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Municipal bond investing

Leading the way in municipal bonds

In an evolving municipal bond market, understanding market dynamics can help inform portfolio decisions for the future. As a leader in municipal bond investing, we provide market perspectives for our clients who rely on us to meet their needs for tax-exempt income. Stay updated with the latest credit research insights.

Latest insights
Weekly Fixed Income Commentary Treasury yields fall on softer U.S. inflation data
U.S. Treasury yields fell across the curve after softer-than-expected inflation data.
Municipal Bonds Municipal bonds: Are attractive valuations creating an entry point?
The municipal bond market experienced negative third quarter returns in sympathy with U.S. Treasuries.
Municipal Bonds U.S. mass transit is still recovering from Covid
Mass transit systems have struggled to come back from pandemic lows, but investors are largely protected against operating risks because bonds issued by most systems are backed by a broader source of dedicated taxes.

Additional insights and resources

Municipal funds


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. All other figures represent average annual total returns. Fund performance figures assume the reinvestment of dividends and capital gains distributions; the figures are pre-tax and net of expenses. Returns without sales charges would be lower if the sales charges were included. Class I shares have no sales charge and may be purchased by specified classes of investors.

To view standardized and/or monthly performance, click each fund's ticker symbol.

Explore municipal funds

A portfolio of investment-grade and higher-yielding municipal bonds designed for tax-exempt income with preservation of capital

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

Seeking total return and tax-exempt income by capitalizing on opportunities as municipal markets change

Tax-exempt income model card
Tax-exempt income models: allocation updates now available


Why Nuveen for tax-exempt income?

years of experience1
credit research analysts2
market share in municipal separately managed accounts3
largest municipal fund manager4

All investments carry a certain degree of risk, including the loss of principal. Investment objectives may not be met.

1 Nuveen traces its history back to 1898. Nuveen's asset management business was established in 1989.

2 As of 30 Jun 2023.

3 Cerulli Associates, The Cerulli Report, U.S. Managed Accounts 2022. Data as of 31 Dec 2021, updated annually; most recent data available. Based on total assets; includes proprietary assets; does not include model separate accounts.

4 Nuveen, Morningstar Direct as of 30 Jun 2023. Based on total net assets of U.S. open end funds for the Nuveen Family of Funds and the TIAA CREF 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.

Important information on risk

Past performance is no guarantee of future results. Investing in municipal bonds involves risks such as interest rate risk, credit risk and market risk, including the possible loss of the entire principal amount that you invest, and there is no assurance that an investment will provide positive performance over any period of time. The value of the portfolio will fluctuate based on the value of the underlying securities. There are special risks associated investments in high yield bonds, hedging activities and the potential use of leverage. Portfolios that include lower rated municipal bond commonly referred to as "high yield" or "junk" bonds, which are considered to be speculative, the credit and investment risk is heightened for the portfolio. Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. No representation is made as to an insurer's ability to meet their commitments. Certain products and services may not be available to all entities or persons. There is no guarantee that a Fund's investment objectives will be achieved.

This information should not replace an investors consultation with a financial professional regarding their tax situation. Nuveen is not a tax advisor. Investors should contact a tax professional regarding the appropriateness of tax-exempt investments in their portfolio. If sold prior to maturity, municipal securities are subject to gain/losses based on the level of interest rates, market conditions and the credit quality of the issuer. Income may be subject to the alternative minimum tax (AMT) and/or state and local taxes, based on the state of residence. Income from municipal bonds held by a portfolio 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. It is important to review your investment objectives, risk tolerance and liquidity needs before choosing an investment style or manager.

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