 | 337 | 5202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 139142 | 2469773 | 76532 | 1176296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3256970 | 58071779 | 1590293 | 24538229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 417100 | 7399350 | 220324 | 3384176 |
|  Total reinvestments of distributions | 3814104 | 67956803 | 1887486 | 29103903 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (16925) | (299171) | (1094) | (16335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (1166804) | (20877747) | (2770787) | (41477392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (11903855) | (207938000) | (11709796) | (181340565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (3484380) | (61129786) | (2494528) | (38250524) |
|  Total redemptions | (16571964) | (290244704) | (16976205) | (261084816) |
|  Net increase (decrease) from shareholder transactions | (512326) | $(6913228) | 452984 | $6793768 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2060 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 13677 | $207733 | 12996 | $177826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 606896 | 9291901 | 848687 | 11194422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9471481 | 144656227 | 10633692 | 142198740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1055656 | 15987523 | 1464735 | 19573023 |
|  Total subscriptions | 11147710 | 170143384 | 12960110 | 173144011 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 689 | 10697 | 429 | 5728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 53478 | 828382 | 26262 | 349811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1466651 | 22777097 | 658741 | 8794194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 171260 | 2647675 | 83407 | 1109318 |
|  Total reinvestments of distributions | 1692078 | 26263851 | 768839 | 10259051 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (27810) | (430955) | (9881) | (138547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (592809) | (9191725) | (1015377) | (13219250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (6293150) | (95218919) | (4848320) | (65068293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (1342545) | (20516478) | (1159473) | (15386181) |
|  Total redemptions | (8256314) | (125358077) | (7033051) | (93812271) |
|  Net increase (decrease) from shareholder transactions | 4583474 | $71049158 | 6695898 | $89590791 |

---

68.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> 5/31/24 |
| Lifecycle 2065 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 4251 | $54290 | 2710 | $31361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 277281 | 3640483 | 243089 | 2762441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4270543 | 56517039 | 3506620 | 40721685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 799201 | 10540243 | 766945 | 8937553 |
|  Total subscriptions | 5351276 | 70752055 | 4519364 | 52453040 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 238 | 3125 | 55 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 11304 | 150234 | 3405 | 38717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 202519 | 2729961 | 59323 | 683995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 35792 | 482116 | 11631 | 134110 |
|  Total reinvestments of distributions | 249853 | 3365436 | 74414 | 857443 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (48382) | (630845) | (34) | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (172656) | (2280812) | (183521) | (2055662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1655789) | (21785840) | (918906) | (10723870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (545624) | (7251013) | (347858) | (4023210) |
|  Total redemptions | (2422451) | (31948510) | (1450319) | (16803139) |
|  Net increase (decrease) from shareholder transactions | 3178678 | $42168981 | 3143459 | $36507344 |

---

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, investments in partnerships, investments in underlying funds, and tax equalization. Temporary and permanent differences have no impact on a Fund's net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br> (Depreciation) |
|  Lifecycle Retirement Income | $371896722 | $50650466 | $(29229504) | $21420962 |
|  Lifecycle 2010 | 644409095 | 95479175 | (50718909) | 44760266 |
|  Lifecycle 2015 | 955004581 | 110271030 | (82779805) | 27491225 |
|  Lifecycle 2020 | 2001271873 | 266987213 | (166866522) | 100120691 |
|  Lifecycle 2025 | 3134145445 | 477397972 | (246418093) | 230979879 |
|  Lifecycle 2030 | 3926231790 | 704993654 | (267173141) | 437820513 |
|  Lifecycle 2035 | 4160104656 | 904970254 | (233131440) | 671838814 |
|  Lifecycle 2040 | 4844441284 | 1303189368 | (224357459) | 1078831909 |
|  Lifecycle 2045 | 3422937372 | 1060917172 | (123549440) | 937367732 |
|  Lifecycle 2050 | 2757977404 | 838847080 | (96502009) | 742345071 |
|  Lifecycle 2055 | 1520515856 | 391888988 | (59373252) | 332515736 |
|  Lifecycle 2060 | 728850901 | 147975058 | (26289287) | 121685771 |
|  Lifecycle 2065 | 125092790 | 17093625 | (2473327) | 14620298 |

---

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

------

## Notes to Financial Statements (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Undistributed<br> Ordinary<br>Income | Undistributed<br>Long-Term<br> Capital Gains | Unrealized<br>Appreciation<br> (Depreciation) | Capital Loss<br>Carryforwards | Late-Year<br>Loss Deferrals | Other<br>Book-to-Tax<br> Differences | Total |
|  Lifecycle Retirement Income | $1091843 | $5339572 | $21420962 | $– | $– | $(59459) | $27792918 |
|  Lifecycle 2010 | 7053413 | 10185648 | 44760266 |  |  | (220140) | 61779187 |
|  Lifecycle 2015 | 9086668 | 13797690 | 27491225 |  |  | (315501) | 50060082 |
|  Lifecycle 2020 | 17875783 | 38445298 | 100120691 |  |  | (474450) | 155967322 |
|  Lifecycle 2025 | 25604338 | 70548416 | 230979879 |  |  | (510081) | 326622552 |
|  Lifecycle 2030 | 26267378 | 102916771 | 437820513 |  |  | (507625) | 566497037 |
|  Lifecycle 2035 | 21806355 | 127340189 | 671838814 |  |  | (513568) | 820471790 |
|  Lifecycle 2040 | 14031189 | 182098242 | 1078831909 |  |  | (664597) | 1274296743 |
|  Lifecycle 2045 | 7492947 | 132259558 | 937367732 |  |  | (256465) | 1076863772 |
|  Lifecycle 2050 | 3510716 | 107004043 | 742345071 |  |  | (168285) | 852691545 |
|  Lifecycle 2055 | 185324 | 55808754 | 332515736 |  |  | (53222) | 388456592 |
|  Lifecycle 2060 |  | 23675964 | 121685771 |  | (168012) | (13691) | 145180032 |
|  Lifecycle 2065 | 15759 | 3263994 | 14620298 |  | (128031) | (944) | 17771076 |

---

The tax character of distributions paid was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 5/31/25 | 5/31/25 | 5/31/24 | 5/31/24 |
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary<br> Income | Long-Term<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary<br> Income | Long-Term<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Gains |
|  Lifecycle Retirement Income | $12597188 | $1081042 | $14795135 | $– |
|  Lifecycle 2010 | 25749339 | 14048382 | 29734344 |  |
|  Lifecycle 2015 | 35502381 | 6037089 | 39787142 |  |
|  Lifecycle 2020 | 74519723 | 26958567 | 84779806 |  |
|  Lifecycle 2025 | 112300634 | 59032669 | 120680900 |  |
|  Lifecycle 2030 | 130692638 | 71049923 | 128083748 |  |
|  Lifecycle 2035 | 130824254 | 72550383 | 124069261 |  |
|  Lifecycle 2040 | 145666837 | 90220045 | 134417378 |  |
|  Lifecycle 2045 | 98744262 | 66914794 | 86297811 |  |
|  Lifecycle 2050 | 73605516 | 53358783 | 63234478 |  |
|  Lifecycle 2055 | 37077471 | 30988188 | 29176047 |  |
|  Lifecycle 2060 | 15327495 | 11086329 | 10253441 | 59584 |
|  Lifecycle 2065 | 1948862 | 1418485 | 916863 | 28656 |

---

As of year end, the Funds utilized the following capital loss carryforwards:

---

| | |
|:---|:---|
| Fund | Utilized |
|  Lifecycle Retirement Income | $549259 |
|  Lifecycle 2010 |  |
|  Lifecycle 2015 |  |
|  Lifecycle 2020 |  |
|  Lifecycle 2025 |  |
|  Lifecycle 2030 |  |
|  Lifecycle 2035 |  |
|  Lifecycle 2040 |  |
|  Lifecycle 2045 |  |
|  Lifecycle 2050 |  |
|  Lifecycle 2055 |  |
|  Lifecycle 2060 |  |
|  Lifecycle 2065 |  |

---

70.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. Management Fees and Other Transactions with Affiliates

Management Fees: Under the terms of its Investment Management Agreement, the Adviser is entitled to a fee that is made up of two components, which are added together to create the total investment management fee. The first component, the asset allocation fee rate, is an annual rate of 0.10% of the average daily net assets of each Fund. The second component, the Underlying Funds fee rate, is calculated as follows: for each Underlying Fund of the Trust in which a Fund is invested, the effective Underlying Fund's annual investment management fee rate, as determined pursuant to its investment management agreement, net of any fee waivers or reimbursements applicable to the Underlying Fund (excluding the Class W shares investment management fee waiver and/or reimbursement), in proportion to the percentage of the Fund's net assets invested in the Underlying Fund, applied to the average daily net assets of the Fund. The Adviser has contractually agreed to waive in full the asset allocation fee rate for each Fund's management fee through September 30, 2027, unless changed with approval of the Board. In addition, the Adviser has voluntarily agreed to waive certain amounts of the Underlying Funds fee rate portion of each Fund's management fee through September 30, 2025. As of the end of the current fiscal period, the Adviser received from the Funds the following effective annual rate as a percentage of average daily net assets of each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | | Investment Management Fee Waiver | Investment Management Fee Waiver |
| Fund | Investment Management Fee—Effective Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective 10/1/24 | Prior to 10/1/24 |
|  Lifecycle Retirement Income | 0.290% | 0.034% | 0.023% |
|  Lifecycle 2010 | 0.290 | 0.018 | 0.016 |
|  Lifecycle 2015 | 0.290 | 0.024 | 0.024 |
|  Lifecycle 2020 | 0.290 | 0.028 | 0.028 |
|  Lifecycle 2025 | 0.300 | 0.033 | 0.023 |
|  Lifecycle 2030 | 0.300 | 0.048 | 0.028 |
|  Lifecycle 2035 | 0.310 | 0.064 | 0.045 |
|  Lifecycle 2040 | 0.320 | 0.080 | 0.060 |
|  Lifecycle 2045 | 0.320 | 0.093 | 0.063 |
|  Lifecycle 2050 | 0.320 | 0.094 | 0.074 |
|  Lifecycle 2055 | 0.320 | 0.094 | 0.074 |
|  Lifecycle 2060 | 0.320 | 0.094 | 0.075 |
|  Lifecycle 2065 | 0.320 | 0.098 | 0.087 |

---

The Funds have entered into an Administrative Service Agreement with the Adviser under which the Funds pay the Adviser for its costs in providing certain administrative and compliance services to the Funds. The Adviser has agreed to gradually reduce expenses allocated to the Funds under the Administrative Services Agreement over a three-year period commencing May 1, 2024. After the expiration of this three-year period, the Adviser will no longer allocate expenses to the Funds under the Administrative Services Agreement.

Under the terms of Retirement Class Service Agreements with respect to each Fund, the Retirement Class of the Fund incurs an annual fee of 0.25% of the daily net assets, payable monthly to TIAA, on behalf of Retirement Class shares of the Fund held by or through TIAA by its clients, or the Adviser, on behalf of all other Retirement Class shares, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to TIAA or the Adviser, respectively, under the Service Agreements.

Under the terms of a distribution Rule 12b-1 plan, Class A shares of Lifecycle Retirement Income compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to Class A shares of Lifecycle Retirement Income at the annual rate of 0.25% of the average daily net assets attributable to the Fund's Class A shares. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund's Premier Class shares.

The Adviser has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses, extraordinary expenses and the management fees and certain other expenses originally attributable to Class W shares of the affiliated Nuveen Funds) exceeds 0.00% of average daily net assets for Class R6 Shares; 0.15% of average daily net assets for Class I Shares; 0.15% of average daily net assets for the Premier Class shares; 0.25% of average daily net assets for the Retirement Class shares; and 0.25% of average daily net assets for Class A Shares of Lifecycle Retirement Income. The expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board.

With respect to Lifecycle 2010, the Adviser has voluntarily agreed to reimburse the Fund for 0.080% of the Total Expenses of each of its share classes that are originally attributable to Class W shares of the Underlying Funds. This voluntary commitment is effective May 1, 2025 through April 30, 2026. Prior to May 1, 2025, the voluntary commitment for Lifecycle 2010 was 0.030%.

------

## Notes to Financial Statements (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Other Transactions with Affiliates**: The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current fiscal period, the Funds engaged in the following security transactions with affiliated entities:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Purchases | Sales | Realized Gain (Loss) |
|  Lifecycle Retirement Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147598 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253265 | $35206 |
|  Lifecycle 2010 | 41416 | 593672 | 117239 |
|  Lifecycle 2015 | 116567 | 1122973 | 220496 |
|  Lifecycle 2020 | 285427 | 2262237 | 381510 |
|  Lifecycle 2025 | 356553 | 3336433 | 643487 |
|  Lifecycle 2030 | 535661 | 2732683 | 511352 |
|  Lifecycle 2035 | 512018 | 2088614 | 428112 |
|  Lifecycle 2040 | 836144 | 1403485 | 206435 |
|  Lifecycle 2045 | 2033672 | 353405 | 55136 |
|  Lifecycle 2050 | 4020202 | 630113 | 126875 |
|  Lifecycle 2055 | 3608719 | 247213 | 56250 |
|  Lifecycle 2060 | 3840260 |  |  |
|  Lifecycle 2065 | 1250996 | 10558 | (426) |

---

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

---

| | | |
|:---|:---|:---|
| Fund | Sales Charges Collected<br> (Unaudited) | Paid to Financial<br>Intermediaries<br>(Unaudited) |
|  Lifecycle Retirement Income | $4175 | $3728 |
|  Lifecycle 2010 |  |  |
|  Lifecycle 2015 |  |  |
|  Lifecycle 2020 |  |  |
|  Lifecycle 2025 |  |  |
|  Lifecycle 2030 |  |  |
|  Lifecycle 2035 |  |  |
|  Lifecycle 2040 |  |  |
|  Lifecycle 2045 |  |  |
|  Lifecycle 2050 |  |  |
|  Lifecycle 2055 |  |  |
|  Lifecycle 2060 |  |  |
|  Lifecycle 2065 |  |  |

---

**Affiliate Owned Shares:** The following is the percentage of the Funds' shares owned by TIAA and its registered separate account ("TIAA Access") as of the end of the current fiscal period:

---

| | | |
|:---|:---|:---|
| Underlying Fund | TIAA Access | Total |
|  Lifecycle Retirement Income | 12% | 12% |
|  Lifecycle 2010 | 17 | 17 |
|  Lifecycle 2015 | 16 | 16 |
|  Lifecycle 2020 | 18 | 18 |
|  Lifecycle 2025 | 18 | 18 |
|  Lifecycle 2030 | 18 | 18 |
|  Lifecycle 2035 | 19 | 19 |
|  Lifecycle 2040 | 19 | 19 |
|  Lifecycle 2045 | 20 | 20 |
|  Lifecycle 2050 | 22 | 22 |
|  Lifecycle 2055 | 18 | 18 |
|  Lifecycle 2060 | 20 | 20 |
|  Lifecycle 2065 | 2 | 2 |

---

72.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investments in other investment companies advised by the Adviser and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. A complete schedule of the portfolio holdings for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available on the SEC's website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available for each of the affiliated investments at https://www.nuveen.com/en-us/mutual-funds/prospectuses, or upon request by calling (800) 257-8787. Information regarding transactions with affiliated companies is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br> Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle Retirement Income |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $87975648 | $6885321 | $14230402 | $(1871458) | $2809514 | $81568623 | $3939056 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 14125691 | 3479204 | 3473144 | 421440 | (715918) | 13837273 | 207697 | 1321631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 54474884 | 4002843 | 8643408 | (1225313) | 1861703 | 50470709 | 2581561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 14221385 | 3509935 | 4714301 | 475511 | 371306 | 13863836 | 169383 | 730148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 13584517 | 4135865 | 3364508 | 82461 | (833687) | 13604648 | 219436 | 1123399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 7897064 | 758391 | 1505425 | (136344) | 329044 | 7342730 | 536915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 8696125 | 1948160 | 2491798 | (49870) | 391465 | 8494082 | 301670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 16777040 | 1419224 | 4397162 | 770238 | 1482766 | 16052106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 8337757 | 770003 | 1471215 | 7322 | 84144 | 7728011 | 562742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 41862326 | 3915896 | 7898444 | (505656) | 1546636 | 38920758 | 1678107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 8741851 | 798474 | 1789632 | (236656) | 584039 | 8098076 | 214097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 22525752 | 3291409 | 5846494 | 705614 | 636441 | 21312722 | 627735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 13392653 | 2136532 | 3190817 | 127308 | 286220 | 12751896 | 265774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 16843484 | 3634380 | 5909207 | 1821524 | (360062) | 16030119 | 107979 | 935406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 13642436 | 3211256 | 3926374 | 481457 | 194838 | 13603613 | 251782 | 326592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 7308415 | 864455 | 1902896 | 100169 | 622612 | 6992755 | 275117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 3237313 | 776243 | 1195165 | 238181 | (396701) | 2659871 | 41428 | 289466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 3847166 | 873129 | 1302787 | 229867 | (343595) | 3303780 | 44939 | 372499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond, Class W | 41678096 | 4866182 | 8418401 | (176794) | 906343 | 38855426 | 1883653 |  |
|  Nuveen Real Property Fund LP<sup>a</sup> | 19278385 | 2797854 | 3154759 | (456762) | (808068) | 17656650 | 1919360 |  |
|  | $418447988 | $54074756 | $88826339 | $802239 | $8649040 | $393147684 | $15828431 | $5099141 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2010 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $168164809 | $11648320 | $38512890 | $(4094381) | $5909619 | $143115477 | $7187800 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 25829931 | 5163605 | 8180368 | 1914822 | (2316411) | 22411579 | 358264 | 2253231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 104162201 | 6689186 | 23419211 | (3234490) | 4465057 | 88662743 | 4712571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 25813585 | 4819768 | 9997991 | 1411070 | 108779 | 22155211 | 290068 | 1263151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 24881373 | 6768857 | 8289956 | 600352 | (1863473) | 22097153 | 374405 | 1936477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 15117825 | 1658123 | 4255223 | (383549) | 731193 | 12868369 | 994829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 15610476 | 3135687 | 5590394 | 13724 | 572569 | 13742062 | 517988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 30680157 | 1567900 | 10338429 | 2168785 | 1899171 | 25977584 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 15945572 | 1715776 | 4284675 | 46963 | 136675 | 13560311 | 1026936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 79930661 | 7568055 | 21010484 | (1295664) | 3116609 | 68309177 | 3130085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 16661376 | 2033636 | 5122541 | (644834) | 1283815 | 14211452 | 395861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 41192533 | 4615904 | 13398383 | 2743998 | (623804) | 34530248 | 1076872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 24370778 | 3422624 | 7777122 | 877594 | (232289) | 20661585 | 456201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 30737977 | 5977665 | 13386150 | 5307912 | (2692990) | 25944414 | 184847 | 1601305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 24979543 | 5102276 | 9157766 | 2206764 | (1037339) | 22093478 | 431350 | 559514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 13284767 | 1484816 | 4630667 | 333927 | 839389 | 11312232 | 472110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 5831537 | 1139291 | 2416127 | 579621 | (829407) | 4304915 | 71091 | 496723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 6943641 | 1286314 | 2702579 | 550045 | (730310) | 5347111 | 77296 | 640711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond, Class W | 110432411 | 17462361 | 28415924 | (595393) | 2499054 | 101382509 | 4934449 |  |
|  Nuveen Real Property Fund LP<sup>a</sup> | 22826075 | 1326341 | 6651631 | (510447) | (1010587) | 15979751 | 2184798 |  |
|  | $803397228 | $94586505 | $227538511 | $7996819 | $10225320 | $688667361 | $28877821 | $8751112 |

---

------

## Notes to Financial Statements (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br> Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br> Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2015 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $240512746 | $15487408 | $55082923 | $(8931270) | $11555445 | $203541406 | $10224053 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 40844281 | 7816284 | 13339756 | 1808388 | (2465140) | 34664057 | 558859 | 3507231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 148964120 | 8012844 | 32609949 | (4755534) | 6526710 | 126138191 | 6703807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 40891151 | 7282210 | 15897834 | 2482474 | (70021) | 34687980 | 452323 | 1951709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 39249713 | 10155764 | 13378344 | 1069815 | (3019332) | 34077616 | 585717 | 2996039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 21635333 | 1563166 | 5383542 | (519649) | 1019793 | 18315101 | 1411898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 24822688 | 3950680 | 8413501 | (319455) | 1235745 | 21276157 | 805855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 48431493 | 2160708 | 16768867 | 3514143 | 2872987 | 40210464 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 22803563 | 1679701 | 5451586 | 45360 | 213104 | 19290142 | 1460353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 109793793 | 10533126 | 26181387 | (2253604) | 4798056 | 96689984 | 4332261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 23828405 | 1677028 | 6200991 | (853897) | 1763479 | 20214024 | 560900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 65011796 | 7240561 | 22059288 | 3496952 | (310764) | 53379257 | 1677139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 38477503 | 4262503 | 11689101 | 1580205 | (659316) | 31971794 | 710387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 48477397 | 8113880 | 20491648 | 5825115 | (1771806) | 40152938 | 287197 | 2487952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 39412880 | 7384807 | 14528601 | 2440524 | (634511) | 34075099 | 674038 | 874310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 20875745 | 2084459 | 7254342 | 437589 | 1361043 | 17504494 | 733951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 9368576 | 1794958 | 4115560 | 1024713 | (1410117) | 6662570 | 110146 | 769604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 11132953 | 2063217 | 4639592 | 945806 | (1226893) | 8275491 | 119832 | 993292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond, Class W | 109364287 | 13930818 | 28605006 | (743379) | 2604919 | 96551639 | 4778677 |  |
|  Nuveen Real Property Fund LP<sup>a</sup> | 53309054 | 4497885 | 10174542 | (1347779) | (2192216) | 44092402 | 5238995 |  |
|  | $1157207477 | $121692007 | $322266360 | $4946517 | $20191165 | &nbsp;&nbsp;&nbsp;&nbsp;$981770806 | $41426388 | $13580137 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2020 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | &nbsp;&nbsp;&nbsp;&nbsp;$509360911 | $33393137 | $124904004 | $(19225729) | $25036269 | $423660584 | $21452708 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 100729883 | 16737750 | 31611294 | 4784643 | (6356661) | 84284321 | 1372221 | 8607284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 315422259 | 17579914 | 74419366 | (10750803) | 14652584 | 262484588 | 14068152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 100707619 | 14013017 | 37053259 | 6603696 | (652422) | 83618651 | 1112337 | 4731080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 97029263 | 23198783 | 32576936 | 2761632 | (7522613) | 82890129 | 1436379 | 7310686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 45831691 | 3551163 | 12398498 | (1228335) | 2312419 | 38068440 | 2955513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 61055693 | 9543476 | 21086286 | (988450) | 3234295 | 51758728 | 1957831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 119950442 | 4807617 | 42421612 | 8761254 | 6763731 | 97861432 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 48294386 | 3076278 | 11512076 | 115985 | 444686 | 40419259 | 3065355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 188584130 | 19163313 | 47087208 | (3798031) | 8190007 | 165052211 | 7411547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 50462130 | 3114306 | 13260242 | (1812416) | 3747910 | 42251688 | 1168850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 160405078 | 16193474 | 54074760 | 8996991 | (1167889) | 130352894 | 4077116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 94347148 | 9359839 | 28177368 | 4303752 | (2018017) | 77815354 | 1727574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 118256330 | 17118599 | 47364751 | 14910622 | (5064790) | 97856010 | 699082 | 6056052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 97025535 | 16814290 | 35364170 | 6400405 | (1888532) | 82987528 | 1641871 | 2129707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 51805126 | 4767346 | 18261952 | 1043007 | 3293106 | 42646633 | 1784859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 22745821 | 3763036 | 9323288 | 2376789 | (3292345) | 16270013 | 267958 | 1872264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 27053595 | 4424240 | 10605745 | 2293594 | (2959841) | 20205843 | 291522 | 2416435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond, Class W | 187649437 | 23641393 | 49732100 | (1122634) | 4338192 | 164774288 | 8172503 |  |
|  Nuveen Real Property Fund LP<sup>a</sup> | 115715998 | 6261562 | 19953884 | (2794605) | (4930101) | 94298970 | 11368085 |  |
|  | $2512432475 | $250522533 | $721188799 | $21631367 | $36159988 | $2099557564 | $86031463 | $33123508 |

---

74.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2025 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $754368071 | $64350083 | $168125109 | $(26216450) | $34307464 | $658684059 | $32907992 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 178885188 | 28030012 | 52231874 | 7383255 | (10380536) | 151686045 | 2480296 | 15646275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 467198403 | 36888790 | 101454902 | (15272464) | 20736635 | 408096462 | 21577868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 178797426 | 23886890 | 62189802 | 10741794 | (178162) | 151058146 | 2010239 | 8614780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 172225331 | 39954605 | 54090140 | 3621803 | (12262966) | 149448633 | 2596204 | 13237263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 67864459 | 6666304 | 16884903 | (1663312) | 3270695 | 59253243 | 4523220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 108161757 | 19310556 | 38271614 | (1506391) | 5468353 | 93162661 | 3564509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 212583386 | 7592620 | 71130368 | 14783396 | 13000781 | 176829815 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 71529572 | 7849961 | 17818232 | 98918 | 698580 | 62358799 | 4696844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 215829969 | 26141519 | 49607208 | (3870251) | 9081101 | 197575130 | 8678595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 74767692 | 7631759 | 19865599 | (2743322) | 5628409 | 65418939 | 1808069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 284957264 | 31065914 | 96055152 | 15354199 | (1279916) | 234042309 | 7423140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 167519697 | 20088396 | 51625348 | 5511439 | (1548743) | 139945441 | 3142423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 210046370 | 29047594 | 80763230 | 23955172 | (6416762) | 175869144 | 1274887 | 11044178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 170743171 | 28355748 | 57909018 | 9724913 | (1660558) | 149254256 | 2980019 | 3865449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 92054309 | 9518591 | 32692589 | 1611133 | 6192900 | 76684344 | 3250883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 40397214 | 6469238 | 15941362 | 3625120 | (5367807) | 29182403 | 487883 | 3408915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 48042729 | 7660703 | 18185485 | 3722649 | (4989849) | 36250747 | 530786 | 4399710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond, Class W | 214764525 | 30544911 | 51625585 | (1122418) | 4852195 | 197413628 | 9672154 |  |
|  Nuveen Real Property Fund LP<sup>a</sup> | 180080434 | 8346979 | 25380323 | (4011286) | (7969684) | 151066120 | 17814420 |  |
|  | $3910816967 | $439401173 | $1081847843 | $43727897 | $51182130 | $3363280324 | $131420431 | $60216570 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2030 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $792331236 | $84280251 | $143588365 | $(22340399) | $30519144 | $741201867 | $35718471 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 257554423 | 42772899 | 61287917 | 8374249 | (13298020) | 234115634 | 3658884 | 23180022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 490702863 | 46728830 | 83871640 | (13078297) | 18621099 | 459102855 | 23408816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 257465020 | 36001423 | 75889156 | 11778608 | 3694347 | 233050242 | 2977475 | 12754873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 247911817 | 59628544 | 63965003 | 3167478 | (16367483) | 230375353 | 3840188 | 19758921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 71248168 | 8167956 | 14384320 | (1391560) | 3118514 | 66758758 | 4873489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 155784982 | 29003035 | 46970204 | (3414367) | 9430205 | 143833651 | 5272189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 306001018 | 13137154 | 87982214 | 18208441 | 22371426 | 271735825 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 75123517 | 8707825 | 13967242 | 65287 | 747916 | 70677303 | 5100916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 167369351 | 28435413 | 30469083 | (3057001) | 7378121 | 169656801 | 6951743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 78495925 | 9616078 | 17277208 | (2371822) | 5479966 | 73942939 | 1958547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 410461145 | 44109677 | 114651989 | 15496439 | 6810147 | 362225419 | 10983023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 241884610 | 28496459 | 60554670 | 2573098 | 3903436 | 216302933 | 4655872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 303013517 | 41362935 | 98165613 | 26777207 | (1054318) | 271933728 | 1903754 | 16491962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 246552419 | 39422636 | 67137500 | 10571822 | 1135480 | 230544857 | 4453861 | 5777202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 132451116 | 14715367 | 40631507 | 1669986 | 10504215 | 118709177 | 4806446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 58276119 | 9831035 | 20314629 | 3015866 | (5692564) | 45115827 | 723554 | 5055583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 69309247 | 10680972 | 22023453 | 4670937 | (6578823) | 56058880 | 788081 | 6532440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond, Class W | 166532708 | 34968734 | 35190251 | (720427) | 3690163 | 169280927 | 7873970 |  |
|  Nuveen Real Property Fund LP<sup>a</sup> | 218509112 | 7898648 | 16054599 | (2963695) | (11512139) | 195877327 | 21768970 |  |
|  | $4746978313 | $597965871 | $1114376563 | $57031850 | $72900832 | $4360500303 | $151718249 | $89551003 |

---

75.0 ------

## Notes to Financial Statements (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br> 5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2035 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $697107601 | $103949177 | $113942454 | $(16656479) | $23505198 | $693963043 | $32434521 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 325213613 | 47995893 | 65914952 | 10388605 | (16863943) | 300819216 | 4654275 | 29452695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 431749333 | 57811873 | 64439888 | (9802326) | 14424101 | 429743093 | 21250471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 324954451 | 38417399 | 83169131 | 12704509 | 6937925 | 299845153 | 3795119 | 16211819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 313174633 | 72370469 | 71856695 | 3200563 | (20326074) | 296562896 | 4892558 | 25382496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 62723875 | 9136818 | 10671139 | (959379) | 2497095 | 62727270 | 4410463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 196987361 | 38035868 | 58008367 | (3637615) | 11516597 | 184893844 | 6714866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 384652744 | 17834548 | 104159859 | 21079504 | 29889096 | 349296033 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 66088555 | 9293919 | 9753414 | 6081 | 676198 | 66311339 | 4631348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 78690426 | 23047211 | 11457780 | (1835219) | 4080149 | 92524787 | 3442995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 69055642 | 10543064 | 13324571 | (1781967) | 4551439 | 69043607 | 1788965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 518313061 | 53911249 | 135398264 | 17454692 | 11389804 | 465670542 | 13987693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 305365115 | 34542402 | 70258255 | 2301127 | 6351324 | 278301713 | 5934074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 382880611 | 46404583 | 111954633 | 32619870 | (221340) | 349729091 | 2416586 | 20934565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 310295436 | 48002810 | 76477894 | 10524582 | 4250812 | 296595746 | 5654224 | 7334219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 167103330 | 17152694 | 47423373 | 2004801 | 13775753 | 152613205 | 6122353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 73632517 | 10941610 | 23139529 | 3174543 | (6645094) | 57964047 | 921160 | 6436283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 87569000 | 12526691 | 25595329 | 5421437 | (7880899) | 72040900 | 1003308 | 8316469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond, Class W | 78306402 | 26407703 | 13798211 | (517026) | 1967529 | 92366397 | 3996988 |  |
|  Nuveen Real Property Fund LP<sup>a</sup> | 235086540 | 4493927 | 7102456 | (2042115) | (13540348) | 216895548 | 23521227 |  |
|  | $5108950246 | $682819908 | $1117846194 | $83648188 | $70335322 | $4827907470 | $151573194 | $114068546 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2040 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $552415963 | $117907837 | $98473837 | $(12429778) | $17642673 | $577062858 | $26559673 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 461744407 | 68525864 | 79161981 | 12367353 | (22443406) | 441032237 | 6730186 | 42726851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 342320320 | 66534625 | 55316463 | (8674153) | 12241402 | 357105731 | 17383784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 461986145 | 55239759 | 106492247 | 14287882 | 13065586 | 438087125 | 5486422 | 23538698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 445626093 | 98262163 | 82661433 | 3097198 | (28280125) | 436043896 | 7105147 | 36895832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 49725346 | 10332455 | 9245909 | (370902) | 1613695 | 52054685 | 3598101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 279808766 | 57230430 | 77504223 | (5750153) | 16968658 | 270753478 | 9800076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 546326021 | 24914889 | 132022551 | 26083860 | 46690742 | 511992961 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 52449357 | 10322635 | 8152539 | (31431) | 552025 | 55140047 | 3788245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 54832333 | 12128935 | 11515211 | (1407960) | 3642229 | 57680326 | 1471499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 736839292 | 69378668 | 165520767 | 19552000 | 22809691 | 683058884 | 20295127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 435498994 | 43464437 | 82807333 | 1319890 | 11512606 | 408988594 | 8616130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 545847725 | 65336332 | 144260308 | 41217828 | 5111632 | 513253209 | 3518287 | 30478453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 442341794 | 64236148 | 92126487 | 11518956 | 9607774 | 435578185 | 8228741 | 10673684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 237687343 | 24613447 | 61802742 | 2630197 | 20611390 | 223739635 | 8881996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 104966203 | 15256853 | 29896167 | 4103503 | (9409302) | 85021090 | 1339565 | 9359741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 124831410 | 17742904 | 33032809 | 6802422 | (10646837) | 105697090 | 1463688 | 12132579 |
|  Nuveen Real Property Fund LP<sup>a</sup> | 283260936 | 12335635 | 10842270 | (3131362) | (15707777) | 265915162 | 28487919 |  |
|  | $6158508448 | $833764016 | $1280835277 | $111185350 | $95582656 | $5918205193 | $162754586 | $165805838 |

---

76.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2045 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $212389427 | $65346071 | $52972586 | $(2128903) | $4076507 | $226710516 | $10433118 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 364705694 | 59025933 | 54589208 | 8540318 | (16908949) | 360773788 | 5385776 | 34270964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 131513680 | 36504327 | 28670878 | (2903322) | 4272351 | 140716158 | 6815632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 366911656 | 49637692 | 78343684 | 7364446 | 14465416 | 360035526 | 4399291 | 18917065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 354423893 | 81141808 | 59010044 | 1684053 | (21948778) | 356290932 | 5696436 | 29548126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 19110596 | 5441019 | 4462107 | (8831) | 491362 | 20572039 | 1412198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 222993673 | 54061554 | 64657663 | (2434840) | 11690048 | 221652772 | 7879299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 434268355 | 20742889 | 94602780 | 18244789 | 39626795 | 418280048 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 20154412 | 5420848 | 4105819 | (13859) | 215811 | 21671393 | 1486837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 21050584 | 6933259 | 6102281 | (96984) | 958226 | 22742804 | 581594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 585525433 | 69487761 | 130770153 | 11966216 | 23117334 | 559326591 | 16326470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 346121880 | 40148637 | 60751647 | (1355486) | 11916099 | 336079483 | 6928024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 434446909 | 53348784 | 104755308 | 30055266 | 6912593 | 420008244 | 2816958 | 24402930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 351934811 | 53065418 | 65981475 | 5101162 | 11644673 | 355764589 | 6611819 | 8576338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 188416941 | 21565432 | 45396096 | 1439869 | 17512697 | 183538843 | 7146859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 83511581 | 12532174 | 22057229 | 3255968 | (7573969) | 69668525 | 1077600 | 7529354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 99316947 | 13936486 | 23657638 | 5047608 | (8176885) | 86466518 | 1172841 | 9721737 |
|  Nuveen Real Property Fund LP<sup>a</sup> | 204212687 | 17621928 | 12508205 | (3906676) | (9676399) | 195743335 | 20581813 |  |
|  | $4441009159 | $665962020 | $913394801 | $79850794 | $82614932 | $4356042104 | $106752565 | $132966514 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2050 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $92377656 | $40751494 | $38698349 | $(237347) | $1116803 | $95310257 | $4599078 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 301269264 | 49953165 | 37971511 | 5710050 | (13280438) | 305680530 | 4523143 | 28935867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 57279443 | 22498955 | 21327060 | (351359) | 950288 | 59050267 | 3012617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 302943434 | 40718652 | 56015102 | 4214102 | 13825210 | 305686296 | 3681472 | 15913240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 291835182 | 69315257 | 42045958 | 494382 | (17759886) | 301838977 | 4789640 | 24829928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 8319149 | 3403577 | 3363582 | 11766 | 194341 | 8565251 | 629581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 183636680 | 50299244 | 53103540 | (2801256) | 10226207 | 188257335 | 6688485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 357298670 | 21731764 | 72473020 | 13179878 | 34864680 | 354601972 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 8742392 | 3058113 | 2738859 | 2449 | 91218 | 9155313 | 655755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 9135013 | 4197375 | 4110389 | 19819 | 356780 | 9598598 | 258834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 483871786 | 66128225 | 105950814 | 5870314 | 23722614 | 473642125 | 13724255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 285730721 | 40111830 | 50567570 | (2088988) | 11031452 | 284217445 | 5824207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 359626037 | 46402542 | 80585456 | 17682696 | 12897294 | 356023113 | 2383412 | 20647181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 290691920 | 48180010 | 51232340 | 2017078 | 11764045 | 301420713 | 5567388 | 7221583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 155838095 | 20272617 | 37091420 | 750949 | 15192463 | 154962704 | 6009923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 68978896 | 10518366 | 16651303 | 2296952 | (6002526) | 59140385 | 911342 | 6367683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 82040817 | 11744075 | 17759697 | 3250984 | (5957117) | 73319062 | 990850 | 8213199 |
|  Nuveen Real Property Fund LP<sup>a</sup> | 160945252 | 19528824 | 12582143 | (4177957) | (6534844) | 157179132 | 16300491 |  |
|  | $3500560407 | $568814085 | $704268113 | $45844512 | $86698584 | $3497649475 | $80550473 | $112128681 |

---

77.0 ------

## Notes to Financial Statements (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2055 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $35142441 | $22191288 | $18751601 | $(91145) | $395025 | $38886008 | $1836358 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 153773771 | 34184244 | 19249576 | 1205162 | (5398312) | 164515289 | 2361564 | 15244039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 21768666 | 12118440 | 10020634 | (56367) | 274492 | 24084597 | 1201766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 154847847 | 27247605 | 27482849 | 1093703 | 8117986 | 163824292 | 1928745 | 8397687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 148418726 | 41052138 | 18447591 | (125557) | (9151991) | 161745725 | 2502787 | 13108749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 3161134 | 1584751 | 1349980 | 906 | 79864 | 3476675 | 251088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 93951862 | 30805713 | 27604264 | (1518745) | 5360975 | 100995541 | 3513224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 182373349 | 14804281 | 32783267 | 5886290 | 18987645 | 189268298 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 3337260 | 1748430 | 1381376 | (1264) | 36520 | 3739570 | 262430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 3470825 | 2280192 | 1986576 | 3489 | 143412 | 3911342 | 104218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 246921357 | 43929257 | 52757297 | 1101265 | 14684066 | 253878648 | 7228505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 145891467 | 28758708 | 26904060 | (1315593) | 6240004 | 152670526 | 3065081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 183410530 | 31087944 | 39428861 | 5375640 | 10526390 | 190971643 | 1254627 | 10868667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 148404416 | 29820068 | 23903374 | 353365 | 6736906 | 161411381 | 2927055 | 3796748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 79520416 | 12607966 | 17125268 | (248256) | 8695094 | 83449952 | 3167208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 35215143 | 6267605 | 7777083 | 746390 | (2785676) | 31666379 | 479879 | 3352984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 41876006 | 7321745 | 8391251 | 1093589 | (2627439) | 39272650 | 522662 | 4332374 |
|  Nuveen Real Property Fund LP<sup>a</sup> | 81032584 | 13828031 | 6300807 | (2356500) | (3023232) | 83180076 | 8269994 |  |
|  | $1762517800 | $361638406 | $341645715 | $11146372 | $57291729 | $1850948592 | $40877191 | $59101248 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2060 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $9842758 | $9860610 | $7355670 | $(52166) | $111128 | $12406660 | $570513 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 64809478 | 22009571 | 8328514 | (85508) | (1941078) | 76463949 | 1043967 | 6858036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 6101307 | 5465848 | 3907074 | (30169) | 76213 | 7706125 | 373352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 65642739 | 19944495 | 12733186 | 16651 | 3775798 | 76646497 | 857857 | 3816116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 62278337 | 24457028 | 7152806 | (360093) | (3992388) | 75230078 | 1110953 | 5919191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 884897 | 690729 | 469356 | (4331) | 27146 | 1129085 | 78024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 39693845 | 17174872 | 11528841 | (731903) | 2377478 | 46985451 | 1592898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 76825131 | 11406689 | 11209080 | 1554237 | 9290013 | 87866990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 931342 | 778868 | 521915 | (995) | 10691 | 1197991 | 81812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 973181 | 910649 | 684133 | (1127) | 45144 | 1243714 | 33082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 103807630 | 28389331 | 21730809 | (189282) | 7552448 | 117829318 | 3273663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 61606835 | 19079210 | 12504481 | (576934) | 2918935 | 70523565 | 1388645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 77237417 | 20698528 | 15868216 | 492070 | 6385723 | 88945522 | 566480 | 4907342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 62555817 | 19211014 | 9592218 | (100035) | 3137007 | 75211585 | 1321477 | 1714118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 33552681 | 7603309 | 6301978 | (235442) | 4042025 | 38660595 | 1438613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 14843832 | 4029856 | 3180704 | 40906 | (1017632) | 14716258 | 216494 | 1512678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 17649286 | 4276324 | 2906773 | 119320 | (870273) | 18267884 | 235946 | 1955771 |
|  Nuveen Real Property Fund LP<sup>a</sup> | 33695865 | 9349982 | 2672160 | (1061824) | (1149458) | 38162405 | 3492450 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$732932378 | $225336913 | $138647914 | $(1206625) | $30778920 | &nbsp;&nbsp;&nbsp;&nbsp;$849193672 | $17676226 | $26683252 |

---

78.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle 2065 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class W | $635532 | $2031077 | $1514724 | $(7652) | $9242 | $1153475 | $47419 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class W | 8100722 | 6896759 | 1872914 | (55534) | (315717) | 12753316 | 146767 | 982643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class W | 393646 | 1177170 | 854759 | (3997) | 5845 | 717905 | 31178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 8169619 | 6703117 | 2589372 | (76249) | 542911 | 12750026 | 121520 | 557824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 7788700 | 7368428 | 1975484 | (85865) | (584475) | 12511304 | 157469 | 850637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt, Class W | 57126 | 154957 | 108255 | (743) | 2631 | 105716 | 6451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class W | 4988599 | 4510703 | 1928865 | (84132) | 319179 | 7805484 | 228297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 9615927 | 4854564 | 1401483 | 9556 | 1422825 | 14501389 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Yield, Class W | 60318 | 167934 | 118603 | (482) | 987 | 110154 | 6826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bond, Class W | 62630 | 196008 | 147127 | (546) | 3625 | 114590 | 2913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class W | 12932219 | 9655782 | 4296781 | (71364) | 1371090 | 19590946 | 468509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class W | 7693778 | 6283561 | 2656341 | (72475) | 466732 | 11715255 | 199851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class W | 9655831 | 8050145 | 3674291 | (34170) | 942611 | 14940126 | 80888 | 700725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class W | 7822425 | 6269691 | 1980573 | (37102) | 433800 | 12508241 | 188881 | 245002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class W | 4196524 | 2774312 | 1197047 | (24630) | 674340 | 6423499 | 205851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class W | 1856160 | 1294055 | 542821 | (17355) | (142594) | 2447445 | 31033 | 216835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class W | 2206131 | 1548431 | 596056 | (13193) | (107187) | 3038126 | 33661 | 279022 |
|  Nuveen Real Property Fund LP<sup>a</sup> | 4155605 | 2791179 | 414638 | (163145) | (101910) | 6267091 | 448731 |  |
|  | $90391492 | $72727873 | $27870134 | $(739078) | $4943935 | &nbsp;&nbsp;&nbsp;&nbsp;$139454088 | $2406245 | &nbsp;&nbsp;&nbsp;&nbsp;$3832688 |

---

a Restricted security

9. Borrowing Arrangements

Line of Credit: The Funds participated in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The facility was entered into on June 13, 2023, and expired on June 11, 2024. Certain affiliated accounts, each of which is managed by the Adviser, or an affiliate of the Adviser, also participated in this facility. An annual commitment fee for the credit facility was borne by the participating accounts on a pro rata basis. Interest associated with any borrowing under the facility was charged to the borrowing accounts at a specified rate of interest. The Funds were not liable for borrowings under the facility by other affiliated accounts. There were no borrowings under this credit facility by the Funds during the current fiscal period. On June 11, 2024, the Funds' credit facility expired, and the Funds have not entered into another credit facility.

79.0 ------

## Important Tax Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

#### Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

---

| | |
|:---|:---|
| Fund | Net Long-Term<br> Capital Gains |
|  Lifecycle Retirement Income | $1364397 |
|  Lifecycle 2010 | 15154514 |
|  Lifecycle 2015 | 7232378 |
|  Lifecycle 2020 | 30704926 |
|  Lifecycle 2025 | 64900357 |
|  Lifecycle 2030 | 78368774 |
|  Lifecycle 2035 | 80821775 |
|  Lifecycle 2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100337362 |
|  Lifecycle 2045 | 72614513 |
|  Lifecycle 2050 | 58336346 |
|  Lifecycle 2055 | 33325959 |
|  Lifecycle 2060 | 12324989 |
|  Lifecycle 2065 | 1637313 |

---

#### Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

---

| | |
|:---|:---|
| Fund | Percentage |
|  Lifecycle Retirement Income | 8.1% |
|  Lifecycle 2010 | 7.0 |
|  Lifecycle 2015 | 7.9 |
|  Lifecycle 2020 | 9.3 |
|  Lifecycle 2025 | 11.1 |
|  Lifecycle 2030 | 13.9 |
|  Lifecycle 2035 | 17.6 |
|  Lifecycle 2040 | 22.6 |
|  Lifecycle 2045 | 26.5 |
|  Lifecycle 2050 | 29.7 |
|  Lifecycle 2055 | 30.7 |
|  Lifecycle 2060 | 32.8 |
|  Lifecycle 2065 | 35.6 |

---

#### Qualified Dividend Income (QDI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

---

| | |
|:---|:---|
| Fund | Percentage |
|  Lifecycle Retirement Income | 15.9% |
|  Lifecycle 2010 | 13.7 |
|  Lifecycle 2015 | 15.5 |
|  Lifecycle 2020 | 18.0 |
|  Lifecycle 2025 | 21.6 |
|  Lifecycle 2030 | 27.3 |
|  Lifecycle 2035 | 34.5 |
|  Lifecycle 2040 | 44.5 |
|  Lifecycle 2045 | 52.3 |
|  Lifecycle 2050 | 58.6 |
|  Lifecycle 2055 | 60.9 |
|  Lifecycle 2060 | 65.7 |
|  Lifecycle 2065 | 72.3 |

---

80.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Foreign Source Income and Foreign Tax Credit Pass Through
Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Foreign<br>Source Income | Foreign<br>Source Income<br> Per Share | Qualifying<br>Foreign<br> Taxes Paid | Qualifying<br>Foreign Taxes<br> Paid per Share |
|  Lifecycle Retirement Income | $1205490 | $0.03537 | $163022 | $0.00478 |
|  Lifecycle 2010 | 2134986 | 0.03374 | 279766 | 0.00442 |
|  Lifecycle 2015 | 3336304 | 0.03408 | 435350 | 0.00445 |
|  Lifecycle 2020 | 8075146 | 0.03977 | 1058397 | 0.00521 |
|  Lifecycle 2025 | 14596860 | 0.04669 | 1926958 | 0.00616 |
|  Lifecycle 2030 | 21419174 | 0.05489 | 2850815 | 0.00731 |
|  Lifecycle 2035 | 27264226 | 0.06586 | 3631385 | 0.00877 |
|  Lifecycle 2040 | 39560219 | 0.08054 | 5275119 | 0.01074 |
|  Lifecycle 2045 | 31655224 | 0.10576 | 4243163 | 0.01418 |
|  Lifecycle 2050 | 26718541 | 0.11513 | 3573992 | 0.01540 |
|  Lifecycle 2055 | 14012915 | 0.13545 | 1881546 | 0.01819 |
|  Lifecycle 2060 | 6244876 | 0.11457 | 853198 | 0.01565 |
|  Lifecycle 2065 | 877762 | 0.08500 | 122239 | 0.01184 |

---

------

## Report of Independent Registered Public Accounting Firm
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

To the Board of Trustees of TIAA-CREF Funds and Shareholders of Nuveen Lifecycle Index Retirement Income Fund, Nuveen Lifecycle Index 2010 Fund, Nuveen Lifecycle Index 2015 Fund, Nuveen Lifecycle Index 2020 Fund, Nuveen Lifecycle Index 2025 Fund, Nuveen Lifecycle Index 2030 Fund, Nuveen Lifecycle Index 2035 Fund, Nuveen Lifecycle Index 2040 Fund, Nuveen Lifecycle Index 2045 Fund, Nuveen Lifecycle Index 2050 Fund, Nuveen Lifecycle Index 2055 Fund, Nuveen Lifecycle Index 2060 Fund and Nuveen Lifecycle Index 2065 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Lifecycle Index Retirement Income Fund, Nuveen Lifecycle Index 2010 Fund, Nuveen Lifecycle Index 2015 Fund, Nuveen Lifecycle Index 2020 Fund, Nuveen Lifecycle Index 2025 Fund, Nuveen Lifecycle Index 2030 Fund, Nuveen Lifecycle Index 2035 Fund, Nuveen Lifecycle Index 2040 Fund, Nuveen Lifecycle Index 2045 Fund, Nuveen Lifecycle Index 2050 Fund, Nuveen Lifecycle Index 2055 Fund, Nuveen Lifecycle Index 2060 Fund and Nuveen Lifecycle Index 2065 Fund (thirteen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the "Funds") as of May 31, 2025, the related statements of operations for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

July 28, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

4.0 ------

## Portfolio of Investments May 31, 2025
Lifecycle Index Retirement Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.6%(a) |  |  |  |
|  | FIXED INCOME—39.4% |  |  |  |
| 31770094 | Nuveen Bond Index Fund, Class W |  |  | $304039798 |
|  | TOTAL FIXED INCOME |  |  | 304039798 |
|  | INFLATION-PROTECTED ASSETS—9.9% |  |  |  |
| 7041627 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 76119986 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 76119986 |
|  | INTERNATIONAL EQUITY—14.1% |  |  |  |
| 2868527 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 33647817 |
| 2901224 | Nuveen International Equity Index Fund, Class W |  |  | 75054666 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 108702483 |
|  | SHORT-TERM FIXED INCOME—9.8% |  |  |  |
| 7879473 | Nuveen Short Term Bond Index Fund, Class W |  |  | 76036914 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 76036914 |
|  | U.S. EQUITY—26.4% |  |  |  |
| 4941735 | Nuveen Equity Index Fund, Class W |  |  | 203994808 |
|  | TOTAL U.S. EQUITY |  |  | 203994808 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $642,588,586) |  |  | 768893989 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $1041000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 1041000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 1041000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $1,041,000) |  |  | 1041000 |
|  | TOTAL INVESTMENTS—99.7%<br> (Cost $643,629,586) |  |  | 769934989 |
|  | OTHER ASSETS & LIABILITIES, NET—0.3% |  |  | 2697527 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772632516 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $1,041,370 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 1/15/30, valued at $1,061,920.

See Notes to Financial Statements 5

------

Lifecycle Index 2010

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | FIXED INCOME—39.6% |  |  |  |
| 27224191 | Nuveen Bond Index Fund, Class W |  |  | $260535505 |
|  | TOTAL FIXED INCOME |  |  | 260535505 |
|  | INFLATION-PROTECTED ASSETS—9.9% |  |  |  |
| 6033484 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 65221958 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 65221958 |
|  | INTERNATIONAL EQUITY—12.4% |  |  |  |
| 2157319 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 25305350 |
| 2181997 | Nuveen International Equity Index Fund, Class W |  |  | 56448252 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 81753602 |
|  | SHORT-TERM FIXED INCOME—14.7% |  |  |  |
| 10047713 | Nuveen Short Term Bond Index Fund, Class W |  |  | 96960435 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 96960435 |
|  | U.S. EQUITY—23.3% |  |  |  |
| 3716694 | Nuveen Equity Index Fund, Class W |  |  | 153425112 |
|  | TOTAL U.S. EQUITY |  |  | 153425112 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $532,061,721) |  |  | 657896612 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.2% |  |  |  |
|  | REPURCHASE AGREEMENT—0.2% |  |  |  |
| $1401000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 1401000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 1401000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $1,401,000) |  |  | 1401000 |
|  | TOTAL INVESTMENTS—100.1%<br> (Cost $533,462,721) |  |  | 659297612 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.1)% |  |  | (984673) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658312939 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $1,401,497 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 1/15/30, valued at $1,429,078.

6 *See Notes to Financial Statements*

------

Lifecycle Index 2015

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—100.0%(a) |  |  |  |
|  | FIXED INCOME—39.5% |  |  |  |
| 41366929 | Nuveen Bond Index Fund, Class W |  |  | $395881508 |
|  | TOTAL FIXED INCOME |  |  | 395881508 |
|  | INFLATION-PROTECTED ASSETS—9.9% |  |  |  |
| 9130313 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 98698685 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 98698685 |
|  | INTERNATIONAL EQUITY—14.2% |  |  |  |
| 3750383 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 43991988 |
| 3793215 | Nuveen International Equity Index Fund, Class W |  |  | 98130474 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 142122462 |
|  | SHORT-TERM FIXED INCOME—9.8% |  |  |  |
| 10216608 | Nuveen Short Term Bond Index Fund, Class W |  |  | 98590267 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 98590267 |
|  | U.S. EQUITY—26.6% |  |  |  |
| 6461124 | Nuveen Equity Index Fund, Class W |  |  | 266715179 |
|  | TOTAL U.S. EQUITY |  |  | 266715179 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $775,903,084) |  |  | 1002008101 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $992000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 992000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 992000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $992,000) |  |  | 992000 |
|  | TOTAL INVESTMENTS—100.1%<br> (Cost $776,895,084) |  |  | 1003000101 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.1)% |  |  | (510226) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002489875 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $992,352 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 1/15/30, valued at $1,011,895.

See Notes to Financial Statements 7

------

Lifecycle Index 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—100.0%(a) |  |  |  |
|  | FIXED INCOME—38.5% |  |  |  |
| 121030730 | Nuveen Bond Index Fund, Class W |  |  | $1158264084 |
|  | TOTAL FIXED INCOME |  |  | 1158264084 |
|  | INFLATION-PROTECTED ASSETS—7.9% |  |  |  |
| 21891366 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 236645669 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 236645669 |
|  | INTERNATIONAL EQUITY—15.9% |  |  |  |
| 12655598 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 148450166 |
| 12799759 | Nuveen International Equity Index Fund, Class W |  |  | 331129768 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 479579934 |
|  | SHORT-TERM FIXED INCOME—7.8% |  |  |  |
| 24497605 | Nuveen Short Term Bond Index Fund, Class W |  |  | 236401887 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 236401887 |
|  | U.S. EQUITY—29.9% |  |  |  |
| 21802156 | Nuveen Equity Index Fund, Class W |  |  | 899993019 |
|  | TOTAL U.S. EQUITY |  |  | 899993019 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $2,327,558,799) |  |  | 3010884593 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $3160000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 3160000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 3160000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $3,160,000) |  |  | 3160000 |
|  | TOTAL INVESTMENTS—100.1%<br> (Cost $2,330,718,799) |  |  | 3014044593 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.1)% |  |  | (3511544) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010533049 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $3,161,122 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $3,223,222.

8 *See Notes to Financial Statements*

------

Lifecycle Index 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | FIXED INCOME—37.3% |  |  |  |
| 235244237 | Nuveen Bond Index Fund, Class W |  |  | $2251287349 |
|  | TOTAL FIXED INCOME |  |  | 2251287349 |
|  | INFLATION-PROTECTED ASSETS—5.9% |  |  |  |
| 32751796 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 354046919 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 354046919 |
|  | INTERNATIONAL EQUITY—17.7% |  |  |  |
| 28137725 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 330055510 |
| 28457729 | Nuveen International Equity Index Fund, Class W |  |  | 736201441 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 1066256951 |
|  | SHORT-TERM FIXED INCOME—5.9% |  |  |  |
| 36646811 | Nuveen Short Term Bond Index Fund, Class W |  |  | 353641730 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 353641730 |
|  | U.S. EQUITY—33.1% |  |  |  |
| 48472438 | Nuveen Equity Index Fund, Class W |  |  | 2000942246 |
|  | TOTAL U.S. EQUITY |  |  | 2000942246 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $4,645,628,886) |  |  | 6026175195 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $6633000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 6633000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 6633000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $6,633,000) |  |  | 6633000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $4,652,261,886) |  |  | 6032808195 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.0)% |  |  | (2533380) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030274815 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $6,635,355 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/31, valued at $6,765,713.

See Notes to Financial Statements 9

------

Lifecycle Index 2030

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | FIXED INCOME—33.3% |  |  |  |
| 307193594 | Nuveen Bond Index Fund, Class W |  |  | $2939842691 |
|  | TOTAL FIXED INCOME |  |  | 2939842691 |
|  | INFLATION-PROTECTED ASSETS—3.9% |  |  |  |
| 31744183 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 343154615 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 343154615 |
|  | INTERNATIONAL EQUITY—20.4% |  |  |  |
| 47575654 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 558062420 |
| 48163800 | Nuveen International Equity Index Fund, Class W |  |  | 1245997509 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 1804059929 |
|  | SHORT-TERM FIXED INCOME—3.9% |  |  |  |
| 35541457 | Nuveen Short Term Bond Index Fund, Class W |  |  | 342975061 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 342975061 |
|  | U.S. EQUITY—38.4% |  |  |  |
| 81982814 | Nuveen Equity Index Fund, Class W |  |  | 3384250543 |
|  | TOTAL U.S. EQUITY |  |  | 3384250543 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $6,627,948,684) |  |  | 8814282839 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $14015000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 14015000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 14015000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $14,015,000) |  |  | 14015000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $6,641,963,684) |  |  | 8828297839 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.0)% |  |  | (1438885) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826858954 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $14,019,975 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $14,295,367.

10 *See Notes to Financial Statements*

------

Lifecycle Index 2035

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | FIXED INCOME—29.2% |  |  |  |
| 294501953 | Nuveen Bond Index Fund, Class W |  |  | $2818383687 |
|  | TOTAL FIXED INCOME |  |  | 2818383687 |
|  | INFLATION-PROTECTED ASSETS—1.9% |  |  |  |
| 17092688 | Nuveen Inflation Linked Bond Fund, Class W |  |  | 184771953 |
|  | TOTAL INFLATION-PROTECTED ASSETS |  |  | 184771953 |
|  | INTERNATIONAL EQUITY—23.2% |  |  |  |
| 59139256 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 693703470 |
| 59794349 | Nuveen International Equity Index Fund, Class W |  |  | 1546879811 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 2240583281 |
|  | SHORT-TERM FIXED INCOME—1.9% |  |  |  |
| 19134532 | Nuveen Short Term Bond Index Fund, Class W |  |  | 184648230 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 184648230 |
|  | U.S. EQUITY—43.6% |  |  |  |
| 101857668 | Nuveen Equity Index Fund, Class W |  |  | 4204684542 |
|  | TOTAL U.S. EQUITY |  |  | 4204684542 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $7,005,474,440) |  |  | 9633071693 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.2% |  |  |  |
|  | REPURCHASE AGREEMENT—0.2% |  |  |  |
| $13790000<br> (b) | Fixed Income Clearing Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.260% | 06/02/25 | 13790000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 13790000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $13,790,000) |  |  | 13790000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $7,019,264,440) |  |  | 9646861693 |
|  | OTHER ASSETS & LIABILITIES, NET—0.0% |  |  | 2414884 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9649276577 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $13,794,895 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $14,065,850.

See Notes to Financial Statements 11

------

Lifecycle Index 2040

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | FIXED INCOME—21.3% |  |  |  |
| 227278720 | Nuveen Bond Index Fund, Class W |  |  | $2175057354 |
|  | TOTAL FIXED INCOME |  |  | 2175057354 |
|  | INTERNATIONAL EQUITY—27.3% |  |  |  |
| 73585712 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 863160406 |
| 74359012 | Nuveen International Equity Index Fund, Class W |  |  | 1923667628 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 2786828034 |
|  | U.S. EQUITY—51.2% |  |  |  |
| 126676764 | Nuveen Equity Index Fund, Class W |  |  | 5229216814 |
|  | TOTAL U.S. EQUITY |  |  | 5229216814 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $6,948,609,278) |  |  | 10191102202 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.2% |  |  |  |
|  | REPURCHASE AGREEMENT—0.2% |  |  |  |
| $14070000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 14070000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 14070000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $14,070,000) |  |  | 14070000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $6,962,679,278) |  |  | 10205172202 |
|  | OTHER ASSETS & LIABILITIES, NET—0.0% |  |  | 1774895 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10206947097 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $14,074,995 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $14,351,422.

12 *See Notes to Financial Statements*

------

Lifecycle Index 2045

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | FIXED INCOME—13.6% |  |  |  |
| 124618296 | Nuveen Bond Index Fund, Class W |  |  | $1192597095 |
|  | TOTAL FIXED INCOME |  |  | 1192597095 |
|  | INTERNATIONAL EQUITY—30.0% |  |  |  |
| 69639497 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 816871300 |
| 70372832 | Nuveen International Equity Index Fund, Class W |  |  | 1820545161 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 2637416461 |
|  | U.S. EQUITY—56.2% |  |  |  |
| 119815497 | Nuveen Equity Index Fund, Class W |  |  | 4945983702 |
|  | TOTAL U.S. EQUITY |  |  | 4945983702 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $6,032,862,517) |  |  | 8775997258 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.2% |  |  |  |
|  | REPURCHASE AGREEMENT—0.2% |  |  |  |
| $14945000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 14945000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 14945000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $14,945,000) |  |  | 14945000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $6,047,807,517) |  |  | 8790942258 |
|  | OTHER ASSETS & LIABILITIES, NET—0.0% |  |  | 1638774 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8792581032 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $14,950,305 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $15,243,982.

See Notes to Financial Statements 13

------

Lifecycle Index 2050

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | FIXED INCOME—9.7% |  |  |  |
| 77112729 | Nuveen Bond Index Fund, Class W |  |  | $737968816 |
|  | TOTAL FIXED INCOME |  |  | 737968816 |
|  | INTERNATIONAL EQUITY—31.3% |  |  |  |
| 62855228 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 737291829 |
| 63540444 | Nuveen International Equity Index Fund, Class W |  |  | 1643791276 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 2381083105 |
|  | U.S. EQUITY—58.8% |  |  |  |
| 108172275 | Nuveen Equity Index Fund, Class W |  |  | 4465351510 |
|  | TOTAL U.S. EQUITY |  |  | 4465351510 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $5,243,391,321) |  |  | 7584403431 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $10297000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 10297000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 10297000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $10,297,000) |  |  | 10297000 |
|  | TOTAL INVESTMENTS—99.9%<br> (Cost $5,253,688,321) |  |  | 7594700431 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% |  |  | 3802173 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7598502604 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $10,300,655 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $10,502,974.

14 *See Notes to Financial Statements*

------

Lifecycle Index 2055

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | FIXED INCOME—8.5% |  |  |  |
| 42359678 | Nuveen Bond Index Fund, Class W |  |  | $405382122 |
|  | TOTAL FIXED INCOME |  |  | 405382122 |
|  | INTERNATIONAL EQUITY—31.8% |  |  |  |
| 39985390 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 469028621 |
| 40379207 | Nuveen International Equity Index Fund, Class W |  |  | 1044610076 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 1513638697 |
|  | U.S. EQUITY—59.5% |  |  |  |
| 68779519 | Nuveen Equity Index Fund, Class W |  |  | 2839218526 |
|  | TOTAL U.S. EQUITY |  |  | 2839218526 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $3,462,083,834) |  |  | 4758239345 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.2% |  |  |  |
|  | REPURCHASE AGREEMENT—0.2% |  |  |  |
| $8420000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 8420000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 8420000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $8,420,000) |  |  | 8420000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $3,470,503,834) |  |  | 4766659345 |
|  | OTHER ASSETS & LIABILITIES, NET—0.0% |  |  | 2000228 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768659573 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $8,422,989 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 4/15/26, valued at $8,588,402.

See Notes to Financial Statements 15

------

Lifecycle Index 2060

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | FIXED INCOME—7.3% |  |  |  |
| 21260838 | Nuveen Bond Index Fund, Class W |  |  | $203466221 |
|  | TOTAL FIXED INCOME |  |  | 203466221 |
|  | INTERNATIONAL EQUITY—32.2% |  |  |  |
| 23712768 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 278150768 |
| 23935102 | Nuveen International Equity Index Fund, Class W |  |  | 619201078 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 897351846 |
|  | U.S. EQUITY—60.3% |  |  |  |
| 40751431 | Nuveen Equity Index Fund, Class W |  |  | 1682219082 |
|  | TOTAL U.S. EQUITY |  |  | 1682219082 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $2,137,134,610) |  |  | 2783037149 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.2% |  |  |  |
|  | REPURCHASE AGREEMENT—0.2% |  |  |  |
| $6263000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 6263000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 6263000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $6,263,000) |  |  | 6263000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $2,143,397,610) |  |  | 2789300149 |
|  | OTHER ASSETS & LIABILITIES, NET—0.0% |  |  | 848781 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790148930 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $6,265,223 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 7/15/32, valued at $6,388,302.

16 *See Notes to Financial Statements*

------

Lifecycle Index 2065

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.6%(a) |  |  |  |
|  | FIXED INCOME—6.1% |  |  |  |
| 3912036 | Nuveen Bond Index Fund, Class W |  |  | $37438185 |
|  | TOTAL FIXED INCOME |  |  | 37438185 |
|  | INTERNATIONAL EQUITY—32.5% |  |  |  |
| 5275117 | Nuveen Emerging Markets Equity Index Fund, Class W |  |  | 61877119 |
| 5327748 | Nuveen International Equity Index Fund, Class W |  |  | 137828838 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 199705957 |
|  | U.S. EQUITY—61.0% |  |  |  |
| 9058251 | Nuveen Equity Index Fund, Class W |  |  | 373924587 |
|  | TOTAL U.S. EQUITY |  |  | 373924587 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $523,023,229) |  |  | 611068729 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.4% |  |  |  |
|  | REPURCHASE AGREEMENT—0.4% |  |  |  |
| $2382000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 2382000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 2382000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $2,382,000) |  |  | 2382000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $525,405,229) |  |  | 613450729 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.0)% |  |  | (202222) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613248507 |

---

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $2,382,846 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $2,429,724.

See Notes to Financial Statements 17

------

## Statement of Assets and Liabilities
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| May 31, 2025 | Lifecycle Index<br> Retirement Income | Lifecycle Index 2010 | Lifecycle Index 2015 | Lifecycle Index 2020 |
|  ASSETS |  |  |  |  |
|  Affiliated investments, at value<sup>‡</sup> | $768893989 | $657896612 | $1002008101 | $3010884593 |
|  Short-term investments, at value<sup>#</sup> | 1041000 | 1401000 | 992000 | 3160000 |
|  Cash |  | 102 | 293 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1239402 | 1182186 | 1615237 | 4536878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 246 | 332 | 235 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5596714 | 4729241 | 7795450 | 24026231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from Adviser | 73063 | 71223 | 93843 | 228076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3346957 | 89786 | 113108 | 583094 |
|  Other | 24476 | 42839 | 74462 | 156860 |
|  Total assets | 780215847 | 665413321 | 1012692729 | 3043576480 |
|  LIABILITIES |  |  |  |  |
|  Due to affiliates | 9617 | 9458 | 10291 | 14803 |
|  Cash overdraft | 308 |  |  | 113 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 110484 | 95035 | 144194 | 423482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased — regular settlement | 7027692 | 6578289 | 9296272 | 28417499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 348179 | 310149 | 594166 | 3855697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service agreement fees | 7942 | 9306 | 14517 | 35499 |
|  Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 3240 | 3236 | 3257 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 139 | 128 | 205 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 24920 | 25731 | 33288 | 71111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 9295 | 7888 | 8422 | 10996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 26033 | 44260 | 76808 | 163810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution and service fees | 432 | 2419 | 3578 | 9267 |
|  Other | 15050 | 14483 | 17856 | 37293 |
|  Total liabilities | 7583331 | 7100382 | 10202854 | 33043431 |
|  Net assets | $772632516 | $658312939 | $1002489875 | $3010533049 |
|  NET ASSETS CONSIST OF: |  |  |  |  |
|  Paid-in capital | $676330173 | $552151341 | $801499898 | $2383587298 |
|  Total distributable earnings (loss) | 96302343 | 106161598 | 200989977 | 626945751 |
|  Net assets | $772632516 | $658312939 | $1002489875 | $3010533049 |
|  <sup>‡</sup> Affiliated investments, cost | $642588586 | $532061721 | $775903084 | $2327558799 |
|  <sup>#</sup> Short-term investments, cost | $1041000 | $1401000 | $992000 | $3160000 |
|  CLASS I: |  |  |  |  |
|  Net assets | $2319635 | $1268340 | $1804960 | $10377291 |
|  Shares outstanding | 140636 | 75096 | 102219 | 529892 |
|  Net asset value ("NAV") and offering price per share | $16.49 | $16.89 | $17.66 | $19.58 |
|  PREMIER CLASS: |  |  |  |  |
|  Net assets | $3428923 | $19178077 | $28253700 | $73532346 |
|  Shares outstanding | 207968 | 1141675 | 1609761 | 3774396 |
|  NAV and offering price per share | $16.49 | $16.80 | $17.55 | $19.48 |
|  CLASS R6: |  |  |  |  |
|  Net assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729237392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593657768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903167710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758073073 |
|  Shares outstanding | 44181305 | 35197528 | 51179255 | 140744922 |
|  NAV and offering price per share | $16.51 | $16.87 | $17.65 | $19.60 |
|  RETIREMENT CLASS: |  |  |  |  |
|  Net assets | $37646566 | $44208754 | $69263505 | $168550339 |
|  Shares outstanding | 2286259 | 2648694 | 3960231 | 8684800 |
|  NAV and offering price per share | $16.47 | $16.69 | $17.49 | $19.41 |
|  Authorized shares — per class | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value per share | $0.0001 | $0.0001 | $0.0001 | $0.0001 |

---

18 *See Notes to Financial Statements*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Lifecycle Index 2025 | Lifecycle Index 2030 | Lifecycle Index 2035 | Lifecycle Index 2040 | Lifecycle Index 2045 | Lifecycle Index 2050 |
| $6026175195 | $8814282839 | $9633071693 | $10191102202 | $8775997258 | $7584403431 |
| 6633000 | 14015000 | 13790000 | 14070000 | 14945000 | 10297000 |
| 677 | 1209 | 1704 | 1351 | 689 | 490 |
| 8417962 | 10483436 | 9482851 | 6769021 | 3695941 | 2287285 |
| 1570 | 3317 | 3264 | 3330 | 3537 | 2437 |
| 49870287 | 69707844 | 73700632 | 57952175 | 35054508 | 25788272 |
| 404208 | 545814 | 561013 | 551105 | 479769 | 414750 |
| 3256657 | 7410557 | 9020031 | 9309514 | 10822879 | 8741622 |
| 213736 | 247528 | 240766 | 260167 | 175932 | 139707 |
| 6094973292 | 8916697544 | 9739871954 | 10280018865 | 8841175513 | 7632074994 |
| 21536 | 27255 | 28767 | 29972 | 26779 | 24106 |
| 826898 | 1170593 | 1240880 | 1269177 | 1082994 | 932070 |
| 58348733 | 84707406 | 86717059 | 68149175 | 44667321 | 30628436 |
| 4996946 | 3306212 | 1979844 | 2970937 | 2302843 | 1552333 |
| 67592 | 91615 | 86699 | 84117 | 71712 | 60466 |
| 3260 | 3239 | 3256 | 3254 | 3246 | 3245 |
| 1224 | 1729 | 1864 | 1976 | 1688 | 1445 |
| 114730 | 142416 | 147661 | 156546 | 140138 | 128808 |
| 12808 | 14832 | 14084 | 14651 | 14161 | 14237 |
| 227330 | 266146 | 260545 | 280988 | 193479 | 154610 |
| 17128 | 22969 | 28067 | 28149 | 20789 | 14700 |
| 60292 | 84178 | 86651 | 82826 | 69331 | 57934 |
| 64698477 | 89838590 | 90595377 | 73071768 | 48594481 | 33572390 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030274815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826858954 | $9649276577 | $10206947097 | $8792581032 | $7598502604 |
| $4744114969 | $6759188226 | $7151495110 | $7102485240 | $6164659256 | $5358027730 |
| 1286159846 | 2067670728 | 2497781467 | 3104461857 | 2627921776 | 2240474874 |
| $6030274815 | $8826858954 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9649276577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10206947097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8792581032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7598502604 |
| $4645628886 | $6627948684 | $7005474440 | $6948609278 | $6032862517 | $5243391321 |
| $6633000 | $14015000 | $13790000 | $14070000 | $14945000 | $10297000 |
| $25649920 | $47719227 | $38353454 | $39039306 | $40893540 | $32203639 |
| 1156222 | 1897361 | 1373005 | 1273414 | 1263420 | 974200 |
| $22.18 | $25.15 | $27.93 | $30.66 | $32.37 | $33.06 |
| $136156302 | $182901141 | $223982063 | $225219233 | $166235605 | $118135802 |
| 6159317 | 7307879 | 8059926 | 7388342 | 5157360 | 3591361 |
| $22.11 | $25.03 | $27.79 | $30.48 | $32.23 | $32.89 |
| $5549726587 | $8158760484 | $8972458231 | $9541207322 | $8243473139 | $7159904702 |
| 249791911 | 323979486 | 320757424 | 310949699 | 254266667 | 216279687 |
| $22.22 | $25.18 | $27.97 | $30.68 | $32.42 | $33.10 |
| $318742006 | $437478102 | $414482829 | $401481236 | $341978748 | $288258461 |
| 14497290 | 17561286 | 14984544 | 13223697 | 10666510 | 8811212 |
| $21.99 | $24.91 | $27.66 | $30.36 | $32.06 | $32.71 |
| Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| $0.0001 | $0.0001 | $0.0001 | $0.0001 | $0.0001 | $0.0001 |

---

------

## Statement of Assets and Liabilities (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| May 31, 2025 | Lifecycle Index 2055 | Lifecycle Index 2060 | Lifecycle Index 2065 |
|  ASSETS |  |  |  |
|  Affiliated investments, at value<sup>‡</sup> | $4758239345 | $2783037149 | $611068729 |
|  Short-term investments, at value<sup>#</sup> | 8420000 | 6263000 | 2382000 |
|  Cash | 544 | 144 |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1252210 | 625691 | 113035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1993 | 1482 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 15192350 | 7803235 | 1297041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from Adviser | 276255 | 175489 | 62624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7940519 | 5505929 | 1845733 |
|  Other | 68425 | 30533 | 18023 |
|  Total assets | 4791391641 | 2803442652 | 616787749 |
|  LIABILITIES |  |  |  |
|  Due to affiliates | 17982 | 13734 | 9158 |
|  Cash overdraft |  |  | 364 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 582969 | 339853 | 73687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased — regular settlement | 20017406 | 11864183 | 3172073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 1835127 | 890319 | 220404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service agreement fees | 36395 | 20053 | 3130 |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 3278 | 3259 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 892 | 509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 100391 | 84243 | 34395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 13413 | 12654 | 3628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 77441 | 35579 | 4156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution and service fees | 6748 | 4651 | 575 |
|  Other | 40026 | 24685 | 14419 |
|  Total liabilities | 22732068 | 13293722 | 3539242 |
|  Net assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768659573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790148930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613248507 |
|  NET ASSETS CONSIST OF: |  |  |  |
|  Paid-in capital | $3531526321 | $2177323983 | $528254511 |
|  Total distributable earnings (loss) | 1237133252 | 612824947 | 84993996 |
|  Net assets | $4768659573 | $2790148930 | $613248507 |
|  <sup>‡</sup> Affiliated investments, cost | $3462083834 | $2137134610 | $523023229 |
|  <sup>#</sup> Short-term investments, cost | $8420000 | $6263000 | $2382000 |
|  CLASS I: |  |  |  |
|  Net assets | $30007675 | $19422452 | $6481086 |
|  Shares outstanding | 1121314 | 933720 | 439772 |
|  Net asset value ("NAV") and offering price per share | $26.76 | $20.80 | $14.74 |
|  PREMIER CLASS: |  |  |  |
|  Net assets | $54408303 | $37516668 | $4708844 |
|  Shares outstanding | 2038086 | 1808308 | 320020 |
|  NAV and offering price per share | $26.70 | $20.75 | $14.71 |
|  CLASS R6: |  |  |  |
|  Net assets | $4510607248 | $2636943588 | $586753094 |
|  Shares outstanding | 168331669 | 126701622 | 39315495 |
|  NAV and offering price per share | $26.80 | $20.81 | $14.92 |
|  RETIREMENT CLASS: |  |  |  |
|  Net assets | $173636347 | $96266222 | $15305483 |
|  Shares outstanding | 6524917 | 4652380 | 1039769 |
|  NAV and offering price per share | $26.61 | $20.69 | $14.72 |
|  Authorized shares — per class | Unlimited | Unlimited | Unlimited |
|  Par value per share | $0.0001 | $0.0001 | $0.0001 |

---

20 *See Notes to Financial Statements*

------

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------

## Statement of Operations
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year Ended May 31, 2025 | Lifecycle Index<br>Retirement Income | Lifecycle Index<br>2010 | Lifecycle Index<br>2015 | Lifecycle Index<br>2020 | Lifecycle Index<br>2025 |
|  INVESTMENT INCOME |  |  |  |  |  |
|  Dividends from affiliated investments | $21862178 | $20490023 | $31505256 | $90054347 | $170987034 |
|  Interest | 45815 | 31695 | 38900 | 101163 | 238124 |
|  Total investment income | 21907993 | 20521718 | 31544156 | 90155510 | 171225158 |
|  EXPENSES |  |  |  |  |  |
|  Management fees | 1238918 | 1110285 | 1768166 | 5125874 | 9875884 |
|  12b-1 distribution and service fees — Premier Class | 5028 | 28064 | 43044 | 109309 | 201099 |
|  Shareholder servicing agent fees — Class I | 105 | 107 | 143 | 751 | 1055 |
|  Shareholder servicing agent fees — Premier Class | 182 | 145 | 158 | 249 | 371 |
|  Shareholder servicing agent fees — Class R6 | 47896 | 41519 | 44319 | 55950 | 63484 |
|  Shareholder servicing agent fees — Retirement Class | 90938 | 121564 | 188898 | 456932 | 866035 |
|  Administrative service fees | 37806 | 37198 | 40495 | 58075 | 84707 |
|  Trustees fees | 11982 | 10637 | 17255 | 51311 | 102113 |
|  Custodian expenses | 7664 | 7670 | 7701 | 7694 | 7724 |
|  Overdraft expense | 18264 | 5485 | 9946 | 10393 | 10049 |
|  Professional fees | 15864 | 15805 | 16120 | 17815 | 20391 |
|  Registration fees | 68582 | 68312 | 67783 | 72828 | 78650 |
|  Shareholder reporting expenses | 54603 | 60712 | 68438 | 114045 | 163441 |
|  Other | 95919 | 92707 | 130319 | 336300 | 623366 |
|  Total expenses | 1693751 | 1600210 | 2402785 | 6417526 | 12098369 |
|  Expenses reimbursed by the investment adviser | (266513) | (265579) | (286644) | (405800) | (547508) |
|  Fee waiver by investment adviser | (580390) | (521826) | (809857) | (2282325) | (4205873) |
|  Net expenses | 846848 | 812805 | 1306284 | 3729401 | 7344988 |
|  Net investment income (loss) | 21061145 | 19708913 | 30237872 | 86426109 | 163880170 |
|  REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |
|  Realized gain (loss): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 8074136 | 8123502 | 27374427 | 71599641 | 110927850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from affiliated investments | 568607 | 471747 | 860672 | 2871841 | 6372074 |
|  Net realized gain (loss) | 8642743 | 8595249 | 28235099 | 74471482 | 117299924 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 30549753 | 23288661 | 28005958 | 104194088 | 259274376 |
|  Net change in unrealized appreciation (depreciation) | 30549753 | 23288661 | 28005958 | 104194088 | 259274376 |
|  Net realized and unrealized gain (loss) | 39192496 | 31883910 | 56241057 | 178665570 | 376574300 |
|  Net increase (decrease) in net assets from operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60253641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51592823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86478929 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265091679 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540454470 |

---

22 *See Notes to Financial Statements*

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Lifecycle Index<br>2030 | Lifecycle Index<br>2035 | Lifecycle Index<br>2040 | Lifecycle Index<br>2045 | Lifecycle Index<br>2050 | Lifecycle Index<br>2055 | Lifecycle Index<br>2060 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226370425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227398695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219579121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176360120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146203188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88979305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50080111 |
| 439541 | 532559 | 548763 | 509416 | 447070 | 320614 | 211045 |
| 226809966 | 227931254 | 220127884 | 176869536 | 146650258 | 89299919 | 50291156 |
| 13474913 | 14023410 | 14334217 | 12090250 | 10284015 | 6304188 | 3584265 |
| 262833 | 314772 | 317727 | 225879 | 161151 | 71713 | 46665 |
| 2611 | 1946 | 2286 | 1759 | 2112 | 1906 | 1397 |
| 452 | 519 | 499 | 405 | 363 | 273 | 226 |
| 68982 | 69231 | 72122 | 68541 | 69058 | 63399 | 60447 |
| 1116181 | 1051316 | 1004424 | 840483 | 709028 | 426500 | 229840 |
| 106961 | 112945 | 117556 | 105149 | 94439 | 70409 | 53892 |
| 142936 | 153317 | 161721 | 137490 | 117075 | 71626 | 40776 |
| 7694 | 7709 | 7716 | 7696 | 7687 | 7737 | 7711 |
| 4575 | 7362 | 5091 | 4376 | 1746 | 2060 | 1061 |
| 22561 | 23152 | 23108 | 21916 | 20878 | 18538 | 17435 |
| 92349 | 101166 | 91514 | 89409 | 81021 | 80442 | 73574 |
| 198133 | 210600 | 227374 | 226134 | 222053 | 219522 | 199148 |
| 843471 | 878874 | 915849 | 784260 | 675908 | 421014 | 247525 |
| 16344652 | 16956319 | 17281204 | 14603747 | 12446534 | 7759327 | 4563962 |
| (662148) | (693218) | (716519) | (667536) | (625114) | (545430) | (468696) |
| (5533868) | (5535598) | (5410576) | (4569027) | (3830239) | (2351361) | (1338835) |
| 10148636 | 10727503 | 11154109 | 9367184 | 7991181 | 4862536 | 2756431 |
| 216661330 | 217203751 | 208973775 | 167502352 | 138659077 | 84437383 | 47534725 |
|  |  |  |  |  | 1946 | 609 |
| 65069193 | 56356998 | 47951094 | 5096714 | (4780609) | (11604378) | (6234999) |
| 10372768 | 12739196 | 15744579 | 14676369 | 13040130 | 8133743 | 4687403 |
| 75441961 | 69096194 | 63695673 | 19773083 | 8259521 | (3468689) | (1546987) |
| 507666487 | 617653961 | 751492485 | 722367306 | 648549037 | 410171669 | 237114145 |
| 507666487 | 617653961 | 751492485 | 722367306 | 648549037 | 410171669 | 237114145 |
| 583108448 | 686750155 | 815188158 | 742140389 | 656808558 | 406702980 | 235567158 |
| $799769778 | $903953906 | $1024161933 | $909642741 | $795467635 | $491140363 | $283101883 |

---

------

## Statement of Operations (continued)

---

| | |
|:---|:---|
| Year Ended May 31, 2025 | Lifecycle Index 2065 |
|  INVESTMENT INCOME |  |
|  Dividends from affiliated investments | $9362784 |
|  Interest | 68009 |
|  Total investment income | 9430793 |
|  EXPENSES |  |
|  Management fees | 680037 |
|  12b-1 distribution and service fees — Premier Class | 5298 |
|  Shareholder servicing agent fees — Class I | 235 |
|  Shareholder servicing agent fees — Premier Class | 109 |
|  Shareholder servicing agent fees — Class R6 | 16604 |
|  Shareholder servicing agent fees — Retirement Class | 32166 |
|  Administrative service fees | 35946 |
|  Trustees fees | 7579 |
|  Custodian expenses | 7694 |
|  Overdraft expense | 1681 |
|  Professional fees | 15190 |
|  Registration fees | 75825 |
|  Shareholder reporting expenses | 119204 |
|  Other | 62332 |
|  Total expenses | 1059900 |
|  Expenses reimbursed by the investment adviser | (296938) |
|  Fee waiver by investment adviser | (259412) |
|  Net expenses | 503550 |
|  Net investment income (loss) | 8927243 |
|  REALIZED AND UNREALIZED GAIN (LOSS) |  |
|  Realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (1197048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from affiliated investments | 893752 |
|  Net realized gain (loss) | (303102) |
|  Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 44805580 |
|  Net change in unrealized appreciation (depreciation) | 44805580 |
|  Net realized and unrealized gain (loss) | 44502478 |
|  Net increase (decrease) in net assets from operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53429721 |

---

24 *See Notes to Financial Statements*

------

[This page intentionally left blank.]

------

## Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Lifecycle Index Retirement Income | Lifecycle Index Retirement Income | Lifecycle Index 2010 | Lifecycle Index 2010 |
|  | Year Ended | Year Ended | Year Ended | Year Ended |
| | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21061145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19181416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19708913 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18170266 |
|  Net realized gain (loss) | 8642743 | (1863287) | 8595249 | 11515679 |
|  Net change in unrealized appreciation (depreciation) | 30549753 | 50865338 | 23288661 | 28715167 |
|  Net increase (decrease) in net assets from operations | 60253641 | 68183467 | 51592823 | 58401112 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |  |
|  Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (117405) | (66654) | (63151) | (40636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (169007) | (89487) | (1082179) | (640813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (34079677) | (17810107) | (35269602) | (18866826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (1777446) | (892490) | (3166503) | (1712599) |
|  Total distributions | (36143535) | (18858738) | (39581435) | (21260874) |
|  FUND SHARE TRANSACTIONS |  |  |  |  |
|  Subscriptions | 291021152 | 228699434 | 151595921 | 102244672 |
|  Reinvestments of distributions | 32356472 | 17074412 | 38618995 | 20685528 |
|  Redemptions | (279862514) | (206207587) | (173126796) | (161485076) |
|  Net increase (decrease) from Fund share transactions | 43515110 | 39566259 | 17088120 | (38554876) |
|  Net increase (decrease) in net assets | 67625216 | 88890988 | 29099508 | (1414638) |
|  Net assets at the beginning of period | 705007300 | 616116312 | 629213431 | 630628069 |
|  Net assets at the end of period | $772632516 | $705007300 | $658312939 | $629213431 |

---

26 *See Notes to Financial Statements*

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Lifecycle Index 2015 | Lifecycle Index 2015 | Lifecycle Index 2020 | Lifecycle Index 2020 | Lifecycle Index 2025 | Lifecycle Index 2025 | Lifecycle Index 2030 | Lifecycle Index 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended |
| 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 |
| $30237872 | $29528702 | $86426109 | $83475927 | $163880170 | $149276325 | $216661330 | $184957648 |
| 28235099 | 29191861 | 74471482 | 72223040 | 117299924 | 64679933 | 75441961 | 14699286 |
| 28005958 | 48941127 | 104194088 | 185928230 | 259274376 | 486567331 | 507666487 | 821935951 |
| 86478929 | 107661690 | 265091679 | 341627197 | 540454470 | 700523589 | 799769778 | 1021592885 |
| (88784) | (51579) | (498250) | (344758) | (1003354) | (516749) | (1182128) | (787909) |
| (2068961) | (1130702) | (4616954) | (2630651) | (7179439) | (3088317) | (5945242) | (3774690) |
| (67904425) | (37227345) | (181210212) | (95417147) | (303398019) | (134076644) | (273631618) | (165971088) |
| (5598328) | (3222645) | (11760622) | (6456175) | (18513073) | (9192903) | (14885398) | (10065889) |
| (75660498) | (41632271) | (198086038) | (104848731) | (330093885) | (146874613) | (295644386) | (180599576) |
| 172676982 | 151507550 | 478699383 | 439324873 | 1108526763 | 960723344 | 1686687488 | 1352337152 |
| 73233137 | 40289147 | 187563849 | 99481968 | 309535961 | 137705788 | 279825532 | 171408393 |
| (301583382) | (252534883) | (806495302) | (725515692) | (1550158915) | (1121209317) | (1662264742) | (1129816307) |
| (55673263) | (60738186) | (140232070) | (186708851) | (132096191) | (22780185) | 304248278 | 393929238 |
| (44854832) | 5291233 | (73226429) | 50069615 | 78264394 | 530868791 | 808373670 | 1234922547 |
| 1047344707 | 1042053474 | 3083759478 | 3033689863 | 5952010421 | 5421141630 | 8018485284 | 6783562737 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002489875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047344707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010533049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083759478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030274815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5952010421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826858954 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8018485284 |

---

------

## Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Lifecycle Index 2035 | Lifecycle Index 2035 | Lifecycle Index 2040 | Lifecycle Index 2040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended |
| | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $217203751 | $180176861 | $208973775 | $176760375 |
|  Net realized gain (loss) | 69096194 | (474339) | 63695673 | (6246244) |
|  Net change in unrealized appreciation (depreciation) | 617653961 | 1005567850 | 751492485 | 1226215207 |
|  Net increase (decrease) in net assets from operations | 903953906 | 1185270372 | 1024161933 | 1396729338 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (813802) | (567772) | (651409) | (538589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (5989524) | (3857289) | (4840887) | (3954076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (253729318) | (154914286) | (218138231) | (156485700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (11900721) | (8392031) | (9014779) | (7629130) |
|  Total distributions | (272433365) | (167731378) | (232645306) | (168607495) |
|  FUND SHARE TRANSACTIONS |  |  |  |  |
|  Subscriptions | 1806236316 | 1550811050 | 1756021929 | 1499345228 |
|  Reinvestments of distributions | 258157477 | 159535720 | 223656958 | 162404648 |
|  Redemptions | (1504510809) | (1034946977) | (1438406436) | (979972778) |
|  Net increase (decrease) from Fund share transactions | 559882984 | 675399793 | 541272451 | 681777098 |
|  Net increase (decrease) in net assets | 1191403525 | 1692938787 | 1332789078 | 1909898941 |
|  Net assets at the beginning of period | 8457873052 | 6764934265 | 8874158019 | 6964259078 |
|  Net assets at the end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9649276577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8457873052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10206947097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8874158019 |

---

28 *See Notes to Financial Statements*

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Lifecycle Index 2045 | Lifecycle Index 2045 | Lifecycle Index 2050 | Lifecycle Index 2050 | Lifecycle Index 2055 | Lifecycle Index 2055 | Lifecycle Index 2060 | Lifecycle Index 2060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended |
| 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 | 5/31/25 | 5/31/24 |
| $167502352 | $139543831 | $138659077 | $115371907 | $84437383 | $67167653 | $47534725 | $35595418 |
| 19773083 | (18462193) | 8259521 | (18290248) | (3468689) | (10682424) | (1546987) | (7554269) |
| 722367306 | 1103795492 | 648549037 | 965448337 | 410171669 | 572567307 | 237114145 | 312641706 |
| 909642741 | 1224877130 | 795467635 | 1062529996 | 491140363 | 629052536 | 283101883 | 340682855 |
| (613058) | (509242) | (499834) | (420271) | (416694) | (357393) | (279754) | (243062) |
| (3279927) | (2377862) | (2272007) | (1913988) | (998833) | (879223) | (646601) | (487237) |
| (174404153) | (126387605) | (144424672) | (111468488) | (86948304) | (64935523) | (48633549) | (34405231) |
| (6929507) | (6085403) | (5627412) | (5413361) | (3326374) | (2974797) | (1767146) | (1483183) |
| (185226645) | (135360112) | (152823925) | (119216108) | (91690205) | (69146936) | (51327050) | (36618713) |
| 1685678833 | 1496589665 | 1554428479 | 1274445721 | 1211338705 | 974906030 | 916864515 | 696416289 |
| 176964444 | 129762323 | 146386863 | 114459662 | 87358025 | 66096262 | 48792262 | 34946899 |
| (1213874110) | (817713723) | (1009906407) | (679999600) | (677868661) | (470471723) | (485389715) | (310232315) |
| 648769167 | 808638265 | 690908935 | 708905783 | 620828069 | 570530569 | 480267062 | 421130873 |
| 1373185263 | 1898155283 | 1333552645 | 1652219671 | 1020278227 | 1130436169 | 712041895 | 725195015 |
| 7419395769 | 5521240486 | 6264949959 | 4612730288 | 3748381346 | 2617945177 | 2078107035 | 1352912020 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8792581032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7419395769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7598502604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264949959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768659573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748381346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790148930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078107035 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Lifecycle Index 2065 | Lifecycle Index 2065 | | |
|  | Year Ended | Year Ended | Year Ended | Year Ended |
|  | 5/31/25 | 5/31/25 | 5/31/24 | 5/31/24 |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $— | 8927243 | $— | 4753605 |
|  Net realized gain (loss) |  | (303102) |  | (685013) |
|  Net change in unrealized appreciation (depreciation) |  | 44805580 |  | 42485825 |
|  Net increase (decrease) in net assets from operations |  | 53429721 |  | 46554417 |
|  DISTRIBUTIONS TO SHAREHOLDERS |  |  |  |  |
|  Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (77380) |  | (63731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Class |  | (64806) |  | (52902) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (9175272) |  | (4551523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Retirement Class |  | (241122) |  | (144162) |
|  Total distributions |  | (9558580) |  | (4812318) |
|  FUND SHARE TRANSACTIONS |  |  |  |  |
|  Subscriptions |  | 318780874 |  | 208269379 |
|  Reinvestments of distributions |  | 9305846 |  | 4604356 |
|  Redemptions |  | (97733433) |  | (43759994) |
|  Net increase (decrease) from Fund share transactions |  | 230353287 |  | 169113741 |
|  Net increase (decrease) in net assets |  | 274224428 |  | 210855840 |
|  Net assets at the beginning of period |  | 339024079 |  | 128168239 |
|  Net assets at the end of period | $— | 613248507 | $— | 339024079 |

---

30 *See Notes to Financial Statements*

------

[This page intentionally left blank.]

------

## Financial Highlights
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index Retirement Income | Lifecycle Index Retirement Income |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $15.99 | $0.48 | $0.87 | $1.35 | $(0.49) | $(0.36) | $(0.85) | $16.49 |
|  5/31/24 | 14.90 | 0.43 | 1.08 | 1.51 | (0.41) | (0.01) | (0.42) | 15.99 |
|  5/31/23 | 15.47 | 0.37 | (0.46) | (0.09) | (0.36) | (0.12) | (0.48) | 14.90 |
|  5/31/22 | 17.19 | 0.35 | (1.38) | (1.03) | (0.36) | (0.33) | (0.69) | 15.47 |
|  5/31/21 | 15.10 | 0.24 | 2.18 | 2.42 | (0.28) | (0.05) | (0.33) | 17.19 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 15.98 | 0.46 | 0.88 | 1.34 | (0.47) | (0.36) | (0.83) | 16.49 |
|  5/31/24 | 14.89 | 0.42 | 1.08 | 1.50 | (0.40) | (0.01) | (0.41) | 15.98 |
|  5/31/23 | 15.46 | 0.37 | (0.46) | (0.09) | (0.36) | (0.12) | (0.48) | 14.89 |
|  5/31/22 | 17.18 | 0.41 | (1.45) | (1.04) | (0.35) | (0.33) | (0.68) | 15.46 |
|  5/31/21 | 15.09 | 0.27 | 2.14 | 2.41 | (0.27) | (0.05) | (0.32) | 17.18 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 16.00 | 0.48 | 0.89 | 1.37 | (0.50) | (0.36) | (0.86) | 16.51 |
|  5/31/24 | 14.90 | 0.44 | 1.10 | 1.54 | (0.43) | (0.01) | (0.44) | 16.00 |
|  5/31/23 | 15.48 | 0.39 | (0.47) | (0.08) | (0.38) | (0.12) | (0.50) | 14.90 |
|  5/31/22 | 17.20 | 0.36 | (1.37) | (1.01) | (0.38) | (0.33) | (0.71) | 15.48 |
|  5/31/21 | 15.10 | 0.28 | 2.16 | 2.44 | (0.29) | (0.05) | (0.34) | 17.20 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 15.96 | 0.44 | 0.89 | 1.33 | (0.46) | (0.36) | (0.82) | 16.47 |
|  5/31/24 | 14.87 | 0.40 | 1.09 | 1.49 | (0.39) | (0.01) | (0.40) | 15.96 |
|  5/31/23 | 15.44 | 0.35 | (0.46) | (0.11) | (0.34) | (0.12) | (0.46) | 14.87 |
|  5/31/22 | 17.16 | 0.32 | (1.38) | (1.06) | (0.33) | (0.33) | (0.66) | 15.44 |
|  5/31/21 | 15.07 | 0.24 | 2.16 | 2.40 | (0.26) | (0.05) | (0.31) | 17.16 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

32 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 8.59% | $2320 | 0.22% | 0.11% | 2.92% | 23% |
| 10.27 | 2418 | 0.32 | 0.20 | 2.79 | 19 |
| (0.45) | 2312 | 0.31 | 0.19 | 2.52 | 24 |
| (6.30) | 2699 | 0.33 | 0.20 | 2.08 | 24 |
| 16.16 | 2242 | 0.34 | 0.20 | 1.49 | 23 |
| 8.53 | 3429 | 0.37 | 0.25 | 2.80 | 23 |
| 10.20 | 3307 | 0.37 | 0.25 | 2.72 | 19 |
| (0.48) | 3277 | 0.37 | 0.25 | 2.53 | 24 |
| (6.36) | 3993 | 0.38 | 0.25 | 2.37 | 24 |
| 16.12 | 25449 | 0.38 | 0.25 | 1.63 | 23 |
| 8.68 | 729237 | 0.22 | 0.10 | 2.93 | 23 |
| 10.43 | 664434 | 0.22 | 0.10 | 2.86 | 19 |
| (0.40) | 574299 | 0.22 | 0.10 | 2.62 | 24 |
| (6.20) | 557296 | 0.23 | 0.10 | 2.13 | 24 |
| 16.36 | 547545 | 0.23 | 0.10 | 1.69 | 23 |
| 8.43 | 37647 | 0.47 | 0.35 | 2.72 | 23 |
| 10.11 | 34847 | 0.47 | 0.35 | 2.59 | 19 |
| (0.60) | 36227 | 0.47 | 0.35 | 2.36 | 24 |
| (6.45) | 40901 | 0.48 | 0.35 | 1.90 | 24 |
| 16.04 | 48346 | 0.48 | 0.35 | 1.45 | 23 |

---

See Notes to Financial Statements 33

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2010 | Lifecycle Index 2010 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | $(0.50) | $(0.55) | $(1.05) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.89 |
|  5/31/24 | 15.63 | 0.44 | 1.04 | 1.48 | (0.41) | (0.12) | (0.53) | 16.58 |
|  5/31/23 | 16.24 | 0.39 | (0.49) | (0.10) | (0.38) | (0.13) | (0.51) | 15.63 |
|  5/31/22 | 18.13 | 0.36 | (1.40) | (1.04) | (0.37) | (0.48) | (0.85) | 16.24 |
|  5/31/21 | 15.97 | 0.22 | 2.35 | 2.57 | (0.30) | (0.11) | (0.41) | 18.13 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 16.51 | 0.49 | 0.85 | 1.34 | (0.50) | (0.55) | (1.05) | 16.80 |
|  5/31/24 | 15.58 | 0.45 | 1.01 | 1.46 | (0.41) | (0.12) | (0.53) | 16.51 |
|  5/31/23 | 16.18 | 0.38 | (0.48) | (0.10) | (0.37) | (0.13) | (0.50) | 15.58 |
|  5/31/22 | 18.06 | 0.37 | (1.42) | (1.05) | (0.35) | (0.48) | (0.83) | 16.18 |
|  5/31/21 | 15.92 | 0.27 | 2.26 | 2.53 | (0.28) | (0.11) | (0.39) | 18.06 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 16.58 | 0.52 | 0.84 | 1.36 | (0.52) | (0.55) | (1.07) | 16.87 |
|  5/31/24 | 15.63 | 0.46 | 1.04 | 1.50 | (0.43) | (0.12) | (0.55) | 16.58 |
|  5/31/23 | 16.24 | 0.41 | (0.50) | (0.09) | (0.39) | (0.13) | (0.52) | 15.63 |
|  5/31/22 | 18.13 | 0.38 | (1.41) | (1.03) | (0.38) | (0.48) | (0.86) | 16.24 |
|  5/31/21 | 15.97 | 0.30 | 2.28 | 2.58 | (0.31) | (0.11) | (0.42) | 18.13 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 16.41 | 0.49 | 0.82 | 1.31 | (0.48) | (0.55) | (1.03) | 16.69 |
|  5/31/24 | 15.48 | 0.42 | 1.02 | 1.44 | (0.39) | (0.12) | (0.51) | 16.41 |
|  5/31/23 | 16.08 | 0.37 | (0.49) | (0.12) | (0.35) | (0.13) | (0.48) | 15.48 |
|  5/31/22 | 17.96 | 0.33 | (1.39) | (1.06) | (0.34) | (0.48) | (0.82) | 16.08 |
|  5/31/21 | 15.83 | 0.25 | 2.26 | 2.51 | (0.27) | (0.11) | (0.38) | 17.96 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

34 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 8.35% | $1268 | 0.23% | 0.11% | 2.99% | 21% |
| 9.63 | 1188 | 0.32 | 0.20 | 2.74 | 17 |
| (0.53) | 2024 | 0.31 | 0.19 | 2.52 | 22 |
| (6.16) | 1715 | 0.32 | 0.20 | 2.03 | 23 |
| 16.18 | 1950 | 0.32 | 0.19 | 1.28 | 28 |
| 8.21 | 19178 | 0.37 | 0.25 | 2.89 | 21 |
| 9.57 | 17901 | 0.37 | 0.25 | 2.79 | 17 |
| (0.60) | 19016 | 0.37 | 0.25 | 2.47 | 22 |
| (6.19) | 21048 | 0.38 | 0.25 | 2.07 | 23 |
| 15.99 | 43665 | 0.38 | 0.25 | 1.56 | 28 |
| 8.34 | 593658 | 0.23 | 0.10 | 3.06 | 21 |
| 9.76 | 559325 | 0.22 | 0.10 | 2.90 | 17 |
| (0.44) | 553938 | 0.22 | 0.10 | 2.63 | 22 |
| (6.07) | 526583 | 0.22 | 0.10 | 2.12 | 23 |
| 16.22 | 560852 | 0.23 | 0.10 | 1.71 | 28 |
| 8.09 | 44209 | 0.47 | 0.35 | 2.90 | 21 |
| 9.44 | 50800 | 0.47 | 0.35 | 2.66 | 17 |
| (0.66) | 55650 | 0.47 | 0.35 | 2.39 | 22 |
| (6.32) | 68666 | 0.47 | 0.35 | 1.88 | 23 |
| 15.91 | 81534 | 0.48 | 0.35 | 1.46 | 28 |

---

See Notes to Financial Statements 35

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2015 | Lifecycle Index 2015 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $17.50 | $0.50 | $1.00 | $1.50 | $(0.53) | $(0.81) | $(1.34) | $17.66 |
|  5/31/24 | 16.45 | 0.45 | 1.26 | 1.71 | (0.43) | (0.23) | (0.66) | 17.50 |
|  5/31/23 | 17.04 | 0.40 | (0.48) | (0.08) | (0.40) | (0.11) | (0.51) | 16.45 |
|  5/31/22 | 19.14 | 0.40 | (1.55) | (1.15) | (0.38) | (0.57) | (0.95) | 17.04 |
|  5/31/21 | 16.65 | 0.23 | 2.75 | 2.98 | (0.33) | (0.16) | (0.49) | 19.14 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 17.42 | 0.49 | 0.97 | 1.46 | (0.52) | (0.81) | (1.33) | 17.55 |
|  5/31/24 | 16.37 | 0.45 | 1.25 | 1.70 | (0.42) | (0.23) | (0.65) | 17.42 |
|  5/31/23 | 16.97 | 0.39 | (0.49) | (0.10) | (0.39) | (0.11) | (0.50) | 16.37 |
|  5/31/22 | 19.07 | 0.41 | (1.57) | (1.16) | (0.37) | (0.57) | (0.94) | 16.97 |
|  5/31/21 | 16.58 | 0.28 | 2.68 | 2.96 | (0.31) | (0.16) | (0.47) | 19.07 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 17.51 | 0.52 | 0.98 | 1.50 | (0.55) | (0.81) | (1.36) | 17.65 |
|  5/31/24 | 16.46 | 0.48 | 1.25 | 1.73 | (0.45) | (0.23) | (0.68) | 17.51 |
|  5/31/23 | 17.05 | 0.42 | (0.48) | (0.06) | (0.42) | (0.11) | (0.53) | 16.46 |
|  5/31/22 | 19.15 | 0.39 | (1.52) | (1.13) | (0.40) | (0.57) | (0.97) | 17.05 |
|  5/31/21 | 16.65 | 0.31 | 2.69 | 3.00 | (0.34) | (0.16) | (0.50) | 19.15 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 17.36 | 0.48 | 0.96 | 1.44 | (0.50) | (0.81) | (1.31) | 17.49 |
|  5/31/24 | 16.32 | 0.43 | 1.25 | 1.68 | (0.41) | (0.23) | (0.64) | 17.36 |
|  5/31/23 | 16.92 | 0.37 | (0.48) | (0.11) | (0.38) | (0.11) | (0.49) | 16.32 |
|  5/31/22 | 19.00 | 0.34 | (1.50) | (1.16) | (0.35) | (0.57) | (0.92) | 16.92 |
|  5/31/21 | 16.52 | 0.26 | 2.67 | 2.93 | (0.29) | (0.16) | (0.45) | 19.00 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

36 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 8.74% | $1805 | 0.22% | 0.12% | 2.82% | 14% |
| 10.57 | 1259 | 0.30 | 0.20 | 2.65 | 15 |
| (0.33) | 1700 | 0.30 | 0.20 | 2.48 | 18 |
| (6.40) | 1657 | 0.31 | 0.20 | 2.13 | 19 |
| 18.05 | 1396 | 0.31 | 0.20 | 1.28 | 26 |
| 8.55 | 28254 | 0.36 | 0.25 | 2.79 | 14 |
| 10.57 | 29222 | 0.36 | 0.25 | 2.67 | 15 |
| (0.45) | 30386 | 0.35 | 0.25 | 2.41 | 18 |
| (6.49) | 34529 | 0.36 | 0.25 | 2.16 | 19 |
| 18.00 | 98140 | 0.36 | 0.25 | 1.55 | 26 |
| 8.73 | 903168 | 0.21 | 0.10 | 2.94 | 14 |
| 10.75 | 934070 | 0.21 | 0.10 | 2.82 | 15 |
| (0.28) | 921164 | 0.20 | 0.10 | 2.55 | 18 |
| (6.32) | 966867 | 0.21 | 0.10 | 2.08 | 19 |
| 18.16 | 962220 | 0.21 | 0.10 | 1.71 | 26 |
| 8.46 | 69264 | 0.46 | 0.35 | 2.73 | 14 |
| 10.43 | 82794 | 0.46 | 0.35 | 2.58 | 15 |
| (0.56) | 88804 | 0.45 | 0.35 | 2.31 | 18 |
| (6.51) | 100537 | 0.46 | 0.35 | 1.83 | 19 |
| 17.88 | 126902 | 0.46 | 0.35 | 1.44 | 26 |

---

See Notes to Financial Statements 37

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2020 | Lifecycle Index 2020 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $19.17 | $0.53 | $1.17 | $1.70 | $(0.55) | $(0.74) | $(1.29) | $19.58 |
|  5/31/24 | 17.76 | 0.49 | 1.54 | 2.03 | (0.46) | (0.16) | (0.62) | 19.17 |
|  5/31/23 | 18.36 | 0.41 | (0.48) | (0.07) | (0.41) | (0.12) | (0.53) | 17.76 |
|  5/31/22 | 20.67 | 0.41 | (1.68) | (1.27) | (0.41) | (0.63) | (1.04) | 18.36 |
|  5/31/21 | 17.61 | 0.27 | 3.23 | 3.50 | (0.34) | (0.10) | (0.44) | 20.67 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 19.10 | 0.52 | 1.15 | 1.67 | (0.55) | (0.74) | (1.29) | 19.48 |
|  5/31/24 | 17.69 | 0.48 | 1.54 | 2.02 | (0.45) | (0.16) | (0.61) | 19.10 |
|  5/31/23 | 18.29 | 0.40 | (0.48) | (0.08) | (0.40) | (0.12) | (0.52) | 17.69 |
|  5/31/22 | 20.59 | 0.44 | (1.72) | (1.28) | (0.39) | (0.63) | (1.02) | 18.29 |
|  5/31/21 | 17.55 | 0.30 | 3.17 | 3.47 | (0.33) | (0.10) | (0.43) | 20.59 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 19.20 | 0.55 | 1.17 | 1.72 | (0.58) | (0.74) | (1.32) | 19.60 |
|  5/31/24 | 17.79 | 0.50 | 1.55 | 2.05 | (0.48) | (0.16) | (0.64) | 19.20 |
|  5/31/23 | 18.39 | 0.43 | (0.48) | (0.05) | (0.43) | (0.12) | (0.55) | 17.79 |
|  5/31/22 | 20.70 | 0.41 | (1.66) | (1.25) | (0.43) | (0.63) | (1.06) | 18.39 |
|  5/31/21 | 17.63 | 0.33 | 3.20 | 3.53 | (0.36) | (0.10) | (0.46) | 20.70 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 19.02 | 0.51 | 1.14 | 1.65 | (0.52) | (0.74) | (1.26) | 19.41 |
|  5/31/24 | 17.63 | 0.45 | 1.53 | 1.98 | (0.43) | (0.16) | (0.59) | 19.02 |
|  5/31/23 | 18.22 | 0.38 | (0.47) | (0.09) | (0.38) | (0.12) | (0.50) | 17.63 |
|  5/31/22 | 20.52 | 0.36 | (1.66) | (1.30) | (0.37) | (0.63) | (1.00) | 18.22 |
|  5/31/21 | 17.48 | 0.28 | 3.17 | 3.45 | (0.31) | (0.10) | (0.41) | 20.52 |

---

<sup>(a)</sup> Based on average shares outstanding.

(b) Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) Total returns are not annualized.

(d) The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

38 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 9.03% | $10377 | 0.20% | 0.12% | 2.71% | 12% |
| 11.60 | 8484 | 0.29 | 0.20 | 2.66 | 14 |
| (0.27) | 10266 | 0.29 | 0.20 | 2.36 | 19 |
| (6.60) | 10672 | 0.30 | 0.20 | 2.03 | 19 |
| 20.00 | 11420 | 0.30 | 0.20 | 1.37 | 21 |
| 8.86 | 73532 | 0.34 | 0.25 | 2.68 | 12 |
| 11.59 | 72849 | 0.34 | 0.25 | 2.63 | 14 |
| (0.32) | 78463 | 0.34 | 0.25 | 2.30 | 19 |
| (6.65) | 82754 | 0.35 | 0.25 | 2.13 | 19 |
| 19.89 | 316253 | 0.35 | 0.25 | 1.55 | 21 |
| 9.09 | 2758073 | 0.19 | 0.10 | 2.83 | 12 |
| 11.75 | 2805493 | 0.19 | 0.10 | 2.73 | 14 |
| (0.21) | 2736922 | 0.19 | 0.10 | 2.44 | 19 |
| (6.51) | 2756707 | 0.19 | 0.10 | 2.01 | 19 |
| 20.14 | 2729084 | 0.20 | 0.10 | 1.72 | 21 |
| 8.83 | 168550 | 0.44 | 0.35 | 2.62 | 12 |
| 11.39 | 196934 | 0.44 | 0.35 | 2.48 | 14 |
| (0.39) | 208039 | 0.44 | 0.35 | 2.20 | 19 |
| (6.76) | 247101 | 0.44 | 0.35 | 1.78 | 19 |
| 19.85 | 310428 | 0.45 | 0.35 | 1.46 | 21 |

---

See Notes to Financial Statements 39

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2025 | Lifecycle Index 2025 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $21.41 | $0.56 | $1.42 | $1.98 | $(0.59) | $(0.62) | $(1.21) | $22.18 |
|  5/31/24 | 19.45 | 0.51 | 1.96 | 2.47 | (0.48) | (0.03) | (0.51) | 21.41 |
|  5/31/23 | 20.02 | 0.44 | (0.47) | (0.03) | (0.42) | (0.12) | (0.54) | 19.45 |
|  5/31/22 | 22.32 | 0.42 | (1.85) | (1.43) | (0.43) | (0.44) | (0.87) | 20.02 |
|  5/31/21 | 18.50 | 0.31 | 3.96 | 4.27 | (0.36) | (0.09) | (0.45) | 22.32 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 21.36 | 0.56 | 1.39 | 1.95 | (0.58) | (0.62) | (1.20) | 22.11 |
|  5/31/24 | 19.40 | 0.51 | 1.95 | 2.46 | (0.47) | (0.03) | (0.50) | 21.36 |
|  5/31/23 | 19.98 | 0.42 | (0.47) | (0.05) | (0.41) | (0.12) | (0.53) | 19.40 |
|  5/31/22 | 22.26 | 0.47 | (1.90) | (1.43) | (0.41) | (0.44) | (0.85) | 19.98 |
|  5/31/21 | 18.45 | 0.32 | 3.92 | 4.24 | (0.34) | (0.09) | (0.43) | 22.26 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 21.46 | 0.60 | 1.39 | 1.99 | (0.61) | (0.62) | (1.23) | 22.22 |
|  5/31/24 | 19.49 | 0.53 | 1.97 | 2.50 | (0.50) | (0.03) | (0.53) | 21.46 |
|  5/31/23 | 20.07 | 0.45 | (0.47) | (0.02) | (0.44) | (0.12) | (0.56) | 19.49 |
|  5/31/22 | 22.36 | 0.43 | (1.83) | (1.40) | (0.45) | (0.44) | (0.89) | 20.07 |
|  5/31/21 | 18.53 | 0.35 | 3.94 | 4.29 | (0.37) | (0.09) | (0.46) | 22.36 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 21.25 | 0.54 | 1.37 | 1.91 | (0.55) | (0.62) | (1.17) | 21.99 |
|  5/31/24 | 19.30 | 0.48 | 1.95 | 2.43 | (0.45) | (0.03) | (0.48) | 21.25 |
|  5/31/23 | 19.87 | 0.40 | (0.47) | (0.07) | (0.38) | (0.12) | (0.50) | 19.30 |
|  5/31/22 | 22.15 | 0.37 | (1.82) | (1.45) | (0.39) | (0.44) | (0.83) | 19.87 |
|  5/31/21 | 18.36 | 0.30 | 3.90 | 4.20 | (0.32) | (0.09) | (0.41) | 22.15 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

40 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 9.37% | $25650 | 0.19% | 0.11% | 2.58% | 14% |
| 12.84 | 20650 | 0.29 | 0.21 | 2.50 | 15 |
| (0.06) | 22052 | 0.28 | 0.20 | 2.30 | 14 |
| (6.78) | 21746 | 0.29 | 0.21 | 1.92 | 14 |
| 23.20 | 17472 | 0.29 | 0.20 | 1.47 | 18 |
| 9.26 | 136156 | 0.33 | 0.25 | 2.57 | 14 |
| 12.83 | 128403 | 0.33 | 0.25 | 2.50 | 15 |
| (0.17) | 119308 | 0.33 | 0.25 | 2.20 | 14 |
| (6.79) | 123482 | 0.34 | 0.25 | 2.06 | 14 |
| 23.11 | 466892 | 0.34 | 0.25 | 1.55 | 18 |
| 9.42 | 5549727 | 0.18 | 0.10 | 2.72 | 14 |
| 12.98 | 5430992 | 0.18 | 0.10 | 2.62 | 15 |
| (0.01) | 4888761 | 0.18 | 0.10 | 2.33 | 14 |
| (6.65) | 4582423 | 0.19 | 0.10 | 1.95 | 14 |
| 23.29 | 4263286 | 0.19 | 0.10 | 1.71 | 18 |
| 9.13 | 318742 | 0.43 | 0.35 | 2.49 | 14 |
| 12.73 | 371965 | 0.43 | 0.35 | 2.39 | 15 |
| (0.23) | 391021 | 0.43 | 0.35 | 2.10 | 14 |
| (6.91) | 420997 | 0.44 | 0.35 | 1.71 | 14 |
| 22.99 | 481282 | 0.44 | 0.35 | 1.46 | 18 |

---

See Notes to Financial Statements 41

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2030 | Lifecycle Index 2030 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $23.66 | $0.60 | $1.74 | $2.34 | $(0.61) | $(0.24) | $(0.85) | $25.15 |
|  5/31/24 | 21.14 | 0.53 | 2.52 | 3.05 | (0.50) | (0.03) | (0.53) | 23.66 |
|  5/31/23 | 21.68 | 0.45 | (0.45) |  | (0.42) | (0.12) | (0.54) | 21.14 |
|  5/31/22 | 24.04 | 0.43 | (2.03) | (1.60) | (0.45) | (0.31) | (0.76) | 21.68 |
|  5/31/21 | 19.38 | 0.31 | 4.80 | 5.11 | (0.37) | (0.08) | (0.45) | 24.04 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 23.57 | 0.59 | 1.71 | 2.30 | (0.60) | (0.24) | (0.84) | 25.03 |
|  5/31/24 | 21.06 | 0.53 | 2.50 | 3.03 | (0.49) | (0.03) | (0.52) | 23.57 |
|  5/31/23 | 21.60 | 0.43 | (0.44) | (0.01) | (0.41) | (0.12) | (0.53) | 21.06 |
|  5/31/22 | 23.96 | 0.50 | (2.12) | (1.62) | (0.43) | (0.31) | (0.74) | 21.60 |
|  5/31/21 | 19.31 | 0.34 | 4.75 | 5.09 | (0.36) | (0.08) | (0.44) | 23.96 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 23.70 | 0.63 | 1.73 | 2.36 | (0.64) | (0.24) | (0.88) | 25.18 |
|  5/31/24 | 21.18 | 0.56 | 2.51 | 3.07 | (0.52) | (0.03) | (0.55) | 23.70 |
|  5/31/23 | 21.72 | 0.46 | (0.44) | 0.02 | (0.44) | (0.12) | (0.56) | 21.18 |
|  5/31/22 | 24.08 | 0.45 | (2.03) | (1.58) | (0.47) | (0.31) | (0.78) | 21.72 |
|  5/31/21 | 19.40 | 0.38 | 4.77 | 5.15 | (0.39) | (0.08) | (0.47) | 24.08 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 23.46 | 0.57 | 1.69 | 2.26 | (0.57) | (0.24) | (0.81) | 24.91 |
|  5/31/24 | 20.97 | 0.50 | 2.49 | 2.99 | (0.47) | (0.03) | (0.50) | 23.46 |
|  5/31/23 | 21.51 | 0.41 | (0.44) | (0.03) | (0.39) | (0.12) | (0.51) | 20.97 |
|  5/31/22 | 23.85 | 0.39 | (2.01) | (1.62) | (0.41) | (0.31) | (0.72) | 21.51 |
|  5/31/21 | 19.22 | 0.32 | 4.72 | 5.04 | (0.33) | (0.08) | (0.41) | 23.85 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

42 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 9.96% | $47719 | 0.18% | 0.11% | 2.44% | 13% |
| 14.57 | 34837 | 0.28 | 0.21 | 2.37 | 12 |
| 0.15 | 33509 | 0.28 | 0.20 | 2.17 | 12 |
| (6.94) | 26880 | 0.28 | 0.20 | 1.83 | 13 |
| 26.54 | 23352 | 0.29 | 0.20 | 1.38 | 16 |
| 9.83 | 182901 | 0.33 | 0.25 | 2.41 | 13 |
| 14.53 | 161501 | 0.33 | 0.26 | 2.41 | 12 |
| 0.09 | 150728 | 0.33 | 0.25 | 2.09 | 12 |
| (7.00) | 150515 | 0.33 | 0.25 | 2.04 | 13 |
| 26.45 | 475693 | 0.34 | 0.25 | 1.54 | 16 |
| 10.01 | 8158760 | 0.18 | 0.10 | 2.56 | 13 |
| 14.66 | 7365843 | 0.18 | 0.11 | 2.50 | 12 |
| 0.24 | 6168804 | 0.18 | 0.10 | 2.22 | 12 |
| (6.86) | 5483743 | 0.18 | 0.10 | 1.88 | 13 |
| 26.70 | 4966053 | 0.19 | 0.10 | 1.70 | 16 |
| 9.71 | 437478 | 0.43 | 0.35 | 2.33 | 13 |
| 14.39 | 456305 | 0.43 | 0.36 | 2.28 | 12 |
| (0.02) | 430522 | 0.43 | 0.35 | 1.97 | 12 |
| (7.07) | 445022 | 0.43 | 0.35 | 1.66 | 13 |
| 26.40 | 496871 | 0.44 | 0.35 | 1.45 | 16 |

---

See Notes to Financial Statements 43

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2035 | Lifecycle Index 2035 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $26.00 | $0.61 | $2.12 | $2.73 | $(0.63) | $(0.17) | $(0.80) | $27.93 |
|  5/31/24 | 22.78 | 0.55 | 3.19 | 3.74 | (0.52) |  | (0.52) | 26.00 |
|  5/31/23 | 23.24 | 0.45 | (0.35) | 0.10 | (0.43) | (0.13) | (0.56) | 22.78 |
|  5/31/22 | 25.73 | 0.44 | (2.19) | (1.75) | (0.47) | (0.27) | (0.74) | 23.24 |
|  5/31/21 | 20.18 | 0.32 | 5.70 | 6.02 | (0.39) | (0.08) | (0.47) | 25.73 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 25.89 | 0.60 | 2.09 | 2.69 | (0.62) | (0.17) | (0.79) | 27.79 |
|  5/31/24 | 22.69 | 0.54 | 3.17 | 3.71 | (0.51) |  | (0.51) | 25.89 |
|  5/31/23 | 23.14 | 0.43 | (0.33) | 0.10 | (0.42) | (0.13) | (0.55) | 22.69 |
|  5/31/22 | 25.63 | 0.51 | (2.27) | (1.76) | (0.46) | (0.27) | (0.73) | 23.14 |
|  5/31/21 | 20.11 | 0.36 | 5.61 | 5.97 | (0.37) | (0.08) | (0.45) | 25.63 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 26.06 | 0.65 | 2.09 | 2.74 | (0.66) | (0.17) | (0.83) | 27.97 |
|  5/31/24 | 22.83 | 0.58 | 3.19 | 3.77 | (0.54) |  | (0.54) | 26.06 |
|  5/31/23 | 23.28 | 0.47 | (0.34) | 0.13 | (0.45) | (0.13) | (0.58) | 22.83 |
|  5/31/22 | 25.77 | 0.46 | (2.18) | (1.72) | (0.50) | (0.27) | (0.77) | 23.28 |
|  5/31/21 | 20.21 | 0.40 | 5.64 | 6.04 | (0.40) | (0.08) | (0.48) | 25.77 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 25.77 | 0.58 | 2.07 | 2.65 | (0.59) | (0.17) | (0.76) | 27.66 |
|  5/31/24 | 22.59 | 0.52 | 3.14 | 3.66 | (0.48) |  | (0.48) | 25.77 |
|  5/31/23 | 23.04 | 0.41 | (0.33) | 0.08 | (0.40) | (0.13) | (0.53) | 22.59 |
|  5/31/22 | 25.52 | 0.40 | (2.18) | (1.78) | (0.43) | (0.27) | (0.70) | 23.04 |
|  5/31/21 | 20.02 | 0.33 | 5.60 | 5.93 | (0.35) | (0.08) | (0.43) | 25.52 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

44 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 10.56% | $38353 | 0.18% | 0.11% | 2.27% | 13% |
| 16.57 | 27533 | 0.28 | 0.21 | 2.26 | 11 |
| 0.56 | 25308 | 0.27 | 0.20 | 2.03 | 12 |
| (7.09) | 18143 | 0.28 | 0.20 | 1.72 | 12 |
| 30.03 | 15231 | 0.28 | 0.20 | 1.37 | 15 |
| 10.45 | 223982 | 0.32 | 0.25 | 2.23 | 13 |
| 16.49 | 194855 | 0.33 | 0.26 | 2.25 | 11 |
| 0.54 | 169166 | 0.32 | 0.25 | 1.96 | 12 |
| (7.18) | 161087 | 0.33 | 0.25 | 1.97 | 12 |
| 29.90 | 470422 | 0.33 | 0.25 | 1.54 | 15 |
| 10.57 | 8972458 | 0.17 | 0.10 | 2.40 | 13 |
| 16.68 | 7806878 | 0.18 | 0.11 | 2.37 | 11 |
| 0.69 | 6172055 | 0.17 | 0.10 | 2.11 | 12 |
| (7.00) | 5330114 | 0.18 | 0.10 | 1.81 | 12 |
| 30.12 | 4697189 | 0.18 | 0.10 | 1.70 | 15 |
| 10.34 | 414483 | 0.42 | 0.35 | 2.17 | 13 |
| 16.36 | 428608 | 0.43 | 0.36 | 2.14 | 11 |
| 0.43 | 398405 | 0.42 | 0.35 | 1.86 | 12 |
| (7.26) | 401495 | 0.43 | 0.35 | 1.58 | 12 |
| 29.81 | 451962 | 0.43 | 0.35 | 1.45 | 15 |

---

See Notes to Financial Statements 45

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2040 | Lifecycle Index 2040 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $28.15 | $0.59 | $2.62 | $3.21 | $(0.64) | $(0.06) | $(0.70) | $30.66 |
|  5/31/24 | 24.16 | 0.55 | 3.97 | 4.52 | (0.53) |  | (0.53) | 28.15 |
|  5/31/23 | 24.51 | 0.47 | (0.24) | 0.23 | (0.45) | (0.13) | (0.58) | 24.16 |
|  5/31/22 | 27.16 | 0.47 | (2.32) | (1.85) | (0.51) | (0.29) | (0.80) | 24.51 |
|  5/31/21 | 20.69 | 0.31 | 6.64 | 6.95 | (0.40) | (0.08) | (0.48) | 27.16 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 28.02 | 0.59 | 2.56 | 3.15 | (0.63) | (0.06) | (0.69) | 30.48 |
|  5/31/24 | 24.05 | 0.56 | 3.93 | 4.49 | (0.52) |  | (0.52) | 28.02 |
|  5/31/23 | 24.40 | 0.44 | (0.23) | 0.21 | (0.43) | (0.13) | (0.56) | 24.05 |
|  5/31/22 | 27.04 | 0.54 | (2.40) | (1.86) | (0.49) | (0.29) | (0.78) | 24.40 |
|  5/31/21 | 20.60 | 0.36 | 6.54 | 6.90 | (0.38) | (0.08) | (0.46) | 27.04 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 28.20 | 0.65 | 2.56 | 3.21 | (0.67) | (0.06) | (0.73) | 30.68 |
|  5/31/24 | 24.20 | 0.58 | 3.98 | 4.56 | (0.56) |  | (0.56) | 28.20 |
|  5/31/23 | 24.55 | 0.48 | (0.23) | 0.25 | (0.47) | (0.13) | (0.60) | 24.20 |
|  5/31/22 | 27.19 | 0.48 | (2.30) | (1.82) | (0.53) | (0.29) | (0.82) | 24.55 |
|  5/31/21 | 20.71 | 0.41 | 6.56 | 6.97 | (0.41) | (0.08) | (0.49) | 27.19 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 27.91 | 0.57 | 2.54 | 3.11 | (0.60) | (0.06) | (0.66) | 30.36 |
|  5/31/24 | 23.96 | 0.52 | 3.93 | 4.45 | (0.50) |  | (0.50) | 27.91 |
|  5/31/23 | 24.30 | 0.42 | (0.22) | 0.20 | (0.41) | (0.13) | (0.54) | 23.96 |
|  5/31/22 | 26.93 | 0.42 | (2.30) | (1.88) | (0.46) | (0.29) | (0.75) | 24.30 |
|  5/31/21 | 20.52 | 0.34 | 6.51 | 6.85 | (0.36) | (0.08) | (0.44) | 26.93 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

46 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 11.46% | $39039 | 0.17% | 0.11% | 2.00% | 12% |
| 18.90 | 28684 | 0.27 | 0.21 | 2.10 | 9 |
| 1.05 | 24491 | 0.27 | 0.20 | 2.00 | 13 |
| (7.12) | 21468 | 0.27 | 0.20 | 1.75 | 12 |
| 33.78 | 16071 | 0.28 | 0.20 | 1.25 | 14 |
| 11.28 | 225219 | 0.32 | 0.25 | 2.02 | 12 |
| 18.86 | 200053 | 0.32 | 0.26 | 2.14 | 9 |
| 0.99 | 176064 | 0.32 | 0.25 | 1.88 | 13 |
| (7.18) | 172180 | 0.32 | 0.25 | 1.98 | 12 |
| 33.69 | 447061 | 0.33 | 0.25 | 1.50 | 14 |
| 11.44 | 9541207 | 0.17 | 0.10 | 2.19 | 12 |
| 19.02 | 8245416 | 0.17 | 0.11 | 2.23 | 9 |
| 1.15 | 6388981 | 0.17 | 0.10 | 2.03 | 13 |
| (7.00) | 5515470 | 0.17 | 0.10 | 1.78 | 12 |
| 33.87 | 4914220 | 0.18 | 0.10 | 1.68 | 14 |
| 11.18 | 401481 | 0.42 | 0.35 | 1.96 | 12 |
| 18.72 | 400006 | 0.42 | 0.36 | 2.02 | 9 |
| 0.93 | 374723 | 0.42 | 0.35 | 1.79 | 13 |
| (7.26) | 385438 | 0.42 | 0.35 | 1.55 | 12 |
| 33.55 | 435795 | 0.43 | 0.35 | 1.42 | 14 |

---

See Notes to Financial Statements 47

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2045 | Lifecycle Index 2045 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $29.52 | $0.58 | $2.96 | $3.54 | $(0.65) | $(0.04) | $(0.69) | $32.37 |
|  5/31/24 | 25.00 | 0.55 | 4.51 | 5.06 | (0.54) |  | (0.54) | 29.52 |
|  5/31/23 | 25.33 | 0.46 | (0.23) | 0.23 | (0.45) | (0.11) | (0.56) | 25.00 |
|  5/31/22 | 27.93 | 0.49 | (2.38) | (1.89) | (0.53) | (0.18) | (0.71) | 25.33 |
|  5/31/21 | 20.65 | 0.32 | 7.39 | 7.71 | (0.39) | (0.04) | (0.43) | 27.93 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 29.43 | 0.59 | 2.89 | 3.48 | (0.64) | (0.04) | (0.68) | 32.23 |
|  5/31/24 | 24.92 | 0.56 | 4.48 | 5.04 | (0.53) |  | (0.53) | 29.43 |
|  5/31/23 | 25.25 | 0.44 | (0.23) | 0.21 | (0.43) | (0.11) | (0.54) | 24.92 |
|  5/31/22 | 27.83 | 0.62 | (2.51) | (1.89) | (0.51) | (0.18) | (0.69) | 25.25 |
|  5/31/21 | 20.58 | 0.36 | 7.31 | 7.67 | (0.38) | (0.04) | (0.42) | 27.83 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 29.59 | 0.64 | 2.91 | 3.55 | (0.68) | (0.04) | (0.72) | 32.42 |
|  5/31/24 | 25.05 | 0.59 | 4.52 | 5.11 | (0.57) |  | (0.57) | 29.59 |
|  5/31/23 | 25.39 | 0.48 | (0.24) | 0.24 | (0.47) | (0.11) | (0.58) | 25.05 |
|  5/31/22 | 27.98 | 0.49 | (2.35) | (1.86) | (0.55) | (0.18) | (0.73) | 25.39 |
|  5/31/21 | 20.68 | 0.41 | 7.34 | 7.75 | (0.41) | (0.04) | (0.45) | 27.98 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 29.27 | 0.56 | 2.88 | 3.44 | (0.61) | (0.04) | (0.65) | 32.06 |
|  5/31/24 | 24.79 | 0.52 | 4.47 | 4.99 | (0.51) |  | (0.51) | 29.27 |
|  5/31/23 | 25.12 | 0.42 | (0.23) | 0.19 | (0.41) | (0.11) | (0.52) | 24.79 |
|  5/31/22 | 27.70 | 0.43 | (2.35) | (1.92) | (0.48) | (0.18) | (0.66) | 25.12 |
|  5/31/21 | 20.49 | 0.34 | 7.26 | 7.60 | (0.35) | (0.04) | (0.39) | 27.70 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

48 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 12.04% | $40894 | 0.17% | 0.11% | 1.86% | 11% |
| 20.46 | 27460 | 0.27 | 0.21 | 2.01 | 8 |
| 1.05 | 24082 | 0.27 | 0.20 | 1.90 | 10 |
| (7.04) | 18259 | 0.27 | 0.20 | 1.77 | 11 |
| 37.58 | 12840 | 0.28 | 0.20 | 1.29 | 11 |
| 11.86 | 166236 | 0.32 | 0.25 | 1.91 | 11 |
| 20.44 | 131291 | 0.32 | 0.25 | 2.06 | 8 |
| 0.99 | 103386 | 0.32 | 0.25 | 1.84 | 10 |
| (7.06) | 90924 | 0.32 | 0.25 | 2.17 | 11 |
| 37.48 | 352496 | 0.32 | 0.25 | 1.47 | 11 |
| 12.05 | 8243473 | 0.17 | 0.10 | 2.07 | 11 |
| 20.61 | 6926481 | 0.17 | 0.11 | 2.16 | 8 |
| 1.11 | 5095781 | 0.17 | 0.10 | 1.96 | 10 |
| (6.92) | 4224772 | 0.17 | 0.10 | 1.75 | 11 |
| 37.71 | 3640347 | 0.17 | 0.10 | 1.65 | 11 |
| 11.77 | 341979 | 0.42 | 0.35 | 1.82 | 11 |
| 20.30 | 334163 | 0.42 | 0.35 | 1.94 | 8 |
| 0.89 | 297992 | 0.42 | 0.35 | 1.76 | 10 |
| (7.18) | 308109 | 0.42 | 0.35 | 1.54 | 11 |
| 37.32 | 328342 | 0.42 | 0.35 | 1.40 | 11 |

---

See Notes to Financial Statements 49

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2050 | Lifecycle Index 2050 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $30.06 | $0.59 | $3.09 | $3.68 | $(0.66) | $(0.02) | $(0.68) | $33.06 |
|  5/31/24 | 25.32 | 0.54 | 4.78 | 5.32 | (0.55) | (0.03) | (0.58) | 30.06 |
|  5/31/23 | 25.64 | 0.48 | (0.26) | 0.22 | (0.45) | (0.09) | (0.54) | 25.32 |
|  5/31/22 | 28.21 | 0.49 | (2.40) | (1.91) | (0.54) | (0.12) | (0.66) | 25.64 |
|  5/31/21 | 20.72 | 0.33 | 7.58 | 7.91 | (0.39) | (0.03) | (0.42) | 28.21 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 29.94 | 0.58 | 3.03 | 3.61 | (0.64) | (0.02) | (0.66) | 32.89 |
|  5/31/24 | 25.23 | 0.56 | 4.72 | 5.28 | (0.54) | (0.03) | (0.57) | 29.94 |
|  5/31/23 | 25.54 | 0.44 | (0.23) | 0.21 | (0.43) | (0.09) | (0.52) | 25.23 |
|  5/31/22 | 28.09 | 0.64 | (2.55) | (1.91) | (0.52) | (0.12) | (0.64) | 25.54 |
|  5/31/21 | 20.63 | 0.36 | 7.51 | 7.87 | (0.38) | (0.03) | (0.41) | 28.09 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 30.12 | 0.64 | 3.05 | 3.69 | (0.69) | (0.02) | (0.71) | 33.10 |
|  5/31/24 | 25.37 | 0.59 | 4.77 | 5.36 | (0.58) | (0.03) | (0.61) | 30.12 |
|  5/31/23 | 25.69 | 0.47 | (0.23) | 0.24 | (0.47) | (0.09) | (0.56) | 25.37 |
|  5/31/22 | 28.25 | 0.49 | (2.37) | (1.88) | (0.56) | (0.12) | (0.68) | 25.69 |
|  5/31/21 | 20.75 | 0.41 | 7.53 | 7.94 | (0.41) | (0.03) | (0.44) | 28.25 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 29.77 | 0.55 | 3.02 | 3.57 | (0.61) | (0.02) | (0.63) | 32.71 |
|  5/31/24 | 25.09 | 0.52 | 4.70 | 5.22 | (0.51) | (0.03) | (0.54) | 29.77 |
|  5/31/23 | 25.41 | 0.42 | (0.25) | 0.17 | (0.40) | (0.09) | (0.49) | 25.09 |
|  5/31/22 | 27.95 | 0.42 | (2.35) | (1.93) | (0.49) | (0.12) | (0.61) | 25.41 |
|  5/31/21 | 20.54 | 0.34 | 7.45 | 7.79 | (0.35) | (0.03) | (0.38) | 27.95 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

50 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 12.29% | $32204 | 0.17% | 0.11% | 1.85% | 10% |
| 21.23 | 22004 | 0.27 | 0.21 | 1.98 | 7 |
| 0.99 | 19403 | 0.27 | 0.20 | 1.96 | 8 |
| (7.04) | 14242 | 0.27 | 0.20 | 1.75 | 11 |
| 38.42 | 10851 | 0.27 | 0.20 | 1.30 | 9 |
| 12.13 | 118136 | 0.32 | 0.25 | 1.85 | 10 |
| 21.13 | 96700 | 0.32 | 0.26 | 2.03 | 7 |
| 0.96 | 83196 | 0.32 | 0.25 | 1.79 | 8 |
| (7.06) | 80318 | 0.32 | 0.25 | 2.20 | 11 |
| 38.36 | 295691 | 0.33 | 0.25 | 1.47 | 9 |
| 12.30 | 7159905 | 0.17 | 0.10 | 2.01 | 10 |
| 21.34 | 5863809 | 0.17 | 0.11 | 2.12 | 7 |
| 1.07 | 4258463 | 0.17 | 0.10 | 1.93 | 8 |
| (6.92) | 3473689 | 0.17 | 0.10 | 1.75 | 11 |
| 38.50 | 2948578 | 0.18 | 0.10 | 1.63 | 9 |
| 12.04 | 288258 | 0.42 | 0.35 | 1.76 | 10 |
| 21.01 | 282437 | 0.42 | 0.36 | 1.91 | 7 |
| 0.82 | 251668 | 0.42 | 0.35 | 1.74 | 8 |
| (7.15) | 271085 | 0.42 | 0.35 | 1.52 | 11 |
| 38.15 | 285738 | 0.43 | 0.35 | 1.41 | 9 |

---

See Notes to Financial Statements 51

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2055 | Lifecycle Index 2055 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $24.30 | $0.46 | $2.54 | $3.00 | $(0.53) | $(0.01) | $(0.54) | $26.76 |
|  5/31/24 | 20.42 | 0.42 | 3.92 | 4.34 | (0.44) | (0.02) | (0.46) | 24.30 |
|  5/31/23 | 20.66 | 0.36 | (0.18) | 0.18 | (0.36) | (0.06) | (0.42) | 20.42 |
|  5/31/22 | 22.66 | 0.38 | (1.92) | (1.54) | (0.43) | (0.03) | (0.46) | 20.66 |
|  5/31/21 | 16.57 | 0.29 | 6.13 | 6.42 | (0.31) | (0.02) | (0.33) | 22.66 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 24.27 | 0.46 | 2.50 | 2.96 | (0.52) | (0.01) | (0.53) | 26.70 |
|  5/31/24 | 20.39 | 0.47 | 3.86 | 4.33 | (0.43) | (0.02) | (0.45) | 24.27 |
|  5/31/23 | 20.63 | 0.35 | (0.19) | 0.16 | (0.34) | (0.06) | (0.40) | 20.39 |
|  5/31/22 | 22.62 | 0.53 | (2.07) | (1.54) | (0.42) | (0.03) | (0.45) | 20.63 |
|  5/31/21 | 16.54 | 0.29 | 6.11 | 6.40 | (0.30) | (0.02) | (0.32) | 22.62 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 24.35 | 0.51 | 2.50 | 3.01 | (0.55) | (0.01) | (0.56) | 26.80 |
|  5/31/24 | 20.46 | 0.47 | 3.90 | 4.37 | (0.46) | (0.02) | (0.48) | 24.35 |
|  5/31/23 | 20.70 | 0.38 | (0.19) | 0.19 | (0.37) | (0.06) | (0.43) | 20.46 |
|  5/31/22 | 22.70 | 0.40 | (1.92) | (1.52) | (0.45) | (0.03) | (0.48) | 20.70 |
|  5/31/21 | 16.59 | 0.32 | 6.14 | 6.46 | (0.33) | (0.02) | (0.35) | 22.70 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 24.19 | 0.45 | 2.47 | 2.92 | (0.49) | (0.01) | (0.50) | 26.61 |
|  5/31/24 | 20.33 | 0.42 | 3.87 | 4.29 | (0.41) | (0.02) | (0.43) | 24.19 |
|  5/31/23 | 20.57 | 0.35 | (0.20) | 0.15 | (0.33) | (0.06) | (0.39) | 20.33 |
|  5/31/22 | 22.56 | 0.34 | (1.91) | (1.57) | (0.39) | (0.03) | (0.42) | 20.57 |
|  5/31/21 | 16.50 | 0.28 | 6.08 | 6.36 | (0.28) | (0.02) | (0.30) | 22.56 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

52 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 12.37% | $30008 | 0.18% | 0.11% | 1.79% | 10% |
| 21.49 | 19948 | 0.27 | 0.20 | 1.90 | 7 |
| 1.02 | 16680 | 0.27 | 0.20 | 1.85 | 7 |
| (7.00) | 12050 | 0.28 | 0.20 | 1.71 | 11 |
| 38.98 | 8251 | 0.28 | 0.20 | 1.46 | 6 |
| 12.22 | 54408 | 0.32 | 0.25 | 1.81 | 10 |
| 21.47 | 41614 | 0.33 | 0.26 | 2.11 | 7 |
| 0.95 | 37212 | 0.33 | 0.25 | 1.78 | 7 |
| (7.02) | 33219 | 0.33 | 0.25 | 2.28 | 11 |
| 38.91 | 142662 | 0.33 | 0.25 | 1.45 | 6 |
| 12.41 | 4510607 | 0.17 | 0.10 | 1.99 | 10 |
| 21.61 | 3521489 | 0.18 | 0.11 | 2.11 | 7 |
| 1.10 | 2428738 | 0.18 | 0.10 | 1.92 | 7 |
| (6.91) | 1822272 | 0.18 | 0.10 | 1.75 | 11 |
| 39.14 | 1478111 | 0.18 | 0.10 | 1.61 | 6 |
| 12.10 | 173636 | 0.42 | 0.35 | 1.76 | 10 |
| 21.32 | 165330 | 0.43 | 0.36 | 1.89 | 7 |
| 0.85 | 135316 | 0.43 | 0.35 | 1.76 | 7 |
| (7.13) | 149174 | 0.43 | 0.35 | 1.52 | 11 |
| 38.76 | 149564 | 0.43 | 0.35 | 1.44 | 6 |

---

See Notes to Financial Statements 53

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2060 | Lifecycle Index 2060 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $18.87 | $0.36 | $1.98 | $2.34 | $(0.41) | $(0.00)<sup>(e)</sup> | $(0.41) | $20.80 |
|  5/31/24 | 15.81 | 0.33 | 3.09 | 3.42 | (0.34) | (0.02) | (0.36) | 18.87 |
|  5/31/23 | 15.98 | 0.29 | (0.15) | 0.14 | (0.27) | (0.04) | (0.31) | 15.81 |
|  5/31/22 | 17.51 | 0.29 | (1.48) | (1.19) | (0.33) | (0.01) | (0.34) | 15.98 |
|  5/31/21 | 12.75 | 0.20 | 4.81 | 5.01 | (0.24) | (0.01) | (0.25) | 17.51 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 18.84 | 0.35 | 1.96 | 2.31 | (0.40) | (0.00)<sup>(e)</sup> | (0.40) | 20.75 |
|  5/31/24 | 15.79 | 0.34 | 3.06 | 3.40 | (0.33) | (0.02) | (0.35) | 18.84 |
|  5/31/23 | 15.96 | 0.27 | (0.13) | 0.14 | (0.27) | (0.04) | (0.31) | 15.79 |
|  5/31/22 | 17.48 | 0.40 | (1.59) | (1.19) | (0.32) | (0.01) | (0.33) | 15.96 |
|  5/31/21 | 12.73 | 0.22 | 4.77 | 4.99 | (0.23) | (0.01) | (0.24) | 17.48 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 18.89 | 0.39 | 1.95 | 2.34 | (0.42) | (0.00)<sup>(e)</sup> | (0.42) | 20.81 |
|  5/31/24 | 15.83 | 0.36 | 3.08 | 3.44 | (0.36) | (0.02) | (0.38) | 18.89 |
|  5/31/23 | 15.99 | 0.29 | (0.12) | 0.17 | (0.29) | (0.04) | (0.33) | 15.83 |
|  5/31/22 | 17.52 | 0.30 | (1.47) | (1.17) | (0.35) | (0.01) | (0.36) | 15.99 |
|  5/31/21 | 12.75 | 0.25 | 4.78 | 5.03 | (0.25) | (0.01) | (0.26) | 17.52 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 18.79 | 0.35 | 1.93 | 2.28 | (0.38) | (0.00)<sup>(e)</sup> | (0.38) | 20.69 |
|  5/31/24 | 15.75 | 0.32 | 3.06 | 3.38 | (0.32) | (0.02) | (0.34) | 18.79 |
|  5/31/23 | 15.92 | 0.27 | (0.15) | 0.12 | (0.25) | (0.04) | (0.29) | 15.75 |
|  5/31/22 | 17.44 | 0.26 | (1.46) | (1.20) | (0.31) | (0.01) | (0.32) | 15.92 |
|  5/31/21 | 12.70 | 0.22 | 4.75 | 4.97 | (0.22) | (0.01) | (0.23) | 17.44 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

<sup>(e)</sup> Value rounded to zero.

54 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 12.44% | $19422 | 0.18% | 0.11% | 1.80% | 10% |
| 21.83 | 13382 | 0.28 | 0.21 | 1.94 | 7 |
| 1.05 | 10940 | 0.28 | 0.20 | 1.89 | 7 |
| (7.01) | 9092 | 0.29 | 0.20 | 1.69 | 10 |
| 39.51 | 5527 | 0.30 | 0.20 | 1.31 | 6 |
| 12.32 | 37517 | 0.32 | 0.25 | 1.76 | 10 |
| 21.74 | 25989 | 0.33 | 0.26 | 1.99 | 7 |
| 0.99 | 21158 | 0.34 | 0.25 | 1.76 | 7 |
| (7.01) | 15601 | 0.34 | 0.25 | 2.23 | 10 |
| 39.44 | 40943 | 0.35 | 0.25 | 1.42 | 6 |
| 12.48 | 2636944 | 0.18 | 0.10 | 1.97 | 10 |
| 21.91 | 1951599 | 0.18 | 0.11 | 2.09 | 7 |
| 1.20 | 1257068 | 0.19 | 0.10 | 1.92 | 7 |
| (6.93) | 828871 | 0.19 | 0.10 | 1.75 | 10 |
| 39.68 | 600348 | 0.21 | 0.10 | 1.59 | 6 |
| 12.18 | 96266 | 0.42 | 0.35 | 1.74 | 10 |
| 21.62 | 87137 | 0.43 | 0.36 | 1.89 | 7 |
| 0.90 | 63746 | 0.44 | 0.35 | 1.79 | 7 |
| (7.11) | 67009 | 0.44 | 0.35 | 1.50 | 10 |
| 39.33 | 55903 | 0.45 | 0.35 | 1.43 | 6 |

---

See Notes to Financial Statements 55

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifecycle Index 2065 | Lifecycle Index 2065 |  |  |  |  |  |  |  |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | $13.36 | $0.23 | $1.44 | $1.67 | $(0.29) | $— | $(0.29) | $14.74 |
|  5/31/24 | 11.17 | 0.25 | 2.19 | 2.44 | (0.24) | (0.01) | (0.25) | 13.36 |
|  5/31/23 | 11.27 | 0.12 | 0.00 <sup>(e)</sup> | 0.12 | (0.20) | (0.02) | (0.22) | 11.17 |
|  5/31/22 | 12.46 | 0.22 | (1.04) | (0.82) | (0.36) | (0.01) | (0.37) | 11.27 |
|  5/31/21<sup>(f)</sup> | 10.00 | 0.16 | 2.48 | 2.64 | (0.18) |  | (0.18) | 12.46 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 13.35 | 0.23 | 1.41 | 1.64 | (0.28) |  | (0.28) | 14.71 |
|  5/31/24 | 11.16 | 0.30 | 2.14 | 2.44 | (0.24) | (0.01) | (0.25) | 13.35 |
|  5/31/23 | 11.26 | 0.19 | (0.08) | 0.11 | (0.19) | (0.02) | (0.21) | 11.16 |
|  5/31/22 | 12.46 | 0.18 | (1.01) | (0.83) | (0.36) | (0.01) | (0.37) | 11.26 |
|  5/31/21<sup>(f)</sup> | 10.00 | 0.16 | 2.48 | 2.64 | (0.18) |  | (0.18) | 12.46 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 13.53 | 0.28 | 1.41 | 1.69 | (0.30) |  | (0.30) | 14.92 |
|  5/31/24 | 11.31 | 0.26 | 2.22 | 2.48 | (0.25) | (0.01) | (0.26) | 13.53 |
|  5/31/23 | 11.40 | 0.21 | (0.08) | 0.13 | (0.20) | (0.02) | (0.22) | 11.31 |
|  5/31/22 | 12.45 | 0.21 | (1.02) | (0.81) | (0.23) | (0.01) | (0.24) | 11.40 |
|  5/31/21<sup>(f)</sup> | 10.00 | 0.15 | 2.48 | 2.63 | (0.18) |  | (0.18) | 12.45 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 13.36 | 0.24 | 1.39 | 1.63 | (0.27) |  | (0.27) | 14.72 |
|  5/31/24 | 11.17 | 0.23 | 2.20 | 2.43 | (0.23) | (0.01) | (0.24) | 13.36 |
|  5/31/23 | 11.27 | 0.17 | (0.07) | 0.10 | (0.18) | (0.02) | (0.20) | 11.17 |
|  5/31/22 | 12.44 | 0.17 | (1.04) | (0.87) | (0.29) | (0.01) | (0.30) | 11.27 |
|  5/31/21<sup>(f)</sup> | 10.00 | 0.15 | 2.46 | 2.61 | (0.17) |  | (0.17) | 12.44 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios include the expenses and exclude the income of the Underlying Funds.

<sup>(e)</sup> Value rounded to zero.

<sup>(f)</sup> The Fund commenced operations on September 30, 2020.

<sup>(g)</sup> Annualized.

56 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross<br> Expenses<sup>(d)</sup> | Net<br> Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net<br> Investment<br> Income (Loss)<sup>(d)</sup> | Portfolio<br> Turnover<br> Rate |
| 12.54% | $6481 | 0.22% | 0.11% | 1.65% | 10% |
| 22.08 | 3787 | 0.35 | 0.19 | 2.01 | 14 |
| 1.22 | 2377 | 0.45 | 0.18 | 1.11 | 22 |
| (6.83) | 716 | 0.83 | 0.13 | 1.81 | 108 |
| 26.48 | 626 | 4.26 <sup>(g)</sup> | 0.25 <sup>(g)</sup> | 2.16 <sup>(g)</sup> | 36 |
| 12.35 | 4709 | 0.37 | 0.25 | 1.67 | 10 |
| 22.03 | 2811 | 0.41 | 0.26 | 2.49 | 14 |
| 1.11 | 1229 | 0.53 | 0.25 | 1.75 | 22 |
| (6.90) | 808 | 0.97 | 0.25 | 1.49 | 108 |
| 26.48 | 637 | 4.41 <sup>(g)</sup> | 0.25 <sup>(g)</sup> | 2.14 <sup>(g)</sup> | 36 |
| 12.54 | 586753 | 0.22 | 0.10 | 1.94 | 10 |
| 22.12 | 322206 | 0.26 | 0.11 | 2.10 | 14 |
| 1.29 | 119873 | 0.38 | 0.10 | 1.90 | 22 |
| (6.70) | 44526 | 0.82 | 0.11 | 1.76 | 108 |
| 26.45 | 7131 | 3.91 <sup>(g)</sup> | 0.10 <sup>(g)</sup> | 2.02 <sup>(g)</sup> | 36 |
| 12.25 | 15305 | 0.47 | 0.35 | 1.71 | 10 |
| 21.93 | 10219 | 0.51 | 0.36 | 1.90 | 14 |
| 1.03 | 4689 | 0.63 | 0.35 | 1.62 | 22 |
| (7.26) | 1740 | 1.08 | 0.36 | 1.42 | 108 |
| 26.35 | 693 | 4.54 <sup>(g)</sup> | 0.35 <sup>(g)</sup> | 2.00 <sup>(g)</sup> | 36 |

---

See Notes to Financial Statements 57

------

## Notes to Financial Statements

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1. General Information

Trust and Fund Information: TIAA-CREF Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, ("1940 Act"), as amended. The Trust is comprised of the following (collectively the "Funds" or individually, the "Fund"), among others:

---

| | |
|:---|:---|
| Fund Name | Short Name |
| Nuveen Lifecycle Index Retirement Income Fund | Lifecycle Index Retirement Income |
| Nuveen Lifecycle Index 2010 Fund | Lifecycle Index 2010 |
| Nuveen Lifecycle Index 2015 Fund | Lifecycle Index 2015 |
| Nuveen Lifecycle Index 2020 Fund | Lifecycle Index 2020 |
| Nuveen Lifecycle Index 2025 Fund | Lifecycle Index 2025 |
| Nuveen Lifecycle Index 2030 Fund | Lifecycle Index 2030 |
| Nuveen Lifecycle Index 2035 Fund | Lifecycle Index 2035 |
| Nuveen Lifecycle Index 2040 Fund | Lifecycle Index 2040 |
| Nuveen Lifecycle Index 2045 Fund | Lifecycle Index 2045 |
| Nuveen Lifecycle Index 2050 Fund | Lifecycle Index 2050 |
| Nuveen Lifecycle Index 2055 Fund | Lifecycle Index 2055 |
| Nuveen Lifecycle Index 2060 Fund | Lifecycle Index 2060 |
|  Nuveen Lifecycle Index 2065 Fund | Lifecycle Index 2065 |

---

Current Fiscal Period: The end of the reporting period for the Funds is May 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2025 (the "current fiscal period").

Investment Adviser: Teachers Advisors, LLC (the "Adviser"), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), is registered with the Securities and Exchange Commission ("SEC") as an investment adviser and provides investment management services for the Funds.

Share Classes and Sales Charges: Each Fund is a "fund of funds" that diversifies its assets by investing in Class W shares of other Nuveen mutual funds and potentially other investment pools or investment products. The Funds offer Class I, Premier Class, Class R6 and Retirement Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC ("Nuveen Securities"), which is a wholly owned indirect subsidiary of TIAA.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, *Financial Services—Investment Companies*. The net asset value ("NAV") for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: The Funds pay the members of the Board of Trustees (the "Board") all of whom are independent, certain remuneration for their services, plus travel and other expenses. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statement of Assets and Liabilities. Trustees' fees, including any deferred compensation incurred, are reflected in the Statement of Operations.

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Indemnification: Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

58.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Multiclass Operations and Allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a Fund. Expenses that cannot be directly attributed are allocated to each Fund in the Trust based upon the average net assets of each Fund.

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

Segment Reporting: In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker ("CODM"). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to the oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

• Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

• Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Level 1 | Level 2 | Level 3 | Total |
|  Lifecycle Index Retirement Income<br> Affiliated investment companies | $768893989 | $— | $— | $768893989 |
|  Short-term investments |  | 1041000 |  | 1041000 |
|  Total | $768893989 | $1041000 | $— | $769934989 |
|  Lifecycle Index 2010<br> Affiliated investment companies | $657896612 | $— | $— | $657896612 |
|  Short-term investments |  | 1401000 |  | 1401000 |
|  Total | $657896612 | $1401000 | $— | $659297612 |
|  Lifecycle Index 2015<br> Affiliated investment companies | $1002008101 | $— | $— | $1002008101 |
|  Short-term investments |  | 992000 |  | 992000 |
|  Total | $1002008101 | $992000 | $— | $1003000101 |
|  Lifecycle Index 2020<br> Affiliated investment companies | $3010884593 | $— | $— | $3010884593 |
|  Short-term investments |  | 3160000 |  | 3160000 |
|  Total | $3010884593 | $3160000 | $— | $3014044593 |
|  Lifecycle Index 2025<br> Affiliated investment companies | $6026175195 | $— | $— | $6026175195 |
|  Short-term investments |  | 6633000 |  | 6633000 |
|  Total | $6026175195 | $6633000 | $— | $6032808195 |
|  Lifecycle Index 2030<br> Affiliated investment companies | $8814282839 | $— | $— | $8814282839 |
|  Short-term investments |  | 14015000 |  | 14015000 |
|  Total | $8814282839 | $14015000 | $— | $8828297839 |
|  Lifecycle Index 2035<br> Affiliated investment companies | $9633071693 | $— | $— | $9633071693 |
|  Short-term investments |  | 13790000 |  | 13790000 |
|  Total | $9633071693 | $13790000 | $— | $9646861693 |
|  Lifecycle Index 2040<br> Affiliated investment companies | $10191102202 | $— | $— | $10191102202 |
|  Short-term investments |  | 14070000 |  | 14070000 |
|  Total | $10191102202 | $14070000 | $— | $10205172202 |
|  Lifecycle Index 2045<br> Affiliated investment companies | $8775997258 | $— | $— | $8775997258 |
|  Short-term investments |  | 14945000 |  | 14945000 |
|  Total | $8775997258 | $14945000 | $— | $8790942258 |
|  Lifecycle Index 2050<br> Affiliated investment companies | $7584403431 | $— | $— | $7584403431 |
|  Short-term investments |  | 10297000 |  | 10297000 |
|  Total | $7584403431 | $10297000 | $— | $7594700431 |

---

60.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Level 1 | Level 2 | Level 3 | Total |
|  Lifecycle Index 2055<br> Affiliated investment companies | $4758239345 | $— | $— | $4758239345 |
|  Short-term investments |  | 8420000 |  | 8420000 |
|  Total | $4758239345 | $8420000 | $— | $4766659345 |
|  Lifecycle Index 2060<br> Affiliated investment companies | $2783037149 | $— | $— | $2783037149 |
|  Short-term investments |  | 6263000 |  | 6263000 |
|  Total | $2783037149 | $6263000 | $— | $2789300149 |
|  Lifecycle Index 2065<br> Affiliated investment companies | $611068729 | $— | $— | $611068729 |
|  Short-term investments |  | 2382000 |  | 2382000 |
|  Total | $611068729 | $2382000 | $— | $613450729 |

---

4. Portfolio Securities

Repurchase Agreements: In connection with transactions in repurchase agreements, it is the Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Counterparty | Short-term Investments,<br> at Value | Collateral Pledged<br> (From) Counterparty |
|  Lifecycle Index Retirement Income | Fixed Income Clearing Corporation | $1041000 | $(1061920) |
|  Lifecycle Index 2010 | Fixed Income Clearing Corporation | 1401000 | (1429078) |
|  Lifecycle Index 2015 | Fixed Income Clearing Corporation | 992000 | (1011895) |
|  Lifecycle Index 2020 | Fixed Income Clearing Corporation | 3160000 | (3223222) |
|  Lifecycle Index 2025 | Fixed Income Clearing Corporation | 6633000 | (6765713) |
|  Lifecycle Index 2030 | Fixed Income Clearing Corporation | 14015000 | (14295367) |
|  Lifecycle Index 2035 | Fixed Income Clearing Corporation | 13790000 | (14065850) |
|  Lifecycle Index 2040 | Fixed Income Clearing Corporation | 14070000 | (14351422) |
|  Lifecycle Index 2045 | Fixed Income Clearing Corporation | 14945000 | (15243982) |
|  Lifecycle Index 2050 | Fixed Income Clearing Corporation | 10297000 | (10502974) |
|  Lifecycle Index 2055 | Fixed Income Clearing Corporation | 8420000 | (8588402) |
|  Lifecycle Index 2060 | Fixed Income Clearing Corporation | 6263000 | (6388302) |
|  Lifecycle Index 2065 | Fixed Income Clearing Corporation | 2382000 | (2429724) |

---

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Non-U.S. Government<br> Purchases | Non-U.S. Government<br> Sales |
|  Lifecycle Index Retirement Income | $196079954 | $169898663 |
|  Lifecycle Index 2010 | 137203546 | 139878412 |
|  Lifecycle Index 2015 | 149513543 | 248689828 |
|  Lifecycle Index 2020 | 382798790 | 623841826 |
|  Lifecycle Index 2025 | 836062163 | 1124452464 |
|  Lifecycle Index 2030 | 1372426491 | 1139247410 |
|  Lifecycle Index 2035 | 1665061678 | 1148626678 |
|  Lifecycle Index 2040 | 1711614472 | 1178627880 |
|  Lifecycle Index 2045 | 1555569125 | 911416011 |
|  Lifecycle Index 2050 | 1415936861 | 725899780 |
|  Lifecycle Index 2055 | 1059993781 | 440485100 |
|  Lifecycle Index 2060 | 728632669 | 248008159 |
|  Lifecycle Index 2065 | 278665904 | 46931408 |

---

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index Retirement Income | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 220538 | $3585353 | 20845 | $319031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 69127 | 1129152 | 62116 | 946739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 16897213 | 275818128 | 14539705 | 221787860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 643665 | 10488519 | 367049 | 5645804 |
|  Total subscriptions | 17830543 | 291021152 | 14989715 | 228699434 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 7179 | 116654 | 4125 | 63371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 4313 | 70047 | 2394 | 36756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1869629 | 30392415 | 1046305 | 16082188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 109573 | 1777356 | 58205 | 892097 |
|  Total reinvestments of distributions | 1990694 | 32356472 | 1111029 | 17074412 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (238280) | (3904264) | (28956) | (447686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (72409) | (1176408) | (77682) | (1194080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (16115324) | (264168974) | (12590697) | (194216256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (649988) | (10612868) | (678392) | (10349565) |
|  Total redemptions | (17076001) | (279862514) | (13375727) | (206207587) |
|  Net increase (decrease) from shareholder transactions | 2745236 | $43515110 | 2725017 | $39566259 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2010 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 18749 | $310838 | 10131 | $162221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 145046 | 2407916 | 99816 | 1591307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8021458 | 134888648 | 5871430 | 94247976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 843382 | 13988519 | 395902 | 6243168 |
|  Total subscriptions | 9028635 | 151595921 | 6377279 | 102244672 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 3825 | 63151 | 2288 | 36633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 62196 | 1022499 | 38146 | 608042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2082839 | 34366842 | 1146232 | 18328254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 193788 | 3166503 | 108050 | 1712599 |
|  Total reinvestments of distributions | 2342648 | 38618995 | 1294716 | 20685528 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (19088) | (328434) | (70280) | (1115621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (149632) | (2545267) | (274858) | (4413763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (8648583) | (145828899) | (8711198) | (139980798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (1483425) | (24424196) | (1003364) | (15974894) |
|  Total redemptions | (10300728) | (173126796) | (10059700) | (161485076) |
|  Net increase (decrease) from shareholder transactions | 1070555 | $17088120 | (2387705) | $(38554876) |

---

62.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2015 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 40292 | $697035 | 54921 | $937881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 144223 | 2536874 | 170840 | 2862697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8682290 | 153507277 | 8262695 | 139734524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 909299 | 15935796 | 475655 | 7972448 |
|  Total subscriptions | 9776104 | 172676982 | 8964111 | 151507550 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 5141 | 88784 | 2784 | 46792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 110301 | 1894963 | 62007 | 1038002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3803654 | 65651062 | 2139222 | 35981708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 326814 | 5598328 | 193088 | 3222645 |
|  Total reinvestments of distributions | 4245910 | 73233137 | 2397101 | 40289147 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (15116) | (272800) | (89142) | (1505944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (322196) | (5729687) | (411184) | (6889577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (14650868) | (259821015) | (13038389) | (221531073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (2044699) | (35759880) | (1341327) | (22608289) |
|  Total redemptions | (17032879) | (301583382) | (14880042) | (252534883) |
|  Net increase (decrease) from shareholder transactions | (3010865) | $(55673263) | (3518830) | $(60738186) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2020 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 227497 | $4328145 | 74262 | $1367596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 399756 | 7745730 | 503271 | 9200844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 22751892 | 443198611 | 22424807 | 412766301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1218082 | 23426897 | 878109 | 15990132 |
|  Total subscriptions | 24597227 | 478699383 | 23880449 | 439324873 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 26018 | 498251 | 18571 | 340408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 213714 | 4075518 | 125315 | 2288248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8932157 | 171229458 | 4926275 | 90397138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 618654 | 11760622 | 354735 | 6456174 |
|  Total reinvestments of distributions | 9790543 | 187563849 | 5424896 | 99481968 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (166152) | (3243832) | (228419) | (4229709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (654158) | (12777145) | (1248756) | (22962439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (37054241) | (722834023) | (35125181) | (649197428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (3503767) | (67640302) | (2683928) | (49126116) |
|  Total redemptions | (41378318) | (806495302) | (39286284) | (725515692) |
|  Net increase (decrease) from shareholder transactions | (6990548) | $(140232070) | (9980939) | $(186708851) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2025 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 428704 | $9313380 | 243371 | $4930631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 846651 | 18513578 | 874003 | 17681971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 47238687 | 1039044473 | 44372219 | 904790116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1921603 | 41655332 | 1656279 | 33320626 |
|  Total subscriptions | 50435645 | 1108526763 | 47145872 | 960723344 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 46238 | 1003354 | 25222 | 513275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 267499 | 5791343 | 121096 | 2459456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 13067963 | 284228191 | 6156947 | 125540155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 859075 | 18513073 | 454869 | 9192902 |
|  Total reinvestments of distributions | 14240775 | 309535961 | 6758134 | 137705788 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (283271) | (6248579) | (437995) | (8805941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (966666) | (21202485) | (1131849) | (23054565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (63595278) | (1396647583) | (48255309) | (990630653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (5791567) | (126060268) | (4859935) | (98718158) |
|  Total redemptions | (70636782) | (1550158915) | (54685088) | (1121209317) |
|  Net increase (decrease) from shareholder transactions | (5960362) | $(132096191) | (781082) | $(22780185) |

---

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2030 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 593893 | $14520135 | 213738 | $4741727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 1070246 | 26132156 | 1020220 | 22666628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 63756006 | 1568016210 | 56495639 | 1263257332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 3207456 | 78018987 | 2789961 | 61671465 |
|  Total subscriptions | 68627601 | 1686687488 | 60519558 | 1352337152 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 48034 | 1182128 | 35160 | 784418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 206894 | 5073034 | 147576 | 3280625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10494319 | 258684972 | 7037023 | 157277461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 609807 | 14885398 | 454647 | 10065889 |
|  Total reinvestments of distributions | 11359054 | 279825532 | 7674406 | 171408393 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (217139) | (5345452) | (361218) | (8039837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (822496) | (20140836) | (1470090) | (32858904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (61001007) | (1497705496) | (44001301) | (992421774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (5708458) | (139072958) | (4321884) | (96495792) |
|  Total redemptions | (67749100) | (1662264742) | (50154493) | (1129816307) |
|  Net increase (decrease) from shareholder transactions | 12237555 | $304248278 | 18039471 | $393929238 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2035 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 443768 | $12038764 | 223278 | $5367607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 1097427 | 29632626 | 1092292 | 26324023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 62281974 | 1695599619 | 59806250 | 1455487593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 2558090 | 68965307 | 2642003 | 63631827 |
|  Total subscriptions | 66381259 | 1806236316 | 63763823 | 1550811050 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 29766 | 813802 | 23238 | 564445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 179598 | 4890462 | 132558 | 3207899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8782493 | 240552492 | 6054698 | 147371345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 438817 | 11900721 | 348217 | 8392031 |
|  Total reinvestments of distributions | 9430674 | 258157477 | 6558711 | 159535720 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (159484) | (4341553) | (298338) | (7198241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (742455) | (20045919) | (1153621) | (28015020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (49919671) | (1355059707) | (36581391) | (902421312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (4641286) | (125063630) | (3995570) | (97312404) |
|  Total redemptions | (55462896) | (1504510809) | (42028920) | (1034946977) |
|  Net increase (decrease) from shareholder transactions | 20349037 | $559882984 | 28293614 | $675399793 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2040 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 444778 | $13203145 | 193374 | $5009272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 909057 | 26717339 | 1120144 | 28921233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 56032691 | 1660817316 | 54222650 | 1413783568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1884847 | 55284129 | 1996846 | 51631155 |
|  Total subscriptions | 59271373 | 1756021929 | 57533014 | 1499345228 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 21706 | 651409 | 20577 | 535204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 143496 | 4286231 | 136836 | 3542683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 6980844 | 209704539 | 5787159 | 150697631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 302916 | 9014779 | 295703 | 7629130 |
|  Total reinvestments of distributions | 7448962 | 223656958 | 6240275 | 162404648 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (211904) | (6301307) | (208960) | (5446746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (803266) | (23629285) | (1439064) | (37749387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (44442557) | (1311311773) | (31691130) | (841845215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (3295185) | (97164071) | (3604077) | (94931430) |
|  Total redemptions | (48752912) | (1438406436) | (36943231) | (979972778) |
|  Net increase (decrease) from shareholder transactions | 17967423 | $541272451 | 26830058 | $681777098 |

---

64.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2045 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 469723 | $14693043 | 157554 | $4254147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 1010059 | 31194174 | 993274 | 26788207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 50880775 | 1588433989 | 52266925 | 1418998974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1660659 | 51357627 | 1731177 | 46548337 |
|  Total subscriptions | 54021216 | 1685678833 | 55148930 | 1496589665 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 19358 | 613058 | 18683 | 505761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 86356 | 2726248 | 72690 | 1961898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 5253565 | 166695631 | 4469368 | 121209261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 220544 | 6929507 | 226560 | 6085403 |
|  Total reinvestments of distributions | 5579823 | 176964444 | 4787301 | 129762323 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (155775) | (4831622) | (209486) | (5648588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (399873) | (12402494) | (753142) | (20519310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (35911651) | (1115277210) | (26078253) | (721370997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (2629368) | (81362784) | (2562142) | (70174828) |
|  Total redemptions | (39096667) | (1213874110) | (29603023) | (817713723) |
|  Net increase (decrease) from shareholder transactions | 20504372 | $648769167 | 30333208 | $808638265 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2050 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 347200 | $11082776 | 151795 | $4162023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 618977 | 19595364 | 511652 | 14049166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 46594581 | 1481558552 | 44172380 | 1217859238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1339061 | 42191787 | 1408038 | 38375294 |
|  Total subscriptions | 48899819 | 1554428479 | 46243865 | 1274445721 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 15456 | 499834 | 15170 | 416566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 53307 | 1717017 | 53428 | 1461248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4276006 | 138542600 | 3897036 | 107168487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 175582 | 5627412 | 198874 | 5413361 |
|  Total reinvestments of distributions | 4520351 | 146386863 | 4164508 | 114459662 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (120556) | (3834718) | (201159) | (5454329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (310933) | (9802871) | (633130) | (17514976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (29269827) | (927222679) | (21224260) | (597384005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (2189205) | (69046139) | (2151001) | (59646290) |
|  Total redemptions | (31890521) | (1009906407) | (24209550) | (679999600) |
|  Net increase (decrease) from shareholder transactions | 21529649 | $690908935 | 26198823 | $708905783 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended 5/31/24 | Year Ended 5/31/24 |
| Lifecycle Index 2055 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 425164 | $10997107 | 222339 | $4895126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 533906 | 13778312 | 480554 | 10667739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 44869821 | 1154713271 | 41577792 | 926627050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1246820 | 31850015 | 1482023 | 32716115 |
|  Total subscriptions | 47075711 | 1211338705 | 43762708 | 974906030 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 15916 | 416694 | 15953 | 353668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 25261 | 660586 | 27490 | 608638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3162576 | 82954371 | 2799981 | 62159591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 127545 | 3326374 | 134709 | 2974365 |
|  Total reinvestments of distributions | 3331298 | 87358025 | 2978133 | 66096262 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (140680) | (3644192) | (234331) | (5053347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (236032) | (6036638) | (617905) | (13841189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (24322945) | (624998494) | (18474311) | (419542678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (1684478) | (43189337) | (1437927) | (32034509) |
|  Total redemptions | (26384135) | (677868661) | (20764474) | (470471723) |
|  Net increase (decrease) from shareholder transactions | 24022874 | $620828069 | 25976367 | $570530569 |

---

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2060 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 366135 | $7364079 | 237912 | $4089310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 663341 | 13332527 | 554364 | 9509531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 43778222 | 873483589 | 38177375 | 660894255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 1142008 | 22684320 | 1278732 | 21923193 |
|  Total subscriptions | 45949706 | 916864515 | 40248383 | 696416289 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 13747 | 279754 | 13932 | 239498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 20637 | 419341 | 18860 | 323633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2274228 | 46326021 | 1912844 | 32900918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 87180 | 1767146 | 86565 | 1482850 |
|  Total reinvestments of distributions | 2395792 | 48792262 | 2032201 | 34946899 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (155492) | (3108383) | (234297) | (3954887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (255361) | (5063844) | (533454) | (9078713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (22668107) | (452990472) | (16178367) | (283863945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (1215239) | (24227016) | (774205) | (13334770) |
|  Total redemptions | (24294199) | (485389715) | (17720323) | (310232315) |
|  Net increase (decrease) from shareholder transactions | 24051299 | $480267062 | 24560261 | $421130873 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifecycle Index 2065 | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 236260 | $3355493 | 113763 | $1384830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 193775 | 2740284 | 186945 | 2229957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 21252169 | 304524818 | 16027662 | 198759351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 577952 | 8160279 | 481317 | 5895241 |
|  Total subscriptions | 22260156 | 318780874 | 16809687 | 208269379 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 5366 | 77380 | 4210 | 51147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 4301 | 61977 | 3300 | 40099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 610908 | 8925367 | 355871 | 4380766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 16710 | 241122 | 10884 | 132344 |
|  Total reinvestments of distributions | 637285 | 9305846 | 374265 | 4604356 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (85309) | (1205408) | (47321) | (585953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (88608) | (1245840) | (89827) | (1106252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (6353739) | (90778874) | (3178895) | (40267990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (319821) | (4503311) | (146895) | (1799799) |
|  Total redemptions | (6847477) | (97733433) | (3462938) | (43759994) |
|  Net increase (decrease) from shareholder transactions | 16049964 | $230353287 | 13721014 | $169113741 |

---

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, investments in underlying funds, and tax equalization. Temporary and permanent differences have no impact on a Fund's net assets.

66.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>(Depreciation) | Net<br>Unrealized<br>Appreciation<br> (Depreciation) |
|  Lifecycle Index Retirement Income | $678289683 | $135527683 |  | $91645306 |
|  Lifecycle Index 2010 | 565278294 | 138180061 |  | 94019318 |
|  Lifecycle Index 2015 | 822228433 | 248413059 |  | 180771668 |
|  Lifecycle Index 2020 | 2439415046 | 759073050 |  | 574629547 |
|  Lifecycle Index 2025 | 4843142013 | 1523497175 |  | 1189666182 |
|  Lifecycle Index 2030 | 6859604262 | 2353986662 |  | 1968693577 |
|  Lifecycle Index 2035 | 7240523047 | 2747606759 |  | 2406338646 |
|  Lifecycle Index 2040 | 7181381052 | 3316625646 |  | 3023791150 |
|  Lifecycle Index 2045 | 6205594634 | 2778174533 |  | 2585347624 |
|  Lifecycle Index 2050 | 5379012751 | 2363551777 |  | 2215687680 |
|  Lifecycle Index 2055 | 3538220271 | 1305621988 |  | 1228439074 |
|  Lifecycle Index 2060 | 2180773262 | 649084040 |  | 608526887 |
|  Lifecycle Index 2065 | 528853074 | 88045500 |  | 84597655 |

---

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Undistributed<br> Ordinary<br>Income | Undistributed<br>Long-Term<br> Capital Gains | Unrealized<br>Appreciation<br> (Depreciation) | Capital Loss<br>Carryforwards | Late-Year<br>Loss Deferrals | Other<br>Book-to-Tax<br> Differences | Total |
|  Lifecycle Index Retirement Income | $2489465 | $2192044 | $91645306 | $– | $– | $(24472) | $96302343 |
|  Lifecycle Index 2010 | 6252980 | 5932138 | 94019318 |  |  | (42838) | 106161598 |
|  Lifecycle Index 2015 | 8400519 | 11892249 | 180771668 |  |  | (74459) | 200989977 |
|  Lifecycle Index 2020 | 23823258 | 28649807 | 574629547 |  |  | (156861) | 626945751 |
|  Lifecycle Index 2025 | 43811122 | 52896279 | 1189666182 |  |  | (213737) | 1286159846 |
|  Lifecycle Index 2030 | 52021490 | 47203190 | 1968693577 |  |  | (247529) | 2067670728 |
|  Lifecycle Index 2035 | 47874761 | 43808827 | 2406338646 |  |  | (240767) | 2497781467 |
|  Lifecycle Index 2040 | 33141382 | 47789491 | 3023791150 |  |  | (260166) | 3104461857 |
|  Lifecycle Index 2045 | 24613382 | 18136704 | 2585347624 |  |  | (175934) | 2627921776 |
|  Lifecycle Index 2050 | 24926900 |  | 2215687680 |  |  | (139706) | 2240474874 |
|  Lifecycle Index 2055 | 8762602 |  | 1228439074 |  |  | (68424) | 1237133252 |
|  Lifecycle Index 2060 | 4214966 | 113626 | 608526887 |  |  | (30532) | 612824947 |
|  Lifecycle Index 2065 | 351890 | 47749 | 84597655 |  |  | (3298) | 84993996 |

---

The tax character of distributions paid was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 5/31/25 | 5/31/25 | 5/31/24 | 5/31/24 |
| Fund | Ordinary<br> Income | Long-Term<br> Capital<br>Gains | Ordinary<br> Income | Long-<br>Term<br> Capital<br>Gains |
|  Lifecycle Index Retirement Income | $24581325 | $11562210 | $18858738 | $– |
|  Lifecycle Index 2010 | 19731622 | 19849813 | 17235203 | 4025671 |
|  Lifecycle Index 2015 | 31071220 | 44589278 | 28466179 | 13166092 |
|  Lifecycle Index 2020 | 88486702 | 109599336 | 81161861 | 23686870 |
|  Lifecycle Index 2025 | 171887908 | 158205977 | 146874613 |  |
|  Lifecycle Index 2030 | 227946638 | 67697748 | 180599576 |  |
|  Lifecycle Index 2035 | 238339264 | 34094101 | 167731378 |  |
|  Lifecycle Index 2040 | 225270002 | 7375304 | 168607495 |  |
|  Lifecycle Index 2045 | 185063587 | 163058 | 135360112 |  |
|  Lifecycle Index 2050 | 152823925 |  | 113338491 | 5877617 |
|  Lifecycle Index 2055 | 91690205 |  | 65982693 | 3164243 |
|  Lifecycle Index 2060 | 51327050 |  | 35044620 | 1574093 |
|  Lifecycle Index 2065 | 9558580 |  | 4698152 | 114166 |

---

As of year end, the Funds utilized the following capital loss carryforwards:

---

| | |
|:---|:---|
| Fund | Utilized |
|  Lifecycle Index Retirement Income Lifecycle Index 2010 | $– |
|  Lifecycle Index 2015 |  |
|  Lifecycle Index 2020 |  |
|  Lifecycle Index 2025 |  |
|  Lifecycle Index 2030 |  |
|  Lifecycle Index 2035 |  |
|  Lifecycle Index 2040 | 8191217 |

---

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Fund | Utilized | Utilized |
|  Lifecycle Index 2045 |  |  |
| Lifecycle Index 2050 |  |  |
| Lifecycle Index 2055 |  |  |
| Lifecycle Index 2060 |  |  |
| Lifecycle Index 2065 |  | 70267 |

---

8. Management Fees and Other Transactions with Affiliates

Management Fees: Under the terms of its Investment Management Agreement, the Adviser is entitled to a fee that is made up of two components, which are added together to create the total investment management fee. The first component, the asset allocation fee rate, is an annual rate of 0.10% of the average daily net assets of each Fund. The second component, the Underlying Funds fee rate, is calculated as follows: for each Underlying Fund of the Trust in which a Fund is invested, the effective Underlying Fund's annual investment management fee rate, as determined pursuant to its investment management agreement, net of any fee waivers or reimbursements applicable to the Underlying Fund (excluding the Class W shares investment management fee waiver and/or reimbursement), in proportion to the percentage of the Fund's net assets invested in the Underlying Fund, applied to the average daily net assets of the Fund. The Adviser has contractually agreed to waive a portion of the asset allocation fee rate for each Fund's management fee through September 30, 2025, unless changed with the approval of the Board. As of the end of the current fiscal period, the Adviser received from the Funds the following effective annual rate as a percentage of average daily net assets of each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | | Investment Management Fee Waiver | Investment Management Fee Waiver |
| Fund | Investment Management Fee—Effective Rate | Effective 10/1/24 | Prior to 10/1/24 |
|  Lifecycle Index Retirement Income | 0.090% | 0.081% | 0.079% |
|  Lifecycle Index 2010 | 0.090 | 0.081 | 0.080 |
|  Lifecycle Index 2015 | 0.090 | 0.079 | 0.077 |
|  Lifecycle Index 2020 | 0.090 | 0.075 | 0.073 |
|  Lifecycle Index 2025 | 0.090 | 0.070 | 0.068 |
|  Lifecycle Index 2030 | 0.090 | 0.066 | 0.063 |
|  Lifecycle Index 2035 | 0.090 | 0.062 | 0.058 |
|  Lifecycle Index 2040 | 0.090 | 0.057 | 0.055 |
|  Lifecycle Index 2045 | 0.090 | 0.057 | 0.054 |
|  Lifecycle Index 2050 | 0.090 | 0.056 | 0.053 |
|  Lifecycle Index 2055 | 0.090 | 0.056 | 0.053 |
|  Lifecycle Index 2060 | 0.090 | 0.056 | 0.053 |
|  Lifecycle Index 2065 | 0.090 | 0.057 | 0.054 |

---

The Funds have entered into an Administrative Service Agreement with the Adviser under which the Funds pay the Adviser for its costs in providing certain administrative and compliance services to the Funds. The Adviser has agreed to gradually reduce expenses allocated to the Funds under the Administrative Services Agreement over a three-year period commencing May 1, 2024. After the expiration of this three-year period, the Adviser will no longer allocate expenses to the Funds under the Administrative Services Agreement.

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee of 0.25% of the daily net assets, payable monthly to the Adviser, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to the Adviser under the Service Agreement.

Under the terms of a distribution Rule 12b-1 plan, the Premier Class of each Fund compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund's Premier Class shares.

The Adviser has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses, extraordinary expenses and the management fees and certain other

68.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

expenses originally attributable to Class W shares of the affiliated Nuveen Funds) exceeds the following percentages of average daily net assets for each class:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Maximum Expense Amounts | Maximum Expense Amounts | Maximum Expense Amounts | Maximum Expense Amounts | Maximum Expense Amounts | Maximum Expense Amounts | Maximum Expense Amounts | Maximum Expense Amounts |
|  | Class I | Class I | Premier Class | Premier Class | Class R6 | Class R6 | Retirement Class | Retirement Class |
| Fund | Effective<br>10/1/24\* | Prior<br>to<br>10/1/24 | Effective<br>10/1/24\* | Prior<br>to<br>10/1/24 | Effective<br>10/1/24\* | Prior<br>to<br>10/1/24 | Effective<br>10/1/24\* | Prior<br>to<br>10/1/24 |
|  Lifecycle Index Retirement Income | 0.169% | 0.171% | 0.169% | 0.171% | 0.019% | 0.021% | 0.269% | 0.271% |
|  Lifecycle Index 2010 | 0.169 | 0.170 | 0.169 | 0.170 | 0.019 | 0.020 | 0.269 | 0.270 |
|  Lifecycle Index 2015 | 0.171 | 0.173 | 0.171 | 0.173 | 0.021 | 0.023 | 0.271 | 0.273 |
|  Lifecycle Index 2020 | 0.175 | 0.177 | 0.175 | 0.177 | 0.025 | 0.027 | 0.275 | 0.277 |
|  Lifecycle Index 2025 | 0.180 | 0.182 | 0.180 | 0.182 | 0.030 | 0.032 | 0.280 | 0.282 |
|  Lifecycle Index 2030 | 0.184 | 0.187 | 0.184 | 0.187 | 0.034 | 0.037 | 0.284 | 0.287 |
|  Lifecycle Index 2035 | 0.188 | 0.192 | 0.188 | 0.192 | 0.038 | 0.042 | 0.288 | 0.292 |
|  Lifecycle Index 2040 | 0.193 | 0.195 | 0.193 | 0.195 | 0.043 | 0.045 | 0.293 | 0.295 |
|  Lifecycle Index 2045 | 0.193 | 0.196 | 0.193 | 0.196 | 0.043 | 0.046 | 0.293 | 0.296 |
|  Lifecycle Index 2050 | 0.194 | 0.197 | 0.194 | 0.197 | 0.044 | 0.047 | 0.294 | 0.297 |
|  Lifecycle Index 2055 | 0.194 | 0.197 | 0.194 | 0.197 | 0.044 | 0.047 | 0.294 | 0.297 |
|  Lifecycle Index 2060 | 0.194 | 0.197 | 0.194 | 0.197 | 0.044 | 0.047 | 0.294 | 0.297 |
|  Lifecycle Index 2065 | 0.193 | 0.196 | 0.193 | 0.196 | 0.043 | 0.046 | 0.293 | 0.296 |

---

\* The expense reimbursement agreements will continue through at least September 30, 2025, unless changed with approval of the Board.

Other Transactions with Affiliates: The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current fiscal period, the Funds did not engage in security transactions with affiliated entities.

Affiliated Owned Shares: There were no funds' shares owned by TIAA as of the end of the current fiscal period.

Investments in other investment companies advised by the Adviser and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. A complete schedule of the portfolio holdings for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available on the SEC's website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available for each of the affiliated investments at https://www.nuveen.com/en-us/ mutual-funds/prospectuses, or upon request by calling (800) 257-8787. Information regarding transactions with affiliated companies is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br> 5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle Index Retirement Income | Lifecycle Index Retirement Income |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $280512273 | $73396321 | $54634941 | $(6548684) | $11314829 | $304039798 | $10467373 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 29784426 | 11363632 | 10254043 | 149421 | 2604381 | 33647817 | 913267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 184679945 | 54553110 | 56398063 | 14594935 | 6564881 | 203994808 | 2348804 | 568607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 69966046 | 18120555 | 13880029 | (983706) | 2897120 | 76119986 | 2920217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity Index, Class W | 69559068 | 17682461 | 19258151 | 1251844 | 5819444 | 75054666 | 2015213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond Index, Class W | 69587051 | 20963875 | 15473436 | (389674) | 1349098 | 76036914 | 3197304 |  |
|  | $704088809 | $196079954 | $169898663 | $8074136 | $30549753 | $768893989 | $21862178 | $568607 |

---

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br> 5/31/24 | Purchases Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2010 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $250646311 | $47760528 | $42099165 | $(5056031) | $9283862 | $260535505 | $9368932 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 24027207 | 7666173 | 8454179 | 79513 | 1986636 | 25305350 | 766348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 149441507 | 32741973 | 45745253 | 13189812 | 3797073 | 153425112 | 1948697 | 471747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 62514220 | 12667088 | 11647566 | (854869) | 2543085 | 65221958 | 2606236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity Index, Class W | 56100514 | 10573169 | 15493689 | 1357919 | 3910339 | 56448252 | 1685561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond Index, Class W | 86429556 | 25794615 | 16438560 | (592842) | 1767666 | 96960435 | 4114249 |  |
|  | $629159315 | $137203546 | $139878412 | $8123502 | $23288661 | $657896612 | $20490023 | $471747 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2015 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $413843341 | $51415777 | $76775368 | $(9253217) | $16650975 | $395881508 | $14913695 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity<br> Index, Class W | 45411927 | 9880379 | 15040751 | 491011 | 3249422 | 43991988 | 1396909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 282379879 | 38982351 | 85786438 | 33837320 | (2697933) | 266715179 | 3555269 | 860672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond,<br> Class W | 99161560 | 15912663 | 18994132 | (1492242) | 4110836 | 98698685 | 4103666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity<br> Index, Class W | 105995276 | 13897504 | 30899010 | 4535333 | 4601371 | 98130474 | 3076417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond Index,<br> Class W | 99012018 | 19424869 | 21194129 | (743778) | 2091287 | 98590267 | 4459300 |  |
|  | $1045804001 | $149513543 | $248689828 | $27374427 | $28005958 | $1002008101 | $31505256 | $860672 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2020 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $1186678917 | $122658082 | $171868053 | $(23270218) | $44065356 | $1158264084 | $43187039 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 149761057 | 29112739 | 42850264 | 998472 | 11428162 | 148450166 | 4632206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 929918119 | 113013062 | 245096978 | 86330455 | 15828361 | 899993019 | 11863024 | 2871841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 230625827 | 35431005 | 35615017 | (3035604) | 9239458 | 236645669 | 9628702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity<br> Index, Class W | 349694387 | 38910226 | 88539914 | 12014497 | 19050572 | 331129768 | 10218766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond Index, Class W | 229455593 | 43673676 | 39871600 | (1437961) | 4582179 | 236401887 | 10524610 |  |
|  | $3076133900 | $382798790 | $623841826 | $71599641 | $104194088 | $3010884593 | $90054347 | $2871841 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales Proceeds | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2025 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $2191184253 | $296186340 | $273651136 | $(46003153) | $83571045 | $2251287349 | $82302809 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 324474809 | 66258413 | 88001272 | 498064 | 26825496 | 330055510 | 10283541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 2017953757 | 251794658 | 491799854 | 146374754 | 76618931 | 2000942246 | 26321815 | 6372074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 327086205 | 60779013 | 42964706 | (5383582) | 14529989 | 354046919 | 13961672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity<br> Index, Class W | 758361492 | 84430578 | 175266013 | 17581271 | 51094113 | 736201441 | 22691601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond Index, Class W | 325302754 | 76613161 | 52769483 | (2139504) | 6634802 | 353641730 | 15425596 |  |
|  | $5944363270 | $836062163 | $1124452464 | $110927850 | $259274376 | $6026175195 | $170987034 | $6372074 |

---

70.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br> 5/31/24 | Purchases Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2030 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $2630315393 | $503619846 | $238570388 | $(41263825) | $85741665 | $2939842691 | $103232178 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 504049697 | 119743161 | 109946605 | (1379573) | 45595740 | 558062420 | 16731525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 3134672673 | 421638733 | 527232566 | 102228080 | 252943623 | 3384250543 | 42847917 | 10372768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 281618454 | 76538269 | 23513842 | (3482191) | 11993925 | 343154615 | 12558377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity Index, Class W | 1177588216 | 163141461 | 211127154 | 10366030 | 106028956 | 1245997509 | 36881526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond Index, Class W | 280123645 | 87745021 | 28856855 | (1399328) | 5362578 | 342975061 | 14118902 |  |
|  | $8008368078 | $1372426491 | $1139247410 | $65069193 | $507666487 | $8814282839 | $226370425 | $10372768 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases Cost | Sales Proceeds | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br> 5/31/25 | Dividend Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2035 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $2360140621 | $610358903 | $190572815 | $(31856802) | $70313780 | $2818383687 | $95811513 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 609344574 | 154545553 | 123973223 | (3370901) | 57157467 | 693703470 | 20579526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 3790520257 | 561524565 | 579371695 | 85717130 | 346294285 | 4204684542 | 52623175 | 12739196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Bond, Class W | 129622682 | 58645726 | 7795638 | (1313181) | 5612364 | 184771953 | 6121235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity Index, Class W | 1424042766 | 216444987 | 237211231 | 7677156 | 135926133 | 1546879811 | 45202930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond Index, Class W | 128954834 | 63541944 | 9702076 | (496404) | 2349932 | 184648230 | 7060316 |  |
|  | $8442625734 | $1665061678 | $1148626678 | $56356998 | $617653961 | $9633071693 | $227398695 | $12739196 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases Cost | Sales Proceeds | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at 5/31/25 | Dividend Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2040 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $1770958941 | $523036905 | $147499786 | $(23919192) | $52480486 | $2175057354 | $73076124 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 741903559 | 203173644 | 147803824 | (5495931) | 71382958 | 863160406 | 25566014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 4612789904 | 700225725 | 610012622 | 70422443 | 455791364 | 5229216814 | 65037837 | 15744579 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity Index, Class W | 1733019627 | 285178198 | 273311648 | 6943774 | 171837677 | 1923667628 | 55899146 |  |
|  | $8858672031 | $1711614472 | $1178627880 | $47951094 | $751492485 | $10191102202 | $219579121 | $15744579 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases Cost | Sales<br>Proceeds | Realized Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2045 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $958784380 | $307059433 | $88863476 | $(14683459) | $30300217 | $1192597095 | $39896930 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 674877461 | 209566680 | 128865127 | (8431386) | 69723672 | 816871300 | 23810497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 4195048311 | 727172697 | 458504168 | 24712691 | 457554171 | 4945983702 | 60625268 | 14676369 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity Index, Class W | 1575669972 | 311770315 | 235183240 | 3498868 | 164789246 | 1820545161 | 52027425 |  |
|  | $7404380124 | $1555569125 | $911416011 | $5096714 | $722367306 | $8775997258 | $176360120 | $14676369 |

---

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br> 5/31/24 | Purchases Cost | Sales<br>Proceeds | Realized<br> Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br> 5/31/25 | Dividend Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2050 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $602273775 | $184434081 | $58671950 | $(9808981) | $19741891 | $737968816 | $24819759 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 592118473 | 201401288 | 111050514 | (8532919) | 63355501 | 737291829 | 21166754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 3675251730 | 720634086 | 357445443 | 11312003 | 415599134 | 4465351510 | 53866275 | 13040130 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity Index, Class W | 1380953944 | 309467406 | 198731873 | 2249288 | 149852511 | 1643791276 | 46350400 |  |
|  | $6250597922 | $1415936861 | $725899780 | $(4780609) | $648549037 | $7584403431 | $146203188 | $13040130 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases Cost | Sales<br>Proceeds | Realized<br> Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br> 5/31/25 | Dividend Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2055 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $313673664 | $116740879 | $30143107 | $(4996224) | $10106910 | $405382122 | $13305628 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 359104327 | 146038630 | 70363536 | (6448144) | 40697344 | 469028621 | 13188909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 2229867872 | 562555842 | 215928457 | (764374) | 263487643 | 2839218526 | 33598932 | 8133743 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity Index, Class W | 837517510 | 234658430 | 124050000 | 604364 | 95879772 | 1044610076 | 28885836 |  |
|  | $3740163373 | $1059993781 | $440485100 | $(11604378) | $410171669 | $4758239345 | $88979305 | $8133743 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2060 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $148559066 | $65386277 | $12852906 | $(2080048) | $4453832 | $203466221 | $6476345 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity Index, Class W | 201723219 | 96590772 | 40114964 | (3612260) | 23564001 | 278150768 | 7599876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 1251362297 | 403989067 | 124723969 | (509066) | 152100753 | 1682219082 | 19362765 | 4687403 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity Index, Class W | 469888911 | 162666553 | 70316320 | (33625) | 56995559 | 619201078 | 16641125 |  |
|  | $2071533493 | $728632669 | $248008159 | $(6234999) | $237114145 | $2783037149 | $50080111 | $4687403 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend Income | Capital Gain<br>Distributions |
|  Lifecycle Index 2065 |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Index, Class W | $20027291 | $19455041 | $2338272 | $(136129) | $430254 | $37438185 | $1025639 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity<br> Index, Class W | 33178643 | 31965994 | 7138112 | (370407) | 4241001 | 61877119 | 1451875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index, Class W | 205393136 | 165978017 | 24393778 | (501622) | 27448834 | 373924587 | 3691917 | 893752 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity<br> Index, Class W | 77126631 | 61266852 | 13061246 | (188890) | 12685491 | 137828838 | 3193353 |  |
|  | $335725701 | $278665904 | $46931408 | $(1197048) | $44805580 | $611068729 | $9362784 | $893752 |

---

9. Borrowing Arrangements

Line of Credit: The Funds participated in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The facility was entered into on June 13, 2023, and expired on June 11, 2024. Certain affiliated accounts, each of which is managed by the Adviser, or an affiliate of the Adviser, also participated in this facility. An annual commitment fee for the credit facility was borne by the participating accounts on a pro rata basis. Interest associated with any borrowing under the facility was charged to the borrowing accounts at a specified rate of interest. The Funds were not liable for borrowings under the facility by other affiliated accounts. There were no borrowings under this credit facility by the Funds during the current fiscal period. On June 11, 2024, the Funds' credit facility expired, and the Funds have not entered into another credit facility.

72.0 ------

## Important Tax Information

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

#### Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

---

| | |
|:---|:---|
| Fund | Net Long-Term<br>Capital Gains |
|  Lifecycle Index Retirement Income | $11956090 |
|  Lifecycle Index 2010 | 20667415 |
|  Lifecycle Index 2015 | 46937247 |
|  Lifecycle Index 2020 | 114964304 |
|  Lifecycle Index 2025 | 167540802 |
|  Lifecycle Index 2030 | 73498028 |
|  Lifecycle Index 2035 | 38544257 |
|  Lifecycle Index 2040 | 10380994 |
|  Lifecycle Index 2045 | 1124326 |
|  Lifecycle Index 2050 |  |
|  Lifecycle Index 2055 |  |
|  Lifecycle Index 2060 | 178982 |
|  Lifecycle Index 2065 | 35896 |

---

#### Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

---

| | |
|:---|:---|
| Fund | Percentage |
|  Lifecycle Index Retirement Income | 8.5% |
|  Lifecycle Index 2010 | 8.6 |
|  Lifecycle Index 2015 | 9.9 |
|  Lifecycle Index 2020 | 11.6 |
|  Lifecycle Index 2025 | 13.2 |
|  Lifecycle Index 2030 | 16.2 |
|  Lifecycle Index 2035 | 18.9 |
|  Lifecycle Index 2040 | 24.6 |
|  Lifecycle Index 2045 | 27.9 |
|  Lifecycle Index 2050 | 29.9 |
|  Lifecycle Index 2055 | 31.1 |
|  Lifecycle Index 2060 | 32.0 |
|  Lifecycle Index 2065 | 32.7 |

---

#### Qualified Dividend Income (QDI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

---

| | |
|:---|:---|
| Fund | Percentage |
|  Lifecycle Index Retirement Income | 16.7% |
|  Lifecycle Index 2010 | 16.8 |
|  Lifecycle Index 2015 | 19.5 |
|  Lifecycle Index 2020 | 22.7 |
|  Lifecycle Index 2025 | 25.9 |
|  Lifecycle Index 2030 | 31.7 |
|  Lifecycle Index 2035 | 37.1 |
|  Lifecycle Index 2040 | 48.3 |
|  Lifecycle Index 2045 | 54.6 |
|  Lifecycle Index 2050 | 58.7 |
|  Lifecycle Index 2055 | 60.9 |
|  Lifecycle Index 2060 | 62.6 |
|  Lifecycle Index 2065 | 64.3 |

---

------

## Important Tax Information (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Foreign Source Income and Foreign Tax Credit Pass Through
Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Foreign<br>Source Income | Foreign<br>Source Income<br> Per Share | Qualifying<br>Foreign<br> Taxes Paid | Qualifying<br>Foreign Taxes<br> Paid per Share |
|  Lifecycle Index Retirement Income | $2568401 | $0.05486 | $199656 | $0.00426 |
|  Lifecycle Index 2010 | 2136822 | 0.05470 | 167241 | 0.00428 |
|  Lifecycle Index 2015 | 3897807 | 0.06856 | 305063 | 0.00537 |
|  Lifecycle Index 2020 | 12964220 | 0.08433 | 1012536 | 0.00659 |
|  Lifecycle Index 2025 | 28846896 | 0.10621 | 2248156 | 0.00828 |
|  Lifecycle Index 2030 | 46957466 | 0.13388 | 3655725 | 0.01042 |
|  Lifecycle Index 2035 | 57674252 | 0.16709 | 4487764 | 0.01300 |
|  Lifecycle Index 2040 | 71418953 | 0.21458 | 5561244 | 0.01671 |
|  Lifecycle Index 2045 | 66642277 | 0.24559 | 5177567 | 0.01908 |
|  Lifecycle Index 2050 | 59354877 | 0.25845 | 4608097 | 0.02007 |
|  Lifecycle Index 2055 | 37009989 | 0.20790 | 2871562 | 0.01613 |
|  Lifecycle Index 2060 | 21324846 | 0.15903 | 1654479 | 0.01234 |
|  Lifecycle Index 2065 | 4094426 | 0.09958 | 316843 | 0.00771 |

---

74.0 ------

## Report of Independent Registered Public Accounting Firm
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

To the Board of Trustees of TIAA-CREF Funds and Shareholders of Nuveen Lifestyle Income Fund, Nuveen Lifestyle Conservative Fund, Nuveen Lifestyle Moderate Fund, Nuveen Lifestyle Growth Fund, Nuveen Lifestyle Aggressive Growth Fund and Nuveen Managed Allocation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Lifestyle Income Fund, Nuveen Lifestyle Conservative Fund, Nuveen Lifestyle Moderate Fund, Nuveen Lifestyle Growth Fund, Nuveen Lifestyle Aggressive Growth Fund and Nuveen Managed Allocation Fund (six of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the "Funds") as of May 31, 2025, the related statements of operations for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2025 and each of the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

July 28, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

4.0 ------

## Portfolio of Investments May 31, 2025
Lifestyle Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.8%(a) |  |  |  |
|  | FIXED INCOME—39.7% |  |  |  |
| 1652305 | Nuveen Core Bond Fund, Class R6 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14969883 |
| 1645025 | Nuveen Core Plus Bond Fund, Class R6 |  |  | 14969726 |
|  | TOTAL FIXED INCOME |  |  | 29939609 |
|  | INTERNATIONAL EQUITY—7.1% |  |  |  |
| 109947 | Nuveen Emerging Markets Equity Fund, Class R6 |  |  | 918059 |
| 152193 | Nuveen International Equity Fund, Class R6 |  |  | 2310295 |
| 86682 | Nuveen International Opportunities Fund, Class R6 |  |  | 1382574 |
| 61649 | Nuveen Quant International Small Cap Equity Fund, Class R6 |  |  | 757051 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 5367979 |
|  | SHORT-TERM FIXED INCOME—39.7% |  |  |  |
| 2952756 | Nuveen Short Term Bond Fund, Class R6 |  |  | 29970477 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 29970477 |
|  | U.S. EQUITY—13.3% |  |  |  |
| 101952 | Nuveen Core Equity Fund, Class R6 |  |  | 1497669 |
| 23893 | Nuveen Dividend Growth Fund, Class R6 |  |  | 1500988 |
| 101933 | Nuveen Dividend Value Fund, Class R6 |  |  | 1472935 |
| 51508 | Nuveen Growth Opportunities ETF |  |  | 1735304 |
| 61025 | Nuveen Large Cap Growth Fund, Class R6 |  |  | 1733713 |
| 64696 | Nuveen Large Cap Value Fund, Class R6 |  |  | 1472487 |
| 16418 | Nuveen Quant Small Cap Equity Fund, Class R6 |  |  | 287970 |
| 24821 | Nuveen Quant Small/Mid Cap Equity Fund, Class R6 |  |  | 357429 |
|  | TOTAL U.S. EQUITY |  |  | 10058495 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $73,316,077) |  |  | 75336560 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $83000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 83000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 83000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $83,000) |  |  | 83000 |
|  | TOTAL INVESTMENTS—99.9%<br> (Cost $73,399,077) |  |  | 75419560 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% |  |  | 86521 |
|  | NET ASSETS—100.0% |  |  | $75506081 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $83,029 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $84,721.

See Notes to Financial Statements 5

------

Lifestyle Conservative

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | FIXED INCOME—39.4% |  |  |  |
| 3359408 | Nuveen Core Bond Fund, Class R6 |  |  | $30436240 |
| 10034917 | Nuveen Core Plus Bond Fund, Class R6 |  |  | 91317742 |
|  | TOTAL FIXED INCOME |  |  | 121753982 |
|  | INTERNATIONAL EQUITY—14.2% |  |  |  |
| 894658 | Nuveen Emerging Markets Equity Fund, Class R6 |  |  | 7470398 |
| 1235648 | Nuveen International Equity Fund, Class R6 |  |  | 18757131 |
| 704120 | Nuveen International Opportunities Fund, Class R6 |  |  | 11230708 |
| 501012 | Nuveen Quant International Small Cap Equity Fund, Class R6 |  |  | 6152426 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 43610663 |
|  | SHORT-TERM FIXED INCOME—19.8% |  |  |  |
| 6008813 | Nuveen Short Term Bond Fund, Class R6 |  |  | 60989449 |
|  | TOTAL SHORT-TERM FIXED INCOME |  |  | 60989449 |
|  | U.S. EQUITY—26.5% |  |  |  |
| 829414 | Nuveen Core Equity Fund, Class R6 |  |  | 12184099 |
| 192677 | Nuveen Dividend Growth Fund, Class R6 |  |  | 12103958 |
| 831734 | Nuveen Dividend Value Fund, Class R6 |  |  | 12018557 |
| 419427 | Nuveen Growth Opportunities ETF |  |  | 14130496 |
| 497700 | Nuveen Large Cap Growth Fund, Class R6 |  |  | 14139654 |
| 527725 | Nuveen Large Cap Value Fund, Class R6 |  |  | 12011012 |
| 133729 | Nuveen Quant Small Cap Equity Fund, Class R6 |  |  | 2345611 |
| 201994 | Nuveen Quant Small/Mid Cap Equity Fund, Class R6 |  |  | 2908721 |
|  | TOTAL U.S. EQUITY |  |  | 81842108 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $284,486,282) |  |  | 308196202 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $290000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 290000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 290000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $290,000) |  |  | 290000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $284,776,282) |  |  | 308486202 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.0)% |  |  | (10905) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308475297 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $290,103 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $295,805.

6 *See Notes to Financial Statements*

------

Lifestyle Moderate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—100.0%(a) |  |  |  |
|  | FIXED INCOME—39.3% |  |  |  |
| 24051415 | Nuveen Core Plus Bond Fund, Class R6 |  |  | $218867880 |
|  | TOTAL FIXED INCOME |  |  | 218867880 |
|  | INTERNATIONAL EQUITY—21.1% |  |  |  |
| 2410224 | Nuveen Emerging Markets Equity Fund, Class R6 |  |  | 20125368 |
| 3342422 | Nuveen International Equity Fund, Class R6 |  |  | 50737967 |
| 1901623 | Nuveen International Opportunities Fund, Class R6 |  |  | 30330883 |
| 1355706 | Nuveen Quant International Small Cap Equity Fund, Class R6 |  |  | 16648065 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 117842283 |
|  | U.S. EQUITY—39.6% |  |  |  |
| 2234859 | Nuveen Core Equity Fund, Class R6 |  |  | 32830073 |
| 520073 | Nuveen Dividend Growth Fund, Class R6 |  |  | 32671012 |
| 2239701 | Nuveen Dividend Value Fund, Class R6 |  |  | 32363676 |
| 1130851 | Nuveen Growth Opportunities ETF |  |  | 38098370 |
| 1340875 | Nuveen Large Cap Growth Fund, Class R6 |  |  | 38094255 |
| 1423506 | Nuveen Large Cap Value Fund, Class R6 |  |  | 32398985 |
| 360137 | Nuveen Quant Small Cap Equity Fund, Class R6 |  |  | 6316809 |
| 544479 | Nuveen Quant Small/Mid Cap Equity Fund, Class R6 |  |  | 7840496 |
|  | TOTAL U.S. EQUITY |  |  | 220613676 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $482,609,878) |  |  | 557323839 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $507000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 507000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 507000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $507,000) |  |  | 507000 |
|  | TOTAL INVESTMENTS—100.1%<br> (Cost $483,116,878) |  |  | 557830839 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.1)% |  |  | (564277) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557266562 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $507,180 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 7/15/32, valued at $517,172.

See Notes to Financial Statements 7

------

Lifestyle Growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | FIXED INCOME—19.5% |  |  |  |
| 6520428 | Nuveen Core Plus Bond Fund, Class R6 |  |  | $59335899 |
|  | TOTAL FIXED INCOME |  |  | 59335899 |
|  | INTERNATIONAL EQUITY—28.0% |  |  |  |
| 1744182 | Nuveen Emerging Markets Equity Fund, Class R6 |  |  | 14563923 |
| 2411268 | Nuveen International Equity Fund, Class R6 |  |  | 36603048 |
| 1375538 | Nuveen International Opportunities Fund, Class R6 |  |  | 21939836 |
| 978971 | Nuveen Quant International Small Cap Equity Fund, Class R6 |  |  | 12021758 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 85128565 |
|  | U.S. EQUITY—52.4% |  |  |  |
| 1617351 | Nuveen Core Equity Fund, Class R6 |  |  | 23758892 |
| 379105 | Nuveen Dividend Growth Fund, Class R6 |  |  | 23815402 |
| 1618748 | Nuveen Dividend Value Fund, Class R6 |  |  | 23390915 |
| 817679 | Nuveen Growth Opportunities ETF |  |  | 27547606 |
| 968493 | Nuveen Large Cap Growth Fund, Class R6 |  |  | 27514875 |
| 1024092 | Nuveen Large Cap Value Fund, Class R6 |  |  | 23308337 |
| 260387 | Nuveen Quant Small Cap Equity Fund, Class R6 |  |  | 4567195 |
| 393106 | Nuveen Quant Small/Mid Cap Equity Fund, Class R6 |  |  | 5660720 |
|  | TOTAL U.S. EQUITY |  |  | 159563942 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $242,922,965) |  |  | 304028406 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $270000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 270000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 270000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $270,000) |  |  | 270000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $243,192,965) |  |  | 304298406 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.0)% |  |  | (121056) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304177350 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $270,096 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $275,441.

8 *See Notes to Financial Statements*

------

Lifestyle Aggressive Growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | INTERNATIONAL EQUITY—34.7% |  |  |  |
| 1732671 | Nuveen Emerging Markets Equity Fund, Class R6 |  |  | $14467801 |
| 2395190 | Nuveen International Equity Fund, Class R6 |  |  | 36358990 |
| 1365027 | Nuveen International Opportunities Fund, Class R6 |  |  | 21772187 |
| 971045 | Nuveen Quant International Small Cap Equity Fund, Class R6 |  |  | 11924437 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 84523415 |
|  | U.S. EQUITY—65.2% |  |  |  |
| 1605914 | Nuveen Core Equity Fund, Class R6 |  |  | 23590876 |
| 376015 | Nuveen Dividend Growth Fund, Class R6 |  |  | 23621232 |
| 1605454 | Nuveen Dividend Value Fund, Class R6 |  |  | 23198808 |
| 813514 | Nuveen Growth Opportunities ETF |  |  | 27407287 |
| 961054 | Nuveen Large Cap Growth Fund, Class R6 |  |  | 27303557 |
| 1018566 | Nuveen Large Cap Value Fund, Class R6 |  |  | 23182554 |
| 258601 | Nuveen Quant Small Cap Equity Fund, Class R6 |  |  | 4535867 |
| 390974 | Nuveen Quant Small/Mid Cap Equity Fund, Class R6 |  |  | 5630025 |
|  | TOTAL U.S. EQUITY |  |  | 158470206 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $181,485,291) |  |  | 242993621 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.1% |  |  |  |
|  | REPURCHASE AGREEMENT—0.1% |  |  |  |
| $244000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 244000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 244000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $244,000) |  |  | 244000 |
|  | TOTAL INVESTMENTS—100.0%<br> (Cost $181,729,291) |  |  | 243237621 |
|  | OTHER ASSETS & LIABILITIES, NET—(0.0)% |  |  | (43155) |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243194466 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $244,087 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $248,957.

See Notes to Financial Statements 9

------

Managed Allocation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| SHARES | DESCRIPTION |  |  | VALUE |
|  | AFFILIATED INVESTMENT COMPANIES—99.9%(a) |  |  |  |
|  | FIXED INCOME—39.2% |  |  |  |
| 37806679 | Nuveen Core Plus Bond Fund, Class R6 |  |  | $344040780 |
|  | TOTAL FIXED INCOME |  |  | 344040780 |
|  | INTERNATIONAL EQUITY—21.2% |  |  |  |
| 3793332 | Nuveen Emerging Markets Equity Fund, Class R6 |  |  | 31674319 |
| 5251983 | Nuveen International Equity Fund, Class R6 |  |  | 79725108 |
| 3005428 | Nuveen International Opportunities Fund, Class R6 |  |  | 47936578 |
| 2129988 | Nuveen Quant International Small Cap Equity Fund, Class R6 |  |  | 26156251 |
|  | TOTAL INTERNATIONAL EQUITY |  |  | 185492256 |
|  | U.S. EQUITY—39.5% |  |  |  |
| 3508860 | Nuveen Core Equity Fund, Class R6 |  |  | 51545159 |
| 813848 | Nuveen Dividend Growth Fund, Class R6 |  |  | 51125917 |
| 3526178 | Nuveen Dividend Value Fund, Class R6 |  |  | 50953270 |
| 1775899 | Nuveen Growth Opportunities ETF |  |  | 59830037 |
| 2111061 | Nuveen Large Cap Growth Fund, Class R6 |  |  | 59975251 |
| 2235066 | Nuveen Large Cap Value Fund, Class R6 |  |  | 50870100 |
| 566606 | Nuveen Quant Small Cap Equity Fund, Class R6 |  |  | 9938274 |
| 857341 | Nuveen Quant Small/Mid Cap Equity Fund, Class R6 |  |  | 12345716 |
|  | TOTAL U.S. EQUITY |  |  | 346583724 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br> (Cost $725,212,873) |  |  | 876116760 |
| PRINCIPAL | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS—0.0% |  |  |  |
|  | REPURCHASE AGREEMENT—0.0% |  |  |  |
| $294000<br> (b) | Fixed Income Clearing Corporation | 4.260% | 06/02/25 | 294000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 294000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $294,000) |  |  | 294000 |
|  | TOTAL INVESTMENTS—99.9%<br> (Cost $725,506,873) |  |  | 876410760 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% |  |  | 440948 |
|  | NET ASSETS—100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876851708 |

---

ETF Exchange Traded Fund

(a) Affiliated fund.

(b) Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $294,104 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 4/15/26, valued at $299,963.

10 *See Notes to Financial Statements*

------

[This page intentionally left blank.]

11.0 ------

## Statement of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| May 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Income | Lifestyle Conservative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Moderate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Growth |
|  ASSETS |  |  |  |  |
|  Affiliated investments, at value<sup>‡</sup> | $75336560 | $308196202 | $557323839 | $304028406 |
|  Short-term investments, at value<sup>#</sup> | 83000 | 290000 | 507000 | 270000 |
|  Cash |  | 126 |  |  |
| &nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 221355 | 676934 | 817648 | 219540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 20 | 69 | 120 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 373776 | 2264575 | 4226932 | 1545198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from Adviser | 15480 | 15252 | 13534 | 15400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 146197 | 149274 | 37979 | 27631 |
|  Other | 7023 | 19128 | 28755 | 14585 |
|  Total assets | 76183411 | 311611560 | 562955807 | 306120824 |
|  LIABILITIES |  |  |  |  |
|  Due to affiliates | 9833 | 10354 | 10927 | 10352 |
|  Cash overdraft | 494 |  | 10 | 159 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 6372 | 26014 | 46840 | 25396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased – regular settlement | 587444 | 2878452 | 4938649 | 1716083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 21279 | 81524 | 453413 | 45211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service agreement fees | 4237 | 10504 | 24858 | 11644 |
|  Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 3225 | 3325 | 3315 | 3307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 13 | 61 | 114 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 13823 | 28221 | 42683 | 33736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 5147 | 26588 | 53719 | 32227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 7192 | 19831 | 30047 | 15292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution and service fees | 9217 | 41860 | 74539 | 40731 |
|  Other | 9054 | 9529 | 10131 | 9275 |
|  Total liabilities | 677330 | 3136263 | 5689245 | 1943474 |
|  Net assets | $75506081 | $308475297 | $557266562 | $304177350 |
|  NET ASSETS CONSIST OF: |  |  |  |  |
|  Paid-in capital | $77343553 | $294352630 | $497086889 | $249166246 |
|  Total distributable earnings (loss) | (1837472) | 14122667 | 60179673 | 55011104 |
|  Net assets | $75506081 | $308475297 | $557266562 | $304177350 |
|  <sup>‡</sup> Affiliated investments, cost | $73316077 | $284486282 | $482609878 | $242922965 |
|  <sup>#</sup> Short-term investments, cost | $83000 | $290000 | $507000 | $270000 |

---

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Aggressive<br> Growth | Managed Allocation |
| $242993621 | $876116760 |
| 244000 | 294000 |
| 341 |  |
|  | 1285781 |
| 58 | 70 |
| 441609 | 6667477 |
| 15751 | 45523 |
| 86870 | 91292 |
| 10696 | 174600 |
| 243792946 | 884675503 |
| 10221 | 8354 |
|  | 400 |
| 20331 |  |
| 442414 | 7283414 |
| 10518 | 31953 |
| 13631 | 13318 |
| 3283 | 3335 |
| 51 | 179 |
| 24853 | 69525 |
| 28161 | 66005 |
| 11277 | 176607 |
| 25106 | 166844 |
| 8634 | 3861 |
| 598480 | 7823795 |
| $243194466 | $876851708 |
| $183495768 | $736444194 |
| 59698698 | 140407514 |
| $243194466 | $876851708 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181485291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725212873 |
| $244000 | $294000 |

---

See Notes to Financial Statements 13

------

## Statement of Assets and Liabilities (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| May 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Income | Lifestyle Conservative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Moderate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Growth |
|  CLASS A: |  |  |  |  |
|  Net assets | $43588035 | $198620220 | $354539739 | $194788802 |
|  Shares outstanding | 3983704 | 15349332 | 23460511 | 10996825 |
|  Net asset value ("NAV") per share | $10.94 | $12.94 | $15.11 | $17.71 |
|  Maximum sales charge | 5.75% | 5.75% | 5.75% | 5.75 |
|  Offering price per share (NAV per share plus maximum sales charge) | $11.61 | $13.73 | $16.03 | $18.79 |
|  CLASS I: |  |  |  |  |
|  Net assets | $24652 | $3022310 | $6668142 | $4414037 |
|  Shares outstanding | 2258 | 233146 | 440299 | 247457 |
|  NAV and offering price per share | $10.92 | $12.96 | $15.14 | $17.84 |
|  PREMIER CLASS: |  |  |  |  |
|  Net assets | $24687 | $43220 | $25149 | $36516 |
|  Shares outstanding | 2257 | 3328 | 1650 | 2037 |
|  NAV and offering price per share | $10.94 | $12.99 | $15.24 | $17.92 |
|  CLASS R6: |  |  |  |  |
|  Net assets | $11865685 | $57011817 | $77519488 | $48786123 |
|  Shares outstanding | 1083403 | 4396257 | 5116411 | 2733007 |
|  NAV and offering price per share | $10.95 | $12.97 | $15.15 | $17.85 |
|  RETIREMENT CLASS: |  |  |  |  |
|  Net assets | $20003022 | $49777730 | $118514044 | $56151872 |
|  Shares outstanding | 1828374 | 3844561 | 7836996 | 3162770 |
|  NAV and offering price per share | $10.94 | $12.95 | $15.12 | $17.75 |
|  Authorized shares - per class | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value per share | $0.0001 | $0.0001 | $0.0001 | $0.0001 |

---

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Aggressive<br> Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managed Allocation |
| $120057000 | $794625735 |
| 5866020 | 62198095 |
| $20.47 | $12.78 |
| 5.75% | 5.75% |
| $21.72 | $13.56 |
| $5295320 | $– |
| 256623 |  |
| $20.63 | $– |
| $25709 | $– |
| 1234 |  |
| $20.83 | $– |
| $52406608 | $18756650 |
| 2539328 | 1474809 |
| $20.64 | $12.72 |
| $65409829 | $63469323 |
| 3186710 | 4998413 |
| $20.53 | $12.70 |
| Unlimited | Unlimited |
| $0.0001 | $0.0001 |

---

See Notes to Financial Statements 15

------

## Statement of Operations

---

| | | | |
|:---|:---|:---|:---|
| Year Ended May 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Conservative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Moderate |
|  INVESTMENT INCOME |  |  |  |
|  Dividends from affiliated investments | $2878170 | $10062170 | $15157912 |
|  Interest | 2894 | 11293 | 22063 |
|  Total investment income | 2881064 | 10073463 | 15179975 |
|  EXPENSES |  |  |  |
|  Management fees | 75659 | 311490 | 568729 |
|  12b-1 distribution and service fees — Class A | 111941 | 502971 | 889844 |
|  12b-1 distribution and service fees — Premier Class | 124 | 169 | 161 |
|  Shareholder servicing agent fees — Class A | 20328 | 99113 | 199152 |
|  Shareholder servicing agent fees — Class I | 51 | 2468 | 5791 |
|  Shareholder servicing agent fees — Premier Class | 51 | 144 | 106 |
|  Shareholder servicing agent fees — Class R6 | 849 | 2501 | 1443 |
|  Shareholder servicing agent fees — Retirement Class | 49671 | 123241 | 295885 |
|  Administrative service fees | 38743 | 40783 | 43093 |
|  Trustees fees | 1290 | 5341 | 9891 |
|  Custodian expenses | 7662 | 7840 | 7822 |
|  Overdraft expense | 1582 | 2245 | 2493 |
|  Professional fees | 14481 | 14642 | 14867 |
|  Registration fees | 80437 | 83511 | 86180 |
|  Shareholder reporting expenses | 32824 | 38035 | 41703 |
|  Other | 21974 | 22164 | 22726 |
|  Total expenses | 457667 | 1256658 | 2189886 |
|  Expenses reimbursed by the investment adviser | (198382) | (215090) | (228134) |
|  Net expenses | 259285 | 1041568 | 1961752 |
|  Net investment income (loss) | 2621779 | 9031895 | 13218223 |
|  REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
|  Realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 9 | 1 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (376936) | 157183 | (776981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from affiliated investments | 525103 | 4370685 | 12170224 |
|  Net realized gain (loss) | 148176 | 4527869 | 11393271 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 1999453 | 8277969 | 18667228 |
|  Net change in unrealized appreciation (depreciation) | 1999453 | 8277969 | 18667228 |
|  Net realized and unrealized gain (loss) | 2147629 | 12805838 | 30060499 |
|  Net increase (decrease) in net assets from operations | $4769408 | $21837733 | $43278722 |

---

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Growth | Lifestyle Aggressive Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managed Allocation |
| $6266817 | $3530273 | $23609205 |
| 12316 | 10222 | 30054 |
| 6279133 | 3540495 | 23639259 |
| 309006 | 250898 |  |
| 490381 | 302352 | 2003823 |
| 200 | 208 |  |
| 121560 | 94354 | 291421 |
| 2885 | 4960 |  |
| 121 | 64 |  |
| 1308 | 2185 | 239 |
| 144182 | 160201 | 167640 |
| 40841 | 40345 | 32959 |
| 5434 | 4418 | 15635 |
| 7830 | 7767 | 7871 |
| 937 | 2064 | 1273 |
| 14652 | 14604 | 14874 |
| 81896 | 83687 | 60211 |
| 55085 | 41015 | 86273 |
| 22186 | 22302 | 22526 |
| 1298504 | 1031424 | 2704745 |
| (229583) | (216624) | (532221) |
| 1068921 | 814800 | 2172524 |
| 5210212 | 2725695 | 21466735 |
|  | 65 |  |
| 967699 | 2091690 | 7246979 |
| 8804933 | 9046779 | 18816178 |
| 9772632 | 11138534 | 26063157 |
| 10413587 | 8839553 | 21092005 |
| 10413587 | 8839553 | 21092005 |
| 20186219 | 19978087 | 47155162 |
| $25396431 | $22703782 | $68621897 |

---

See Notes to Financial Statements 17

------

## Statement of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Lifestyle Income | Lifestyle Income | Lifestyle Income | Lifestyle Income | Lifestyle Conservative | Lifestyle Conservative | Lifestyle Conservative | Lifestyle Conservative |
| | Year Ended<br>5/31/25 | Year Ended<br>5/31/25 | Year Ended<br>5/31/24 | Year Ended<br>5/31/24 | Year Ended<br>5/31/25 | Year Ended<br>5/31/25 | Year Ended<br>5/31/24 | Year Ended<br>5/31/24 |
|  OPERATIONS |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621779 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509123 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031895 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8680188 |
|  Net realized gain (loss) |  | 148176 |  | (856263) |  | 4527869 |  | 1741954 |
|  Net change in unrealized appreciation (depreciation) |  | 1999453 |  | 4001194 |  | 8277969 |  | 23366289 |
|  Net increase (decrease) in net assets from operations |  | 4769408 |  | 5654054 |  | 21837733 |  | 33788431 |
|  DISTRIBUTIONS TO SHAREHOLDERS Dividends: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (1586733) |  | (1479675) |  | (6062850) |  | (5739986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (1772) |  | (4876) |  | (103286) |  | (97588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class |  | (2596) |  | (9509) |  | (2774) |  | (7602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (412489) |  | (466864) |  | (1906553) |  | (1696086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class |  | (708926) |  | (543140) |  | (1492298) |  | (1390953) |
|  Total distributions |  | (2712516) |  | (2504064) |  | (9567761) |  | (8932215) |
|  FUND SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |
|  Subscriptions |  | 8850890 |  | 9169134 |  | 30024198 |  | 24611235 |
|  Reinvestments of distributions |  | 2644803 |  | 2442009 |  | 9450933 |  | 8813774 |
|  Redemptions |  | (12967292) |  | (18516223) |  | (52569132) |  | (52166608) |
|  Net increase (decrease) from Fund share transactions |  | (1471599) |  | (6905080) |  | (13094001) |  | (18741599) |
|  Net increase (decrease) in net assets |  | 585293 |  | (3755090) |  | (824029) |  | 6114617 |
|  Net assets at the beginning of period |  | 74920788 |  | 78675878 |  | 309299326 |  | 303184709 |
|  Net assets at the end of period | $— | 75506081 | $— | 74920788 | $— | 308475297 | $— | 309299326 |

---

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Lifestyle Moderate | Lifestyle Moderate | Lifestyle Growth | Lifestyle Growth | Lifestyle Aggressive Growth | Lifestyle Aggressive Growth | Managed Allocation | Managed Allocation |
| Year Ended<br>5/31/25 | Year Ended<br>5/31/24 | Year Ended<br>5/31/25 | Year Ended<br>5/31/24 | Year Ended<br>5/31/25 | Year Ended<br>5/31/24 | Year Ended<br>5/31/25 | Year Ended<br>5/31/24 |
| $13218223 | $12830477 | $5210212 | $5326359 | $2725695 | $2812722 | $21466735 | $20741733 |
| 11393271 | 4861127 | 9772632 | 4472657 | 11138534 | 4811304 | 26063157 | 16006242 |
| 18667228 | 60395683 | 10413587 | 42815745 | 8839553 | 42366607 | 21092005 | 86868015 |
| 43278722 | 78087287 | 25396431 | 52614761 | 22703782 | 49990633 | 68621897 | 123615990 |
| (9764344) | (8545628) | (4898847) | (3861856) | (3156606) | (1701101) | (32852489) | (19854680) |
| (216687) | (211620) | (110381) | (92759) | (146859) | (91561) |  |  |
| (1878) | (7125) | (843) | (7061) | (528) | (5903) |  |  |
| (2714486) | (2194647) | (1448747) | (1029842) | (1789658) | (1053881) | (826593) | (529165) |
| (3294845) | (2805427) | (1477529) | (1107250) | (1697346) | (895387) | (2707155) | (1844718) |
| (15992240) | (13764447) | (7936347) | (6098768) | (6790997) | (3747833) | (36386237) | (22228563) |
| 48796547 | 59049624 | 22738055 | 26535770 | 25902344 | 24964128 | 21813779 | 21050277 |
| 15761815 | 13602369 | 7880941 | 6044076 | 6735535 | 3691534 | 35171527 | 21516639 |
| (97538697) | (88468216) | (50152352) | (45183083) | (53206898) | (39101550) | (93476010) | (85680824) |
| (32980335) | (15816223) | (19533356) | (12603237) | (20569019) | (10445888) | (36490704) | (43113908) |
| (5693853) | 48506617 | (2073272) | 33912756 | (4656234) | 35796912 | (4255044) | 58273519 |
| 562960415 | 514453798 | 306250622 | 272337866 | 247850700 | 212053788 | 881106752 | 822833233 |
| $557266562 | $562960415 | $304177350 | $306250622 | $243194466 | $247850700 | $876851708 | $881106752 |

---

------

## Financial Highlights
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifestyle Income |  |  |  |  |  |  |  |  |
|  Class A: |  |  |  |  |  |  |  |  |
|  5/31/25 | $10.64 | $0.37 | $0.31 | $0.68 | $(0.38) | $– | $(0.38) | $10.94 |
|  5/31/24 | 10.21 | 0.33 | 0.43 | 0.76 | (0.33) |  | (0.33) | 10.64 |
|  5/31/23 | 10.64 | 0.26 | (0.27) | (0.01) | (0.25) | (0.17) | (0.42) | 10.21 |
|  5/31/22 | 11.96 | 0.18 | (0.96) | (0.78) | (0.22) | (0.32) | (0.54) | 10.64 |
|  5/31/21 | 11.21 | 0.16 | 0.99 | 1.15 | (0.23) | (0.17) | (0.40) | 11.96 |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | 10.65 | 0.38 | 0.32 | 0.70 | (0.43) |  | (0.43) | 10.92 |
|  5/31/24 | 10.22 | 0.35 | 0.44 | 0.79 | (0.36) |  | (0.36) | 10.65 |
|  5/31/23 | 10.65 | 0.28 | (0.26) | 0.02 | (0.28) | (0.17) | (0.45) | 10.22 |
|  5/31/22 | 11.96 | 0.20 | (0.95) | (0.75) | (0.24) | (0.32) | (0.56) | 10.65 |
|  5/31/21 | 11.22 | 0.19 | 0.98 | 1.17 | (0.26) | (0.17) | (0.43) | 11.96 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 10.66 | 0.37 | 0.34 | 0.71 | (0.43) |  | (0.43) | 10.94 |
|  5/31/24 | 10.23 | 0.33 | 0.45 | 0.78 | (0.35) |  | (0.35) | 10.66 |
|  5/31/23 | 10.66 | 0.28 | (0.27) | 0.01 | (0.27) | (0.17) | (0.44) | 10.23 |
|  5/31/22 | 11.98 | 0.19 | (0.96) | (0.77) | (0.23) | (0.32) | (0.55) | 10.66 |
|  5/31/21 | 11.23 | 0.18 | 0.98 | 1.16 | (0.24) | (0.17) | (0.41) | 11.98 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 10.65 | 0.40 | 0.32 | 0.72 | (0.42) |  | (0.42) | 10.95 |
|  5/31/24 | 10.22 | 0.36 | 0.43 | 0.79 | (0.36) |  | (0.36) | 10.65 |
|  5/31/23 | 10.65 | 0.29 | (0.27) | 0.02 | (0.28) | (0.17) | (0.45) | 10.22 |
|  5/31/22 | 11.97 | 0.21 | (0.96) | (0.75) | (0.25) | (0.32) | (0.57) | 10.65 |
|  5/31/21 | 11.22 | 0.20 | 0.98 | 1.18 | (0.26) | (0.17) | (0.43) | 11.97 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 10.64 | 0.38 | 0.31 | 0.69 | (0.39) |  | (0.39) | 10.94 |
|  5/31/24 | 10.21 | 0.33 | 0.44 | 0.77 | (0.34) |  | (0.34) | 10.64 |
|  5/31/23 | 10.64 | 0.26 | (0.26) |  | (0.26) | (0.17) | (0.43) | 10.21 |
|  5/31/22 | 11.96 | 0.18 | (0.96) | (0.78) | (0.22) | (0.32) | (0.54) | 10.64 |
|  5/31/21 | 11.21 | 0.17 | 0.98 | 1.15 | (0.23) | (0.17) | (0.40) | 11.96 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios do not include the expenses or income of the Underlying Funds.

20 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net <br> Investment <br> Income (Loss)<sup>(d)</sup>  | Portfolio<br> Turnover<br> Rate |
| 6.52% | $43588 | 0.66% | 0.40% | 3.41% | 16% |
| 7.61 | 44780 | 0.66 | 0.38 | 3.21 | 19 |
| 0.05 | 47233 | 0.61 | 0.38 | 2.55 | 16 |
| (6.73) | 55202 | 0.58 | 0.35 | 1.52 | 20 |
| 10.21 | 58046 | 0.57 | 0.38 | 1.40 | 27 |
| 6.67 | 25 | 0.46 | 0.20 | 3.49 | 16 |
| 7.85 | 101 | 0.46 | 0.19 | 3.38 | 19 |
| 0.30 | 105 | 0.37 | 0.15 | 2.78 | 16 |
| (6.55) | 120 | 0.35 | 0.15 | 1.72 | 20 |
| 10.48 | 133 | 0.33 | 0.14 | 1.63 | 27 |
| 6.72 | 25 | 0.58 | 0.25 | 3.38 | 16 |
| 7.76 | 213 | 0.55 | 0.25 | 3.24 | 19 |
| 0.18 | 366 | 0.49 | 0.25 | 2.69 | 16 |
| (6.61) | 349 | 0.46 | 0.25 | 1.63 | 20 |
| 10.32 | 361 | 0.45 | 0.25 | 1.53 | 27 |
| 6.84 | 11866 | 0.37 | 0.10 | 3.69 | 16 |
| 7.91 | 10985 | 0.38 | 0.10 | 3.48 | 19 |
| 0.34 | 13663 | 0.33 | 0.10 | 2.83 | 16 |
| (6.56) | 15247 | 0.30 | 0.10 | 1.78 | 20 |
| 10.58 | 15514 | 0.29 | 0.10 | 1.67 | 27 |
| 6.56 | 20003 | 0.61 | 0.35 | 3.46 | 16 |
| 7.65 | 18842 | 0.63 | 0.35 | 3.23 | 19 |
| 0.08 | 17310 | 0.58 | 0.35 | 2.57 | 16 |
| (6.71) | 20443 | 0.55 | 0.35 | 1.51 | 20 |
| 10.23 | 26139 | 0.54 | 0.35 | 1.43 | 27 |

---

See Notes to Financial Statements 21

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifestyle Conservative |  |  |  |  |  |  |  |  |
|  Class A: |  |  |  |  |  |  |  |  |
|  5/31/25 | $12.44 | $0.36 | $0.53 | $0.89 | $(0.39) | $– | $(0.39) | $12.94 |
|  5/31/24 | 11.47 | 0.33 | 0.98 | 1.31 | (0.34) |  | (0.34) | 12.44 |
|  5/31/23 | 12.18 | 0.26 | (0.27) | (0.01) | (0.32) | (0.38) | (0.70) | 11.47 |
|  5/31/22 | 14.22 | 0.20 | (1.29) | (1.09) | (0.32) | (0.63) | (0.95) | 12.18 |
|  5/31/21 | 12.55 | 0.18 | 2.10 | 2.28 | (0.28) | (0.33) | (0.61) | 14.22 |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | 12.46 | 0.39 | 0.53 | 0.92 | (0.42) |  | (0.42) | 12.96 |
|  5/31/24 | 11.49 | 0.35 | 0.98 | 1.33 | (0.36) |  | (0.36) | 12.46 |
|  5/31/23 | 12.20 | 0.29 | (0.28) | 0.01 | (0.34) | (0.38) | (0.72) | 11.49 |
|  5/31/22 | 14.25 | 0.22 | (1.30) | (1.08) | (0.34) | (0.63) | (0.97) | 12.20 |
|  5/31/21 | 12.57 | 0.21 | 2.10 | 2.31 | (0.30) | (0.33) | (0.63) | 14.25 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 12.47 | 0.35 | 0.56 | 0.91 | (0.39) |  | (0.39) | 12.99 |
|  5/31/24 | 11.50 | 0.34 | 0.98 | 1.32 | (0.35) |  | (0.35) | 12.47 |
|  5/31/23 | 12.21 | 0.28 | (0.28) |  | (0.33) | (0.38) | (0.71) | 11.50 |
|  5/31/22 | 14.26 | 0.22 | (1.30) | (1.08) | (0.34) | (0.63) | (0.97) | 12.21 |
|  5/31/21 | 12.58 | 0.20 | 2.11 | 2.31 | (0.30) | (0.33) | (0.63) | 14.26 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 12.47 | 0.40 | 0.52 | 0.92 | (0.42) |  | (0.42) | 12.97 |
|  5/31/24 | 11.49 | 0.36 | 0.99 | 1.35 | (0.37) |  | (0.37) | 12.47 |
|  5/31/23 | 12.21 | 0.30 | (0.29) | 0.01 | (0.35) | (0.38) | (0.73) | 11.49 |
|  5/31/22 | 14.25 | 0.24 | (1.29) | (1.05) | (0.36) | (0.63) | (0.99) | 12.21 |
|  5/31/21 | 12.57 | 0.22 | 2.11 | 2.33 | (0.32) | (0.33) | (0.65) | 14.25 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 12.45 | 0.37 | 0.52 | 0.89 | (0.39) |  | (0.39) | 12.95 |
|  5/31/24 | 11.48 | 0.33 | 0.98 | 1.31 | (0.34) |  | (0.34) | 12.45 |
|  5/31/23 | 12.19 | 0.27 | (0.28) | (0.01) | (0.32) | (0.38) | (0.70) | 11.48 |
|  5/31/22 | 14.23 | 0.20 | (1.29) | (1.09) | (0.32) | (0.63) | (0.95) | 12.19 |
|  5/31/21 | 12.55 | 0.19 | 2.10 | 2.29 | (0.28) | (0.33) | (0.61) | 14.23 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios do not include the expenses or income of the Underlying Funds.

22 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net <br> Investment <br> Income (Loss)<sup>(d)</sup>  | Portfolio<br> Turnover<br> Rate |
| 7.20% | $198620 | 0.47% | 0.40% | 2.83% | 13% |
| 11.58 | 200324 | 0.45 | 0.37 | 2.77 | 13 |
| 0.11 | 201363 | 0.44 | 0.37 | 2.30 | 19 |
| (8.25) | 224733 | 0.43 | 0.36 | 1.49 | 21 |
| 18.40 | 244655 | 0.44 | 0.37 | 1.36 | 35 |
| 7.43 | 3022 | 0.24 | 0.18 | 3.05 | 13 |
| 11.75 | 3377 | 0.28 | 0.20 | 2.94 | 13 |
| 0.29 | 3076 | 0.27 | 0.20 | 2.48 | 19 |
| (8.09) | 3876 | 0.26 | 0.20 | 1.62 | 21 |
| 18.57 | 7122 | 0.26 | 0.20 | 1.54 | 35 |
| 7.39 | 43 | 0.45 | 0.25 | 2.70 | 13 |
| 11.69 | 266 | 0.36 | 0.25 | 2.89 | 13 |
| 0.23 | 249 | 0.34 | 0.25 | 2.43 | 19 |
| (8.14) | 262 | 0.32 | 0.25 | 1.60 | 21 |
| 18.49 | 774 | 0.32 | 0.25 | 1.48 | 35 |
| 7.50 | 57012 | 0.17 | 0.10 | 3.14 | 13 |
| 11.96 | 56552 | 0.18 | 0.10 | 3.05 | 13 |
| 0.31 | 51084 | 0.17 | 0.10 | 2.57 | 19 |
| (7.99) | 55791 | 0.16 | 0.10 | 1.77 | 21 |
| 18.77 | 53420 | 0.17 | 0.10 | 1.63 | 35 |
| 7.24 | 49778 | 0.42 | 0.35 | 2.88 | 13 |
| 11.60 | 48781 | 0.43 | 0.35 | 2.80 | 13 |
| 0.13 | 47413 | 0.42 | 0.35 | 2.32 | 19 |
| (8.17) | 56686 | 0.41 | 0.35 | 1.50 | 21 |
| 18.44 | 63022 | 0.41 | 0.34 | 1.39 | 35 |

---

See Notes to Financial Statements 23

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifestyle Moderate |  |  |  |  |  |  |  |  |
|  Class A: |  |  |  |  |  |  |  |  |
|  5/31/25 | $14.39 | $0.34 | $0.79 | $1.13 | $(0.37) | $(0.04) | $(0.41) | $15.11 |
|  5/31/24 | 12.77 | 0.31 | 1.65 | 1.96 | (0.34) |  | (0.34) | 14.39 |
|  5/31/23 | 13.71 | 0.27 | (0.31) | (0.04) | (0.29) | (0.61) | (0.90) | 12.77 |
|  5/31/22 | 16.64 | 0.23 | (1.70) | (1.47) | (0.44) | (1.02) | (1.46) | 13.71 |
|  5/31/21 | 13.82 | 0.20 | 3.46 | 3.66 | (0.34) | (0.50) | (0.84) | 16.64 |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.42 | 0.37 | 0.79 | 1.16 | (0.40) | (0.04) | (0.44) | 15.14 |
|  5/31/24 | 12.80 | 0.35 | 1.63 | 1.98 | (0.36) |  | (0.36) | 14.42 |
|  5/31/23 | 13.74 | 0.30 | (0.31) | (0.01) | (0.32) | (0.61) | (0.93) | 12.80 |
|  5/31/22 | 16.67 | 0.26 | (1.70) | (1.44) | (0.47) | (1.02) | (1.49) | 13.74 |
|  5/31/21 | 13.84 | 0.23 | 3.47 | 3.70 | (0.37) | (0.50) | (0.87) | 16.67 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.47 | 0.29 | 0.87 | 1.16 | (0.35) | (0.04) | (0.39) | 15.24 |
|  5/31/24 | 12.84 | 0.33 | 1.66 | 1.99 | (0.36) |  | (0.36) | 14.47 |
|  5/31/23 | 13.78 | 0.28 | (0.30) | (0.02) | (0.31) | (0.61) | (0.92) | 12.84 |
|  5/31/22 | 16.72 | 0.26 | (1.72) | (1.46) | (0.46) | (1.02) | (1.48) | 13.78 |
|  5/31/21 | 13.87 | 0.23 | 3.48 | 3.71 | (0.36) | (0.50) | (0.86) | 16.72 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.43 | 0.39 | 0.79 | 1.18 | (0.42) | (0.04) | (0.46) | 15.15 |
|  5/31/24 | 12.80 | 0.36 | 1.65 | 2.01 | (0.38) |  | (0.38) | 14.43 |
|  5/31/23 | 13.74 | 0.30 | (0.30) |  | (0.33) | (0.61) | (0.94) | 12.80 |
|  5/31/22 | 16.68 | 0.28 | (1.71) | (1.43) | (0.49) | (1.02) | (1.51) | 13.74 |
|  5/31/21 | 13.84 | 0.25 | 3.47 | 3.72 | (0.38) | (0.50) | (0.88) | 16.68 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 14.40 | 0.34 | 0.80 | 1.14 | (0.38) | (0.04) | (0.42) | 15.12 |
|  5/31/24 | 12.78 | 0.32 | 1.64 | 1.96 | (0.34) |  | (0.34) | 14.40 |
|  5/31/23 | 13.72 | 0.27 | (0.30) | (0.03) | (0.30) | (0.61) | (0.91) | 12.78 |
|  5/31/22 | 16.65 | 0.23 | (1.70) | (1.47) | (0.44) | (1.02) | (1.46) | 13.72 |
|  5/31/21 | 13.82 | 0.21 | 3.47 | 3.68 | (0.35) | (0.50) | (0.85) | 16.65 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios do not include the expenses or income of the Underlying Funds.

24 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net <br> Investment <br> Income (Loss)<sup>(d)</sup>  | Portfolio<br> Turnover<br> Rate |
| 7.90% | $354540 | 0.45% | 0.41% | 2.26% | 14% |
| 15.55 | 350208 | 0.43 | 0.36 | 2.33 | 15 |
| 0.09 | 333435 | 0.42 | 0.33 | 2.09 | 19 |
| (9.78) | 367073 | 0.41 | 0.36 | 1.46 | 21 |
| 27.02 | 410533 | 0.42 | 0.36 | 1.32 | 47 |
| 8.13 | 6668 | 0.22 | 0.18 | 2.49 | 14 |
| 15.72 | 7868 | 0.25 | 0.18 | 2.56 | 15 |
| 0.30 | 7294 | 0.23 | 0.14 | 2.31 | 19 |
| (9.60) | 10895 | 0.22 | 0.18 | 1.64 | 21 |
| 27.29 | 13719 | 0.23 | 0.17 | 1.50 | 47 |
| 8.07 | 25 | 0.39 | 0.25 | 1.91 | 14 |
| 15.68 | 289 | 0.32 | 0.24 | 2.46 | 15 |
| 0.20 | 257 | 0.31 | 0.22 | 2.21 | 19 |
| (9.64) | 276 | 0.30 | 0.25 | 1.60 | 21 |
| 27.22 | 689 | 0.31 | 0.24 | 1.45 | 47 |
| 8.21 | 77519 | 0.14 | 0.10 | 2.60 | 14 |
| 15.90 | 88282 | 0.15 | 0.09 | 2.63 | 15 |
| 0.38 | 68231 | 0.15 | 0.06 | 2.36 | 19 |
| (9.58) | 76453 | 0.14 | 0.10 | 1.75 | 21 |
| 27.47 | 77429 | 0.15 | 0.09 | 1.58 | 47 |
| 7.95 | 118514 | 0.39 | 0.35 | 2.31 | 14 |
| 15.56 | 116313 | 0.40 | 0.34 | 2.36 | 15 |
| 0.12 | 105238 | 0.40 | 0.31 | 2.11 | 19 |
| (9.77) | 114335 | 0.39 | 0.35 | 1.48 | 21 |
| 27.12 | 121361 | 0.40 | 0.34 | 1.35 | 47 |

---

See Notes to Financial Statements 25

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifestyle Growth |  |  |  |  |  |  |  |  |
|  Class A: |  |  |  |  |  |  |  |  |
|  5/31/25 | $16.71 | $0.28 | $1.16 | $1.44 | $(0.34) | $(0.10) | $(0.44) | $17.71 |
|  5/31/24 | 14.23 | 0.28 | 2.52 | 2.80 | (0.32) |  | (0.32) | 16.71 |
|  5/31/23 | 15.24 | 0.23 | (0.19) | 0.04 | (0.23) | (0.82) | (1.05) | 14.23 |
|  5/31/22 | 18.87 | 0.22 | (1.94) | (1.72) | (0.56) | (1.35) | (1.91) | 15.24 |
|  5/31/21 | 14.79 | 0.18 | 4.97 | 5.15 | (0.37) | (0.70) | (1.07) | 18.87 |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | 16.81 | 0.32 | 1.18 | 1.50 | (0.37) | (0.10) | (0.47) | 17.84 |
|  5/31/24 | 14.31 | 0.31 | 2.54 | 2.85 | (0.35) |  | (0.35) | 16.81 |
|  5/31/23 | 15.33 | 0.26 | (0.20) | 0.06 | (0.26) | (0.82) | (1.08) | 14.31 |
|  5/31/22 | 18.96 | 0.26 | (1.94) | (1.68) | (0.60) | (1.35) | (1.95) | 15.33 |
|  5/31/21 | 14.86 | 0.22 | 4.98 | 5.20 | (0.40) | (0.70) | (1.10) | 18.96 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 16.86 | 0.20 | 1.28 | 1.48 | (0.32) | (0.10) | (0.42) | 17.92 |
|  5/31/24 | 14.35 | 0.30 | 2.55 | 2.85 | (0.34) |  | (0.34) | 16.86 |
|  5/31/23 | 15.36 | 0.25 | (0.20) | 0.05 | (0.24) | (0.82) | (1.06) | 14.35 |
|  5/31/22 | 18.97 | 0.26 | (1.93) | (1.67) | (0.59) | (1.35) | (1.94) | 15.36 |
|  5/31/21 | 14.87 | 0.20 | 4.99 | 5.19 | (0.39) | (0.70) | (1.09) | 18.97 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 16.83 | 0.34 | 1.17 | 1.51 | (0.39) | (0.10) | (0.49) | 17.85 |
|  5/31/24 | 14.33 | 0.32 | 2.55 | 2.87 | (0.37) |  | (0.37) | 16.83 |
|  5/31/23 | 15.34 | 0.27 | (0.19) | 0.08 | (0.27) | (0.82) | (1.09) | 14.33 |
|  5/31/22 | 18.98 | 0.27 | (1.94) | (1.67) | (0.62) | (1.35) | (1.97) | 15.34 |
|  5/31/21 | 14.87 | 0.23 | 4.99 | 5.22 | (0.41) | (0.70) | (1.11) | 18.98 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 16.74 | 0.29 | 1.17 | 1.46 | (0.35) | (0.10) | (0.45) | 17.75 |
|  5/31/24 | 14.26 | 0.28 | 2.53 | 2.81 | (0.33) |  | (0.33) | 16.74 |
|  5/31/23 | 15.27 | 0.24 | (0.20) | 0.04 | (0.23) | (0.82) | (1.05) | 14.26 |
|  5/31/22 | 18.90 | 0.22 | (1.93) | (1.71) | (0.57) | (1.35) | (1.92) | 15.27 |
|  5/31/21 | 14.81 | 0.18 | 4.98 | 5.16 | (0.37) | (0.70) | (1.07) | 18.90 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios do not include the expenses or income of the Underlying Funds.

26 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net <br> Investment <br> Income (Loss)<sup>(d)</sup>  | Portfolio<br> Turnover<br> Rate |
| 8.63% | $194789 | 0.49% | 0.41% | 1.61% | 15% |
| 19.91 | 194578 | 0.46 | 0.31 | 1.80 | 15 |
| 0.71 | 175919 | 0.46 | 0.29 | 1.64 | 20 |
| (10.17) | 190045 | 0.44 | 0.34 | 1.25 | 26 |
| 35.45 | 212617 | 0.46 | 0.37 | 1.05 | 54 |
| 8.94 | 4414 | 0.24 | 0.17 | 1.82 | 15 |
| 20.15 | 4432 | 0.29 | 0.13 | 1.98 | 15 |
| 0.85 | 3807 | 0.27 | 0.11 | 1.82 | 20 |
| (10.00) | 5138 | 0.25 | 0.16 | 1.44 | 26 |
| 35.72 | 7976 | 0.26 | 0.17 | 1.28 | 54 |
| 8.77 | 37 | 0.41 | 0.25 | 1.14 | 15 |
| 20.09 | 347 | 0.36 | 0.18 | 1.94 | 15 |
| 0.78 | 296 | 0.34 | 0.18 | 1.78 | 20 |
| (9.93) | 316 | 0.32 | 0.23 | 1.41 | 26 |
| 35.62 | 2022 | 0.33 | 0.24 | 1.18 | 54 |
| 8.98 | 48786 | 0.18 | 0.10 | 1.96 | 15 |
| 20.24 | 50686 | 0.19 | 0.03 | 2.04 | 15 |
| 1.01 | 43616 | 0.18 | 0.01 | 1.91 | 20 |
| (9.96) | 47024 | 0.16 | 0.08 | 1.50 | 26 |
| 35.87 | 48422 | 0.18 | 0.09 | 1.34 | 54 |
| 8.71 | 56152 | 0.42 | 0.35 | 1.69 | 15 |
| 19.90 | 56207 | 0.44 | 0.28 | 1.84 | 15 |
| 0.73 | 48701 | 0.43 | 0.26 | 1.67 | 20 |
| (10.12) | 56946 | 0.41 | 0.33 | 1.26 | 26 |
| 35.51 | 59232 | 0.43 | 0.34 | 1.07 | 54 |

---

See Notes to Financial Statements 27

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Lifestyle Aggressive Growth |  |  |  |  |  |  |  |  |
|  Class A: |  |  |  |  |  |  |  |  |
|  5/31/25 | $19.20 | $0.19 | $1.61 | $1.80 | $(0.28) | $(0.25) | $(0.53) | $20.47 |
|  5/31/24 | 15.69 | 0.20 | 3.58 | 3.78 | (0.27) | (0.00)<sup>(e)</sup> | (0.27) | 19.20 |
|  5/31/23 | 16.91 | 0.17 | (0.07) | 0.10 | (0.25) | (1.07) | (1.32) | 15.69 |
|  5/31/22 | 21.19 | 0.21 | (2.19) | (1.98) | (0.64) | (1.66) | (2.30) | 16.91 |
|  5/31/21 | 15.46 | 0.14 | 6.61 | 6.75 | (0.45) | (0.57) | (1.02) | 21.19 |
|  Class I: |  |  |  |  |  |  |  |  |
|  5/31/25 | 19.34 | 0.24 | 1.61 | 1.85 | (0.31) | (0.25) | (0.56) | 20.63 |
|  5/31/24 | 15.80 | 0.23 | 3.61 | 3.84 | (0.30) | (0.00)<sup>(e)</sup> | (0.30) | 19.34 |
|  5/31/23 | 17.03 | 0.21 | (0.09) | 0.12 | (0.28) | (1.07) | (1.35) | 15.80 |
|  5/31/22 | 21.32 | 0.26 | (2.21) | (1.95) | (0.68) | (1.66) | (2.34) | 17.03 |
|  5/31/21 | 15.55 | 0.18 | 6.64 | 6.82 | (0.48) | (0.57) | (1.05) | 21.32 |
|  Premier Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 19.40 | 0.05 | 1.81 | 1.86 | (0.18) | (0.25) | (0.43) | 20.83 |
|  5/31/24 | 15.86 | 0.22 | 3.62 | 3.84 | (0.30) | (0.00)<sup>(e)</sup> | (0.30) | 19.40 |
|  5/31/23 | 17.08 | 0.20 | (0.08) | 0.12 | (0.27) | (1.07) | (1.34) | 15.86 |
|  5/31/22 | 21.37 | 0.24 | (2.20) | (1.96) | (0.67) | (1.66) | (2.33) | 17.08 |
|  5/31/21 | 15.59 | 0.18 | 6.64 | 6.82 | (0.47) | (0.57) | (1.04) | 21.37 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 19.34 | 0.27 | 1.62 | 1.89 | (0.34) | (0.25) | (0.59) | 20.64 |
|  5/31/24 | 15.81 | 0.25 | 3.60 | 3.85 | (0.32) | (0.00)<sup>(e)</sup> | (0.32) | 19.34 |
|  5/31/23 | 17.03 | 0.22 | (0.08) | 0.14 | (0.29) | (1.07) | (1.36) | 15.81 |
|  5/31/22 | 21.32 | 0.26 | (2.19) | (1.93) | (0.70) | (1.66) | (2.36) | 17.03 |
|  5/31/21 | 15.55 | 0.20 | 6.64 | 6.84 | (0.50) | (0.57) | (1.07) | 21.32 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 19.24 | 0.21 | 1.62 | 1.83 | (0.29) | (0.25) | (0.54) | 20.53 |
|  5/31/24 | 15.73 | 0.20 | 3.59 | 3.79 | (0.28) | (0.00)<sup>(e)</sup> | (0.28) | 19.24 |
|  5/31/23 | 16.95 | 0.18 | (0.08) | 0.10 | (0.25) | (1.07) | (1.32) | 15.73 |
|  5/31/22 | 21.23 | 0.22 | (2.19) | (1.97) | (0.65) | (1.66) | (2.31) | 16.95 |
|  5/31/21 | 15.49 | 0.15 | 6.62 | 6.77 | (0.46) | (0.57) | (1.03) | 21.23 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios do not include the expenses or income of the Underlying Funds.

<sup>(e)</sup> Value rounded to zero.

28 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net <br> Investment <br> Income (Loss)<sup>(d)</sup>  | Portfolio<br> Turnover<br> Rate |
| 9.37% | $120057 | 0.51% | 0.43% | 0.98% | 16% |
| 24.30 | 118311 | 0.49 | 0.39 | 1.13 | 12 |
| 1.17 | 102309 | 0.49 | 0.35 | 1.10 | 21 |
| (10.59) | 106104 | 0.48 | 0.32 | 1.04 | 30 |
| 44.41 | 117922 | 0.50 | 0.38 | 0.78 | 56 |
| 9.59 | 5295 | 0.28 | 0.20 | 1.22 | 16 |
| 24.55 | 5423 | 0.30 | 0.20 | 1.34 | 12 |
| 1.33 | 4908 | 0.29 | 0.15 | 1.31 | 21 |
| (10.40) | 6248 | 0.28 | 0.13 | 1.28 | 30 |
| 44.68 | 9163 | 0.30 | 0.18 | 0.98 | 56 |
| 9.59 | 26 | 0.38 | 0.25 | 0.25 | 16 |
| 24.39 | 389 | 0.37 | 0.25 | 1.28 | 12 |
| 1.29 | 320 | 0.36 | 0.22 | 1.27 | 21 |
| (10.43) | 342 | 0.35 | 0.20 | 1.21 | 30 |
| 44.54 | 427 | 0.37 | 0.23 | 0.95 | 56 |
| 9.76 | 52407 | 0.19 | 0.10 | 1.34 | 16 |
| 24.58 | 63319 | 0.21 | 0.10 | 1.45 | 12 |
| 1.46 | 51862 | 0.20 | 0.05 | 1.40 | 21 |
| (10.32) | 50497 | 0.19 | 0.04 | 1.28 | 30 |
| 44.79 | 45923 | 0.21 | 0.08 | 1.08 | 56 |
| 9.49 | 65410 | 0.44 | 0.35 | 1.05 | 16 |
| 24.29 | 60408 | 0.45 | 0.35 | 1.18 | 12 |
| 1.20 | 52655 | 0.45 | 0.31 | 1.16 | 21 |
| (10.54) | 56152 | 0.44 | 0.29 | 1.08 | 30 |
| 44.47 | 65640 | 0.45 | 0.33 | 0.82 | 56 |

---

See Notes to Financial Statements 29

------

## Financial Highlights (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<br> (Loss)<sup>(a)</sup> | Net Realized/<br> Unrealized<br> Gain (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | From Net<br> Investment<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net<br> Realized<br> Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br> Value,<br> End of<br> Period |
|  Managed Allocation |  |  |  |  |  |  |  |  |
|  Class A: |  |  |  |  |  |  |  |  |
|  5/31/25 | $12.32 | $0.31 | $0.67 | $0.98 | $(0.34) | $(0.18) | $(0.52) | $12.78 |
|  5/31/24 | 10.93 | 0.28 | 1.41 | 1.69 | (0.30) |  | (0.30) | 12.32 |
|  5/31/23 | 11.77 | 0.24 | (0.26) | (0.02) | (0.25) | (0.57) | (0.82) | 10.93 |
|  5/31/22 | 14.51 | 0.22 | (1.46) | (1.24) | (0.41) | (1.09) | (1.50) | 11.77 |
|  5/31/21 | 12.36 | 0.20 | 3.07 | 3.27 | (0.33) | (0.79) | (1.12) | 14.51 |
|  Class R6: |  |  |  |  |  |  |  |  |
|  5/31/25 | 12.26 | 0.34 | 0.67 | 1.01 | (0.37) | (0.18) | (0.55) | 12.72 |
|  5/31/24 | 10.88 | 0.31 | 1.40 | 1.71 | (0.33) |  | (0.33) | 12.26 |
|  5/31/23 | 11.73 | 0.26 | (0.26) |  | (0.28) | (0.57) | (0.85) | 10.88 |
|  5/31/22 | 14.46 | 0.25 | (1.45) | (1.20) | (0.44) | (1.09) | (1.53) | 11.73 |
|  5/31/21 | 12.32 | 0.23 | 3.07 | 3.30 | (0.37) | (0.79) | (1.16) | 14.46 |
|  Retirement Class: |  |  |  |  |  |  |  |  |
|  5/31/25 | 12.24 | 0.30 | 0.68 | 0.98 | (0.34) | (0.18) | (0.52) | 12.70 |
|  5/31/24 | 10.87 | 0.28 | 1.39 | 1.67 | (0.30) |  | (0.30) | 12.24 |
|  5/31/23 | 11.71 | 0.24 | (0.26) | (0.02) | (0.25) | (0.57) | (0.82) | 10.87 |
|  5/31/22 | 14.44 | 0.21 | (1.45) | (1.24) | (0.40) | (1.09) | (1.49) | 11.71 |
|  5/31/21 | 12.31 | 0.20 | 3.05 | 3.25 | (0.33) | (0.79) | (1.12) | 14.44 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. 

<sup>(c)</sup> Total returns are at NAV and do not include any sales charge. Total returns are not annualized. 

<sup>(d)</sup> The Fund's ratios do not include the expenses or income of the Underlying Funds.

30 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br> Return<sup>(c)</sup> | Net Assets,<br> End of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period (000) | Gross <br> Expenses<sup>(d)</sup>  | Net <br> Expenses<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Net <br> Investment <br> Income (Loss)<sup>(d)</sup>  | Portfolio<br> Turnover<br> Rate |
| 8.05% | $794626 | 0.31% | 0.25% | 2.41% | 11% |
| 15.70 | 789834 | 0.32 | 0.25 | 2.44 | 11 |
| 0.20 | 734814 | 0.32 | 0.25 | 2.17 | 19 |
| (9.69) | 790563 | 0.31 | 0.23 | 1.59 | 23 |
| 27.20 | 918856 | 0.31 | 0.25 | 1.48 | 42 |
| 8.37 | 18757 | 0.03 | 0.00 | 2.66 | 11 |
| 15.97 | 18769 | 0.03 | 0.00 | 2.68 | 11 |
| 0.39 | 18493 | 0.03 | 0.00 | 2.40 | 19 |
| (9.45) | 24214 | 0.03 | 0.00 | 1.84 | 23 |
| 27.52 | 24885 | 0.02 | 0.00 | 1.71 | 42 |
| 8.10 | 63469 | 0.28 | 0.25 | 2.40 | 11 |
| 15.60 | 72504 | 0.28 | 0.25 | 2.44 | 11 |
| 0.21 | 69526 | 0.28 | 0.25 | 2.18 | 19 |
| (9.70) | 73347 | 0.28 | 0.25 | 1.56 | 23 |
| 27.15 | 88693 | 0.27 | 0.25 | 1.48 | 42 |

---

See Notes to Financial Statements 31

------

## Notes to Financial Statements

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1. General Information

Trust and Fund Information: TIAA-CREF Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, ("1940 Act"), as amended. The Trust is comprised of the following (collectively the "Funds" or individually, the "Fund"), among others:

---

| | |
|:---|:---|
| Fund Name | Short Name |
| Nuveen Lifestyle Income Fund | Lifestyle Income |
| Nuveen Lifestyle Conservative Fund | Lifestyle Conservative |
| Nuveen Lifestyle Moderate Fund | Lifestyle Moderate |
| Nuveen Lifestyle Growth Fund | Lifestyle Growth |
| Nuveen Lifestyle Aggressive Growth Fund | Lifestyle Aggressive Growth |
| Nuveen Managed Allocation Fund | Managed Allocation |

---

**Current Fiscal Period**: The end of the reporting period for the Funds is May 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2025 (the "current fiscal period").

**Investment Adviser:** Teachers Advisors, LLC (the "Adviser"), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), is registered with the Securities and Exchange Commission ("SEC") as an investment adviser and provides investment management services for the Funds.

**Share Classes and Sales Charges:** Each Fund is a "fund of funds" that diversifies its assets by investing in Class R6 shares of other Nuveen mutual funds and potentially other investment pools or investment products. The Funds offer Class A, Class I, Premier Class, Class R6 and Retirement Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. The Funds offer their shares through their principal underwriter, Nuveen Securities, LLC ("Nuveen Securities"), which is a wholly owned indirect subsidiary of TIAA.

Class A Shares are generally sold with an up-front sales charge. Class A Shares purchases of $1 million or more are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1% if redeemed within eighteen months of purchase. Class I, Premier Class, Class R6 and Retirement Class shares are sold without an up-front sales charge.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, *Financial Services—Investment Companies*. The NAV for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

**Compensation**: The Funds pay the members of the Board of Trustees ("Board") all of whom are independent, certain remuneration for their services, plus travel and other expenses. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statement of Assets and Liabilities. Trustees' fees, including any deferred compensation incurred, are reflected in the Statement of Operations.

**Distributions to Shareholders:** Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

**Indemnification**: Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

32.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Investments and Investment Income:** Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

**Multiclass Operations and Allocations**: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a Fund. Expenses that cannot be directly attributed are allocated to each Fund in the Trust based upon the average net assets of each Fund.

**Netting Agreements:** In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

**Segment Reporting:** In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker ("CODM"). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

**New Accounting Pronouncement**: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to the oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

• Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

• Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Fund | Level 1 | Level 2 | Level 3 | Total |
|  Lifestyle Income |  |  |  |  |
|  Affiliated investment companies | $75336560 | $– | $– | $75336560 |
|  Short-term investments |  | 83000 |  | 83000 |
|  Total | $75336560 | $83000 | $– | $75419560 |
|  Lifestyle Conservative |  |  |  |  |
|  Affiliated investment companies | $308196202 | $– | $– | $308196202 |
|  Short-term investments |  | 290000 |  | 290000 |
|  Total | $308196202 | $290000 | $– | $308486202 |
|  Lifestyle Moderate |  |  |  |  |
|  Affiliated investment companies | $557323839 | $– | $– | $557323839 |
|  Short-term investments |  | 507000 |  | 507000 |
|  Total | $557323839 | $507000 | $– | $557830839 |
|  Lifestyle Growth |  |  |  |  |
|  Affiliated investment companies | $304028406 | $– | $– | $304028406 |
|  Short-term investments |  | 270000 |  | 270000 |
|  Total | $304028406 | $270000 | $– | $304298406 |
|  Lifestyle Aggressive Growth |  |  |  |  |
|  Affiliated investment companies | $242993621 | $– | $– | $242993621 |
|  Short-term investments |  | 244000 |  | 244000 |
|  Total | $242993621 | $244000 | $– | $243237621 |
|  Managed Allocation |  |  |  |  |
|  Affiliated investment companies | $876116760 | $– | $– | $876116760 |
|  Short-term investments |  | 294000 |  | 294000 |
|  Total | $876116760 | $294000 | $– | $876410760 |

---

4. Portfolio Securities

**Repurchase Agreements**: In connection with transactions in repurchase agreements, it is the Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements:

34.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund | Counterparty | Short-term Investments,<br> at Value | Collateral Pledged<br> (From) Counterparty |
|  Lifestyle Income | Fixed Income Clearing Corporation | $83000 | $(84721) |
|  Lifestyle Conservative | Fixed Income Clearing Corporation | 290000 | (295805) |
|  Lifestyle Moderate | Fixed Income Clearing Corporation | 507000 | (517172) |
|  Lifestyle Growth | Fixed Income Clearing Corporation | 270000 | (275441) |
|  Lifestyle Aggressive Growth | Fixed Income Clearing Corporation | 244000 | (248957) |
|  Managed Allocation | Fixed Income Clearing Corporation | 294000 | (299963) |

---

**Purchases and Sales**: Long-term purchases and sales during the current fiscal period were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Non-U.S. Government<br> Purchases | Non-U.S. Government<br> Sales |
|  Lifestyle Income | $12011878 | $13227538 |
|  Lifestyle Conservative | 39773745 | 49164137 |
|  Lifestyle Moderate | 81167089 | 104414452 |
|  Lifestyle Growth | 45157463 | 59165673 |
|  Lifestyle Aggressive Growth | 38983215 | 54860197 |
|  Managed Allocation | 101697078 | 135257970 |

---

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

**Market and Counterparty Credit Risk:** In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifestyle Income | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 183151 | $1985318 | 116893 | $1205317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1167 | 12500 | 18224 | 191218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class |  |  | 1217 | 12407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 368979 | 3996067 | 323324 | 3335953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 262335 | 2857005 | 420617 | 4424239 |
|  Total subscriptions | 815632 | 8850890 | 880275 | 9169134 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 140597 | 1523472 | 137970 | 1428697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 9 | 102 | 141 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class |  |  | 247 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 38057 | 412392 | 45041 | 466501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 65460 | 708837 | 52373 | 542803 |
|  Total reinvestments of distributions | 244123 | 2644803 | 235772 | 2442009 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (547043) | (5922975) | (674726) | (6981790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (8378) | (92450) | (19154) | (202925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (17744) | (196600) | (17246) | (178495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (354659) | (3836726) | (674213) | (7044483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (269794) | (2918541) | (398295) | (4108530) |
|  Total redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1197618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12967292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1783634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18516223) |
|  Net increase (decrease) from shareholder transactions | (137863) | $(1471599) | (667587) | $(6905080) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifestyle Conservative | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 693404 | $8806056 | 611170 | $7244176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 166248 | 2122495 | 57909 | 684642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 865956 | 11149351 | 1011683 | 12039211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 619620 | 7946296 | 394823 | 4643206 |
|  Total subscriptions | 2345228 | 30024198 | 2075585 | 24611235 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 465927 | 5951643 | 474106 | 5633793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 7929 | 101392 | 7828 | 93172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 42 | 540 | 44 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 148939 | 1905139 | 142418 | 1695676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 116827 | 1492219 | 116942 | 1390611 |
|  Total reinvestments of distributions | 739664 | 9450933 | 741338 | 8813774 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1913510) | (24377015) | (2536609) | (30167425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (211941) | (2734270) | (62529) | (740166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (18082) | (235246) | (345) | (4078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1155180) | (14828231) | (1061988) | (12649170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (811250) | (10394370) | (723725) | (8605769) |
|  Total redemptions | (4109963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52569132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4385196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52166608) |
|  Net increase (decrease) from shareholder transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1025071) | $(13094001) | (1568273) | $(18741599) |

---

36.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifestyle Moderate | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1515357 | $22539144 | 1246873 | $16827918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 116961 | 1745398 | 138315 | 1859642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 854003 | 12746059 | 1961198 | 26382636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 787248 | 11765946 | 1024366 | 13979428 |
|  Total subscriptions | 3273569 | 48796547 | 4370752 | 59049624 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 645321 | 9630369 | 622317 | 8401316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 14108 | 210655 | 15083 | 204023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 175706 | 2626837 | 161895 | 2192609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 220746 | 3293954 | 207562 | 2804421 |
|  Total reinvestments of distributions | 1055881 | 15761815 | 1006857 | 13602369 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (3033922) | (45046223) | (3644375) | (49067532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (236288) | (3513997) | (177843) | (2433831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (18350) | (278000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (2032535) | (30221914) | (1334074) | (18140742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (1247870) | (18478563) | (1390479) | (18826111) |
|  Total redemptions | (6568965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97538697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6546771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88468216) |
|  Net increase (decrease) from shareholder transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2239515) | $(32980335) | (1169162) | $(15816223) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifestyle Growth | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 485813 | $8493975 | 455430 | $7012826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 62366 | 1105395 | 46333 | 709977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 348520 | 6075392 | 563669 | 8863216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 404713 | 7063293 | 650306 | 9949751 |
|  Total subscriptions | 1301412 | 22738055 | 1715738 | 26535770 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 275024 | 4845923 | 248632 | 3818993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 6138 | 108770 | 5725 | 88391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | 14 | 253 | 13 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 81712 | 1448747 | 66639 | 1029567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 83697 | 1477248 | 71971 | 1106921 |
|  Total reinvestments of distributions | 446585 | 7880941 | 392980 | 6044076 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1407925) | (24441595) | (1423342) | (21981315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (84707) | (1483424) | (54370) | (847086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (18585) | (328400) | (1) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (709037) | (12364638) | (662750) | (10267541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (682843) | (11534295) | (781469) | (12087123) |
|  Total redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2903097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50152352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2921932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45183083) |
|  Net increase (decrease) from shareholder transactions | (1155100) | $(19533356) | (813214) | $(12603237) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Lifestyle Aggressive Growth | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 318604 | $6345504 | 381029 | $6618304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 27347 | 560859 | 33839 | 589855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class |  |  | 21 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 533118 | 10652003 | 623063 | 10944045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 415435 | 8343978 | 395031 | 6811525 |
|  Total subscriptions | 1294504 | 25902344 | 1432983 | 24964128 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 153787 | 3138786 | 97368 | 1682526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 5363 | 110204 | 3522 | 61249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 87088 | 1789658 | 60584 | 1053560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 82937 | 1696887 | 51628 | 894199 |
|  Total reinvestments of distributions | 329175 | 6735535 | 213102 | 3691534 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (769602) | (15448147) | (834812) | (14401815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (56550) | (1129133) | (67434) | (1197770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Class | (18789) | (380840) | (199) | (3427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1354488) | (27181513) | (690856) | (12210477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (451108) | (9067265) | (654883) | (11288061) |
|  Total redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2650537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53206898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2248184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39101550) |
|  Net increase (decrease) from shareholder transactions | (1026858) | $(20569019) | (602099) | $(10445888) |

---

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/25 | Year Ended<br> 5/31/24 | Year Ended<br> 5/31/24 |
| Managed Allocation | Shares | Value | Shares | Value |
|  Subscriptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1235824 | $15652450 | 1489713 | $17204822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 131794 | 1656006 | 72534 | 831096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 357301 | 4505323 | 256120 | 3014359 |
|  Total subscriptions | 1724919 | 21813779 | 1818367 | 21050277 |
|  Reinvestments of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2495441 | 31640731 | 1657333 | 19142884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 65459 | 825489 | 46043 | 529037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | 214742 | 2705307 | 160617 | 1844718 |
|  Total reinvestments of distributions | 2775642 | 35171527 | 1863993 | 21516639 |
|  Redemptions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (5662271) | (71419839) | (6252499) | (72177956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (252888) | (3167217) | (287327) | (3240630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Class | (1495209) | (18888954) | (893214) | (10262238) |
|  Total redemptions | (7410368) | (93476010) | (7433040) | (85680824) |
|  Net increase (decrease) from shareholder transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2909807) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36490704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3750680) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43113908) |

---

**7.** **Income Tax Information** 

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

Difference between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, investments in underlying funds, and tax equalization. Temporary and permanent differences have no impact on a Fund's net assets.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br> (Depreciation) |
|  Lifestyle Income | $76673589 | $4656639 | $(5910668) | $(1254029) |
|  Lifestyle Conservative | 298611538 | 35663627 | (25788963) | 9874664 |
|  Lifestyle Moderate | 508684939 | 91369812 | (42223912) | 49145900 |
|  Lifestyle Growth | 257905271 | 64776163 | (18383028) | 46393135 |
|  Lifestyle Aggressive Growth | 191679365 | 61508330 | (9950074) | 51558256 |
|  Managed Allocation | 756101824 | 176708661 | (56399725) | 120308936 |

---

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Undistributed<br> Ordinary<br>Income | Undistributed<br>Long-Term<br> Capital Gains | Unrealized<br>Appreciation<br> (Depreciation) | Capital Loss<br>Carryforwards | Late-Year<br>Loss Deferrals | Other<br>Book-to-Tax<br> Differences | Total |
|  Lifestyle Income | $391104 | $– | $(1254029) | $(967525) | $– | $(7022) | $(1837472) |
|  Lifestyle Conservative | 1151569 | 3115561 | 9874664 |  |  | (19127) | 14122667 |
|  Lifestyle Moderate | 1296564 | 9765963 | 49145900 |  |  | (28754) | 60179673 |
|  Lifestyle Growth | 977330 | 7655225 | 46393135 |  |  | (14586) | 55011104 |
|  Lifestyle Aggressive Growth |  | 8283777 | 51558256 |  | (132638) | (10697) | 59698698 |
|  Managed Allocation | 2808382 | 17451835 | 120308936 |  |  | (161639) | 140407514 |

---

38.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The tax character of distributions paid was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 5/31/25 | 5/31/25 | 5/31/24 | 5/31/24 |
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary<br> Income | Long-Term<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary<br> Income | Long-Term<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Gains |
|  Lifestyle Income | $2712516 | $– | $2504064 | $– |
|  Lifestyle Conservative | 9567761 |  | 8932215 |  |
|  Lifestyle Moderate | 14555354 | 1436886 | 13764447 |  |
|  Lifestyle Growth | 6184064 | 1752283 | 6098768 |  |
|  Lifestyle Aggressive Growth | 3899128 | 2891869 | 3696213 | 51620 |
|  Managed Allocation | 24451030 | 11935207 | 22228563 |  |

---

As of year end, the Funds had capital loss carryforwards, which will not expire:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term | Long-Term | Total |
|  Lifestyle Income | $440202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$527323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$967525 |
|  Lifestyle Conservative |  |  |  |
|  Lifestyle Moderate |  |  |  |
|  Lifestyle Growth |  |  |  |
|  Lifestyle Aggressive Growth |  |  |  |
|  Managed Allocation |  |  |  |

---

As of year end, the Funds utilized the following capital loss carryforwards:

---

| | |
|:---|:---|
| Fund | Utilized |
|  Lifestyle Income | $560237 |
|  Lifestyle Conservative | 2216554 |
|  Lifestyle Moderate | 1867614 |
|  Lifestyle Growth | 238986 |
|  Lifestyle Aggressive Growth |  |
|  Managed Allocation |  |

---

**8.** **Management Fees and Other Transactions with Affiliates** 

Management Fees: Under the terms of its Investment Management Agreement, each Fund (except for Managed Allocation) pays the Adviser a monthly fee based on the annual rate of 0.10% of the Fund's average daily net assets for the management of the Fund's investment portfolio. The Funds have entered into an Administrative Service Agreement with the Adviser under which the Funds pay the Adviser for its costs in providing certain administrative and compliance services to the Funds. The Adviser has agreed to gradually reduce expenses allocated to the Funds under the Administrative Services Agreement over a three-year period commencing May 1, 2024. After the expiration of this three-year period, the Adviser will no longer allocate expenses to the Funds under the Administrative Services Agreement.

Under the terms of Retirement Class Service Agreements with respect to each Fund, the Retirement Class of the Fund incurs an annual fee of 0.25% of the daily net assets, payable monthly to TIAA, on behalf of Retirement Class shares of the Fund held by or through TIAA by its clients, or the Adviser, on behalf of all other Retirement Class shares, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to TIAA or the Adviser, respectively, under the Service Agreements.

Under the terms of a distribution Rule 12b-1 plan, Class A shares of each Fund compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to Class A shares of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund's Class A shares. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund's Premier Class shares.

The Adviser has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of the end of the current fiscal period, the investment management fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Maximum Expense Amounts‡ | Maximum Expense Amounts‡ | Maximum Expense Amounts‡ | Maximum Expense Amounts‡ |
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | Class I Premier Class | Class R6 | Retirement<br>Class |
|  Lifestyle Income | 0.450% | 0.250% | 0.100% | 0.350% |
|  Lifestyle Conservative | 0.450 | 0.250 | 0.100 | 0.350 |
|  Lifestyle Moderate | 0.450 | 0.250 | 0.100 | 0.350 |
|  Lifestyle Growth | 0.450 | 0.250 | 0.100 | 0.350 |
|  Lifestyle Aggressive Growth | 0.450 | 0.250 | 0.100 | 0.350 |
|  Managed Allocation | 0.250 |  | 0.000 | 0.250 |

---

---

| | |
|:---|:---|
| <sup>‡</sup> | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least September 30, 2025. The reimbursement arrangements can only be changed with the approval of the Board.  |

---

**Other Transactions with Affiliates**: The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current fiscal period, the Funds engaged in the following security transactions with affiliated entities:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Purchases | Sales | Realized Gain (Loss) |
|  Lifestyle Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77425 | $6059 |
|  Lifestyle Conservative |  | 264198 | 46025 |
|  Lifestyle Moderate | 341503 | 465211 | 81646 |
|  Lifestyle Growth | 119907 | 403261 | 61387 |
|  Lifestyle Aggressive Growth | 172966 | 470427 | 49566 |
|  Managed Allocation | 3663 | 1649061 | 317267 |

---

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

---

| | | |
|:---|:---|:---|
| Fund | Sales Charges Collected<br>(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid to Financial<br>Intermediaries<br>(Unaudited) |
|  Lifestyle Income | $290 | $253 |
|  Lifestyle Conservative | 5058 | 4398 |
|  Lifestyle Moderate | 8408 | 7433 |
|  Lifestyle Growth | 3773 | 3295 |
|  Lifestyle Aggressive Growth | 6011 | 5225 |
|  Managed Allocation | 7666 | 6759 |

---

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

---

| | |
|:---|:---|
| Fund | CDSC<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained (Unaudited) |
|  Lifestyle Income | $— |
|  Lifestyle Conservative |  |
|  Lifestyle Moderate | 171 |
|  Lifestyle Growth | 24 |
|  Lifestyle Aggressive Growth |  |
|  Managed Allocation |  |

---

Investments in other investment companies advised by the Adviser and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. A complete schedule of the portfolio holdings for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available on the SEC's website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available for each of the affiliated investments at https://www.nuveen.com/en-us/ mutual-funds/prospectuses, or upon request by calling (800) 257-8787. Information regarding transactions with affiliated companies is as follows:

40.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br> Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br> Unrealized<br> Appreciation<br> (Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifestyle Income |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class R6 | $14965769 | $1829485 | $2002225 | $(306464) | $483318 | $14969883 | $655568 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class R6 | 1450274 | 443331 | 362323 | 31018 | (64631) | 1497669 | 15657 | 135189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class R6 | 14982396 | 1762221 | 1950004 | (301283) | 476396 | 14969726 | 693407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 1452078 | 408020 | 444072 | 29628 | 55334 | 1500988 | 17608 | 75367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 1396945 | 553703 | 397734 | 7841 | (87820) | 1472935 | 22725 | 115718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class R6 | 877518 | 278723 | 274098 | (1002) | 36918 | 918059 | 23324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 1757830 | 258418 | 516111 | 81289 | 153878 | 1735304 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class R6 | 2312964 | 452833 | 607750 | 43811 | 108437 | 2310295 | 54643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class R6 | 1367184 | 375691 | 406827 | (4219) | 50745 | 1382574 | 19433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class R6 | 1706749 | 531263 | 648383 | 89769 | 54315 | 1733713 | 4302 | 96595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class R6 | 1402942 | 390765 | 388011 | 30270 | 36521 | 1472487 | 20139 | 33762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class R6 | 744031 | 149184 | 217463 | 9151 | 72148 | 757051 | 23313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class R6 | 333618 | 96917 | 124447 | 20637 | (38755) | 287970 | 2938 | 29927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class R6 | 396047 | 105688 | 130674 | 17148 | (30780) | 357429 | 2798 | 38545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond, Class R6 | 29783358 | 4375636 | 4757416 | (124530) | 693429 | 29970477 | 1322315 |  |
|  | $74929703 | $12011878 | $13227538 | $(376936) | $1999453 | $75336560 | $2878170 | $525103 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifestyle Conservative |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond, Class R6 | $30779360 | $2616268 | $3320487 | $(536416) | $897515 | $30436240 | $1348152 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class R6 | 11935559 | 2534659 | 2015159 | 260458 | (531418) | 12184099 | 129937 | 1131855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class R6 | 92398628 | 7154138 | 9314096 | (1557303) | 2636375 | 91317742 | 4278592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 11932905 | 2393852 | 2933317 | 239724 | 470794 | 12103958 | 144574 | 623277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 11486597 | 3614735 | 2436235 | 68827 | (715367) | 12018557 | 187264 | 957430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class R6 | 7237917 | 1541446 | 1601670 | (59040) | 351745 | 7470398 | 192921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 14219760 | 1164610 | 3169546 | 569638 | 1346034 | 14130496 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class R6 | 19025046 | 2475383 | 3964680 | 354308 | 867074 | 18757131 | 454088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class R6 | 11259106 | 1630245 | 2058771 | (65652) | 465780 | 11230708 | 161408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class R6 | 14082171 | 2540096 | 3724126 | 581430 | 660083 | 14139654 | 35915 | 806365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class R6 | 11526542 | 2461645 | 2535504 | 197760 | 360569 | 12011012 | 168853 | 283064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class R6 | 6116404 | 736911 | 1351558 | 59738 | 590931 | 6152426 | 192968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class R6 | 2701026 | 602853 | 814903 | 124691 | (268056) | 2345611 | 24370 | 248245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class R6 | 3213194 | 627707 | 827920 | 135080 | (239340) | 2908721 | 23265 | 320449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Bond, Class R6 | 61237227 | 7679197 | 9096165 | (216060) | 1385250 | 60989449 | 2719863 |  |
|  | $309151442 | $39773745 | $49164137 | $157183 | $8277969 | $308196202 | $10062170 | $4370685 |

---

41.0 ------

## Notes to Financial Statements (continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifestyle Moderate |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class R6 | $32429662 | $6317281 | $5132347 | $562071 | $(1346594) | $32830073 | $356685 | $3141185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class R6 | 223324907 | 23808609 | 30838991 | (5341838) | 7915193 | 218867880 | 10414887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 32459244 | 5570759 | 7271787 | 487449 | 1425347 | 32671012 | 398486 | 1729054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 31211857 | 8962391 | 5915010 | 53061 | (1948623) | 32363676 | 516495 | 2706785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class R6 | 19651235 | 4332662 | 4616154 | (400302) | 1157927 | 20125368 | 534963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 38650086 | 2777457 | 8569929 | 1445964 | 3794792 | 38098370 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class R6 | 51644687 | 6699970 | 10782509 | 666656 | 2509163 | 50737967 | 1258245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class R6 | 30587191 | 5385479 | 6673634 | (715115) | 1746962 | 30330883 | 446063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class R6 | 38579738 | 6583790 | 10424222 | 1208234 | 2146715 | 38094255 | 99574 | 2235647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class R6 | 31320692 | 5509608 | 5953254 | 492819 | 1029120 | 32398985 | 465608 | 780543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class R6 | 16657337 | 2168300 | 3898246 | 89821 | 1630853 | 16648065 | 534811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class R6 | 7368029 | 1500719 | 2142169 | 382152 | (791922) | 6316809 | 67579 | 688381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class R6 | 8796290 | 1550064 | 2196200 | 292047 | (601705) | 7840496 | 64516 | 888629 |
|  | $562680955 | $81167089 | $104414452 | $(776981) | $18667228 | $557323839 | $15157912 | $12170224 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifestyle Growth |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class R6 | $23503894 | $4331406 | $3499561 | $413698 | $(990545) | $23758892 | $258482 | $2261206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class R6 | 60684043 | 7453590 | 9495240 | (1606425) | 2299931 | 59335899 | 2827943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 23479835 | 3950021 | 4962555 | 252932 | 1095169 | 23815402 | 288301 | 1253288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 22647175 | 6028695 | 3896573 | 19174 | (1407556) | 23390915 | 374495 | 1955472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class R6 | 14223664 | 3173746 | 3382480 | (312966) | 861959 | 14563923 | 389720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 27986147 | 1337711 | 5527842 | 977777 | 2773813 | 27547606 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class R6 | 37497445 | 4355588 | 7510812 | 427436 | 1833391 | 36603048 | 911397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class R6 | 22173300 | 3707068 | 4612692 | (606951) | 1279111 | 21939836 | 322759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class R6 | 27929733 | 3974244 | 6722790 | 759645 | 1574043 | 27514875 | 72313 | 1623594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class R6 | 22736243 | 3555438 | 4056847 | 177754 | 895749 | 23308337 | 338363 | 567229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class R6 | 12070960 | 1270352 | 2514076 | 491 | 1194031 | 12021758 | 387207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class R6 | 5353360 | 1033275 | 1520066 | 279685 | (579059) | 4567195 | 49030 | 499431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class R6 | 6369531 | 986329 | 1464139 | 185449 | (416450) | 5660720 | 46807 | 644713 |
|  | $306655330 | $45157463 | $59165673 | $967699 | $10413587 | $304028406 | $6266817 | $8804933 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Lifestyle Aggressive Growth |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class R6 | $23687152 | $3885236 | $3388719 | $236760 | $(829553) | $23590876 | $262717 | $2328116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 23690114 | 3784072 | 5278306 | 276562 | 1148790 | 23621232 | 292303 | 1282951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 22838355 | 6282224 | 4533028 | 1030 | (1389773) | 23198808 | 380110 | 2000090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class R6 | 14333131 | 4139520 | 4559314 | (441617) | 996081 | 14467801 | 404190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 28176762 | 977328 | 5545027 | 998172 | 2800052 | 27407287 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class R6 | 37757347 | 5272040 | 8907580 | 411294 | 1825889 | 36358990 | 938291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class R6 | 22341793 | 3574678 | 4849799 | (668427) | 1373942 | 21772187 | 332104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class R6 | 28171028 | 3790932 | 7060475 | 796210 | 1605862 | 27303557 | 74252 | 1667126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class R6 | 22876210 | 3780881 | 4593620 | 246039 | 873044 | 23182554 | 348271 | 583840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class R6 | 12173739 | 1626822 | 3080322 | (46889) | 1251087 | 11924437 | 398870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class R6 | 5435340 | 876952 | 1477960 | 140709 | (439174) | 4535867 | 50515 | 514560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class R6 | 6458389 | 992530 | 1586047 | 141847 | (376694) | 5630025 | 48650 | 670096 |
|  | $247939360 | $38983215 | $54860197 | $2091690 | $8839553 | $242993621 | $3530273 | $9046779 |

---

42.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>5/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br> (Depreciation) | Value at<br>5/31/25 | Dividend<br>Income | Capital Gain<br>Distributions |
|  Managed Allocation |  |  |  |  |  |  |  |  |
|  Nuveen Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity, Class R6 | $50795172 | $8827035 | $6881885 | $1027112 | $(2222275) | $51545159 | $555696 | $4867341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Plus Bond, Class R6 | 349790789 | 29270883 | 39109207 | (5255793) | 9344108 | 344040780 | 16246669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth, Class R6 | 50789873 | 6176527 | 8855530 | 977819 | 2037228 | 51125917 | 621889 | 2675366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value, Class R6 | 48945705 | 12738180 | 7897957 | 230017 | (3062675) | 50953270 | 802907 | 4145714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Equity, Class R6 | 30757188 | 5101283 | 5432754 | (531147) | 1779749 | 31674319 | 827882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Opportunities ETF | 60532824 | 3228757 | 12078564 | 2226236 | 5920784 | 59830037 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity, Class R6 | 81032462 | 7625027 | 13980114 | 1438283 | 3609450 | 79725108 | 1949995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Opportunities, Class R6 | 47857439 | 5992793 | 7568322 | (247569) | 1902237 | 47936578 | 692067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Growth, Class R6 | 60340876 | 8312643 | 13875651 | 4805766 | 391617 | 59975251 | 154472 | 3468227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value, Class R6 | 49064463 | 7932628 | 8498036 | 976964 | 1394081 | 50870100 | 724511 | 1214567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant International Small Cap Equity, Class R6 | 26076354 | 2495285 | 5119231 | 176872 | 2526971 | 26156251 | 828320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small Cap Equity, Class R6 | 11540416 | 1964067 | 2932634 | 670810 | (1304385) | 9938274 | 104773 | 1067252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quant Small/Mid Cap Equity, Class R6 | 13815107 | 2031970 | 3028085 | 751609 | (1224885) | 12345716 | 100024 | 1377711 |
|  | $881338668 | $101697078 | $135257970 | $7246979 | $21092005 | $876116760 | $23609205 | $18816178 |

---

**9.** **Borrowing Arrangements** 

Line of Credit: The Funds participated in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The facility was entered into on June 13, 2023, and expired on June 11, 2024. Certain affiliated accounts, each of which is managed by the Adviser, or an affiliate of the Adviser, also participated in this facility. An annual commitment fee for the credit facility was borne by the participating accounts on a pro rata basis. Interest associated with any borrowing under the facility was charged to the borrowing accounts at a specified rate of interest. The Funds were not liable for borrowings under the facility by other affiliated accounts. There were no borrowings under this credit facility by the Funds during the current fiscal period. On June 11, 2024, the Funds' credit facility expired, and the Funds have not entered into another credit facility.

43.0 ------

## Important Tax Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

#### Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Long-Term<br>Capital Gains |
|  Lifestyle Income | $– |
|  Lifestyle Conservative | 184074 |
|  Lifestyle Moderate | 2032664 |
|  Lifestyle Growth | 2360018 |
|  Lifestyle Aggressive Growth | 3636592 |
|  Managed Allocation | 12840896 |

---

#### Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

---

| | |
|:---|:---|
| Fund | Percentage |
|  Lifestyle Income | 3.4% |
|  Lifestyle Conservative | 7.8 |
|  Lifestyle Moderate | 14.0 |
|  Lifestyle Growth | 23.4 |
|  Lifestyle Aggressive Growth | 36.8 |
|  Managed Allocation | 13.1 |

---

#### Qualified Dividend Income (QDI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

---

| | |
|:---|:---|
| Fund | Percentage |
|  Lifestyle Income | 6.5% |
|  Lifestyle Conservative | 15.2 |
|  Lifestyle Moderate | 27.2 |
|  Lifestyle Growth | 45.4 |
|  Lifestyle Aggressive Growth | 71.8 |
|  Managed Allocation | 25.3 |

---

#### Foreign Source Income and Foreign Tax Credit Pass Through
Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Foreign<br>Source Income | Foreign<br>Source Income<br> Per Share | Qualifying<br> Foreign<br>Taxes Paid | Qualifying<br> Foreign Taxes<br>Paid per Share |
|  Lifestyle Income | $104697 | $0.01517 | $16947 | $0.00246 |
|  Lifestyle Conservative | 865898 | 0.03634 | 140505 | 0.00590 |
|  Lifestyle Moderate | 2388685 | 0.06481 | 389250 | 0.01056 |
|  Lifestyle Growth | 1747692 | 0.10195 | 282167 | 0.01646 |
|  Lifestyle Aggressive Growth | 1729919 | 0.14599 | 290936 | 0.02455 |
|  Managed Allocation | 3808271 | 0.05546 | 603064 | 0.00878 |

---

44.0 ------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as "Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Teachers Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

#### Nuveen Lifecycle Retirement Income Fund

#### Nuveen Lifecycle 2010 Fund

#### Nuveen Lifecycle 2015 Fund

#### Nuveen Lifecycle 2020 Fund

#### Nuveen Lifecycle 2025 Fund

#### Nuveen Lifecycle 2030 Fund

#### Nuveen Lifecycle 2035 Fund

#### Nuveen Lifecycle 2040 Fund

#### Nuveen Lifecycle 2045 Fund

#### Nuveen Lifecycle 2050 Fund

#### Nuveen Lifecycle 2055 Fund

#### Nuveen Lifecycle 2060 Fund

#### Nuveen Lifecycle 2065 Fund

#### The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Board of Trustees (collectively, the "Board" and each Trustee, a "Board Member") of TIAA-CREF Funds (the "Trust") approved, for each applicable series of the Trust, the renewal of the investment management agreement with Teachers Advisors, LLC ("TAL" and TAL is an "Adviser") pursuant to which TAL serves as investment adviser to such funds. TAL is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"). The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the investment management agreement (each an "Advisory Agreement") with respect to each series covered by this report (the "Funds").

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Advisory Agreement on behalf of the applicable Fund on an annual basis. To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by TAL, including the Funds, and the group of funds advised by Nuveen Fund Advisors, LLC ("NFAL" and collectively, the "Nuveen funds" or the "funds"). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA. The Board and/or its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting the Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Adviser and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

------

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Adviser; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Adviser as a result of its relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by the Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

**A.** **Nature, Extent and Quality of Services** 

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the Adviser's services provided to each respective Fund.

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The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families (the "Consolidation") to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

With respect to the Funds, the Adviser and its investment team(s) are responsible for providing portfolio management of the Funds and managing the assets of the Funds, including conducting research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the respective Fund. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds, the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution. The Board considered that certain non-investment and non-distribution services were provided by the Adviser or its affiliates pursuant to a separate administrative agreement; however, given the Consolidation of the asset management businesses of TIAA and Nuveen, such administrative agreement was being phased out over a specified period with the administrative services for the funds to be provided under the respective Advisory Agreements at no additional cost.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or their affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

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In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with its services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

**B.** **The Investment Performance of the Funds and Adviser** 

In evaluating the quality of the services provided by the Adviser, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods.

In its review of relative performance, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium and high.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long- term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

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In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the applicable adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

• For Nuveen Lifecycle Retirement Income Fund (formerly, TIAA-CREF Lifecycle Retirement Income Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period and first quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2010 Fund (formerly, TIAA-CREF Lifecycle 2010 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the five-year period ended December 31, 2024, the Fund matched the performance of its benchmark for the one-year period ended December 31, 2024 and outperformed its benchmark for the three-year period ended December 31, 2024. In addition, the Fund ranked in the second quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2015 Fund (formerly, TIAA-CREF Lifecycle 2015 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2020 Fund (formerly, TIAA-CREF Lifecycle 2020 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and five-year periods and first quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2025 Fund (formerly, TIAA-CREF Lifecycle 2025 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and three-year periods and first quartile for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2030 Fund (formerly, TIAA-CREF Lifecycle 2030 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

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• For Nuveen Lifecycle 2035 Fund (formerly, TIAA-CREF Lifecycle 2035 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one- and five-year periods and second quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2040 Fund (formerly, TIAA-CREF Lifecycle 2040 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2045 Fund (formerly, TIAA-CREF Lifecycle 2045 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2050 Fund (formerly, TIAA-CREF Lifecycle 2050 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2055 Fund (formerly, TIAA-CREF Lifecycle 2055 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2060 Fund (formerly, TIAA-CREF Lifecycle 2060 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle 2065 Fund (formerly, TIAA-CREF Lifecycle 2065 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

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**C.** **Fees, Expenses and Profitability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe") and with respect to the open-end Funds, for a more focused group of comparable peers (the "Expense Group") established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class R6 of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund's quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance. In addition, in conjunction with the Consolidation, the Board considered that the separate administrative agreement pursuant to which TAL provided the Funds with certain administrative services also began to be phased out over a three-year period beginning on May 1, 2024 and related savings.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. Further, with respect to Funds which may invest in the fee-waived Class W shares of other funds (the "Fund of Funds"), the Board considered that peers in the Expense Universe and Expense Group generally would not reflect the Fund of Funds' unique fee structure pursuant to which such Funds pay their management fees (subject to any fee waivers) and the equivalent of the underlying funds' management fees and other expenses, thereby limiting some of the value of the comparative data. The Board Members took these limitations and differences into account when reviewing comparative peer data.

The Board's considerations regarding the comparative fee data for each Fund are set forth below:

• For Nuveen Lifecycle Retirement Income Fund (formerly, TIAA-CREF Lifecycle Retirement Income Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median and Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median.

• For Nuveen Lifecycle 2010 Fund (formerly, TIAA-CREF Lifecycle 2010 Fund), the Fund's actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Group. Given the small number of peers, a quartile ranking of the contractual management fee rate for the Expense Group was not available. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate was below the Expense Group median, and the actual management fee rate and net total expense ratio each matched the Expense Group median. The Fund's contractual management fee rate and net total expense ratio were each below the Expense Universe median and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median. In its review, the Board considered management's proposed temporary expense cap to be effective on or around May 1, 2025 through April 30, 2026.

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• For Nuveen Lifecycle 2015 Fund (formerly, TIAA-CREF Lifecycle 2015 Fund), the Fund's actual management fee rate ranked in the third quartile of its Expense Group and its net total expense ratio ranked in the second quartile of its Expense Group. Given the small number of peers, a quartile ranking of the contractual management fee rate for the Expense Group was not available. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, third quartile and second quartile of its Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median. Although the Fund's actual management fee rate was above the Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Universe median.

• For Nuveen Lifecycle 2020 Fund (formerly, TIAA-CREF Lifecycle 2020 Fund), the Fund's actual management fee rate ranked in the third quartile of its Expense Group, and net total expense ratio ranked in the second quartile of its Expense Group. Given the small number of peers, a quartile ranking of the contractual management fee rate for the Expense Group was not available. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, third quartile and first quartile of its Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median, the Fund's contractual management fee rate was below the Expense Group median and the net total expense ratio matched the Expense Group median. Although the Fund's actual management fee rate was above the Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Universe median.

• For Nuveen Lifecycle 2025 Fund (formerly, TIAA-CREF Lifecycle 2025 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, fourth quartile and first quartile of its Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median. Although the Fund's actual management fee rate was above the Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Universe median.

• For Nuveen Lifecycle 2030 Fund (formerly, TIAA-CREF Lifecycle 2030 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median and Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Lifecycle 2035 Fund (formerly, TIAA-CREF Lifecycle 2035 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median and Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Lifecycle 2040 Fund (formerly, TIAA-CREF Lifecycle 2040 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median and Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Lifecycle 2045 Fund (formerly, TIAA-CREF Lifecycle 2045 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median and Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

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• For Nuveen Lifecycle 2050 Fund (formerly, TIAA-CREF Lifecycle 2050 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median and Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Lifecycle 2055 Fund (formerly, TIAA-CREF Lifecycle 2055 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median and Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Lifecycle 2060 Fund (formerly, TIAA-CREF Lifecycle 2060 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund's actual management fee rate was above the Expense Group median and Expense Universe median, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Lifecycle 2065 Fund (formerly, TIAA-CREF Lifecycle 2065 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. Further, the Fund's contractual management fee rate and net total expense ratio were both below the Expense Group median and Expense Universe median, and the Fund's actual management fee rate matched the Expense Group median and Expense Universe median. The Board considered that the Fund's actual management fee was zero after fee waivers/reimbursements.

Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to the Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also considered that the Adviser and/or its affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board concluded that the varying levels of fees were reasonable given the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Profitability of the Adviser

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In considering the costs of services to be provided and profits to be realized by the Adviser from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and NFAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and NFAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

**D.** **Economies of Scale and Whether Fee Levels Reflect These Economies of Scale** 

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund's advisory fee structure. The Board reviewed the fee schedule and considered that the Funds, however, do not have breakpoint schedules.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

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Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

**E.** **Indirect Benefits** 

The Board Members received and considered information regarding various indirect benefits the Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and the Adviser and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser's affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023. With respect to the Funds, the Board Members considered that the Adviser or its affiliates were reimbursed for certain costs of administrative services pursuant to an administrative agreement; however, such administrative agreement was being phased out over time.

In addition, the Board Members considered that the Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered that the Adviser reimburses the funds it advises for all such costs.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

**F.** **Other Considerations** 

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

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#### Nuveen Lifecycle Index Retirement Income Fund

#### Nuveen Lifecycle Index 2010 Fund

#### Nuveen Lifecycle Index 2015 Fund

#### Nuveen Lifecycle Index 2020 Fund

#### Nuveen Lifecycle Index 2025 Fund

#### Nuveen Lifecycle Index 2030 Fund

#### Nuveen Lifecycle Index 2035 Fund

#### Nuveen Lifecycle Index 2040 Fund

#### Nuveen Lifecycle Index 2045 Fund

#### Nuveen Lifecycle Index 2050 Fund

#### Nuveen Lifecycle Index 2055 Fund

#### Nuveen Lifecycle Index 2060 Fund

#### Nuveen Lifecycle Index 2065 Fund

#### The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Board of Trustees (collectively, the "Board" and each Trustee, a "Board Member") of TIAA-CREF Funds (the "Trust") approved, for each applicable series of the Trust, the renewal of the investment management agreement with Teachers Advisors, LLC ("TAL" and TAL is an "Adviser") pursuant to which TAL serves as investment adviser to such funds. TAL is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"). The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the investment management agreement (each an "Advisory Agreement") with respect to each series covered by this report (the "Funds").

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Advisory Agreement on behalf of the applicable Fund on an annual basis. To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by TAL, including the Funds, and the group of funds advised by Nuveen Fund Advisors, LLC ("NFAL" and collectively, the "Nuveen funds" or the "funds"). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA. The Board and/or its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting the Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Adviser and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

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In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Adviser; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Adviser as a result of its relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by the Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the Adviser's services provided to each respective Fund.

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The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families (the "Consolidation") to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

With respect to the Funds, the Adviser and its investment team(s) are responsible for providing portfolio management of the Funds and managing the assets of the Funds, including conducting research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the respective Fund. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds, the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution. The Board considered that certain non-investment and non-distribution services were provided by the Adviser or its affiliates pursuant to a separate administrative agreement; however, given the Consolidation of the asset management businesses of TIAA and Nuveen, such administrative agreement was being phased out over a specified period with the administrative services for the funds to be provided under the respective Advisory Agreements at no additional cost.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or their affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

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In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with its services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Adviser

In evaluating the quality of the services provided by the Adviser, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods.

In its review of relative performance, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium and high.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long- term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

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In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the applicable adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

• For Nuveen Lifecycle Index Retirement Income Fund (formerly, TIAA-CREF Lifecycle Index Retirement Income Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2010 Fund (formerly, TIAA-CREF Lifecycle Index 2010 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2015 Fund (formerly, TIAA-CREF Lifecycle Index 2015 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2020 Fund (formerly, TIAA-CREF Lifecycle Index 2020 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2025 Fund (formerly, TIAA-CREF Lifecycle Index 2025 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2030 Fund (formerly, TIAA-CREF Lifecycle Index 2030 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

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• For Nuveen Lifecycle Index 2035 Fund (formerly, TIAA-CREF Lifecycle Index 2035 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and five- year periods ended December 31, 2024, and the first quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2040 Fund (formerly, TIAA-CREF Lifecycle Index 2040 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2024 and first quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2045 Fund (formerly, TIAA-CREF Lifecycle Index 2045 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2050 Fund (formerly, TIAA-CREF Lifecycle Index 2050 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and first quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2055 Fund (formerly, TIAA-CREF Lifecycle Index 2055 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and first quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2060 Fund (formerly, TIAA-CREF Lifecycle Index 2060 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and first quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Lifecycle Index 2065 Fund (formerly, TIAA-CREF Lifecycle Index 2065 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and first quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

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C. Fees, Expenses and Profitability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe") and with respect to the open-end Funds, for a more focused group of comparable peers (the "Expense Group") established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class R6 of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund's quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance. In addition, in conjunction with the Consolidation, the Board considered that the separate administrative agreement pursuant to which TAL provided the Funds with certain administrative services also began to be phased out over a three-year period beginning on May 1, 2024 and related savings.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. Further, with respect to Funds which may invest in the fee-waived Class W shares of other funds (the "Fund of Funds"), the Board considered that peers in the Expense Universe and Expense Group generally would not reflect the Fund of Funds' unique fee structure pursuant to which such Funds pay their management fees (subject to any fee waivers) and the equivalent of the underlying funds' management fees and other expenses, thereby limiting some of the value of the comparative data. The Board Members took these limitations and differences into account when reviewing comparative peer data.

The Board's considerations regarding the comparative fee data for each Fund are set forth below:

• For Nuveen Lifecycle Index Retirement Income Fund (formerly, TIAA-CREF Lifecycle Index Retirement Income Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Given the small number of peers, quartile rankings for the Expense Group were not available. Further, the Fund's contractual management fee rate was slightly above (within 5 basis points) the Expense Group median, the actual management fee rate was below the Expense Group median and the net total expense ratio matched the Expense Group median. The Fund's contractual management fee rate matched the Expense Universe median, the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median and the Fund's net total expense ratio was below the Expense Universe median.

• For Nuveen Lifecycle Index 2010 Fund (formerly, TIAA-CREF Lifecycle Index 2010 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and second quartile of its Expense Universe, respectively. Given the small number of peers, quartile rankings for the Expense Group were not available. Further, the Fund's contractual management fee rate and net total expense ratio were slightly above (within 5 basis points) and the Fund's actual management fee rate matched the Expense Group median. The Fund's contractual management fee rate matched the Expense Universe median, and the Fund's actual management fee rate and net total expense ratio were both below the Expense Universe median.

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• For Nuveen Lifecycle Index 2015 Fund (formerly, TIAA-CREF Lifecycle Index 2015 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and second quartile of its Expense Universe, respectively. Given the small number of peers, quartile rankings for the Expense Group were not available. Further, the Fund's contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median, and the actual management fee rate matched the Expense Group median. The Fund's contractual management fee rate also matched the Expense Universe median, and the actual management fee rate and net total expense ratio were each below the Expense Universe median.

• For Nuveen Lifecycle Index 2020 Fund (formerly, TIAA-CREF Lifecycle Index 2020 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, fourth quartile and second quartile of its Expense Universe, respectively. Given the small number of peers, quartile rankings for the Expense Group were not available. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (with 5 basis points) the Expense Group median. The Fund's contractual management fee rate matched the Expense Universe median, the actual management fee was slightly above (within 5 basis points) the Expense Universe median, and the net total expense ratio was below the Expense Universe median.

• For Nuveen Lifecycle Index 2025 Fund (formerly, TIAA-CREF Lifecycle Index 2025 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, fourth quartile and first quartile of its Expense Universe, respectively. Given the small number of peers, quartile rankings for the Expense Group were not available. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

• For Nuveen Lifecycle Index 2030 Fund (formerly, TIAA-CREF Lifecycle Index 2030 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

• For Nuveen Lifecycle Index 2035 Fund (formerly, TIAA-CREF Lifecycle Index 2035 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

• For Nuveen Lifecycle Index 2040 Fund (formerly, TIAA-CREF Lifecycle Index 2040 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee rate and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

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• For Nuveen Lifecycle Index 2045 Fund (formerly, TIAA-CREF Lifecycle Index 2045 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee rate and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

• For Nuveen Lifecycle Index 2050 Fund (formerly, TIAA-CREF Lifecycle Index 2050 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee rate, actual management fee rate and net total expense ratio also were each below the Expense Universe median.

• For Nuveen Lifecycle Index 2055 Fund (formerly, TIAA-CREF Lifecycle Index 2055 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee rate and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

• For Nuveen Lifecycle Index 2060 Fund (formerly, TIAA-CREF Lifecycle Index 2060 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee rate and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

• For Nuveen Lifecycle Index 2065 Fund (formerly, TIAA-CREF Lifecycle Index 2065 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, first quartile and third quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Universe. Further, the Fund's contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median, and the actual management fee rate was below the Expense Group median. The Fund's contractual management fee rate and net total expense ratio were below the Expense Universe median, and the actual management fee rate matched the Expense Universe median. The Board considered that the Fund's actual management fee was zero after fee waivers/reimbursements.

Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to the Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Comparisons with the Fees of Other Clients

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In evaluating the appropriateness of fees, the Board also considered that the Adviser and/or its affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board concluded that the varying levels of fees were reasonable given the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Profitability of the Adviser

In considering the costs of services to be provided and profits to be realized by the Adviser from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and NFAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and NFAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

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Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund's advisory fee structure. The Board reviewed the fee schedule and considered that the Funds, however, do not have breakpoint schedules.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and the Adviser and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser's affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023. With respect to the Funds, the Board Members considered that the Adviser or its affiliates were reimbursed for certain costs of administrative services pursuant to an administrative agreement; however, such administrative agreement was being phased out over time.

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In addition, the Board Members considered that the Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered that the Adviser reimburses the funds it advises for all such costs.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

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#### Nuveen Lifestyle Income Fund

#### Nuveen Lifestyle Conservative Fund

#### Nuveen Lifestyle Moderate Fund

#### Nuveen Lifestyle Growth Fund

#### Nuveen Lifestyle Aggressive Growth Fund

#### Nuveen Managed Allocation Fund

#### The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Board of Trustees (collectively, the "Board" and each Trustee, a "Board Member") of TIAA-CREF Funds (the "Trust") approved, for each applicable series of the Trust, the renewal of the investment management agreement with Teachers Advisors, LLC ("TAL" and TAL is an "Adviser") pursuant to which TAL serves as investment adviser to such funds. TAL is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"). The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the investment management agreement (each an "Advisory Agreement") with respect to each series covered by this report (the "Funds").

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Advisory Agreement on behalf of the applicable Fund on an annual basis. To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by TAL, including the Funds, and the group of funds advised by Nuveen Fund Advisors, LLC ("NFAL" and collectively, the "Nuveen funds" or the "funds"). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA. The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting the Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Adviser and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

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In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Adviser; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Adviser as a result of its relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by the Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

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**A.** **Nature, Extent and Quality of Services** 

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the Adviser's services provided to each respective Fund.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families (the "Consolidation") to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

With respect to the Funds, the Adviser and its investment team(s) are responsible for providing portfolio management of the Funds and managing the assets of the Funds, including conducting research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the respective Fund. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds, the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution. The Board considered that certain non-investment and non-distribution services were provided by the Adviser or its affiliates pursuant to a separate administrative agreement; however, given the Consolidation of the asset management businesses of TIAA and Nuveen, such administrative agreement was being phased out over a specified period with the administrative services for the funds to be provided under the respective Advisory Agreements at no additional cost.

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Aside from the services provided, the Board considered the financial resources of the Adviser and/or their affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with its services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

**B.** **The Investment Performance of the Funds and Adviser** 

In evaluating the quality of the services provided by the Adviser, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares for all Funds (other than the Nuveen Managed Allocation Fund) and Class R6 with respect to the Nuveen Managed Allocation Fund; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance for Funds with a Performance Peer Group, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group (if any) and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium or high.

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The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long- term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the applicable adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Lifestyle Income Fund (formerly, TIAA-CREF Lifestyle Income Fund), the Board considered that the Fund outperformed its benchmark for the one-, three-and five-year periods ended December 31, 2024. In addition, the Fund ranked in the third quartile of its Performance Peer Group for the one- and five-year periods and first quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Lifestyle Conservative Fund (formerly, TIAA-CREF Lifestyle Conservative Fund), the Board considered that the Fund outperformed its benchmark for the one-year period ended December 31, 2024 and matched the performance of its benchmark for the three- and five-year periods ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Lifestyle Moderate Fund (formerly, TIAA-CREF Lifestyle Moderate Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Lifestyle Growth Fund (formerly, TIAA-CREF Lifestyle Growth Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and five-year periods and third quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Lifestyle Aggressive Growth Fund (formerly, TIAA-CREF Lifestyle Aggressive Growth Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2024 and first quartile for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

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• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Managed Allocation Fund (formerly, TIAA-CREF Managed Allocation Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

**C.** **Fees, Expenses and Profitability** 

**1.** **Fees and Expenses** 

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). With respect to Nuveen Managed Allocation Fund, the Board considered that the Adviser does not charge a management fee to such Fund; however, the Adviser may generate indirect earnings with respect to such Fund's investment in underlying funds also managed by the Adviser. In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe") and with respect to the open-end Funds, for a more focused group of comparable peers (the "Expense Group") established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class A for the Lifestyle Funds and Class R6 for the Nuveen Managed Allocation Fund. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund's quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance. In addition, in conjunction with the Consolidation, the Board considered that the separate administrative agreement pursuant to which TAL provided the Funds with certain administrative services also began to be phased out over a three-year period beginning on May 1, 2024 and related savings.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

The Board's considerations regarding the comparative fee data for each Fund are set forth below:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Lifestyle Income Fund (formerly, TIAA-CREF Lifestyle Income Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively. The Board considered that the Fund's actual management fee was zero after fee waivers/reimbursements.

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• For Nuveen Lifestyle Conservative Fund (formerly, TIAA-CREF Lifestyle Conservative Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and first quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate and net total expense ratio were each below the Expense Group median, and the Fund's actual management fee rate matched the Expense Group median. The Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Universe median. <br>

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Lifestyle Moderate Fund (formerly, TIAA-CREF Lifestyle Moderate Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and first quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Lifestyle Growth Fund (formerly, TIAA-CREF Lifestyle Growth Fund), the Fund's actual management fee rate and net total expense ratio ranked in the second quartile and first quartile of its Expense Group, respectively. Given the small number of peers, the quartile ranking for the contractual management fee rate of the Expense Group was not available. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate and actual management fee rate matched the Expense Group median, and the Fund's net total expense ratio was below the Expense Group median. The Fund's contractual management fee rate, actual management fee rate and net total expense ratio were also each below the Expense Universe median.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Lifestyle Aggressive Growth Fund (formerly, TIAA-CREF Lifestyle Aggressive Growth Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and first quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and first quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median. The Board considered that the Fund's actual management fee was zero after fee waivers/reimbursements.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Nuveen Managed Allocation Fund (formerly, TIAA-CREF Managed Allocation Fund), the Fund's actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. Quartile rankings for the contractual management fee rate for the Expense Group and the Expense Universe were not available. Further, the Fund's actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively. The Board considered that the Adviser does not charge a contractual management fee to the Fund, and the Fund's actual management fee was zero after fee waivers/ reimbursements. The Board considered the Adviser may generate indirect earnings with respect to the Fund's investment in underlying funds also managed by the Adviser.

Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to the Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

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**2.** **Comparisons with the Fees of Other Clients** 

In evaluating the appropriateness of fees, the Board also considered that the Adviser and/or its affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. As noted, the Board considered that the Adviser does not charge a management fee to the Nuveen Managed Allocation Fund under the Advisory Agreement. The Board concluded that the varying levels of fees were reasonable given the foregoing.

**3.** **Profitability of the Adviser** 

In considering the costs of services to be provided and profits to be realized by the Adviser from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and NFAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and NFAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

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Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

**D.** **Economies of Scale and Whether Fee Levels Reflect These Economies of Scale** 

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund's advisory fee structure. The Board reviewed the fee schedule and considered that the Funds, however, do not have breakpoint schedules.

In addition to the fee schedules, the Board Members considered the temporary and/or permanent expense caps applicable to a Fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

**E.** **Indirect Benefits** 

The Board Members received and considered information regarding various indirect benefits the Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and the Adviser and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

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Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser's affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023. With respect to the Funds, the Board Members considered that the Adviser or its affiliates were reimbursed for certain costs of administrative services pursuant to an administrative agreement; however, such administrative agreement was being phased out over time.

In addition, the Board Members considered that the Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered that the Adviser reimburses the funds it advises for all such costs.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

**F.** **Other Considerations** 

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

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**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

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**Item 16.** **Controls and Procedures.** <br>

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

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| | |
|:---|:---|
| (a)(1) | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d945482dex9913a3.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d945482dex9913b.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>TIAA-CREF Funds</u> 

---

| | | |
|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: August 6, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Exhibit 99.13

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Jordan M. Farris, certify that:

1. I have reviewed this report on Form N-CSR of TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Exhibit 99.13

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of TIAA-CREF Funds (the "Registrant") on Form N-CSR for the period ended May 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: August 6, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---