Nuveen California High Yield Municipal Bond Fund
Data updated: 2026-07-24
C000023363 — Nuveen California High Yield Municipal Bond Fund. Long Corporate Bond · $940.75M AUM. Holdings, fees, performance and SEC filings.
C000023363 Fund Overview
Nuveen California High Yield Municipal Bond Fund is a US mutual fund managed by Nuveen Multistate Trust II /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 Multistate Trust II /ma/
- Category: Long Corporate Bond
- Assets under management: $940.75M
- 1-year return: 12.0%
- SEC CIK: 0001018975
- SEC series ID: S000008513
- Share class ID: C000023363
C000023363 Investment Objective and Strategy
Nuveen California High Yield Municipal Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Nuveen Multistate Trust II /ma/.
Investment objective
The investment objective of the Fund is to provide high current income exempt from regular federal, California state and, in some cases, California local 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 and California personal income tax. Regular federal personal income tax is different from, and does not include, the federal alternative minimum tax. These municipal bonds include obligations issued by the State of California and its 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 and California personal income tax. The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from California personal income tax if, in the judgment of the Funds sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.
The Fund may invest without limit in securities that generate income subject to the alternative minimum tax on individuals, therefore, the Fund may not be suitable for investors subject to the federal alternative minimum tax on individuals. 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 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. These investment strategies should be considered high risk relative to strategies employed by investment grade municipal bond funds. The Fund may invest in inverse floaters that create effective leverage of up to 30% of the Funds total investment exposure. 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 utilize the following derivatives: futures contracts, swap contracts, options on futures contracts and options on swap contracts. 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 long-term 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. The Fund is primarily designed for investment by California taxpayers.
C000023363 Holdings
Top 10 holdings of Nuveen California 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 | 4.83% |
| San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2023C | 2.30% |
| San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2026A | 2.13% |
| California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023F | 2.03% |
| CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-2 | 1.87% |
| Santa Ana Unified School District, Orange County, California, General Obligation Bonds, 2018 Election Series 2022C | 1.83% |
| California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 1.78% |
| Central Valley Energy Authority, California, Commodity Supply Revenue Bonds, Series 2025 | 1.73% |
| California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023G | 1.68% |
| CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-1 | 1.67% |
C000023363 Portfolio Allocation
Asset-class allocation of Nuveen California High Yield Municipal Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 118.8% |
| Cash & Equivalents | 4.8% |
C000023363 Performance
Total returns for C000023363 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 12.0% |
C000023363 Risk Information
Risk metrics for C000023363, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.8%
C000023363 Costs and Fees
C000023363 costs about $176 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.76%
- Gross expense ratio: 1.76%
- Portfolio turnover: 16%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000023363 Cashflows
Over the 12 months to 2026-05, Nuveen California High Yield Municipal Bond Fund had net outflows of $18.62M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $21.17M |
| 2026-04 | $25.94M |
| 2026-03 | −$74.58M |
| 2026-02 | −$7.94M |
| 2026-01 | $5.28M |
| 2025-12 | −$19.91M |
C000023363 Debt Constituents
Largest debt holdings of Nuveen California High Yield Municipal Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2023C | 2.30% |
| San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2026A | 2.13% |
| California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023F | 2.03% |
| CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-2 | 1.87% |
| Santa Ana Unified School District, Orange County, California, General Obligation Bonds, 2018 Election Series 2022C | 1.83% |
| California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A | 1.78% |
| Central Valley Energy Authority, California, Commodity Supply Revenue Bonds, Series 2025 | 1.73% |
| California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023G | 1.68% |
| CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-1 | 1.67% |
| California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A | 1.54% |
C000023363 Prospectus and SEC Filings
Official Nuveen California High Yield Municipal Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-06-26
- Prospectus (485BPOS) — filed 2025-06-27
- Prospectus (485BPOS) — filed 2024-06-28
- Portfolio holdings (N-PORT) — filed 2026-07-24
- Portfolio holdings (N-PORT) — filed 2026-04-27
- Portfolio holdings (N-PORT) — filed 2026-01-28
- Annual census (N-CEN) — filed 2026-05-13
- Annual census (N-CEN) — filed 2025-05-13
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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.