Nuveen High Yield Municipal Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Nuveen High Yield Municipal Bond Fund held 2,702 positions with $12.84B in net assets. Its ten largest holdings made up 10.9% of the fund. The NHMAX share class costs 2% a year. Over the 12 months to May 2026, NHMAX returned 8.7%, with dividends reinvested. In 2026 Q2 it added 89 new positions and exited 114.
The investment objective of the Fund is to provide high current income exempt from regular federal income taxes.
The fund invests at least 80% of assets in municipal bonds exempt from regular federal income tax, with a weighted average maturity exceeding 10 years, and allocates at least 65% to lower-quality bonds rated BBB/Baa or below at purchase or judged comparable by its sub-adviser. The sub-adviser employs a research-intensive process to identify high-yielding municipal bonds offering attractive value across yield, price, credit quality, liquidity and prospects. The fund may invest up to 15% in inverse floaters creating effective leverage of up to 30% of total exposure and up to 10% in defaulted municipal bonds, strategies the filing describes as speculative and high risk. Because income and returns depend on the sub-adviser's credit judgments and security selections, deterioration in those bonds' credit quality or limited upside relative to alternatives could diminish fund performance.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
STATE STREET BANK AND TRUST COMPANY | 3.15% | $404.50M | — |
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 7.00% · due 2050-12-01 | 1.41% | $180.88M | — |
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M Un 5.00% · due 2047-07-01 | 1.07% | $138.08M | — |
Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A 5.75% · due 2051-12-01 | 1.02% | $130.77M | — |
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 5.00% · due 2058-07-01 | 0.83% | $106.46M | — |
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 3 Series 2014 7.25% · due 2044-11-15 | 0.70% | $90.03M | — |
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2 5.00% · due 2055-06-01 | 0.69% | $89.13M | — |
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A 6.00% · due 2038-01-01 | 0.69% | $88.24M | — |
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D 5.25% · due 2048-05-01 | 0.68% | $87.74M | — |
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 0.00% · due 2046-07-01 | 0.66% | $84.75M | — |
The 200 largest of 2,702 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 | 125.91% |
| Cash & short-term | 3.15% |
| Stocks | 0.08% |
| Loans | 0.01% |
| Derivatives | 0.00% |
These positions come to 129.15% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
How it has done
NHMAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 6.47%. 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 |
|---|---|---|---|---|---|
| 2.00% | +8.66% | +12.73% | +1.68% | -9.78% | |
| 1.80% | +8.96% | +13.43% | +2.80% | -9.72% | |
| 2.80% | +7.87% | +10.06% | -2.29% | -9.92% | |
| 1.77% | +8.93% | +13.48% | +2.86% | -9.65% |
These classes hold the same portfolio, so the 5.15pp spread over 5 years is the cost difference between them — roughly 1.03pp a year — not a difference in what they own.
Fees & fund details
Nuveen High Yield 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
- 1.77% – 2.80%· NHMAX 2.00%
- Portfolio turnover
- 18.00% 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.
89 new· the largest 8
114 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 | 98.4% |
| Floating rate | 1.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 0.6% |
| 3-5y | 0.6% |
| 5-10y | 4.4% |
| 10y+ | 93.6% |
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 | 54% |
| Credit spreads | 46% |
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 | +5.20 yr |
| High yield | +3.76 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 | 0.16 yr | 2% |
| 1 yr | 0.50 yr | 5% |
| 5 yr | 1.40 yr | 14% |
| 10 yr | 4.59 yr | 44% |
| 30 yr | 3.69 yr | 36% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.01 yr | 0% |
| 5 yr | 0.09 yr | 1% |
| 10 yr | 2.31 yr | 26% |
| 30 yr | 6.53 yr | 73% |
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 | +0.16 | +0.01 | +0.00 | $14.5k | $93 |
| 1 yr | +0.50 | +0.01 | +0.00 | $11.2k | $5.5k |
| 5 yr | +1.40 | +0.04 | +0.05 | $50.4k | $69.0k |
| 10 yr | +4.59 | +1.32 | +0.99 | $1.69m | $1.28m |
| 30 yr | +3.69 | +3.82 | +2.71 | $4.90m | $3.48m |
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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