Nuveen All-American Municipal Bond Fund
Nuveen Municipal Trust · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Nuveen All-American Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2025 Q3
The investment objective of the Fund is to provide you with as high a level of current interest income exempt from regular federal income taxes as is consistent with preservation of capital.
The fund invests at least 80% of assets in municipal bonds rated investment grade (BBB/Baa or higher) or judged by its sub-adviser to be of comparable quality, with a weighted average maturity exceeding 10 years; the sub-adviser pursues a value strategy, seeking higher-yielding and undervalued bonds. The fund may hold up to 20% in below-investment-grade municipal bonds and up to 15% in inverse floaters, which provide leveraged exposure and are speculative. Because the fund's credit quality and income depend on the sub-adviser's judgments of unrated securities and its selection of undervalued bonds, performance will vary with those judgments.
| Share class | Expense ratio |
|---|---|
| FLAAX | 0.82% |
| FAARX | 0.62% |
| FACCX | 1.62% |
| FAAWX | 0.59% |
Portfolio turnover 33.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 105.07% |
| Stocks | 0.01% |
| Derivatives | 0.00% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
Largest new: Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2026-153A, New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Forward Delivery Series 2022A, Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2025, Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding Second Lien Series 2026B, Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Taxable Series 2026D, Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Social Series 2026B, Harris County Hospital District, Texas, General Obligation Bonds, Refunding & Limited Tax Series 2026, New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2026A
Largest exited: Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, Minnesota State, General Obligation Bonds, State Trunk Highway Series 2024B, University of California, General Revenue Bonds, Series 2025CD, Peralta Community College District, Alameda County, California, General Obligation, Election of 2018 , Series 2025C-1, Delaware State Housing Authority, Senior Single Family Mortgage Revenue Bonds, Series 2024C, Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2026A, California State, General Obligation Bonds, Various Purpose Series 2026, California State, General Obligation Bonds, Refunding Various Purpose Series 2026
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.00% | +10.31% | -2.90% | 4.26% | -5.37% | |
| +5.23% | +10.95% | -1.94% | 4.25% | -5.38% | |
| +4.18% | +7.77% | -6.70% | 4.26% | -5.65% | |
| +5.35% | +11.26% | -1.68% | 4.25% | -5.38% |
These classes hold the same portfolio, so the 5.01pp spread over 5 years is the cost difference between them — roughly 1.00pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 94.3% |
| Floating rate | 5.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.5% |
| 1-3y | 1.7% |
| 3-5y | 1.5% |
| 5-10y | 9.7% |
| 10y+ | 86.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 53% |
| Credit spreads | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.89 yr |
| High yield | +1.21 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.12 yr | 1% |
| 1 yr | 0.41 yr | 5% |
| 5 yr | 1.27 yr | 16% |
| 10 yr | 4.45 yr | 56% |
| 30 yr | 1.64 yr | 21% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.04 yr | 1% |
| 5 yr | 0.34 yr | 5% |
| 10 yr | 3.84 yr | 54% |
| 30 yr | 2.88 yr | 40% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.12 | +0.02 | +0.00 | $5.4k | $7 |
| 1 yr | +0.41 | +0.04 | +0.00 | $12.9k | $108 |
| 5 yr | +1.27 | +0.29 | +0.05 | $101.4k | $16.7k |
| 10 yr | +4.45 | +3.35 | +0.49 | $1.17m | $170.7k |
| 30 yr | +1.64 | +2.20 | +0.67 | $771.4k | $234.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-10.00% · due 2051-07-01 | 1.31% | — | $45.80M | — |
| — | Boys Town Village, Nebraska, Revenue Bonds, Boys Town Project Series 20265.00% · due 2046-07-01 | 1.15% | — | $40.06M | — |
| — | Illinois State, General Obligation Bonds, September Series 2025D5.00% · due 2037-09-01 | 0.86% | — | $30.27M | — |
| — | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 20225.00% floating · due 2050-12-01 | 0.83% | — | $28.93M | — |
| — | Nuveen Municipal Income ETF | 0.79% | $25.23 | $27.75M | 1.1M |
| — | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A5.00% · due 2038-12-31 | 0.79% | — | $27.70M | — |
| — | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2026-153A4.90% · due 2050-10-01 | 0.78% | — | $27.22M | — |
| — | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A5.00% · due 2041-07-01 | 0.74% | — | $25.94M | — |
| — | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2017B-15.00% · due 2042-06-01 | 0.74% | — | $25.81M | — |
| — | Wisconsin State, General Obligation Bonds, Series 2026A5.00% · due 2038-05-01 | 0.72% | — | $25.11M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 8.71% of net assets, top 25 17.37%, across 605 issuers.
See more of this fund's book
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