Nuveen Short Duration High Yield Municipal Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Nuveen Short Duration High Yield Municipal Bond Fund held 2,843 positions with $6.93B in net assets. Its ten largest holdings made up 9.6% of the fund. The NVHAX share class costs 0.95% a year. Over the 12 months to May 2026, NVHAX returned 4.9%, with dividends reinvested. In 2026 Q2 it added 179 new positions and exited 122.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
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 2014 5.00% · due 2044-11-15 | 1.13% | $78.20M | — | — |
Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2025A 5.25% floating · due 2056-05-01 | 1.07% | $74.52M | — | — |
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B 5.00% · due 2046-06-01 | 1.03% | $71.40M | — | — |
Nuveen High Yield Municipal Bond ETF | 0.88% | $60.91M | 2.4M | $25.12 |
Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025B 1.00% floating · due 2057-07-01 | 0.78% | $54.31M | — | — |
Black Belt Energy Gas District, Alabama, Gas PrePay Revenue Bonds, Project 7 Series 2022C-2 1.00% floating · due 2053-02-01 | 0.74% | $51.26M | — | — |
Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 3, Fixed Rate Series 2022A-1 4.87% 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-1 4.14% floating · due 2053-05-01 | 0.73% | $50.61M | — | — |
Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lindenwood Education system, Series 2025A 5.50% · 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.
The 200 largest of 2,843 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 | 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.
How it has done
NVHAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.84%. 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 |
|---|---|---|---|---|---|
| 0.95% | +4.90% | +14.05% | +10.22% | -3.27% | |
| 0.75% | +5.09% | +14.67% | +11.31% | -3.22% | |
| 1.75% | +4.03% | +11.39% | +6.03% | -3.47% |
These classes hold the same portfolio, so the 5.28pp spread over 5 years is the cost difference between them — roughly 1.06pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.75% – 1.75%· NVHAX 0.95%
- Portfolio turnover
- 39.00% 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.
179 new· the largest 7
122 exited· the largest 7
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.
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