Municipal Bond Ladder 10-25 Yr Select UMA Nuveen Asset

Municipal Bond Ladder 10-25 Yr Select UMA Nuveen Asset Management Style: Long Term Municipals Year Founded: 1989 Sub-Style: Long Term Municipals GIMA Status: Approved 333 West Wacker Drive Firm AUM: $213.7 billion^ Firm Ownership: Nuveen Investments, Inc. Chicago, Illinois 60606 Firm Strategy AUM: $192.0 million Professional-Staff: 334^

PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS Nuveen Asset Management's Municipal Bond Ladder Strategy 10-25 Number of bond holdings: 13 to 15 ------03/21------09/20 Years seeks to provide current income from a portfolio of municipal ------Average maturity: 15.9 to 16.6 years Nuveen Index*** Nuveen bonds that will typically be held to maturity or sold as they reach the Number of bond holdings minimum maturity range in the absence of material credit events, Average duration: 6.2 to 6.4 years 18 — 19 contributions/withdrawals and calls. As discretionary manager, Nuveen Average coupon: 4.7 to 4.8% Yield 3.8 — 3.9 Asset Management will invest the separately managed accounts by purchasing individual bonds with differing maturities across the Average turnover rate: 15 to 40% Distribution Rate — — — specified strategy maturity range. The maturity range is segmented Avg maturity 16.23 yrs. — 15.23 yrs. into 1-2 year ranges ("rung") in which Nuveen Asset Management will purchase bonds creating a "ladder" of individual bonds. As bonds Avg duration 6.32 yrs. — 6.17 yrs. mature (or are called) or sold as they reach the minimum maturity Avg coupon 4.6% — 4.8% range and cash is generated in the account, Nuveen Asset Management will purchase additional bonds in the longest available rung within the strategy's bond maturity range.The Municipal Bond Ladder Strategy does not utilize the opportunistic and more active trading approach found in certain other municipal bond strategies. The strategy utilizes Nuveen Asset Management's credit research and trading capabilities with respect to the selection and purchase (or sale) of individual bonds and ongoing monitoring. If a bond's rating drops below the minimum allowed in the strategies, Nuveen Asset Management has discretion to continue to hold bonds in client accounts. FIXED INCOME SECTOR DISTRIBUTION (%) ⁺ 03/21 12/20 09/20 06/20 Municipals 98.05 97.93 98.39 98.17 Cash/Cash Equivalents 1.95 2.07 1.61 1.83

^As of 09/30/2020. Information as of 03/31/2021 is not yet available. ⁺Total may not equal 100% due to rounding. ***Index : BC Muni Mgd Mny Long

If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of March 31, 2021, unless otherwise noted and is subject to change. Page 1 of 7

Municipal Bond Ladder 10-25 Yr Select UMA

MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S MATURITY STRUCTURE (%) ⁺ • The majority of the new investment ideas come from our research Investing in securities entails risks, including: Municipals may 03/21 12/20 09/20 06/20 team. New issue research is typically accomplished within the realize gains, and shareholders will incur a tax liability from 0 to 2 Years 0.08 0.42 0.21 0.20 framework of a three-step process. Results from the following will, in time to time. Income from the portfolios that invest in them are the ordinary course of business, determine a yes/no for the purchase subject to state and local taxes and may at times be subject to 2 to 4 Years 0.56 1.02 0.46 0.01 decision so the idea is implemented in a timely fashion:1) the alternative minimum tax. It's important to note that a 4 to 6 Years 0.06 0.50 1.21 0.30 DiscoveryAnalyst relationship with public finance bankers•Discussions portfolio concentrating in a single state is subject to greater risk with borrowers•Dealer’s forward calendar•Rating agency of adverse economic conditions and regulatory changes than a 6 to 8 Years 0.68 1.08 0.49 0.46 report•Communication from broker/dealer•Sales coverage contacts portfolio with broader geographical diversification. Fixed 8 to 12 Years 16.62 22.03 23.21 21.11 portfolio manager or trader2) Analysis•Official statement, audited Income securities may be sensitive to changes in prevailing financials and management discussions•Performance projections, interest rates. When rates rise the value generally declines. 12 to 17 Years 33.38 33.38 34.48 33.91 competitive environment and article search•Negotiate covenants and Growth investing does not guarantee a profit or eliminate risk. Over 17 Years 46.67 39.50 38.33 42.18 terms•Conduct a site visit•Price evaluation3) Purchase The stocks of these companies can have relatively high 1.95 2.07 1.61 1.83 Decision•Recommendation to portfolio and trading team based on valuations. Because of these high valuations, an investment in Cash/Cash Equivalents credit quality, security structure and relative value a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a profit or eliminate risk. Not all PORTFOLIO'S CREDIT QUALITY STRUCTURE (%) ⁺ companies whose stocks are considered to be value stocks * are able to turn their business around or successfully employ Investment Grade corrective strategies which would result in stock prices that do not rise as initially expected. Bonds rated below investment 03/21 12/20 09/20 06/20 grade may have speculative characteristics and present AAA 31.15 31.75 29.14 29.22 significant risks beyond those of other securities, including AA 60.72 59.15 62.20 61.49 greater credit risk and price volatility in the secondary market. Investors should be careful to consider these risks alongside A 6.10 6.99 7.02 7.40 their individual circumstances, objectives and risk tolerance BBB 0.00 0.00 0.00 0.00 before investing in high-yield bonds. If a strategy expects to hold a concentrated portfolio of a limited number of securities, it should be noted that a decline in the value of these investments would cause the portfolio’s overall value to decline to a greater degree than that of a less concentrated portfolio.

Below Investment Grade BB 0.00 0.00 0.00 0.00 B 0.00 0.00 0.00 0.00 Below B 0.00 0.00 0.00 0.00 Not Rated 0.08 0.04 0.03 0.06 Cash/Cash Equivalents 1.95 2.07 1.61 1.83

^As of 09/30/2020. Information as of 03/31/2021 is not yet available. ⁺Total may not equal 100% due to rounding. ***Index : BC Muni Mgd Mny Long

Municipal Bond Ladder 10-25 Yr Select UMA

RISK/RETURN ANALYSIS - 5 YEARS ENDING 03/31/21 AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 03/31/21 R R a a t t e e

o o f f

R R e e t t u u r r n n s s Standard Deviation (%) STD ROR INVESTMENT RESULTS Annual Rates of Return (%) 8 Year - Ending 03/31/21 Nuveen (Gross) 4.25 3.67 2013* 2014 2015 2016 2017 2018 2019 2020 Annual Std. Dev. Nuveen (Gross) -3.80 10.75 4.25 0.39 6.88 0.58 8.32 6.28 3.94 4.26 Nuveen (Net) 4.23 1.42 -5.88 8.37 2.00 -1.79 4.57 -1.63 5.98 3.98 1.70 4.24 BBgBarc Muni Managed Money Long TR 4.40 4.31 Nuveen (Net) 90-Day T-Bills 0.43 1.15 BBgBarc Muni Managed -4.98 14.01 4.43 0.41 7.62 0.50 9.93 7.19 4.63 4.67 Money Long TR *11/01/2012-12/31/2012 RISK VOLATALITY (%) PORTFOLIO'S QUARTERLY RETURNS (%) PORTFOLIO'S RISK STATISTICS -€“ PERIODS

ENDING 03/31/21 ¹ ² R Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year a Gross Net Gross Net Gross Net Gross Net Standard Deviation 2.97% 4.25% t 2013 -0.22 -0.76 -4.32 -4.84 0.28 -0.27 0.48 -0.07 e 3.06% 4.40% 2014 3.87 3.31 2.87 2.32 1.90 1.34 1.72 1.17 Standard Deviation of Primary Benchmark o 2015 0.76 0.22 -1.57 -2.12 2.50 1.94 2.56 2.00 1.23 0.59 f 2016 2.26 1.71 4.26 3.69 -0.90 -1.45 -4.98 -5.51 Sharpe Ratio 2017 1.13 0.58 2.68 2.12 1.35 0.80 1.55 1.00 Sharpe Ratio of Primary 1.50 0.72 R Benchmark e 2018 -1.71 -2.25 0.70 0.15 -0.39 -0.93 2.01 1.44 t 2019 3.51 2.95 2.69 2.13 2.16 1.61 -0.25 -0.80 Alpha -0.69% -0.49% u 2020 0.50 -0.04 2.72 2.15 1.00 0.46 1.92 1.36 Beta 0.95 0.96 r 2021 -1.44 -1.98 Downside Risk 0.72% 0.59% n s Related Select UMA R-Squared 0.97 0.99 Tracking Error 0.54% 0.51% Information Ratio -1.76 -1.25

*04/01/16-12/31/16 **01/01/21-03/31/21 Number Of Up Qtrs. Down PORTFOLIO DIVERSIFICATION - R ² (INCEPTION THROUGH 12/14)+ 1. Statistics are calculated using gross of fee

Qtrs. performance only. Nuveen (Gross) 14 6 R² 2. BBgBarc Muni Managed Money Long TR was used Nuveen (Net) 13 7 0.98 Nuveen vs. BBgBarc Muni Managed Money Long TR as the primary benchmark and the 90-Day T-Bills BBgBarc Muni Managed Money Long 15 5 Index as the risk-free benchmark. TR +Statistics are calculated using gross of fee performance only.

See important notes and disclosures pages for a discussion of the sources of the performance data used to calculate the performance results and related analyses shown above.

Municipal Bond Ladder 10-25 Yr Select UMA

COMPOSITE DISCLOSURES For direct-advisory institutional accounts, returns on a gross-of-fees basis include the deduction of trading commissions and other transaction costs but not investment management fees; returns on a The disclosures provided below apply to performance information in this profile, if any. Past net-of-fees basis do include the deduction of investment management fees. For direct-advisory performance is not a guarantee of future results. Actual individual account results may differ fee-in-lieu accounts and advisor-sponsored accounts, returns on a gross-of-fees basis do not include from the performance shown in this profile. There is no guarantee that this investment strategy the deduction of trading commissions, other transaction costs or fees; returns on a net-of-fees basis do will achieve its intended results under all market conditions. Do not rely upon this profile as the include the deduction of fees and certain other expenses in the form of a bundled fee. sole basis for your investment decisions. The composite dispersion is the asset-weighted standard deviation of annual returns for portfolios in the composite the entire year. The number of accounts represents the number in the composite at year Performance results in this profile are calculated assuming reinvestment of dividends and income. end. Composite dispersion is reported as N/A when information is not statistically meaningful due to an Returns for more than one calendar year are annualized and based on quarterly data. Returns for insufficient number of portfolios in the composite for the entire year. periods of less than a calendar year show the total return for the period and are not annualized. No Nuveen Municipal Bond Ladder Strategies 10-25 Years seek to provide current income from a portfolio representation is being made that any portfolio will or is likely to achieve profits or losses similar to of municipal bonds that will typically be held to maturity in the absence of material credit events, those shown. Returns will fluctuate and an investment upon redemption may be worth more or less contributions/withdrawals and calls. As discretionary manager, Nuveen will invest the separately than its original value. Performance shown does not reflect the impact of fees and expenses of the managed accounts by purchasing individual bonds with differing maturities across the specified underlying mutual fund and ETFs, as applicable. strategy maturity range. The maturity range is segmented into 1-2 year ranges ("rung") in which Nuveen will purchase bonds creating a "ladder" of individual bonds. As bonds mature (or are called) Sources of Performance Results and Other Data: The performance data and certain other and cash is generated in the account, Nuveen will purchase additional bonds in the longest available information for this strategy (including the data on page 1 of this profile) may include one or more of rung within the strategy’s bond maturity range. The strategy utilizes Nuveen’s credit research and the following: (i) the performance results of a composite of Morgan Stanley accounts managed by the trading capabilities with respect to the selection and purchase (or sale) of individual bonds and third party investment manager, (ii) the performance results for accounts and investment products ongoing monitoring, but as a laddered portfolio, does not include Nuveen’s opportunistic and more managed by the third party investment manager, in the same or a substantially similar investment active trading approach found in certain other Nuveen municipal bond strategies strategy outside of the applicable Morgan Stanley program, and/or (iii) in the case of Model Portfolio Strategies, the Model Portfolio Provider’s results in managing accounts outside of the Morgan Stanley Morgan Stanley Performance: Select UMA program prior to Model Portfolio Strategy’s inception in the Morgan Stanley Select UMA Gross Performance: Nuveen’s gross results do not reflect a deduction of any investment advisory program . For periods through June 2012, the Fiduciary Services program operated through two fees or program fees, charged by Nuveen or Morgan Stanley, but are net of commissions charged on channels – the Morgan Stanley channel and the Smith Barney channel and any performance and other securities transactions. data relating to Fiduciary Services accounts shown here for these periods is calculated using accounts in only one of these channels.) Please note that the Fiduciary Services program was closed on January 2, 2018. Although the Fiduciary Services and Select UMA programs are both Morgan Stanley Net Performance for all Periods: Net performance results reflect a deduction of 0.5475% quarterly. managed account programs, the performance results and other features of similar investment This consists of three components: 0.5% maximum quarterly MS Advisory Fee and 0.0175% maximum strategies in the two programs may differ due to investment and operational differences. Performance quarterly Program Overlay Fee (which, together cover the services provided by Morgan Stanley), plus in one program is not indicative of potential performance in the other. For example, the individual 0.03% quarterly SMA Manager Fees (being the fee currently charged by Nuveen to new clients for investment strategies in Select UMA program accounts may contain fewer securities, which would lead managing their assets in the Select UMA program). The SMA Manager Fees may differ from manager to a more concentrated portfolio. The automatic rebalancing, wash sale loss and tax harvesting to manager, and managers may change their fee to new clients from time to time. If you select this features of the Select UMA program, which are not available in Fiduciary Services, also could cause manager for your account, check the SMA Manager Fees specified in the written client agreement, in differences in performance. In addition, any performance results included in this profile that are based case these have changed since you received this profile. Historical net fees reflect the Advisory Fee on a third party investment manager’s accounts that are not part of the Morgan Stanley program Schedule as of October 1, 2018. Morgan Stanley program fees are calculated quarterly for the accounts or institutional accounts that are part of the Model Portfolio strategy may differ due to performance illustrated in this profile, and have a compounding effect on performance. The Morgan investment and operational differences as well. As such, performance results of the third party Stanley program fee, which differs among programs and clients, is described in the applicable Morgan investment manager's composites and the third party Model Portfolio Strategies may differ from those Stanley ADV brochure, which is available at www.morganstanley.com/ADV or on request from your of Select UMA accounts managed in the same or a substantially similar investment strategy. For Financial Advisor or Private Wealth Advisor. Document approval date 09/2018. #CRC 2220690 example, in the case of Model Portfolio Strategies, Morgan Stanley, as the investment manager, may deviate from the Third Party Model Portfolios. Focus List, Approved List, and Watch Status:

Related Performance:

Municipal Bond Ladder 10-25 Yr Select UMA

Global Investment Manager Analysis ("GIMA") uses two methods to evaluate investment products in Morgan Stanley investment advisory programs may require a minimum asset level and, depending on applicable advisory programs. In general, strategies that have passed a more thorough evaluation may your specific investment objectives and financial position, may not be suitable for you. Investment be placed on the "Focus List", while strategies that have passed through a different and less advisory program accounts are opened pursuant to a written client agreement. comprehensive evaluation process may be placed on the "Approved List". Sometimes an investment product may be evaluated using the Focus List process but then placed on the Approved List instead With the exception of the Managed Advisory Portfolio Solutions (MAPS) strategies for which Morgan of the Focus List. Stanley is the Portfolio Manager the investment manager acts independently of, and is not an affiliate Investment products may move from the Focus List to the Approved List, or vice versa. GIMA may also of, Morgan Stanley Smith Barney LLC. determine that an investment product no longer meets the criteria under either evaluation process and will no longer be recommended in investment advisory programs (in which case the investment Diversification does not guarantee a profit or protect against a loss. product is given a "Not Approved" status). GIMA has a "Watch" policy and may describe a Focus List or Approved List investment product as being on "Watch" if GIMA identifies specific areas that (a) merit further evaluation by GIMA and (b) No obligation to notify may, but are not certain to, result in the investment product becoming "Not Approved". The Watch Morgan Stanley has no obligation to notify you when information in this profile changes. period depends on the length of time needed for GIMA to conduct its evaluation and for the investment manager to address any concerns. GIMA may, but is not obligated to, note the Watch status in this Sources of information report with a "W" or "Watch" on the cover page. Material in this profile has been obtained from sources that we believe to be reliable, but we do not For more information on the Focus List, Approved List, and Watch processes, please see the guarantee its accuracy, completeness or timeliness. Third party data providers make no warranties or applicable Morgan Stanley ADV brochure (www.ms.com/adv). Your Financial Advisor or Private Wealth representations relating to the accuracy, completeness or timeliness of the data they provide and are Advisor can provide on request a copy of a paper entitled "GIMA: At A Glance ". not liable for any damages relating to this data.

ADDITIONAL DISCLOSURES No tax advice Actual account holdings, performance and other data will vary depending on the size of an account, Morgan Stanley and its affiliates do not render advice on legal, tax and/or tax accounting matters to cash flows within an account, and restrictions on an account. Holdings are subject to change daily. The clients. Each client should consult his/her personal tax and/or legal advisor to learn about any potential information in this profile is not a recommendation to buy, hold or sell securities. tax or other implications that may result from acting on a particular recommendation.

Actual portfolio statistics may vary from target portfolio characteristics. Not an ERISA fiduciary Morgan Stanley is not acting as a fiduciary under either the Employee Retirement Income Security Act of 1974, as amended, or under section 4975 of the Internal Revenue Code of 1986, as amended, in The Model Portfolio Provider or Investment Manager may use the same or substantially similar providing the information in this profile. investment strategies, and may hold similar portfolios of investments, in other portfolios or products it manages (including mutual funds). These may be available at Morgan Stanley or elsewhere, and may cost an investor more or less than this strategy in Morgan Stanley's Select UMA program. ©2019 Morgan Stanley Smith Barney LLC Member SIPC.

Overlay Managers or Executing Sub-Managers ("managers") in some of Morgan Stanley’s Separately INDEX DESCRIPTIONS Managed Account ("SMA") programs may affect transactions through broker-dealers other than 90-Day T-Bills Morgan Stanley or our affiliates. If your manager trades with another firm, you may be assessed costs by the other firm in addition to Morgan Stanley’s fees. Those costs will be included in the net price of The 90-Day Treasury Bill is a short-term obligation issued by the United States government. T-bills are the security, not separately reported on trade confirmations or account statements. Certain managers purchased at a discount to the full face value, and the investor receives the full value when they have historically directed most, if not all, of their trades to outside firms. Information provided by mature. The difference of discount is the interested earned. T-bills are issued in denominations of managers concerning trade execution away from Morgan Stanley is summarized at: $10,000 auction and $1,000 increments thereafter. www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf. For more information on trading and costs, please refer to the ADV Brochure for your program(s), available at BBgBarc Muni Managed Money Long TR www.morganstanley.com/ADV, or contact your Financial Advisor/Private Wealth Advisor.

BloombergBarclays Municipal Managed Money Long The portfolio may, at times, invest in exchange-traded funds (ETFs), which are a form of equity security in seeking to maintain continued full exposure to the broad equity market.

Municipal Bond Ladder 10-25 Yr Select UMA

S&P 500 High Grade Corporate Bonds corporate bonds from issuers with credit ratings of AA or AAA.

The S&P 500 Total Return has been widely regarded as the best single gauge of the large cap U.S. Information Ratio is a measure of the investment manager's skill to add active value against a given equities market since the index was first published in 1957. The index has over $5.58 trillion benchmark relative to how stable that active return has been. Essentially, the information ratio explains benchmarked, with index assets comprising approximately $1.31 trillion of this total. The index how significant a manager's alpha is. Therefore, the higher the information ratio, the more significant includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of the alpha. U.S. equities. This index includes dividend reinvestment.

Investment Grade Bonds are those rated by Standard & Poor's AAA (highest rated), AA, A or BBB (or Indices are unmanaged and have no expenses. You cannot invest directly in an index. equivalent rating by other rating agencies or, in the case of securities not rated, by the investment

manager). GLOSSARY OF TERMS Alpha is a mathematical estimate of risk-adjusted return expected from a portfolio above and beyond Price/Book Ratio (P/B) weighted average of the stocks' price divided by book value per share. Book the benchmark return at any point in time. value per share is defined as common equity, including intangibles, divided by shares outstanding times the adjustment factor. American Depositary Receipts (ADRs) are receipts for shares of a foreign-based corporation held in the vault of a U.S. bank. Price/Cash Flow Ratio a ratio used to compare a company's market value to its cash flow. It is calculated by dividing the company's market cap by the company' operating cash flow in the most Average Portfolio Beta is a measure of the sensitivity of a benchmark or portfolio's rates of return to recent fiscal year (or the most recent four fiscal quarters); or, equivalently, divide the per-share stock changes against a market return. The market return is the S&P 500 Index. It is the coefficient price by the per-share operating cash flow. measuring a stock or a portfolio's relative volatility. Price/Earnings Ratio (P/E Ratio) shows the multiple of earnings at which a stock sells. Determined Beta is a measure of the sensitivity of a portfolio's rates of return to changes in the market return. It is by dividing current stock price by current earnings per share (adjusted for stock splits). Earnings per the coefficient measuring a stock or a portfolio's relative volatility. share for the P/E ratio are determined by dividing earnings for past 12 months by the number of common shares outstanding. The P/E ratio shown here is calculated by the harmonic mean. Bottom-Up Stock Selection Emphasis primarily on individual stock selection. Considerations of economic and industry factors are of secondary importance in the investment decision-making Price/Sales Ratio determined by dividing current stock price by revenue per share (adjusted for stock process. splits). Revenue per share for the P/S ratio is determined by dividing revenue for past 12 months by number of shares outstanding. Capitalization is defined as the following: Mega (Above $100 billion), Large ($12 to $100 billion), Medium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (below $.50 billion). R2 (R-Squared)/Portfolio Diversification indicates the proportion of a security's total variance that is benchmark-related or is explained by variations in the benchmark. Distribution Rate is defined as the most recent distribution paid, annualized, and then divided by the current market price. Distribution rate may consist of investment income, short-term capital gains, Sharpe Ratio measures the efficiency, or excess return per unit of volatility, of a manager's returns. It long-term capital gains, and /or returns of capital. evaluates managers' performance on a volatility-adjusted basis.

Dividend a portion of a company's profit paid to common and preferred shareholders. Standard Deviation is a statistical measure of historical variability or spread of returns around a mathematical average return that was produced by the investment manager over a given measurement period. The higher the standard deviation, the greater the variability in the investment Dividend Yield annual dividend per share divided by price per share. Dividend Yield for the portfolio is manager's returns relative to its average return. a weighted average of the results for the individual stocks in the portfolio.

Top-Down/Economic Analysis Emphasis primarily on macroeconomic trends as opposed to Downside Risk is a measure of the risk associated with achieving a specific target return. This bottom-up stock selection. statistic separates portfolio volatility into downside risk and upside uncertainty. The downside considers all returns below the target return, while the upside considers all returns equal to or above the target return. Tracking Error represents the standard deviation of the difference between the performance of the investment strategy and the benchmark. This provides a historical measure of the variability of the investment strategy's returns relative to its benchmark. Duration is a measure of price sensitivity expressed in years.

Municipal Bond Ladder 10-25 Yr Select UMA

U.S. Treasury Bonds a marketable, fixed interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest payments semi-annually and the income that holders receive is only taxed at the federal level.

Volatility a measure of risk based on the standard deviation of the asset return. Volatility is a variable that appears in option pricing formulas, where it denotes the volatility of the underlying asset return from now to the expiration of the option. There are volatility indexes. Such as a scale of 1-9; a higher rating means higher risk.