Chairman’s Letter to Shareholders
|
4
|
Portfolio Managers’ Comments
|
5
|
Fund Leverage
|
12
|
Common Share Information
|
13
|
Risk Considerations
|
15
|
Performance Overview and Holding Summaries
|
16
|
Shareholder Meeting Report
|
24
|
Report of Independent Registered Public Accounting Firm
|
26
|
Portfolios of Investments
|
27
|
Statement of Assets and Liabilities
|
58
|
Statement of Operations
|
59
|
Statement of Changes in Net Assets
|
60
|
Statement of Cash Flows
|
62
|
Financial Highlights
|
64
|
Notes to Financial Statements
|
70
|
Additional Fund Information
|
85
|
Glossary of Terms Used in this Report
|
86
|
Reinvest Automatically, Easily and Conveniently
|
88
|
Board Members & Officers
|
89
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
Effective Leverage*
|
38.97%
|
38.78%
|
36.68%
|
37.08%
|
Regulatory Leverage*
|
34.99%
|
36.14%
|
33.20%
|
32.53%
|
*
|
Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
|
|
Variable Rate
Preferred*
|
Variable Rate
Remarketed Preferred**
|
||||||||||
|
Shares
|
Shares
|
||||||||||
|
Issued at
|
Issued at
|
||||||||||
|
Liquidation
|
Liquidation
|
||||||||||
|
Preference
|
Preference
|
Total
|
|||||||||
NAZ
|
$
|
88,300,000
|
$
|
—
|
$
|
88,300,000
|
||||||
NUM
|
$
|
173,000,000
|
$
|
—
|
$
|
173,000,000
|
||||||
NUO
|
$
|
148,000,000
|
$
|
—
|
$
|
148,000,000
|
||||||
NTX
|
$
|
72,000,000
|
$
|
—
|
$
|
72,000,000
|
*
|
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP- VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
|
**
|
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP- VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
|
Per Common Share Amounts | ||||||||||||||||
Monthly Distributions (Ex-Dividend Date)
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
March 2018
|
$
|
0.0440
|
$
|
0.0445
|
$
|
0.0485
|
$
|
0.0485
|
||||||||
April
|
0.0440
|
0.0445
|
0.0485
|
0.0485
|
||||||||||||
May
|
0.0440
|
0.0445
|
0.0485
|
0.0485
|
||||||||||||
June
|
0.0440
|
0.0445
|
0.0485
|
0.0445
|
||||||||||||
July
|
0.0440
|
0.0445
|
0.0485
|
0.0445
|
||||||||||||
August
|
0.0440
|
0.0445
|
0.0485
|
0.0445
|
||||||||||||
September
|
0.0440
|
0.0445
|
0.0455
|
0.0445
|
||||||||||||
October
|
0.0440
|
0.0445
|
0.0455
|
0.0445
|
||||||||||||
November
|
0.0440
|
0.0445
|
0.0455
|
0.0445
|
||||||||||||
December
|
0.0415
|
0.0445
|
0.0455
|
0.0445
|
||||||||||||
January
|
0.0415
|
0.0445
|
0.0455
|
0.0445
|
||||||||||||
February 2019
|
0.0415
|
0.0445
|
0.0455
|
0.0445
|
||||||||||||
Total Distributions from Net Investment Income
|
$
|
0.5205
|
$
|
0.5340
|
$
|
0.5640
|
$
|
0.5460
|
||||||||
Total Distributions from Long-Term Capital Gains*
|
$
|
—
|
$
|
—
|
$
|
0.0271
|
$
|
—
|
||||||||
Total Distributions
|
$
|
0.5205
|
$
|
0.5340
|
$
|
0.5911
|
$
|
0.5460
|
||||||||
Yields
|
||||||||||||||||
Market Yield**
|
4.00
|
%
|
4.11
|
%
|
3.83
|
%
|
4.10
|
%
|
||||||||
Taxable-Equivalent Yield*
|
5.59
|
%
|
5.73
|
%
|
5.31
|
%
|
5.39
|
%
|
*
|
Distribution paid in December 2018.
|
**
|
Market Yield is based on the Fund’s current annualized monthly distribution 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 combined federal and state income tax rate of 28.5%, 28.3% and 26.1% for NAZ, NUM and NUO, respectively. NTX Fund is based on a federal income tax rate of 24.0%. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
Common shares cumulatively repurchased and retired
|
127,500
|
784,500
|
205,000
|
68,600
|
Common shares authorized for repurchase
|
1,170,000
|
2,065,000
|
1,850,000
|
1,005,000
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Common Shares Repurchased
|
127,500
|
562,500
|
205,000
|
68,600
|
||||||||||||
Weighted average price per common share repurchased and retired
|
$
|
11.60
|
$
|
12.43
|
$
|
13.36
|
$
|
12.33
|
||||||||
Weighted average discount per common share repurchased and retired
|
15.61
|
%
|
16.07
|
%
|
15.59
|
%
|
15.38
|
%
|
|
NAZ
|
Additional authorized common shares
|
1,100,000*
|
* Represents additional authorized common shares for the period March 1, 2018 through June 29, 2018.
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Common share NAV
|
$
|
14.18
|
$
|
15.12
|
$
|
16.26
|
$
|
14.99
|
||||||||
Common share price
|
$
|
12.46
|
$
|
12.99
|
$
|
14.24
|
$
|
13.03
|
||||||||
Premium/(Discount) to NAV
|
(12.13
|
)%
|
(14.09
|
)%
|
(12.42
|
)%
|
(13.08
|
)%
|
||||||||
12-month average premium/(discount) to NAV
|
(11.17
|
)%
|
(15.61
|
)%
|
(14.71
|
)%
|
(13.92
|
)%
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2019
|
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 February 28, 2019
|
||||||||||||
|
Average Annual
|
|||||||||||
|
1-Year
|
5-Year
|
10-Year
|
|||||||||
NAZ at Common Share NAV
|
4.29
|
%
|
4.95
|
%
|
6.87
|
%
|
||||||
NAZ at Common Share Price
|
(5.09
|
)%
|
4.53
|
%
|
6.76
|
%
|
||||||
S&P Municipal Bond Arizona Index
|
3.92
|
%
|
3.30
|
%
|
4.80
|
%
|
||||||
S&P Municipal Bond Index
|
4.03
|
%
|
3.45
|
%
|
4.77
|
%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
158.2%
|
Other Assets Less Liabilities
|
1.4%
|
Net Assets Plus Floating Rate
|
|
Obligations & AMTP Shares,
|
|
net of deferred offering costs
|
159.6%
|
Floating Rate Obligations
|
(5.9)%
|
AMTP Shares, net of deferred
|
|
offering costs
|
(53.7)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Arizona
|
96.7%
|
Guam
|
2.9%
|
Virgin Islands
|
0.4%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Education and Civic Organizations
|
21.2%
|
Tax Obligation/Limited
|
20.2%
|
Utilities
|
13.2%
|
Tax Obligation/General
|
11.8%
|
Health Care
|
11.6%
|
U.S. Guaranteed
|
9.9%
|
Water and Sewer
|
6.3%
|
Other
|
5.8%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
6.0%
|
AAA
|
10.4%
|
AA
|
46.5%
|
A
|
25.2%
|
BBB
|
1.0%
|
BB or Lower
|
5.6%
|
N/R (not rated)
|
5.3%
|
Total
|
100%
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2019
|
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 February 28, 2019
|
||||||||||||
|
Average Annual
|
|||||||||||
|
1-Year
|
5-Year
|
10-Year
|
|||||||||
NUM at Common Share NAV
|
4.75
|
%
|
4.92
|
%
|
6.38
|
%
|
||||||
NUM at Common Share Price
|
5.54
|
%
|
4.64
|
%
|
7.98
|
%
|
||||||
S&P Municipal Bond Michigan Index
|
4.23
|
%
|
3.99
|
%
|
5.26
|
%
|
||||||
S&P Municipal Bond Index
|
4.03
|
%
|
3.45
|
%
|
4.77
|
%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
158.6%
|
Other Assets Less Liabilities
|
1.9%
|
Net Assets Plus Floating Rate
|
|
Obligations & AMTP Shares,
|
|
net of deferred offering costs
|
160.5%
|
Floating Rate Obligations
|
(4.0)%
|
AMTP Shares, net of deferred
|
|
offering costs
|
(56.5)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Michigan
|
100.0%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Education and Civic Organizations
|
22.3%
|
Tax Obligation/General
|
20.1%
|
Health Care
|
14.7%
|
Water and Sewer
|
10.8%
|
Tax Obligation/Limited
|
10.4%
|
Utilities
|
7.6%
|
U.S. Guaranteed
|
7.5%
|
Other
|
6.6%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
6.5%
|
AAA
|
16.7%
|
AA
|
56.7%
|
A
|
15.4%
|
BBB
|
0.4%
|
BB or Lower
|
3.5%
|
N/R (not rated)
|
0.8%
|
Total
|
100%
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2019
|
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 February 28, 2019
|
||||||||||||
|
Average Annual
|
|||||||||||
|
1-Year
|
5-Year
|
10-Year
|
|||||||||
NUO at Common Share NAV
|
4.65
|
%
|
4.98
|
%
|
6.39
|
%
|
||||||
NUO at Common Share Price
|
5.14
|
%
|
4.45
|
%
|
6.64
|
%
|
||||||
S&P Municipal Bond Ohio Index
|
4.17
|
%
|
4.16
|
%
|
5.55
|
%
|
||||||
S&P Municipal Bond Index
|
4.03
|
%
|
3.45
|
%
|
4.77
|
%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
154.6%
|
Other Assets Less Liabilities
|
1.7%
|
Net Assets Plus Floating Rate
|
|
Obligations & VRDP Shares,
|
|
net of deferred offering costs
|
156.3%
|
Floating Rate Obligations
|
(6.7)%
|
VRDP Shares, net of deferred
|
|
offering costs
|
(49.6)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Ohio
|
100.0%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
24.3%
|
Tax Obligation/General
|
14.1%
|
U.S. Guaranteed
|
13.3%
|
Transportation
|
12.5%
|
Health Care
|
10.3%
|
Education and Civic Organizations
|
9.2%
|
Water and Sewer
|
7.6%
|
Other
|
8.7%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
10.0%
|
AAA
|
13.9%
|
AA
|
51.9%
|
A
|
13.4%
|
BBB
|
2.3%
|
BB or Lower
|
5.8%
|
N/R (not rated)
|
2.7%
|
Total
|
100%
|
NTX
|
Nuveen Texas Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2019
|
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 February 28, 2019
|
||||||||||||
|
Average Annual
|
|||||||||||
|
1-Year
|
5-Year
|
10-Year
|
|||||||||
NTX at Common Share NAV
|
4.02
|
%
|
4.44
|
%
|
6.09
|
%
|
||||||
NTX at Common Share Price
|
0.51
|
%
|
3.80
|
%
|
4.98
|
%
|
||||||
S&P Municipal Bond Texas Index
|
3.80
|
%
|
3.38
|
%
|
4.83
|
%
|
||||||
S&P Municipal Bond Index
|
4.03
|
%
|
3.45
|
%
|
4.77
|
%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
156.6%
|
Other Assets Less Liabilities
|
2.1%
|
Net Assets Plus Floating Rate
|
|
Obligations & MFP Shares,
|
|
net of deferred offering costs
|
158.7%
|
Floating Rate Obligations
|
(10.7)%
|
MFP Shares, net of deferred
|
|
offering costs
|
(48.0)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Texas
|
100.0%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Water and Sewer
|
19.7%
|
Tax Obligation/Limited
|
17.2%
|
Tax Obligation/General
|
16.0%
|
Transportation
|
14.0%
|
Utilities
|
9.8%
|
U.S. Guaranteed
|
9.7%
|
Education and Civic Organizations
|
7.8%
|
Other
|
5.8%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
8.7%
|
AAA
|
27.4%
|
AA
|
29.6%
|
A
|
23.4%
|
BBB
|
8.9%
|
BB or Lower
|
1.8%
|
N/R (not rated)
|
0.2%
|
Total
|
100%
|
|
|
NAZ
|
|
|
NUM
|
|
|
Common and
|
|
|
Common and
|
|
|
|
Preferred
|
|
|
Preferred
|
|
|
|
shares voting
|
|
|
shares voting
|
|
|
|
together
|
|
Preferred
|
together
|
|
Preferred
|
|
as a class
|
|
Shares
|
as a class
|
|
Shares
|
Approval of the Board Members was reached as follows:
|
|
|
|
|
|
|
Margo L. Cook
|
|
|
|
|
|
|
For
|
10,133,644
|
|
—
|
18,241,579
|
|
—
|
Withhold
|
540,592
|
|
—
|
800,948
|
|
—
|
Total
|
10,674,236
|
|
—
|
19,042,527
|
|
—
|
Jack B. Evans
|
|
|
|
|
|
|
For
|
10,007,433
|
|
—
|
17,916,316
|
|
—
|
Withhold
|
666,803
|
|
—
|
1,126,211
|
|
—
|
Total
|
10,674,236
|
|
—
|
19,042,527
|
|
—
|
Albin F. Moschner
|
|
|
|
|
|
|
For
|
10,041,155
|
|
—
|
18,227,155
|
|
—
|
Withhold
|
633,081
|
|
—
|
815,372
|
|
—
|
Total
|
10,674,236
|
|
—
|
19,042,527
|
|
—
|
William C. Hunter
|
|
|
|
|
|
|
For
|
—
|
|
883
|
—
|
|
1,730
|
Withhold
|
—
|
|
—
|
—
|
|
—
|
Total
|
—
|
|
883
|
—
|
|
1,730
|
William J. Schneider
|
|
|
|
|
|
|
For
|
—
|
|
883
|
—
|
|
1,730
|
Withhold
|
—
|
|
—
|
—
|
|
—
|
Total
|
—
|
|
883
|
—
|
|
1,730
|
|
|
NUO
|
|
|
NTX
|
|
|
||||||
|
Common and
|
|
|
Common and
|
|
|
|
Preferred
|
|
|
Preferred
|
|
|
|
shares voting
|
|
|
shares voting
|
|
|
|
together
|
|
Preferred
|
together
|
|
Preferred
|
|
as a class
|
|
Shares
|
as a class
|
|
Shares
|
Approval of the Board Members was reached as follows:
|
|
|
|
|
|
|
Margo L. Cook
|
|
|
|
|
|
|
For
|
15,823,393
|
|
—
|
8,656,239
|
|
—
|
Withhold
|
1,739,601
|
|
—
|
250,714
|
|
—
|
Total
|
17,562,994
|
|
—
|
8,906,953
|
|
—
|
Jack B. Evans
|
|
|
|
|
|
|
For
|
15,797,813
|
|
—
|
8,747,600
|
|
—
|
Withhold
|
1,765,181
|
|
—
|
159,353
|
|
—
|
Total
|
17,562,994
|
|
—
|
8,906,953
|
|
—
|
Albin F. Moschner
|
|
|
|
|
|
|
For
|
15,838,762
|
|
—
|
8,699,545
|
|
—
|
Withhold
|
1,724,232
|
|
—
|
207,408
|
|
—
|
Total
|
17,562,994
|
|
—
|
8,906,953
|
|
—
|
William C. Hunter
|
|
|
|
|
|
|
For
|
—
|
|
1,480
|
—
|
|
720
|
Withhold
|
—
|
|
—
|
—
|
|
—
|
Total
|
—
|
|
1,480
|
—
|
|
720
|
William J. Schneider
|
|
|
|
|
|
|
For
|
—
|
|
1,480
|
—
|
|
720
|
Withhold
|
—
|
|
—
|
—
|
|
—
|
Total
|
—
|
|
1,480
|
—
|
|
720
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments
February 28, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 158.2% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 158.2% (100.0% of Total Investments)
|
|
|
|
|
|
Education and Civic Organizations – 33.5% (21.2% of Total Investments)
|
|
|
|
|
$ 2,175
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Green
|
7/26 at 100.00
|
AA
|
$ 2,440,154
|
|
|
Series 2016B, 5.000%, 7/01/47
|
|
|
|
|
1,500
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding
|
7/25 at 100.00
|
AA
|
1,691,175
|
|
|
Green Series 2015A, 5.000%, 7/01/41
|
|
|
|
|
1,500
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D,
|
7/25 at 100.00
|
AA
|
1,691,175
|
|
|
5.000%, 7/01/41
|
|
|
|
|
2,515
|
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for
|
8/24 at 100.00
|
Aa3
|
2,794,970
|
|
|
Economic and Educational Development, Series 2014, 5.000%, 8/01/44
|
|
|
|
|
2,240
|
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option
|
6/22 at 100.00
|
Aa2
|
2,944,928
|
|
|
Bond Trust 2015-XF0053, 14.480%, 6/01/42, 144A (IF)
|
|
|
|
|
515
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis
|
7/26 at 100.00
|
BB
|
532,592
|
|
|
Schools, Inc. Projects, Series 2017A, 5.125%, 7/01/37, 144A
|
|
|
|
|
525
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis
|
7/27 at 100.00
|
AA–
|
578,455
|
|
|
Schools, Inc. Projects, Series 2017C, 5.000%, 7/01/47
|
|
|
|
|
150
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis
|
7/27 at 100.00
|
BB
|
152,440
|
|
|
Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A
|
|
|
|
|
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis
|
|
|
|
|
|
Schools, Inc. Projects, Series 2017F:
|
|
|
|
|
1,700
|
5.000%, 7/01/37
|
7/27 at 100.00
|
AA–
|
1,888,683
|
|
1,645
|
5.000%, 7/01/47
|
7/27 at 100.00
|
AA–
|
1,801,324
|
|
315
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis
|
7/27 at 100.00
|
BB
|
320,125
|
|
|
Schools, Inc. Projects, Series 2017G, 5.000%, 7/01/47, 144A
|
|
|
|
|
240
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
11/27 at 100.00
|
N/R
|
227,962
|
|
|
Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A
|
|
|
|
|
1,000
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
9/23 at 105.00
|
BB+
|
1,017,390
|
|
|
Pinecrest Academy of Nevada-Sloan Canyon Project, Refunding Series 2018A,
|
|
|
|
|
|
6.000%, 9/15/38, 144A
|
|
|
|
|
375
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona
|
9/27 at 100.00
|
BB+
|
374,426
|
|
|
Agribusiness and Equine Center, Inc. Project, Series 2017B, 5.000%, 3/01/48, 144A
|
|
|
|
|
380
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of
|
No Opt. Call
|
BB
|
375,782
|
|
|
Math & Science Projects, Series 2017B, 4.250%, 7/01/27, 144A
|
|
|
|
|
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of
|
|
|
|
|
|
Math & Science Projects, Series 2018A:
|
|
|
|
|
615
|
5.000%, 7/01/38
|
1/28 at 100.00
|
AA–
|
684,354
|
|
1,000
|
5.000%, 7/01/48
|
1/28 at 100.00
|
AA–
|
1,095,000
|
|
165
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy
|
7/19 at 101.00
|
N/R
|
163,705
|
|
|
Traditional School Southwest Las Vegas Nevada Campus, Series 2018, 5.250%,
|
|
|
|
|
|
7/01/22, 144A
|
|
|
|
|
455
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest
|
7/26 at 100.00
|
BB+
|
482,678
|
|
|
Academy of Nevada ? Horizon, Inspirada, and St. Rose Campus Projects, Series 2018A,
|
|
|
|
|
|
5.750%, 7/15/38, 144A
|
|
|
|
|
1,500
|
Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus Academy
|
6/28 at 100.00
|
N/R
|
1,512,300
|
|
|
Project, Series 2018A, 6.375%, 6/01/39, 144A
|
|
|
|
|
2,000
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,
|
5/22 at 100.00
|
A
|
2,167,620
|
|
|
Refunding Series 2007, 5.000%, 5/15/31
|
|
|
|
|
3,775
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,
|
5/20 at 100.00
|
A+
|
3,901,311
|
|
|
Refunding Series 2010, 5.125%, 5/15/40
|
|
|
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
|
Portfolio of Investments (continued)
|
|
|
February 28, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
$ 870
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
7/26 at 100.00
|
BB+
|
$ 900,128
|
|
|
Paradise Schools Projects, Series 2016, 5.000%, 7/01/36, 144A
|
|
|
|
|
355
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great
|
7/27 at 100.00
|
AA–
|
400,149
|
|
|
Hearts Academies Projects, Series 2017A, 5.000%, 7/01/37
|
|
|
|
|
490
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great
|
|
|
|
|
|
Hearts Academies Projects, Series 2017C, 5.000%, 7/01/48
|
7/27 at 100.00
|
AA–
|
542,425
|
|
2,095
|
McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa
|
7/26 at 100.00
|
AA–
|
2,390,227
|
|
|
Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37
|
|
|
|
|
1,875
|
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40
|
6/24 at 100.00
|
A+
|
2,095,294
|
|
910
|
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41
|
6/21 at 100.00
|
A+
|
963,026
|
|
70
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis
|
7/25 at 100.00
|
BB
|
70,942
|
|
|
Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/46, 144A
|
|
|
|
|
900
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice
|
9/22 at 100.00
|
BB
|
922,149
|
|
|
Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42
|
|
|
|
|
1,400
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Eagle
|
7/22 at 100.00
|
BB+
|
1,382,430
|
|
|
College Prep Project, Series 2013A, 5.000%, 7/01/43
|
|
|
|
|
800
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great
|
7/25 at 100.00
|
BBB–
|
831,128
|
|
|
Hearts Academies Project, Series 2016A, 5.000%, 7/01/41
|
|
|
|
|
250
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy
|
7/19 at 101.00
|
N/R
|
246,405
|
|
|
Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A,
|
|
|
|
|
|
4.000%, 7/01/22, 144A
|
|
|
|
|
165
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy
|
7/19 at 101.00
|
N/R
|
162,626
|
|
|
Traditional Schools Phoenix/East Mesa and Cadence, Nevada Campuses, Series 2017B,
|
|
|
|
|
|
4.000%, 7/01/22, 144A
|
|
|
|
|
500
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy
|
7/24 at 100.00
|
Ba1
|
545,785
|
|
|
Traditional Schools Project, Series 2014A, 6.750%, 7/01/44, 144A
|
|
|
|
|
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy
|
|
|
|
|
|
Traditional Schools Projects, Series 2015:
|
|
|
|
|
315
|
5.000%, 7/01/35, 144A
|
7/25 at 100.00
|
Ba1
|
322,173
|
|
300
|
5.000%, 7/01/45, 144A
|
7/25 at 100.00
|
Ba1
|
303,708
|
|
650
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy
|
7/26 at 100.00
|
Ba1
|
662,935
|
|
|
Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A
|
|
|
|
|
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa
|
|
|
|
|
|
Montessori, Inc. Projects, Series 2015:
|
|
|
|
|
355
|
3.250%, 7/01/25
|
No Opt. Call
|
BBB–
|
355,192
|
|
400
|
5.000%, 7/01/35
|
7/25 at 100.00
|
BBB–
|
417,140
|
|
500
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Vista
|
7/28 at 100.00
|
AA–
|
514,910
|
|
|
College Preparatory Project, Series 2018A, 4.125%, 7/01/38
|
|
|
|
|
1,995
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky
|
10/26 at 100.00
|
A2
|
2,202,221
|
|
|
University Project, Series 2016, 5.000%, 10/01/36
|
|
|
|
|
3,675
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University
|
6/22 at 100.00
|
A
|
3,924,018
|
|
|
Project, Series 2012, 5.000%, 6/01/42 (UB) (4)
|
|
|
|
|
500
|
Pima County Community College District, Arizona, Revenue Bonds, Series 2019, 5.000%, 7/01/36
|
7/28 at 100.00
|
Aa3
|
583,240
|
|
200
|
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert
|
5/24 at 100.00
|
N/R
|
217,006
|
|
|
Heights Charter School, Series 2014, 7.250%, 5/01/44
|
|
|
|
|
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
Champion Schools Project, Series 2017:
|
|
|
|
|
120
|
6.000%, 6/15/37, 144A
|
6/26 at 100.00
|
N/R
|
120,760
|
|
680
|
6.125%, 6/15/47, 144A
|
6/26 at 100.00
|
N/R
|
682,890
|
|
200
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/26 at 100.00
|
BB–
|
176,148
|
|
|
Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
$ 35
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
2/24 at 100.00
|
N/R
|
$ 35,584
|
|
|
San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A
|
|
|
|
|
115
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
2/28 at 100.00
|
N/R
|
119,670
|
|
|
San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A
|
|
|
|
|
745
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden
|
1/22 at 100.00
|
B
|
668,272
|
|
|
Traditional Schools Project, Series 2012, 7.500%, 1/01/42
|
|
|
|
|
500
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah
|
6/25 at 100.00
|
BB
|
492,520
|
|
|
Webster Schools ? Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A
|
|
|
|
|
730
|
Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona College,
|
7/26 at 100.00
|
AA
|
831,806
|
|
|
Series 2017, 5.000%, 7/01/35 – BAM Insured
|
|
|
|
|
780
|
Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona
|
6/24 at 100.00
|
AA
|
863,171
|
|
|
University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured
|
|
|
|
|
250
|
Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project,
|
No Opt. Call
|
AA–
|
275,367
|
|
|
Series 2008, 5.000%, 7/01/22
|
|
|
|
|
|
The Industrial Development Authority of the County of Maricopa, Arizona, Education
|
|
|
|
|
|
Revenue Bonds, Reid Traditional School Projects, Series 2016:
|
|
|
|
|
520
|
5.000%, 7/01/36
|
7/26 at 100.00
|
Baa3
|
560,581
|
|
300
|
5.000%, 7/01/47
|
7/26 at 100.00
|
Baa3
|
317,502
|
|
50,830
|
Total Education and Civic Organizations
|
|
|
54,938,077
|
|
|
Health Care – 18.4% (11.6% of Total Investments)
|
|
|
|
|
1,200
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems,
|
1/24 at 100.00
|
AA–
|
1,299,564
|
|
|
Series 2014A, 5.000%, 1/01/44
|
|
|
|
|
5,100
|
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s
|
2/22 at 100.00
|
A1
|
5,376,471
|
|
|
Hospital, Refunding Series 2012A, 5.000%, 2/01/42
|
|
|
|
|
|
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project,
|
|
|
|
|
|
Refunding Series 2014A:
|
|
|
|
|
3,005
|
5.000%, 12/01/39
|
12/24 at 100.00
|
A2
|
3,275,510
|
|
2,860
|
5.000%, 12/01/42
|
12/24 at 100.00
|
A2
|
3,102,757
|
|
1,250
|
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds,
|
9/28 at 100.00
|
A2
|
1,409,762
|
|
|
HonorHealth, Series 2019A, 5.000%, 9/01/37
|
|
|
|
|
|
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,
|
|
|
|
|
|
Refunding Series 2016A:
|
|
|
|
|
1,250
|
5.000%, 1/01/32
|
1/27 at 100.00
|
AA–
|
1,450,775
|
|
1,000
|
5.000%, 1/01/35
|
1/27 at 100.00
|
AA–
|
1,141,090
|
|
2,000
|
5.000%, 1/01/38
|
1/27 at 100.00
|
AA–
|
2,251,960
|
|
1,120
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale
|
9/20 at 100.00
|
AA
|
1,166,659
|
|
|
Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGM Insured
|
|
|
|
|
|
The Industrial Development Authority of the County of Maricopa, Arizona, Revenue Bonds,
|
|
|
|
|
|
Banner Health, Series 2017A:
|
|
|
|
|
2,700
|
4.000%, 1/01/41
|
1/28 at 100.00
|
AA–
|
2,780,028
|
|
2,000
|
5.000%, 1/01/41
|
1/28 at 100.00
|
AA–
|
2,254,400
|
|
1,025
|
Yavapai County Industrial Development Authority, Arizona, Hospital Facility Revenue
|
8/26 at 100.00
|
A
|
1,135,813
|
|
|
Refunding Bonds, Yavapai Regional Medical Center, Series 2016, 5.000%, 8/01/36
|
|
|
|
|
|
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai
|
|
|
|
|
|
Regional Medical Center, Series 2013A:
|
|
|
|
|
210
|
5.000%, 8/01/19
|
No Opt. Call
|
A
|
212,501
|
|
1,000
|
5.250%, 8/01/33
|
8/23 at 100.00
|
A
|
1,096,800
|
|
|
Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional
|
|
|
|
|
|
Medical Center, Series 2014A:
|
|
|
|
|
1,000
|
5.000%, 8/01/22
|
No Opt. Call
|
A
|
1,096,250
|
|
1,000
|
5.250%, 8/01/32
|
8/24 at 100.00
|
A
|
1,135,350
|
|
27,720
|
Total Health Care
|
|
|
30,185,690
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
|
Portfolio of Investments (continued)
|
|
|
February 28, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Long-Term Care – 1.9% (1.2% of Total Investments)
|
|
|
|
|
$ 285
|
Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater
|
7/25 at 101.00
|
N/R
|
$ 283,142
|
|
|
Avondale Project, Series 2017, 5.375%, 1/01/38
|
|
|
|
|
1,885
|
Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds,
|
10/25 at 101.00
|
N/R
|
1,895,386
|
|
|
3rd and Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36
|
|
|
|
|
780
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of
|
12/21 at 100.00
|
N/R
|
820,490
|
|
|
Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32
|
|
|
|
|
80
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU
|
10/27 at 100.00
|
N/R
|
86,733
|
|
|
Project, Series 2017A, 6.125%, 10/01/47, 144A
|
|
|
|
|
3,030
|
Total Long-Term Care
|
|
|
3,085,751
|
|
|
Tax Obligation/General – 18.8% (11.8% of Total Investments)
|
|
|
|
|
575
|
Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation Bonds,
|
7/27 at 100.00
|
AA
|
658,024
|
|
|
School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 – BAM Insured
|
|
|
|
|
835
|
Casa Grande, Arizona, General Obligation Bonds, Refunding Series 2016B, 4.000%, 8/01/34
|
8/26 at 100.00
|
AAA
|
889,901
|
|
525
|
Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation
|
|
|
|
|
|
Bonds, Refunding Series 2014, 5.000%, 7/01/27
|
7/24 at 100.00
|
AAA
|
599,786
|
|
2,140
|
El Mirage, Arizona, General Obligation Bonds, Series 2012, 5.000%, 7/01/42 – AGM Insured
|
7/22 at 100.00
|
AA
|
2,315,352
|
|
1,000
|
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds,
|
7/21 at 100.00
|
AA
|
1,075,400
|
|
|
School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured
|
|
|
|
|
630
|
Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation Bonds,
|
7/27 at 100.00
|
Aa1
|
728,015
|
|
|
School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37
|
|
|
|
|
775
|
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds,
|
7/21 at 100.00
|
Aa2
|
832,552
|
|
|
Series 2011, 5.000%, 7/01/23
|
|
|
|
|
1,500
|
Maricopa County Special Health Care District, Arizona, General Obligation Bonds, Series 2018C,
|
7/28 at 100.00
|
AAA
|
1,737,780
|
|
|
5.000%, 7/01/36
|
|
|
|
|
300
|
Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School
|
7/26 at 100.00
|
AA
|
322,458
|
|
|
Improvement Project of 2013, Series 2016C, 4.000%, 7/01/33 – AGM Insured
|
|
|
|
|
1,350
|
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds,
|
7/25 at 102.00
|
Aa2
|
1,544,954
|
|
|
School Improvement Series 2018, 5.000%, 7/01/36
|
|
|
|
|
1,275
|
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds,
|
7/27 at 100.00
|
AAA
|
1,502,741
|
|
|
School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33
|
|
|
|
|
|
Mohave County Union High School District 2 Colorado River, Arizona, General Obligation
|
|
|
|
|
|
Bonds, School Improvement Series 2017:
|
|
|
|
|
1,000
|
5.000%, 7/01/34
|
7/27 at 100.00
|
Aa3
|
1,157,610
|
|
1,000
|
5.000%, 7/01/36
|
7/27 at 100.00
|
Aa3
|
1,144,360
|
|
690
|
Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017,
|
7/27 at 100.00
|
AA–
|
800,069
|
|
|
5.000%, 7/01/36
|
|
|
|
|
1,370
|
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds,
|
7/21 at 100.00
|
AA
|
1,492,642
|
|
|
Series 2011A, 6.000%, 7/01/30 – AGM Insured
|
|
|
|
|
2,895
|
Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds,
|
7/24 at 100.00
|
AA
|
3,260,812
|
|
|
School Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 – AGM Insured
|
|
|
|
|
1,750
|
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School
|
7/21 at 100.00
|
A
|
1,867,128
|
|
|
Improvement Project 2010 Series 2011A, 5.000%, 7/01/25
|
|
|
|
|
1,500
|
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School
|
7/27 at 100.00
|
AA
|
1,733,265
|
|
|
Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured
|
|
|
|
|
1,000
|
Pima County Unified School District 8 Flowing Wells, Arizona, General Obligation Bonds,
|
7/20 at 100.00
|
A+
|
1,049,000
|
|
|
School Improvement Project 2008 Series 2011B, 5.375%, 7/01/29
|
|
|
|
|
|
Pinal County School District 4 Casa Grande Elementary, Arizona, General Obligation Bonds,
|
|
|
|
|
|
School improvement Project 2016, Series 2017A:
|
|
|
|
|
620
|
5.000%, 7/01/34 – BAM Insured
|
7/27 at 100.00
|
AA
|
717,718
|
|
1,000
|
5.000%, 7/01/35 – BAM Insured
|
7/27 at 100.00
|
AA
|
1,152,340
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
$ 2,315
|
Tolleson Union High School District 214 of Maricopa County, Arizona, School Improvement Bonds,
|
7/28 at 100.00
|
Aa1
|
$ 2,696,720
|
|
|
Project of 1990, Series 1990A, 5.000%, 7/01/38
|
|
|
|
|
|
Western Maricopa Education Center District 402, Maricopa County, Arizona, General Obligation
|
|
|
|
|
|
Bonds, School Improvement Project 2012, Series 2014B:
|
|
|
|
|
715
|
4.500%, 7/01/33
|
7/24 at 100.00
|
AA–
|
776,211
|
|
665
|
4.500%, 7/01/34
|
7/24 at 100.00
|
AA–
|
720,248
|
|
27,425
|
Total Tax Obligation/General
|
|
|
30,775,086
|
|
|
Tax Obligation/Limited – 32.0% (20.2% of Total Investments)
|
|
|
|
|
2,310
|
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project,
|
|
|
|
|
|
Refunding Senior Series 2012A, 5.000%, 7/01/36
|
7/22 at 100.00
|
A1
|
2,442,386
|
|
1,250
|
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016,
|
7/26 at 100.00
|
AA+
|
1,443,962
|
|
|
5.000%, 7/01/35
|
|
|
|
|
275
|
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36
|
7/26 at 100.00
|
AA
|
288,615
|
|
1,000
|
Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37
|
7/25 at 100.00
|
AA
|
1,135,520
|
|
135
|
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds,
|
7/27 at 100.00
|
N/R
|
136,336
|
|
|
Series 2017A, 7.000%, 7/01/41, 144A
|
|
|
|
|
1,210
|
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015,
|
7/25 at 100.00
|
N/R
|
1,233,014
|
|
|
5.000%, 7/15/39, 144A
|
|
|
|
|
1,810
|
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2017,
|
7/27 at 100.00
|
AA
|
2,013,589
|
|
|
5.000%, 7/15/42 – AGM Insured
|
|
|
|
|
2,445
|
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2018,
|
7/27 at 100.00
|
AA
|
2,519,230
|
|
|
4.375%, 7/15/43 – BAM Insured
|
|
|
|
|
488
|
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds,
|
7/23 at 100.00
|
N/R
|
494,359
|
|
|
Assessment District 1, Series 2013, 5.250%, 7/01/38
|
|
|
|
|
700
|
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds,
|
7/27 at 100.00
|
N/R
|
704,459
|
|
|
Assessment District 1, Series 2019, 5.200%, 7/01/43
|
|
|
|
|
655
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation
|
7/27 at 100.00
|
AA
|
740,812
|
|
|
Bonds, Refunding Series 2017, 5.000%, 7/15/32 – AGM Insured
|
|
|
|
|
|
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds,
|
|
|
|
|
|
Series 2012:
|
|
|
|
|
345
|
5.000%, 7/15/27 – BAM Insured
|
7/22 at 100.00
|
AA
|
373,000
|
|
1,085
|
5.000%, 7/15/31
|
7/22 at 100.00
|
AA
|
1,168,686
|
|
500
|
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds,
|
|
|
|
|
|
Series 2016, 4.000%, 7/15/36 – BAM Insured
|
7/26 at 100.00
|
AA
|
524,120
|
|
1,000
|
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds,
|
7/27 at 100.00
|
AA
|
1,123,650
|
|
|
Series 2017, 5.000%, 7/15/37 – BAM Insured
|
|
|
|
|
405
|
Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment Revenue
|
7/27 at 100.00
|
N/R
|
409,605
|
|
|
Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37
|
|
|
|
|
590
|
Festival Ranch Community Facilities District, City of Buckeye, Arizona, General Obligation
|
7/27 at 100.00
|
AA
|
669,473
|
|
|
Bonds, Series 2018, 5.000%, 7/15/38 – BAM Insured
|
|
|
|
|
600
|
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds,
|
7/26 at 100.00
|
A1
|
639,300
|
|
|
Refunding Series 2016, 4.000%, 7/15/32
|
|
|
|
|
1,500
|
Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation
|
No Opt. Call
|
A–
|
1,625,955
|
|
|
Refunding Bonds, Series 2013, 5.000%, 7/15/23
|
|
|
|
|
1,500
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39
|
11/25 at 100.00
|
BB
|
1,577,820
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|
|
|
|
510
|
5.000%, 1/01/31
|
1/22 at 100.00
|
BB
|
529,477
|
|
200
|
5.125%, 1/01/42
|
1/22 at 100.00
|
BB
|
205,432
|
|
1,500
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37
|
1/22 at 100.00
|
BB
|
1,538,940
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
|
|
|||
|
Portfolio of Investments (continued)
|
|
|
|
|
|
February 28, 2019
|
|
|
|
|
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 1,250
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A,
|
12/26 at 100.00
|
BB
|
$ 1,310,612
|
|
|
5.000%, 12/01/46
|
|
|
|
|
1,425
|
Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33
|
7/23 at 100.00
|
AA
|
1,590,471
|
|
65
|
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds,
|
3/19 at 100.00
|
BBB–
|
65,209
|
|
|
Series 2008A, 7.400%, 7/15/33
|
|
|
|
|
200
|
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds,
|
7/26 at 100.00
|
BBB
|
221,696
|
|
|
Series 2016, 5.000%, 7/15/31
|
|
|
|
|
385
|
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds,
|
7/27 at 100.00
|
AA
|
424,478
|
|
|
Series 2017, 5.000%, 7/15/42 – BAM Insured
|
|
|
|
|
300
|
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26
|
7/21 at 100.00
|
AA–
|
320,856
|
|
400
|
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds,
|
3/19 at 100.00
|
N/R
|
340,924
|
|
|
Series 2006, 5.350%, 7/15/31
|
|
|
|
|
2,500
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
12/22 at 100.00
|
A
|
2,702,575
|
|
|
JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36
|
|
|
|
|
580
|
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa
|
7/22 at 100.00
|
AA+
|
620,049
|
|
|
Project, Series 2012, 5.000%, 7/01/38 (AMT)
|
|
|
|
|
1,000
|
Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33
|
8/24 at 100.00
|
AA
|
1,137,140
|
|
|
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding
|
|
|
|
|
|
Series 2016:
|
|
|
|
|
540
|
4.000%, 8/01/34
|
8/26 at 100.00
|
AA
|
574,765
|
|
545
|
4.000%, 8/01/36
|
8/26 at 100.00
|
AA
|
575,749
|
|
1,740
|
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A,
|
8/28 at 100.00
|
AA
|
2,001,574
|
|
|
5.000%, 8/01/42
|
|
|
|
|
|
San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2014A:
|
|
|
|
|
1,400
|
5.000%, 7/01/34 – BAM Insured
|
7/24 at 100.00
|
AA
|
1,577,646
|
|
2,100
|
5.000%, 7/01/38 – BAM Insured
|
7/24 at 100.00
|
AA
|
2,350,866
|
|
3,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding
|
No Opt. Call
|
AAA
|
3,493,020
|
|
|
Series 2006, 5.000%, 7/01/24
|
|
|
|
|
1,320
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding
|
7/27 at 100.00
|
AAA
|
1,541,219
|
|
|
Series 2017, 5.000%, 7/01/36
|
|
|
|
|
1,650
|
Sundance Community Facilities District, City of Buckeye, Arizona, General Obligation Bonds,
|
7/28 at 100.00
|
AA
|
1,898,655
|
|
|
Refunding Series 2018, 5.000%, 7/15/39 – BAM Insured
|
|
|
|
|
500
|
Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/29
|
7/26 at 100.00
|
AAA
|
590,705
|
|
2,505
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012,
|
7/22 at 100.00
|
AAA
|
2,738,817
|
|
|
5.000%, 7/01/37
|
|
|
|
|
985
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
No Opt. Call
|
AA
|
1,002,543
|
|
|
Series 2012A, 4.000%, 10/01/22 – AGM Insured
|
|
|
|
|
750
|
Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds,
|
7/21 at 100.00
|
N/R
|
736,852
|
|
|
Series 2016, 3.250%, 7/15/25, 144A
|
|
|
|
|
1,224
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds,
|
3/19 at 100.00
|
N/R
|
1,196,387
|
|
|
Series 2005, 6.000%, 7/01/30
|
|
|
|
|
48,377
|
Total Tax Obligation/Limited
|
|
|
52,550,548
|
|
|
Transportation – 7.2% (4.6% of Total Investments)
|
|
|
|
|
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien
|
|
|
|
|
|
Series 2015A:
|
|
|
|
|
910
|
5.000%, 7/01/40
|
7/25 at 100.00
|
A+
|
1,028,801
|
|
2,185
|
5.000%, 7/01/45
|
7/25 at 100.00
|
A+
|
2,458,081
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Transportation (continued)
|
|
|
|
|
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior
|
|
|
|
|
|
Lien Series 2013:
|
|
|
|
|
$ 1,785
|
5.000%, 7/01/30 (AMT)
|
7/23 at 100.00
|
AA–
|
$ 1,979,030
|
|
2,215
|
5.000%, 7/01/32 (AMT)
|
7/23 at 100.00
|
AA–
|
2,450,011
|
|
2,000
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien
|
7/27 at 100.00
|
AA–
|
2,218,840
|
|
|
Series 2017A, 5.000%, 7/01/47 (AMT)
|
|
|
|
|
1,500
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien
|
7/28 at 100.00
|
AA–
|
1,686,015
|
|
|
Series 2018, 5.000%, 7/01/43 (AMT)
|
|
|
|
|
10,595
|
Total Transportation
|
|
|
11,820,778
|
|
|
U.S. Guaranteed – 15.7% (9.9% of Total Investments) (5)
|
|
|
|
|
3,480
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding
|
7/22 at 100.00
|
AA
|
3,852,012
|
|
|
Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22)
|
|
|
|
|
1,025
|
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series
|
7/21 at 100.00
|
AA+
|
1,102,982
|
|
|
2011A, 5.000%, 7/01/36 (Pre-refunded 7/01/21)
|
|
|
|
|
180
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien
|
7/20 at 100.00
|
A+
|
188,060
|
|
|
Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
|
585
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/21 at 100.00
|
N/R
|
646,074
|
|
|
Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 (Pre-refunded 7/01/21)
|
|
|
|
|
1,045
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/20 at 100.00
|
N/R
|
1,123,041
|
|
|
Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42
|
|
|
|
|
|
(Pre-refunded 7/01/20)
|
|
|
|
|
550
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise
|
6/19 at 100.00
|
BB+
|
555,940
|
|
|
Education Center Project, Series 2010, 6.100%, 6/01/45 (Pre-refunded 6/01/19)
|
|
|
|
|
1,800
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding
|
7/21 at 100.00
|
A+
|
1,947,168
|
|
|
Series 2011, 5.250%, 7/01/36 (Pre-refunded 7/01/21)
|
|
|
|
|
5,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water &
|
7/20 at 100.00
|
AAA
|
5,223,900
|
|
|
Sewer Improvements Project, Series 2010, 5.000%, 7/01/36 (Pre-refunded 7/01/20)
|
|
|
|
|
|
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition, Project 2004
|
|
|
|
|
|
Series 2011:
|
|
|
|
|
1,310
|
5.000%, 7/01/32 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
AAA
|
1,409,665
|
|
1,360
|
5.000%, 7/01/33 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
AAA
|
1,463,469
|
|
1,705
|
5.000%, 7/01/34 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
AAA
|
1,834,716
|
|
1,495
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012,
|
7/22 at 100.00
|
N/R
|
1,652,259
|
|
|
5.000%, 7/01/37 (Pre-refunded 7/01/22)
|
|
|
|
|
2,585
|
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series
|
7/21 at 100.00
|
N/R
|
2,834,168
|
|
|
2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21)
|
|
|
|
|
|
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds,
|
|
|
|
|
|
Series 2013:
|
|
|
|
|
200
|
5.000%, 7/01/19 (ETM)
|
No Opt. Call
|
N/R
|
202,124
|
|
800
|
5.000%, 7/01/20 (ETM)
|
No Opt. Call
|
N/R
|
834,208
|
|
825
|
Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
3/21 at 100.00
|
BB+
|
923,827
|
|
|
Arizona Agribusiness and Equine Center, Inc. Project, Series 2011, 7.875%, 3/01/42
|
|
|
|
|
|
(Pre-refunded 3/01/21)
|
|
|
|
|
23,945
|
Total U.S. Guaranteed
|
|
|
25,793,613
|
|
|
Utilities – 20.8% (13.2% of Total Investments)
|
|
|
|
|
1,495
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue
|
3/22 at 100.00
|
A–
|
1,565,699
|
|
|
Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
|
|
|
|
1,100
|
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39
|
10/24 at 100.00
|
AA
|
1,199,198
|
|
4,310
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue
|
6/20 at 100.00
|
A1
|
4,392,924
|
|
|
Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35
|
|
|
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
|
|
|||
|
Portfolio of Investments (continued)
|
|
|
|
|
|
February 28, 2019
|
|
|
|
|
|
|||||
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Utilities (continued)
|
|
|
|
|
$ 8,750
|
Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4)
|
7/28 at 100.00
|
Aa2
|
$ 10,110,625
|
|
695
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding
|
7/26 at 100.00
|
A+
|
789,464
|
|
|
Series 2016, 5.000%, 7/01/35
|
|
|
|
|
1,500
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
|
6/25 at 100.00
|
Aa1
|
1,706,805
|
|
|
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36
|
|
|
|
|
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
|
|
|
|
|
Inc Prepay Contract Obligations, Series 2007:
|
|
|
|
|
4,500
|
5.500%, 12/01/29
|
No Opt. Call
|
A3
|
5,521,770
|
|
5,665
|
5.000%, 12/01/37
|
No Opt. Call
|
A3
|
6,709,286
|
|
2,310
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West
|
4/19 at 100.00
|
N/R
|
2,197,203
|
|
|
Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (AMT)
|
|
|
|
|
30,325
|
Total Utilities
|
|
|
34,192,974
|
|
|
Water and Sewer – 9.9% (6.3% of Total Investments)
|
|
|
|
|
1,000
|
Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds,
|
1/26 at 100.00
|
AA+
|
1,140,860
|
|
|
Series 2016, 5.000%, 1/01/36
|
|
|
|
|
500
|
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28
|
7/22 at 100.00
|
AA
|
549,040
|
|
785
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien
|
7/26 at 100.00
|
AA
|
878,368
|
|
|
Series 2016, 5.000%, 7/01/45 – AGM Insured
|
|
|
|
|
2,855
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39
|
7/20 at 100.00
|
Aa3
|
2,994,010
|
|
500
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011,
|
7/21 at 100.00
|
AA
|
540,895
|
|
|
5.500%, 7/01/41
|
|
|
|
|
665
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
7/27 at 100.00
|
A–
|
727,178
|
|
|
Refunding Series 2017, 5.000%, 7/01/36
|
|
|
|
|
545
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
7/23 at 100.00
|
A–
|
584,540
|
|
|
Series 2013, 5.250%, 7/01/33
|
|
|
|
|
1,125
|
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien
|
7/25 at 100.00
|
AA
|
1,274,659
|
|
|
Series 2015A, 5.000%, 7/01/36 – AGM Insured
|
|
|
|
|
1,135
|
Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds,
|
7/24 at 100.00
|
AA+
|
1,300,381
|
|
|
Refunding Junior Lien Series 2014, 5.000%, 7/01/29
|
|
|
|
|
2,000
|
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien
|
7/24 at 100.00
|
AAA
|
2,245,280
|
|
|
Series 2014A, 5.000%, 7/01/39
|
|
|
|
|
|
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding
|
|
|
|
|
|
Junior Lien Series 2001:
|
|
|
|
|
1,250
|
5.500%, 7/01/21 – FGIC Insured
|
No Opt. Call
|
AAA
|
1,360,287
|
|
1,040
|
5.500%, 7/01/22 – FGIC Insured
|
No Opt. Call
|
AAA
|
1,169,750
|
|
|
Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018:
|
|
|
|
|
500
|
5.000%, 7/01/35
|
7/28 at 100.00
|
AA+
|
591,760
|
|
805
|
5.000%, 7/01/36
|
7/28 at 100.00
|
AA+
|
949,803
|
|
14,705
|
Total Water and Sewer
|
|
|
16,306,811
|
|
$ 236,952
|
Total Long-Term Investments (cost $249,045,485)
|
|
|
259,649,328
|
|
|
Floating Rate Obligations – (5.9)%
|
|
|
(9,755,000)
|
|
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (53.7)% (6)
|
|
|
(88,143,383)
|
|
|
Other Assets Less Liabilities – 1.4%
|
|
|
2,329,522
|
|
|
Net Asset Applicable to Common Shares – 100%
|
|
|
$ 164,080,467
|
(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)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
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.
|
(6)
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 33.9%.
|
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 registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax.
|
ETM
|
Escrowed to maturity.
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information.
|
|
See accompanying notes to financial statements.
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
Portfolio of Investments
February 28, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 158.6% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 158.6% (100.0% of Total Investments)
|
|
|
|
|
|
Consumer Staples – 4.8% (3.0% of Total Investments)
|
|
|
|
|
$ 6,000
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue
|
2/19 at 100.00
|
B–
|
$ 5,963,820
|
|
|
Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34
|
|
|
|
|
8,650
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue
|
2/19 at 100.00
|
B2
|
8,651,730
|
|
|
Bonds, Series 2008A, 6.875%, 6/01/42
|
|
|
|
|
14,650
|
Total Consumer Staples
|
|
|
14,615,550
|
|
|
Education and Civic Organizations – 35.4% (22.3% of Total Investments)
|
|
|
|
|
1,220
|
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series
|
10/24 at 100.00
|
Aa3
|
1,393,447
|
|
|
2014, 5.000%, 10/01/39
|
|
|
|
|
1,000
|
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007,
|
3/19 at 100.00
|
B
|
852,000
|
|
|
5.250%, 11/01/36
|
|
|
|
|
1,255
|
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series
|
3/19 at 100.00
|
B–
|
792,645
|
|
|
2005, 5.750%, 11/01/30
|
|
|
|
|
|
Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A:
|
|
|
|
|
1,100
|
5.000%, 3/01/33 – BAM Insured
|
3/27 at 100.00
|
AA
|
1,261,271
|
|
2,270
|
5.000%, 3/01/36 – BAM Insured
|
3/27 at 100.00
|
AA
|
2,576,064
|
|
7,665
|
Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 –
|
3/28 at 100.00
|
AA
|
7,806,802
|
|
|
AGM Insured
|
|
|
|
|
500
|
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B,
|
12/24 at 100.00
|
A+
|
575,065
|
|
|
5.000%, 12/01/28
|
|
|
|
|
|
Lake Superior State University Board of Trustees, Michigan, General Revenue Bonds,
|
|
|
|
|
|
Series 2018:
|
|
|
|
|
2,395
|
5.000%, 1/15/38 – AGM Insured
|
1/28 at 100.00
|
AA
|
2,683,933
|
|
4,000
|
5.000%, 1/15/43 – AGM Insured
|
1/28 at 100.00
|
AA
|
4,432,880
|
|
3,500
|
Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Kalamazoo
|
12/28 at 100.00
|
A1
|
3,948,140
|
|
|
College Project, Refunding Series 2018, 5.000%, 12/01/43
|
|
|
|
|
990
|
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service
|
10/21 at 100.00
|
B
|
937,758
|
|
|
Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31
|
|
|
|
|
1,170
|
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding
|
3/19 at 100.00
|
N/R
|
1,170,538
|
|
|
Bonds, Kettering University, Series 2001, 5.000%, 9/01/26 – AMBAC Insured
|
|
|
|
|
235
|
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American
|
3/19 at 100.00
|
N/R
|
235,014
|
|
|
Montessori Academy, Series 2007, 6.500%, 12/01/37
|
|
|
|
|
5,000
|
Michigan State University, General Revenue Bonds, Refunding Series 2010C,
|
2/20 at 100.00
|
AA
|
5,136,200
|
|
|
5.000%, 2/15/40
|
|
|
|
|
7,790
|
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41
|
8/23 at 100.00
|
AA
|
8,543,137
|
|
800
|
Michigan State University, General Revenue Bonds, Series 2015A, 5.000%, 8/15/27
|
8/25 at 100.00
|
AA
|
939,488
|
|
3,665
|
Michigan State University, General Revenue Bonds, Taxable Series 2019A, 5.000%, 2/15/48
|
2/29 at 100.00
|
AA
|
4,168,901
|
|
3,690
|
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A,
|
10/21 at 100.00
|
A1
|
3,947,304
|
|
|
5.000%, 10/01/34
|
|
|
|
|
|
Northern Michigan University, General Revenue Bonds, Series 2018A:
|
|
|
|
|
400
|
5.000%, 12/01/33
|
6/28 at 100.00
|
A1
|
466,060
|
|
650
|
5.000%, 12/01/35
|
6/28 at 100.00
|
A1
|
750,880
|
|
5,400
|
Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/47
|
3/26 at 100.00
|
A1
|
5,901,876
|
|
810
|
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series
|
7/26 at 100.00
|
A1
|
910,999
|
|
|
2016A, 5.000%, 7/01/35
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
|
University of Michigan, General Revenue Bonds, Refunding Series 2017A:
|
|
|
|
|
$ 2,000
|
5.000%, 4/01/34
|
4/27 at 100.00
|
AAA
|
$ 2,351,520
|
|
2,000
|
5.000%, 4/01/35
|
4/27 at 100.00
|
AAA
|
2,341,220
|
|
1,065
|
5.000%, 4/01/36
|
4/27 at 100.00
|
AAA
|
1,241,726
|
|
2,000
|
5.000%, 4/01/42
|
4/27 at 100.00
|
AAA
|
2,289,220
|
|
5,000
|
5.000%, 4/01/47
|
4/27 at 100.00
|
AAA
|
5,711,800
|
|
7,200
|
5.000%, 4/01/47 (UB) (4)
|
4/27 at 100.00
|
AAA
|
8,224,992
|
|
4,000
|
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44
|
4/24 at 100.00
|
AAA
|
4,562,480
|
|
|
University of Michigan, General Revenue Bonds, Series 2015:
|
|
|
|
|
5,735
|
5.000%, 4/01/40 (UB) (4)
|
4/26 at 100.00
|
AAA
|
6,496,149
|
|
2,400
|
5.000%, 4/01/46 (UB) (4)
|
4/26 at 100.00
|
AAA
|
2,705,736
|
|
3,700
|
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40
|
11/23 at 100.00
|
Aa3
|
4,143,334
|
|
525
|
Western Michigan University, General Revenue Bonds, Refunding Series 2011,
|
11/21 at 100.00
|
Aa3
|
567,289
|
|
|
5.000%, 11/15/31
|
|
|
|
|
|
Western Michigan University, General Revenue Bonds, Refunding Series 2013:
|
|
|
|
|
750
|
5.250%, 11/15/33 – AGM Insured
|
11/23 at 100.00
|
AA
|
852,113
|
|
4,250
|
5.000%, 11/15/39 – AGM Insured
|
11/23 at 100.00
|
AA
|
4,761,275
|
|
|
Western Michigan University, General Revenue Bonds, Refunding Series 2015A:
|
|
|
|
|
1,500
|
5.000%, 11/15/40
|
5/25 at 100.00
|
Aa3
|
1,697,415
|
|
850
|
5.000%, 11/15/45
|
5/25 at 100.00
|
Aa3
|
959,276
|
|
98,480
|
Total Education and Civic Organizations
|
|
|
108,335,947
|
|
|
Health Care – 23.2% (14.7% of Total Investments)
|
|
|
|
|
2,000
|
County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn
|
2/27 at 100.00
|
BBB–
|
2,066,160
|
|
|
Hospital, Refunding Series 2016, 5.000%, 2/15/47
|
|
|
|
|
4,000
|
Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson
|
7/21 at 100.00
|
AA–
|
4,298,920
|
|
|
Healthcare, Refunding Series 2011A, 5.000%, 7/01/29
|
|
|
|
|
|
Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson
|
|
|
|
|
|
Healthcare, Series 2019A:
|
|
|
|
|
1,720
|
5.000%, 7/01/36
|
7/28 at 100.00
|
AA–
|
1,928,791
|
|
1,995
|
5.000%, 7/01/39
|
7/28 at 100.00
|
AA–
|
2,204,734
|
|
|
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System,
|
|
|
|
|
|
Refunding Series 2011C:
|
|
|
|
|
5,500
|
5.000%, 1/15/31
|
1/22 at 100.00
|
AA
|
5,872,625
|
|
2,000
|
5.000%, 1/15/42
|
1/22 at 100.00
|
AA
|
2,113,900
|
|
1,780
|
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group,
|
8/24 at 100.00
|
A+
|
1,979,556
|
|
|
Refunding Series 2015A, 5.000%, 8/01/32
|
|
|
|
|
4,850
|
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group,
|
6/24 at 100.00
|
A+
|
5,310,895
|
|
|
Refunding Series 2014, 5.000%, 6/01/39
|
|
|
|
|
3,930
|
Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding
|
8/23 at 100.00
|
A+
|
4,335,458
|
|
|
Series 2013, 5.000%, 8/15/31
|
|
|
|
|
6,060
|
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding
|
5/25 at 100.00
|
A+
|
6,575,161
|
|
|
Series 2015, 5.000%, 11/15/45
|
|
|
|
|
3,000
|
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series
|
11/22 at 100.00
|
A+
|
3,205,530
|
|
|
2012, 5.000%, 11/15/42
|
|
|
|
|
5,000
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group,
|
6/26 at 100.00
|
AA–
|
5,504,850
|
|
|
Refunding Series 2016MI, 5.000%, 12/01/45
|
|
|
|
|
1,900
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group,
|
6/27 at 100.00
|
AA–
|
2,238,200
|
|
|
Refunding Series 2017MI, 5.000%, 12/01/30
|
|
|
|
|
|
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding
|
|
|
|
|
|
Series 2012:
|
|
|
|
|
1,000
|
5.000%, 11/01/25
|
11/22 at 100.00
|
A+
|
1,106,960
|
|
1,000
|
5.000%, 11/01/26
|
11/22 at 100.00
|
A+
|
1,103,980
|
|
3,750
|
5.000%, 11/01/42
|
11/22 at 100.00
|
A+
|
4,062,638
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
|
|
||
|
Portfolio of Investments (continued)
February 28, 2019
|
|
|
|
|
||||
|
||||
|
||||
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
$ 9,615
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series
|
12/21 at 100.00
|
AA–
|
$ 10,234,494
|
|
|
2011MI, 5.000%, 12/01/39
|
|
|
|
|
1,000
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group,
|
6/22 at 100.00
|
AA–
|
1,064,880
|
|
|
Series 2009C, 5.000%, 12/01/48
|
|
|
|
|
5,380
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
3/24 at 100.00
|
A+
|
5,819,385
|
|
|
Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39
|
|
|
|
|
65,480
|
Total Health Care
|
|
|
71,027,117
|
|
|
Housing/Multifamily – 2.4% (1.5% of Total Investments)
|
|
|
|
|
2,590
|
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing
|
12/20 at 101.00
|
AA
|
2,719,785
|
|
|
Revenue Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (AMT)
|
|
|
|
|
1,825
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A,
|
10/20 at 100.00
|
AA
|
1,886,995
|
|
|
5.000%, 10/01/35
|
|
|
|
|
1,725
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2,
|
4/22 at 100.00
|
AA
|
1,764,520
|
|
|
4.625%, 10/01/41
|
|
|
|
|
1,000
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D,
|
4/22 at 100.00
|
AA
|
1,002,950
|
|
|
4.000%, 10/01/42
|
|
|
|
|
7,140
|
Total Housing/Multifamily
|
|
|
7,374,250
|
|
|
Tax Obligation/General – 31.8% (20.1% of Total Investments)
|
|
|
|
|
2,310
|
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds,
|
5/22 at 100.00
|
Aa1
|
2,527,255
|
|
|
Refunding Series 2012, 5.000%, 5/01/29
|
|
|
|
|
840
|
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds,
|
No Opt. Call
|
Aa2
|
971,275
|
|
|
School Building & Site Series 2015, 5.000%, 5/01/24
|
|
|
|
|
895
|
Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016,
|
5/26 at 100.00
|
AAA
|
1,058,892
|
|
|
5.000%, 5/01/28
|
|
|
|
|
4,445
|
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School
|
5/27 at 100.00
|
AA
|
4,967,154
|
|
|
Building & Site Series 2017I, 5.000%, 5/01/47
|
|
|
|
|
|
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds,
|
|
|
|
|
|
Series 2012:
|
|
|
|
|
1,000
|
4.000%, 5/01/32
|
5/21 at 100.00
|
AA
|
1,015,290
|
|
500
|
4.000%, 5/01/33
|
5/21 at 100.00
|
AA
|
506,180
|
|
1,135
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General
|
5/24 at 100.00
|
AA
|
1,269,600
|
|
|
Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39
|
|
|
|
|
875
|
Charlotte Public School District, Easton County, Michigan, General Obligation Bonds,
|
No Opt. Call
|
AA
|
908,784
|
|
|
Refunding Series 2012, 5.000%, 5/01/20
|
|
|
|
|
|
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General
|
|
|
|
|
|
Obligation Bonds, Devos Place Project, Series 2001:
|
|
|
|
|
8,900
|
0.000%, 12/01/25
|
No Opt. Call
|
AAA
|
7,709,536
|
|
3,000
|
0.000%, 12/01/26
|
No Opt. Call
|
AAA
|
2,518,200
|
|
100
|
0.000%, 12/01/27
|
No Opt. Call
|
AAA
|
81,097
|
|
4,305
|
0.000%, 12/01/29
|
No Opt. Call
|
AAA
|
3,251,566
|
|
|
Grand Rapids Building Authority, Kent County, Michigan, General Obligation Bonds,
|
|
|
|
|
|
Refunding Series 2011:
|
|
|
|
|
560
|
5.000%, 10/01/28
|
10/21 at 100.00
|
AA
|
603,282
|
|
500
|
5.000%, 10/01/30
|
10/21 at 100.00
|
AA
|
538,385
|
|
500
|
5.000%, 10/01/31
|
10/21 at 100.00
|
AA
|
538,125
|
|
|
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding
|
|
|
|
|
|
School Building & Site Series 2016:
|
|
|
|
|
1,700
|
5.000%, 5/01/24 – AGM Insured
|
No Opt. Call
|
AA
|
1,956,632
|
|
4,205
|
5.000%, 5/01/28 – AGM Insured
|
5/26 at 100.00
|
AA
|
4,959,755
|
|
1,000
|
5.000%, 5/01/38 – AGM Insured
|
5/26 at 100.00
|
AA
|
1,126,230
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
|
Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017:
|
|
|
|
|
$ 1,245
|
5.000%, 5/01/29
|
5/27 at 100.00
|
Aa3
|
$ 1,467,668
|
|
1,265
|
5.000%, 5/01/30
|
5/27 at 100.00
|
Aa3
|
1,479,506
|
|
|
Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities
|
|
|
|
|
|
Series 2017:
|
|
|
|
|
300
|
5.000%, 4/01/27
|
No Opt. Call
|
AA+
|
361,593
|
|
1,675
|
5.000%, 4/01/30
|
4/27 at 100.00
|
AA+
|
1,982,865
|
|
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement
|
|
|
|
|
|
Series 2016:
|
|
|
|
|
1,000
|
5.000%, 6/01/31
|
6/26 at 100.00
|
AAA
|
1,168,390
|
|
1,445
|
5.000%, 6/01/34
|
6/26 at 100.00
|
AAA
|
1,664,886
|
|
1,000
|
5.000%, 6/01/35
|
6/26 at 100.00
|
AAA
|
1,150,360
|
|
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement
|
|
|
|
|
|
Series 2017A:
|
|
|
|
|
1,570
|
5.000%, 6/01/36
|
6/27 at 100.00
|
AAA
|
1,830,180
|
|
1,650
|
5.000%, 6/01/37
|
6/27 at 100.00
|
AAA
|
1,914,165
|
|
1,025
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015,
|
1/25 at 100.00
|
AAA
|
1,172,805
|
|
|
5.000%, 1/01/34
|
|
|
|
|
3,440
|
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015,
|
1/25 at 100.00
|
AAA
|
3,966,389
|
|
|
5.000%, 1/01/31
|
|
|
|
|
|
Lake Saint Claire Clean Water Drain Drainage District, Macomb County, Michigan, General
|
|
|
|
|
|
Obligation Bonds, Series 2013:
|
|
|
|
|
1,000
|
5.000%, 10/01/25
|
10/23 at 100.00
|
AA+
|
1,132,090
|
|
1,020
|
5.000%, 10/01/26
|
10/23 at 100.00
|
AA+
|
1,153,304
|
|
1,000
|
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds,
|
No Opt. Call
|
AA
|
1,123,710
|
|
|
Refunding Series 2015, 5.000%, 5/01/23
|
|
|
|
|
|
Lansing School District, Ingham County, Michigan, General Obligation Bonds,
|
|
|
|
|
|
Series 2016I:
|
|
|
|
|
1,345
|
5.000%, 5/01/26
|
No Opt. Call
|
AA
|
1,602,379
|
|
2,085
|
5.000%, 5/01/38
|
5/26 at 100.00
|
AA
|
2,345,333
|
|
2,200
|
5.000%, 5/01/41
|
5/26 at 100.00
|
AA
|
2,453,748
|
|
1,500
|
Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter
|
11/28 at 100.00
|
Aa3
|
1,702,755
|
|
|
County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43
|
|
|
|
|
4,000
|
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A,
|
12/21 at 100.00
|
Aa1
|
4,353,080
|
|
|
5.000%, 12/01/22
|
|
|
|
|
500
|
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2015A,
|
12/25 at 100.00
|
Aa1
|
593,755
|
|
|
5.000%, 12/01/28
|
|
|
|
|
1,000
|
Michigan State, General Obligation Bonds, Environmental Program, Series 2014A,
|
12/24 at 100.00
|
Aa1
|
1,167,160
|
|
|
5.000%, 12/01/28
|
|
|
|
|
2,000
|
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%,
|
No Opt. Call
|
Aa2
|
2,134,340
|
|
|
5/01/22 – NPFG Insured
|
|
|
|
|
2,945
|
Muskegon Community College District, Michigan, General Obligation Bonds, Community
|
5/24 at 100.00
|
AA
|
3,320,075
|
|
|
Facility Series 2013I, 5.000%, 5/01/38
|
|
|
|
|
|
Muskegon County, Michigan, General Obligation Wastewater Bonds, Management System 1,
|
|
|
|
|
|
Refunding Series 2015:
|
|
|
|
|
1,350
|
5.000%, 11/01/33
|
11/25 at 100.00
|
AA
|
1,554,309
|
|
1,730
|
5.000%, 11/01/36
|
11/25 at 100.00
|
AA
|
1,982,684
|
|
|
Port Huron, Michigan, General Obligation Bonds, Limited Tax Refunding & Capital
|
|
|
|
|
|
Improvement Series 2011:
|
|
|
|
|
1,585
|
5.000%, 10/01/31 – AGM Insured
|
10/21 at 100.00
|
AA
|
1,698,407
|
|
640
|
5.250%, 10/01/37 – AGM Insured
|
10/21 at 100.00
|
AA
|
689,946
|
|
|
Port Huron, Michigan, General Obligation Bonds, Series 2011B:
|
|
|
|
|
530
|
5.000%, 10/01/31 – AGM Insured
|
10/21 at 100.00
|
AA
|
567,922
|
|
800
|
5.250%, 10/01/40 – AGM Insured
|
10/21 at 100.00
|
AA
|
861,808
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
|
|
|||
|
Portfolio of Investments (continued)
February 28, 2019
|
|
|
|
|
|
|||||
|
|||||
|
|||||
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
$ 500
|
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding
|
No Opt. Call
|
AA
|
$ 502,720
|
|
|
Series 2012, 5.000%, 5/01/19
|
|
|
|
|
1,510
|
Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax
|
4/28 at 100.00
|
AA+
|
1,720,056
|
|
|
Series 2018, 5.000%, 4/01/43
|
|
|
|
|
1,435
|
South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School
|
5/24 at 100.00
|
AA
|
1,611,089
|
|
|
Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured
|
|
|
|
|
550
|
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding
|
5/25 at 100.00
|
AA
|
643,132
|
|
|
Series 2015, 5.000%, 5/01/26
|
|
|
|
|
1,600
|
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation
|
11/23 at 100.00
|
Aa1
|
1,782,912
|
|
|
Bonds, School Building & Site Series 2014, 5.000%, 5/01/40
|
|
|
|
|
2,590
|
West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds,
|
5/27 at 100.00
|
AA
|
2,959,438
|
|
|
School Building & Site Series 2017, 5.000%, 5/01/36 – AGM Insured
|
|
|
|
|
1,225
|
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF
|
No Opt. Call
|
Aa2
|
1,356,835
|
|
|
Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured
|
|
|
|
|
1,475
|
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds,
|
5/21 at 100.00
|
AA
|
1,540,298
|
|
|
Refunding Series 2011, 4.500%, 5/01/31 – AGM Insured
|
|
|
|
|
90,500
|
Total Tax Obligation/General
|
|
|
97,219,330
|
|
|
Tax Obligation/Limited – 16.5% (10.4% of Total Investments)
|
|
|
|
|
4,400
|
Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst
|
7/24 at 100.00
|
AA
|
4,717,108
|
|
|
Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured
|
|
|
|
|
2,200
|
Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment
|
2/24 at 103.00
|
N/R
|
2,373,250
|
|
|
Bonds, Series 2013A, 5.950%, 2/01/42
|
|
|
|
|
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit
|
|
|
|
|
|
Regional Convention Facility Authority Local Project, Series 2014H-1:
|
|
|
|
|
1,240
|
5.000%, 10/01/20
|
10/19 at 100.00
|
AA–
|
1,262,295
|
|
2,000
|
5.000%, 10/01/24
|
10/23 at 100.00
|
AA–
|
2,254,840
|
|
2,000
|
5.000%, 10/01/25
|
10/24 at 100.00
|
AA–
|
2,296,760
|
|
11,025
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
12,347,008
|
|
2,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/21 at 100.00
|
Aa2
|
2,164,680
|
|
|
2011-I-A, 5.375%, 10/15/41
|
|
|
|
|
1,845
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/23 at 100.00
|
Aa2
|
2,073,134
|
|
|
2013-I-A, 5.000%, 10/15/29
|
|
|
|
|
4,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/25 at 100.00
|
Aa2
|
4,573,480
|
|
|
2015-I, 5.000%, 4/15/38
|
|
|
|
|
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding
|
|
|
|
|
|
Series 2016-I:
|
|
|
|
|
1,500
|
5.000%, 4/15/41
|
10/26 at 100.00
|
Aa2
|
1,683,975
|
|
2,500
|
5.000%, 10/15/46
|
10/26 at 100.00
|
Aa2
|
2,779,450
|
|
|
Michigan State Trunk Line Fund Bonds, Series 2011:
|
|
|
|
|
1,100
|
5.000%, 11/15/24
|
11/21 at 100.00
|
AA+
|
1,196,789
|
|
1,750
|
5.000%, 11/15/29
|
11/21 at 100.00
|
AA+
|
1,893,850
|
|
1,605
|
5.000%, 11/15/31
|
11/21 at 100.00
|
AA+
|
1,735,166
|
|
1,160
|
4.000%, 11/15/32
|
11/21 at 100.00
|
AA+
|
1,193,396
|
|
1,970
|
5.000%, 11/15/36
|
11/21 at 100.00
|
AA+
|
2,120,055
|
|
1,370
|
Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22
|
No Opt. Call
|
AA+
|
1,535,167
|
|
1,950
|
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015,
|
11/24 at 100.00
|
AA+
|
2,270,463
|
|
|
5.000%, 11/15/29
|
|
|
|
|
45,615
|
Total Tax Obligation/Limited
|
|
|
50,470,866
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Transportation – 3.4% (2.1% of Total Investments)
|
|
|
|
|
$ 4,500
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
|
No Opt. Call
|
A
|
$ 4,853,205
|
|
|
Refunding Series 2011A, 5.000%, 12/01/21 (AMT)
|
|
|
|
|
1,000
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne
|
12/27 at 100.00
|
A
|
1,123,190
|
|
|
County Airport, Senior Series 2017A, 5.000%, 12/01/42
|
|
|
|
|
4,000
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne
|
12/22 at 100.00
|
AA
|
4,385,400
|
|
|
County Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured
|
|
|
|
|
9,500
|
Total Transportation
|
|
|
10,361,795
|
|
|
U.S. Guaranteed – 11.9% (7.5% of Total Investments) (5)
|
|
|
|
|
|
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School
|
|
|
|
|
|
Building & Site, Series 2011B:
|
|
|
|
|
1,200
|
5.500%, 5/01/36 (Pre-refunded 5/01/21)
|
5/21 at 100.00
|
AA
|
1,297,536
|
|
2,190
|
5.500%, 5/01/41 (Pre-refunded 5/01/21)
|
5/21 at 100.00
|
AA
|
2,368,003
|
|
1,800
|
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance
|
6/20 at 100.00
|
AA
|
1,873,314
|
|
|
Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20) – AGM Insured
|
|
|
|
|
5,505
|
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center,
|
6/22 at 100.00
|
N/R
|
6,069,978
|
|
|
Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22)
|
|
|
|
|
35
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series
|
12/21 at 100.00
|
N/R
|
38,080
|
|
|
2011MI, 5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
|
|
|
|
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012:
|
|
|
|
|
2,000
|
5.000%, 10/01/31 (Pre-refunded 10/01/22)
|
10/22 at 100.00
|
AAA
|
2,229,440
|
|
1,135
|
5.000%, 10/01/32 (Pre-refunded 10/01/22)
|
10/22 at 100.00
|
AAA
|
1,265,207
|
|
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds,
|
|
|
|
|
|
Series 2010:
|
|
|
|
|
390
|
5.000%, 10/01/26 (Pre-refunded 10/01/20)
|
10/20 at 100.00
|
AAA
|
410,413
|
|
475
|
5.000%, 10/01/30 (Pre-refunded 10/01/20)
|
10/20 at 100.00
|
AAA
|
499,862
|
|
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health
|
|
|
|
|
|
System, Refunding Series 2009:
|
|
|
|
|
150
|
5.000%, 11/15/20 (Pre-refunded 11/15/19)
|
11/19 at 100.00
|
N/R
|
153,465
|
|
7,300
|
5.750%, 11/15/39 (Pre-refunded 11/15/19)
|
11/19 at 100.00
|
N/R
|
7,506,444
|
|
4,000
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds,MidMichigan Obligated
|
6/19 at 100.00
|
AA+
|
4,041,520
|
|
|
Group, Series 2009A, 5.875%, 6/01/39 (Pre-refunded 6/01/19) – AGC Insured
|
|
|
|
|
3,415
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s
|
No Opt. Call
|
Aaa
|
3,642,439
|
|
|
Health System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)
|
|
|
|
|
1,000
|
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%,
|
5/19 at 100.00
|
Aa1
|
1,006,240
|
|
|
11/01/25 (Pre-refunded 5/01/19)
|
|
|
|
|
3,640
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
8/19 at 100.00
|
N/R
|
3,703,773
|
|
|
Hospital Obligated Group, Refunding Series 2009W, 6.000%, 8/01/39 (Pre-refunded 8/01/19)
|
|
|
|
|
350
|
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement
|
12/19 at 100.00
|
AA
|
359,184
|
|
|
Series 2009, 5.125%, 12/01/33 (Pre-refunded 12/01/19) – AGC Insured
|
|
|
|
|
34,585
|
Total U.S. Guaranteed
|
|
|
36,464,898
|
|
|
Utilities – 12.0% (7.6% of Total Investments)
|
|
|
|
|
|
Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A:
|
|
|
|
|
2,750
|
5.000%, 7/01/33
|
7/21 at 100.00
|
AA
|
2,934,057
|
|
6,020
|
5.000%, 7/01/39
|
7/21 at 100.00
|
AA
|
6,411,601
|
|
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option
|
|
|
|
|
|
Bond Trust 2016-XF0394:
|
|
|
|
|
1,110
|
14.805%, 7/01/37, 144A (IF) (4)
|
7/21 at 100.00
|
AA–
|
1,394,637
|
|
1,700
|
14.805%, 7/01/37, 144A (IF) (4)
|
7/21 at 100.00
|
AA–
|
2,135,931
|
|
|
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A:
|
|
|
|
|
1,000
|
5.000%, 7/01/30
|
7/26 at 100.00
|
A
|
1,147,020
|
|
1,000
|
5.000%, 7/01/31
|
7/26 at 100.00
|
A
|
1,139,520
|
|
75
|
5.000%, 7/01/32
|
7/26 at 100.00
|
A
|
85,117
|
|
1,000
|
5.000%, 7/01/33
|
7/26 at 100.00
|
A
|
1,129,930
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
|
|
|||
|
Portfolio of Investments (continued)
February 28, 2019
|
|
|
|
|
|
|||||
|
|||||
|
|||||
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Utilities (continued)
|
|
|
|
|
|
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:
|
|
|
|
|
$ 1,900
|
5.000%, 1/01/27
|
1/22 at 100.00
|
A2
|
$ 2,020,099
|
|
4,530
|
5.000%, 1/01/43
|
1/22 at 100.00
|
A2
|
4,748,210
|
|
|
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding
|
|
|
|
|
|
Series 2011:
|
|
|
|
|
1,760
|
5.000%, 1/01/24 – AGM Insured
|
1/21 at 100.00
|
AA
|
1,849,848
|
|
1,990
|
5.000%, 1/01/25 – AGM Insured
|
1/21 at 100.00
|
AA
|
2,091,590
|
|
2,180
|
5.000%, 1/01/26 – AGM Insured
|
1/21 at 100.00
|
AA
|
2,291,289
|
|
290
|
5.000%, 1/01/27 – AGM Insured
|
1/21 at 100.00
|
AA
|
304,805
|
|
3,640
|
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison
|
No Opt. Call
|
Aa3
|
4,009,824
|
|
|
Company, Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured
|
|
|
|
|
2,700
|
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 –
|
10/25 at 100.00
|
AA
|
2,975,643
|
|
|
BAM Insured
|
|
|
|
|
33,645
|
Total Utilities
|
|
|
36,669,121
|
|
|
Water and Sewer – 17.2% (10.8% of Total Investments)
|
|
|
|
|
15
|
Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series
|
3/19 at 100.00
|
AA
|
15,039
|
|
|
2004A, 5.000%, 7/01/34 – AGM Insured
|
|
|
|
|
1,700
|
Downriver Utility Wastewater Authority, Michigan, Sewer System Revenue Bonds, Series
|
4/28 at 100.00
|
AA
|
1,887,034
|
|
|
2018, 5.000%, 4/01/43 – AGM Insured
|
|
|
|
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding
|
|
|
|
|
|
Series 2014:
|
|
|
|
|
1,000
|
5.000%, 1/01/32
|
1/24 at 100.00
|
Aa1
|
1,134,780
|
|
1,000
|
5.000%, 1/01/33
|
1/24 at 100.00
|
Aa1
|
1,133,310
|
|
1,000
|
5.000%, 1/01/34
|
1/24 at 100.00
|
Aa1
|
1,131,340
|
|
1,855
|
5.000%, 1/01/44
|
1/24 at 100.00
|
Aa1
|
2,090,474
|
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018:
|
|
|
|
|
2,500
|
5.000%, 1/01/43
|
1/28 at 100.00
|
Aa1
|
2,844,825
|
|
1,055
|
5.000%, 1/01/48
|
1/28 at 100.00
|
Aa1
|
1,192,108
|
|
1,005
|
Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding
|
7/26 at 100.00
|
A
|
1,146,253
|
|
|
Second Lien Series 2016C, 5.000%, 7/01/32
|
|
|
|
|
6,245
|
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien
|
7/26 at 100.00
|
AA–
|
7,202,983
|
|
|
Series 2016C, 5.000%, 7/01/32
|
|
|
|
|
5,000
|
Michigan Finance Authority, Clean Water Revolving Fund Revenue Bonds, Refunding Series
|
No Opt. Call
|
AAA
|
5,983,850
|
|
|
2016B, 5.000%, 10/01/25
|
|
|
|
|
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
|
|
|
|
|
|
Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C:
|
|
|
|
|
4,665
|
5.000%, 7/01/34
|
7/25 at 100.00
|
A
|
5,187,713
|
|
1,070
|
5.000%, 7/01/35
|
7/25 at 100.00
|
A
|
1,186,266
|
|
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
|
|
|
|
|
|
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1:
|
|
|
|
|
1,500
|
5.000%, 7/01/35 – AGM Insured
|
7/24 at 100.00
|
AA
|
1,658,670
|
|
1,220
|
5.000%, 7/01/37 – AGM Insured
|
7/24 at 100.00
|
AA
|
1,342,744
|
|
3,340
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
|
7/24 at 100.00
|
AA
|
3,789,631
|
|
|
Sewerage Department Water Supply System Local Project, Series 2014D-2, 5.000%, 7/01/27 –
|
|
|
|
|
|
AGM Insured
|
|
|
|
|
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate
|
|
|
|
|
|
Refunding Series 2013:
|
|
|
|
|
1,955
|
5.000%, 10/01/22
|
No Opt. Call
|
AAA
|
2,185,494
|
|
3,200
|
5.000%, 10/01/25
|
10/22 at 100.00
|
AAA
|
3,568,992
|
|
2,000
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding
|
No Opt. Call
|
AAA
|
2,106,600
|
|
|
Series 2012, 5.000%, 10/01/20
|
|
|
|
|
580
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series
|
3/19 at 100.00
|
AAA
|
581,531
|
|
|
2004, 5.000%, 10/01/19
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Water and Sewer (continued)
|
|
|
|
|
$ 170
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series
|
3/19 at 100.00
|
AAA
|
$ 170,449
|
|
|
2005, 5.000%, 10/01/19
|
|
|
|
|
90
|
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series
|
3/19 at 100.00
|
AAA
|
90,226
|
|
|
2004, 5.000%, 10/01/23
|
|
|
|
|
1,000
|
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Refunding Series 2016,
|
No Opt. Call
|
AA
|
1,153,590
|
|
|
5.000%, 11/01/24
|
|
|
|
|
|
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:
|
|
|
|
|
500
|
5.250%, 10/01/31
|
10/21 at 100.00
|
A–
|
538,110
|
|
1,500
|
5.625%, 10/01/40
|
10/21 at 100.00
|
A–
|
1,635,825
|
|
|
Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016:
|
|
|
|
|
210
|
5.000%, 6/01/26
|
No Opt. Call
|
Aa3
|
248,455
|
|
505
|
5.000%, 6/01/27
|
6/26 at 100.00
|
Aa3
|
592,057
|
|
550
|
5.000%, 6/01/28
|
6/26 at 100.00
|
Aa3
|
639,441
|
|
46,430
|
Total Water and Sewer
|
|
|
52,437,790
|
|
$ 446,025
|
Total Long-Term Investments (cost $464,144,323)
|
|
|
484,976,664
|
|
|
Floating Rate Obligations – (4.0)%
|
|
|
(12,265,000)
|
|
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (56.5)% (6)
|
|
|
(172,804,230)
|
|
|
Other Assets Less Liabilities – 1.9%
|
|
|
5,837,165
|
|
|
Net Asset Applicable to Common Shares – 100%
|
|
|
$ 305,744,599
|
(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)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
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.
|
(6)
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.6%.
|
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 registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax.
|
ETM
|
Escrowed to maturity.
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information.
|
|
See accompanying notes to financial statements.
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
Portfolio of Investments
February 28, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 154.6% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 154.6% (100.0% of Total Investments)
|
|
|
|
|
|
Consumer Staples – 4.1% (2.7% of Total Investments)
|
|
|
|
|
$ 13,120
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
2/19 at 100.00
|
B–
|
$ 12,316,400
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47
|
|
|
|
|
|
Education and Civic Organizations – 14.2% (9.2% of Total Investments)
|
|
|
|
|
|
Lorain County Community College District, Ohio, General Receipts Revenue Bonds,
|
|
|
|
|
|
Refunding Series 2017:
|
|
|
|
|
1,305
|
5.000%, 12/01/32
|
6/27 at 100.00
|
Aa2
|
1,512,430
|
|
1,200
|
5.000%, 12/01/33
|
6/27 at 100.00
|
Aa2
|
1,386,816
|
|
505
|
5.000%, 12/01/34
|
6/27 at 100.00
|
Aa2
|
581,775
|
|
|
Miami University of Ohio, General Receipts Bonds, Refunding Series 2014:
|
|
|
|
|
4,375
|
5.000%, 9/01/33
|
9/24 at 100.00
|
AA
|
4,929,444
|
|
2,500
|
4.000%, 9/01/39
|
9/24 at 100.00
|
AA
|
2,585,225
|
|
2,585
|
Miami University of Ohio, General Receipts Bonds, Refunding Series 2017, 5.000%, 9/01/41
|
9/26 at 100.00
|
AA
|
2,912,080
|
|
|
Miami University of Ohio, General Receipts Bonds, Series 2011:
|
|
|
|
|
130
|
5.000%, 9/01/33
|
9/21 at 100.00
|
AA
|
138,980
|
|
1,960
|
5.000%, 9/01/36
|
9/21 at 100.00
|
AA
|
2,092,437
|
|
|
Miami University of Ohio, General Receipts Bonds, Series 2012:
|
|
|
|
|
480
|
4.000%, 9/01/32
|
9/22 at 100.00
|
AA
|
500,510
|
|
1,000
|
4.000%, 9/01/33
|
9/22 at 100.00
|
AA
|
1,038,980
|
|
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University
|
|
|
|
|
|
Project, Series 2012:
|
|
|
|
|
120
|
5.000%, 11/01/27
|
5/22 at 100.00
|
AA
|
131,016
|
|
590
|
5.000%, 11/01/32
|
5/22 at 100.00
|
AA
|
640,575
|
|
5,000
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton,
|
12/22 at 100.00
|
A+
|
5,423,700
|
|
|
Refunding Series 2013, 5.000%, 12/01/43
|
|
|
|
|
1,000
|
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39
|
12/22 at 100.00
|
Aa3
|
1,091,090
|
|
1,000
|
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education
|
3/25 at 100.00
|
N/R
|
1,006,480
|
|
|
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015,
|
|
|
|
|
|
6.000%, 3/01/45
|
|
|
|
|
1,000
|
University of Cincinnati, Ohio, General Receipts Bonds, Green Bond Series 2014C,
|
12/24 at 100.00
|
AA–
|
1,127,110
|
|
|
5.000%, 6/01/41
|
|
|
|
|
3,175
|
University of Cincinnati, Ohio, General Receipts Bonds, Series 2016C, 5.000%, 6/01/46
|
6/26 at 100.00
|
AA–
|
3,532,823
|
|
7,580
|
Wright State University, Ohio, General Receipts Bonds, Series 2011A, 5.000%, 5/01/31 –
|
5/21 at 100.00
|
AA
|
8,033,815
|
|
|
BAM Insured
|
|
|
|
|
|
Youngstown State University, Ohio, General Receipts Bonds, Refunding Series 2017:
|
|
|
|
|
1,555
|
5.000%, 12/15/29
|
12/26 at 100.00
|
A+
|
1,814,607
|
|
1,670
|
5.000%, 12/15/30
|
12/26 at 100.00
|
A+
|
1,933,910
|
|
38,730
|
Total Education and Civic Organizations
|
|
|
42,413,803
|
|
|
Health Care – 15.9% (10.3% of Total Investments)
|
|
|
|
|
3,000
|
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,
|
5/23 at 100.00
|
AA–
|
3,252,060
|
|
|
Children’s Hospital Medical Center, Improvement Series 2013, 5.000%, 11/15/38
|
|
|
|
|
|
Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated
|
|
|
|
|
|
Group Project, Refunding & Improvement Series 2017:
|
|
|
|
|
2,250
|
5.000%, 12/01/37
|
12/27 at 100.00
|
A–
|
2,483,505
|
|
1,000
|
5.000%, 12/01/47
|
12/27 at 100.00
|
A–
|
1,084,650
|
|
2,400
|
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center
|
6/23 at 100.00
|
Baa3
|
2,441,112
|
|
|
Project, Series 2013, 5.000%, 6/15/43
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
$ 250
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A,
|
11/21 at 100.00
|
AA+
|
$ 267,005
|
|
|
5.000%, 11/15/41
|
|
|
|
|
4,480
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option
|
11/21 at 100.00
|
AA+
|
5,089,414
|
|
|
Bond Trust 2016-XL0004, 8.210%, 11/15/41, 144A (IF) (4)
|
|
|
|
|
1,730
|
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A,
|
12/27 at 100.00
|
AA–
|
1,929,469
|
|
|
5.000%, 12/01/47
|
|
|
|
|
300
|
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc.,
|
3/19 at 100.00
|
A–
|
300,930
|
|
|
Refunding Series 2008C, 6.000%, 8/15/43
|
|
|
|
|
820
|
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health
|
8/21 at 100.00
|
A2
|
875,391
|
|
|
Center Project, Refunding Series 2011, 5.250%, 8/01/41
|
|
|
|
|
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A:
|
|
|
|
|
2,575
|
5.000%, 5/01/30
|
3/19 at 100.00
|
BBB+
|
2,602,733
|
|
2,040
|
5.000%, 5/01/32
|
3/19 at 100.00
|
BBB+
|
2,061,420
|
|
6,105
|
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System
|
2/23 at 100.00
|
BB+
|
6,241,813
|
|
|
Obligated Group Project, Series 2013, 5.000%, 2/15/44
|
|
|
|
|
1,100
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland
|
1/22 at 100.00
|
AA
|
1,181,653
|
|
|
Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38
|
|
|
|
|
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa
|
|
|
|
|
|
Health System Project, Series 2010:
|
|
|
|
|
1,520
|
5.250%, 11/15/40 – AGM Insured
|
5/20 at 100.00
|
AA
|
1,572,182
|
|
555
|
5.750%, 11/15/40 – AGM Insured
|
5/20 at 100.00
|
AA
|
578,249
|
|
|
Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group,
|
|
|
|
|
|
Refunding Series 2017A:
|
|
|
|
|
1,000
|
5.000%, 1/01/30
|
1/28 at 100.00
|
AA
|
1,210,170
|
|
2,090
|
5.000%, 1/01/33
|
1/28 at 100.00
|
AA
|
2,467,120
|
|
|
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A:
|
|
|
|
|
1,000
|
5.000%, 1/15/28
|
1/23 at 100.00
|
A
|
1,100,000
|
|
2,000
|
5.000%, 1/15/29
|
1/23 at 100.00
|
A
|
2,192,660
|
|
|
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood
|
|
|
|
|
|
County Hospital Project, Series 2012:
|
|
|
|
|
2,670
|
5.000%, 12/01/37
|
12/22 at 100.00
|
Ba2
|
2,752,903
|
|
5,510
|
5.000%, 12/01/42
|
12/22 at 100.00
|
Ba2
|
5,639,485
|
|
44,395
|
Total Health Care
|
|
|
47,323,924
|
|
|
Housing/Multifamily – 1.2% (0.8% of Total Investments)
|
|
|
|
|
187
|
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds,
|
3/19 at 100.00
|
Aaa
|
187,473
|
|
|
Agler Project, Series 2002A, 5.550%, 5/20/22 (AMT)
|
|
|
|
|
3,340
|
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower
|
3/19 at 101.00
|
Aa1
|
3,366,186
|
|
|
Apartments Project, Series 2007, 5.250%, 9/20/47 (AMT)
|
|
|
|
|
3,527
|
Total Housing/Multifamily
|
|
|
3,553,659
|
|
|
Industrials – 1.3% (0.8% of Total Investments)
|
|
|
|
|
3,495
|
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation
|
No Opt. Call
|
A3
|
3,874,277
|
|
|
Inc., Series 1992, 6.450%, 12/15/21
|
|
|
|
|
1,600
|
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste
|
3/19 at 101.00
|
N/R
|
16
|
|
|
Inc., Series 2007A, 6.350%, 7/01/27 (AMT) (5)
|
|
|
|
|
5,095
|
Total Industrials
|
|
|
3,874,293
|
|
|
Long-Term Care – 1.1% (0.7% of Total Investments)
|
|
|
|
|
895
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement
|
7/20 at 100.00
|
BBB
|
922,306
|
|
|
Services, Improvement Series 2010A, 5.625%, 7/01/26
|
|
|
|
|
2,220
|
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint
|
4/20 at 100.00
|
BBB–
|
2,304,205
|
|
|
Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40
|
|
|
|
|
3,115
|
Total Long-Term Care
|
|
|
3,226,511
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
|
|
|
||
|
Portfolio of Investments (continued)
February 28, 2019
|
|
|
|
|
|
|||||
|
|||||
|
|||||
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General – 21.9% (14.1% of Total Investments)
|
|
|
|
|
$ 2,500
|
Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds,
|
11/27 at 100.00
|
AA
|
$ 2,818,750
|
|
|
School Facilities Construction & Improvement Series 2017, 5.000%, 11/01/54
|
|
|
|
|
1,050
|
Cleveland, Ohio, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 12/01/43
|
6/28 at 100.00
|
AA+
|
1,191,918
|
|
|
Columbus City School District, Franklin County, Ohio, General Obligation Bonds,
|
|
|
|
|
|
Refunding Series 2006:
|
|
|
|
|
4,310
|
0.000%, 12/01/27 – AGM Insured
|
No Opt. Call
|
AA
|
3,498,298
|
|
5,835
|
0.000%, 12/01/28 – AGM Insured
|
No Opt. Call
|
AA
|
4,557,894
|
|
2,250
|
Columbus, Ohio, General Obligation Bonds, Various Purpose Series 2018A, 5.000%, 4/01/29
|
10/28 at 100.00
|
AAA
|
2,787,322
|
|
|
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015:
|
|
|
|
|
725
|
5.000%, 12/01/26
|
12/25 at 100.00
|
Aaa
|
870,558
|
|
900
|
5.000%, 12/01/32
|
12/25 at 100.00
|
Aaa
|
1,057,599
|
|
1,000
|
5.000%, 12/01/34
|
12/25 at 100.00
|
Aaa
|
1,171,000
|
|
1,730
|
Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31
|
12/23 at 100.00
|
AAA
|
1,971,508
|
|
|
Gallia County Local School District, Gallia and Jackson Counties, Ohio, General
|
|
|
|
|
|
Obligation Bonds, Refunding School Improvement Series 2014:
|
|
|
|
|
1,260
|
5.000%, 11/01/30
|
11/24 at 100.00
|
Aa2
|
1,432,620
|
|
1,540
|
5.000%, 11/01/31
|
11/24 at 100.00
|
Aa2
|
1,746,622
|
|
|
Greenville City School District, Drake County, Ohio, General Obligation Bonds, School
|
|
|
|
|
|
Improvement Series 2013:
|
|
|
|
|
555
|
5.250%, 1/01/38
|
1/22 at 100.00
|
AA
|
604,428
|
|
1,355
|
5.250%, 1/01/41
|
1/22 at 100.00
|
AA
|
1,473,725
|
|
1,355
|
Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009,
|
12/19 at 100.00
|
Aa1
|
1,387,805
|
|
|
5.125%, 12/01/36
|
|
|
|
|
2,160
|
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series
|
No Opt. Call
|
Aa1
|
2,056,428
|
|
|
2011, 0.000%, 12/01/21
|
|
|
|
|
|
Middletown City School District, Butler County, Ohio, General Obligation Bonds,
|
|
|
|
|
|
Refunding Series 2007:
|
|
|
|
|
3,625
|
5.250%, 12/01/28 – AGM Insured
|
No Opt. Call
|
A2
|
4,439,247
|
|
4,500
|
5.250%, 12/01/31 – AGM Insured
|
No Opt. Call
|
A2
|
5,544,270
|
|
1,305
|
Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series
|
No Opt. Call
|
A1
|
1,527,476
|
|
|
2006, 5.500%, 12/01/24 – AMBAC Insured
|
|
|
|
|
725
|
Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities
|
6/22 at 100.00
|
Aa3
|
784,900
|
|
|
Construction & Improvement Series 2012, 5.000%, 12/01/36
|
|
|
|
|
2,880
|
Ohio State, General Obligation Bonds, Higher Education, Series 2017A, 5.000%, 5/01/36
|
5/25 at 100.00
|
AA+
|
3,269,520
|
|
3,000
|
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R,
|
5/24 at 100.00
|
AAA
|
3,437,010
|
|
|
5.000%, 5/01/29
|
|
|
|
|
|
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2018V:
|
|
|
|
|
2,500
|
5.000%, 5/01/33
|
5/28 at 100.00
|
AAA
|
2,999,775
|
|
1,250
|
5.000%, 5/01/34
|
5/28 at 100.00
|
AAA
|
1,493,100
|
|
5,000
|
South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban
|
6/22 at 100.00
|
Aa2
|
5,426,150
|
|
|
Redevelopment, Series 2012, 5.000%, 6/01/42
|
|
|
|
|
4,000
|
Southwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation
|
1/28 at 100.00
|
Aa2
|
4,012,240
|
|
|
Bonds, School Improvement Series 2018A, 4.000%, 1/15/55
|
|
|
|
|
450
|
South-Western City School District, Franklin and Pickaway Counties, Ohio, General
|
6/22 at 100.00
|
AA
|
490,712
|
|
|
Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36
|
|
|
|
|
1,500
|
Springboro Community City School District, Warren County, Ohio, General Obligation
|
No Opt. Call
|
AA
|
1,880,910
|
|
|
Bonds, Refunding Series 2007, 5.250%, 12/01/32
|
|
|
|
|
1,000
|
Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds,
|
12/27 at 100.00
|
AAA
|
1,143,570
|
|
|
School Facilities & Improvement Series 2018A, 5.000%, 12/01/48
|
|
|
|
|
60,260
|
Total Tax Obligation/General
|
|
|
65,075,355
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited – 37.6% (24.3% of Total Investments)
|
|
|
|
|
$ 8,045
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
|
10/23 at 100.00
|
AA+
|
$ 8,928,904
|
|
|
Lien Series 2015A-2, 5.000%, 10/01/37
|
|
|
|
|
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
|
|
|
|
|
|
Lien Series 2017B-2:
|
|
|
|
|
1,250
|
5.000%, 10/01/31
|
4/28 at 100.00
|
AA+
|
1,479,938
|
|
1,000
|
5.000%, 10/01/32
|
4/28 at 100.00
|
AA+
|
1,178,360
|
|
3,000
|
Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series
|
11/23 at 100.00
|
AA+
|
3,331,200
|
|
|
2014A-1, 5.000%, 11/15/38
|
|
|
|
|
|
Cleveland, Ohio, Income Tax Revenue Bonds, Subordinate Lien Improvement and Refunding
|
|
|
|
|
|
Series 2017A-2:
|
|
|
|
|
435
|
5.000%, 10/01/30
|
10/27 at 100.00
|
AA+
|
515,814
|
|
700
|
5.000%, 10/01/33
|
10/27 at 100.00
|
AA+
|
816,375
|
|
500
|
Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard
|
12/19 at 100.00
|
BBB
|
504,165
|
|
|
Avenue Parking Facility Project, Series 2012A, 5.000%, 12/01/36
|
|
|
|
|
6,750
|
Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention
|
12/20 at 100.00
|
AA
|
7,126,852
|
|
|
Center Project, Recovery Zone Facility Series 2010F, 5.000%, 12/01/27
|
|
|
|
|
|
Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014:
|
|
|
|
|
1,815
|
5.000%, 12/01/32
|
12/24 at 100.00
|
AAA
|
2,083,257
|
|
1,415
|
5.000%, 12/01/33
|
12/24 at 100.00
|
AAA
|
1,620,034
|
|
1,000
|
5.000%, 12/01/34
|
12/24 at 100.00
|
AAA
|
1,143,170
|
|
945
|
5.000%, 12/01/35
|
12/24 at 100.00
|
AAA
|
1,078,651
|
|
300
|
Delaware County District Library, Ohio, Library Fund Library Facilities Special
|
12/19 at 100.00
|
Aa2
|
307,212
|
|
|
Obligation Notes, Series 2009, 5.000%, 12/01/34
|
|
|
|
|
1,920
|
Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44
|
12/25 at 100.00
|
Aa1
|
2,177,626
|
|
10,350
|
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue
|
12/24 at 100.00
|
Aa1
|
11,837,709
|
|
|
Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014,
|
|
|
|
|
|
5.000%, 12/01/35
|
|
|
|
|
|
Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018:
|
|
|
|
|
2,120
|
5.000%, 6/01/36
|
6/28 at 100.00
|
AAA
|
2,510,737
|
|
1,155
|
5.000%, 6/01/37
|
6/28 at 100.00
|
AAA
|
1,361,653
|
|
6,500
|
5.000%, 6/01/43
|
6/28 at 100.00
|
AAA
|
7,512,310
|
|
5,535
|
5.000%, 6/01/48
|
6/28 at 100.00
|
AAA
|
6,357,280
|
|
1,000
|
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital
|
12/25 at 100.00
|
AA+
|
1,155,430
|
|
|
Improvement Bonds, Refunding Series 2015, 5.000%, 12/01/34
|
|
|
|
|
1,200
|
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital
|
12/26 at 100.00
|
AA+
|
1,434,936
|
|
|
Improvement Bonds, Refunding Series 2016, 5.000%, 12/01/28
|
|
|
|
|
5,565
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 –
|
No Opt. Call
|
AA
|
4,223,445
|
|
|
AGM Insured
|
|
|
|
|
5,000
|
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31
|
12/21 at 100.00
|
A1
|
5,406,400
|
|
20,700
|
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien
|
1/23 at 100.00
|
AA
|
22,679,955
|
|
|
Series 2013A, 5.000%, 1/01/38
|
|
|
|
|
1,000
|
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds,
|
10/22 at 100.00
|
Aa3
|
1,105,410
|
|
|
Series 2012C, 5.000%, 10/01/24
|
|
|
|
|
|
Ohio State, Capital Facilities Lease-Appropriation Bonds, Parks & Recreation Improvement
|
|
|
|
|
|
Fund Projects, Series 2017A:
|
|
|
|
|
915
|
5.000%, 12/01/31
|
12/27 at 100.00
|
AA
|
1,090,259
|
|
1,345
|
5.000%, 12/01/32
|
12/27 at 100.00
|
AA
|
1,589,669
|
|
1,250
|
Pickaway County, Ohio, Sales Tax Special Obligation Bonds, Series 2019, 5.000%, 12/01/48
|
12/28 at 100.00
|
AA
|
1,398,013
|
|
1,845
|
Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community
|
12/25 at 100.00
|
AA
|
1,923,837
|
|
|
Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured
|
|
|
|
|
400
|
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development
|
12/28 at 100.00
|
N/R
|
417,648
|
|
|
TIF Revenue Bonds, RBM Development – Phase 2B Project, Series 2018A, 6.000%, 12/01/50
|
|
|
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
|
|
|
||
|
Portfolio of Investments (continued)
February 28, 2019
|
|
|
|
|
|
|||||
|
|||||
|
|||||
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
|
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Payable from City of
|
|
|
|
|
|
Columbus, Ohio Annual Rental Appropriations, Refunding Series 2012A:
|
|
|
|
|
$ 1,645
|
5.000%, 12/01/23
|
12/22 at 100.00
|
AA+
|
$ 1,837,958
|
|
1,200
|
5.000%, 12/01/24
|
12/22 at 100.00
|
AA+
|
1,339,836
|
|
|
Vermilion Local School District, Erie and Lorain Counties, Ohio, Certificates of
|
|
|
|
|
|
Participation, School Facilities Project, Series 2012:
|
|
|
|
|
765
|
5.000%, 12/01/24
|
12/20 at 100.00
|
Aa3
|
805,813
|
|
805
|
5.000%, 12/01/25
|
12/20 at 100.00
|
Aa3
|
847,520
|
|
2,450
|
Westerville City School District, Franklin and Delaware Counties, Ohio, Certificates of
|
12/27 at 100.00
|
Aa2
|
2,784,474
|
|
|
Participation, School Facilities Project, Series 2018, 5.000%, 12/01/39
|
|
|
|
|
101,820
|
Total Tax Obligation/Limited
|
|
|
111,911,850
|
|
|
Transportation – 19.3% (12.5% of Total Investments)
|
|
|
|
|
|
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:
|
|
|
|
|
2,150
|
5.000%, 1/01/30
|
1/22 at 100.00
|
A
|
2,308,971
|
|
1,500
|
5.000%, 1/01/31 – AGM Insured
|
1/22 at 100.00
|
AA
|
1,613,055
|
|
|
Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2015B:
|
|
|
|
|
860
|
5.000%, 12/01/33 – AGM Insured
|
12/23 at 100.00
|
AA
|
956,913
|
|
500
|
5.000%, 12/01/34 – AGM Insured
|
12/23 at 100.00
|
AA
|
555,400
|
|
|
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth
|
|
|
|
|
|
Bypass Project, Series 2015:
|
|
|
|
|
2,500
|
5.000%, 12/31/35 – AGM Insured (AMT)
|
6/25 at 100.00
|
AA
|
2,787,800
|
|
3,000
|
5.000%, 12/31/39 – AGM Insured (AMT)
|
6/25 at 100.00
|
AA
|
3,307,200
|
|
4,250
|
5.000%, 6/30/53 (AMT)
|
6/25 at 100.00
|
A–
|
4,470,575
|
|
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
|
|
|
|
|
|
Series 2013A-1:
|
|
|
|
|
2,050
|
5.250%, 2/15/39
|
2/23 at 100.00
|
Aa3
|
2,271,913
|
|
10,915
|
5.000%, 2/15/48
|
2/23 at 100.00
|
Aa3
|
11,733,843
|
|
15,000
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien
|
2/28 at 100.00
|
Aa3
|
17,064,900
|
|
|
Series 2018A, 5.000%, 2/15/46 (UB)
|
|
|
|
|
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien,
|
|
|
|
|
|
Capital Appreciation Series 2013A-2:
|
|
|
|
|
5,000
|
0.000%, 2/15/37
|
No Opt. Call
|
Aa3
|
2,591,850
|
|
11,260
|
0.000%, 2/15/38
|
No Opt. Call
|
Aa3
|
5,553,770
|
|
5,000
|
0.000%, 2/15/40
|
No Opt. Call
|
Aa3
|
2,228,150
|
|
63,985
|
Total Transportation
|
|
|
57,444,340
|
|
|
U.S. Guaranteed – 20.6% (13.3% of Total Investments) (6)
|
|
|
|
|
1,950
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners,
|
6/20 at 100.00
|
AA–
|
2,034,143
|
|
|
Series 2010A, 5.250%, 6/01/38 (Pre-refunded 6/01/20)
|
|
|
|
|
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
|
|
|
|
|
1,165
|
5.500%, 11/01/40 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
N/R
|
1,236,659
|
|
2,335
|
5.500%, 11/01/40 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
A
|
2,478,626
|
|
|
Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements,
|
|
|
|
|
|
Series 2012:
|
|
|
|
|
110
|
5.000%, 12/01/26 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R
|
121,472
|
|
1,140
|
5.000%, 12/01/26 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
Aaa
|
1,260,794
|
|
245
|
5.000%, 12/01/28 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R
|
270,551
|
|
2,545
|
5.000%, 12/01/28 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
Aaa
|
2,814,668
|
|
160
|
5.000%, 12/01/29 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R
|
176,686
|
|
1,605
|
5.000%, 12/01/29 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
Aaa
|
1,775,066
|
|
|
Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding Series 2012A:
|
|
|
|
|
1,960
|
5.000%, 12/01/31 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
AA
|
2,075,013
|
|
875
|
5.000%, 12/01/32 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
AA
|
926,345
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (6) (continued)
|
|
|
|
|
$ 8,150
|
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37
|
12/21 at 100.00
|
AAA
|
$ 8,890,183
|
|
|
(Pre-refunded 12/01/21)
|
|
|
|
|
2,000
|
Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29
|
12/19 at 100.00
|
AA+
|
2,050,640
|
|
|
(Pre-refunded 12/01/19)
|
|
|
|
|
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
|
|
|
|
|
|
Lien Series 2013A-2:
|
|
|
|
|
1,315
|
5.000%, 10/01/27 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA+
|
1,503,966
|
|
1,520
|
5.000%, 10/01/30 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA+
|
1,738,424
|
|
1,600
|
5.000%, 10/01/31 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA+
|
1,829,920
|
|
2,705
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
|
10/23 at 100.00
|
N/R
|
3,093,708
|
|
|
Lien Series 2015A-2, 5.000%, 10/01/37 (Pre-refunded 10/01/23)
|
|
|
|
|
|
Cleveland, Ohio, Water Revenue Bonds, Refunding Second Lien Series 2012A:
|
|
|
|
|
2,500
|
5.000%, 1/01/25 (Pre-refunded 1/01/22)
|
1/22 at 100.00
|
AA
|
2,730,175
|
|
1,975
|
5.000%, 1/01/26 (Pre-refunded 1/01/22)
|
1/22 at 100.00
|
AA
|
2,156,838
|
|
1,140
|
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School
|
11/21 at 100.00
|
A1
|
1,240,457
|
|
|
Facilities Improvement Series 2011, 5.000%, 11/01/39 (Pre-refunded 11/01/21) – AGM Insured
|
|
|
|
|
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,
|
|
|
|
|
|
Improvement Series 2009:
|
|
|
|
|
250
|
5.000%, 11/01/34 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Aa2
|
255,373
|
|
2,615
|
5.250%, 11/01/40 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Aa2
|
2,675,459
|
|
|
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital
|
|
|
|
|
|
Improvement Bonds, Refunding Series 2012:
|
|
|
|
|
1,010
|
5.250%, 12/01/27 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AA+
|
1,107,051
|
|
1,090
|
5.250%, 12/01/28 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AA+
|
1,194,738
|
|
760
|
5.250%, 12/01/30 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AA+
|
833,028
|
|
600
|
5.000%, 12/01/31 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AA+
|
653,646
|
|
3,225
|
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center,
|
6/21 at 100.00
|
A+
|
3,546,307
|
|
|
Series 2011A, 6.250%, 12/01/34 (Pre-refunded 6/01/21)
|
|
|
|
|
3,965
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
|
11/21 at 100.00
|
Baa1
|
4,412,490
|
|
|
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)
|
|
|
|
|
2,000
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series
|
5/23 at 100.00
|
AA+
|
2,265,360
|
|
|
2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23)
|
|
|
|
|
945
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa
|
5/20 at 100.00
|
AA
|
989,906
|
|
|
Health System Project, Series 2010, 5.750%, 11/15/40 (Pre-refunded 5/15/20) – AGM Insured
|
|
|
|
|
1,800
|
South-Western City School District, Franklin and Pickaway Counties, Ohio, General
|
6/22 at 100.00
|
N/R
|
1,987,722
|
|
|
Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36
|
|
|
|
|
|
(Pre-refunded 6/01/22)
|
|
|
|
|
|
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds,
|
|
|
|
|
|
School Improvement Series 2009:
|
|
|
|
|
685
|
5.125%, 12/01/37 (Pre-refunded 6/01/19)
|
6/19 at 100.00
|
N/R
|
690,795
|
|
315
|
5.125%, 12/01/37 (Pre-refunded 6/01/19)
|
6/19 at 100.00
|
AA–
|
317,703
|
|
56,255
|
Total U.S. Guaranteed
|
|
|
61,333,912
|
|
|
Utilities – 5.7% (3.7% of Total Investments)
|
|
|
|
|
1,500
|
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds,
|
2/24 at 100.00
|
A1
|
1,637,055
|
|
|
Series 2015A, 5.000%, 2/15/42
|
|
|
|
|
1,430
|
American Municipal Power, Inc., Ohio, Greenup Hydroelectric Project Revenue Bonds,
|
2/26 at 100.00
|
A1
|
1,577,147
|
|
|
Refunding Series 2016A, 5.000%, 2/15/41
|
|
|
|
|
1,660
|
American Municipal Power, Inc., Ohio, Solar Electricity Prepayment Project Revenue
|
2/29 at 100.00
|
A
|
1,869,857
|
|
|
Bonds, Green Bonds Series 2019A, 5.000%, 2/15/44
|
|
|
|
|
1,565
|
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33 –
|
No Opt. Call
|
A–
|
924,664
|
|
|
NPFG Insured
|
|
|
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
|
|
|
||
|
Portfolio of Investments (continued)
|
|
|
|
|
|
February 28, 2019
|
|
|
|
|
|
|||||
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Utilities (continued)
|
|
|
|
|
|
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2:
|
|
|
|
|
$ 2,000
|
0.000%, 11/15/28 – NPFG Insured
|
No Opt. Call
|
A–
|
$ 1,483,120
|
|
6,895
|
0.000%, 11/15/32 – NPFG Insured
|
No Opt. Call
|
A–
|
4,257,180
|
|
2,155
|
0.000%, 11/15/34 – NPFG Insured
|
No Opt. Call
|
A–
|
1,215,959
|
|
1,500
|
Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus
|
12/19 at 100.00
|
A2
|
1,535,190
|
|
|
Southern Power Company Project, Series 2009B, 5.800%, 12/01/38
|
|
|
|
|
2,000
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
1,740,000
|
|
|
FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (5)
|
|
|
|
|
950
|
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville
|
No Opt. Call
|
A1
|
706,135
|
|
|
Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured
|
|
|
|
|
21,655
|
Total Utilities
|
|
|
16,946,307
|
|
|
Water and Sewer – 11.7% (7.6% of Total Investments)
|
|
|
|
|
8,000
|
Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/46
|
12/26 at 100.00
|
AAA
|
9,117,120
|
|
2,035
|
Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42
|
1/22 at 100.00
|
AA+
|
2,188,948
|
|
375
|
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds,
|
No Opt. Call
|
Aa1
|
393,315
|
|
|
Series 1993G, 5.500%, 1/01/21 – NPFG Insured
|
|
|
|
|
1,275
|
Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of
|
12/24 at 100.00
|
AA+
|
1,469,387
|
|
|
Greater Cincinnati, Refunding Series 2014A, 5.000%, 12/01/31
|
|
|
|
|
2,025
|
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 –
|
12/20 at 100.00
|
A2
|
2,081,437
|
|
|
AGM Insured
|
|
|
|
|
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds,
|
|
|
|
|
|
Refunding & Improvement Series 2014:
|
|
|
|
|
2,950
|
5.000%, 11/15/39
|
11/24 at 100.00
|
AA+
|
3,331,110
|
|
1,400
|
5.000%, 11/15/44
|
11/24 at 100.00
|
AA+
|
1,563,534
|
|
|
Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013:
|
|
|
|
|
820
|
5.000%, 11/15/25
|
11/23 at 100.00
|
Aa3
|
926,452
|
|
605
|
5.000%, 11/15/26
|
11/23 at 100.00
|
Aa3
|
682,095
|
|
1,075
|
5.000%, 11/15/27
|
11/23 at 100.00
|
Aa3
|
1,209,934
|
|
695
|
5.000%, 11/15/28
|
11/23 at 100.00
|
Aa3
|
780,582
|
|
10,000
|
Toledo, Ohio, Water System Revenue Bonds, Refunding & Improvement Series 2016,
|
11/26 at 100.00
|
AA–
|
11,254,600
|
|
|
5.000%, 11/15/41 (UB) (4)
|
|
|
|
|
31,255
|
Total Water and Sewer
|
|
|
34,998,514
|
|
$ 443,212
|
Total Long-Term Investments (cost $440,422,999)
|
|
|
460,418,868
|
|
|
Floating Rate Obligations – (6.7)%
|
|
|
(20,000,000)
|
|
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (49.6)% (7)
|
|
|
(147,759,533)
|
|
|
Other Assets Less Liabilities – 1.7%
|
|
|
5,115,037
|
|
|
Net Asset Applicable to Common Shares – 100%
|
|
|
$ 297,774,372
|
(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)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(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) defaulted on the 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.
|
(6)
|
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.
|
(7)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 32.1%.
|
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 registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax.
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information.
|
|
See accompanying notes to financial statements.
|
NTX
|
Nuveen Texas Quality Municipal Income Fund
Portfolio of Investments
February 28, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 156.6% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 156.6% (100.0% of Total Investments)
|
|
|
|
|
|
Consumer Discretionary – 2.7% (1.7% of Total Investments)
|
|
|
|
|
$ 4,060
|
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue
|
3/19 at 100.00
|
A3
|
$ 4,060,000
|
|
|
Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (AMT)
|
|
|
|
|
|
Education and Civic Organizations – 12.2% (7.8% of Total Investments)
|
|
|
|
|
2,500
|
Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding
|
7/24 at 100.00
|
AAA
|
2,877,875
|
|
|
Series 2015A, 5.000%, 7/01/28
|
|
|
|
|
1,000
|
Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding
|
No Opt. Call
|
AAA
|
1,112,460
|
|
|
Series 2012B, 5.000%, 8/15/22
|
|
|
|
|
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift
|
|
|
|
|
|
Education Charter School, Series 2013A:
|
|
|
|
|
1,000
|
4.350%, 12/01/42
|
12/22 at 100.00
|
BBB–
|
968,270
|
|
1,000
|
4.400%, 12/01/47
|
12/22 at 100.00
|
BBB–
|
965,130
|
|
1,230
|
Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, John H. Wood
|
8/23 at 100.00
|
BBB–
|
1,338,683
|
|
|
Jr. Public Charter District, Inspire Academies, Series 2013A, 6.000%, 8/15/28
|
|
|
|
|
1,000
|
Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist
|
3/21 at 100.00
|
A–
|
1,052,590
|
|
|
University Project, Improvement and Refunding Series 2010, 5.000%, 3/01/35
|
|
|
|
|
1,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Medical
|
11/22 at 100.00
|
A
|
1,104,630
|
|
|
Facilities Revenue Bonds, Baylor College of Medicine, Refunding Series 2012A, 5.000%, 11/15/26
|
|
|
|
|
3,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue
|
6/23 at 100.00
|
Baa2
|
3,129,030
|
|
|
Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A,
|
|
|
|
|
|
5.000%, 6/01/38
|
|
|
|
|
2,000
|
Lone Star College System, Harris, Montgomery and San Jacinto Counties, Texas, Revenue
|
2/21 at 100.00
|
AA
|
2,117,420
|
|
|
Financing System Bonds, Series 2013, 5.000%, 2/15/36
|
|
|
|
|
1,925
|
Stephen F. Austin State University, Texas, Revenue Bonds, Refunding & Improvement Series
|
10/28 at 100.00
|
AA–
|
2,166,029
|
|
|
2016, 5.000%, 10/15/42
|
|
|
|
|
1,240
|
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing
|
5/26 at 100.00
|
AA
|
1,444,104
|
|
|
System, Refunding Series 2016, 5.000%, 5/01/27 – BAM Insured
|
|
|
|
|
16,895
|
Total Education and Civic Organizations
|
|
|
18,276,221
|
|
|
Energy – 1.3% (0.9% of Total Investments)
|
|
|
|
|
2,000
|
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds,
|
10/22 at 100.00
|
BB
|
1,987,800
|
|
|
Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (AMT)
|
|
|
|
|
|
Health Care – 2.8% (1.8% of Total Investments)
|
|
|
|
|
1,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
|
12/22 at 100.00
|
A+
|
1,088,100
|
|
|
Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/35
|
|
|
|
|
1,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
6/25 at 100.00
|
AA
|
1,097,880
|
|
|
Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45
|
|
|
|
|
515
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital
|
9/23 at 100.00
|
A
|
568,416
|
|
|
Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.125%, 9/01/33
|
|
|
|
|
1,250
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital
|
5/26 at 100.00
|
AA–
|
1,433,212
|
|
|
Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/32
|
|
|
|
|
3,765
|
Total Health Care
|
|
|
4,187,608
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Housing/Multifamily – 2.2% (1.4% of Total Investments)
|
|
|
|
|
$ 3,000
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
4/24 at 100.00
|
AA
|
$ 3,239,850
|
|
|
Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M
|
|
|
|
|
|
University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured
|
|
|
|
|
|
Tax Obligation/General – 25.1% (16.0% of Total Investments)
|
|
|
|
|
1,975
|
Allen Independent School District, Collin County, Texas, General Obligation Bonds,
|
2/26 at 100.00
|
AAA
|
2,232,639
|
|
|
School Building Series 2016, 5.000%, 2/15/39
|
|
|
|
|
500
|
Austin Community College District, Texas, General Obligation Bonds, Refunding Limited
|
No Opt. Call
|
AA+
|
568,495
|
|
|
Tax Series 2016, 5.000%, 8/01/23
|
|
|
|
|
1,620
|
Cameron County, Texas, General Obligation Bonds, State Highway 550 Project, Series 2012,
|
2/22 at 100.00
|
AA
|
1,751,998
|
|
|
5.000%, 2/15/32 – AGM Insured
|
|
|
|
|
1,500
|
College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32
|
2/21 at 100.00
|
AA+
|
1,588,365
|
|
1,000
|
El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series 2013,
|
8/23 at 100.00
|
A–
|
1,057,160
|
|
|
5.000%, 8/15/33
|
|
|
|
|
1,565
|
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 –
|
No Opt. Call
|
AA
|
1,666,600
|
|
|
AGM Insured
|
|
|
|
|
2,000
|
Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2017A,
|
3/27 at 100.00
|
AA
|
2,350,560
|
|
|
5.000%, 3/01/31
|
|
|
|
|
3,255
|
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds,
|
8/21 at 24.48
|
A+
|
761,865
|
|
|
Refunding Series 2012A, 0.000%, 8/01/45
|
|
|
|
|
1,360
|
Jacksonville Independent School District, Cherokee County, Texas, General Obligation
|
2/24 at 100.00
|
Aaa
|
1,521,405
|
|
|
Bonds, School Building Series 2014, 5.000%, 2/15/39
|
|
|
|
|
2,675
|
Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series
|
8/24 at 100.00
|
AA–
|
3,015,741
|
|
|
2014, 5.000%, 8/01/34
|
|
|
|
|
1,350
|
Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds,
|
2/23 at 100.00
|
AAA
|
1,481,355
|
|
|
School Building Series 2013A, 5.000%, 2/15/43
|
|
|
|
|
1,750
|
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds,
|
4/21 at 100.00
|
BBB
|
1,859,987
|
|
|
Series 2011A, 7.250%, 4/01/36
|
|
|
|
|
|
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
|
|
|
|
|
1,000
|
5.750%, 12/01/33
|
12/25 at 100.00
|
B1
|
1,059,090
|
|
1,000
|
6.125%, 12/01/38
|
12/25 at 100.00
|
B1
|
1,058,800
|
|
1,425
|
Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E,
|
No Opt. Call
|
AAA
|
827,113
|
|
|
0.000%, 10/01/35
|
|
|
|
|
4,000
|
Prosper Independent School District, Collin County, Texas, General Obligation Bonds,
|
2/25 at 100.00
|
AAA
|
4,500,960
|
|
|
Refunding Series 2015, 5.000%, 2/15/40
|
|
|
|
|
205
|
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series
|
2/24 at 100.00
|
Ba2
|
209,672
|
|
|
2014A, 5.125%, 2/01/39
|
|
|
|
|
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement
|
4/22 at 100.00
|
AAA
|
2,157,880
|
|
|
Series 2012A, 5.000%, 4/01/42
|
|
|
|
|
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement,
|
4/24 at 100.00
|
AAA
|
2,219,100
|
|
|
Series 2014, 5.000%, 4/01/44
|
|
|
|
|
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund,
|
4/24 at 100.00
|
AAA
|
2,253,480
|
|
|
Refunding Series 2014, 5.000%, 10/01/34
|
|
|
|
|
|
West Texas Independent School District, McLennan and Hill Counties, General Obligation
|
|
|
|
|
|
Refunding Bonds, Series 1998:
|
|
|
|
|
45
|
0.000%, 8/15/22
|
3/19 at 83.20
|
AAA
|
37,364
|
|
45
|
0.000%, 8/15/24
|
3/19 at 74.60
|
AAA
|
33,500
|
|
9,000
|
Wylie Independent School District, Collin County, Texas, General Obligation Bonds,
|
8/25 at 44.15
|
Aaa
|
3,196,260
|
|
|
Capital Appreciation Series 2015, 0.000%, 8/15/45
|
|
|
|
|
43,270
|
Total Tax Obligation/General
|
|
|
37,409,389
|
NTX
|
Nuveen Texas Quality Municipal Income Fund
|
|
|||
|
Portfolio of Investments (continued)
February 28, 2019
|
|
|
|
|
|
|||||
|
|||||
|
|||||
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited – 26.9% (17.2% of Total Investments)
|
|
|
|
|
$ 1,000
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series
|
8/19 at 100.00
|
AA
|
$ 1,015,370
|
|
|
2010, 5.250%, 8/15/38 – AGM Insured
|
|
|
|
|
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax
|
|
|
|
|
|
Series 2015:
|
|
|
|
|
1,060
|
5.000%, 8/15/34 – AGM Insured
|
8/24 at 100.00
|
AA
|
1,191,758
|
|
1,160
|
5.000%, 8/15/35 – AGM Insured
|
8/24 at 100.00
|
AA
|
1,302,297
|
|
1,175
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Senior Lien Series
|
12/24 at 100.00
|
AA+
|
1,339,829
|
|
|
2014A, 5.000%, 12/01/36
|
|
|
|
|
1,680
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A,
|
12/25 at 100.00
|
AA+
|
1,887,850
|
|
|
5.000%, 12/01/48
|
|
|
|
|
500
|
Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement
|
9/19 at 103.00
|
N/R
|
506,515
|
|
|
District 1, Series 2014, 6.500%, 9/01/36
|
|
|
|
|
2,500
|
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds,
|
No Opt. Call
|
AAA
|
2,990,000
|
|
|
Contractual Obligations Series 2015B, 5.000%, 11/01/25
|
|
|
|
|
1,390
|
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds,
|
11/21 at 100.00
|
AAA
|
1,492,165
|
|
|
Series 2011A, 5.000%, 11/01/41
|
|
|
|
|
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
|
|
|
|
|
450
|
0.000%, 11/15/24 – NPFG Insured
|
No Opt. Call
|
Baa2
|
376,177
|
|
210
|
0.000%, 11/15/32 – NPFG Insured
|
11/31 at 94.05
|
Baa2
|
120,494
|
|
260
|
0.000%, 11/15/33
|
11/31 at 88.44
|
Baa2
|
139,407
|
|
2,045
|
0.000%, 11/15/34 – NPFG Insured
|
11/31 at 83.17
|
Baa2
|
1,024,749
|
|
1,130
|
0.000%, 11/15/36 – NPFG Insured
|
11/31 at 73.51
|
Baa2
|
494,330
|
|
4,370
|
0.000%, 11/15/38 – NPFG Insured
|
11/31 at 64.91
|
Baa2
|
1,671,306
|
|
2,260
|
0.000%, 11/15/39 – NPFG Insured
|
11/31 at 60.98
|
Baa2
|
808,922
|
|
400
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien
|
11/24 at 100.00
|
A3
|
444,276
|
|
|
Series 2014C, 5.000%, 11/15/34
|
|
|
|
|
1,000
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien
|
11/24 at 100.00
|
A2
|
1,137,710
|
|
|
Series 2014A, 5.000%, 11/15/28
|
|
|
|
|
3,440
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G,
|
11/31 at 53.78
|
A2
|
1,142,665
|
|
|
0.000%, 11/15/41 – NPFG Insured
|
|
|
|
|
1,000
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,
|
11/24 at 59.10
|
Baa2
|
489,120
|
|
|
0.000%, 11/15/33 – NPFG Insured
|
|
|
|
|
1,015
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and
|
9/24 at 100.00
|
A2
|
1,131,502
|
|
|
Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34
|
|
|
|
|
1,470
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and
|
No Opt. Call
|
A2
|
897,700
|
|
|
Entertainment Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured
|
|
|
|
|
10,000
|
Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series
|
10/26 at 100.00
|
AAA
|
11,865,700
|
|
|
2016A, 5.000%, 10/01/30 (UB) (4)
|
|
|
|
|
1,875
|
Texas State Transportation Commission, Highway Fund Revenue Bonds, Highway 249 First
|
2/29 at 100.00
|
Baa3
|
2,039,869
|
|
|
Tier Series 2019A, 5.000%, 8/01/57
|
|
|
|
|
2,490
|
Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds,
|
9/25 at 100.00
|
Baa2
|
2,656,954
|
|
|
Infrastructure Improvement Facilities, Series 2018, 5.000%, 9/01/40
|
|
|
|
|
1,735
|
Via Metropolitan Transit Advanced Transportation District, Texas, Sales Tax Revenue
|
8/24 at 100.00
|
AA
|
1,982,428
|
|
|
Bonds, Refunding & Improvement Series 2014, 5.000%, 8/01/38
|
|
|
|
|
45,615
|
Total Tax Obligation/Limited
|
|
|
40,149,093
|
|
|
Transportation – 22.0% (14.0% of Total Investments)
|
|
|
|
|
3,000
|
Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/39 (AMT)
|
11/24 at 100.00
|
A1
|
3,307,200
|
|
665
|
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien
|
1/23 at 100.00
|
BBB+
|
707,380
|
|
|
Series 2013, 5.000%, 1/01/42
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Transportation (continued)
|
|
|
|
|
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010:
|
|
|
|
|
$ 2,945
|
0.000%, 1/01/36
|
No Opt. Call
|
A–
|
$ 1,554,548
|
|
2,205
|
0.000%, 1/01/37
|
No Opt. Call
|
A–
|
1,098,641
|
|
2,160
|
0.000%, 1/01/38
|
No Opt. Call
|
A–
|
1,023,170
|
|
1,000
|
0.000%, 1/01/40
|
No Opt. Call
|
A–
|
430,300
|
|
1,000
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series
|
11/20 at 100.00
|
A+
|
1,039,850
|
|
|
2010A, 5.000%, 11/01/42
|
|
|
|
|
1,165
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series
|
11/20 at 100.00
|
A+
|
1,216,458
|
|
|
2012B, 5.000%, 11/01/35
|
|
|
|
|
1,670
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier
|
10/23 at 100.00
|
A+
|
1,809,462
|
|
|
Series 2013A, 5.125%, 10/01/43
|
|
|
|
|
1,640
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate
|
10/23 at 100.00
|
AA+
|
1,766,378
|
|
|
Lien Series 2013B, 5.000%, 4/01/53
|
|
|
|
|
1,165
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C,
|
8/22 at 100.00
|
AA
|
1,273,462
|
|
|
5.000%, 8/15/31
|
|
|
|
|
5,150
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A,
|
8/26 at 100.00
|
Aa2
|
5,794,935
|
|
|
5.000%, 8/15/41
|
|
|
|
|
2,000
|
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series Series
|
7/22 at 100.00
|
A+
|
2,151,280
|
|
|
2012A, 5.000%, 7/01/31 (AMT)
|
|
|
|
|
1,750
|
Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds
|
11/25 at 100.00
|
A1
|
1,959,020
|
|
|
Series 2015, 5.000%, 11/01/35 (AMT)
|
|
|
|
|
3,000
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
|
11/20 at 100.00
|
A3
|
3,117,240
|
|
|
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
|
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:
|
|
|
|
|
20
|
6.100%, 1/01/28
|
3/19 at 100.00
|
A+
|
20,062
|
|
375
|
6.250%, 1/01/39
|
3/19 at 100.00
|
A+
|
376,189
|
|
2,500
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D,
|
No Opt. Call
|
AA
|
1,402,850
|
|
|
0.000%, 1/01/36 – AGC Insured
|
|
|
|
|
2,500
|
San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%,
|
7/22 at 100.00
|
A+
|
2,723,250
|
|
|
7/01/27 (AMT)
|
|
|
|
|
35,910
|
Total Transportation
|
|
|
32,771,675
|
|
|
U.S. Guaranteed – 15.1% (9.7% of Total Investments) (5)
|
|
|
|
|
2,500
|
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding
|
5/20 at 100.00
|
AA
|
2,621,525
|
|
|
Series 2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20)
|
|
|
|
|
185
|
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 –
|
No Opt. Call
|
AA
|
196,899
|
|
|
AGM Insured (ETM)
|
|
|
|
|
1,350
|
Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue
|
7/20 at 100.00
|
A
|
1,412,127
|
|
|
Bonds, Good Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28
|
|
|
|
|
|
(Pre-refunded 7/01/20)
|
|
|
|
|
2,000
|
Laredo Community College District, Webb County, Texas, Combined Fee Revenue Bonds,
|
8/20 at 100.00
|
AA
|
2,099,220
|
|
|
Series 2010, 5.250%, 8/01/35 (Pre-refunded 8/01/20) – AGM Insured
|
|
|
|
|
4,000
|
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2010,
|
3/20 at 100.00
|
AA–
|
4,140,640
|
|
|
5.250%, 3/01/40 (Pre-refunded 3/01/20)
|
|
|
|
|
365
|
Lone Star College System, Harris and Montgomery Counties, Texas, General Obligation
|
8/19 at 100.00
|
AAA
|
370,687
|
|
|
Bonds, Series 2009, 5.000%, 8/15/34 (Pre-refunded 8/15/19)
|
|
|
|
|
25
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%,
|
5/22 at 100.00
|
N/R
|
27,499
|
|
|
5/15/29 (Pre-refunded 5/15/22)
|
|
|
|
|
845
|
North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds,
|
No Opt. Call
|
Aaa
|
971,167
|
|
|
Presbyterian Healthcare System, Series 1996A, 5.750%, 6/01/26 – NPFG Insured (ETM)
|
|
|
|
|
2,000
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,
|
8/19 at 100.00
|
Aa2
|
2,037,360
|
|
|
Children’s Medical Center Dallas Project, Series 2009, 5.750%, 8/15/39 (Pre-refunded 8/15/19)
|
|
|
|
NTX
|
Nuveen Texas Quality Municipal Income Fund
|
|
|||
|
Portfolio of Investments (continued)
|
|
|
|
|
|
February 28, 2019
|
|
|
|
|
|
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|
$ 885
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,
|
8/22 at 100.00
|
Aa2
|
$ 983,005
|
|
|
Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32 (Pre-refunded 8/15/22)
|
|
|
|
|
3,000
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest
|
9/21 at 100.00
|
N/R
|
3,240,510
|
|
|
Series 2011D, 5.000%, 9/01/31 (Pre-refunded 9/01/21)
|
|
|
|
|
2,000
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A,
|
9/21 at 100.00
|
N/R
|
2,184,640
|
|
|
5.500%, 9/01/41 (Pre-refunded 9/01/21)
|
|
|
|
|
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital
|
|
|
|
|
|
Revenue Bonds, Scott & White Healthcare Project, Series 2010:
|
|
|
|
|
95
|
5.250%, 8/15/40 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
N/R
|
99,842
|
|
1,155
|
5.250%, 8/15/40 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
N/R
|
1,213,870
|
|
1,000
|
Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds,
|
9/19 at 100.00
|
BBB
|
1,018,820
|
|
|
Infrastructure Improvement Facilities, Series 2009, 5.500%, 9/01/29 (Pre-refunded 9/01/19)
|
|
|
|
|
21,405
|
Total U.S. Guaranteed
|
|
|
22,617,811
|
|
|
Utilities – 15.4% (9.8% of Total Investments)
|
|
|
|
|
2,000
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A,
|
11/22 at 100.00
|
AA
|
2,187,580
|
|
|
5.000%, 11/15/40
|
|
|
|
|
3,000
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A,
|
11/25 at 100.00
|
AA
|
3,408,420
|
|
|
5.000%, 11/15/38
|
|
|
|
|
2,000
|
Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31
|
9/25 at 100.00
|
A+
|
2,309,940
|
|
3,000
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2010A,
|
5/20 at 100.00
|
A
|
3,096,360
|
|
|
5.000%, 5/15/40
|
|
|
|
|
1,150
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A,
|
5/22 at 100.00
|
A
|
1,242,311
|
|
|
5.000%, 5/15/36
|
|
|
|
|
1,975
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B,
|
5/22 at 100.00
|
A
|
2,152,000
|
|
|
5.000%, 5/15/29
|
|
|
|
|
1,500
|
Matagorda County Navigation District Number One, Texas, Pollution Control Revenue
|
7/19 at 102.00
|
A–
|
1,549,560
|
|
|
Refunding Bonds, Central Power and Light Company Project, Series 2009A, 6.300%, 11/01/29
|
|
|
|
|
1,000
|
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Bonds, Refunding
|
No Opt. Call
|
BBB+
|
1,041,990
|
|
|
Series 2012, 5.000%, 10/01/20
|
|
|
|
|
2,790
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds,
|
No Opt. Call
|
A–
|
3,227,500
|
|
|
Senior Lien Series 2008D, 6.250%, 12/15/26
|
|
|
|
|
1,000
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds,
|
No Opt. Call
|
A–
|
1,056,340
|
|
|
Series 2006A, 5.250%, 12/15/20
|
|
|
|
|
|
Texas Municipal Power Agency, Revenue Bonds, Refunding Transmission Series 2010:
|
|
|
|
|
640
|
5.000%, 9/01/34
|
9/20 at 100.00
|
A+
|
667,526
|
|
1,000
|
5.000%, 9/01/40
|
9/20 at 100.00
|
A+
|
1,040,310
|
|
21,055
|
Total Utilities
|
|
|
22,979,837
|
|
|
Water and Sewer – 30.9% (19.7% of Total Investments)
|
|
|
|
|
1,450
|
Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016A,
|
11/26 at 100.00
|
AA
|
1,643,575
|
|
|
5.000%, 11/15/41
|
|
|
|
|
1,575
|
Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series
|
7/23 at 100.00
|
AA
|
1,736,075
|
|
|
2014, 5.000%, 7/10/38 – BAM Insured
|
|
|
|
|
2,500
|
Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use
|
2/21 at 100.00
|
AA
|
2,644,800
|
|
|
Groundwater Supply Project, Subordinate Lien Series 2011, 5.000%, 2/15/31
|
|
|
|
|
2,000
|
Corpus Christi, Texas, Utility System Revenue Bonds, Improvement Junior Lien Series
|
7/23 at 100.00
|
A+
|
2,192,940
|
|
|
2013, 5.000%, 7/15/43
|
|
|
|
|
2,000
|
Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series
|
11/22 at 100.00
|
AA
|
2,171,320
|
|
|
2012D, 5.000%, 11/15/42
|
|
|
|
|
3,000
|
Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series
|
11/28 at 100.00
|
Aa2
|
3,523,890
|
|
|
2018D, 5.000%, 11/15/36
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Water and Sewer (continued)
|
|
|
|
|
$ 710
|
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%,
|
12/21 at 100.00
|
AA
|
$ 763,697
|
|
|
12/15/36 – AGM Insured
|
|
|
|
|
3,860
|
North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding
|
12/22 at 100.00
|
AA–
|
4,254,647
|
|
|
Senior Lien Series 2013, 5.000%, 12/15/33
|
|
|
|
|
1,000
|
Nueces River Authority, Texas, Water Supply Revenue Bonds, Corpus Christi Lake Texana
|
7/25 at 100.00
|
AA–
|
1,177,770
|
|
|
Project, Refunding Series 2015, 5.000%, 7/15/26
|
|
|
|
|
2,640
|
San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2015B,
|
5/25 at 100.00
|
AA
|
2,997,139
|
|
|
5.000%, 5/15/34
|
|
|
|
|
1,000
|
San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2018A,
|
5/28 at 100.00
|
AA
|
1,140,260
|
|
|
5.000%, 5/15/48
|
|
|
|
|
|
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master
|
|
|
|
|
|
Trust Series 2017A:
|
|
|
|
|
5,000
|
5.000%, 10/15/42
|
10/27 at 100.00
|
AAA
|
5,734,550
|
|
10,000
|
4.000%, 10/15/42 (UB) (4)
|
10/27 at 100.00
|
AAA
|
10,454,000
|
|
5,000
|
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master
|
10/28 at 100.00
|
AAA
|
5,746,000
|
|
|
Trust Series 2018B, 5.000%, 4/15/49
|
|
|
|
|
41,735
|
Total Water and Sewer
|
|
|
46,180,663
|
|
$ 238,710
|
Total Long-Term Investments (cost $220,941,550)
|
|
|
233,859,947
|
|
|
Floating Rate Obligations – (10.7)%
|
|
|
(16,000,000)
|
|
|
MuniFund Preferred Shares, net of deferred offering costs – (48.0)% (6)
|
|
|
(71,637,960)
|
|
|
Other Assets Less Liabilities – 2.1%
|
|
|
3,094,754
|
|
|
Net Asset Applicable to Common Shares – 100%
|
|
|
$ 149,316,741
|
(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)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
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.
|
(6)
|
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.6%.
|
AMT
|
Alternative Minimum Tax.
|
ETM
|
Escrowed to maturity.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information.
|
|
See accompanying notes to financial statements.
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Assets
|
||||||||||||||||
Long-term investments, at value (cost $249,045,485, $464,144,323,
|
||||||||||||||||
$440,422,999 and $220,941,550, respectively)
|
$
|
259,649,328
|
$
|
484,976,664
|
$
|
460,418,868
|
$
|
233,859,947
|
||||||||
Cash
|
893,644
|
1,168,693
|
1,331,596
|
—
|
||||||||||||
Receivable for:
|
||||||||||||||||
Interest
|
2,319,728
|
6,204,970
|
4,846,229
|
2,552,585
|
||||||||||||
Investments sold
|
—
|
—
|
—
|
1,500,000
|
||||||||||||
Other assets
|
1,025
|
50,048
|
23,626
|
4,955
|
||||||||||||
Total assets
|
262,863,725
|
492,400,375
|
466,620,319
|
237,917,487
|
||||||||||||
Liabilities
|
||||||||||||||||
Cash overdraft
|
—
|
—
|
—
|
375,147
|
||||||||||||
Floating rate obligations
|
9,755,000
|
12,265,000
|
20,000,000
|
16,000,000
|
||||||||||||
Payable for:
|
||||||||||||||||
Dividends
|
465,354
|
848,613
|
765,674
|
420,138
|
||||||||||||
Interest
|
165,181
|
323,628
|
—
|
—
|
||||||||||||
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred
|
||||||||||||||||
offering costs (liquidation preference $88,300,000, $173,000,000, $—,
|
||||||||||||||||
and $—, respectively)
|
88,143,383
|
172,804,230
|
—
|
—
|
||||||||||||
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs
|
||||||||||||||||
(liquidation preference $—, $—, $— and $72,000,000, respectively)
|
—
|
—
|
—
|
71,637,960
|
||||||||||||
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred
|
||||||||||||||||
offering costs (liquidation preference $—, $—, $148,000,000,
|
||||||||||||||||
and $—, respectively)
|
—
|
—
|
147,759,533
|
—
|
||||||||||||
Accrued expenses:
|
||||||||||||||||
Management fees
|
123,894
|
220,848
|
214,025
|
109,687
|
||||||||||||
Trustees fees
|
1,250
|
51,089
|
20,446
|
1,095
|
||||||||||||
Other
|
129,196
|
142,368
|
86,269
|
56,719
|
||||||||||||
Total liabilities
|
98,783,258
|
186,655,776
|
168,845,947
|
88,600,746
|
||||||||||||
Net assets applicable to common shares
|
$
|
164,080,467
|
$
|
305,744,599
|
$
|
297,774,372
|
$
|
149,316,741
|
||||||||
Common shares outstanding
|
11,571,158
|
20,226,887
|
18,316,955
|
9,958,610
|
||||||||||||
Net asset value (“NAV”) per common share outstanding
|
$
|
14.18
|
$
|
15.12
|
$
|
16.26
|
$
|
14.99
|
||||||||
Net assets applicable to common shares consist of:
|
||||||||||||||||
Common shares, $0.01 par value per share
|
$
|
115,712
|
$
|
202,269
|
$
|
183,170
|
$
|
99,586
|
||||||||
Paid-in-surplus
|
156,322,204
|
287,690,665
|
278,282,549
|
140,204,336
|
||||||||||||
Total distributable earnings
|
7,642,551
|
17,851,665
|
19,308,653
|
9,012,819
|
||||||||||||
Net assets applicable to common shares
|
$
|
164,080,467
|
$
|
305,744,599
|
$
|
297,774,372
|
$
|
149,316,741
|
||||||||
Authorized shares:
|
||||||||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
||||||||||||
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
Statement of Operations
|
|
|
|
|
|
||||
Year Ended February 28, 2019
|
|
|
|
|
|
||||
|
||||
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Investment Income
|
$
|
10,332,383
|
$
|
18,738,054
|
$
|
17,135,237
|
$
|
9,065,077
|
||||||||
Expenses
|
||||||||||||||||
Management fees
|
1,601,851
|
2,882,629
|
2,862,450
|
1,425,296
|
||||||||||||
Interest expense and amortization of offering costs
|
2,266,639
|
4,380,748
|
3,798,602
|
1,984,922
|
||||||||||||
Custodian fees
|
42,538
|
62,192
|
56,512
|
33,407
|
||||||||||||
Trustees fees
|
7,444
|
14,173
|
13,139
|
6,511
|
||||||||||||
Professional fees
|
42,845
|
47,240
|
87,843
|
36,497
|
||||||||||||
Shareholder reporting expenses
|
24,047
|
41,032
|
41,688
|
26,126
|
||||||||||||
Shareholder servicing agent fees
|
15,158
|
26,119
|
8,579
|
4,159
|
||||||||||||
Stock exchange listing fees
|
7,198
|
6,742
|
6,742
|
6,742
|
||||||||||||
Investor relations expenses
|
5,062
|
8,947
|
8,384
|
4,424
|
||||||||||||
Shelf offering expenses
|
200,208
|
—
|
—
|
—
|
||||||||||||
Other
|
37,648
|
45,022
|
61,747
|
39,886
|
||||||||||||
Total expenses
|
4,250,638
|
7,514,844
|
6,945,686
|
3,567,970
|
||||||||||||
Net investment income (loss)
|
6,081,745
|
11,223,210
|
10,189,551
|
5,497,107
|
||||||||||||
Realized and Unrealized Gain (Loss)
|
||||||||||||||||
Net realized gain (loss) from investments
|
(437,782
|
)
|
(1,094,781
|
)
|
(179,947
|
)
|
(869,105
|
)
|
||||||||
Change in net unrealized appreciation (depreciation) of investments
|
889,889
|
2,661,036
|
2,782,168
|
1,109,883
|
||||||||||||
Net realized and unrealized gain (loss)
|
452,107
|
1,566,255
|
2,602,221
|
240,778
|
||||||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares from operations
|
$
|
6,533,852
|
$
|
12,789,465
|
$
|
12,791,772
|
$
|
5,737,885
|
|
NAZ
|
NUM
|
||||||||||||||
|
Year
|
Year(1)
|
Year
|
Year(1)
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
2/28/19
|
2/28/18
|
2/28/19
|
2/28/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
6,081,745
|
$
|
7,342,444
|
$
|
11,223,210
|
$
|
12,701,288
|
||||||||
Net realized gain (loss) from investments
|
(437,782
|
)
|
2,324,539
|
(1,094,781
|
)
|
111,781
|
||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
889,889
|
(3,887,305
|
)
|
2,661,036
|
(2,895,282
|
)
|
||||||||||
Net increase (decrease) in net assets applicable
|
||||||||||||||||
to common shares from operations
|
6,533,852
|
5,779,678
|
12,789,465
|
9,917,787
|
||||||||||||
Distributions to Common Shareholders(2)
|
||||||||||||||||
Dividends(3)
|
(6,065,999
|
)
|
(7,491,154
|
)
|
(10,961,603
|
)
|
(13,015,363
|
)
|
||||||||
Decrease in net assets applicable to common
|
||||||||||||||||
shares from distributions to common shareholders
|
(6,065,999
|
)
|
(7,491,154
|
)
|
(10,961,603
|
)
|
(13,015,363
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Proceeds from shelf offering, net of offering costs
|
69,117
|
1,484,129
|
—
|
—
|
||||||||||||
Net proceeds from shares issued to shareholders
|
||||||||||||||||
due to reinvestment of distributions
|
—
|
111,107
|
—
|
—
|
||||||||||||
Cost of shares repurchased and retired
|
(1,481,001
|
)
|
—
|
(7,000,749
|
)
|
(281,969
|
)
|
|||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares from capital share transactions
|
(1,411,884
|
)
|
1,595,236
|
(7,000,749
|
)
|
(281,969
|
)
|
|||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares
|
(944,031
|
)
|
(116,240
|
)
|
(5,172,887
|
)
|
(3,379,545
|
)
|
||||||||
Net assets applicable to common shares at the
|
||||||||||||||||
beginning of period
|
165,024,498
|
165,140,738
|
310,917,486
|
314,297,031
|
||||||||||||
Net assets applicable to common shares at
|
||||||||||||||||
the end of period
|
$
|
164,080,467
|
$
|
165,024,498
|
$
|
305,744,599
|
$
|
310,917,486
|
(1)
|
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
|
(2)
|
The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
|
(3)
|
For the fiscal year ended February 28, 2018 the Fund’s distributions to shareholders were paid from net investment income.
|
|
NUO
|
NTX
|
||||||||||||||
|
Year
|
Year(1)
|
Year
|
Year(1)
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
2/28/19
|
2/28/18
|
2/28/19
|
2/28/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
10,189,551
|
$
|
12,573,364
|
$
|
5,497,107
|
$
|
5,744,052
|
||||||||
Net realized gain (loss) from investments
|
(179,947
|
)
|
3,405,401
|
(869,105
|
)
|
440,616
|
||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
2,782,168
|
(6,878,414
|
)
|
1,109,883
|
(1,829,092
|
)
|
||||||||||
Net increase (decrease) in net assets applicable
|
||||||||||||||||
to common shares from operations
|
12,791,772
|
9,100,351
|
5,737,885
|
4,355,576
|
||||||||||||
Distributions to Common Shareholders(2)
|
||||||||||||||||
Dividends(3)
|
(10,903,460
|
)
|
(13,161,701
|
)
|
(5,461,380
|
)
|
(6,412,401
|
)
|
||||||||
Decrease in net assets applicable to common
|
||||||||||||||||
shares from distributions to common shareholders
|
(10,903,460
|
)
|
(13,161,701
|
)
|
(5,461,380
|
)
|
(6,412,401
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
—
|
||||||||||||
Net proceeds from shares issued to shareholders
|
||||||||||||||||
due to reinvestment of distributions
|
—
|
—
|
—
|
—
|
||||||||||||
Cost of shares repurchased and retired
|
(2,742,770
|
)
|
—
|
(846,987
|
)
|
—
|
||||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares from capital share transactions
|
(2,742,770
|
)
|
—
|
(846,987
|
)
|
—
|
||||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares
|
(854,458
|
)
|
(4,061,350
|
)
|
(570,482
|
)
|
(2,056,825
|
)
|
||||||||
Net assets applicable to common shares at the
|
||||||||||||||||
beginning of period
|
298,628,830
|
302,690,180
|
149,887,223
|
151,944,048
|
||||||||||||
Net assets applicable to common shares at
|
||||||||||||||||
the end of period
|
$
|
297,774,372
|
$
|
298,628,830
|
$
|
149,316,741
|
$
|
149,887,223
|
(1)
|
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
|
(2)
|
The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
|
(3)
|
For the fiscal year ended February 28, 2018 the Fund’s distributions to shareholders were paid from net investment income.
|
Statement of Cash Flows
|
|
Year Ended February 28, 2019
|
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares
|
||||||||||||||||
from Operations
|
$
|
6,533,852
|
$
|
12,789,465
|
$
|
12,791,772
|
$
|
5,737,885
|
||||||||
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
|
(34,917,614
|
)
|
(64,586,201
|
)
|
(56,155,633
|
)
|
(42,204,750
|
)
|
||||||||
Proceeds from sales and maturities of investments
|
28,490,530
|
68,015,535
|
56,608,760
|
42,086,765
|
||||||||||||
Taxes paid
|
(463
|
)
|
(5,365
|
)
|
(44,065
|
)
|
(252
|
)
|
||||||||
Amortization (Accretion) of premiums and discounts, net
|
1,759,153
|
3,597,749
|
3,335,919
|
962,526
|
||||||||||||
Amortization of deferred offering costs
|
145,855
|
22,167
|
9,786
|
12,691
|
||||||||||||
(Increase) Decrease in:
|
||||||||||||||||
Receivable for interest
|
18,170
|
207,448
|
211,859
|
(149,884
|
)
|
|||||||||||
Receivable for investments sold
|
2,269,155
|
—
|
25,000
|
678,490
|
||||||||||||
Other assets
|
27
|
274
|
(768
|
)
|
1,195
|
|||||||||||
Increase (Decrease) in:
|
||||||||||||||||
Payable for interest
|
31,908
|
62,516
|
—
|
—
|
||||||||||||
Payable for investments purchased
|
(2,256,923
|
)
|
—
|
—
|
—
|
|||||||||||
Accrued management fees
|
2,173
|
(3,129
|
)
|
(8,354
|
)
|
(575
|
)
|
|||||||||
Accrued Trustees fees
|
(1,553
|
)
|
(5,054
|
)
|
(2,914
|
)
|
(1,358
|
)
|
||||||||
Accrued other expenses
|
57,561
|
33,679
|
(20,797
|
)
|
(7,306
|
)
|
||||||||||
Net realized (gain) loss from investments
|
437,782
|
1,094,781
|
179,947
|
869,105
|
||||||||||||
Change in net unrealized (appreciation) depreciation of investments
|
(889,889
|
)
|
(2,661,036
|
)
|
(2,782,168
|
)
|
(1,109,883
|
)
|
||||||||
Net cash provided by (used in) operating activities
|
1,679,724
|
18,562,829
|
14,148,344
|
6,874,649
|
||||||||||||
Cash Flows from Financing Activities:
|
||||||||||||||||
(Payments for) deferred offering costs
|
(160,000
|
)
|
(200,000
|
)
|
—
|
—
|
||||||||||
Proceeds from shelf offering, net of offering costs
|
69,117
|
—
|
—
|
—
|
||||||||||||
Proceeds from AMTP Shares issued, at liquidation preference
|
88,300,000
|
173,000,000
|
—
|
—
|
||||||||||||
(Payments for) VMTP Shares redeemed, at liquidation preference
|
(88,300,000
|
)
|
(173,000,000
|
)
|
—
|
—
|
||||||||||
Increase (Decrease) in:
|
||||||||||||||||
Cash overdraft
|
(52,223
|
)
|
—
|
—
|
(481,472
|
)
|
||||||||||
Floating rate obligations
|
7,000,000
|
—
|
—
|
—
|
||||||||||||
Cash distributions paid to common shareholders
|
(6,161,973
|
)
|
(11,042,388
|
)
|
(11,009,059
|
)
|
(5,546,190
|
)
|
||||||||
Cost of common shares repurchased and retired
|
(1,481,001
|
)
|
(7,000,749
|
)
|
(2,742,770
|
)
|
(846,987
|
)
|
||||||||
Net cash provided by (used in) financing activities
|
(786,080
|
)
|
(18,243,137
|
)
|
(13,751,829
|
)
|
(6,874,649
|
)
|
||||||||
Net Increase (Decrease) in Cash
|
893,644
|
319,692
|
396,515
|
—
|
||||||||||||
Cash at beginning of period
|
—
|
849,001
|
935,081
|
—
|
||||||||||||
Cash at end of period
|
$
|
893,644
|
$
|
1,168,693
|
$
|
1,331,596
|
$
|
—
|
||||||||
Supplemental Disclosures of Cash Flow Information
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
2,219,967
|
$
|
4,296,026
|
$
|
3,788,817
|
$
|
1,972, 230
|
Financial Highlights
|
|
|
|
|
Selected data for a common share outstanding throughout each period:
|
|
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accumulated Net
Realized
Gains
|
Total
|
Shelf
Offering
Costs
|
Premium
per
Share
Sold
through
Shelf
Offering
|
Discount
per
Share
Repurchased
and
Retired
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||||||||||||||||
NAZ
|
||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||||||||||
2019
|
$
|
14.11
|
$
|
0.52
|
$
|
0.04
|
$
|
0.56
|
$
|
(0.52
|
)
|
$
|
—
|
$
|
(0.52
|
)
|
$
|
0.01
|
$
|
—
|
$
|
0.02
|
$
|
14.18
|
$
|
12.46
|
||||||||||||||||||||||
2018
|
14.26
|
0.63
|
(0.13
|
)
|
0.50
|
(0.64
|
)
|
—
|
(0.64
|
)
|
(0.01
|
)
|
—
|
*
|
—
|
14.11
|
13.69
|
|||||||||||||||||||||||||||||||
2017
|
15.01
|
0.68
|
(0.68
|
)
|
(0.00
|
)
|
(0.75
|
)
|
—
|
(0.75
|
)
|
—
|
—
|
—
|
14.26
|
14.22
|
||||||||||||||||||||||||||||||||
2016
|
15.02
|
0.76
|
0.03
|
0.79
|
(0.80
|
)
|
—
|
(0.80
|
)
|
—
|
—
|
—
|
15.01
|
15.74
|
||||||||||||||||||||||||||||||||||
2015
|
14.15
|
0.79
|
0.87
|
1.66
|
(0.79
|
)
|
—
|
(0.79
|
)
|
—
|
—
|
—
|
15.02
|
14.37
|
||||||||||||||||||||||||||||||||||
NUM
|
||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||||||||||
2019
|
14.96
|
0.55
|
0.07
|
0.62
|
(0.53
|
)
|
—
|
(0.53
|
)
|
—
|
—
|
0.07
|
15.12
|
12.99
|
||||||||||||||||||||||||||||||||||
2018
|
15.10
|
0.61
|
(0.12
|
)
|
0.49
|
(0.63
|
)
|
—
|
(0.63
|
)
|
—
|
—
|
—
|
*
|
14.96
|
12.84
|
||||||||||||||||||||||||||||||||
2017
|
15.93
|
0.68
|
(0.73
|
)
|
(0.05
|
)
|
(0.72
|
)
|
(0.06
|
)
|
(0.78
|
)
|
—
|
—
|
—
|
15.10
|
13.50
|
|||||||||||||||||||||||||||||||
2016
|
15.80
|
0.76
|
0.15
|
0.91
|
(0.78
|
)
|
—
|
*
|
(0.78
|
)
|
—
|
—
|
—
|
*
|
15.93
|
14.01
|
||||||||||||||||||||||||||||||||
2015
|
14.98
|
0.80
|
0.88
|
1.68
|
(0.86
|
)
|
—
|
(0.86
|
)
|
—
|
—
|
—
|
15.80
|
13.85
|
(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.
|
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)
|
||||||||||||||||
4.29
|
%
|
(5.09
|
)%
|
$
|
164,080
|
2.61
|
%
|
3.73
|
%
|
11
|
%
|
|||||||||||
3.44
|
0.69
|
165,024
|
2.03
|
4.35
|
19
|
|||||||||||||||||
(0.07
|
)
|
(5.03
|
)
|
165,141
|
1.91
|
4.54
|
13
|
|||||||||||||||
5.45
|
15.59
|
173,767
|
1.51
|
5.12
|
9
|
|||||||||||||||||
12.01
|
18.94
|
173,648
|
1.56
|
5.37
|
13
|
|||||||||||||||||
4.75
|
5.54
|
305,745
|
2.46
|
3.67
|
13
|
|||||||||||||||||
3.19
|
(0.39
|
)
|
310,917
|
2.07
|
3.98
|
8
|
||||||||||||||||
(0.40
|
)
|
1.74
|
314,297
|
1.88
|
4.34
|
20
|
||||||||||||||||
5.97
|
7.15
|
331,466
|
1.52
|
4.85
|
12
|
|||||||||||||||||
11.45
|
9.48
|
329,232
|
1.57
|
5.14
|
15
|
(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) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NAZ
|
|
NUM
|
|
|
Year Ended 2/28–2/29:
|
|
Year Ended 2/28–2/29:
|
|
|
2019
|
1.39%
|
2019
|
1.43%
|
|
2018
|
0.95
|
2018
|
1.06
|
|
2017
|
0.87
|
2017
|
0.88
|
|
2016
|
0.49
|
2016
|
0.52
|
|
2015
|
0.50
|
2015
|
0.53
|
(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.
|
*
|
Rounds to less than $0.01 per share.
|
Financial Highlights (continued)
|
|
|
|
|
Selected data for a common share outstanding throughout each period:
|
|
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accumulated Net
Realized
Gains
|
Total
|
Shelf
Offering
Costs
|
Premium
per
Share
Sold
through
Shelf
Offering
|
Discount
per
Share
Repurchased
and
Retired
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||||||||||||||||
NUO
|
||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||||||||||
2019
|
$
|
16.12
|
$
|
0.55
|
$
|
0.15
|
$
|
0.70
|
$
|
(0.56
|
)
|
$
|
(0.03
|
)
|
$
|
(0.59
|
)
|
$
|
—
|
$
|
—
|
$
|
0.03
|
$
|
16.26
|
$
|
14.24
|
|||||||||||||||||||||
2018
|
16.34
|
0.68
|
(0.19
|
)
|
0.49
|
(0.71
|
)
|
—
|
(0.71
|
)
|
—
|
—
|
—
|
16.12
|
14.14
|
|||||||||||||||||||||||||||||||||
2017
|
17.16
|
0.74
|
(0.81
|
)
|
(0.07
|
)
|
(0.75
|
)
|
—
|
(0.75
|
)
|
—
|
—
|
—
|
16.34
|
14.97
|
||||||||||||||||||||||||||||||||
2016
|
17.01
|
0.81
|
0.17
|
0.98
|
(0.83
|
)
|
—
|
(0.83
|
)
|
—
|
—
|
—
|
17.16
|
15.44
|
||||||||||||||||||||||||||||||||||
2015
|
16.02
|
0.85
|
1.07
|
1.92
|
(0.93
|
)
|
—
|
(0.93
|
)
|
—
|
—
|
—
|
17.01
|
15.40
|
||||||||||||||||||||||||||||||||||
NTX
|
||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||||||||||
2019
|
14.95
|
0.55
|
0.02
|
0.57
|
(0.55
|
)
|
—
|
(0.55
|
)
|
—
|
—
|
0.02
|
14.99
|
13.03
|
||||||||||||||||||||||||||||||||||
2018
|
15.15
|
0.57
|
(0.13
|
)
|
0.44
|
(0.64
|
)
|
—
|
(0.64
|
)
|
—
|
—
|
—
|
14.95
|
13.53
|
|||||||||||||||||||||||||||||||||
2017
|
15.81
|
0.63
|
(0.64
|
)
|
(0.01
|
)
|
(0.65
|
)
|
—
|
(0.65
|
)
|
—
|
—
|
—
|
15.15
|
14.28
|
||||||||||||||||||||||||||||||||
2016
|
15.72
|
0.66
|
0.08
|
0.74
|
(0.65
|
)
|
—
|
(0.65
|
)
|
—
|
—
|
—
|
15.81
|
14.66
|
||||||||||||||||||||||||||||||||||
2015
|
14.82
|
0.62
|
0.96
|
1.58
|
(0.68
|
)
|
—
|
(0.68
|
)
|
—
|
—
|
—
|
15.72
|
14.35
|
(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.
|
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)
|
||||||||||||||||
4.65
|
%
|
5.14
|
%
|
$
|
297,774
|
2.35
|
%
|
3.44
|
%
|
12
|
%
|
|||||||||||
2.98
|
(0.93
|
)
|
298,629
|
1.94
|
4.10
|
16
|
||||||||||||||||
(0.49
|
)
|
1.67
|
302,690
|
1.79
|
4.35
|
8
|
||||||||||||||||
5.95
|
5.96
|
317,856
|
1.58
|
4.83
|
10
|
|||||||||||||||||
12.23
|
10.79
|
315,142
|
1.62
|
5.10
|
15
|
|||||||||||||||||
4.02
|
0.51
|
149,317
|
2.41
|
3.71
|
18
|
|||||||||||||||||
2.88
|
(0.94
|
)
|
149,887
|
2.16
|
3.73
|
11
|
||||||||||||||||
(0.12
|
)
|
1.79
|
151,944
|
1.78
|
4.05
|
9
|
||||||||||||||||
4.89
|
7.02
|
158,571
|
1.78
|
4.26
|
14
|
|||||||||||||||||
10.81
|
11.07
|
157,644
|
2.33
|
4.05
|
12
|
(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) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NUO
|
|
NTX
|
|
|
Year Ended 2/28–2/29:
|
|
Year Ended 2/28–2/29:
|
|
|
2019
|
1.28%
|
2019
|
1.34%
|
|
2018
|
0.90
|
2018
|
1.13
|
|
2017
|
0.77
|
2017
|
0.77
|
|
2016
|
0.55
|
2016
|
0.77
|
|
2015
|
0.57
|
2015
|
1.26
|
(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.
|
*
|
Rounds to less than $0.01 per share.
|
Financial Highlights (continued)
|
|
|
|
|
AMTP Shares
at the End of Period
|
VMTP Shares
at the End of Period
|
||||||||||||||
|
||||||||||||||||
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
||||||||||||
NAZ
|
||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||
2019
|
$
|
88,300
|
$
|
285,822
|
$
|
—
|
$
|
—
|
||||||||
2018
|
—
|
—
|
88,300
|
286,891
|
||||||||||||
2017
|
—
|
—
|
88,300
|
287,022
|
||||||||||||
2016
|
—
|
—
|
79,000
|
319,959
|
||||||||||||
2015
|
—
|
—
|
79,000
|
319,808
|
||||||||||||
NUM
|
||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||
2019
|
173,000
|
276,731
|
—
|
—
|
||||||||||||
2018
|
—
|
—
|
173,000
|
279,721
|
||||||||||||
2017
|
—
|
—
|
173,000
|
281,675
|
||||||||||||
2016
|
—
|
—
|
159,000
|
308,469
|
||||||||||||
2015
|
—
|
—
|
159,000
|
307,064
|
|
iMTP Shares
|
MTP Shares
|
MFP Shares
|
VRDP Shares
|
||||||||||||||||||||||||||||
|
at the End of Period
|
at the End of Period (a)
|
at the End of Period
|
at the End of Period
|
||||||||||||||||||||||||||||
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
||||||||||||||||||||||||
|
Amount
|
Coverage
|
Amount
|
Coverage |
Amount
|
Coverage
|
Amount
|
Coverage
|
||||||||||||||||||||||||
|
Outstanding
|
Per $5,000
|
Outstanding
|
Per $10
|
Outstanding
|
Per $100,000 |
Outstanding
|
Per $100,000 | ||||||||||||||||||||||||
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
||||||||||||||||||||
NUO
|
||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||
2019
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
148,000
|
$
|
301,199
|
||||||||||||||||
2018
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
301,776
|
||||||||||||||||||||||||
2017
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
304,520
|
||||||||||||||||||||||||
2016
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
314,768
|
||||||||||||||||||||||||
2015
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
312,934
|
||||||||||||||||||||||||
NTX
|
||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||
2019
|
—
|
—
|
—
|
—
|
72,000
|
307,384
|
—
|
—
|
||||||||||||||||||||||||
2018
|
—
|
—
|
—
|
—
|
72,000
|
308,177
|
—
|
—
|
||||||||||||||||||||||||
2017
|
72,000
|
15,552
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
2016
|
72,000
|
16,012
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
2015
|
—
|
—
|
70,920
|
32.23
|
—
|
—
|
—
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
|
2016
|
2015
|
||||||
NTX
|
||||||||
Series 2015 (NTX PRCCL)
|
||||||||
Ending Market Value per Share
|
$
|
—
|
$
|
10.02
|
||||
Average Market Value per Share
|
10.01
|
Ω
|
10.04
|
Ω
|
For the period March 1, 2015 through April 20, 2015. |
·
|
Nuveen Arizona Quality Municipal Income Fund (NAZ)
|
·
|
Nuveen Michigan Quality Municipal Income Fund (NUM)
|
·
|
Nuveen Ohio Quality Municipal Income Fund (NUO)
|
·
|
Nuveen Texas Quality Municipal Income Fund (NTX)
|
NAZ
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
259,649,328
|
$
|
—
|
$
|
259,649,328
|
||||||||
NUM
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
484,976,664
|
$
|
—
|
$
|
484,976,664
|
||||||||
NUO
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
460,418,868
|
$
|
—
|
$
|
460,418,868
|
||||||||
NTX
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
233,859,947
|
$
|
—
|
$
|
233,859,947
|
||||||||
* Refer to the Fund’s Portfolio of Investments for industry classifications.
|
Floating Rate Obligations Outstanding
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
9,755,000
|
$
|
12,265,000
|
$
|
20,000,000
|
$
|
16,000,000
|
||||||||
Floating rate obligations: externally-deposited Inverse Floaters
|
6,715,000
|
8,430,000
|
4,480,000
|
—
|
||||||||||||
Total
|
$
|
16,470,000
|
$
|
20,695,000
|
$
|
24,480,000
|
$
|
16,000,000
|
Self-Deposited Inverse Floaters
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Average floating rate obligations outstanding
|
$
|
7,875,548
|
$
|
12,265,000
|
$
|
20,000,000
|
$
|
16,021,918
|
||||||||
Average annual interest rate and fees
|
1.99
|
%
|
2.07
|
%
|
2.00
|
%
|
2.02
|
%
|
Floating Rate Obligations – Recourse Trusts
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
9,755,000
|
$
|
12,265,000
|
$
|
12,000,000
|
$
|
16,000,000
|
||||||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
—
|
8,430,000
|
4,480,000
|
—
|
||||||||||||
Total
|
$
|
9,755,000
|
$
|
20,695,000
|
$
|
16,480,000
|
$
|
16,000,000
|
|
NAZ
|
|||||||
|
Year
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
2/28/19
|
2/28/18
|
||||||
Additional authorized common shares
|
1,100,000
|
**
|
1,100,000
|
*
|
||||
Common shares sold
|
—
|
107,600
|
||||||
Offering proceeds, net of offering costs
|
$
|
69,117
|
$
|
1,484,129
|
*
|
Represents additional authorized shares for the period June 6, 2017 through February 28, 2018.
|
**
|
Represents additional authorized shares for the period March 1, 2018 through June 29, 2018.
|
|
NAZ
|
|||||||
|
Year
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
2/28/19
|
2/28/18
|
||||||
Common Shares:
|
||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
7,629
|
||||||
Sold through shelf offering
|
—
|
107,600
|
||||||
Repurchased and retired
|
(127,500
|
)
|
—
|
|||||
Weighted average common share:
|
||||||||
Premium to NAV per shelf offering share sold
|
—
|
%
|
1.64
|
%
|
||||
Price per share repurchased and retired
|
$
|
11.60
|
—
|
|||||
Discount per share repurchased and retired
|
15.61
|
%
|
—
|
|
NUM
|
NUO
|
NTX
|
|||||||||||||||||||||
|
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||||||
|
2/28/19
|
2/28/18
|
2/28/19
|
2/28/18
|
2/28/19
|
2/28/18
|
||||||||||||||||||
Common Shares:
|
||||||||||||||||||||||||
Repurchased and retired
|
(562,500
|
)
|
(21,500
|
)
|
(205,000
|
)
|
—
|
(68,600
|
)
|
—
|
||||||||||||||
Weighted average common share:
|
||||||||||||||||||||||||
Price per share repurchased and retired
|
$
|
12.43
|
$
|
13.09
|
$
|
13.36
|
—
|
$
|
12.33
|
—
|
||||||||||||||
Discount per share repurchased and retired
|
16.07
|
%
|
13.90
|
%
|
15.59
|
%
|
—
|
%
|
15.38
|
%
|
—
|
%
|
Fund
|
Series
|
Shares
Outstanding
|
Liquidation
Preference
|
Liquidation
Preference
Net of Deferred
Offering Costs
|
|||||||||
NAZ
|
2028
|
883
|
$
|
88,300,000
|
$
|
88,143,383
|
|||||||
NUM
|
2028
|
1,730
|
$
|
173,000,000
|
$
|
172,804,230
|
Fund
|
Notice
Period
|
Series
|
Term
Redemption Date
|
Premium
Expiration Date
|
NAZ
|
540-day
|
2028
|
December 1, 2028*
|
February 13, 2019
|
NUM
|
540-day
|
2028
|
December 1, 2028*
|
December 13, 2019
|
|
NAZ*
|
NUM*
|
||||||
Average liquidation preference of AMTP Shares outstanding
|
$
|
88,300,000
|
$
|
173,000,000
|
||||
Annualized dividend rate
|
2.37
|
%
|
2.37
|
%
|
||||
* For the period December 14, 2018 through February 28, 2019
|
·
|
Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
The Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
|
·
|
Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
|
·
|
Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement Operations.
|
Fund
|
Series
|
Shares
Outstanding
|
Liquidation Preference,
net of deferred
offering costs
|
Liquidation
Preference
|
Term
Redemption Date
|
Mode
|
Mode
Termination Date
|
NTX
|
A
|
720
|
$71,637,960
|
$72,000,000
|
September 1, 2047
|
VRM
|
10/02/19*
|
* Subject to early termination by either the Fund or the holder.
|
NTX | ||||
Average liquidation preference of MFP Shares outstanding
|
$
|
72,000,000
|
||
Annualized dividend rate
|
2.29
|
%
|
|
NAZ*
|
NUM*
|
||||||
Average liquidation preference of VMTP Shares outstanding
|
$
|
88,300,000
|
$
|
173,000,000
|
||||
Annualized dividend rate
|
2.37
|
%
|
2.37
|
%
|
||||
* For the period March 1, 2018 through December 13, 2018.
|
Fund
|
Series
|
Shares
Outstanding
|
Liquidation Preference,
net of deferred
offering costs
|
Liquidation
Preference
|
Maturity
|
NUO
|
1
|
1,480
|
$147,759,533
|
$148,000,000
|
September 1, 2043
|
|
NUO
|
|||
Average liquidation preference of VRDP Shares outstanding
|
$
|
148,000,000
|
||
Annualized dividend rate
|
2.29
|
%
|
|
Year Ended
|
||
|
February 28, 2019
|
||
NAZ
|
Series
|
Shares
|
Amount
|
AMTP Shares issued
|
2028
|
883
|
$88,300,000
|
|
|||
|
Year Ended
|
||
|
February 28, 2019
|
||
NUM
|
Series
|
Shares
|
Amount
|
AMTP Shares issued
|
2028
|
1,730
|
$173,000,000
|
|
|||
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
|
|||
|
Year Ended
|
||
|
February 28, 2019
|
||
NAZ
|
Series
|
Shares
|
Amount
|
VMTP Shares redeemed
|
2019
|
(883)
|
$(88,300,000)
|
|
|||
|
Year Ended
|
||
|
February 28, 2019
|
||
NUM
|
Series
|
Shares
|
Amount
|
VMTP Shares redeemed
|
2019
|
(1,730) $(173,000,000)
|
|
|
|||
Transactions in iMTP Shares for the Funds, where applicable, were as follows:
|
|||
|
Year Ended
|
||
|
February 28, 2018
|
||
NTX
|
Series
|
Shares
|
Amount
|
iMTP Shares redeemed
|
2018
|
(14,400)
|
$(72,000,000)
|
|
|||
Transactions in MFP Shares for the Funds, where applicable, were as follows:
|
|||
|
Year Ended
|
||
|
February 28, 2018
|
||
NTX
|
Series
|
Shares
|
Amount
|
MFP Shares issued
|
A
|
720
|
$72,000,000
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Purchases
|
$
|
34,917,614
|
$
|
64,586,201
|
$
|
56,155,633
|
$
|
42,204,750
|
||||||||
Sales and maturities
|
28,490,530
|
68,015,535
|
56,608,760
|
42,086,765
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Tax cost of investments
|
$
|
239,118,546
|
$
|
451,598,984
|
$
|
420,141,460
|
$
|
204,602,983
|
||||||||
Gross unrealized:
|
||||||||||||||||
Appreciation
|
$
|
11,180,250
|
$
|
21,833,521
|
$
|
22,676,882
|
$
|
13,513,462
|
||||||||
Depreciation
|
(404,487
|
)
|
(720,315
|
)
|
(2,399,514
|
)
|
(256,498
|
)
|
||||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
10,775,763
|
$
|
21,113,206
|
$
|
20,277,368
|
$
|
13,256,964
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Undistributed net tax-exempt income1
|
$
|
289,804
|
$
|
498,045
|
$
|
—
|
$
|
155,658
|
||||||||
Undistributed net ordinary income2
|
10,700
|
—
|
—
|
3,664
|
||||||||||||
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 February 1, 2019, paid on March 1, 2019.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
2019
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Distributions from net tax-exempt income3
|
$
|
8,204,833
|
$
|
15,101,888
|
$
|
13,648,599
|
$
|
7,177,693
|
||||||||
Distributions from net ordinary income2
|
23,353
|
—
|
274,619
|
20,761
|
||||||||||||
Distributions from net long-term capital gains4
|
—
|
—
|
499,143
|
—
|
||||||||||||
2018
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Distributions from net tax-exempt income
|
$
|
9,082,658
|
$
|
16,339,018
|
$
|
15,173,143
|
$
|
7,717,699
|
||||||||
Distributions from net ordinary income2
|
100,573
|
—
|
687,164
|
35,095
|
||||||||||||
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 Funds hereby designate these amounts paid during the fiscal year ended February 28, 2019, as Exempt Interest Dividends.
|
4
|
The Funds hereby designate as long-term capital gain dividend, pursuant to the Internal Revenue Code 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended February 28, 2019.
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Not subject to expiration:
|
||||||||||||||||
Short-term
|
$
|
1,179,768
|
$
|
1,144,010
|
$
|
135,294
|
$
|
1,252,716
|
||||||||
Long-term
|
1,608,564
|
1,391,852
|
—
|
2,707,593
|
||||||||||||
Total
|
$
|
2,788,332
|
$
|
2,535,862
|
$
|
135,294
|
$
|
3,960,309
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4500
|
%
|
||
For the next $125 million
|
0.4375
|
|||
For the next $250 million
|
0.4250
|
|||
For the next $500 million
|
0.4125
|
|||
For the next $1 billion
|
0.4000
|
|||
For the next $3 billion
|
0.3750
|
|||
For managed assets over $5 billion
|
0.3625
|
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 funds’ 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 closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or 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 February 28, 2019, the complex-level fee for each Fund was 0.1591%.
|
Inter-Fund Trades
|
NAZ
|
|||
Purchases
|
$
|
414,424
|
||
Sales
|
1,864,879
|
|
NAZ
|
NUM
|
NTX
|
|||||||||
Maximum Outstanding Balance
|
$
|
1,470,524
|
$
|
3,324,287
|
$
|
572,809
|
|
NAZ
|
NUM
|
NTX
|
|||||||||
Average daily balance outstanding
|
$
|
1,470,524
|
$
|
3,324,287
|
$
|
572,809
|
||||||
Average annual interest rate
|
3.50
|
%
|
3.50
|
%
|
3.50
|
%
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
UNII at the end of period
|
$
|
9,746
|
$
|
(671,426
|
)
|
$
|
(273,658
|
)
|
$
|
7,977
|
Board of Trustees
|
|
|
|
|
|
Margo Cook*
|
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
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
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
Common shares repurchased
|
127,500
|
562,500
|
205,000
|
68,600
|
·
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
·
|
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 the 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.
|
·
|
Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
|
·
|
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.
|
·
|
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 floating 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 Municipal Bond Indexes Arizona, Michigan, Ohio and Texas: Unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt, investment-grade municipal bond markets in Arizona, Michigan, Ohio and Texas, respectively. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
·
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. 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 finan- cial leverage. 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); Director,
|
|
1959
|
|
|
Fulcrum IT Service LLC (since 2010) and Quality Control Corporation
|
|
333 W. Wacker Drive
|
Chairman and
|
2008
|
(since 2012); member: Catalyst Schools of Chicago Board (since 2008)
|
168
|
Chicago, IL 6o6o6
|
Board Member
|
Class II
|
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
|
|
|
Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine
|
|
1948
|
|
|
Foundation, a private philanthropic corporation; Director and Chairman,
|
|
333 W. Wacker Drive
|
Board Member
|
1999
|
United Fire Group, a publicly held company; Director, Public Member,
|
168
|
Chicago, IL 6o6o6
|
|
Class III
|
American 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 of
|
|
1948
|
|
|
Iowa(2006-2012); Director of Wellmark, Inc. (since 2009); past Director
|
|
333 W. Wacker Drive
|
Board Member
|
2003
|
(2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc.,
|
168
|
Chicago, IL 6o6o6
|
|
Class I
|
The International Business Honor Society; formerly, Director (2004-2018)
|
|
|
|
|
of Xerox Corporation; 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); Chairman (since 2019),
|
|
333 W. Wacker Drive
|
Board Member
|
2016
|
and Director (since 2012), USA Technologies, Inc., a provider of solutions
|
168
|
Chicago, IL 6o6o6
|
|
Class III
|
and services to facilitate electronic payment 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 (1991-1996) and Chief Executive Officer (1995-1996) of
|
|
|
|
|
Zenith Electronics Corporation.
|
|
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 for
|
|
333 W. Wacker Drive
|
Board Member
|
2013
|
clients; serves on The President’s Council, Fordham University (since
|
168
|
Chicago, IL 6o6o6
|
|
Class II
|
2010); and previously was a Director of The Curran Center for Catholic
|
|
|
|
|
American Studies (2009-2018) 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.
|
|
|
||||
■ JUDITH M. STOCKDALE
|
|
|
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for
|
|
1947
|
|
|
Forestry and Communities (since 2013); formerly, Executive Director
|
|
333 W. Wacker Drive
|
Board Member
|
1997
|
(1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto,
|
168
|
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
|
L.C. Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010);
|
168
|
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
|
168
|
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.
|
|
|
||||
■ ROBERT L. YOUNG(2)
|
|
|
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment
|
|
1963
|
|
|
Management Inc. (2010-2016); formerly, President and Principal
|
|
333 W. Wacker Drive
|
Board Member
|
2017
|
Executive Officer (2013-2016), and Senior Vice President and Chief
|
166
|
Chicago, IL 6o6o6
|
|
Class II
|
Operating Officer (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).
|
|
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
|
|
||||
Interested Board Member:
|
||||
|
||||
■ MARGO L. COOK(3)
|
|
|
President (since 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
|
168
|
Chicago, IL 6o6o6
|
|
Class III
|
(since 2017), and, Co-Chief Executive Officer (since 2015), formerly,
|
|
|
|
|
Executive Vice President (2013-2015), of Nuveen Securities, LLC;
|
|
|
|
|
Executive Vice President (since 2017) of Nuveen, LLC; President (since
|
|
|
|
|
August 2017), formerly Co-President (2016- 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,
Year of Birth
& Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(4)
|
Principal
Occupation(s)
During Past 5 Years
|
|
|||
Officers of the Funds:
|
|||
|
|||
■ CEDRIC H. ANTOSIEWICZ
|
|
|
Senior Managing Director (since 2017), formerly, Managing Director
|
1962
|
Chief
|
|
(2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since
|
333 W. Wacker Drive
|
Administrative
|
2007
|
2017), formerly, Managing Director (2014-2017) of Nuveen Fund
|
Chicago, IL 6o6o6
|
Officer
|
|
Advisors, LLC.
|
|
|||
■ NATHANIEL T. JONES
|
|
|
Managing Director (since 2017), formerly, Senior Vice President
|
1979
|
|
|
(2016-2017), formerly, Vice President (2011-2016) of Nuveen; Managing
|
333 W. Wacker Drive
|
Vice President
|
2016
|
Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst.
|
Chicago, IL 6o6o6
|
and Treasurer
|
|
|
|
|||
■ WALTER M. KELLY
|
|
|
Managing Director (since 2017), formerly, Senior Vice President
|
1970
|
Chief Compliance
|
|
(2008-2017) of Nuveen.
|
333 W. Wacker Drive
|
Officer and
|
2003
|
|
Chicago, IL 6o6o6
|
Vice President
|
|
|
|
|||
■ DAVID J. LAMB
|
|
|
Managing Director (since 2017), formerly, Senior Vice President of
|
1963
|
|
|
Nuveen (since 2006), Vice President prior to 2006.
|
333 W. Wacker Drive
|
Vice President
|
2015
|
|
Chicago, IL 6o6o6
|
|
|
|
|
|||
■ TINA M. LAZAR
|
|
|
Managing Director (since 2017), formerly, Senior Vice President
|
1961
|
|
|
(2014-2017) of Nuveen Securities, LLC.
|
333 W. Wacker Drive
|
Vice President
|
2002
|
|
Chicago, IL 6o6o6
|
|
|
Name,
Year of Birth
& Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(4)
|
Principal
Occupation(s)
During Past 5 Years
|
|
|||
Officers of the Funds (continued):
|
|||
|
|||
■ KEVIN J. MCCARTHY
|
|
|
Senior Managing Director (since 2017) and Secretary and General Counsel
|
1966
|
Vice President
|
|
(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
|
Chicago, IL 6o6o6
|
Secretary
|
|
(2008-2016); Senior Managing Director (since 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 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 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 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
|
and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017),
|
Chicago, IL 60606
|
|
|
formerly, Managing Director (2016-2017), Senior Vice President
|
|
|
|
(2010-2016) of Nuveen, has held various positions with Nuveen since 1991.
|
|
|||
■ MICHAEL A. PERRY
|
|
|
Executive Vice President (since 2017), previously Managing Director
|
1967
|
|
|
from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative
|
333 W. Wacker Drive
|
Vice President
|
2017
|
Investments, LLC; Executive Vice President (since 2017), formerly,
|
Chicago, IL 6o6o6
|
|
|
Managing Director (2015-2017), of Nuveen Securities, LLC; formerly,
|
|
|
|
Managing Director (2010-2015) of UBS Securities, LLC.
|
|
|||
■ CHRISTOPHER M. ROHRBACHER
|
|
Managing Director (since 2017) and Assistant Secretary of Nuveen
|
|
1971
|
Vice President
|
|
Securities, LLC; Managing Director (since 2017), formerly, Senior
|
333 W. Wacker Drive
|
and Assistant
|
2008
|
Vice President (2016-2017) and Assistant Secretary (since 2016) of
|
Chicago, IL 6o6o6
|
Secretary
|
|
Nuveen Fund Advisors, LLC.
|
|
|||
■ WILLIAM A. SIFFERMANN
|
|
|
Managing Director (since 2017), formerly Senior Vice President
|
1975
|
|
|
(2016-2017) and Vice President (2011-2016) of Nuveen.
|
333 W. Wacker Drive
|
Vice President
|
2017
|
|
Chicago, IL 6o6o6
|
|
|
|
|
|||
■ JOEL T. SLAGER
|
|
|
Fund Tax Director for Nuveen Funds (since 2013); previously,
|
1978
|
Vice President
|
|
Vice President of Morgan Stanley Investment Management, Inc.,
|
333 W. Wacker Drive
|
and Assistant
|
2013
|
Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
|
Chicago, IL 6o6o6
|
Secretary
|
|
|
|
|||
■ E. SCOTT WICKERHAM
|
|
|
Senior Managing Director, Head of Fund Administration at Nuveen, LLC
|
1973
|
Vice President
|
|
(since 2019), formerly, Managing Director; Principal Financial Officer,
|
TIAA
|
and Controller
|
2019
|
Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF
|
730 Third Avenue
|
|
|
Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the
|
New York, NY 10017
|
|
|
Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF
|
|
|
|
Fund Administration (2014-2015); has held various positions with TIAA
|
|
|
|
since 2006.
|
Name,
Year of Birth
& Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(4)
|
Principal
Occupation(s)
During Past 5 Years
|
|
|||
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
|
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
|
Vice President
|
|
Securities, LLC; Managing Director (since 2004) and Assistant Secretary
|
333 W. Wacker Drive
|
Secretary
|
1988
|
(since 1994) of Nuveen Investments, Inc.; Managing Director (since
|
Chicago, IL 60606
|
|
|
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 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.
|
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
|
EAN-B-0219D 803989-INV-Y-04/20
|
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
|
||||||||||||
February 28, 2019
|
$
|
28,040
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
February 28, 2018
|
$
|
28,040
|
$
|
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 “Agreed-Upon Procedures” 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
|
|||||||||
February 28, 2019
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||
pursuant to
|
||||||||||||
pre-approval
|
||||||||||||
exception
|
||||||||||||
February 28, 2018
|
$
|
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
|
February 28, 2019
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
February 28, 2018
|
$ 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*
|
Daniel J. Close
|
Registered Investment Company
|
15
|
$7.05 billion
|
|
Other Pooled Investment Vehicles
|
14
|
$3.69 billion
|
|
Other Accounts
|
21
|
$2.44 billion
|
* |
Assets are as of February 28, 2019. 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
|
Daniel J. Close
|
X
|
Period*
|
(a)
|
(b)
|
(c)
|
(d)*
|
TOTAL NUMBER OF
|
AVERAGE
|
TOTAL NUMBER OF SHARES
|
MAXIMUM NUMBER (OR
|
|
SHARES (OR
|
PRICE
|
(OR UNITS) PURCHASED AS
|
APPROXIMATE DOLLAR VALUE) OF
|
|
UNITS)
|
PAID PER
|
PART OF PUBLICLY
|
SHARES (OR UNITS) THAT MAY YET
|
|
PURCHASED
|
SHARE (OR
|
ANNOUNCED PLANS OR
|
BE PURCHASED UNDER THE PLANS OR
|
|
UNIT)
|
PROGRAMS
|
PROGRAMS
|
||
MARCH 1-31, 2018
|
0
|
0
|
1,005,000
|
|
APRIL 1-30, 2018
|
0
|
0
|
1,005,000
|
|
MAY 1-31, 2018
|
0
|
0
|
1,005,000
|
|
JUNE 1-30, 2018
|
0
|
0
|
1,005,000
|
|
JULY 1-31, 2018
|
0
|
0
|
1,005,000
|
|
AUGUST 1-31, 2018
|
0
|
0
|
1,005,000
|
|
SEPTEMBER 1-30, 2018
|
18,800
|
12.53
|
18,800
|
986,200
|
OCTOBER 1-31, 2018
|
37,540
|
12.25
|
37,540
|
948,750
|
NOVEMBER 1-30, 2018
|
12,260
|
12.25
|
12,260
|
937,500
|
DECEMBER 1-31, 2018
|
0
|
0
|
937,500
|
|
JANUARY 1-31, 2019
|
0
|
0
|
937,500
|
|
FEBRUARY 1-29, 2019
|
0
|
0
|
937,500
|
|
TOTAL
|
68,600
|
(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 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.
|
(a)(4)
|
Change in the registrant’s independent public accountant. 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 Texas Quality Municipal Income 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 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 Texas Quality Municipal Income 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 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 February 28, 2019 (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 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.
|
1. |
NAM believe that most conflicts of interest faced by NAM in voting proxies can be avoided by voting in accordance with the Policies. Examples of such conflicts of interest are as follows:2
|
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 or other client for which NAM or another affiliated adviser has a material relationship as investment adviser or sub-adviser (e.g., Nuveen Funds and TIAA Funds) or an institutional separate account.
|
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 |
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.
|
2. |
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 ISS may face.
|
3. |
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.
|
4. |
Where ISS is determined to have a conflict of interest, or NAM determines to override the Policies and is determined to have 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:
|
a. |
Obtaining instructions from the affected client(s) on how to vote the proxy;
|
b. |
Disclosing the conflict to the affected client(s) and seeking their consent to permit NAM to vote the proxy;
|
c. |
Voting in proportion to the other shareholders;
|
e.
|
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
|
f.
|
Following the recommendation of a different independent third party.
|
5. |
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 the PVC and, if deemed appropriate, 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 Policies and the policies of any Sub-adviser engaged by NAM, the proxy voting record, account maintenance, 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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