Fund Evaluator:
Nuveen Oregon Intermediate Muni Bd I (FORCX)
Follow This Fund
Best Performing in Muni Single State Interm Over the Last Year
| 5.6% | Victory VA Bond (USVAX) |
| 5.1% | Dupree AL Tax-Free Income (DUALX) |
| 4.6% | Dupree TN Tax-Free Income (TNTIX) |
| 4.3% | Dupree KY Tax-Free Income (KYTFX) |
| 4.2% | Brown Advisory Maryland Bond Inv (BIAMX) |
Fund Details
Nuveen Oregon Intermediate Muni Bd I Overview
Nuveen Oregon Intermediate Muni Bd I (FORCX) is an actively managed Municipal Bond Muni Single State Interm fund. Nuveen launched the fund in 1997.
The investment seeks to provide maximum current income that is exempt from both federal income tax and Oregon 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 Oregon personal income tax.
About Nuveen Oregon Intermediate Muni Bd I (FORCX)
There are 2 members of the management team with an average tenure of 15.98 years: Stephen Candido (2023), Michael Hamilton (1997). 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 Intermediate TR index with a weighting of 100%. Nuveen Oregon Intermediate Muni Bd I has 185 securities in its portfolio. The top 10 holdings constitute 17.7% 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 Oregon Intermediate Muni Bd I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Nuveen Oregon Intermediate Muni Bd I has 4.8% 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 98.1% (93.4% domestic bond, 4.8% foreign bond and 0.0% convertible bond). Nuveen Oregon Intermediate Muni Bd I has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $220 million in total assets, which is above the $84 million average for the Muni Single State Interm 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.
FORCX 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 Oregon Intermediate Muni Bd I expense ratio is above average compared to funds in the Muni Single State Interm category. Nuveen Oregon Intermediate Muni Bd I has an expense ratio of 0.63%, which is 25% lower than its category average, making the fund expense ratio grade a B. 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 Oregon Intermediate Muni Bd I has a portfolio turnover rate of 10%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 40% for the Muni Single State Interm category.
Recently, in the month of August 2026, Nuveen Oregon Intermediate Muni Bd I returned -0.2%, which earned it a grade of C, as the Muni Single State Interm category had an average return of -0.3%. 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 Oregon Intermediate Muni Bd I has a trailing yield of 3.08%, which is above the 3.02% 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 Oregon Intermediate Muni Bd I Grades
Year to date, the fund has returned -0.2%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.3% over the past year (grade of D), 3.2% over the past three years (grade of B) and 0.5% per year over the past five years (grade of B) and 1.5% per year over the past 10 years (grade of B).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Nuveen Oregon Intermediate Muni Bd I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FORCX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FORCX Return (NAV) | -0.2% | -1.2% | 3.3% | 3.2% | 0.5% | 1.5% |
| FORCX Grade | C | C | D | B | B | B |
| +/- Category | 0.1% | 0.1% | -0.6% | 0.3% | 0.4% | 0.3% |
| Muni Single State Interm Avg | -0.3% | -1.3% | 3.9% | 2.9% | 0.2% | 1.2% |
| FORCX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FORCX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FORCX Return (NAV) | -0.2% | 4.9% | 1.2% | 4.8% | -7.2% | 0.5% | 4.8% | 6.4% | 0.9% | 4.1% | -0.3% |
| FORCX Grade | D | A | B | B | B | C | A | A | B | B | D |
| +/- Category | -0.3% | 0.8% | 0.3% | 0.4% | 0.5% | -0.0% | 0.6% | 0.6% | 0.0% | 0.6% | -0.4% |
| Muni Single State Interm Avg | 0.0% | 4.0% | 0.9% | 4.5% | -7.7% | 0.5% | 4.2% | 5.7% | 0.8% | 3.5% | 0.1% |
| Risk Measures | |
| Standard Deviation: | 4.3% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.88 - Below Average |
| Category Risk Grade: | B (32% Rank) |
| Beta: | 0.76 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $255 Mil |
| Fund Total Assets: | $ 221 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 10% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 29.1 years | |||
| Average Tenure: 16.0 years | |||
| Managers (Year): Hamilton Michael (1997), Candido Stephen (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 185 |
| % in Top 10 Holdings: | 17.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.4% |
| Foreign Bond: | 4.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | Nuveen |
| Phone Number: | 800-257-8787 |
| Website: | www.nuveen.com |
| Status: | Open |
| Inception Date: | August 8, 1997 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.63% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Nuveen Oregon Intermediate Muni Bd I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
