Nuveen Short Duration High Yield Municipal Bond Fund

C000122985 Fund Overview

Nuveen Short Duration 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: $6.93B
• 1-year return: 8.9%
• SEC CIK: 0001020660
• SEC series ID: S000039680
• Share class ID: C000122985

C000122985 Investment Objective and Strategy

Nuveen Short Duration 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. Under normal market conditions, the Fund will generally maintain an investment portfolio with a weighted average effective duration of less than 4.5 years.

The Fund invests significantly in lower-quality 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. The Fund generally 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, although it may invest less than this amount during abnormal market conditions or periods of large cash inflows or outflows. 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 15% 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, to manage the effective maturity or duration of securities in the Funds portfolio or for speculative purposes in an effort to increase the Funds yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions.

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.

C000122985 Holdings

Top 10 holdings of Nuveen Short Duration High Yield Municipal Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000122985 holdings

C000122985 Portfolio Allocation

Asset-class allocation of Nuveen Short Duration High Yield Municipal Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000122985 Performance

Total returns for C000122985 (as of 2026-10-01), from SEC filings.

C000122985 Risk Information

Risk metrics for C000122985, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 3.9%

C000122985 Costs and Fees

C000122985 costs about $136 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.36%
• Gross expense ratio: 1.36%
• Portfolio turnover: 30%
• Brokerage commissions: 0.13 bps of average net assets (SEC N-CEN)

C000122985 Cashflows

Over the 12 months to 2026-06, Nuveen Short Duration High Yield Municipal Bond Fund had net inflows of $1.26B, from monthly SEC N-PORT filings.

C000122985 Debt Constituents

Largest debt holdings of Nuveen Short Duration High Yield Municipal Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000122985 Prospectus and SEC Filings

Official Nuveen Short Duration 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:

• iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD)
• Vanguard High-Yield Tax-Exempt Fund (VWAHX)
• PIMCO Investment Grade Credit Bond Fund (PIGIX)
• Nuveen High Yield Municipal Bond Fund (NHMAX)
• Income Fund (CMPIX)

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.