Chairman’s Letter to Shareholders
|
4
|
Portfolio Managers’ Comments
|
5
|
Common Share Information
|
8
|
Risk Considerations
|
10
|
Performance Overview and Holding Summaries
|
11
|
Shareholder Meeting Report
|
13
|
Report of Independent Registered Public Accounting Firm
|
14
|
Portfolio of Investments
|
15
|
Statement of Assets and Liabilities
|
23
|
Statement of Operations
|
24
|
Statement of Changes in Net Assets
|
25
|
Statement of Cash Flows
|
26
|
Financial Highlights
|
28
|
Notes to Financial Statements
|
30
|
Additional Fund Information
|
40
|
Glossary of Terms Used in this Report
|
41
|
Reinvest Automatically, Easily and Conveniently
|
43
|
Annual Investment Management Agreement Approval Process
|
44
|
Board Members & Officers
|
51
|
|
Per Common
|
Monthly Distributions (Ex-Dividend Date)
|
Share Amounts
|
June 2017
|
$0.0190
|
July
|
0.0190
|
August
|
0.0190
|
September
|
0.0175
|
October
|
0.0175
|
November
|
0.0175
|
December
|
0.0175
|
January
|
0.0175
|
Febuary
|
0.0175
|
March
|
0.0165
|
April
|
0.0165
|
May 2018
|
0.0165
|
Total Monthly Per Share Distributions
|
$0.2115
|
Ordinary Income Distribution*
|
0.0019
|
Total Distributions from Net Investment Income
|
$0.2134
|
Yields
|
|
Market Yield**
|
2.10%
|
Taxable-Equivalent Yield**
|
2.76%
|
*
|
Distribution paid in December 2017.
|
**
|
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 24.0%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
NHA
|
Common shares cumulatively repurchased and retired
|
0
|
Common shares authorized for repurchase
|
860,000
|
Common share NAV
|
$9.71
|
Common share price
|
$9.45
|
Premium/(Discount) to NAV
|
(2.68)%
|
12-Month average premium/(discount) to NAV
|
(0.11)%
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
|
Performance Overview and Holding Summaries as of May 31, 2018
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
|
|
Average Annual Total Returns as of May 31, 2018
|
|
|
|
Average Annual
|
|
|
|
Since
|
|
1-Year
|
Inception
|
NHA at Common Share NAV
|
2.32%
|
1.64%
|
NHA at Common Share Price
|
(1.01)%
|
(0.16)%
|
S&P Short Duration Municipal Yield Index
|
3.44%
|
3.55%
|
NHA
|
Performance Overview and Holding Summaries as of
May 31, 2018 (continued)
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
96.1%
|
Other Asset Less Liabilities
|
3.9%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
2.7%
|
AAA
|
0.3%
|
AA
|
10.2%
|
A
|
21.5%
|
BBB
|
17.8%
|
BB or Lower
|
23.2%
|
N/R (not rated)
|
24.3%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
30.4%
|
Tax Obligation/General
|
17.1%
|
Transportation
|
15.1%
|
Utilities
|
8.0%
|
Education and Civic Organizations
|
7.3%
|
Health Care
|
5.1%
|
Other
|
17.0%
|
Total
|
100%
|
States and Territories
|
|
(% of total investments)
|
|
Illinois
|
13.6%
|
New Jersey
|
11.6%
|
Florida
|
11.1%
|
California
|
10.8%
|
Pennsylvania
|
9.6%
|
New York
|
6.1%
|
Texas
|
6.0%
|
Alaska
|
3.1%
|
Massachusetts
|
3.0%
|
Indiana
|
2.9%
|
Tennessee
|
2.4%
|
Other
|
19.8%
|
Total
|
100%
|
|
NHA
|
||
|
Common and
|
|
|
|
Preferred
|
|
|
|
shares voting
|
|
|
|
together
|
|
Preferred
|
|
as a class
|
|
Shares
|
Approval of the Board Members was reached as follows:
|
|
|
|
Margo L. Cook
|
|
|
|
For
|
7,415,554
|
|
—
|
Withhold
|
562,694
|
|
—
|
Total
|
7,978,248
|
|
—
|
Jack B. Evans
|
|
|
|
For
|
7,386,640
|
|
—
|
Withhold
|
591,608
|
|
—
|
Total
|
7,978,248
|
|
—
|
Albin F. Moschner
|
|
|
|
For
|
7,395,136
|
|
—
|
Withhold
|
583,112
|
|
—
|
Total
|
7,978,248
|
|
—
|
William C. Hunter
|
|
|
|
For
|
—
|
|
283
|
Withhold
|
—
|
|
—
|
Total
|
—
|
|
283
|
William J. Schneider
|
|
|
|
For
|
—
|
|
283
|
Withhold
|
—
|
|
—
|
Total
|
—
|
|
283
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments May 31, 2018
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 96.1%
|
|
|
|
|
|
MUNICIPAL BONDS – 96.1%
|
|
|
|
|
|
Alabama – 0.7%
|
|
|
|
|
$ 600
|
The Improvement District of the City of Mobile – McGowin Park Project, Alabama, Sales Tax
|
No Opt. Call
|
N/R
|
$ 606,198
|
|
|
Revenue Bonds, Series 2016A, 4.000%, 8/01/20
|
|
|
|
|
|
Alaska – 3.0%
|
|
|
|
|
1,000
|
Valdez, Alaska, Marine Terminal Revenue Bonds, BP Pipelines Inc. Project, Refunding Series
|
No Opt. Call
|
A1
|
1,071,010
|
|
|
2003B, 5.000%, 1/01/21
|
|
|
|
|
1,325
|
Valdez, Alaska, Marine Terminal Revenue Bonds, BP Pipelines Inc. Project, Refunding Series
|
No Opt. Call
|
A1
|
1,419,088
|
|
|
2003C, 5.000%, 1/01/21
|
|
|
|
|
2,325
|
Total Alaska
|
|
|
2,490,098
|
|
|
Arizona – 1.9%
|
|
|
|
|
325
|
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds,
|
No Opt. Call
|
A1
|
342,407
|
|
|
Refunding Series 2016, 4.000%, 7/15/21
|
|
|
|
|
1,205
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona
|
No Opt. Call
|
Baa3
|
1,212,592
|
|
|
Charter Schools Refunding Project, Series 2016R, 2.875%, 7/01/21
|
|
|
|
|
10
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.
|
No Opt. Call
|
BBB+
|
10,460
|
|
|
Prepay Contract Obligations, Series 2007, 5.250%, 12/01/19
|
|
|
|
|
1,540
|
Total Arizona
|
|
|
1,565,459
|
|
|
Arkansas – 0.0%
|
|
|
|
|
15
|
Arkansas Development Finance Authority, Hospital Revenue Bonds, Washington Regional Medical
|
No Opt. Call
|
A3
|
16,082
|
|
|
Center, Refunding Series 2015B, 5.000%, 2/01/21
|
|
|
|
|
|
California – 10.4%
|
|
|
|
|
1,400
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/21
|
No Opt. Call
|
Ba3
|
1,472,352
|
|
115
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden
|
7/18 at 100.00
|
N/R
|
115,056
|
|
|
Gate Tobacco Funding Corporation, Turbo, Series 2007A, 4.500%, 6/01/21
|
|
|
|
|
85
|
California Infrastructure and Economic Development Bank, Revenue Bonds, The Walt Disney Family
|
No Opt. Call
|
A+
|
89,831
|
|
|
Museum, Refunding Series 2016, 4.000%, 2/01/21
|
|
|
|
|
|
California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public
|
|
|
|
|
|
Schools, Refunding Series 2016:
|
|
|
|
|
550
|
5.000%, 8/01/20, 144A
|
No Opt. Call
|
BBB
|
578,342
|
|
500
|
5.000%, 8/01/21, 144A
|
No Opt. Call
|
BBB
|
534,575
|
|
730
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes
|
No Opt. Call
|
N/R
|
779,837
|
|
|
of the West, Refunding Series 2015, 5.000%, 10/01/20
|
|
|
|
|
|
California Statewide Communities Development Authority, Special Tax Bonds, Community
|
|
|
|
|
|
Facilities District 2015-01, Improvement Area No. 1, University District, Series 2016A:
|
|
|
|
|
260
|
2.000%, 9/01/20
|
No Opt. Call
|
N/R
|
258,695
|
|
265
|
2.125%, 9/01/21
|
No Opt. Call
|
N/R
|
263,063
|
|
235
|
California Statewide Communities Development Authority, Statewide Community Infrastructure
|
No Opt. Call
|
N/R
|
239,040
|
|
|
Program Revenue Bonds, Series 2016A, 3.000%, 9/02/20
|
|
|
|
|
200
|
Cucamonga School District, San Bernardino County, California, Special Tax Bonds, Community
|
No Opt. Call
|
N/R
|
205,862
|
|
|
Facilities District 97-1, Series 2016, 3.000%, 9/01/21
|
|
|
|
|
305
|
Fresno, California, Airport Revenue Bonds, Refunding Series 2013B, 5.000%, 7/01/21 – BAM
|
No Opt. Call
|
AA
|
329,498
|
|
|
Insured (Alternative Minimum Tax)
|
|
|
|
|
775
|
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed
|
7/18 at 100.00
|
N/R
|
775,217
|
|
|
Bonds, Series 2007, 4.625%, 6/01/21
|
|
|
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) May 31, 2018
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
California (continued)
|
|
|
|
|
$ 50
|
Poway Unified School District, San Diego County, California, Special Tax Bonds, Community
|
No Opt. Call
|
N/R
|
$ 53,026
|
|
|
Facilities District 15 Del Sur East Improvement Area C, Series 2016, 4.000%, 9/01/21
|
|
|
|
|
1,250
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Hewlett Packard
|
No Opt. Call
|
N/R
|
1,270,000
|
|
|
Campus Oaks, Series 2016, 3.250%, 9/01/21
|
|
|
|
|
10
|
South Orange County Public Financing Authority, California, Special Tax Revenue Bonds, Ladera
|
No Opt. Call
|
AA
|
10,684
|
|
|
Ranch, Refunding Series 2014A, 5.000%, 8/15/20
|
|
|
|
|
1,340
|
Western Hills Water District, Stanislaus County, California, Special Tax Bonds, Diablo Grande
|
No Opt. Call
|
N/R
|
1,310,051
|
|
|
Community Facilities District 1, Refunding Series 2014, 4.000%, 9/01/21
|
|
|
|
|
420
|
Yuba City Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project,
|
No Opt. Call
|
BBB+
|
415,044
|
|
|
Refunding Series 2015, 2.000%, 9/01/21
|
|
|
|
|
8,490
|
Total California
|
|
|
8,700,173
|
|
|
Colorado – 0.8%
|
|
|
|
|
230
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,
|
No Opt. Call
|
A
|
214,183
|
|
|
9/01/21 – NPFG Insured
|
|
|
|
|
444
|
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds,
|
No Opt. Call
|
N/R
|
446,589
|
|
|
Refunding Series 2016, 3.250%, 12/01/20
|
|
|
|
|
674
|
Total Colorado
|
|
|
660,772
|
|
|
Connecticut – 0.2%
|
|
|
|
|
125
|
University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/21
|
No Opt. Call
|
AA–
|
135,181
|
|
|
Florida – 10.6%
|
|
|
|
|
150
|
Bellagio Community Development District, Hialeah, Florida, Special Assessment Bonds, Series
|
No Opt. Call
|
BBB–
|
149,475
|
|
|
2016, 2.250%, 11/01/20
|
|
|
|
|
405
|
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series
|
No Opt. Call
|
N/R
|
406,802
|
|
|
2016A, 3.625%, 11/01/20
|
|
|
|
|
110
|
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue
|
No Opt. Call
|
N/R
|
110,296
|
|
|
Bonds, Series 2016, 3.500%, 5/01/21
|
|
|
|
|
2,000
|
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%,
|
8/18 at 100.00
|
Caa1
|
2,000,819
|
|
|
11/01/20 (Alternative Minimum Tax)
|
|
|
|
|
107
|
Champion’s Reserve Community Development District, Florida, Special Assessment Revenue Bonds,
|
No Opt. Call
|
N/R
|
107,896
|
|
|
Series 2016, 3.625%, 11/01/20
|
|
|
|
|
305
|
Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds,
|
No Opt. Call
|
N/R
|
306,976
|
|
|
Area 1 Project, Series 2016A-1, 3.700%, 11/01/20
|
|
|
|
|
425
|
East Homestead Community Development District, Florida, Special Assessment Revenue Bonds,
|
No Opt. Call
|
N/R
|
432,140
|
|
|
Refunding Series 2015, 3.750%, 5/01/20
|
|
|
|
|
1,035
|
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special
|
No Opt. Call
|
N/R
|
1,042,110
|
|
|
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 3.500%, 5/01/21
|
|
|
|
|
335
|
Live Oak Community Development District 2, Hillsborough County, Florida, Special Assessment
|
No Opt. Call
|
A–
|
325,865
|
|
|
Bonds. Refunding Series 2016, 2.000%, 5/01/21
|
|
|
|
|
390
|
Miromar Lakes Community Development District, Lee County, Florida, Capital Improvement Revenue
|
No Opt. Call
|
N/R
|
391,880
|
|
|
Bonds, Refunding Series 2015, 3.500%, 5/01/20
|
|
|
|
|
15
|
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH
|
No Opt. Call
|
BBB+
|
15,957
|
|
|
Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/20
|
|
|
|
|
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Lifespace Community
|
|
|
|
|
|
Inc., Series 2015C:
|
|
|
|
|
30
|
4.000%, 5/15/19
|
No Opt. Call
|
A
|
30,551
|
|
70
|
5.000%, 5/15/21
|
No Opt. Call
|
A
|
75,065
|
|
505
|
Palm Glades Community Development District, Florida, Special Assessment Bonds, Refunding
|
No Opt. Call
|
BBB
|
502,879
|
|
|
Series 2016, 2.250%, 5/01/21
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Florida (continued)
|
|
|
|
|
$ 405
|
Palm Glades Community Development District, Florida, Special Assessment Bonds, Refunding
|
No Opt. Call
|
BBB–
|
$ 405,757
|
|
|
Series 2017, 3.500%, 5/01/21
|
|
|
|
|
425
|
Reunion East Community Development District, Osceola County, Florida, Special Assessment
|
No Opt. Call
|
N/R
|
433,649
|
|
|
Bonds, Refunding Series 2015A, 4.000%, 5/01/20
|
|
|
|
|
300
|
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3
|
No Opt. Call
|
N/R
|
301,056
|
|
|
Project, Series 2016, 3.625%, 11/01/20
|
|
|
|
|
|
Rolling Hills Community Development District, Florida, Capital Improvement Revenue Bonds,
|
|
|
|
|
|
Series 2015A-1:
|
|
|
|
|
60
|
4.100%, 5/01/19
|
No Opt. Call
|
N/R
|
59,882
|
|
65
|
4.300%, 5/01/20
|
No Opt. Call
|
N/R
|
64,787
|
|
70
|
4.600%, 5/01/21
|
No Opt. Call
|
N/R
|
69,661
|
|
345
|
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds,
|
No Opt. Call
|
N/R
|
346,435
|
|
|
Assessment Area 2, Series 2016, 3.750%, 11/01/20
|
|
|
|
|
285
|
South Fork III Community Development District, Florida, Special Assessment Revenue Bonds,
|
No Opt. Call
|
N/R
|
288,964
|
|
|
Refunding Series 2016, 4.000%, 5/01/20
|
|
|
|
|
285
|
Tapestry Community Development District, Florida, Special Assessment Revenue Bonds, Series
|
No Opt. Call
|
N/R
|
289,284
|
|
|
2016, 3.625%, 5/01/21
|
|
|
|
|
205
|
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series
|
No Opt. Call
|
N/R
|
205,877
|
|
|
2016A-1, 3.750%, 11/01/20
|
|
|
|
|
305
|
Windsor at Westside Community Development District, Osceola County, Florida, Special
|
No Opt. Call
|
N/R
|
309,078
|
|
|
Assessment Bonds, Area 2 Project, Series 2016, 3.500%, 11/01/20
|
|
|
|
|
235
|
Wiregrass Community Development District, Florida, Capital Improvement Revenue Bonds, Series
|
No Opt. Call
|
N/R
|
234,640
|
|
|
2016, 3.625%, 5/01/21
|
|
|
|
|
8,867
|
Total Florida
|
|
|
8,907,781
|
|
|
Georgia – 0.4%
|
|
|
|
|
275
|
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2016, 5.000%, 1/01/21
|
No Opt. Call
|
A+
|
294,027
|
|
|
Guam – 0.8%
|
|
|
|
|
690
|
Guam Government Department of Education, Certificates of Participation, John F. Kennedy High
|
No Opt. Call
|
B+
|
701,075
|
|
|
School Project, Series 2010A, 6.000%, 12/01/20
|
|
|
|
|
|
Illinois – 13.1%
|
|
|
|
|
255
|
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System
|
No Opt. Call
|
Baa2
|
242,033
|
|
|
Revenue Bonds, Series 1999A, 0.000%, 4/01/20 – NPFG Insured
|
|
|
|
|
75
|
Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016, 1.900%,
|
No Opt. Call
|
AA
|
72,866
|
|
|
3/01/21 – BAM Insured
|
|
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding
|
|
|
|
|
|
Series 2010F:
|
|
|
|
|
220
|
5.000%, 12/01/18
|
No Opt. Call
|
BB–
|
222,152
|
|
1,565
|
5.000%, 12/01/19
|
No Opt. Call
|
B
|
1,603,185
|
|
405
|
5.000%, 12/01/19 (ETM)
|
No Opt. Call
|
N/R (4)
|
423,683
|
|
150
|
5.000%, 12/01/20
|
No Opt. Call
|
BB–
|
154,637
|
|
1,000
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
|
No Opt. Call
|
Baa2
|
1,054,370
|
|
|
Revenues, Series 1999A, 5.250%, 12/01/20 – NPFG Insured
|
|
|
|
|
1,000
|
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2003B,
|
No Opt. Call
|
BBB+
|
1,030,210
|
|
|
5.000%, 1/01/20
|
|
|
|
|
800
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 1/01/21
|
No Opt. Call
|
BBB+
|
836,920
|
|
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Refunding Series 2014:
|
|
|
|
|
45
|
5.000%, 1/01/20
|
No Opt. Call
|
BBB–
|
46,024
|
|
10
|
5.000%, 1/01/21
|
No Opt. Call
|
BBB–
|
10,341
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) May 31, 2018
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Illinois (continued)
|
|
|
|
|
$ 50
|
Chicago, Illinois, O’Hare Airport Customer Facility Charge Senior Lien Revenue Bonds, Series
|
No Opt. Call
|
Baa1
|
$ 52,155
|
|
|
2013A, 5.000%, 1/01/20
|
|
|
|
|
630
|
Cook County School District 87, Berkeley, Illinois, General Obligation Bonds, Refunding School
|
No Opt. Call
|
A1
|
629,099
|
|
|
Series 2012A, 3.000%, 12/01/20
|
|
|
|
|
300
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 11/15/20
|
No Opt. Call
|
AA–
|
321,165
|
|
620
|
Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C,
|
No Opt. Call
|
AA+
|
668,757
|
|
|
5.000%, 2/15/21
|
|
|
|
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A,
|
No Opt. Call
|
A–
|
1,078,150
|
|
|
5.000%, 7/01/21
|
|
|
|
|
270
|
Illinois Finance Authority, Student Housing & Academic Facility Revenue Bonds, CHF-Collegiate
|
No Opt. Call
|
BBB–
|
279,847
|
|
|
Housing Foundation – Chicago LLC University of Illinois at Chicago Project, Series 2017A,
|
|
|
|
|
|
4.000%, 2/15/21
|
|
|
|
|
315
|
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/20 –
|
No Opt. Call
|
BBB–
|
292,226
|
|
|
AMBAC Insured
|
|
|
|
|
85
|
Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/21
|
No Opt. Call
|
BBB
|
88,403
|
|
635
|
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/21
|
No Opt. Call
|
BBB
|
659,829
|
|
110
|
Illinois State, General Obligation Bonds, March Series 2012, 5.000%, 3/01/21
|
No Opt. Call
|
BBB
|
114,506
|
|
105
|
Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/21
|
No Opt. Call
|
BBB
|
109,106
|
|
1,000
|
Winnebago-Boone Counties School District 205 Rockford, Illinois, General Obligation Bonds,
|
No Opt. Call
|
A+
|
929,240
|
|
|
Series 2013, 0.000%, 2/01/21
|
|
|
|
|
10,645
|
Total Illinois
|
|
|
10,918,904
|
|
|
Indiana – 2.8%
|
|
|
|
|
1,250
|
Indiana Finance Authority, Environmental Facilities Revenue Bonds, Indianapolis Power and
|
No Opt. Call
|
A2
|
1,323,725
|
|
|
Light Company Project, Refunding Series 2011A, 3.875%, 8/01/21
|
|
|
|
|
1,000
|
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel
|
No Opt. Call
|
BB–
|
1,034,550
|
|
|
Corporation Project, Refunding Series 2011, 6.000%, 12/01/19
|
|
|
|
|
2,250
|
Total Indiana
|
|
|
2,358,275
|
|
|
Iowa – 0.4%
|
|
|
|
|
350
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
|
6/18 at 105.00
|
B
|
367,794
|
|
|
Project, Series 2016, 5.875%, 12/01/26, 144A
|
|
|
|
|
|
Louisiana – 0.0%
|
|
|
|
|
15
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
|
No Opt. Call
|
A3
|
16,188
|
|
|
Series 2015, 5.000%, 5/15/21
|
|
|
|
|
|
Maine – 0.3%
|
|
|
|
|
265
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical
|
No Opt. Call
|
BB
|
274,177
|
|
|
Center, Series 2011, 5.250%, 7/01/21
|
|
|
|
|
|
Massachusetts – 2.9%
|
|
|
|
|
50
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 2011H,
|
No Opt. Call
|
BBB+
|
52,772
|
|
|
5.000%, 7/01/20
|
|
|
|
|
25
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Issue
|
7/20 at 100.00
|
BBB+
|
26,355
|
|
|
Series 2010G, 5.000%, 7/01/21
|
|
|
|
|
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
|
|
|
|
|
1,000
|
5.500%, 1/01/19 – AMBAC Insured (Alternative Minimum Tax)
|
8/18 at 100.00
|
N/R
|
1,002,200
|
|
1,295
|
5.000%, 1/01/21 – AMBAC Insured (Alternative Minimum Tax)
|
8/18 at 100.00
|
N/R
|
1,310,126
|
|
2,370
|
Total Massachusetts
|
|
|
2,391,453
|
Principal
|
|
Optional Call
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Michigan – 0.7%
|
|
|
|
$ 140
|
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds,
|
No Opt. Call
|
BB
|
$ 122,279
|
|
Development Area 1 Projects, Series 1996C-1, 0.000%, 7/01/21
|
|
|
|
500
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Senior Lien Series
|
8/18 at 100.00
|
B
|
499,990
|
|
1997A, 5.375%, 5/01/21
|
|
|
|
640
|
Total Michigan
|
|
|
622,269
|
|
Minnesota – 0.9%
|
|
|
|
|
Red Wing, Minnesota Senior Housing Revenue Refunding Bonds, Deer Crest Project, Series 2012A:
|
|
|
|
100
|
3.250%, 5/01/19
|
No Opt. Call
|
N/R
|
99,865
|
105
|
3.250%, 11/01/19
|
No Opt. Call
|
N/R
|
104,683
|
105
|
3.750%, 5/01/20
|
No Opt. Call
|
N/R
|
105,517
|
105
|
3.750%, 11/01/20
|
No Opt. Call
|
N/R
|
105,502
|
70
|
Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series
|
No Opt. Call
|
CCC–
|
42,866
|
|
2016A, 3.000%, 4/01/21
|
|
|
|
250
|
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home
|
No Opt. Call
|
N/R
|
249,568
|
|
Project, Series 2016C, 2.250%, 6/01/21
|
|
|
|
735
|
Total Minnesota
|
|
|
708,001
|
|
Missouri – 1.0%
|
|
|
|
100
|
Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson
|
No Opt. Call
|
N/R
|
100,927
|
|
Shoppes Redevelopment Project, Refunding Series 2017A, 3.000%, 11/01/20
|
|
|
|
750
|
Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue
|
No Opt. Call
|
N/R
|
765,165
|
|
Bonds, Nazareth Living Center, Series 2015A, 4.000%, 8/15/20
|
|
|
|
850
|
Total Missouri
|
|
|
866,092
|
|
Nevada – 1.9%
|
|
|
|
815
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series 2016,
|
No Opt. Call
|
BBB+
|
855,815
|
|
4.000%, 6/15/21
|
|
|
|
750
|
Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement
|
No Opt. Call
|
N/R
|
742,455
|
|
District, Series 2016, 2.750%, 6/15/21, 144A
|
|
|
|
1,565
|
Total Nevada
|
|
|
1,598,270
|
|
New Hampshire – 1.0%
|
|
|
|
850
|
Manchester Housing and Redevelopment Authority, New Hampshire, Revenue Bonds, Series 2000B,
|
No Opt. Call
|
AA
|
802,434
|
|
0.000%, 1/01/20 – ACA Insured
|
|
|
|
|
New Jersey – 11.1%
|
|
|
|
|
New Jersey Building Authority, State Building Revenue Bonds, Refunding Series 2016A:
|
|
|
|
300
|
4.000%, 6/15/21
|
No Opt. Call
|
BBB+
|
311,097
|
200
|
4.000%, 6/15/21 (ETM)
|
No Opt. Call
|
N/R (4)
|
211,764
|
1,000
|
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds,
|
No Opt. Call
|
BBB+
|
1,067,690
|
|
Series 2012, 5.000%, 6/15/21
|
|
|
|
425
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
|
No Opt. Call
|
BBB
|
458,214
|
|
Replacement Project, Series 2013, 5.000%, 7/01/21 (Alternative Minimum Tax)
|
|
|
|
1,000
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding
|
No Opt. Call
|
A–
|
1,063,490
|
|
Series 2015XX, 5.000%, 6/15/21
|
|
|
|
2,000
|
New Jersey Economic Development Authority, School Facilities Construction Financing Program
|
3/21 at 100.00
|
A–
|
2,114,179
|
|
Bonds, Refunding Series 2011GG, 5.000%, 9/01/21
|
|
|
|
500
|
New Jersey Economic Development Authority, School Facilities Construction Financing Program
|
No Opt. Call
|
A–
|
528,950
|
|
Bonds, Refunding Series 2012II, 5.000%, 3/01/21
|
|
|
|
540
|
New Jersey State, General Obligation Bonds, Refunding Series 2009O, 5.250%, 8/01/21
|
No Opt. Call
|
A
|
589,626
|
1,000
|
New Jersey State, General Obligation Bonds, Refunding Series 2016T, 5.000%, 6/01/21
|
No Opt. Call
|
A
|
1,080,340
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) May 31, 2018
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
New Jersey (continued)
|
|
|
|
|
$ 1,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series
|
No Opt. Call
|
A–
|
$ 1,063,220
|
|
|
2006A, 5.250%, 12/15/20
|
|
|
|
|
780
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B,
|
No Opt. Call
|
A–
|
816,629
|
|
|
5.000%, 6/15/20
|
|
|
|
|
8,745
|
Total New Jersey
|
|
|
9,305,199
|
|
|
New York – 5.9%
|
|
|
|
|
|
Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, Series 2013A:
|
|
|
|
|
95
|
5.000%, 5/01/19
|
No Opt. Call
|
BBB–
|
97,481
|
|
5
|
5.000%, 5/01/19 (ETM)
|
No Opt. Call
|
N/R (4)
|
5,153
|
|
200
|
Franklin County Solid Waste Management Authority, New York, Solid Waste Revenue Bonds, Series
|
No Opt. Call
|
BBB
|
211,482
|
|
|
2015A, 5.000%, 6/01/21 (Alternative Minimum Tax)
|
|
|
|
|
1,000
|
New York City, New York, General Obligation Bonds, Refunding Fiscal 2015 Series A,
|
No Opt. Call
|
AA
|
1,093,920
|
|
|
5.000%, 8/01/21
|
|
|
|
|
|
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds,
|
|
|
|
|
|
American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:
|
|
|
|
|
85
|
5.000%, 8/01/20 (Alternative Minimum Tax)
|
No Opt. Call
|
BB–
|
89,600
|
|
2,000
|
5.000%, 8/01/21 (Alternative Minimum Tax)
|
No Opt. Call
|
BB–
|
2,150,238
|
|
185
|
Niagara Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed
|
No Opt. Call
|
N/R
|
200,695
|
|
|
Bonds, Series 2014, 5.000%, 5/15/21
|
|
|
|
|
1,000
|
TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B,
|
No Opt. Call
|
BB+
|
1,061,240
|
|
|
5.000%, 6/01/21
|
|
|
|
|
4,570
|
Total New York
|
|
|
4,909,809
|
|
|
Ohio – 2.2%
|
|
|
|
|
1,000
|
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds,
|
No Opt. Call
|
N/R
|
505,000
|
|
|
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, (5)
|
|
|
|
|
1,400
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
707,000
|
|
|
Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20)
|
|
|
|
|
|
(Alternative Minimum Tax), (5)
|
|
|
|
|
400
|
Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center,
|
No Opt. Call
|
A2
|
429,272
|
|
|
Refunding Series 2016, 5.000%, 2/15/21
|
|
|
|
|
205
|
Toledo-Lucas County Port Authority, Ohio, Student Housing Revenue Bonds, CHF-Toledo, L.L.C. –
|
No Opt. Call
|
BBB–
|
217,884
|
|
|
The University of Toledo Project, Series 2014A, 5.000%, 7/01/21
|
|
|
|
|
3,005
|
Total Ohio
|
|
|
1,859,156
|
|
|
Pennsylvania – 9.2%
|
|
|
|
|
1,240
|
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane
|
No Opt. Call
|
BBB–
|
1,244,290
|
|
|
Charter School Project, Series 2016, 3.125%, 3/15/21
|
|
|
|
|
375
|
Northeastern Pennsylvania Hospital and Education Authority, University Revenue Bonds, Wilkes
|
No Opt. Call
|
BBB
|
398,243
|
|
|
University Project, Refunding Series 2016A, 5.000%, 3/01/21
|
|
|
|
|
2,000
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding
|
No Opt. Call
|
B2
|
2,013,739
|
|
|
Bonds, PPL Energy Supply, LLC Project, Series 2009C, 5.000%, 12/01/37 (Mandatory put 9/01/20)
|
|
|
|
|
1,000
|
Pennsylvania Economic Development Financing Authority, Special Facilities Revenue Bonds, US
|
No Opt. Call
|
BB–
|
1,087,490
|
|
|
Airways Group Inc. Project, Series 2010A, 7.500%, 5/01/20
|
|
|
|
|
1,250
|
Pennsylvania State, General Obligation Bonds, First Refunding Series 2011-1, 5.000%, 7/01/21
|
No Opt. Call
|
Aa3
|
1,351,938
|
|
1,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Series 2016,
|
No Opt. Call
|
A3
|
1,081,850
|
|
|
5.000%, 6/01/21
|
|
|
|
|
500
|
Scranton, Lackawanna County, Pennsylvania, General Obligation Bonds, Refunding Series 2017,
|
No Opt. Call
|
BB+
|
531,765
|
|
|
5.000%, 9/01/21, 144A
|
|
|
|
|
7,365
|
Total Pennsylvania
|
|
|
7,709,315
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Rhode Island – 0.5%
|
|
|
|
|
$ 400
|
Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and Municipal
|
No Opt. Call
|
Baa2
|
$ 429,476
|
|
|
Building Projects, Refunding Series 2015A, 5.000%, 4/01/21
|
|
|
|
|
|
South Carolina – 0.3%
|
|
|
|
|
230
|
South Carolina State, General Obligation State Institution Bonds, University of South
|
No Opt. Call
|
Aaa
|
249,403
|
|
|
Carolina, Refunding Series 2011A, 5.000%, 3/01/21
|
|
|
|
|
|
Tennessee – 2.3%
|
|
|
|
|
400
|
Memphis, Tennessee, General Obligation Bonds, Refunding General Improvement Series 2011,
|
No Opt. Call
|
AA
|
434,800
|
|
|
5.000%, 5/01/21
|
|
|
|
|
300
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board,
|
No Opt. Call
|
BBB
|
318,015
|
|
|
Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A,
|
|
|
|
|
|
5.000%, 10/01/20
|
|
|
|
|
710
|
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2011-1A, 4.125%,
|
No Opt. Call
|
AA+
|
735,709
|
|
|
1/01/21 (Alternative Minimum Tax)
|
|
|
|
|
260
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/21
|
No Opt. Call
|
A
|
283,561
|
|
115
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/21
|
No Opt. Call
|
A
|
122,990
|
|
1,785
|
Total Tennessee
|
|
|
1,895,075
|
|
|
Texas – 5.8%
|
|
|
|
|
195
|
Celina, Texas, Special Assessment Revenue Bonds, Glen Crossing Public Improvement District
|
No Opt. Call
|
N/R
|
194,160
|
|
|
Phase 1 Project, Series 2016, 3.400%, 9/01/20
|
|
|
|
|
|
Dallas County Schools, Texas, Public Property Finance Contractual Obligations, Series 2014:
|
|
|
|
|
300
|
4.000%, 6/01/20
|
No Opt. Call
|
B3
|
287,916
|
|
215
|
5.000%, 6/01/21
|
No Opt. Call
|
B3
|
207,823
|
|
1,000
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal
|
No Opt. Call
|
BB
|
1,053,250
|
|
|
Improvement Project, Refunding Series 2015B-2, 5.000%, 7/15/20 (Alternative Minimum Tax)
|
|
|
|
|
1,250
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal
|
No Opt. Call
|
BB
|
1,316,563
|
|
|
Improvement Project, Refunding Series 2015C, 5.000%, 7/15/20 (Alternative Minimum Tax)
|
|
|
|
|
500
|
Mesquite Health Facilities Development Corporation, Texas, Retirement Facility Revenue Bonds,
|
No Opt. Call
|
N/R
|
522,400
|
|
|
Christian Care Centers Inc., Refunding Series 2016, 5.000%, 2/15/21
|
|
|
|
|
175
|
Polk County, Texas, General Obligation Bonds, Series 2017, 4.000%, 8/15/21
|
No Opt. Call
|
A+
|
185,616
|
|
1,000
|
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System,
|
No Opt. Call
|
AA
|
1,068,230
|
|
|
Refunding Series 2013, 5.000%, 11/01/20 – BAM Insured
|
|
|
|
|
4,635
|
Total Texas
|
|
|
4,835,958
|
|
|
Utah – 1.9%
|
|
|
|
|
1,500
|
Salt Lake County, Utah, Research Facility Revenue Bonds, Huntsman Cancer Foundation, Series
|
12/18 at 100.00
|
N/R (4)
|
1,526,535
|
|
|
2013A-1, 5.000%, 12/01/33 (Mandatory put 12/15/20) (Pre-refunded 12/17/18)
|
|
|
|
|
30
|
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High
|
No Opt. Call
|
BB
|
30,797
|
|
|
School, Series 2010A, 5.750%, 7/15/20
|
|
|
|
|
1,530
|
Total Utah
|
|
|
1,557,332
|
|
|
Virgin Islands – 0.4%
|
|
|
|
|
425
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series
|
No Opt. Call
|
CCC+
|
367,625
|
|
|
2012A, 4.000%, 7/01/21
|
|
|
|
|
|
Virginia – 1.2%
|
|
|
|
|
1,000
|
Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue Bonds,
|
7/19 at 100.00
|
N/R
|
995,670
|
|
|
American Tobacco Apartments, Series 2017, 3.125%, 7/01/20, 144A
|
|
|
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) May 31, 2018
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Washington – 0.1%
|
|
|
|
|
$ 100
|
Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Bayview
|
8/18 at 100.00
|
N/R
|
$ 99,590
|
|
|
Manor Senior Project, TEMPS 70 Series 2016B, 2.800%, 7/01/21, 144A
|
|
|
|
|
|
Wisconsin – 1.4%
|
|
|
|
|
10
|
Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James
|
No Opt. Call
|
N/R
|
10,246
|
|
|
Project, Series 1999, 5.600%, 5/01/19 (Alternative Minimum Tax)
|
|
|
|
|
1,000
|
Superior, Wisconsin, Limited Obligation Revenue Refunding Bonds, Midwest Energy Resources
|
No Opt. Call
|
Aa3
|
1,140,630
|
|
|
Company, Series 1991E, 6.900%, 8/01/21 – FGIC Insured
|
|
|
|
|
55
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital
|
No Opt. Call
|
A2
|
56,390
|
|
|
Inc., Series 2003, 5.500%, 2/15/19 – AMBAC Insured
|
|
|
|
|
1,065
|
Total Wisconsin
|
|
|
1,207,266
|
|
$ 78,991
|
Total Long-Term Investments (cost $81,735,243)
|
|
|
80,421,577
|
|
|
Other Assets Less Liabilities – 3.9%
|
|
|
3,279,867
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 83,701,444
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(3)
|
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(5)
|
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) default on payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
|
144A |
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from regis- tration, which are normally those transactions with qualified institutional buyers.
|
ETM |
Escrowed to maturity.
|
Assets
|
||||
Long-term investments, at value (cost $81,735,243)
|
$
|
80,421,577
|
||
Cash
|
910,523
|
|||
Receivable for:
|
||||
Interest
|
1,157,781
|
|||
Investments sold
|
1,455,000
|
|||
Other
|
4,130
|
|||
Total assets
|
83,949,011
|
|||
Liabilities
|
||||
Payable for dividends
|
137,545
|
|||
Accrued expenses:
|
||||
Management fees
|
39,661
|
|||
Professional fees
|
28,011
|
|||
Trustees fees
|
933
|
|||
Other
|
41,417
|
|||
Total liabilities
|
247,567
|
|||
Net assets applicable to common shares
|
$
|
83,701,444
|
||
Common shares outstanding
|
8,622,711
|
|||
Net asset value (“NAV”) per common share outstanding
|
$
|
9.71
|
||
Net assets applicable to common shares consist of:
|
||||
Common shares, $0.01 par value per share
|
$
|
86,227
|
||
Paid-in surplus
|
84,523,691
|
|||
Undistributed (Over-distribution of) net investment income
|
647,554
|
|||
Accumulated net realized gain (loss)
|
(242,362
|
)
|
||
Net unrealized appreciation (depreciation)
|
(1,313,666
|
)
|
||
Net assets applicable to common shares
|
$
|
83,701,444
|
||
Authorized shares:
|
||||
Common
|
Unlimited
|
|||
Preferred
|
Unlimited
|
Investment Income
|
$
|
3,407,987
|
||
Expenses
|
||||
Management fees
|
590,373
|
|||
Interest expense and amortization of offering costs
|
511,473
|
|||
Custodian fees
|
26,809
|
|||
Trustees fees
|
3,338
|
|||
Professional fees
|
33,164
|
|||
Shareholder reporting expenses
|
26,722
|
|||
Shareholder servicing agent fees
|
13,552
|
|||
Stock exchange listing fees
|
6,901
|
|||
Investor relations expenses
|
7,443
|
|||
Other
|
36,917
|
|||
Total expenses
|
1,256,692
|
|||
Net investment income (loss)
|
2,151,295
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from investments
|
(280,367
|
)
|
||
Change in net unrealized appreciation (depreciation) of investments
|
7,327
|
|||
Net realized and unrealized gain (loss)
|
(273,040
|
)
|
||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
1,878,255
|
|
Year
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
5/31/18
|
5/31/17
|
||||||
Operations
|
||||||||
Net investment income (loss)
|
$
|
2,151,295
|
$
|
2,247,539
|
||||
Net realized gain (loss) from investments
|
(280,367
|
)
|
(49,647
|
)
|
||||
Change in net unrealized appreciation (depreciation) of investments
|
7,327
|
(1,963,864
|
)
|
|||||
Net increase (decrease) in net assets applicable to common shares from operations
|
1,878,255
|
234,028
|
||||||
Distributions to Common Shareholders
|
||||||||
From net investment income
|
(1,839,834
|
)
|
(2,058,764
|
)
|
||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(1,839,834
|
)
|
(2,058,764
|
)
|
||||
Capital Share Transactions
|
||||||||
Net proceeds from common shares issued to shareholders due to reinvestment of distributions
|
46,078
|
71,638
|
||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
46,078
|
71,638
|
||||||
Net increase (decrease) in net assets applicable to common shares
|
84,499
|
(1,753,098
|
)
|
|||||
Net assets applicable to common shares at the beginning of period
|
83,616,945
|
85,370,043
|
||||||
Net assets applicable to common shares at the end of period
|
$
|
83,701,444
|
$
|
83,616,945
|
||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
647,554
|
$
|
346,183
|
Cash Flows from Operating Activities:
|
||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
1,878,255
|
||
Adjustments to reconcile the net increase (decrease) in net assets applicable to common
|
||||
shares from operations to net cash provided by (used in) operating activities:
|
||||
Purchases of investments
|
(7,969,822
|
)
|
||
Proceeds from sales and maturities of investments
|
35,606,996
|
|||
Taxes paid
|
(2,903
|
)
|
||
Amortization (Accretion) of premiums and discounts, net
|
1,119,579
|
|||
Amortization of deferred offering costs
|
86,857
|
|||
(Increase) Decrease in:
|
||||
Receivable for interest
|
430,075
|
|||
Receivable for investments sold
|
650,086
|
|||
Other assets
|
84
|
|||
Increase (Decrease) in:
|
||||
Payable for interest
|
(42,295
|
)
|
||
Payable for investments purchased
|
(2,342,870
|
)
|
||
Accrued management fees
|
(13,421
|
)
|
||
Accrued professional fees
|
652
|
|||
Accrued Trustees fees
|
(194
|
)
|
||
Accrued other expenses
|
11,048
|
|||
Net realized (gain) loss from investments
|
280,367
|
|||
Change in net unrealized (appreciation) depreciation of investments
|
(7,327
|
)
|
||
Net cash provided by (used in) operating activities
|
29,685,167
|
|||
Cash Flows from Financing Activities:
|
||||
(Payments for) VMTP Shares redeemed, at liquidation preference
|
(28,300,000
|
)
|
||
Cash distributions paid to common shareholders
|
(1,812,174
|
)
|
||
Net cash provided by (used in) financing activities
|
(30,112,174
|
)
|
||
Net Increase (Decrease) in Cash
|
(427,007
|
)
|
||
Cash at the beginning of period
|
1,337,530
|
|||
Cash at the end of period
|
$
|
910,523
|
||
Supplemental Disclosure of Cash Flow Information
|
||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
467,090
|
||
Non-cash financing activities not included herein consists of reinvestments of share distributions
|
46,078
|
Financial Highlights
|
Selected data for a common share outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
Less Distributions to
|
|
|
|
||||
|
|
Investment Operations
|
Common Shareholders
|
|
Common Share
|
|
||||||
|
Beginning
|
Net
|
Net
|
|
From
|
From
|
|
|
|
|
||
|
Common
|
Investment
|
Realized/
|
|
Net
|
Accumulated
|
|
|
|
Ending
|
||
|
Share
|
Income
|
Unrealized
|
|
Investment
|
Net Realized
|
|
Offering
|
Ending
|
Share
|
||
|
NAV
|
(Loss)
|
Gain (Loss)
|
Total
|
Income
|
Gains
|
Total
|
Costs
|
NAV
|
Price
|
||
Year Ended 5/31:
|
|
|
|
|
|
|
|
|
|
|
||
2018
|
$9.70
|
$0.25
|
$(0.03)
|
$0.22
|
$(0.21)
|
$ —
|
$(0.21)
|
$ —
|
$9.71
|
$9.45
|
||
2017
|
9.91
|
0.26
|
(0.23)
|
0.03
|
(0.24)
|
—
|
(0.24)
|
—
|
9.70
|
9.76
|
||
2016(e)
|
9.85
|
0.07
|
0.07
|
0.14
|
(0.06)
|
—
|
(0.06)
|
(0.02)
|
9.91
|
9.95
|
|
VMTP Shares
|
|
|
at the End of Period
|
|
|
Aggregate |
Asset
|
|
Amount
|
Coverage
|
|
Outstanding | Per $100,000 |
|
(000)
|
Share
|
Year Ended 5/31:
|
|
|
2018
|
$ —
|
$ —
|
2017
|
28,300
|
395,466
|
2016(e)
|
28,300
|
401,661
|
|
|
|
Common Share Supplemental Data/
|
|
|
|
|
|
Ratios Applicable to Common Shares
|
|
|
Common Share
|
|
|
|
|
|
Total Returns
|
|
Ratios to Average Net Assets(b)
|
|
||
|
Based
|
Ending
|
|
Net
|
|
Based
|
on
|
Net
|
|
Investment
|
Portfolio
|
on
|
Share
|
Assets
|
|
Income
|
Turnover
|
NAV(a)
|
Price(a)
|
(000)
|
Expenses(c)
|
(Loss)
|
Rate(d)
|
2.32%
|
(1.01)%
|
$83,701
|
1.50%
|
2.57%
|
8%
|
0.32
|
0.53
|
83,617
|
1.53
|
2.68
|
18
|
1.22
|
0.10
|
85,370
|
1.28*
|
2.15*
|
2
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
(b)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
|
(c)
|
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares), where applicable, as follows:
|
Year Ended 5/31:
|
|
2018
|
0.61%
|
2017
|
0.60
|
2016(e)
|
0.34*
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
(e)
|
For the period January 26, 2016 (commencement of operations) through May 31, 2016.
|
*
|
Annualized.
|
·
|
The Fund invests at least 80% of its managed assets (as defined in Note 7 – Management Fees and Other Transactions with Affiliates) in municipal securities and other related investments, the income from which is exempt from regular U.S. federal income tax.
|
·
|
The Fund will invest at least 65% of its managed assets in low- to medium-quality municipal securities that, at the time of investment, are rated BBB/Baa or lower or are unrated but judged to be of comparable quality by the Sub-Adviser.
|
·
|
The Fund may invest without limit in below investment grade quality securities. Below investment grade securities (commonly referred to as “junk bonds”) are rated BB+/Ba1 or lower or if its unrated but judged to be of comparable quality by the Sub-Adviser.
|
·
|
The Fund will not invest in securities that, at the time of investment, are rated CCC+/Caa1 or lower, or are unrated but judged by the Sub-Adviser to be of comparable quality.
|
·
|
The Fund will not invest in defaulted securities or in the securities of an issuer that is in bankruptcy or insolvency proceedings or is otherwise experiencing financial difficulties (such securities are commonly referred to as “distressed securities”).
|
·
|
The Fund may invest up to 20% of its managed assets in bonds subject to the alternative minimum tax (“AMT”) bonds.
|
·
|
The Fund will invest no more than 25% of its managed assets in municipal securities in any one sector and no more than 5% of its managed assets in any one issuer.
|
·
|
The Fund will invest no more than 10% of its managed assets in “tobacco settlement bonds”.
|
·
|
The Fund will not invest in securities with a maturity date (or mandatory redemption date for escrowed securities or other tax exempt securities) extending beyond September 1, 2021.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Long-Term Investments*:
|
|
|
|
|
Municipal Bonds
|
$ —
|
$80,421,577
|
$ —
|
$80,421,577
|
* Refer to the Fund’s Portfolio of Investments for state classifications.
|
|
|
|
|
(i)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
(ii)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
|
Year
|
Year
|
|
Ended
|
Ended
|
|
5/31/18
|
5/31/17
|
Common Shares:
|
|
|
Issued to shareholders due to reinvestment of distributions
|
4,728
|
7,391
|
Average liquidation preference of VMTP Shares outstanding
|
$28,300,000*
|
Annualized dividend rate
|
1.92%*
|
* For the period June 1, 2017 through March 13, 2018.
|
|
Preferred Share Transactions
|
|
|
|
Transactions in preferred shares for the Fund during the Fund’s current and prior fiscal period are noted in the following table. Transactions in VMTP Shares for the Fund were as follows:
|
Year Ended | |||
|
May 31, 2018
|
||
|
Series
|
Shares
|
Amount
|
VMTP Shares redeemed
|
2019
|
(283)
|
$(28,300,000)
|
|
|||
5. Investment Transactions
|
|
|
|
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
|
|
|
|
Purchases
|
|
|
$ 7,969,822
|
Sales and maturities
|
|
|
35,606,996
|
Tax cost of investments
|
$
|
81,462,650
|
||
Gross unrealized:
|
||||
Appreciation
|
$
|
886,964
|
||
Depreciation
|
(1,928,037
|
)
|
||
Net unrealized appreciation (depreciation) of investments
|
$
|
(1,041,073
|
)
|
Paid-in surplus
|
$
|
(86,120
|
)
|
|
Undistributed (Over-distribution of) net investment income
|
(10,090
|
)
|
||
Accumulated net realized gain (loss)
|
96,210
|
Undistributed net tax-exempt income1
|
$488,569
|
Undistributed net ordinary income2
|
28,667
|
Undistributed net long-term capital gains
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 1, 2018, and paid on June 1, 2018.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
2018
|
|
Distributions from net tax-exempt income3
|
$2,311,730
|
Distributions from net ordinary income2
|
16,482
|
Distributions from net long-term capital gains
|
—
|
2017
|
|
Distributions from net tax-exempt income
|
$2,507,185
|
Distributions from net ordinary income2
|
—
|
Distributions from net long-term capital gains
|
—
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
3
|
The Fund hereby designates these amounts paid during the fiscal year ended May 31, 2018, as Exempt Interest Dividends.
|
Not subject to expiration:
|
||||
Short-term
|
$
|
—
|
||
Long-term
|
242,362
|
|||
Total
|
$
|
242,362
|
The annual fund-level fee, payable monthly, is calculated according to the following schedule:
|
|
Average Daily Net Assets
|
Fund-Level Fee Rate
|
For the first $125 million
|
0.4000%
|
For the next $125 million
|
0.3875
|
For the next $250 million
|
0.3750
|
For the next $500 million
|
0.3625
|
For the next $1 billion
|
0.3500
|
For the next $3 billion
|
0.3250
|
For managed assets over $5 billion
|
0.3125
|
Complex-Level Eligible Asset Breakpoint Level*
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
$55 billion
|
0.2000%
|
$56 billion
|
0.1996
|
$57 billion
|
0.1989
|
$60 billion
|
0.1961
|
$63 billion
|
0.1931
|
$66 billion
|
0.1900
|
$71 billion
|
0.1851
|
$76 billion
|
0.1806
|
$80 billion
|
0.1773
|
$91 billion
|
0.1691
|
$125 billion
|
0.1599
|
$200 billion
|
0.1505
|
$250 billion
|
0.1469
|
$300 billion
|
0.1445
|
*
|
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the fund’s use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and close-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds and assets in excess of a determined amount (originally $2 billion) added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of May 31, 2018, the complex-level fee for the Fund was 0.1591%.
|
Board of Trustees
|
|
|
|
|
|
Margo Cook*
|
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
William J. Schneider
|
Judith M. Stockdale
|
Carole E. Stone
|
Terence J. Toth
|
Margaret L. Wolff
|
Robert L. Young
|
|
|
|||||
* Interested Board Member.
|
|
|
|
|
Fund Manager
|
Custodian
|
Legal Counsel
|
Independent Registered
|
Transfer Agent and
|
Nuveen Fund Advisors, LLC
|
State Street Bank
|
Chapman and Cutler LLP
|
Public Accounting Firm
|
Shareholder Services
|
333 West Wacker Drive
|
& Trust Company
|
Chicago, IL 60603
|
KPMG LLP
|
Computershare Trust
|
Chicago, IL 60606
|
One Lincoln Street
|
|
200 East Randolph Street
|
Company, N.A.
|
|
Boston, MA 02111
|
|
Chicago, IL 60601
|
250 Royall Street
|
|
|
|
|
Canton, MA 02021
|
|
|
|
|
(800) 257-8787
|
Common shares repurchased
|
—
|
·
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
·
|
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
|
·
|
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in a fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
·
|
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
|
·
|
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
|
·
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues float- ing rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
·
|
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
|
·
|
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
|
·
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S.
Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value. |
·
|
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
|
·
|
S&P Short Duration Municipal Yield Index: An index that contains all bonds in the S&P Municipal Bond Index that mature between 1 month and 12 years, and maintains a 10% weighting to AA rated bonds, 10% to A rated bonds, 20% to BBB rated bonds and 60% to below investment grade and non-rated bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
·
|
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial lever- age. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
|
·
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|
|
and Term(1)
|
Directorships
|
Overseen by
|
|
|
|
During Past 5 Years
|
Board Member
|
|
||||
Independent Board Members:
|
|
|
|
|
|
||||
|
||||
■ TERENCE J. TOTH
|
|
|
Formerly, a Co-Founding Partner, Promus Capital (2008-2017);
|
|
1959
|
|
|
Director, Fulcrum IT Service LLC (since 2010) and Quality Control
|
|
333 W. Wacker Drive
|
Chairman and
|
2008
|
Corporation (since 2012); member: Catalyst Schools of Chicago Board
|
171
|
Chicago, IL 6o6o6
|
Board Member
|
Class II
|
(since 2008) and Mather Foundation Board (since 2012), and chair of
|
|
|
|
|
its Investment Committee; formerly, Director, Legal & General Investment
|
|
|
|
|
Management America, Inc. (2008-2013); formerly, CEO and President,
|
|
|
|
|
Northern Trust Global Investments (2004-2007): Executive Vice President,
|
|
|
|
|
Quantitative Management & Securities Lending (2000-2004); prior thereto,
|
|
|
|
|
various positions with Northern Trust Company (since 1994); formerly,
|
|
|
|
|
Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust
|
|
|
|
|
Global Investments Board (2004-2007), Northern Trust Japan Board
|
|
|
|
|
(2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern
|
|
|
|
|
Trust Hong Kong Board (1997-2004).
|
|
|
||||
■ JACK B. EVANS
|
|
|
President, The Hall-Perrine Foundation, a private philanthropic
|
|
1948
|
|
|
corporation (since 1996); Director and Chairman, United Fire
|
|
333 W. Wacker Drive
|
Board Member
|
1999
|
Group, a publicly held company; Director, Public Member, American
|
171
|
Chicago, IL 6o6o6
|
|
Class III
|
Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College
|
|
|
|
|
and the Iowa College Foundation; formerly, President Pro-Tem of the
|
|
|
|
|
Board of Regents for the State of Iowa University System; formerly,
|
|
|
|
|
Director, Alliant Energy and The Gazette Company; formerly, Director,
|
|
|
|
|
Federal Reserve Bank of Chicago; formerly, President and Chief Operating
|
|
|
|
|
Officer, SCI Financial Group, Inc., a regional financial services firm.
|
|
|
||||
■ WILLIAM C. HUNTER
|
|
|
Dean Emeritus, formerly, Dean, Tippie College of Business, University
|
|
1948
|
|
|
of Iowa (2006-2012); Director (since 2004) of Xerox Corporation;
|
|
333 W. Wacker Drive
|
Board Member
|
2003
|
Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and
|
171
|
Chicago, IL 6o6o6
|
|
Class I
|
past President (2010-2014) Beta Gamma Sigma, Inc., The International
|
|
|
|
|
Business Honor Society; formerly, Dean and Distinguished Professor
|
|
|
|
|
of Finance, School of Business at the University of Connecticut (2003-2006);
|
|
|
|
|
previously, Senior Vice President and Director of Research at the Federal
|
|
|
|
|
Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007),
|
|
|
|
|
Credit Research Center at Georgetown University.
|
|
|
||||
■ ALBIN F. MOSCHNER
|
|
|
Founder and Chief Executive Officer, Northcroft Partners, LLC, a
|
|
1952
|
|
|
management consulting firm (since 2012); Director, USA Technologies, Inc.,
|
|
333 W. Wacker Drive
|
Board Member
|
2016
|
a provider of solutions and services to facilitate electronic payment
|
171
|
Chicago, IL 6o6o6
|
|
Class III
|
transactions (since 2012); formerly, Director, Wintrust Financial
|
|
|
|
|
Corporation (1996-2016); previously, held positions at Leap Wireless
|
|
|
|
|
International, Inc., including Consultant (2011-2012), Chief Operating
|
|
|
|
|
Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly,
|
|
|
|
|
President, Verizon Card Services division of Verizon Communications, Inc.
|
|
|
|
|
(2000-2003); formerly, President, One Point Services at One Point
|
|
|
|
|
Communications (1999-2000); formerly, Vice Chairman of the Board, Diba,
|
|
|
|
|
Incorporated (1996-1997); formerly, various executive positions with Zenith
|
|
|
|
|
Electronics Corporation (1991-1996).
|
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|
|
and Term(1)
|
Directorships
|
Overseen by
|
|
|
|
During Past 5 Years
|
Board Member
|
|
||||
Independent Board Members (continued):
|
|
|
|
|
|
||||
■ JOHN K. NELSON
|
|
|
Member of Board of Directors of Core12 LLC (since 2008), a private firm
|
|
1962
|
|
|
which develops branding, marketing and communications strategies
|
|
333 W. Wacker Drive
|
Board Member
|
2013
|
for clients; Director of The Curran Center for Catholic American Studies
|
171
|
Chicago, IL 6o6o6
|
|
Class II
|
(since 2009) and The President’s Council, Fordham University (since 2010);
|
|
|
|
|
formerly, senior external advisor to the financial services practice of Deloitte
|
|
|
|
|
Consulting LLP (2012-2014): formerly, Chairman of the Board of Trustees of
|
|
|
|
|
Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief
|
|
|
|
|
Executive Officer of ABN AMRO N.V. North America, and Global Head of
|
|
|
|
|
its Financial Markets Division (2007-2008); prior senior positions held at
|
|
|
|
|
ABN AMRO include Corporate Executive Vice President and Head of
|
|
|
|
|
Global Markets-the Americas (2006-2007), CEO of Wholesale Banking
|
|
|
|
|
North America and Global Head of Foreign Exchange and Futures Markets
|
|
|
|
|
(2001-2006), and Regional Commercial Treasurer and Senior Vice President
|
|
|
|
|
Trading-North America (1996-2001); formerly, Trustee at St. Edmund
|
|
|
|
|
Preparatory School in New York City.
|
|
|
||||
■ WILLIAM J. SCHNEIDER
|
|
|
Chairman of Miller-Valentine Partners, a real estate investment
|
|
1944
|
|
|
company; Board Member of WDPR Public Radio station; formerly,
|
|
333 W. Wacker Drive
|
Board Member
|
1996
|
Senior Partner and Chief Operating Officer (retired (2004) of
|
171
|
Chicago, IL 6o6o6
|
|
Class III
|
Miller-Valentine Group; formerly, Board member, Business Advisory
|
|
|
|
|
Council of the Cleveland Federal Reserve Bank and University of
|
|
|
|
|
Dayton Business School Advisory Council; past Chair and Director,
|
|
|
|
|
Dayton Development Coalition.
|
|
|
||||
■ JUDITH M. STOCKDALE
|
|
|
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment
|
|
1947
|
|
|
for Forestry and Communities (since 2013); formerly, Executive Director
|
|
333 W. Wacker Drive
|
Board Member
|
1997
|
(1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto,
|
171
|
Chicago, IL 6o6o6
|
|
Class I
|
Executive Director, Great Lakes Protection Fund (1990-1994).
|
|
|
||||
■ CAROLE E. STONE
|
|
|
Former Director, Chicago Board Options Exchange, Inc. (2006-2017);
|
|
1947
|
|
|
and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE
|
|
333 W. Wacker Drive
|
Board Member
|
2007
|
Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010);
|
171
|
Chicago, IL 6o6o6
|
|
Class I
|
formerly, Commissioner, New York State Commission on Public
|
|
|
|
|
Authority Reform (2005-2010).
|
|
|
||||
■ MARGARET L. WOLFF
|
|
|
Formerly, member of the Board of Directors (2013-2017) of Travelers
|
|
1955
|
|
|
Insurance Company of Canada and The Dominion of Canada General
|
|
333 W. Wacker Drive
|
Board Member
|
2016
|
Insurance Company (each, a part of Travelers Canada, the Canadian
|
171
|
Chicago, IL 6o6o6
|
|
Class I
|
operation of The Travelers Companies, Inc.); formerly, Of Counsel,
|
|
|
|
|
Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions
|
|
|
|
|
Group) (2005-2014); Member of the Board of Trustees of New York-
|
|
|
|
|
Presbyterian Hospital (since 2005); Member (since 2004) and Chair
|
|
|
|
|
(since 2015) of the Board of Trustees of The John A. Hartford Foundation
|
|
|
|
|
(a philanthropy dedicated to improving the care of older adults); formerly,
|
|
|
|
|
Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of
|
|
|
|
|
Mt. Holyoke College.
|
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|
|
and Term(1)
|
Directorships
|
Overseen by
|
|
|
|
During Past 5 Years
|
Board Member
|
|
||||
Independent Board Members (continued):
|
|
|
|
|
|
||||
■ ROBERT L. YOUNG(2)
|
|
|
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment
|
|
1963
|
|
|
Management Inc. (2010-2016); formerly, President and Principal Executive
|
|
333 W. Wacker Drive
|
Board Member
|
2017
|
Officer (2013-2016), and Senior Vice President and Chief Operating Officer
|
169
|
Chicago, IL 6o6o6
|
|
Class II
|
(2005-2010), of J.P.Morgan Funds; formerly, Director and various officer
|
|
|
|
|
positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan
|
|
|
|
|
Funds Management, Inc. and formerly, One Group Administrative Services)
|
|
|
|
|
and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer
|
|
|
|
|
Services, Inc.) (1999-2017).
|
|
|
||||
Interested Board Member:
|
|
|
|
|
|
||||
■ MARGO L. COOK(3)(4)
|
|
|
President (since April 2017), formerly, Co-Chief Executive Officer and
|
|
1964
|
|
|
Co-President (2016-2017), formerly, Senior Executive Vice President of
|
|
333 W. Wacker Drive
|
Board Member
|
2016
|
Nuveen Investments, Inc.; President, Global Products and Solutions (since
|
171
|
Chicago, IL 6o6o6
|
|
Class III
|
July 2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive
|
|
|
|
|
Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice
|
|
|
|
|
President (since February 2017) of Nuveen, LLC; President (since August
|
|
|
|
|
2017), formerly Co-President (October 2016- August 2017), formerly, Senior
|
|
|
|
|
Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice
|
|
|
|
|
President since 2011); President (since 2017), Nuveen Alternative
|
|
|
|
|
Investments, LLC; Chartered Financial Analyst.
|
|
|
||||
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
|
|
|
|
Overseen by
|
|
|
|
|
Officer
|
|
||||
Officers of the Funds:
|
|
|
|
|
|
||||
■ CEDRIC H. ANTOSIEWICZ
|
|
|
Senior Managing Director (since January 2017), formerly, Managing
|
|
1962
|
Chief
|
|
Director (2004-2017) of Nuveen Securities, LLC; Senior Managing Director
|
|
333 W. Wacker Drive
|
Administrative
|
2007
|
(since February 2017), formerly, Managing Director (2014-2017) of Nuveen
|
75
|
Chicago, IL 6o6o6
|
Officer
|
|
Fund Advisors, LLC.
|
|
|
||||
■ STEPHEN D. FOY
|
|
|
Managing Director (since 2014), formerly, Senior Vice President (2013-
|
|
1954
|
|
|
2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC;
|
|
333 W. Wacker Drive
|
Vice President
|
1998
|
Managing Director (since 2016) of Nuveen Securities, LLC Managing
|
171
|
Chicago, IL 6o6o6
|
and Controller
|
|
Director (since 2016) of Nuveen Alternative Investments, LLC; Certified
|
|
|
|
|
Public Accountant.
|
|
|
||||
■ NATHANIEL T. JONES
|
|
|
Managing Director (since January 2017), formerly, Senior Vice President
|
|
1979
|
|
|
(2016-2017), formerly, Vice President (2011-2016) of Nuveen.; Chartered
|
171
|
333 W. Wacker Drive
|
Vice President
|
2016
|
Financial Analyst.
|
|
Chicago, IL 6o6o6
|
and Treasurer
|
|
|
|
|
||||
■ WALTER M. KELLY
|
|
|
Managing Director (since January 2017), formerly, Senior Vice President
|
|
1970
|
Chief Compliance
|
|
(2008-2017) of Nuveen.
|
171
|
333 W. Wacker Drive
|
Officer and
|
2003
|
|
|
Chicago, IL 6o6o6
|
Vice President
|
|
|
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
|
|
|
|
Overseen by
|
|
|
|
|
Officer
|
|
||||
Officers of the Funds (continued):
|
|
|
|
|
|
||||
■ DAVID J. LAMB
|
|
|
Managing Director (since January 2017), formerly, Senior Vice President of
|
|
1963
|
|
|
Nuveen (since 2006), Vice President prior to 2006.
|
75
|
333 W. Wacker Drive
|
Vice President
|
2015
|
|
|
Chicago, IL 6o6o6
|
|
|
|
|
|
||||
■ TINA M. LAZAR
|
|
|
Managing Director (since January 2017), formerly, Senior Vice President
|
|
1961
|
|
|
(2014-2017) of Nuveen Securities, LLC.
|
171
|
333 W. Wacker Drive
|
Vice President
|
2002
|
|
|
Chicago, IL 6o6o6
|
|
|
|
|
|
||||
■ KEVIN J. MCCARTHY
|
|
|
Senior Managing Director (since February 2017) and Secretary and General
|
|
1966
|
Vice President
|
|
Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice
|
|
333 W. Wacker Drive
|
and Assistant
|
2007
|
President (2016-2017) and Managing Director and Assistant Secretary
|
171
|
Chicago, IL 6o6o6
|
Secretary
|
|
(2008-2016); Senior Managing Director (since January 2017) and Assistant
|
|
|
|
|
Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President
|
|
|
|
|
(2016-2017) and Managing Director (2008-2016); Senior Managing Director
|
|
|
|
|
(since February 2017), Secretary (since 2016) and Co-General Counsel (since
|
|
|
|
|
2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-
|
|
|
|
|
2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016);
|
|
|
|
|
Senior Managing Director (since February 2017), Secretary (since 2016) and
|
|
|
|
|
Associate General Counsel (since 2011) of Nuveen Asset Management, LLC,
|
|
|
|
|
formerly Executive Vice President (2016-2017) and Managing Director and
|
|
|
|
|
Assistant Secretary (2011-2016); Senior Managing Director (since February
|
|
|
|
|
2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC,
|
|
|
|
|
formerly Executive Vice President (2016-2017); Vice President (since 2007) and
|
|
|
|
|
Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment
|
|
|
|
|
Management Company, LLC, Symphony Asset Management LLC, Santa
|
|
|
|
|
Barbara Asset Management, LLC and Winslow Capital Management, LLC
|
|
|
|
|
(since 2010). Senior Managing Director (since 2017) and Secretary (since
|
|
|
|
|
2016) of Nuveen Alternative Investments, LLC.
|
|
|
||||
■ WILLIAM T. MEYERS
|
|
|
Senior Managing Director (since 2017), formerly, Managing Director
|
|
1966
|
Vice President
|
|
(2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC;
|
|
333 W. Wacker Drive
|
|
2018
|
Senior Managing Director (since 2017), formerly, Managing Director
|
75
|
Chicago, IL 60606
|
|
|
(2016-2017), Senior Vice President (2010-2016) of Nuveen, has held
|
|
|
|
|
various positions with Nuveen since 1991.
|
|
|
||||
■ MICHAEL A. PERRY
|
|
|
Executive Vice President since February 2017, previously Managing
|
|
1967
|
|
|
Director from October 2016), of Nuveen Fund Advisors, LLC and
|
|
333 W. Wacker Drive
|
Vice President
|
2017
|
Nuveen Alternative Investments, LLC; Executive Vice President (since
|
75
|
Chicago, IL 6o6o6
|
|
|
2017), formerly, Managing Director (2015-2017), of Nuveen Securities,
|
|
|
|
|
LLC; formerly, Managing Director (2010-2015) of UBS Securities, LLC.
|
|
|
||||
■ CHRISTOPHER M. ROHRBACHER
|
|
|
Managing Director (since January 2017) of Nuveen Securities, LLC;
|
|
1971
|
Vice President
|
|
2008 Managing Director (since January 2017), formerly, Senior Vice
|
|
333 W. Wacker Drive
|
and Assistant
|
2008
|
President (2016-2017) and Assistant Secretary (since October 2016) of
|
171
|
Chicago, IL 6o6o6
|
Secretary
|
|
Nuveen Fund Advisors, LLC.
|
|
|
||||
■ WILLIAM A. SIFFERMANN
|
|
|
Managing Director (since February 2017), formerly Senior Vice President
|
|
1975
|
|
|
(2016-2017) and Vice President (2011-2016) of Nuveen.
|
171
|
333 W. Wacker Drive
|
Vice President
|
2017
|
|
|
Chicago, IL 6o6o6
|
|
|
|
|
|
||||
■ JOEL T. SLAGER
|
|
|
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice
|
|
1978
|
Vice President
|
|
President of Morgan Stanley Investment Management, Inc., Assistant
|
|
333 W. Wacker Drive
|
and Assistant
|
2013
|
Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
|
171
|
Chicago, IL 6o6o6
|
Secretary
|
|
|
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
|
|
|
|
Overseen by
|
|
|
|
|
Officer
|
|
||||
Officers of the Funds (continued):
|
|
|
|
|
|
||||
■ MARK L. WINGET
|
|
|
Vice President and Assistant Secretary of Nuveen Securities, LLC
|
|
1968
|
Vice President
|
|
(since 2008); Vice President (since 2010) and Associate General
|
171
|
333 W. Wacker Drive
|
and Assistant
|
2008
|
Counsel (since 2008) of Nuveen.
|
|
Chicago, IL 60606
|
Secretary
|
|
|
|
|
||||
■ GIFFORD R. ZIMMERMAN
|
|
|
Managing Director (since 2002), and Assistant Secretary of Nuveen
|
|
1956
|
|
|
Securities, LLC; Managing Director (since 2004) and Assistant Secretary
|
|
333 W. Wacker Drive
|
Vice President
|
1988
|
(since 1994) of Nuveen Investments, Inc.; Managing Director (since
|
171
|
Chicago, IL 6o6o6
|
Secretary
|
|
2002), Assistant Secretary (since 1997) and Co-General Counsel (since
|
|
|
|
|
2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary
|
|
|
|
|
and Associate General Counsel of Nuveen Asset Management, LLC (since
|
|
|
|
|
2011); Vice President (since February 2017), formerly, Managing Director
|
|
|
|
|
(2003-2017) and Assistant Secretary (since 2003) of Symphony Asset
|
|
|
|
|
Management LLC; Managing Director and Assistant Secretary (since 2002)
|
|
|
|
|
of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary
|
|
|
|
|
of NWQ Investment Management Company, LLC (since 2002), Santa Barbara
|
|
|
|
|
Asset Management, LLC (since 2006), and of Winslow Capital Management,
|
|
|
|
|
LLC, (since 2010); Chartered Financial Analyst.
|
|
(1)
|
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
|
(2)
|
On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund.
|
(3)
|
“Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(4)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
Audit Fees Billed
|
Audit-Related Fees
|
Tax Fees
|
All Other Fees
|
|||||||||||||
Fiscal Year Ended
|
to Fund 1
|
Billed to Fund 2
|
Billed to Fund 3
|
Billed to Fund 4
|
||||||||||||
May 31, 2018
|
$
|
26,970
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
May 31, 2017
|
$
|
26,250
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
|
||||||||||||||||
connection with statutory and regulatory filings or engagements.
|
||||||||||||||||
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
|
||||||||||||||||
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
|
||||||||||||||||
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
|
||||||||||||||||
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
|
||||||||||||||||
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
|
||||||||||||||||
represent all engagements pertaining to the Fund’s use of leverage.
|
Audit-Related Fees
|
Tax Fees Billed to
|
All Other Fees
|
|
Billed to Adviser and
|
Adviser and
|
Billed to Adviser
|
|
Affiliated Fund
|
Affiliated Fund
|
and Affiliated Fund
|
|
Fiscal Year Ended
|
Service Providers
|
Service Providers
|
Service Providers
|
May 31, 2018
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
May 31, 2017
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
Total Non-Audit Fees
|
||||
billed to Adviser and
|
||||
Affiliated Fund Service
|
Total Non-Audit Fees
|
|||
Providers (engagements
|
billed to Adviser and
|
|||
related directly to the
|
Affiliated Fund Service
|
|||
Total Non-Audit Fees
|
operations and financial
|
Providers (all other
|
||
Fiscal Year Ended
|
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
May 31, 2018
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
May 31, 2017
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
|
||||
amounts from the previous table.
|
||||
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
|
||||
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
|
Portfolio Manager
|
Type of Account
Managed |
Number of
Accounts |
Assets*
|
Steven M. Hlavin
|
Registered Investment Company
|
9
|
$12.78 billion
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
1
|
$5.7 million
|
|
John V. Miller
|
Registered Investment Company
|
10
|
$29.16 billion
|
Other Pooled Investment Vehicles
|
8
|
$238 million
|
|
Other Accounts
|
13
|
$66.5 million
|
* |
Assets are as of May 31, 2018. None of the assets in these accounts are subject to an advisory fee based on performance.
|
Name of Portfolio Manager
|
None
|
$1 - $10,000
|
$10,001-$50,000
|
$50,001-$100,000
|
$100,001-$500,000
|
$500,001-$1,000,000
|
Over $1,000,000
|
Steven M. Hlavin
|
X
|
||||||
John V. Miller
|
X
|
(a)
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen Municipal 2021 Target Term Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen Municipal 2021 Target Term Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
The Form N-CSR of the Fund for the period ended May 31, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
1 |
NAM does not vote proxies where a client withholds proxy voting authority, and in certain non-discretionary and model programs NAM votes proxies in accordance with its policies and procedures in effect from time to time. Clients may opt to vote proxies themselves, or to have proxies voted by an independent third party or other named fiduciary or agent, at the client’s cost. i ISS has separate polices for Taft Hartley plans and it is NAM’s policy to apply the Taft Hartley polices to accounts that are Taft Hartley Plans.
|
1. |
The following relationships or circumstances may give rise to conflicts of interest2:
|
a.
|
The issuer or proxy proponent (e.g., a special interest group) is TIAA-CREF, the ultimate principal owner of NAM, or any of its affiliates.
|
b.
|
The issuer is an entity in which an executive officer of NAM or a spouse or domestic partner of any such executive officer is or was (within the past three years of the proxy vote) an executive officer or director.
|
c.
|
The issuer is a registered or unregistered fund for which NAM or another affiliated adviser serves as investment adviser or sub-adviser (e.g., Nuveen Funds and TIAA Funds).
|
d.
|
Any other circumstances that NAM is aware of where NAM’s duty to serve its clients’ interests, typically referred to as its “duty of loyalty,” could be materially compromised.
|
2. |
NAM will vote proxies in the best interest of its clients regardless of such real or perceived conflicts of interest. By adopting ISS policies, NAM believes the risk related to conflicts will be minimized.
|
3. |
To further minimize this risk, Compliance will review ISS’ conflict avoidance policy at least annually to ensure that it adequately addresses both the actual and perceived conflicts of interest the proxy voting service may face.
|
2 |
A conflict of interest shall not be considered material for the purposes of these Policies and Procedures with respect to a specific vote or circumstance if the matter to be voted on relates to a restructuring of the terms of existing securities or the issuance of new securities or a similar matter arising out of the holding of securities, other than common equity, in the context of a bankruptcy or threatened bankruptcy of the issuer.
|
4. |
In the event that ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote. The PVC shall receive voting direction from appropriate investment personnel. Before doing so, the PVC will consult with Legal to confirm that NAM faces no material conflicts of its own with respect to the specific proxy vote.
|
5. |
Where ISS and NAM are determined to face a conflict, the PVC will recommend to NAM’s Compliance Committee or designee a course of action designed to address the conflict. Such actions could include, but are not limited to:
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a. |
Obtaining instructions from the affected client(s) on how to vote the proxy;
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b. |
Disclosing the conflict to the affected client(s) and seeking their consent to permit NAM to vote the proxy;
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c. |
Voting in proportion to the other shareholders;
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e.
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Recusing the individual with the actual or potential conflict of interest from all discussion or consideration of the matter, if the material conflict is due to such person’s actual or potential conflict of interest; or
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f.
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Following the recommendation of a different independent third party.
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6. |
In addition to all of the above-mentioned and other conflicts, the Head of Equity Research, NGO and any member of the PVC must notify NAM’s Chief Compliance Officer (“CCO”) of any direct, indirect or perceived improper influence exerted by any employee, officer or director of TIAA or its subsidiaries with regard to how NAM should vote proxies. NAM Compliance will investigate any such allegations and will report the findings to NAM’s Compliance Committee. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action, notification of the appropriate senior managers, or notification of the appropriate regulatory authorities. In all cases, NAM will not consider any improper influence in determining how to vote proxies, and will vote in the best interests of clients.
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1. |
In order to generate incremental revenue, some clients may participate in a securities lending program. If a client has elected to participate in the lending program then it will not have the right to vote the proxies of any securities that are on loan as of the shareholder meeting record date. A client, or a Portfolio Manager, may place restrictions on loaning securities and/or recall a security on loan at any time. Such actions must be affected prior to the record date for a meeting if the purpose for the restriction or recall is to secure the vote.
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2. |
Portfolio Managers and/or analysts who become aware of upcoming proxy issues relating to any securities in portfolios they manage, or issuers they follow, will consider the desirability of recalling the affected securities that are on loan or restricting the affected securities prior to the record date for the matter. If the proxy issue is determined to be material, and the determination is made prior to the shareholder meeting record date the Portfolio Manager(s) will contact the Securities Lending Agent to recall securities on loan or restrict the loaning of any security held in any portfolio they manage, if they determine that it is in the best interest of shareholders to do so.
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J. |
Review and Reports.
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1. |
The PVC shall maintain a review schedule. The schedule shall include reviews of the proxy voting policy (including the policies of any Sub-adviser engaged by NAM), the proxy voting record, account maintenance,
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and other reviews as deemed appropriate by the PVC. The PVC shall review the schedule at least annually.
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2. |
The PVC will report to NAM’s Compliance Committee with respect to all identified conflicts and how they were addressed. These reports will include all accounts, including those that are sub‑advised. NAM also shall provide the Funds that it sub-advises with information necessary for preparing Form N-PX.
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