From Nuveen

Back to Capabilities

State Preference & Specific

Nuveen Asset Management offers a variety of state specific and state preference municipal bond portfolios in addition to its national portfolios. Most separate accounts can be managed as customizations to the limited maturity, intermediate, or long-term strategies.

Fixed Income Solutions Designed for Today's Markets

With low yields, the risk of rising rates, and limited liquidity, fixed income investing has become more difficult. Nuveen offers solutions that may address investors' income, growth, and diversification needs.

Learn More

State Specific and Preference Portfolio Availability

Shading in the map at right indicates for which states Nuveen Asset Management offers State Specific or State Preference separate accounts, mutual funds, and closed-end funds.

State Specific Funds

Nuveen offers State Specific mutual funds and closed-end funds for states highlighted in the map above.

State Specific Separate Accounts

State Specific portfolios hold only bonds from the client's state residence or U.S. territories (income from U.S. territorial bonds is free from state income tax in all 50 states). All State Specific portfolios may be managed as State Preference portfolios if desired.

State Preference Portfolios1

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.

National Portfolios

Nuveen Asset Management manages portfolios for residents of the remaining states as nationally diversified portfolios that may hold bonds of all US States, District of Columbia, and US territories. We also offer national preference portfolios, which have a secondary preference for bonds from the investor’s state of residence, with allocation performed on a “best-efforts” basis, dependent upon supply, relative value, and strategic guidelines.

National Preference Portfolios 2

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

Since Utah taxes muni bond income from states that tax the income from Utah bonds, we offer a Utah portfolio. This is not a Utah preference or specific portfolio, but rather, a portfolio of bonds from around the US whose income will not be taxed under the Utah tax laws.

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

  • 1 Utah residents should refer to information regarding the Utah 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.

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.

This process does not guarantee that the strategy will achieve its objective.

Certain strategies may be available through other investment vehicles not listed above. Vehicles and their respective platforms shown may not be available in certain jurisdictions; investors should be aware of applicable legal requirements. This information should not be considered a solicitation or an offer by Nuveen Asset Management or Nuveen to provide any services in any jurisdiction. For more information on collective investment trusts, please contact us. If you are a non-U.S. investor and would like more information on UCITS Funds, please visit

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities. The information does not take into account the specific objectives or circumstances of any investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors.

All investments involve risk and there is no assurance that an investment will provide positive performance over any period of time. Past performance does not guarantee future results.


Contact Us

  • Institutional Investors/ Consultant 612.303.3381
  • Registered Investment Advisor 800.558.4487
  • Financial Advisors 800.752.8700
  • Mutual Fund Investors 800.257.8787