Nuveen High Yield Municipal Bond Fund
NHCCX
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- Nuveen High Yield Municipal Bond Fund (NHCCX) is a mutual fund that primarily invests at least 80% of its net assets in non-investment-grade and unrated municipal bonds with a weighted average maturity exceeding 10 years; lower-quality long-term municipal securities issued by U.S. states, territories, possessions, and their subdivisions; and up to 15% in inverse floaters whose interest payments vary inversely with short-term tax-exempt rates. The fund targets inefficiencies in the municipal bond market to deliver high levels of tax-exempt income, with secondary capital appreciation objectives, employing leverage through tender option bond transactions and supported by a large credit analyst team. Its portfolio spans sectors including miscellaneous revenue, education, transportation, health, and industrial; features top holdings such as Puerto Rico Sales Tax Financing Corporation bonds and Florida Development Finance Corporation revenue notes; and maintains a high-yield muni focus with approximately 89% in municipal tax-exempt securities, 83% U.S. bonds, and cash equivalents. Managed by Nuveen, the investment manager of TIAA and headquartered in Chicago, Illinois, the fund traces its origins to 1999 and operates within the United States, serving investors seeking federally tax-exempt income from high yield municipal bonds. In recent developments, effective May 9, 2025, Steven Hlavin joined portfolio managers Daniel Close and Stephen Candido, enhancing the management team without altering the investment strategy. Nuveen has expanded its high yield municipal offerings, launching the High Income Municipal SMA strategy in April 2025 with at least 40% in investment-grade bonds and up to 60% in high-income bonds; two active municipal bond ETFs (NHYM and NUMI) in January 2025; and growing its ETF suite to 25 funds with $10.2 billion in assets under management. These initiatives reflect Nuveen's strategic push into separately managed accounts, ETFs, and interval funds across its nearly $200 billion municipals platform.