Tax-Aware Fixed Income

Nuveen Asset Management, LLC (“NAM”) employs the following criteria when referring to managed accounts’ municipal bond average credit quality (“ACQ”): Ratings are from nationally recognized statistical rating organizations (“NRSRO”). Split-rated securities receive the highest rating. ACQ is calculated by NAM, using statistical tools and the most current ratings available from third-party sources on all securities, but no guarantees are made with respect to their accuracy or completeness. A portfolio may include substantial holdings of individual securities that are rated materially higher or lower than the average. ACQ does not necessarily reflect the credit risk of individual holdings and its potential impact on an overall portfolio. For example, ACQ may understate the credit risk from a substantial holding in a lower-rated security. There are limitations associated with the use of ACQ as a gauge of portfolio credit risk. Securities not rated by a NRSRO are identified as non-rated, and are not included in the ACQ calculation. Inherited securities may be unrated and reside in the portfolio over the short-term. Unrated securities are not purchased by NAM for managed accounts. A portfolio’s individual holdings, the ratings of these holdings, and the ACQ of a portfolio may change over time. For certain strategies and/or programs, additional restrictions may apply. Investors should contact a tax advisor regarding the suitability of tax-exempt investments in their portfolio. Clients should consult their professional advisors before making any tax or investment decisions. This information should not replace a client’s consultation with a professional advisor regarding their tax situation. Past performance is no guarantee of future results. Individual investor results will vary.

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. 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.

Strategy may be available through other investment vehicles not listed above.

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. 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.