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Fund highlights
  • Monthly tax-exempt income: The Fund seeks to provide a high level of regular income and attractive total return, to help investors meet goals for income and tax efficiency.
  • Enhanced yield potential: The team searches for higher-yielding and undervalued municipal bonds that may offer enhanced yield and total return, with flexibility to invest in less liquid securities based on the fund's structure.
  • Tap into experience: One of the industry's largest credit research teams uncovers opportunities that others may overlook.

Fund description

The Fund focuses primarily on non-investment grade municipal bonds, as well as special situations municipal securities.* The investment team targets municipal bond market inefficiencies to capitalize on opportunities, seeking to provide investors with a high level of tax-exempt income and attractive total return.

* Special situations include stressed, distressed and defaulted securities.

Fund basics

Capital structure

Leverage

*The ratio of total assets of the Fund, less all liabilities that are not outstanding borrowings or outstanding preferreds, at par, to the sum of the Fund’s outstanding borrowings and outstanding preferreds, at par.

**The annualized ratio of the sum of leverage costs to the average leverage amount for a given time period.

Annual expense ratios

As of: 30 June 2021

Class I Common shares Total fund
Management fees 1.33 1.00
Other expenses 0.30 0.23
Subtotal 1.63 1.22
Leverage financing expense 0.25 0.19
Total 1.88 1.41
Class A Common shares Total fund
Management fees 1.33 1.00
Other expenses 0.30 0.23
Distribution and service (12b-1) fees 0.75 0.56
Subtotal 2.38 1.79
Leverage financing expense 0.25 0.19
Total 2.63 1.97

Fund fees and expenses are presented as a percentage of both common shareholder capital and total fund investment capital. The first column portrays the costs directly and indirectly borne by common shareholders. The second column portrays the costs borne by the Fund on its total investment capital, which includes common assets as well as assets attributable to the Fund's issuance of senior securities (e.g. preferred shares and debt). This column enables a common shareholder to better understand how fund expenses impact portfolio investment returns. Interest expenses from leverage represent costs associated with the Fund's financing activities, which are distinct from the costs associated with the Fund's underlying core operations. Certain leveraging instruments including repurchase agreements (repos) are sometimes more efficient forms of leverage, but when used, the costs are difficult to accurately disaggregate and are not shown here.

For Class A Common Shares, the Fund has adopted a Distribution and Servicing Plan. The Distribution and Servicing Plan permits the Fund to compensate the Distributor for using reasonable efforts to secure purchasers of the Fund's Common Shares, including by providing continuing information and investment services and/or by making payments to certain authorized institutions in connection with the sale of Common Shares or servicing of shareholder accounts. The maximum annual rates at which the distribution and/or servicing fees may be paid under the Distribution and Servicing Plan (calculated as a percentage of the Fund's average daily net assets attributable to the Class A Common Shares) is 0.75%. Please refer to the prospectus for more information about fees and expenses.

Other Expenses and Total Expenses do not include interest expenses arising from the application of SFAS No. 140 to certain inverse floating rate securities (if any) held by the Fund. Interest expense arises because accounting rules require the Fund to treat interest paid by trusts issuing certain inverse floating rate instruments held by the Fund as having been paid (indirectly) by the Fund. Because the Fund also recognizes a corresponding amount of additional income earned (also indirectly), the Fund's net asset value per share, net investment income and total return have not been affected by this accounting treatment. See the Fund's Annual Report for information on the Fund's inverse floating rate investments and recognized interest expense.​

Expense ratios are calculated using the prior 12 months of expense data as of the previous month-end, except for new funds where the prospectus expense ratios are used for the first full three months following the Fund’s inception. After the initial three months, actual expenses, annualized, are used until a full 12 months of expenses have been recorded. Annualized leverage financing expense is included if the Fund was leveraged as of the previous month end.

Performance

  • Average cumulative returns
  • Calendar year returns

Average cumulative returns

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.

Pricing

Yields

Distributions

Distribution history

For additional details about the Fund’s ordinary income, see the Fund’s Section 19(a) Notice.

*Daily income: Dividend amount declared daily by the fund. Monthly income: Dividend amount is the sum of all daily dividends in a month. The funds regular monthly distributions may be subject to federal and/or state and local taxes and may be re-characterized as ordinary income. Any re-characterization will be reported in shareholders’ 1099-DIV forms after the end of the year. Ordinary income: Income amount may include both Short-Term Capital Gain and market discount. Market Discount is the excess of the stated redemption price of the bond at maturity over the basis of such bond immediately after its acquisition. Funds are required to recognize Short-Term Capital Gain and market discount as ordinary taxable income.

Characteristics

Fund characteristics

  • Maturity breakdown in years
  • Top states
  • Sector allocation
  • Credit quality

Credit quality - fallback

Ratings shown are the lowest rating given by one of the following national rating agencies: S&P, Moody's or Fitch. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable). Holdings designated Not Rated are not rated by these national rating agencies.

Exposures and breakdowns are asset-weighted using the current market value of bonds held in the portfolio, as well as the full amount and exposure of bonds held in a tender option bond (TOB) trust, even though the Fund owns only the residual inverse floater in its portfolio and managed assets. This may not be fully consistent with generally accepted accounting principles.

All characteristics as a percentage of the fund's total net assets. Holdings and ratings are subject to change. Totals may not add up to 100% due to rounding.

Top ten portfolio positions

The holdings are subject to change and may not be representative of the Fund’s current or future investments. The holdings listed includes the Fund’s long-term investments and excludes any temporary cash investments and equity index products. Top holdings by issuer (for other than fixed income securities) includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants. The holdings listed should not be considered a recommendation to buy, sell or hold a particular security.

Literature

  • Fund literature
  • Prospectuses & reports
Featured insights
Municipal Bonds Credit strength drives full muni bond recovery
After the reopening and reflation, investors are looking for a new theme.
Municipal Bonds Federal funding boosts credit resilience as recovery continues
Federal government fiscal support for state and local governments, as well as various credit sectors such as airports, senior living facitities and education, is providing a cushion as the economy continues its recovery.
Weekly Fixed Income Commentary COVID-19 concerns push Treasury yields lower
U.S. Treasury yields fell slightly last week as attention centered on the risks of another wave of COVID-19 infections.
Click here for risk considerations.

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.

Performance assumes the reinvestment of dividends and capital gains. Class A shares have a 2.50% maximum sales charge. Class I shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

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.

Distribution rate is the most recent dividend per share (annualized) divided by the respective price per share. The distribution rate also differs from the SEC 30-day yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

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.


The Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

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Distribution history

For additional details about the Fund’s ordinary income, see the Fund’s Section 19(a) Notice.

Distribution history

For additional details about the Fund’s ordinary income, see the Fund’s Section 19(a) Notice.

Breakpoint pricing history

*CDSC information: Sales charges of 0.00% are subject to a contingent deferred sales charge (CDSC). For Class A shares unless you are eligible for a waiver, you may be assessed a CDSC of 1% if you redeem any of your shares within 18 months of purchase. For Class C shares a CDSC of 1% on redemptions within 12 months of purchase. For Class R3 shares the annual distribution and service fee (12b-1) is 0.50%.

Please see the Mutual fund pricing guide for more complete information and important disclosures regarding this section.  Past performance does not guarantee future results. 

Maturity breakdown details

All portfolio positions

The holdings are subject to change and may not be representative of the Fund’s current or future investments. The holdings listed includes the Fund’s long-term investments and excludes any temporary cash investments and equity index products. Top holdings by issuer (for other than fixed income securities) includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants. The holdings listed should not be considered a recommendation to buy, sell or hold a particular security.