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separately managed accounts | taxable fixed income Investment Grade Corporate Strategy first quarter 2017 as of 3/31/2017 Firm Facts Nuveen Asset Management is a premier investment boutique with a product and service mix that spans from traditional and specialized equity to municipal and taxable fixed income. ▪▪ 192 investment professionals ▪▪ $161.9 billion in Assets Under Management1 Investment Objective Seeks to deliver current income and capital appreciation by investing in high-grade corporate securities. Investment Process ▪▪ Collaborative Approach: Our process begins and ends with collaboration by the primary participants in the investment decision. Our Fixed Income Strategy Committee provides strategic guidance for our fixed-income portfolios. Our sector teams present sector analysis and make recommendations to the Fixed Income Strategy Committee. They also implement sector strategies and security selection within their individual sectors. Our research analysts provide valuable insight to inform asset allocation decisions, to trigger buy and sell decisions, and to monitor risk in our portfolios. ▪▪ Disciplined Process: Our fixed-income process is built on careful analysis of fundamentals, technicals and valuations. We consistently evaluate the opportunity in each sector and identify relative value opportunities across sectors. ▪▪Focused Strategy: Our strategy seeks to drive superior riskadjusted returns by focusing on the three main drivers of fixedincome performance: —— Industry Rotation —— Security Selection —— Yield-Curve Positioning and Duration Management Investment goals ▪▪ Active management ▪▪ Intermediate-term duration ▪▪ U.S. corporate debt (investment grade at time of purchase) ▪▪ Benchmark: Bloomberg Barclays Intermediate U.S. Corporate Index ▪▪ Credit Quality Range: AAA to A-2 at time of purchase This presentation contains no recommendations or offer to buy or sell any specific securities and should not be considered investment advice of any kind. The performance notes on the second page of this factsheet are an integral part of the performance presentation. Past performance is no guarantee of future results. 1AUM as of 3/31/2017. 2Must be rated A-(or equivalent) by at least 2 of 3 nationally recognized rating agencies at time of purchase. Split rated securities receive the highest rating. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE portfolio managers Jeff J. Ebert Head of High Grade Credit Sector Team 26 years industry experience Chris W. Neuharth Head of Investment Risk Management 36 years industry experience Mackenzie S. Meyer Assistant Portfolio Manager 15 years industry experience Marie A. Newcome Portfolio Manager 25 years industry experience Investment Philosophy ▪▪ We believe superior long-term performance may be achieved by focusing on three key strategies: industry rotation, security selection and yield curve positioning. ▪▪ Our approach is unbiased and may emphasize one strategy over another as market conditions change. Target Portfolio Characteristics3 Average Maturity Target Average Duration Target Number of Holdings Average Annual Turnover Excess Return Target Tracking Error Target 3-7 Years 3-5 Years 25-35 10-40% 25-30 basis points 40-50 basis points Portfolio Characteristics4 Effective Duration Yield-to-Worst Average Maturity Number of Holdings Portfolio Benchmark5 4.09 years 2.40% 4.55 years 30 4.45 years 2.82% 5.02 years N/A Sector Diversification4 100% Portfolio Benchmark5 Sectors of U.S. Corporates 80% 60% 40% 20% 0% 99% 100% U.S. Corporates 50% 58% Industrials 3% 5% Utilities 45% 38% Financials 1% 0% Cash 3Targets are not guaranteed, are subject to change, and will differ depending on client investment guidelines 100 basis points equals 1%. 4Characteristics and sector weights are based on a model portfolio as of 3/31/2017. Your individual account holdings and characteristics may differ from the model. Source: Nuveen Asset Management and Bloomberg Barclays. 5Bloomberg Barclays Intermediate U.S. Corporate Index. 1 first quarter 2017 as of 3/31/2017 Investment Grade Corporate Strategy Credit Quality Weightings 3% 2% 1% 0% -1% Investment Grade Corporate (Gross) Investment Grade Corporate (Net) Bloomber Barclays Intermediate U.S. Corporate Index8 Ratings QTD 1 Yr. 2 Yr. 3 Yr. 4 Yr. 1.03% 0.72 1.16 0.51% -0.74 2.43 1.59% 0.33 2.18 2.41% 1.14 2.95 1.86% 0.60 2.52 Since Inception9 2.51% 1.24 3.18 Calendar Year Performance (As of 3/31/2017) 20177 2016 2015 2014 2013 20129 (As of 3/31/2017) Calendar Year Total Return (Gross) 1.03% 2.11% 1.75% 3.73% -0.81% 4.79% Calendar Year Total Return (Net of Fees) 0.72% 0.85% 0.49% 2.44% -2.04% 4.03% Benchmark Return 1.16% 4.04% 1.08% 4.35% 0.08% 4.73% 6 Periods greater than one year are annualized. 7Primary benchmark. Benchmark sourced through Morningstar. 8Preliminary. Final numbers are available upon request by contacting Nuveen Investments Advisers, LLC. 9 Inception date is 5/31/2012. Partial period for 5/31/12-12/31/12. The performance notes on this page are an integral part of the performance presentation. Please remember you could lose money with this investment. Safety of principal is not guaranteed. Past performance is no guarantee of future results. Performance is presented gross of the manager’s investment This material is not intended to be a recommendation or management fees and net of a model annual fee of 1.25% investment advice, does not constitute a solicitation to buy (which is equal to the highest manager fee for this strategy), or sell securities, and is not provided in a fiduciary capacity. reflects the reinvestment of dividend/interest and other The information provided does not take into account the earnings, and are calculated and stated in U.S. dollars. These specific objectives or circumstances of any particular investor, returns do not reflect taxes and other fees that would reduce or suggest any specific course of action. Investment decisions performance in a managed account. The gross return on should be made based on an investor’s objectives and circuminvestment will be reduced by the fee paid to the program stances and in consultation with his or her advisors. sponsor, a portion of which will be paid to NAM for its services This strategy is only provided through separately managed to the client. Net-of-fees returns are calculated by reducing the accounts program sponsors. Check with your financial advisor gross-of-fees returns by 1.25% per annum, applied monthly. for availability. Clients should consult their financial advisors In a managed accounts program, the client, also, may be before making any investment decisions. Financial advisors charged a bundled fee. These fees vary by sponsor and may should consider the suitability of the manager, strategy and be less than the fee presented. Actual investment advisory program for its clients on an initial and ongoing basis. fees incurred by clients may vary. For additional information PERFORMANCE NOTES regarding fees specific to a broker-dealer program, contact Nuveen Asset Management, LLC (“NAM”) offers its services your referring financial advisor. either directly to clients (fee-based “direct-advisory” accounts, The composite is benchmarked against the unmanaged fee-based “institutional” accounts and “commission-based” Bloomberg Barclays Intermediate U.S. Corporate Index. accounts) or through broker-dealer programs as an advisor The index is defined as publicly issued U.S. corporate and or sub-advisor (fee-based ”advisor-sponsored” accounts). For specified foreign debentures and secured notes that meet certain strategies, NAM may also offer models to financial the specified maturity, liquidity, and quality requirements. advisors who serve as overlay managers with investment and To qualify, bonds must be SEC-registered. Benchmark brokerage discretion, and maintains the advisory relationship returns include reinvestment of income, but do not reflect with clients. Any strategy performance and characteristics intaxes, investment advisory and other fees that would reduce formation included herein relates to accounts for which NAM performance in an actual account. It is not possible to invest in exercised investment and brokerage discretion. Although it is an index. The volatility of the index shown may be materially generally contemplated that the financial advisor will impledifferent from that of NAM’s Investment Grade Corporate ment the models as provided (except to the extent necessary strategy. In addition, the holdings in the Investment Grade to provide individualized investment services), clients and Corporate strategy may differ significantly from the securities their advisors should note that these differences may produce that comprise the index. different results. In addition, the results for individual portfolios and for different periods may vary depending on market As of 1/1/11, Nuveen Investments, Inc. acquired the conditions and the composition of the portfolio. long-term asset management business of FAF advisors, Inc. and combined it with Nuveen Investment’s wholly-owned The Investment Grade Corporate Composite consists of Direct subsidiary, Nuveen Asset Management. No material change Advisory Institutional Accounts managed according to NAM’s in the investment process occurred. Investment Grade Corporate Strategy. Prior to 12/31/14, the composite consists of a proprietary seed account funded Past performance is no guarantee of future results. Actual by Nuveen Investments and Direct Advisory Institutional results may differ from composite results depending upon the Accounts. This composite does not contain any accounts in a size of the account, investment objectives and restrictions, the spearately managed accounts program. The inception date amount of transaction and related costs, the inception date of is 5/31/12. The minimum asset size for this composite is the account and other factors. All investments carry a certain $200,000. degree of risk and it is important to review investment objec- Nuveen Investments Advisers, LLC | 333 West Wacker Drive | Chicago, IL 60606 | 800.752.8700 Portfolio Benchmark AAA 1.21% 1.7% AA 12.8% 12.1% A 70.4% 37.6% BBB 15.6% 48.7% Reflects ratings by Moody’s, S&P and/or Fitch. If there are two ratings for a security, the lower rating is used, while if ratings are provided by all three agencies, the middle rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/ CC/C and D are below-investment grade ratings. Bonds that are not rated by Moody’s, S&P, and/or Fitch are assigned an equivalent rating deemed to be appropriate by Nuveen Asset Management. tives, risk tolerance, tax liability and liquidity needs before choosing an investment style or manager. Debt or fixed income securities are subject to credit risk and interest rates risk. The value of and income generated by debt securities will decrease or increase based on changes in market interest rates. Credit risk refers to an issuer’s ability to make interest and principal payments when due. Certain Information was obtained from third party sources, which we believe to be reliable but not guaranteed for accuracy or completeness. Clients should consult their financial advisors regarding unknown financial terms and concepts. Nuveen Investments Advisers, LLC (“NIA”), a registered investment adviser, provides Separately Managed Accounts marketing services for its affiliates that are registered investment advisers, including NAM. Although there may be differences between direct institutional and separarely managed account program accounts, NIA believes that the performance shown is sufficiently relevant for consideration by a potential separately managed account client. Both NIA and NAM are registered investment advisers and affiliates of Nuveen, LLC. This report is provided by NIA. COMPOSITE STATISTICS 201710 2016 2015 2014 2013 201211 # of Accounts Assets ($M) 55 $35.4 53 $32.6 39 $25.4 29 $17.0 22 $13.2 16 $9.7 10 Preliminary. Final numbers are available upon request by contacting Nuveen Investments Advisers, LLC. 11 Partial period for 5/31/12-12/31/12. 2 AFS-NIGCORP-0317P 145481-INV-Q-07/17 Annualized Performance (As of 3/31/2017) 6,7