Tax-exempt income | Multi-asset model portfolios

Overview
Target allocations
Performance
Characteristics
Portfolio statistics
Literature
Management

Welcome to Nuveen

Select your preferred site so we can tailor your experience.

Confirm Your Region

Select Region...

Americas
Asia Pacific
Europe, Middle East, Africa

Confirm Your Location

Select Location...

Canada
Latin America
United States
Australia
Hong Kong
Japan
Mainland China
Malaysia
New Zealand
Singapore
South Korea
Taiwan
Thailand
Other
Abu Dhabi Global Market (ADGM)
Austria
Belgium
Denmark
Finland
France
Germany
Ireland
Italy
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom
Other

Select a Site

Financial Professional

Institutional Investor
Individual Investor
Financial Professional
Global Cities REIT (GCREIT)
Green Capital
Private Capital Income Fund (PCAP)

Terms and Conditions

This site and all the information contained herein is general and/or educational in nature. Individuals should consult an investment advisor before making any investment decisions. By using the site I agree to the applicable terms for Financial Intermediaries, Institutional Investors and Individuals.

Privacy notice

Accept to continue

(Up to 600 characters)

Please check reCaptcha to continue

*Indicates Response Required

Thank You

Thank you for your message. We will contact you shortly.

Key distinctions

Strategic, forward-looking outcome-focused approach informed by Nuveen's global market views and deep municipal expertise to help deliver income while minimizing downside risk
Simplified diversification strategies to help achieve investors' income and risk objectives in an increasingly volatile and complex municipal market
Broad municipal fund offering from an industry leader providing diversified access to Nuveen's municipal market thought leadership and research capabilities

An active approach to diversified tax-exempt income

Nuveen's forward-thinking approach to portfolio construction leverages 125 years as a leader in the municipal bond industry to help achieve outcomes that align with investors’ tax-exempt income objectives while seeking to minimize downside risk.

Highlights

In December, the Fed reduced the federal funds rate by 25 bps, marking the third consecutive rate cut in 2025. Additionally, in its projections, the Fed forecasted 25 basis points of cuts in 2026 and 2027.
In Q3 2025, municipal-to-Treasury ratios were mixed. The 5-year ratio rose by 2%, while the 10- and 30-year ratios declined by 5% and 4%. Ratios ended the quarter at 64%, 65% and 86%, respectively. High yield municipal spreads modestly declined by two basis points during the quarter, while high yield credit fundamentals remain attractive.
These market dynamics informed the quarterly adjustments to our models. In the Conservative model, a small reallocation was made from Nuveen Intermediate Duration Municipal Bond and Nuveen Limited Term Municipal Bond to Nuveen Short Duration High Yield Municipal Bond. In the Moderate model, Nuveen Intermediate Duration Municipal Bond exposure was reduced and reallocated to Nuveen Limited Term Municipal Bond, Nuveen Short Duration High Yield Municipal Bond and Nuveen All-American Municipal Bond. In the High-Income model, Nuveen High Yield Municipal Bond, Nuveen All-American Municipal Bond and Nuveen Intermediate Duration Municipal Bond allocations were trimmed while increasing Nuveen Limited Term Municipal Bond and Nuveen Short Duration High Yield Municipal Bond positions. Overall, the changes made were duration-neutral across the models.

Target allocations

LOWER

HIGHER

POTENTIAL VOLATILITY AND YIELD

Performance

Yield is represented by the weighted average SEC 30-day yield of the blended model portfolio. The SEC 30-day yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. If the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the Fund’s Taxable-equivalent yield would be lower. The Taxable-equivalent yield is based on the Fund’s SEC 30-day yield on the indicated date and a federal income tax rate of 40.8% (maximum federal income tax rate and the Medicare tax). Investors should consider their own tax rate when investing in municipal bonds.

Performance data shown represents past performance and does not predict or guarantee future results. Investment returns and principal value will fluctuate so that shares redeemed may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns assume reinvestment of dividends and capital gains. Market price returns are based on the closing market price. For performance current to the most recent month-end, please contact us at 800.752.8700.

Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.

S&P Municipal Bond Index is shown for reference purposes only. These Nuveen model portfolios are designed to achieve an outcome, in this case different levels of tax-exempt income for different levels of risk. They are not designed to outperform or track a particular benchmark or index.

Expense ratios are represented by the weighted average expense ratio of the blended model portfolio and are based on the Funds’ most recent fiscal year end. Please see the underlying fund prospectuses for details.

Characteristics

Sector allocation
Maturity profile
Bond credit quality

Sector allocation is represented by the weighted average sector allocation of the blended model portfolio.

Credit quality is represented by the weighted average credit quality of the blended model portfolio. Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody’s or Fitch. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable). Holdings designated NR are not rated by these national rating agencies.

Portfolio statistics

Conservative
Moderate
High

Conservative

Portfolio statistics are represented by the weighted average statistics of the blended model portfolio.

Moderate

Portfolio statistics are represented by the weighted average statistics of the blended model portfolio.

High

Portfolio statistics are represented by the weighted average statistics of the blended model portfolio.

Literature

Portfolio managers

Nazar Suschko Ph.D., FRM

Portfolio Manager

Steve M. Hlavin

Portfolio Manager

Important information on risk

Model portfolios

Nuveen model portfolios (“models”) are intended to illustrate how combinations of Nuveen affiliated products could be used to achieve the stated investment objectives. Results are inherently limited and do not represent actual results and may not account for the impact of the general market. Models are not automatically rebalanced; allocations may not achieve model objectives and are not guaranteed. Both the actual underlying Funds and model allocations may vary. Allocations are reviewed periodically and may change based on Nuveen's strategic and tactical views. There are no management or other fees at the model level; however fees apply for the underlying Funds as outlined in each Fund’s prospectus. The models’ risks are directly related to those of the underlying Funds, as described below. Allocations may not match a client’s actual experience from an account managed in accordance with the model portfolio allocation.

Important information on risk

Investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the funds, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. The models concentrate in non-investment-grade and unrated bonds with long and short maturities and durations which carry heightened credit risk, liquidity risk, and potential for default. In addition, the funds oftentimes engage in a significant amount of portfolio leverage and in doing so, assumes a high level of risk in pursuit of its objectives. Leverage involves the risk that the funds could lose more than its original funding amount and also increases the exposure to volatility, interest rate risk and credit risk.

Portfolio allocations will be principally to funds managed by affiliates and to affiliated sub-advisers, which may present a conflict of interest.

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

FRM® (Financial Risk Manager) is a trademark owned by the Global Association of Risk Professionals.

Effective 07 Jan, 2026, Steve Hlavin joined Nazar Suschko as a portfolio manager on the fund. Nathan Shetty will no longer be a named portfolio manager on the fund. This update is not expected to impact the overall investment strategy.

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.

Featuring portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

5111695

More contact info

Financial professionals

Individual investors

More contact info

You are on the site for: Financial Professionals and Individual Investors. You can switch to the site for: Institutional Investors or Global Investors

You are about to access our website for visitors outside of the United States.

Continue

You are leaving the Nuveen website.

You are leaving the Nuveen website and going to the website of the MI 529 Advisor Plan, distributed by Nuveen Securities, LLC.

Continue

The Nuveen website for institutional investors is available for you.

Continue

You are about to access our website for visitors outside of the United States.

Continue

You are about to access our website for Nuveen Churchill Private Capital Income Fund (“NC - PCAP”)

Continue

PRODUCTS

TOOLS

RESOURCES

Perspectives

Education & Events

Connect