The next frontier for defined contribution: embedding private assets

*Any guarantees are backed by the claims-paying ability of the issuing company. Past performance is no guarantee of future results. Guarantees of fixed monthly payments are only associated with fixed annuities.

**The ability to annuitize is subject to plan rules. Converting/Exchanging some or all of your savings to income benefits (referred to as "annuitization") is a permanent decision. Once income benefit payments have begun, you are unable to change to another option.

There is no guarantee that an investment in a target date fund will provide adequate retirement income at or through retirement and investors can lose money at any stage of investment, even near or after the target date.

Asset allocation and diversification do not ensure a profit or protect against a loss. Be sure to see the relevant prospectus or offering document for full discussion of a target date investment option including determination of when the portfolio achieves its most conservative allocation.

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 or visit nuveen.com

This material, along with any views and opinions expressed within, are presented for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as changing market, economic, political, or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. There is no promise, representation, or warranty (express or implied) as to the past, future, or current accuracy, reliability or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such. This material should not be regarded by the recipients as a substitute for the exercise of their own judgment. It is important to review your investment objectives, risk tolerance and liquidity needs before choosing an investment style or manager.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with their financial advisors. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.

This material does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful to make such an offer. Moreover, it neither constitutes an offer to enter into an investment agreement with the recipient of this document nor an invitation to respond to it by making an offer to enter into an investment agreement.

This material may contain "forward-looking" information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of yields and/or market returns, and proposed or expected portfolio composition. Moreover, certain historical performance information of other investment vehicles or composite accounts managed by Nuveen may be included in this material and such performance information is presented by way of example only. No representation is made that the performance presented will be achieved, or that every assumption made in achieving, calculating or presenting either the forward-looking information or the historical performance information herein has been considered or stated in preparing this material. Economic and market forecasts are subject to uncertainty and may change based on varying market conditions, political and economic developments. Any changes to assumptions that may have been made in preparing this material could have a material impact on any of the data and/or information presented herein by way of example.

Important information on risk

Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved. See the applicable product literature for details.

Investors should be aware that alternative investments are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales, currency exchange rates, and concentrated investments and may involve complex tax structures and investment strategies. Alternative investments may be illiquid, there may be no liquid secondary market or ready purchasers for such securities, they may not be required to provide periodic pricing or valuation information to investors, there may be delays in distributing tax information to investors, they are not subject to the same regulatory requirements as other types of pooled investment vehicles, and they may be subject to high fees and expenses, which will reduce profits.

Target Date Funds: The principal value of the fund(s) is not guaranteed at any time, including at the target-date. The value of a target date fund will fluctuate and investors may lose money. There is no guarantee the Funds' investment objectives will be achieved. For example, it may not achieve its target allocations and even if it does, the asset allocations may not achieve the desired risk-return characteristics and may result in the fund underperforming other similar funds. The target date is an approximate date when investors may begin withdrawing from the Funds. Target-date funds are actively managed, so the asset allocation is subject to change and may vary from that shown. Also, once the target date has been reached, the Funds may be merged into another with the same asset allocation or possibly another with a more stable asset allocation. For Index Funds, a portfolio that tracks an index is subject to the risk that it may not fully track its index closely due to security selection and may underperform when factoring in fees, expenses, transaction costs, and the size and timing of shareholder purchases and redemptions. Target date funds are typically fund of funds subject to the risks of their underlying funds in proportion to each Funds' allocation. These risks may include those of fixed-income underlying funds risks, such as market risk, credit risk, interest rate/duration risk, call risk, tax risk, political risk, economic risk, and income risk. Typically the value of, and income generated by, fixed income investments will decrease or increase based on changes in market interest rates. As interest rates rise, bond prices fall and as interest rates fall, bond prices rise. The Funds' income could decline during periods of falling interest rates. Income is only one component of performance and investors should consider all of the risk factors for an asset class before investing. Credit risk refers to 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. Equity underlying funds risks are subject to market risk or the risk that stocks will decline in response to such factors as adverse company news or industry developments or a general economic decline. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards.

Real estate-related assets are less developed, more illiquid, and less transparent compared to traditional asset classes. Real estate investments are subject to various risks, including but not limited to, fluctuations in property values, higher expenses or lower income than expected, changes in economic conditions, currency values, environmental problems and liability, the cost of and ability to obtain insurance, and risks related to leasing of properties.

Private credit/debt investments, like alternative investments are not suitable for all investors given they are speculative, subject to substantial risks including the risks associated with credit risk, interest rate risk, currency risk, prepayment and extension risk, inflation risk, and risk of capital loss, limited liquidity, the potential use of leverage, potential short sales, concentrated investments and may involve complex tax structures and investment strategies. Credit risk refers to an issuer's ability to make interest and principal payments when due, as well as the prices of loans declining when an issuer's credit quality is expected to deteriorate.

Adjustable-Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Rates on senior loans typically adjust with changes in prevailing short-term interest rates; therefore, when short-term rates rise, senior loan rates will rise and when short-term rates decline, senior loan rates will decline.

Real Assets are less developed, more illiquid, and less transparent compared to traditional asset classes. Real asset investments are subject to various risks generally associated with the ownership of real estate-related assets and foreign investing, including but not limited to, fluctuations in property values, higher expenses or lower income than expected, changes in economic conditions, currency values, environmental problems and liability, the cost of and ability to obtain insurance, and risks related to leasing of properties.

In addition to traditional equity risks like market risk or the risk that company values will decline in response to such factors as adverse company news, industry developments or a general economic decline, private equity investments involve significant risks specific to the asset class, including illiquidity, long investment horizons, capital call obligations, uncertain valuations, leverage/financing risk, and dependence on successful exits. Private equity investments are not publicly traded, making them difficult to value and sell.

The information contained is about the Nuveen target date strategies overall and also contains information about the Nuveen Lifecycle Income Index Collective Investment Trust Series described later on this presentation (Lifecycle CIT Series). Please note that the Lifecycle CIT Series is not a series of mutual funds and differs in many ways from the mutual funds using a similar strategy. Information about the mutual funds or management of the mutual funds should not be automatically applied to the CIT. The Lifecycle CIT series may be referred to as "Funds" in the following disclosures.

SEI Trust Company (the "Trustee") serves as the Trustee of the Nuveen Lifecycle Income CIT Series (the "Funds") and maintains ultimate fiduciary authority over the management of, and the investments made, in the Funds. The Funds are not mutual funds. The Funds are part of a Collective Investment Trust (the "Trust") operated by the Trustee. The Trustee is a trust company organized under the laws of the Commonwealth of Pennsylvania and wholly owned subsidiary of SEI Investments Company (SEI).

The Trust is managed by the Trustee based on the investment advice of Nuveen Fund Advisors, LLC, the investment adviser to the trust.

The Trust is a trust for the collective investment of assets of participating tax qualified pension and profit-sharing plans and related trusts, and governmental plans as more fully described in the Declaration of Trust. As a bank collective trust, the Trust is exempt from registration as an investment company.

Investing involves risk; principal loss is possible. There is no guarantee the Funds investment objectives will be achieved. The participant's conversion of some or all of their fixed annuity allocation to lifetime income benefits (i.e., annuitization) is a permanent decision, and once payments have begun, participants are unable to change to another option. TIAA may offer so-called "additional amounts" or "Loyalty Bonuses." The availability and amount of any additional amounts or Loyalty Bonuses is within the discretion of TIAA, they are determined annually and are not guaranteed other than for the period for which they are declared. Certain amounts or bonuses are only available when electing lifetime income, these amounts or bonuses are also discretionary and determined annually, and their amounts can vary depending on history of contributions to the fund. The terms of TIAA's Secure Income Account (SIA) specifically require that the SIA allocation generally cannot be rebalanced downward. So, if due to financial market movements or other forces, the SIA is overweighted versus target allocation, amounts generally cannot be removed from the SIA to correct the overweighting. Instead, the overweighting generally must be corrected through new cashflows into the fund. This represents a potential opportunity cost (because it may foreclose the ability to invest in higher earning equity investments for a period of time) and could thus impact performance of the fund over time. The performance of the fixed annuity component of the fund may be benchmarked against a bond index.

There are substantial differences between fixed annuities and the bond index, including differing investment objectives, costs and expenses, liquidity, safety, guarantees or insurance, and fluctuation of principal or return.

A plan fiduciary should consider the Funds' objectives, risks, and expenses before investing. This and other information can be found in the Declaration of Trust and the Funds' Disclosure Memorandum. The Fund is not a mutual fund, and its units are not registered under the Securities Act of 1933, as amended, or the applicable securities laws of any state or other jurisdiction.

TIAA Secure Income Account is a fixed annuity product issued through this contract by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017: Form series including but not limited to: TIAA-UQDIA-002-K, TIAA-STDFA-001-NUV and related state specific versions. Not all contracts are available in all states or currently issued. The TIAA Secure Income Account is approved for issuance in 52 of 53 U.S. insurance jurisdictions. It is not approved to be issued to New York-domiciled contract holders. Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details. The TIAA Secure Income Account is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability. Past performance is no guarantee of future results. Guarantees of fixed monthly payments are only associated with fixed annuities.

©2025 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

Nuveen, LLC provides investment solutions through its investment specialists.

Nuveen and Economist Impact, or any of their affiliates or subsidiaries are not affiliated with or in any way related to each other. The research was independently developed by Economist Impact and is sponsored by Nuveen, LLC. This material is prepared by and represents the views of Economist Impact, and does not necessarily represent the views of Nuveen, its affiliates, or other Nuveen staff.