Fund Evaluator:
Nuveen AZ Municipal Bond C (FZCCX)
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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 AZ Municipal Bond C Overview
Nuveen AZ Municipal Bond C (FZCCX) is an actively managed Municipal Bond Muni Single State Long fund. Nuveen launched the fund in 2014.
The investment seeks as high a level of current interest income exempt from regular federal, Arizona State and, in some cases, Arizona 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 AZ Municipal Bond C (FZCCX)
There are 2 members of the management team with an average tenure of 9.20 years: Stephen Candido (2023), Michael Hamilton (2011). 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 Arizona TR index with a weighting of 100%. Nuveen AZ Municipal Bond C has 192 securities in its portfolio. The top 10 holdings constitute 17.5% 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 AZ Municipal Bond C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Nuveen AZ Municipal Bond C has 4.5% 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 98.0% (93.5% domestic bond, 4.5% foreign bond and 0.0% convertible bond). Nuveen AZ Municipal Bond C has 2.1% of the portfolio in cash.
Assets Under Management
The fund has $1 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.
FZCCX 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 AZ Municipal Bond C expense ratio is high compared to funds in the Muni Single State Long category. Nuveen AZ Municipal Bond C has an expense ratio of 1.64%, which is 82% higher than its category average, making the fund expense ratio grade a F. 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 AZ Municipal Bond C has a portfolio turnover rate of 20%, indicating that holds its assets around 0.1 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 AZ Municipal Bond C returned -2.0%, which earned it a grade of C, 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 AZ Municipal Bond C has a trailing yield of 2.40%, which is below the 3.24% category average. The fund normally distributes its income monthly.
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 AZ Municipal Bond C Grades
Year to date, the fund has returned 0.3%, 0.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.3% over the past year (grade of F), 2.2% over the past three years (grade of F) and -0.8% per year over the past five years (grade of F) and 0.8% per year over the past 10 years (grade of F).
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FZCCX 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 |
|
| FZCCX Return (NAV) | -2.0% | -0.6% | 5.3% | 2.2% | -0.8% | 0.8% |
| FZCCX Grade | C | D | F | F | F | F |
| +/- Category | -0.0% | -0.2% | -1.1% | -0.7% | -0.8% | -0.5% |
| Muni Single State Long Avg | -1.9% | -0.4% | 6.3% | 2.9% | -0.0% | 1.4% |
| FZCCX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FZCCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FZCCX Return (NAV) | 0.3% | 2.3% | 1.1% | 5.1% | -11.3% | 1.1% | 4.3% | 6.2% | -0.2% | 4.7% | -0.3% |
| FZCCX Grade | F | F | F | F | F | F | C | D | F | B | F |
| +/- Category | -0.3% | -0.9% | -0.8% | -0.9% | -0.8% | -0.7% | -0.0% | -0.3% | -0.9% | 0.9% | -0.7% |
| 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: | 5.9% |
| Total Risk Index: | 0.48 - Below Average |
| Category Risk Index: | 0.93 - Low |
| Category Risk Grade: | A (15% Rank) |
| Beta: | 1.02 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $181 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 20% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 15.6 years | |||
| Average Tenure: 9.2 years | |||
| Managers (Year): Hamilton Michael (2011), Candido Stephen (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 192 |
| % in Top 10 Holdings: | 17.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.5% |
| Foreign Bond: | 4.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.1% |
Purchase Information
| Fund Family: | Nuveen |
| Phone Number: | 800-257-8787 |
| Website: | www.nuveen.com |
| Status: | Open |
| Inception Date: | February 10, 2014 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.64% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.90% |
| Share Class: | Nuveen AZ Municipal Bond A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
