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Collective investment trust

Nuveen Lifecycle Income CIT Series

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Collective Investment Trusts (CITs) are available only to qualified retirement plans, such as 401(k) defined contribution plans and governmental plans.

In 1971, 71% of retirement plan participants had a defined benefit (DB) plan but it shrunk to only 12% in 2020.1 Meanwhile 40% of US households risk running short of money in retirement.2 The time to restore lifetime income in workplace retirement plans is now.

Introducing the Nuveen Lifecycle Income CIT Series, available in three strategies: passive (index), blend (mix of active and passive) and active. These next generation QDIAs combine a familiar target date structure with the opportunity for guaranteed lifetime income. In fact, an investment in this series may help participants save for their working years in order to help meet income needs during retirement. 

Why Nuveen Lifecycle Income CIT Series?

Nuveen's parent company, TIAA, is among the highest-rated insurance companies in the U.S.3 while allowing it to pay out more than $545B in retirement income and other benefits since 1918.4 In fact, TIAA has paid more income than the guaranteed minimum every year since 1949.5

Our goal is to deliver better outcomes—not just saving to retirement but also through retirement.
- John Cunniff, CFA, Portfolio Manager, Head of Target Date Multi-Asset

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1 Employee Benefit Security Administration, Department of Labor. Table E7; October 2022
Employee Benefit Research Institute, as of 07 Mar 2019.
3 Statutory capital source: Financial Strength: The TIAA General Account, December 31, 2022. Total assets $346.6 billion. Total TIAA assets include, in addition to the General Account, separately managed accounts such as the Real Estate Account and TIAA Stable Value. Highest rated source: For its stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) is a member of one of only three insurance groups in the United States to currently hold the highest rating available to U.S. insurers from three of the four leading insurance company rating agencies: A.M. Best (A++ as of 7/22), Fitch (AAA as of 10/22) and Standard & Poor’s (AA+ as of 9/22), and the second highest possible rating from Moody’s Investors Service (Aa1 as of 6/22). There is no guarantee that current ratings will be maintained. The financial strength ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities or any other product or service not fully backed by TIAA’s claims-paying ability. The ratings also do not apply to the safety or the performance of the variable accounts, which will fluctuate in value. 
4 As of 31 Dec 2021. Other benefits from TIAA include: surrender benefits and other withdrawals, death benefits, health insurance and disability insurance benefits, and all other policy proceeds paid. 
5 TIAA fixed annuity interest and income benefits include guaranteed amounts plus additional amounts as may be established on a year-by-year basis by the TIAA Board of Trustees. The additional amounts, when declared, remain in effect through the “declaration year”, which begins each March 1 for accumulating annuities and January 1 for payout annuities. Additional amounts are not guaranteed beyond the period for which they are declared. 

The target date is the approximate date when investors plan to start withdrawing their money. The principal value of the CIT is not guaranteed at any time, including at the target date. After 30 years past when the target-date has been reached, the CIT may be merged into another target-date CIT with the same asset allocation. The unit value of the CIT will fluctuate, and investors may lose money. The CIT 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 CIT underperforming other similar funds.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA institute.

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 on this material (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.

Risk considerations

Investing involves risk; principal loss is possible. There is no guarantee the Lifecycle CIT Series’ investment objectives will be achieved. The Lifecycle CIT Series are funds of funds subject to the risks of its underlying funds in proportion to each Fund’s allocation. Underlying Funds invest primarily in stocks and bonds. Large cap stocks may grow more slowly than the overall market. Growth stocks and stocks issued by smaller companies are more volatile than other stocks. Bonds lose value when the issuer is unable to make interest and principal payments when due or otherwise faces a decline in its credit quality. They experience volatility when interest rates fluctuate. Rising interest rates can cause bond prices to fall. Declining interest rates can cause bond income to fall. Non-U.S. investments involve risks including currency fluctuation, political and economic instability, and lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. The target date is the approximate date when investors plan to start withdrawing their money. The principal value of the Fund(s) are not guaranteed at any time, including at the target date. After 30 years past when the target date has been reached, the Funds may be merged into another target date Fund with the same asset allocation. The unit value of the Funds will fluctuate, and investors may lose money. The Fund may not achieve its target allocations and even if they do, the asset allocations may not achieve the desired risk-return characteristics and may result in the Fund underperforming other similar funds. Allocations are subject to change. 

Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details.

TIAA Secure Income Account is a fixed annuity product issued through a contract by Teachers Insurance and Annuity Association of America (TIAA), New York, NY. Form series including but not limited to: TIAA-STDFA-001-NUV and related state specific versions. Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability.

As a complex bank product, CITs are exposed to operational, regulatory and reputational risks. CITs may not be suitable for all plan investors or all plan needs and may outperform certain sector products during times of market volatility but also may underperform certain sector products over periods of time. Diversification does not assure a profit or protect against loss.

SEI Trust Company (the “Trustee”) serves as the Trustee of the Nuveen/SEI Trust Company Investment Trust (the “Trust”) and maintains ultimate fiduciary authority over the management of, and the investments made, in the Lifecycle CIT Series. Each Fund is part of 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 Lifecycle CIT Series is managed by the Trustee, based on the investment advice of Nuveen Fund Advisors, LLC, the investment adviser to the Trust, and Nuveen Asset Management, LLC as investment sub- adviser to the Lifecycle CIT Series.

The Lifecycle CIT Series are trusts for the collective investment of assets of participating tax qualified pension and profit sharing plans and related trusts, governmental plans and other eligible plans. As bank collective investment trusts, the Trust is exempt from registration as an investment company.

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 Memoranda. 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.

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