A Strong Muni Fund for Long-Haul Tax-Conscious Investors

Brian Moriarty: Long-term muni bonds are not for everybody, but if you are in the market then Nuveen All-American Municipal Bond fund is a strong choice.

The fund has a duration of over eight years, which means it is very exposed to changes in interest rates and will likely lose money if rates rise sharply. But for tax-conscious investors with a long-term holding period, the fund should outperform. As of July 31, the fund's trailing 10-year return of 5.6% annualized beat out more than 90% of peers.

Nuveen's municipal funds are managed through a combination of top-down and bottom-up approaches, and this has been very beneficial for shareholders over time. The analyst team is also extremely deep--one of the deepest in the category--with over 25 analysts that average nearly 20 years of experience.

Fees are also competitive across most share classes, which adds to this fund's appeal.