Mutual Funds


Nuveen High Yield Municipal Bond Fund

Fund Description

A high yield strategy that invests primarily in non-investment-grade and unrated municipal bonds that under normal market conditions, will maintain a weighted average maturity in excess of ten years and seeks to provide high current income exempt from regular federal income taxes. 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. 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.

Key Features

  • Rigorous Credit Research: Large, experienced team of credit analysts is dedicated to identifying attractively valued investment opportunities that the general public may have overlooked
  • Institutional Trade Execution: Size and established relationships gives access to multiple inventories and the ability to find bonds in appropriate sizes at attractive prices
  • Economic Trend Analysis: Portfolio managers and investment professionals regularly assess the interest rate environment, credit cycle conditions, and other municipal bond market trends

Who Should Invest

Investors Seeking:
  • Monthly, tax-free income* from a long-term, high-yield portfolio
  • Attractive after-tax returns
  • To increase income potential and are willing to accept a greater degree of credit risk
  • To diversify with fixed income

Fund Basics - A Shares

Fund SymbolNHMAX
Fund Cusip67065Q749
Inception Date6/07/1999
Latest NAV as of 7/28/2015$16.93
Latest Monthly Dividend (7/01/2015)$0.0770

Morningstar Ratings: A Shares

As of date: 6/30/2015 Category: High Yield Muni

 Number of FundsRatingsLoad Waived Ratings
3 year159
5 year149
10 year95

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

22 years investment experience
Managed fund since 2000

Average Annual Total Returns: A Shares

as of date: 6/30/2015

Sales Charge
Sales Charge
YTD - 07/28/2015 -3.15%1.11%
1 Month -4.52%-0.31%
3 Month -5.26%-1.10%
6 Month -3.78%0.46%
1 Year 1.64%6.11%
3 Year 5.42%6.93%
5 Year 7.46%8.39%
10 Year 3.11%3.55%
Since Inception 4.91%5.19%

Expense Ratios: A Shares

Updated annually

Net Expense Ratio0.85%
Gross Expense Ratio0.85%
2015 Lipper Fund Awards John Miller High Yield Municipal Update: Land-Secured Bonds

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, 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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