Fund Evaluator:
Nuveen Minnesota Municipal Bond A (FJMNX)
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Best Performing in Muni Minnesota Over the Last Year
| 8.5% | Sit MN Tax-Free Income (SMTFX) |
| 6.7% | Columbia Minnesota Tax-Exempt Inst (CMNZX) |
| 4.3% | Fidelity Minnesota Municipal Income (FIMIX) |
Fund Details
Nuveen Minnesota Municipal Bond A Overview
Nuveen Minnesota Municipal Bond A (FJMNX) is an actively managed Municipal Bond Muni Minnesota fund. Nuveen launched the fund in 1988.
The investment seeks to provide maximum current income that is exempt from both federal income tax and Minnesota state income tax to the extent consistent with prudent investment risk. Under normal market conditions, the fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal and Minnesota personal income tax.
About Nuveen Minnesota Municipal Bond A (FJMNX)
There are 2 members of the management team with an average tenure of 2.80 years: Stephen Candido (2023), Michael Hamilton (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Municipal Bond TR index with a weighting of 100% and S&P Municipal Bond Minnesota TR index with a weighting of 100%. Nuveen Minnesota Municipal Bond A has 411 securities in its portfolio. The top 10 holdings constitute 15.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Nuveen Minnesota Municipal Bond A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Nuveen Minnesota Municipal Bond A has 1.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.2% (97.6% domestic bond, 1.6% foreign bond and 0.0% convertible bond). Nuveen Minnesota Municipal Bond A has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $260 million in total assets, which is above the $148 million average for the Muni Minnesota category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FJMNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nuveen Minnesota Municipal Bond A expense ratio is above average compared to funds in the Muni Minnesota category. Nuveen Minnesota Municipal Bond A has an expense ratio of 0.77%, which is 9% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nuveen Minnesota Municipal Bond A has a portfolio turnover rate of 8%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 19% for the Muni Minnesota category.
Recently, in the month of July 2026, Nuveen Minnesota Municipal Bond A returned -1.8%, which earned it a grade of B, as the Muni Minnesota category had an average return of -2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Nuveen Minnesota Municipal Bond A has a trailing yield of 3.47%, which is above the 3.20% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Nuveen Minnesota Municipal Bond A Grades
Year to date, the fund has returned 0.7%, 0.5 percentage points better than the category, which translates into a grade of B. The fund has returned 5.9% over the past year (grade of C), 3.1% over the past three years (grade of B) and 0.2% per year over the past five years (grade of C) and 1.6% per year over the past 10 years (grade of B).
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FJMNX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FJMNX Return (NAV) | -1.8% | -0.5% | 5.9% | 3.1% | 0.2% | 1.6% |
| FJMNX Grade | B | B | C | B | C | B |
| +/- Category | 0.3% | 0.3% | 0.1% | 0.1% | 0.1% | 0.2% |
| Muni Minnesota Avg | -2.1% | -0.8% | 5.8% | 3.0% | 0.1% | 1.4% |
| FJMNX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FJMNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FJMNX Return (NAV) | 0.7% | 3.4% | 2.6% | 5.4% | -9.9% | 1.5% | 4.0% | 7.6% | 0.3% | 6.4% | -0.3% |
| FJMNX Grade | B | D | B | B | C | B | C | B | D | A | D |
| +/- Category | 0.5% | -0.3% | 0.3% | 0.6% | -0.5% | 0.3% | 0.0% | 0.9% | -0.1% | 1.7% | -0.2% |
| Muni Minnesota Avg | 0.2% | 3.7% | 2.2% | 4.8% | -9.3% | 1.3% | 4.0% | 6.7% | 0.4% | 4.7% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 5.9% |
| Total Risk Index: | 0.48 - Below Average |
| Category Risk Index: | 0.96 - Below Average |
| Category Risk Grade: | B (33% Rank) |
| Beta: | 1.01 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $764 Mil |
| Fund Total Assets: | $ 261 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 8% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Candido Stephen (2023), Hamilton Michael (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 411 |
| % in Top 10 Holdings: | 15.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.6% |
| Foreign Bond: | 1.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | Nuveen |
| Phone Number: | 800-257-8787 |
| Website: | www.nuveen.com |
| Status: | Open |
| Inception Date: | July 11, 1988 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | No |
| Front Load Maximum: | 4.20% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.20% |
Expenses and Fees | |
| Expense Ratio (%): | 0.77% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.85% |
| Share Class: | Nuveen Minnesota Municipal Bond A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
