NOAZX Performance — Arizona Tax-Exempt Fund
Data updated: 2026-08-28
NOAZX returned +2.01% year to date and +6.46% over one year to Jun 2026. Annualised returns are +3.37% over 3 years and +0.56% over 5 years. Against its Intermediate Municipal Bond category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $110, against $111 for the category, and to $106 over one year, against $106. Volatility over the past three years was 4.96% a year. In the 12 months to Jun 2026 the fund took in a net $1.5M, and assets reached $54.39M.
NOAZX Growth of $100
What $100 invested in Arizona Tax-Exempt Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | NOAZX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $106 | $106 |
| 3 years (Jul 2023 – Jun 2026) | $110 | $111 |
| 5 years (Jul 2021 – Jun 2026) | $103 | $105 |
| Since data start (Jul 2019 – Jun 2026) | $109 | $112 |
NOAZX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.01% |
| 1 year | +6.46% |
| 3 years (annualised) | +3.37% |
| 5 years (annualised) | +0.56% |
NOAZX Annual Returns
Calendar-year total returns of Arizona Tax-Exempt Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +2.01% |
| 2025 | +3.31% |
| 2024 | +1.69% |
| 2023 | +5.42% |
| 2022 | −9.08% |
| 2021 | +0.41% |
| 2020 | +4.06% |
| 2019 (Jul–Dec) | +1.90% |
NOAZX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.7% | +1.2% | −2.0% | +1.0% | +0.4% | +0.7% | — | — | — | — | — | — |
| 2025 | 0.0% | +1.0% | −1.7% | −0.6% | −0.3% | +0.6% | −0.2% | +0.7% | +2.2% | +1.1% | +0.4% | +0.1% |
| 2024 | −0.1% | −0.1% | 0.0% | −1.0% | +0.2% | +1.5% | +0.8% | +0.5% | +0.8% | −1.3% | +1.5% | −1.2% |
| 2023 | +3.0% | −2.5% | +2.1% | −0.1% | −1.0% | +0.9% | +0.3% | −1.3% | −2.6% | −1.0% | +5.6% | +2.3% |
| 2022 | −2.6% | −0.4% | −3.1% | −2.9% | +1.4% | −1.8% | +2.8% | −2.8% | −3.8% | −0.8% | +4.9% | 0.0% |
| 2021 | +0.2% | −1.7% | +0.5% | +0.7% | +0.4% | +0.2% | +0.7% | −0.4% | −0.8% | −0.2% | +0.8% | 0.0% |
| 2020 | +1.7% | +1.4% | −3.1% | −1.8% | +3.3% | +0.5% | +1.3% | −0.4% | −0.1% | −0.3% | +1.3% | +0.4% |
| 2019 | — | — | — | — | — | — | +0.8% | +1.4% | −0.7% | 0.0% | +0.1% | +0.3% |
NOAZX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 4.96%
- 3-year Sharpe ratio: -0.23 (vs 4.5% risk-free rate)
- Best month: +5.56% (Nov 2023)
- Worst month: −2.58% (Sep 2023)
NOAZX Fund Flows
Monthly money in and out of Arizona Tax-Exempt Fund, from SEC Form N-PORT.
- 12-month net flow: $1.5M
- 12-month gross sales (incl. reinvestments): $16.7M
- Sales ÷ redemptions: 1.10×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $1.0M | $1.1M | −$47K |
| May 2026 | $880K | $701K | $179K |
| Apr 2026 | $756K | $1.5M | −$722K |
| Mar 2026 | $446K | $866K | −$420K |
| Feb 2026 | $3.3M | $747K | $2.5M |
| Jan 2026 | $1.6M | $1.7M | −$50K |
| Dec 2025 | $613K | $3.7M | −$3.1M |
| Nov 2025 | $558K | $574K | −$16K |
| Oct 2025 | $917K | $1.1M | −$146K |
| Sep 2025 | $1.8M | $1.3M | $555K |
| Aug 2025 | $3.9M | $1.1M | $2.8M |
| Jul 2025 | $957K | $991K | −$34K |
NOAZX Assets Under Management
Net assets of Arizona Tax-Exempt Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $54.39M |
| 2026-03-31 | $54.28M |
| 2025-12-31 | $52.82M |
| 2025-09-30 | $55.59M |
| 2025-06-30 | $51.34M |
| 2025-03-31 | $52.41M |
| 2024-12-31 | $54.96M |
| 2024-09-30 | $60.57M |
| 2024-06-28 | $58.48M |
| 2024-03-28 | $63.31M |
| 2023-12-29 | $64.87M |
| 2023-09-29 | $66.02M |
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.