Nuveen High Yield Municipal Bond Fund
Data updated: 2026-08-27
C000001514 — Nuveen High Yield Municipal Bond Fund. Long Corporate Bond · $12.84B AUM · 1.74% expense ratio. Holdings, fees, performance and SEC filings.
C000001514 Fund Overview
Nuveen High Yield Municipal Bond Fund is a US mutual fund managed by Nuveen Municipal Trust/ma, categorised as Long Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Nuveen Municipal Trust/ma
- Category: Long Corporate Bond
- Assets under management: $12.84B
- 1-year return: 15.0%
- SEC CIK: 0001020660
- SEC series ID: S000000289
- Share class ID: C000001514
C000001514 Investment Objective and Strategy
Nuveen High Yield Municipal Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Nuveen Municipal Trust/ma.
Investment objective
The investment objective of the Fund is to provide high current income exempt from regular federal income taxes.
Principal investment strategy
Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. These municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years.
The Fund invests significantly in lower-quality long-term municipal bonds and may employ effective leverage through investments in inverse floaters. These investment strategies should be considered high risk relative to strategies employed by investment grade municipal bond funds. Under normal market conditions, the Fund invests at least 65% of its net assets in low- to medium-quality bonds rated BBB/Baa or lower at the time of purchase by at least one independent rating agency or, if unrated, judged by the Funds sub-adviser to be of comparable quality. Below investment grade municipal bonds (those rated BB/Ba or lower) are commonly referred to as high yield or junk bonds. The Fund may invest up to 10% of its net assets in defaulted municipal bonds (i.e., bonds on which the issuer has not paid principal or interest on time).
The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (inverse floaters). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Funds investments in inverse floaters are designed to increase the Funds income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.
The Fund may invest in inverse floaters that create effective leverage of up to 30% of the Funds total investment exposure. The Fund will only invest in inverse floating rate securities whose underlying bonds are rated A or higher. The Fund may utilize the following derivatives: futures contracts; options on futures contracts; swap agreements, including interest rate swaps, total return swaps and credit default swaps, and options on swap agreements. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Funds portfolio. The Funds sub-adviser uses a research-intensive investment process to identify high-yielding municipal bonds that offer attractive value in terms of their current yields, prices, credit quality, liquidity and future prospects.
The sub-adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds.
C000001514 Holdings
Top 10 holdings of Nuveen High Yield Municipal Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| State Street Bank And Trust Company | 3.15% |
| Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 1.41% |
| New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M Un | 1.08% |
| Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A | 1.02% |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.83% |
| New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 3 Series 2014 | 0.70% |
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2 | 0.69% |
| Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A | 0.69% |
| San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D | 0.68% |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.66% |
C000001514 Portfolio Allocation
Asset-class allocation of Nuveen High Yield Municipal Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 125.9% |
| Cash & Equivalents | 3.2% |
| Equity | 0.1% |
C000001514 Performance
Total returns for C000001514 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 15.0% |
C000001514 Risk Information
Risk metrics for C000001514, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 7.7%
C000001514 Costs and Fees
C000001514 costs about $174 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.74%
- Gross expense ratio: 1.74%
- Portfolio turnover: 15%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000001514 Cashflows
Over the 12 months to 2026-06, Nuveen High Yield Municipal Bond Fund had net outflows of $825.62M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $81.26M |
| 2026-05 | $41.99M |
| 2026-04 | −$26.23M |
| 2026-03 | −$89.83M |
| 2026-02 | $100.44M |
| 2026-01 | $179.62M |
C000001514 Debt Constituents
Largest debt holdings of Nuveen High Yield Municipal Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 1.41% |
| New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M Un | 1.08% |
| Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A | 1.02% |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.83% |
| New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 3 Series 2014 | 0.70% |
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2 | 0.69% |
| Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A | 0.69% |
| San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D | 0.68% |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.66% |
| Public Finance Authority, Wisconsin, Toll Revenue Bonds, Georgia SR 400 Express Lanes Project, Senior Lien Series 2025 | 0.65% |
C000001514 Prospectus and SEC Filings
Official Nuveen High Yield Municipal Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-07-29
- Prospectus (485BPOS) — filed 2025-07-29
- Prospectus (485BPOS) — filed 2024-07-29
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-06-12
- Annual census (N-CEN) — filed 2025-06-13
Related Funds
Other Long Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.