Nuveen Intermediate Duration Municipal Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Nuveen Intermediate Duration Municipal Bond Fund held 2,075 positions with $9.59B in net assets. Its ten largest holdings made up 3.7% of the fund. The NMBAX share class costs 0.64% a year. Over the 12 months to May 2026, NMBAX returned 5.9%, with dividends reinvested. In 2026 Q2 it added 242 new positions and exited 68.
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 its net assets in municipal bonds exempt from regular federal income tax, with a weighted average effective duration between 4.5 and 7 years, and maintains at least 80% in investment-grade bonds rated BBB/Baa or higher or judged by the sub-adviser to be of comparable quality; the sub-adviser pursues a value strategy, seeking higher-yielding and undervalued municipal bonds. The fund may invest 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 returns depend on the sub-adviser's credit judgments and security selection, performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 0.00% · due 2031-07-01 | 0.50% | $47.78M | — |
Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2021-1 Class A 3.50% · due 2035-12-20 | 0.39% | $37.44M | — |
University of Michigan, General Revenue Bonds, Variable Rate Demand Obligation Series 2012A 2.45% floating · due 2036-04-01 | 0.39% | $37.08M | — |
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2019A 2.20% floating · due 2039-10-01 | 0.37% | $35.81M | — |
Michigan State Building Authority, Revenue Bonds, Facilities Program, Multi-Modal Series 2024I 1.67% floating · due 2059-04-15 | 0.36% | $34.20M | — |
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-2 5.00% floating · due 2049-08-01 | 0.35% | $33.76M | — |
Richmond Hospital Authority, Indiana, Revenue Bonds, Reid Hospital Project, Refunding Series 2018B 5.00% · due 2036-01-01 | 0.35% | $33.18M | — |
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A 0.00% · due 2046-06-15 | 0.34% | $32.19M | — |
California State, General Obligation Bonds, Refunding Various Purpose Series 2026 5.00% · due 2039-10-01 | 0.33% | $31.49M | — |
New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A 5.25% · due 2050-01-01 | 0.30% | $29.21M | — |
The 200 largest of 2,075 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 | 99.45% |
| Securitized | 0.35% |
| Stocks | 0.00% |
| Loans | 0.00% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
NMBAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.55%. 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 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.64% | +5.89% | +11.97% | +5.00% | -4.05% | |
| 0.44% | +6.08% | +12.75% | +5.97% | -4.10% | |
| 1.44% | +4.79% | +9.15% | +0.60% | -4.26% |
These classes hold the same portfolio, so the 5.36pp spread over 5 years is the cost difference between them — roughly 1.07pp a year — not a difference in what they own.
Fees & fund details
Nuveen Intermediate Duration 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
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.44% – 1.44%· NMBAX 0.64%
- Portfolio turnover
- 27.00% 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.
242 new· the largest 8
68 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 | 86.1% |
| Floating rate | 13.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.9% |
| 1-3y | 6.0% |
| 3-5y | 8.5% |
| 5-10y | 30.3% |
| 10y+ | 51.2% |
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 | 52% |
| Credit spreads | 48% |
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 | +4.69 yr |
| High yield | +0.37 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 | 0.11 yr | 2% |
| 1 yr | 0.51 yr | 9% |
| 5 yr | 1.69 yr | 31% |
| 10 yr | 2.68 yr | 50% |
| 30 yr | 0.42 yr | 8% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.21 yr | 4% |
| 5 yr | 1.15 yr | 23% |
| 10 yr | 2.94 yr | 58% |
| 30 yr | 0.73 yr | 14% |
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 | +0.11 | +0.03 | +0.00 | $29.5k | $151 |
| 1 yr | +0.51 | +0.20 | +0.01 | $189.0k | $7.9k |
| 5 yr | +1.69 | +1.10 | +0.05 | $1.05m | $49.2k |
| 10 yr | +2.68 | +2.72 | +0.23 | $2.61m | $216.5k |
| 30 yr | +0.42 | +0.65 | +0.08 | $620.5k | $80.5k |
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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