1 Nuveen traces its history back to 1898 and TIAA was founded in 1918.
2Pensions & Investments, 06 Jun 2022. Rankings based on U.S. institutional tax-exempt assets under management as of 31 Dec 2021 reported by each responding asset manager; updated annually.
3 Cerulli Associates, The Cerulli Report, U.S. Managed Accounts 2022. Data as of 31 Dec 2021, updated annually; most recent data available. Based on total assets; includes proprietary assets; does not include model separate accounts.
4 ANREV/INREV/NCREIF Fund Manager Survey 2022. Survey illustrated rankings of 143 fund managers globally by AUM as at 31 Dec 2021; updated annually.
All investments involve some degree of risk, including loss of principal. Investment objectives may not be met.
CEF distribution sources historically have included net investment income, realized gains, and return of capital.