Mutual Funds

MF

Nuveen California High Yield Municipal Bond Fund


Fund Description

The Fund invests primarily in municipal bonds that pay interest exempt from regular federal and California personal income tax.* The portfolio seeks to identify "below investment grade" or "medium to lower rated", high-yielding municipal bonds that offer attractive value in terms of current yields, prices, credit quality, liquidity and future prospects. The Fund opportunistically employs leverage through the use of inverse floating rate securities issued in tender option bond transactions to try to enhance yield and duration.

Who Should Invest

Investors Seeking:
  • Monthly, tax-free income* from a high-yield state municipal fund that pays distributions exempt from regular federal and California personal income tax
  • Attractive after-tax returns
  • To increase income potential and are willing to accept a greater degree of credit risk

Fund Basics - A Shares

Fund SymbolNCHAX
Fund Cusip67065N589
Inception Date3/28/2006
Latest NAV as of 11/21/2014$9.43
Latest Monthly Dividend (11/01/2014)$0.0350

Morningstar Ratings: A Shares

As of date: 10/31/2014 Category: Muni California Long

 Number of FundsRatingsLoad Waived Ratings
Overall137
3 year137
5 year132

Morningstar ratings may vary among share classes and are based on historical risk-adjusted total returns, which are not indicative of future results. The fund may have experienced negative returns over the time periods rated.

View Nuveen's 4-and 5-Star Funds

Portfolio Manager


John Miller, CFA

John Miller, CFA
Co-Head of Fixed Income

21 years investment experience
Managed fund since 2006
More

Average Annual Total Returns: A Shares

as of date: 10/31/2014

 With
Sales Charge
Without
Sales Charge
YTD - 11/21/2014 14.06%19.03%
1 Month -2.71%1.55%
3 Month -0.04%4.32%
6 Month 3.60%8.11%
1 Year 14.40%19.35%
3 Year 9.78%11.36%
5 Year 9.17%10.11%
Since Inception 4.45%4.97%

Expense Ratios: A Shares

Updated annually

Net Expense Ratio0.87%
Gross Expense Ratio0.87%
Lipper Awards 2014

A Word On Risk

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due.

The Fund concentrates in non-investment-grade and unrated bonds with long maturities and durations which carry heightened credit risk, liquidity risk, and potential for default. In addition, the Fund oftentimes engages in a significant amount of portfolio leverage and in doing so, assumes a high level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund's exposure to volatility, interest rate risk and credit risk.

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