NBB - Nuveen Taxable Municipal Income Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes. One other large investor owns more than 5% of this fund and has said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 2, 2026

   The fund said it may sell new shares.

   Original document →

2. Aug 12, 2026

   Morgan Stanley raised its stake to 8% (from 6.6%), as a passive investor.

   Original document →

3. April 29, 2026

   The fund said it may sell new shares.

   Original document →

4. Aug 7, 2025

   Morgan Stanley raised its stake to 6.6% (from 5.6%), as a passive investor.

   Original document →

5. Nov 8, 2024

   Morgan Stanley now owns 5.6%, as a passive investor.

   Original document →

About this fund

• Run by Nuveen Fund Advisors, LLC. Part of the Nuveen fund family. As of March 31, 2026, from the fund's yearly report. Original document →
• Size: about $475 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 5% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -19.7%; at +10%, about +13.7%. As of March 31, 2026, from the fund's annual report. Original document →
• Costs: 0.6% a year in management fees; 3.2% a year in total, including interest on borrowed money. Fiscal year ended March 31, 2026. As of March 31, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 35 charge a lower management fee and 48 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $42 in the first year and about $360 over 10 years, assuming the holdings return 5% a year. As of March 31, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended March 31, 2026) the fund paid $1.16 a share. $1.00 of that was income; $0.16 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of March 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (March 31, 2026): $16.26. The shares traded at $15.66, about 3.7% below that. As of March 31, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 9.9% below to 1.2% below. As of March 31, 2026, from the fund's annual report. Original document →
• How the holdings did: up 1.1% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2010.

How this has changed

• Payouts per share: $1.16 in the fiscal year ended March 31, 2026; $1.11 in the year ended March 31, 2025; $1.32 in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.16 in the year ended March 31, 2026; $0.23 in the year ended March 31, 2025; $0.03 in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.24% a year in the fiscal year ended March 31, 2026; 3.65% a year in the year ended March 31, 2025; 3.63% a year in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $478 million at March 31, 2026; $484 million at March 31, 2025; $494 million at March 31, 2024. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →, March 31, 2024 →.
• Borrowing: about 8% on top of its own money at March 31, 2026; 8% at March 31, 2025; 8% at March 31, 2024. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →, March 31, 2024 →.
• The fund had about 29.4 million shares at March 31, 2026, about the same as at March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended March 31, 2026: the shares returned +5.1%, counting payouts; the holdings +5.9%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of March 31, 2026, from the fund's annual report. Original document →
• The year ended March 31, 2025: the shares returned +12.1%, counting payouts; the holdings +4.8%. As of March 31, 2025, from the fund's annual report. Original document →
• The year ended March 31, 2024: the shares returned +3.5%, counting payouts; the holdings +6.7%. As of March 31, 2024, from the fund's annual report. Original document →
• The year ended March 31, 2023: the shares returned -13.7%, counting payouts; the holdings -9%. As of March 31, 2023, from the fund's annual report. Original document →
• The year ended March 31, 2022: the shares returned -6.3%, counting payouts; the holdings -4.3%. As of March 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned -1.4%. $10,000 of shares bought at the start (April 1, 2021) would have become about $9,860 by March 31, 2026, with every payout counted, before tax. As of March 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +7%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 58 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 42 reported a higher share return for that year and 15 a lower one. As of March 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Almost all tax-free municipal bonds (99%). All of it issued in the U.S.

1. Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Build America Taxable Bond - 5.9%
2. Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Federally Taxable - Direct Payment - Build America Bonds - 5.3%
3. Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Refunding Taxable Build America Bonds - 4.4%
4. Dallas Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Build America Taxable Bonds - 3.7%
5. Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior L - 3.6%
6. Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Mulitple Capital Projects I, Build America Taxable Bond - 2.8%
7. Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Taxable - 2.8%
8. Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build America Bonds - 2.7%
9. Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Taxable - 2.7%
10. Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Federally Taxable Issuer Subsidy Build America Bonds - 2.6%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →