FAFNX Fees and Costs — Nuveen Michigan Municipal Bond Fund, Class C
Data updated: 2026-09-28
The net expense ratio is 1.62%: a 0.50% management fee, a 1.00% 12b-1 fee plus 0.12% other expenses. This share class carries a deferred sales charge of up to 1.00%. Portfolio turnover was 19%.
FAFNX Fees and Expenses
Annual operating expenses and sales charges of FAFNX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 1.00% |
| Other expenses | 0.12% |
| Gross expense ratio | 1.62% |
| Fee waiver | — |
| Net expense ratio | 1.62% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FAFNX Costs Over Time
On $10,000 invested in FAFNX, assuming 5% a year before costs, total costs come to $1,001 over 5 years, cutting the return by 1.70% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $103 | $0 | $0 |
| Fund expenses (net expense ratio 1.62%) | $170 | $527 | $908 |
| Lost growth on money paid in costs | $0 | $26 | $92 |
| Total costs | $273 | $554 | $1,001 |
| Value after costs | $10,227 | $11,023 | $11,762 |
| Impact on return, per year | 2.73% | 1.70% | 1.70% |
FAFNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $55.7M
- Portfolio turnover (prospectus): 19%
- Securities lending: none during the year
FAFNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Piper Sandler & Co. | $17.7M | 33.33% |
| Stifel Nicolaus & Company Incorporated | $7.2M | 13.54% |
| UBS Financial Services Inc. | $6.3M | 11.92% |
| Bank of America, National Association | $6.2M | 11.73% |
| Siebert Cisneros Shank & Co., L.L.C. | $5.0M | 9.46% |
| SAMUEL A. RAMIREZ & COMPANY, INC. | $2.5M | 4.77% |
| Huntington Securities, Inc. | $2.4M | 4.51% |
| Barclays Capital Inc. | $2.0M | 3.83% |
| RBC Capital Markets, LLC | $1.9M | 3.63% |
| National Financial Services LLC | $1.7M | 3.28% |
Nuveen Michigan Municipal Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NMMIX | Class I | 0.62% | none |
| FMITX | Class A | 0.82% | 4.20% |
| FAFNX | Class C | 1.62% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.