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Separately Managed Accounts
State Specific & State Preference portfolios
Municipal customization options
Clients can seek to enhance after-tax returns by choosing from 11 state specific
and 25 state preference portfolios, as well as customized national
preference portfolios in every state.
Asset class: Municipal fixed income
For term definitions and index descriptions, please access the glossary in the footer.
State specific and preference portfolio availability
State specific portfolios2
- The portfolio 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.
State preference portfolios3
- Bonds from the client’s state of residence or U.S. territories make up a minimum of 50% of the portfolio.
- Out-of-state bonds may total up to 50% of the portfolio.
National preference portfolios4
- A national portfolio with a secondary preference to the client’s state of residence (for states not listed above) on a best efforts basis.
- Portfolios will be constructed according to supply, relative value and strategic guidelines.
For additional details on state specific, state preference, and other customized municipal portfolios, please contact your Nuveen representative.
State tax tables
Resources
1 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 can manage a portfolio for a Utah resident that considers this reciprocity provision and typically targets 50–70% across Utah bonds and/or bonds from states/territories that do not tax income on Utah bonds.
2 State specific portfolios hold only bonds from the client’s state of residence or U.S. territories (Puerto Rico, U.S. Virgin Islands and Guam).
3 State preference portfolios hold 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. 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.
4 The secondary preference will be filled opportunistically over time, if at all. We cannot guarantee the inclusion of any bonds from the client’s state of residence.
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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