Municipal bond investing

¹ Nuveen traces its history back to 1898. Nuveen's asset management business was established in 1989.

² As of 31 Mar 2024.

³ Cerulli Associates, The Cerulli Report, U.S. Managed Accounts 2023. Data as of 31 Dec 2022, updated annually; most recent data available. All asset manager data based on total assets, which includes proprietary program assets, but does not include model separate accounts.

⁴ Nuveen, Morningstar Direct as of 31 Mar 2024. Based on total net assets of U.S. open end funds for the Nuveen Family of Funds and the TIAA CREF Funds, excluding exchange traded funds, money market funds and fund of funds. Based on a review of 631 fund families and 100 fund families with municipal bond assets.

Important information on risk

Past performance is no guarantee of future results. Investing in municipal bonds involves risks such as interest rate risk, credit risk and market risk, including the possible loss of the entire principal amount that you invest, and there is no assurance that an investment will provide positive performance over any period of time. The value of the portfolio will fluctuate based on the value of the underlying securities. There are special risks associated investments in high yield bonds, hedging activities and the potential use of leverage. Portfolios that include lower rated municipal bond commonly referred to as "high yield" or "junk" bonds, which are considered to be speculative, the credit and investment risk is heightened for the portfolio. Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. No representation is made as to an insurer's ability to meet their commitments. Certain products and services may not be available to all entities or persons. There is no guarantee that a Fund's investment objectives will be achieved.

This information should not replace an investors consultation with a financial professional regarding their tax situation. Nuveen is not a tax advisor. Investors should contact a tax professional regarding the appropriateness of tax-exempt investments in their portfolio. If sold prior to maturity, municipal securities are subject to gain/losses based on the level of interest rates, market conditions and the credit quality of the issuer. Income may be subject to the alternative minimum tax (AMT) and/or state and local taxes, based on the state of residence. Income from municipal bonds held by a portfolio could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. It is important to review your investment objectives, risk tolerance and liquidity needs before choosing an investment style or manager.