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Glossary

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Macaulay Duration
The weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price, and is a measure of bond price volatility with respect to interest rates.

Managed Assets
Managed Assets are the total assets, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating effective leverage). Total assets for this purpose shall include assets attributable to the use of effective leverage (whether or not those assets are reflected in the financial statements for purposes of generally accepted accounting principles).

Managed Distribution Policy
A fund that adopts a "managed distribution policy" undertakes to pay periodic (typically monthly or quarterly) distributions to common shareholders of either a static amount per common share, or a static percentage of some recent common share NAV or a trailing average of the common shares’ NAV. The goal of a fund’s managed distribution program is to provide common shareholders with relatively consistent and predictable cash flow by systematically converting its expected long-term return potential into regular distributions. As a result, regular distributions throughout the year will likely include a portion of expected long-term and/or short-term gains (both realized and unrealized), along with net investment income, and may from time to time also include a return of capital. Often, a fund seeks to establish a relatively stable managed distribution rate that roughly corresponds to the projected net total return from its investment strategy over an extended period of time. However, you should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate. Funds that pay distributions that include elements such as capital gains or returns of capital are required by law to provide contemporaneous notice (often referred to as a “19a Notice”) containing a description of the extent to which distributions are comprised of such elements.

Management Company
The firm that organizes, manages, and administers an open-end mutual fund, a closed-end fund, an ETF, or other investment vehicle.

Management Fee
The amount a fund pays to its investment adviser for the investment management associated with overseeing the fund's portfolio.

Market Distribution Rate
The ratio of the most recent distribution paid by the fund divided by the market price of the fund as of the date of the calculation, multiplied by the number of distribution payments made in a year.

Market Timing
An investment strategy based on predicting market trends. The goal is to anticipate trends, buying before the market goes up and selling before the market goes down. Because mutual fund investors who follow this strategy often rapidly buy and sell fund shares, many fund companies, including Nuveen, impose restrictions on these types of investors in order to prevent disruption of normal portfolio operations and to help keep trading costs low for all fund investors.

Market Yield (also known as Dividend Yield or Current Yield)
An investment's current annualized dividend divided by its current market price.

Maturity
The time (in years) for which an instrument remains outstanding. The term refers to a finite period at the end of which the instrument will no longer exist and the principal is repaid with interest.

Maturity Date
The date on which the face value of a bond must be repaid.

Maximum Average Call Strike vs. Spot
Maximum average ratio (of call option strike price vs. spot price) during the month.

Maximum Weighted Average Days to Expiration
Maximum average days to expiration during the month, for all call options.

Median Market Capitalization
The midpoint of market capitalization of the stocks in a portfolio.

Micro-Cap Stocks
Usually stocks with a market value of $250 million or less.

Min Avg. Call Strike vs. Spot
Minimum average ratio (of call option strike price vs. spot price) during the month.

Min. Wtd. Avg Days to Expiration
Minimum average days to expiration during the month, for all call options in the fund.

Minimum Investment
The smallest investment permitted when opening a new fund account or making an additional purchase.

Modified Duration
A measure of the effect that a 100bp change in interest rates will have on the price of a bond.

Money Market Fund
A fund designed to provide safety of principal and current income by investing in high quality, short-term debt securities such as bank certificates of deposit, commercial paper, and U.S. Treasury bills. The price per share of government and retail money market funds is fixed at $1.00, although that value is not typically guaranteed. Money market funds have the lowest risk of any type of mutual fund.

Monte Carlo Simulation
Monte Carlo Simulation is a mathematical technique that generates random variables for modelling risk or uncertainty of a certain system.

Morningstar Aggressive Target Risk Index
An index that represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in a static allocation appropriate for U.S. investors who seek above-average exposure to equity market risk and returns.

Morningstar Aggressive Target Risk Index
The Morningstar Target Risk Index family is designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. Aggressive Index is 95% Global Equity Exposure and 5% Global Bond Exposure

Morningstar Moderately Aggressive Target Risk Index
An index that represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in a static allocation appropriate for U.S. investors who seek a slightly above-average exposure to equity market risk and returns.

Morningstar Moderately Aggressive Target Risk Index
The Morningstar Target Risk Index family is designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. Aggressive Index is 80% Global Equity Exposure and 10% Global Bond Exposure

Mortgage-Backed Securities (MBS)
Mortgage-backed securities (MBS) are bonds backed by pools of mortgages, usually with similar characteristics, and which return principal and interest in each payment. MBS are composed of residential mortgages (RMBS) or commercial mortgages (CMBS). RMBS are further divided into Agency RMBS [link to that glossary definition] and non-agency RMBS ], depending on the issuer.

MSCI AC (All Country) World Small Cap Index
An unmanaged index designed to measure the performance of the small cap sector of global equity markets.

MSCI ACWI (All Country World Index)
The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey* and United Arab Emirates.

MSCI ACWI ex USA Index
The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 23 Emerging Markets (EM) countries*. With 1,853 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

MSCI All Cap World Index
Captures large, mid, small and micro cap representation across 23 Developed Markets (DM) countries. With 11,640 constituents, the index is comprehensive, covering approximately 99% of the free float-adjusted market capitalization in each country.

MSCI China Index
MSCI China Index is designed to capture large- and mid-cap segments with H shares, B shares, red chips, P chips and foreign listings (e.g., ADRs) of Chinese stocks. The MSCI China Index represents approximately 85% of China free float-adjusted market capitalization and evolves to reflect the changing equity market.

MSCI EAFE Index
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

MSCI EAFE Growth Index
The MSCI EAFE Growth Index captures large- and mid-cap securities exhibiting overall growth style characteristics across Developed Markets countries around the world, excluding the U.S. and Canada.

MSCI Emerging Markets Index
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

MSCI Europe Index
MSCI Europe Index captures large- and mid-cap representation across 15 developed markets countries in Europe.

MSCI Italy Index
MSCI Italy Index is designed to measure the performance of the large and mid-cap segments of the Italian market.


MSCI Japan Index
A capitalization-weighted index, adjusted for free float. The index is designed to reflect the sectoral diversity of the Japanese equity markets.

MSCI U.S. REIT Index
The MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of Equity REIT securities. The MSCI US REIT Index includes securities with exposure to core real estate (e.g. residential and retail properties) as well as securities with exposure to other types of real estate (e.g. casinos, theaters).

MSCI USA Growth Index
MSCI USA Growth Index captures large- and mid-cap securities exhibiting overall growth style characteristics in the U.S.

MSCI USA Mid Cap Growth Index
MSCI USA Mid Cap Growth Index captures mid-cap securities exhibiting overall growth style characteristics in the U.S.

MSCI USA Mid Cap Value Index
MSCI USA Mid Cap Value Index captures mid-cap U.S. securities exhibiting overall value style characteristics.

MSCI USA Small Cap Index
MSCI USA Small Cap Index is designed to measure the performance of the small-cap segment of the U.S. equity market.

MSCI USA Value Index
MSCI USA Value Index captures large- and mid-cap U.S. securities exhibiting overall value style characteristics.

MSCI World ex USA Small Cap Index
MSCI World ex USA Small Cap Index is a free-float adjusted market capitalization-weighted index that is designed to measure the equity market performance of smaller capital stocks in developed markets, excluding the U.S. market.

MSCI World Index
The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

MSCI World Value Index
MSCI World Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across 23 developed markets countries.

Multi-Strategy
Multi-Strategy is the term used when several different asset classes are blended within a portfolio. Generally both equity and debt investments are used in different measures to try to achieve a targeted mix of income and growth.

Municipal Bond
Bonds issued by US local authorities that can be either tax-exempt or taxable to end investors.

Municipal Bond Fund
A mutual fund that seeks to provide income exempt from federal income tax by investing in a portfolio of municipal bonds.

MuniFund Preferred Shares in Variable Rate Demand Mode (VRDM-MFP)
Preferred shares issued by a closed-end fund designated in a variable rate demand mode featuring floating rate dividends set by a remarketing agent via a weekly remarketing, with a fixed term, mandatory redemption, and an unconditional put option. Issued via private placement.

MuniFund Preferred Shares in Variable Rate Mode (VRM-MFP)
Preferred shares issued by a closed-end fund designated in a variable rate mode featuring floating rate dividends based on a predetermined formula or spread to an index rate, with a fixed term and mandatory redemption. Issued via private placement.

MuniFund Preferred Shares in Variable Rate Remarketed Mode (VRRM-MFP)
Preferred shares issued by a closed-end fund designated in a variable rate remarketed mode featuring floating rate dividends set by a remarketing agent via a daily remarketing, with a fixed term and mandatory redemption. Issued via private placement.

MuniFund Term Preferred (MTP)
Preferred shares issued by a closed-end fund featuring fixed rate dividends, with a fixed term and mandatory redemption. Listed and trade on NYSE.

Mutual Fund
An open-end investment fund that pools the assets of individuals and organizations to invest in a professionally managed portfolio of securities. See open-end mutual fund.

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