Important information on risk
Investing involves risk; principal loss is possible. Fixed-income securities may be susceptible to general movements in the bond market and are subject to credit and interest rate risks. Cash redemption risk arises when the Funds investment strategy requires it to effect redemptions, in whole or in part, in cash. The risk associated with Collateralized Loan Obligations (CLO) are loans and high yield securities, the risk that distributions from the collateral may not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; the Fund may invest in tranches of CLOs that are subordinate to other tranches; and the CLO’s manager may perform poorly. CLO manager risk is that the Fund intends to invest in CLO securities issued by CLOs that are managed by third-party collateral managers. Covenant lite loan risk is that the Fund may obtain exposure to loans that are “covenant lite” through its investments in the CLOs. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of the Fund’s debt securities. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. Income Risk is the risk that the Fund’s income could decline during periods of falling interest rates or when the Fund experiences defaults. Through its investments in CLO securities, the Fund has significant exposure to the underlying loans selected by a CLO’s manager. Market risk is that the value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably and for short or extended periods of time, due to the particular circumstances of individual issuers or due to general conditions impacting issuers more broadly. The Fund can invest subordinated (i.e., mezzanine) CLO tranches that are subject to higher credit risk and liquidity risk relative to more senior CLO tranches. As a non-diversified fund, the Fund may invest a larger portion of its assets in the securities of a limited number of issuers and may be more sensitive to any single economic, business, political or regulatory occurrence affecting an issuer than a diversified fund. Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled maturity date. Unrated securities determined by the Fund’s sub-adviser to be of comparable quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated securities and be subject to a greater risk of illiquidity or price changes. Valuation Risk is that there is no assurance that the Fund will be able to buy or sell a portfolio security at the price established by the pricing service, which could result in a gain or loss to the Fund.
These and other risk considerations, such as active management, derivatives, extension, illiquid investments, issuer and income volatility risks, are described in detail in the Fund’s prospectus.
JP Morgan CLO A Index is designed to track the A-rated components of the USD-denominated, broadly syndicated CLO market.
It is not possible to invest directly in an index.
It is not possible to invest directly in an index.
Exchange Traded Funds (ETFs) may not be marketed or advertised as an open-end investment company or mutual fund.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. ©2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please request a prospectus or summary prospectus from your financial professional or Nuveen at 800.257.8787.
Nuveen Fund Advisors, LLC, serves as the Fund’s adviser and Teachers Advisors, LLC serves as the Fund’s sub-adviser. Nuveen Fund Advisors, LLC is a subsidiary of Nuveen, LLC. Nuveen, LLC is the investment manager of TIAA. Teachers Advisors, LLC is an affiliate of Nuveen, LLC. Nuveen Securities, LLC, member FINRA and SIPC.
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