Endnotes

¹ For stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) is one of only three insurers in the United States to currently hold the highest possible rating available to U.S. insurers from all four leading insurance company rating agencies: A.M. Best (A++ rating affirmed as of July 25, 2025 ), Fitch (AAA rating affirmed as of February 13, 2026), Standard & Poor’s (AA+ rating affirmed as of August 27, 2025), and Moody’s Investors Service (Aa1 rating affirmed as of February 12, 2026). 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 or investment products, which will fluctuate in value.

² As of 12/31/2025: Sway Research: The State of the Target Date Market: Year-End 2025.

³ Pensions & Investments, 16 June 2025. Rankings based on active U.S. bonds, U.S. Institutional tax-exempt assets under management as of 31 Dec 2024 reported by each responding asset manager; updated annually.  

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.

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

Important information on risk

Investing involves risk; principal loss is possible. There is no guarantee the Nuveen Lifecycle CIT Series ("CIT") investment objectives will be achieved. The CIT is a fund of funds subject to the risks of its underlying funds in proportion to each CIT allocation. Underlying Funds invest primarily in stocks, bonds and real estate. 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. Real estate investment involves risks caused by economic downturns, reduced rents, property tax increases, and interest rate and tax laws changes. 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.

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 income, these amounts or bonuses are also discretionary and determined annually, and their amounts can vary depending on history of contributions to the fund.

Retirement check refers to the annuity income received in retirement. Guarantees of fixed monthly payments are only associated with TIAA's fixed annuities.

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.

SEI Trust Company (the “Trustee”) serves as the Trustee of the Nuveen/SEI Trust Company Investment Trust III (the “Trust”) and maintains ultimate fiduciary authority over the management of, and the investments made, in the lifestyle Income 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 lifestyle Income 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 Lifestyle Income CIT Series.

The lifecycle income 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.

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.