Important Information on an Investment in a Schroders Collective Investment Trust Fund

Important information on an investment in a Schroders collective investment trust fund

The information provided on the following pages has been provided by SEI Trust Company. Neither TIAA nor its afﬁliates have independently veriﬁed the accuracy or completeness of this information.

This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any speciﬁc objectives or circumstances of any particular investor, or suggest any speciﬁc course of action. Investment decisions should be made based on the investor's own objectives and circumstances. Investment, insurance, and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributes securities products. ©2021 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

864235 A14567 141032476 CNA0008 (05/19) Fund objectives and investment policy

Seeks long-term capital appreciation using a bottom-up, index-unconstrained approach to international stock investing. Provides diversification across countries, sectors and market capitalizations. Follows a long-term, value-biased investment strategy. The process identifies stocks from a universe of more than 12,000 stocks and a portfolio that typically holds in excess of 500 stocks.

SEI Trust Company (the “Trustee”) serves as the Trustee of the Schroder International Multi-Cap Value Trust (the “Trust”) and maintains ultimate fiduciary authority over the management of, and the investments made, in the Trust. The Trust is part of a Collective Investment 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 not a mutual fund, as defined under the investment company act of 1940, as amended. Share class performance (%) Portfolio facts & statistics

Average Annualized 3 months YTD 1 year 3 years 5 years Since inception Portfolio manager Justin Abercrombie David Philpotts Stephen Langford Share class (Net) 5.71 14.55 38.71 6.74 - 8.29 Daniel Woodbridge MSCI ACWI ex US 5.48 9.16 35.72 9.38 - 10.47 Portfolio launch date 07.28.2016 MSCI ACWI ex US Value 4.33 11.69 37.56 5.22 - 7.89 Weighted average market Portfolio: 40.0 cap (M) MSCI ACWI ex US: 106.5 1031 Performance (%) Number of holdings Primary benchmark MSCI ACWI ex US NR USD Secondary benchmark MSCI ACWI ex US Value NR 50.0% USD Active share (%) 78.0 38.7% 38.7% N/A 37.6% 40.0% 37.6% Tracking error (%) (5y) 35.7% 35.7% Total expense 0.55% 30.0% Return on equity 18.1 Price to book 1.4 20.0% Annual volatility (%) (3y) Portfolio: 19.6 14.6% 14.6% MSCI ACWI ex US: 17.6 1.7% 1.7% 1 1 10.7% Alpha (%) (3y) -2.9 9.2% 9.2% 9.4% 7.9 % 10.0% 8.3% 8.3% 6.7 % 5.7% 5. 5 % 5.7% 5.7% 5.2% Beta (3y) 1.1 4.3% Price to earnings Portfolio: 13.2 0.0% MSCI ACWI ex US: 19.6

3M Ytd 1Y 3Y 5Y SI Definitions: Active share - proportion of stock Schroder International Multi-Cap Value Trust, Class 1 MSCI ACWI ex US NR USD holdings in the fund that is different from the MSCI ACWI ex US Value NR USD composition found in the benchmark. Tracking error - annualized standard deviation of CIT inception: 07.28.2016;

Performance shown reflects that of the Schroder International Multi-Cap Equity Trust, Class 1 the active returns of a portfolio relative to the Shares, net of fees (the “Trust”). Performance shown reflects past performance, which is no benchmark. guarantee of future results. The principal value and investment return will fluctuate so that you may Weighted avg market cap - average that takes into have a gain or loss when you sell your units. Performance for periods less than one year is not account the proportional relevance of each annualized. The performance information herein has been presented by the Trust’s Investment component, rather than treating each component

Adviser at the request of SEI Trust Company. Indices: MSCI ACWI ex US and MSCI ACWI ex US Value equally. Market cap is the market price of an entire indices are unmanaged, free float-adjusted, market capitalization weighted index composed of company on any given day, calculated by stocks of companies located in countries throughout the world, excluding the United States. Source: multiplying the number of shares outstanding by Morningstar, portfolio performance net of fees unless otherwise indicated. the price per share.

Effective November 9, 2020, the Trust name was changed from the Schroder International Return on equity - measure of the profitability of a

Multi-Cap Equity Trust to the Schroder International Multi-Cap Value Trust, and a secondary company. Effectively, how much profit a company benchmark (MSCI ACWI ex US Value) was added to better reflect the Value-oriented nature of generates with the money shareholders have the investment approach. There were no changes to the Trust’s investment objective. invested. Price to book - ratio used to compare a company's share price with its book value (book value is the actual value of the company assets minus its liabilities). Price earnings - sum of a company’s price-to- earnings, calculated by taking the current stock price and dividing it by the trailing earnings per share for the past 12 months. Alpha - fund/portfolio’s ability to outperform (+ value) or underperform (- value) its stated benchmark index. Beta - coefficient that measures price sensitivity to the market. Coefficient of 1 reflects strong correlation; value of 0 means no correlation; -1 reflects an inverse correlation.

Number of holdings and Price to earnings are based on a quarterly lag. 1 Risk considerations

All investments, domestic and foreign, involve risks including the risk of possible loss of principal. The market value of the portfolio may decline as a result of a number of factors, including adverse economic and market conditions, prospects of stocks in the portfolio, changing interest rates, and real or perceived adverse competitive industry conditions. Investing overseas involves special risks including among others, risks related to political or economic instability, foreign currency (such as exchange, valuation and fluctuation) risk, market entry or exit restrictions, illiquidity and taxation. These risks exist to a greater extent in emerging markets than in developed markets. Asset allocation Portfolio composition (%) Region (%)

12.3 Health Care 24.7 9.4 Emerging Markets Asia 24.8 11.7 Industrials 11.1 23.8 11.1 Continental Europe Information Technology 31.2 13.4 11.0 Consumer Discretionary 16.0 13.5 Japan 14.3 10.9 Materials 8.2 14.3 United Kingdom 8.8 8.9 Communication Services 7.0 8.7 6.4 Banks Canada 12.0 7.0 7.1 Energy 4.6 5.5 Pacific ex Japan 6.9 7.2 Consumer Staples 8.7 5.8 5.2 Insurers/Asset Mgt Emerging Markets EMEA 6.7 4.1 2.2 Utilities 2.2 2.9 Emerging Markets LatAm 1.9 2.5 Cash 0.0 1.9 1.6 Cash Real estate 2.5 0.0 0% 3% 5% 8% 10% 13% 0% 5% 10% 15% 20% 25% 30% Portfolio MSCI ACWI ex US Portfolio MSCI ACWI ex US Market capitalization (%) Top 10 holdings (%)

Holding name % Cash 1.9 0.0 Astrazeneca 1.3 Sanofi 1.3 Mega (>$20 bn) 38.7 . 74 1 Novartis Ag 1.3 Roche Hldgs AG 1.3 Large (>$5 bn) 31.8 23.5 Glaxosmithkline 1.2 Unilever PLC 1.2 23.5 Mid (>$1 bn) 2.3 Astellas Pharma 1.2 Reckitt Benck Grp 1.2 Small (>$250 m) 3.9 0.0 Royal Dutch Shell 0.9 HSBC Holdings PLC 0.7 0.1 Micro (<$250 m) 0.0

0% 10% 20% 30% 40% 50% 60% 70% 80% Portfolio MSCI ACWI ex US

Source: Schroders. All data and statistics as of 06.30.2021. The percentages shown in the table are the weights, by market capitalization, of stocks and allocations held in the Trust's portfolio and/or the Index. May not add to 100% due to cash allocation and/or rounding. Portfolio composition is subject to change over time. NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE Important information:Please note this material alone does not comply with all of the disclosure requirements for an ERISA “section 404(c) plan, ” as described in the Department of Labor regulations under section 404(c), nor does it contain all of the disclosure required by Rule 404a-5. Plan sponsors intending to comply with those regulations will need to provide the plan participants with additional information. The information provided in this presentation does not constitute individual investment advice for a participant or investor, is only informational in nature and should not be used by a participant or investor as a primary basis for making an investment decision. The Trust is structured as a bank collective trust and, as such, is exempt from registration as an investment company under the Investment Company Act of 1940. The Trust is managed by SEI Trust Company, the trustee, based on the investment advice of Schroder Investment Management North America Inc. (SIMNA), the investment adviser to the Trust. and sub-advised by Schroder Investment Management North America Limited (SIMNA Ltd; collectively, SIMNA and SIMNA Ltd are referred to as “Schroders” herein). FS-CIT-IMCV-PS