Investment Strategy
| The Fund invests primarily in municipal bonds that pay interest exempt from regular federal and California personal income tax.* The portfolio seeks to identify medium to low quality, high-yielding municipal bonds that offer attractive value in terms of current yields, prices, credit quality, liquidity and future prospects. |
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Who should invest
| The fund may be appropriate for you if you are seeking: | - Regular monthly dividends
- Reduced Federal and California personal income taxes
- Opportunities for attractive total return
- Portfolio management by John Miller, manager of the Nuveen High Yield Municipal Bond Fund
- Fund management by Nuveen Investments, one of the country's most experienced municipal bond investment firms
| | You may not want to invest in this fund if you are: | - Unwilling to accept the greater degree of risk that comes from investing in lower-quality securities
- Expecting long-term interest rates to rise substantially
- Seeking to avoid share price fluctuations
- Investing through an IRA or 401(k) plan
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A Word On Risk
| Investing in municipal bonds involves interest rate risk, the risk that interest rates will rise, causing bond prices to fall; and credit risk, the risk that an issuer will be unable to make interest and principal payments. Because the Fund invests in lower rated municipal bonds, commonly referred to as high yield, high risk or junk bonds, which are considered to be speculative, the credit risk is heightened for the Fund. Because the fund primarily purchases municipal bonds from California, the fund bears investment risk from economic, political or regulatory changes that could adversely affect municipal bond issuers in California and therefore the value of the fund's investment portfolio. As with any mutual fund, loss of principal is a risk of investing. |
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Fund Basics: Shares
Select Share Class:
A | C | I
| Fund Symbol | NCHAX |
| Fund Cusip | 67065N589 |
| Inception Date | 3/29/2006 |
| Latest NAV as of 9/02/2010 | $8.36 |
| Latest Monthly Dividend (9/01/2010) | $0.0405 |
| Fund Symbol | |
| Fund Cusip | |
| Inception Date | |
| Latest NAV as of | |
| Fund Symbol | NCHCX |
| Fund Cusip | 67065N563 |
| Inception Date | 3/29/2006 |
| Latest NAV as of 9/02/2010 | $8.36 |
| Latest Monthly Dividend (9/01/2010) | $0.0370 |
| Fund Symbol | |
| Fund Cusip | |
| Inception Date | |
| Latest NAV as of | |
| Fund Symbol | NCHRX |
| Fund Cusip | 67065N555 |
| Inception Date | 3/29/2006 |
| Latest NAV as of 9/02/2010 | $8.36 |
| Latest Monthly Dividend (9/01/2010) | $0.0420 |
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Portfolio Manager(s)
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 | John Miller, CFA - John joined Nuveen Investments as a credit analyst in 1996, with three prior years of experience in the municipal market with a private account management firm. He has been responsible for analysis of high yield credits and Miller has managed the Nuveen High Yield Municipal Bond Fund since 2000. He has a BA in Economics and Political Science from Duke University, and an MA in Economics from Northwestern University and an MBA with honors in Finance from the University of Chicago. He has earned the Chartered Financial Analyst designation. |
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| *Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. |
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