Fund Evaluator:
Nuveen Lifecycle Index 2040 Retire (TLZRX)
Follow This Fund
Best Performing in Target-Date 2040 Over the Last Year
| 28.5% | SP Funds 2040 Target Date Investor (SPTBX) |
| 21.0% | Fidelity Advisor Freedom Blend 2040 Z (FHHFX) |
| 20.4% | Fidelity Advisor Sust Trgt Dt 2040 Z (FSYDX) |
| 20.3% | Victory Target Retirement 2040 (URFRX) |
| 20.3% | Fidelity Advisor Sust Trgt Dt 2040 I (FSYBX) |
Fund Details
Nuveen Lifecycle Index 2040 Retire Overview
Nuveen Lifecycle Index 2040 Retire (TLZRX) is an actively managed Allocation Target-Date 2040 fund. Nuveen launched the fund in 2009.
The investment seeks high total return over time through a combination of capital appreciation and income. The fund is a "fund of funds" that invests in Class W shares of other funds of the Trust and potentially in other investment pools or investment products. It has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices.
About Nuveen Lifecycle Index 2040 Retire (TLZRX)
There are 3 members of the management team with an average tenure of 8.50 years: Steve Sedmak (2018), Jeff Sun (2025), John Cunniff (2009). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Nuveen Lifecycle Index 2040 Retire has 9 securities in its portfolio. The top 10 holdings constitute 100.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Nuveen Lifecycle Index 2040 Retire is part of the Allocation global asset class and is within the Allocation fund group. Nuveen Lifecycle Index 2040 Retire has 31.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 49.3%. There is 25.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 24.3% (18.7% domestic bond, 5.6% foreign bond and 0.0% convertible bond). Nuveen Lifecycle Index 2040 Retire has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $435 million in total assets, which is below the $1 billion average for the Target-Date 2040 category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TLZRX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nuveen Lifecycle Index 2040 Retire expense ratio is below average compared to funds in the Target-Date 2040 category. Nuveen Lifecycle Index 2040 Retire has an expense ratio of 0.35%, which is 48% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nuveen Lifecycle Index 2040 Retire has a portfolio turnover rate of 12%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 22% for the Target-Date 2040 category.
Recently, in the month of July 2026, Nuveen Lifecycle Index 2040 Retire returned -0.9%, which earned it a grade of C, as the Target-Date 2040 category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Nuveen Lifecycle Index 2040 Retire has a trailing yield of 2.15%, which is above the 1.91% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Nuveen Lifecycle Index 2040 Retire Grades
Year to date, the fund has returned 8.7%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 17.6% over the past year (grade of C), 14.7% over the past three years (grade of C) and 8.3% per year over the past five years (grade of B) and 10.6% per year over the past 10 years (grade of B).
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TLZRX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TLZRX Return (NAV) | -0.9% | 2.9% | 17.6% | 14.7% | 8.3% | 10.6% |
| TLZRX Grade | C | C | C | C | B | B |
| +/- Category | -0.1% | 0.1% | 0.4% | 0.4% | 0.6% | 0.6% |
| Target-Date 2040 Avg | -0.8% | 2.8% | 17.2% | 14.2% | 7.7% | 10.0% |
| TLZRX Tax Cost Ratio | na | na | 1.2% | 0.9% | 0.9% | 0.8% |
TLZRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TLZRX Return (NAV) | 8.7% | 18.6% | 13.3% | 18.7% | -16.9% | 14.6% | 16.0% | 24.2% | -6.6% | 20.1% | 8.7% |
| TLZRX Grade | C | B | B | B | B | F | C | C | A | C | B |
| +/- Category | -0.1% | 1.1% | 0.4% | 0.7% | 0.5% | -1.1% | 0.7% | 0.4% | 1.3% | 0.0% | 1.0% |
| Target-Date 2040 Avg | 8.8% | 17.4% | 12.8% | 17.9% | -17.4% | 15.7% | 15.3% | 23.8% | -7.9% | 20.1% | 7.8% |
| Risk Measures | |
| Standard Deviation: | 10.5% |
| Total Risk Index: | 0.86 - Average |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (46% Rank) |
| Beta: | 1.10 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $11930 Mil |
| Fund Total Assets: | $ 435 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 12% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.8 years | |||
| Average Tenure: 8.5 years | |||
| Managers (Year): Cunniff John (2009), Sedmak Steve (2018), Sun Jeff (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 9 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 31.2% |
Portfolio Allocation |
|
| Domestic Stock: | 49.3% |
| Foreign Stock: | 25.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 18.7% |
| Foreign Bond: | 5.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | Nuveen |
| Phone Number: | 800-257-8787 |
| Website: | www.tiaa.org |
| Status: | Open |
| Inception Date: | September 30, 2009 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.35% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | Nuveen Lifecycle Index 2040 R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
