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Laddered Municipal Bond Portfolios

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Strategy description

The Laddered Municipal Bond strategies seek to provide tax-efficient current income* from a portfolio of municipal bonds that will typically be held to maturity or are sold as they reach the portfolio’s minimum maturity.

Asset class: Municipal fixed income

For term definitions and index descriptions, please access the glossary in the footer.

Portfolio at-a-glance

  1 to 7 Year Municipal Ladder 1 to 10 Year Municipal Ladder 1 to 15 Year Municipal Ladder 5 to 15 Year Municipal Ladder 10 to 25 Year Municipal Ladder
Maturity Ranges 1-7 years 1-10 years 1-15 years 5-15 years 10-25 years
Credit Range AAA to A AAA to A AAA to A AAA to A AAA to A
Average Quality Target AA AA AA AA AA
Maximum Position Exposure 15% 15% 15% 15% 15%
Typical Number of Holdings2 8-15 8-15 8-15 8-15 8-15
Minimum Initial Investment $250K $250K $250K $250K $250K






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1. At time of purchase.
2. Concentration in a small number of holdings may increase risk exposure. A $250,000 account in these strategies can typically hold 8-15 individual bonds, depending on the strategy, under normal circumstances. The number of bonds may vary and may be greater or fewer based on factors such as account size, client transactions and market conditions. Accordingly, one or more individual bonds may each represent greater than 10% of the account. A decline in value of any one or more individual bonds may have a material impact on the account value.

* 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.

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. 

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.

The statements contained herein are the opinions of Nuveen and are provided for informational purposes only.  All investments carry a certain degree of risk, including the possible loss of principal. There is no assurance that an investment will provide positive performance over any period of time. Since no one investment style or manager is suitable for all types of investors, this site is provided for informational purposes only. This site contains no investment advice or recommendations. Individual investor results will vary. Past performance is no guarantee of future results. Separately managed accounts programs have varying terms. Please contact your financial professional for your program’s information.

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

The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are provided by Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC.

All such investment specialists are also investment specialist of Nuveen, LLC.