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Municipal bond investing hero

Municipal bond investing

Leading the way in municipal bonds

As a leader in municipal bond investing, we offer market perspectives that can help clients earn tax-exempt income while building critical American infrastructure through their investments. Stay updated with the latest credit research insights.

Featured insights

Municipal Bonds Convergence creates opportunity: Multiple dynamics align for municipal outperformance
Multiple tailwinds are converging to create what we believe will be a favorable environment for muni bonds.
Municipal Bonds Shopping spree: Consumer spending powers municipal infrastructure
Sales taxes are a crucial revenue source for state and local governments, funding education, healthcare, public safety and infrastructure.
Municipal Bonds The municipal bond rally has room to run
High yields, valuations and credit fundamentals are driving investor recognition that municipals have turned the corner.




Additional insights and resources

Explore municipal funds


See fund performance and calculate taxable equivalent yield (TEY). View funds below.

NUVBX
Invests primarily in investment-grade intermediate-term municipal bonds, seeking to provide investors with as high a level of tax-exempt income as possible while also preserving capital [Calculate TEY]

NHMRX
Focuses on providing investors with a high level of income by investing in non-investment-grade and unrated municipal bonds [Calculate TEY]


Municipal funds


Filters

Performance data shown represents past performance and does not predict or guarantee future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges were included. Returns assume reinvestment of dividends and capital gains. Class I shares have no sales charge and may be purchased by specified classes of investors. For performance current to the most recent month-end, call 800.752.8700.

To view standardized and/or most recent month-end performance, click the fund's ticker symbol.

Overview

An interval fund is a continuously offered closed-end fund that provides periodic liquidity through share repurchases (typically monthly, quarterly, semi-annually or annually). Investors can access less liquid investment strategies in a registered product and enter or exit their investment at net asset value (NAV). An interval fund shares characteristics of an open-end fund, closed-end fund and private fund, for investors with a higher tolerance for risk and illiquidity preference.
Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges were included. Returns assume reinvestment of dividends and capital gains. Class I shares have no sales charge and may be purchased by specified classes of investors.
 

Why Nuveen for tax-exempt income?

125+
years of experience
24
credit research analysts
Top 5
third-party manager of assets in municipal separately managed accounts
Top 5
largest municipal fund manager

Awards

Nuveen Award

Nuveen receives Smith's All Star Municipal Analysts Award

 


Nuveen traces its history to 1898 when the company began underwriting municipal bonds, and TIAA was founded in 1918.

Total credit research analysts Source Nuveen as of 30 Sep 2025.

Top 5 third-party manager of assets in municipal separately managed accounts based on Cerulli Associates, The Cerulli Report, U.S. Managed Accounts 2025. Data as of 31 Dec 2024, updated annually; most recent data available. Based on total assets; includes proprietary assets; does not include model separate accounts.

Top 5 largest municipal fund manager based on data from Nuveen, Morningstar Direct as of 30 Sep 2025. Based on total net assets of U.S. open end funds for the Nuveen Family of Funds, excluding exchange traded funds, money market funds and fund of funds. Based on a review of 631 fund families and 100 fund families with municipal bond assets.

Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please request a prospectus or summary prospectus from your financial professional or Nuveen at 800.257.8787 or visit nuveen.com

Important information on risk

Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved.


Investing in fixed income investments involves risks such as market risk, credit risk, interest rate/duration risk, call risk, tax risk, political risk, economic risk, and income risk. Typically the value of, and income generated by, fixed income investments will decrease or increase based on changes in market interest rates. As interest rates rise, bond prices fall and as interest rates fall, bond prices rise. Income is only one component of performance and investors should consider all of the risk factors for an asset class before investing. Credit risk refers to an issuers ability to make interest and principal payments when due.

Municipal Bond Income is generally exempt from regular federal income tax and may be subject to state and local taxes, based on the investor’s state of residence, as well as to the federal alternative minimum tax (AMT). Capital gains, if any, are subject to tax. Income from municipal bonds could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Please contact a tax advisor regarding the suitability of tax-exempt investments as this information should not replace a client's consultation with a financial/tax professional regarding their tax situation. Nuveen and its investment specialists do not provide tax advice.

There are special risks associated with investments in high yield bonds. Lower rated and/or non-rated bonds commonly referred to as "high yield" or "junk" bonds are considered to be speculative, with heightened credit, liquidity, and investment risk. Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which can fluctuate. No representation is made as to an insurer's ability to meet their commitments.

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