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Separately Managed Accounts

State Specific & State Preference portfolios

Nuveen
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Strategy description

Investors can choose from nine state specific or 26 state preference portfolios to help manage taxes and meet income needs.

Asset class: Municipal fixed income
For term definitions and index descriptions, please access the glossary in the footer.

State specific and preference portfolio availability

Shading in the map indicates for which states Nuveen Asset Management offers State Specific or State Preference separate accounts.

map of state specific and preference portfolio availability

State specific portfolios
Holds only bonds from the client’s state of residence or U.S. territories (Puerto Rico, U.S. Virgin Islands and Guam). Income from U.S. territorial bonds are exempt from state income tax in all 50 states. All state specific portfolios may be managed as state preference portfolios if desired.

State preference portfolios1
Holds bonds from the client’s state of residence or U.S. territories, which together will account for a minimum of 50% of the portfolio. Out-of-state bonds may total up to 50% of the portfolio.

National portfolios
Nuveen Asset Management manages the remaining states as national portfolios that may hold bonds of all U.S. States, District of Columbia, and U.S. territories.

National preference portfolios2
The national preference portfolio is a national portfolio with a secondary preference to the client's state of residence with allocation performed based on supply, relative value and strategic guidelines.

Utah portfolios
This portfolio is constructed from national bonds. Utah’s reciprocity provision maintains that it will not tax income from bonds issued by states that do not tax income on Utah bonds. Nuveen Asset Management can manage a portfolio for a Utah resident that considers this reciprocity provision, but it is not a Utah state preference portfolio.

For additional details on state specific, state preference, and other customized municipal portfolios, please contact your Nuveen representative.

            Resources

1 Nuveen seeks to purchase out-of-state bonds at an after-state-tax yield that is equivalent to or greater than a comparable in-state bond. Prospective clients and their financial professionals should consider that a state preference portfolio may provide a higher yield, better diversification and a shorter invest-up period than a state specific portfolio.

2 The secondary preference will be filled opportunistically over time, if at all. We cannot guarantee the inclusion of any state of residence bonds.

A separately managed account (SMA) is a private portfolio of actively managed, individual securities that may be customized to achieve an individual investor's unique objectives.

SMA accounts typically require a minimum investment of $100,000 for equity and asset allocation strategies and $250,000 for fixed income strategies, although the specific minimum account size varies by program and may be subject to change. The manager may waive these minimums based on client type, asset class, pre-existing relationship with client and other factors. For certain accounts, a negotiated minimum annual fee applies. Please consult with your Nuveen Advisor Consultant for applicable minimums.

Check with your financial professional for specific product availability and performance information. This information may change without notice. From time to time, we may close or reopen strategies.

A word on risk
An investment in any municipal portfolio should be made with an understanding of the risks involved in investing in municipal bonds, such as interest rate risk, credit risk, and market risk. The value of the portfolio will fluctuate based on the value of the underlying securities. Please contact a tax advisor regarding the suitability of tax-exempt investments in your portfolio.

Nuveen Asset Management is not a tax advisor. 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 investor’s 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. 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.

Nuveen Asset Management, LLC is a registered investment adviser and an investment specialist of Nuveen, LLC.

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