Fund Evaluator:

Nuveen Municipal Total Return Mgd Accts Overview

Nuveen Municipal Total Return Mgd Accts (NMTRX) is an actively managed Taxable Bond Miscellaneous Fixed Income fund. Nuveen launched the fund in 2007.

The investment seeks attractive total return; the portfolio also seeks to provide high current income exempt from regular federal income taxes. Under normal market conditions, the portfolio 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 personal income tax. It may invest up to 50% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”).

About Nuveen Municipal Total Return Mgd Accts (NMTRX)

There are 2 members of the management team with an average tenure of 11.08 years: Michael Sheyker (2023), Martin Doyle (2007). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 7 Yr 6-8 TR USD index with a weighting of 100%. Nuveen Municipal Total Return Mgd Accts has 661 securities in its portfolio. The top 10 holdings constitute 8.5% 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 Municipal Total Return Mgd Accts is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Nuveen Municipal Total Return Mgd Accts has 2.0% 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 96.4% (94.4% domestic bond, 2.0% foreign bond and 0.0% convertible bond). Nuveen Municipal Total Return Mgd Accts has 3.6% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above the $716 million average for the Miscellaneous Fixed Income 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.

NMTRX 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 Municipal Total Return Mgd Accts expense ratio is low compared to funds in the Miscellaneous Fixed Income category. Nuveen Municipal Total Return Mgd Accts has an expense ratio of 0.01%, which is 96% 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 Municipal Total Return Mgd Accts has a portfolio turnover rate of 48%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 109% for the Miscellaneous Fixed Income category.

Recently, in the month of August 2026, Nuveen Municipal Total Return Mgd Accts returned -0.3%, which earned it a grade of F, as the Miscellaneous Fixed Income category had an average return of 0.5%. 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 Municipal Total Return Mgd Accts has a trailing yield of 4.76%, which is below the 5.72% 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 Municipal Total Return Mgd Accts Grades

Year to date, the fund has returned 1.3%, 0.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 6.1% over the past year (grade of B), 4.1% over the past three years (grade of F) and 0.3% per year over the past five years (grade of D) and 2.1% per year over the past 10 years (grade of D).

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