Fund Evaluator:
Nuveen MD Municipal Bond A (NMDAX)
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Best Performing in Muni Single State Long Over the Last Year
| 6.9% | T. Rowe Price Virginia Municipal Bond (PRVAX) |
| 6.8% | T. Rowe Price Maryland Municipal Bond (MDXBX) |
| 6.4% | T. Rowe Price Georgia Municipal Bond (GTFBX) |
| 5.1% | Fidelity Michigan Municipal Income (FMHTX) |
| 4.9% | Fidelity Arizona Municipal Income (FSAZX) |
Fund Details
Nuveen MD Municipal Bond A Overview
Nuveen MD Municipal Bond A (NMDAX) is an actively managed Municipal Bond Muni Single State Long fund. Nuveen launched the fund in 1994.
The investment seeks as high a level of current interest income exempt from regular federal, Maryland State and, in some cases, Maryland local income taxes as is consistent with preservation of capital. Under normal market conditions, the fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the fund's sub-adviser to be of comparable quality. The fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as "high yield" or "junk" bonds.
About Nuveen MD Municipal Bond A (NMDAX)
There are 2 members of the management team with an average tenure of 6.49 years: Stephen Candido (2016), 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 Maryland TR index with a weighting of 100%. Nuveen MD Municipal Bond A has 203 securities in its portfolio. The top 10 holdings constitute 19.1% 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 MD Municipal Bond A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Nuveen MD Municipal Bond A has 6.9% 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 98.9% (92.0% domestic bond, 6.9% foreign bond and 0.0% convertible bond). Nuveen MD Municipal Bond A has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $90 million in total assets, which is below the $103 million average for the Muni Single State Long 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.
NMDAX 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 MD Municipal Bond A expense ratio is high compared to funds in the Muni Single State Long category. Nuveen MD Municipal Bond A has an expense ratio of 0.81%, which is 10% 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 MD Municipal Bond A has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 15% for the Muni Single State Long category.
Recently, in the month of July 2026, Nuveen MD Municipal Bond A returned -2.0%, which earned it a grade of D, as the Muni Single State Long category had an average return of -1.9%. 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 MD Municipal Bond A has a trailing yield of 3.59%, which is above the 3.24% 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 MD Municipal Bond A Grades
Year to date, the fund has returned 0.6%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 6.2% over the past year (grade of D), 3.2% over the past three years (grade of B) and 0.1% per year over the past five years (grade of C) and 1.7% per year over the past 10 years (grade of B).
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NMDAX 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 |
|
| NMDAX Return (NAV) | -2.0% | -0.5% | 6.2% | 3.2% | 0.1% | 1.7% |
| NMDAX Grade | D | D | D | B | C | B |
| +/- Category | -0.1% | -0.1% | -0.1% | 0.2% | 0.2% | 0.3% |
| Muni Single State Long Avg | -1.9% | -0.4% | 6.3% | 2.9% | -0.0% | 1.4% |
| NMDAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
NMDAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NMDAX Return (NAV) | 0.6% | 3.5% | 2.1% | 6.8% | -10.9% | 2.3% | 4.4% | 6.8% | 0.6% | 5.4% | 0.6% |
| NMDAX Grade | C | B | B | A | D | B | C | B | D | A | C |
| +/- Category | 0.0% | 0.4% | 0.2% | 0.8% | -0.4% | 0.5% | 0.1% | 0.3% | -0.2% | 1.6% | 0.2% |
| Muni Single State Long Avg | 0.6% | 3.1% | 1.9% | 6.0% | -10.5% | 1.8% | 4.3% | 6.5% | 0.8% | 3.8% | 0.4% |
| Risk Measures | |
| Standard Deviation: | 6.6% |
| Total Risk Index: | 0.54 - Below Average |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (69% Rank) |
| Beta: | 1.14 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $268 Mil |
| Fund Total Assets: | $ 90 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 23% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.2 years | |||
| Average Tenure: 6.5 years | |||
| Managers (Year): Candido Stephen (2016), Hamilton Michael (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 203 |
| % in Top 10 Holdings: | 19.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 92.0% |
| Foreign Bond: | 6.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | Nuveen |
| Phone Number: | 800-257-8787 |
| Website: | www.nuveen.com |
| Status: | Open |
| Inception Date: | September 7, 1994 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 0.81% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.90% |
| Share Class: | Nuveen MD Municipal Bond I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
