Nuveen Lifecycle 2040 Fund
Target-date 2040 fund
As of its 2026 Q2 report, Nuveen Lifecycle 2040 Fund held 23 positions with $6.54B in net assets. Its ten largest holdings made up 73.9% of the fund. The TCLOX share class costs 0.67% a year. Over the 12 months to May 2026, TCLOX returned 20.1%, with dividends reinvested. In 2026 Q2 it added no new positions and exited 1.
The Fund seeks high total return over time through a combination of capital appreciation and income.
The fund is a fund of funds that invests in shares of other Nuveen mutual funds and ETFs to build a diversified portfolio of domestic and foreign equities, fixed-income securities, and direct real estate. The asset allocation shifts gradually from more aggressive to more conservative as the fund's target retirement year of 2040 approaches and for approximately 30 years thereafter, eventually reaching a final allocation of 20% equity, 80% fixed-income, and 0% real estate by 2070. Because the fund's returns depend on the performance of the underlying funds it selects, actual allocations may vary up to ten percentage points from stated targets within each asset class.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TILWXNuveen Large Cap Growth Fund | 8.20% | $536.66M | 17.1M | $31.39 |
TBBWXNuveen Core Bond Fund | 8.01% | $524.01M | 57.1M | $9.17 |
TRLWXNuveen Large Cap Value Fund | 7.82% | $511.42M | 19.4M | $26.33 |
Nuveen Growth Opportunities ETF | 7.75% | $507.07M | 11.6M | $43.85 |
TIOVXNuveen International Opportunities Fund | 7.73% | $505.56M | 28.2M | $17.90 |
NSBFXNuveen Dividend Growth Fund | 7.71% | $504.60M | 8.0M | $62.78 |
FFEFXNuveen Dividend Value Fund | 7.38% | $482.90M | 28.9M | $16.69 |
TIEWXNuveen International Equity Fund | 6.70% | $438.06M | 26.0M | $16.87 |
TGIWXNuveen Core Equity Fund | 6.57% | $429.63M | 26.5M | $16.22 |
TCBWXNuveen Core Plus Bond Fund | 6.04% | $395.02M | 42.9M | $9.20 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
All 23 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 78.56% |
| Bonds | 13.39% |
| Securitized | 5.91% |
| Cash & short-term | 1.19% |
| 3 smaller | 1.66% |
Look-through blends 22 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
TCLOX share class · total returns with dividends reinvested
Volatility over the last 12 months: 10.01%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.67% | +20.11% | +55.77% | +43.39% | -8.32% | |
| 0.42% | +20.39% | +56.93% | +45.24% | -8.22% | |
| 0.57% | +20.28% | +56.14% | +44.10% | -8.25% | |
| 0.50% | +20.36% | +56.66% | +44.75% | -8.33% |
These classes hold the same portfolio, so the 1.85pp spread over 5 years is the cost difference between them — roughly 0.37pp a year — not a difference in what they own.
Fees & fund details
Nuveen Lifecycle 2040 Fund is a target-date 2040 fund.
- Asset class
- Target-date
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Target year
- 2040
- Features
- Fund of funds
- Expense ratio, by class
- 0.42% – 0.67%· TCLOX 0.67%
- Portfolio turnover
- 14.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
0 new
1 exited
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — TCLOX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”