Nuveen Short Duration High Yield Municipal Bond Fund
Nuveen Municipal Trust · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Nuveen Short Duration 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
- High yield
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
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 sub-adviser selecting high-yielding securities rated BBB/Baa or lower that offer attractive value in yield, price, credit quality, liquidity and prospects. The fund generally maintains at least 65% in low- to medium-quality bonds, may hold up to 15% in inverse floaters that provide leveraged exposure to underlying municipal bonds, and may use derivatives including futures, swaps and options to manage risk or enhance returns. Because the fund invests significantly in lower-quality municipal bonds and employs inverse floaters and derivatives that the filing describes as speculative, these strategies create risk that income and returns will be diminished. The fund may also invest up to 10% in defaulted municipal bonds.
| Share class | Expense ratio |
|---|---|
| NVHAX | 0.95% |
| NVHIX | 0.75% |
| NVCCX | 1.75% |
Portfolio turnover 39.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 97.78% |
| Cash & short-term | 1.79% |
| Stocks | 0.88% |
| Loans | 0.01% |
| Derivatives | -7.66% |
These positions come to 92.79% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Chicago Board of Trade ×2, Dawson Trails Metropolitan District 1, Castle Rock, Colorado, Limited Tax General Obligation Bonds, Special Revenue Capital Appreciation Turbo, Refund, California Municipal Finance Authority, Reveue Bonds, Community Medical Centers, Series 2017A, Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Hybar Steel Project, Taxable Green Series 2026B, Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A, Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Catering Operations Facility Project, Series 2026, Public Finance Authority of Wisconsin, Revenue Anticipation Capital Appreciation Bonds, Silverleaf Project, Texas Infrastructure Program, Series 2026
Largest exited: Chicago Board of Trade ×2, San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2025D, Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2016A-1, Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical, Illinois Finance Authority, Surface Freight Transfer Facilities Revenue Bonds, CenterPointJoliet Terminal Railroad Project, Series 2020, Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024A-1
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 |
|---|---|---|---|---|---|
| +4.40% | +13.09% | +10.61% | 2.81% | -3.27% | |
| +4.59% | +13.71% | +11.70% | 2.79% | -3.22% | |
| +3.64% | +10.45% | +6.30% | 2.72% | -3.47% |
These classes hold the same portfolio, so the 5.40pp spread over 5 years is the cost difference between them — roughly 1.08pp 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 | 88.1% |
| Floating rate | 11.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.2% |
| 1-3y | 4.3% |
| 3-5y | 5.4% |
| 5-10y | 19.7% |
| 10y+ | 68.4% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 53% |
| Interest rates | 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.
| High yield | +3.69 yr |
| Investment grade | +1.02 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.07 yr | 2% |
| 5 yr | 0.51 yr | 11% |
| 10 yr | 2.22 yr | 50% |
| 30 yr | 1.65 yr | 37% |
3 mo is NEGATIVE (-0.32 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.06 yr | 1% |
| 1 yr | 0.11 yr | 2% |
| 5 yr | 0.57 yr | 12% |
| 10 yr | 2.27 yr | 48% |
| 30 yr | 1.71 yr | 36% |
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 | -0.32 | +0.00 | +0.05 | $644 | $37.9k |
| 1 yr | +0.07 | +0.05 | +0.06 | $34.5k | $41.5k |
| 5 yr | +0.51 | +0.20 | +0.37 | $135.3k | $258.4k |
| 10 yr | +2.22 | +0.41 | +1.86 | $283.5k | $1.29m |
| 30 yr | +1.65 | +0.37 | +1.34 | $253.5k | $929.2k |
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 |
|---|---|---|---|---|---|
| — | STATE STREET BANK AND TRUST COMPANY | 1.79% | — | $123.97M | — |
| — | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 20145.00% · due 2044-11-15 | 1.13% | — | $78.20M | — |
| — | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2025A5.25% floating · due 2056-05-01 | 1.07% | — | $74.52M | — |
| — | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B5.00% · due 2046-06-01 | 1.03% | — | $71.40M | — |
| — | Nuveen High Yield Municipal Bond ETF | 0.88% | $25.12 | $60.91M | 2.4M |
| — | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025B1.00% floating · due 2057-07-01 | 0.78% | — | $54.31M | — |
| — | Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 7 Series 2022C-21.00% floating · due 2053-02-01 | 0.74% | — | $51.26M | — |
| — | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 3, Fixed Rate Series 2022A-14.87% floating · due 2053-01-01 | 0.74% | — | $51.15M | — |
| — | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green SIFMA Index Rate Series 2022A-14.14% floating · due 2053-05-01 | 0.73% | — | $50.61M | — |
| — | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lindenwood Education system, Series 2025A5.50% · due 2035-06-01 | 0.70% | — | $48.43M | — |
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 9.59% of net assets, top 25 17.35%, across 1.8K issuers.
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