Nuveen All-American Municipal Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Nuveen All-American Municipal Bond Fund held 923 positions with $3.50B in net assets. Its ten largest holdings made up 8.7% of the fund. The FLAAX share class costs 0.82% a year. Over the 12 months to May 2026, FLAAX returned 5.8%, with dividends reinvested. In 2026 Q2 it added 115 new positions and exited 80.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 0.00% · due 2051-07-01 | 1.31% | $45.80M | — | — |
Boys Town Village, Nebraska, Revenue Bonds, Boys Town Project Series 2026 5.00% · due 2046-07-01 | 1.15% | $40.06M | — | — |
Illinois State, General Obligation Bonds, September Series 2025D 5.00% · due 2037-09-01 | 0.86% | $30.27M | — | — |
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding Series 2022 5.00% floating · due 2050-12-01 | 0.83% | $28.93M | — | — |
Nuveen Municipal Income ETF | 0.79% | $27.75M | 1.1M | $25.23 |
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A 5.00% · due 2038-12-31 | 0.79% | $27.70M | — | — |
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 2026-153A 4.90% · 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 2016A 5.00% · due 2041-07-01 | 0.74% | $25.94M | — | — |
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2017B-1 5.00% · due 2042-06-01 | 0.74% | $25.81M | — | — |
Wisconsin State, General Obligation Bonds, Series 2026A 5.00% · 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.
The 200 largest of 923 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
How it has done
FLAAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.20%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.82% | +5.84% | +11.57% | -3.33% | -5.37% | |
| 0.62% | +6.07% | +12.32% | -2.28% | -5.38% | |
| 1.62% | +5.01% | +9.00% | -7.10% | -5.65% | |
| 0.59% | +6.18% | +12.52% | -2.03% | -5.38% |
These classes hold the same portfolio, so the 5.07pp spread over 5 years is the cost difference between them — roughly 1.01pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.59% – 1.62%· FLAAX 0.82%
- Portfolio turnover
- 33.00% a year · as of 2025 Q3
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
115 new· the largest 8
80 exited· the largest 8
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.
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