Chairman's Letter to Shareholders
|
4
|
Portfolio Managers' Comments
|
5
|
Fund Leverage
|
12
|
Common Share Information
|
14
|
Risk Considerations
|
16
|
Performance Overview and Holding Summaries
|
17
|
Shareholder Meeting Report
|
21
|
Report of Independent Registered Public Accounting Firm
|
23
|
Portfolios of Investments
|
24
|
Statement of Assets and Liabilities
|
54
|
Statement of Operations
|
55
|
Statement of Changes in Net Assets
|
56
|
Statement of Cash Flows
|
58
|
Financial Highlights
|
60
|
Notes to Financial Statements
|
66
|
Additional Fund Information
|
81
|
Glossary of Terms Used in this Report
|
82
|
Reinvest Automatically, Easily and Conveniently
|
84
|
Board Members & Officers
|
85
|
Nuveen Investments
|
3
|
4
|
Nuveen Investments
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
8
|
Nuveen Investments
|
Nuveen Investments
|
9
|
10
|
Nuveen Investments
|
Nuveen Investments
|
11
|
NAZ
|
NUM
|
NUO
|
NTX
|
|||||
Effective Leverage*
|
35.58%
|
35.98%
|
35.00%
|
31.23%
|
||||
Regulatory Leverage*
|
31.25%
|
32.42%
|
31.77%
|
31.23%
|
*
|
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. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
|
12
|
Nuveen Investments
|
iMTP Shares
|
VMTP Shares
|
VRDP Shares
|
|||||||||||||||||
Fund
|
Series
|
Shares Issued at Liquidation Preference
|
Series
|
Shares Issued at Liquidation Preference
|
Series
|
Shares Issued at Liquidation Preference
|
|||||||||||||
NAZ
|
—
|
$
|
—
|
2016
|
$
|
79,000,000
|
—
|
$
|
—
|
||||||||||
NUM
|
—
|
$
|
—
|
2016
|
$
|
159,000,000
|
—
|
$
|
—
|
||||||||||
NUO
|
—
|
$
|
—
|
—
|
$
|
—
|
1
|
$
|
148,000,000
|
||||||||||
NTX
|
2018
|
$
|
72,000,000
|
—
|
$
|
—
|
—
|
$
|
—
|
Nuveen Investments
|
13
|
Common Share Information
|
Per Common Share Amounts
|
|||||||||||||
Monthly Distributions (Ex-Dividend Date)
|
NAZ
|
NUM
|
NUO
|
NTX
|
|||||||||
March 2015
|
$
|
0.0665
|
$
|
0.0675
|
$
|
0.0700
|
$
|
0.0545
|
|||||
April
|
0.0665
|
0.0675
|
0.0700
|
0.0545
|
|||||||||
May
|
0.0665
|
0.0675
|
0.0700
|
0.0545
|
|||||||||
June
|
0.0665
|
0.0640
|
0.0700
|
0.0545
|
|||||||||
July
|
0.0665
|
0.0640
|
0.0700
|
0.0545
|
|||||||||
August
|
0.0665
|
0.0640
|
0.0700
|
0.0545
|
|||||||||
September
|
0.0665
|
0.0640
|
0.0670
|
0.0545
|
|||||||||
October
|
0.0665
|
0.0640
|
0.0670
|
0.0545
|
|||||||||
November
|
0.0665
|
0.0640
|
0.0670
|
0.0545
|
|||||||||
December
|
0.0665
|
0.0620
|
0.0670
|
0.0545
|
|||||||||
January
|
0.0665
|
0.0620
|
0.0670
|
0.0545
|
|||||||||
February 2016
|
0.0665
|
0.0620
|
0.0670
|
0.0545
|
|||||||||
Total Monthly Per Share Distributions
|
$
|
0.7980
|
$
|
0.7725
|
$
|
0.8220
|
$
|
0.6540
|
|||||
Ordinary Income Distribution*
|
$
|
—
|
$
|
0.0035
|
$
|
0.0040
|
$
|
—
|
|||||
Total Distributions from Net Investment Income
|
$
|
0.7980
|
$
|
0.7760
|
$
|
0.8260
|
$
|
0.6540
|
|||||
Total Distributions from Long-Term Capital Gains*
|
$
|
—
|
$
|
0.0047
|
$
|
—
|
$
|
—
|
|||||
Total Distributions
|
$
|
0.7980
|
$
|
0.7807
|
$
|
0.8260
|
$
|
0.6540
|
|||||
Yields
|
|||||||||||||
Market Yield**
|
5.07
|
%
|
5.31
|
%
|
5.21
|
%
|
4.46
|
%
|
|||||
Taxable-Equivalent Yield**
|
7.38
|
%
|
7.71
|
%
|
7.58
|
%
|
6.19
|
%
|
*
|
Distribution paid in December 2015.
|
**
|
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 31.3%, 31.1% and 31.3% for the Arizona, Michigan and Ohio Funds, respectively. The Texas Fund is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
14
|
Nuveen Investments
|
NAZ
|
NUM
|
NUO
|
NTX
|
|||||
Common shares cumulatively repurchased and retired
|
—
|
207,500
|
—
|
—
|
||||
Common shares authorized for repurchase
|
1,155,000
|
2,085,000
|
1,850,000
|
1,005,000
|
NUM
|
||||
Common shares repurchased and retired
|
22,500
|
|||
Weighted average price per common share repurchased and retired
|
$
|
13.22
|
||
Weighted average discount per common share repurchased and retired
|
14.99
|
%
|
NAZ
|
NUM
|
NUO
|
NTX
|
|||||||||||
Common share NAV
|
$
|
15.01
|
$
|
15.93
|
$
|
17.16
|
$
|
15.81
|
||||||
Common share price
|
$
|
15.74
|
$
|
14.01
|
$
|
15.44
|
$
|
14.66
|
||||||
Premium/(Discount) to NAV
|
4.86
|
%
|
(12.05
|
)%
|
(10.02
|
)%
|
(7.27
|
)%
|
||||||
12-month average premium/(discount) to NAV
|
0.63
|
%
|
(9.85
|
)%
|
(13.80
|
)%
|
(11.86
|
)%
|
Nuveen Investments
|
15
|
Risk Considerations
|
16
|
Nuveen Investments
|
NAZ
|
|
Nuveen Arizona Premium Income Municipal Fund
|
|
Performance Overview and Holding Summaries as of February 29, 2016
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NAZ at Common Share NAV
|
5.45%
|
8.14%
|
5.63%
|
|
NAZ at Common Share Price
|
15.59%
|
11.01%
|
6.43%
|
|
S&P Municipal Bond Arizona Index
|
3.92%
|
5.68%
|
4.87%
|
|
S&P Municipal Bond Index
|
3.78%
|
5.63%
|
4.68%
|
|
Lipper Other States Municipal Debt Funds Classification Average
|
5.82%
|
8.13%
|
5.49%
|
Fund Allocation
(% of net assets)
|
|
Long-Term Municipal Bonds
|
145.8%
|
Other Assets Less Liabilities
|
1.3%
|
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Preference
|
147.1%
|
Floating Rate Obligations
|
(1.6)%
|
VMTP Shares, at Liquidation Preference
|
(45.5)%
|
Net Assets
|
100%
|
Portfolio Composition
(% of total investments)
|
|
Tax Obligation/Limited
|
24.6%
|
Education and Civic Organizations
|
16.4%
|
Health Care
|
13.7%
|
Utilities
|
12.3%
|
Tax Obligation/General
|
10.0%
|
U.S. Guaranteed
|
9.5%
|
Water and Sewer
|
9.1%
|
Other
|
4.4%
|
Total
|
100%
|
Credit Quality
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
19.3%
|
AA
|
39.5%
|
A
|
22.2%
|
BBB
|
10.1%
|
BB or Lower
|
2.5%
|
N/R (not rated)
|
6.4%
|
Total
|
100%
|
Nuveen Investments
|
17
|
NUM
|
|
Nuveen Michigan Quality Income Municipal Fund
|
|
Performance Overview and Holding Summaries as of February 29, 2016
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NUM at Common Share NAV
|
5.97%
|
8.17%
|
5.75%
|
|
NUM at Common Share Price
|
7.15%
|
8.27%
|
5.01%
|
|
S&P Municipal Bond Michigan Index
|
4.40%
|
6.10%
|
4.87%
|
|
S&P Municipal Bond Index
|
3.78%
|
5.63%
|
4.68%
|
|
Lipper Other States Municipal Debt Funds Classification Average
|
5.82%
|
8.13%
|
5.49%
|
Fund Allocation
(% of net assets)
|
|
Long-Term Municipal Bonds
|
152.2%
|
Other Assets Less Liabilities
|
1.5%
|
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Preference
|
153.7%
|
Floating Rate Obligations
|
(5.7)%
|
VMTP Shares, at Liquidation Preference
|
(48.0)%
|
Net Assets
|
100%
|
Portfolio Composition
(% of total investments)
|
|
Tax Obligation/General
|
23.1%
|
Health Care
|
15.1%
|
Education and Civic Organizations
|
13.4%
|
Tax Obligation/Limited
|
11.5%
|
Water and Sewer
|
10.1%
|
U.S. Guaranteed
|
9.7%
|
Utilities
|
9.0%
|
Other
|
8.1%
|
Total
|
100%
|
Credit Quality
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
22.9%
|
AA
|
59.5%
|
A
|
12.9%
|
BB or Lower
|
3.6%
|
N/R (not rated)
|
1.1%
|
Total
|
100%
|
18
|
Nuveen Investments
|
NUO
|
|
Nuveen Ohio Quality Income Municipal Fund
|
|
Performance Overview and Holding Summaries as of February 29, 2016
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NUO at Common Share NAV
|
5.95%
|
7.98%
|
5.93%
|
|
NUO at Common Share Price
|
5.96%
|
6.89%
|
4.77%
|
|
S&P Municipal Bond Ohio Index
|
5.23%
|
6.56%
|
4.81%
|
|
S&P Municipal Bond Index
|
3.78%
|
5.63%
|
4.68%
|
|
Lipper Other States Municipal Debt Funds Classification Average
|
5.82%
|
8.13%
|
5.49%
|
Fund Allocation
(% of net assets)
|
|
Long-Term Municipal Bonds
|
144.2%
|
Other Assets Less Liabilities
|
2.4%
|
Net Assets Plus VRDP Shares, at Liquidation Preference
|
146.6%
|
VRDP Shares, at Liquidation Preference
|
(46.6)%
|
Net Assets
|
100%
|
Portfolio Composition
(% of total investments)
|
|
Tax Obligation/Limited
|
22.8%
|
Health Care
|
21.0%
|
Tax Obligation/General
|
15.2%
|
U.S. Guaranteed
|
11.3%
|
Water and Sewer
|
7.5%
|
Transportation
|
6.9%
|
Education and Civic Organizations
|
5.2%
|
Other
|
10.1%
|
Total
|
100%
|
Credit Quality
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
21.0%
|
AA
|
49.8%
|
A
|
18.8%
|
BBB
|
5.5%
|
BB or Lower
|
4.4%
|
N/R (not rated)
|
0.5%
|
Total
|
100%
|
Nuveen Investments
|
19
|
NTX
|
|
Nuveen Texas Quality Income Municipal Fund
|
|
Performance Overview and Holding Summaries as of February 29, 2016
|
Average Annual
|
||||
1-Year
|
5-Year
|
10-Year
|
||
NTX at Common Share NAV
|
4.89%
|
7.35%
|
5.55%
|
|
NTX at Common Share Price
|
7.02%
|
4.39%
|
5.03%
|
|
S&P Municipal Bond Texas Index
|
3.82%
|
5.74%
|
4.94%
|
|
S&P Municipal Bond Index
|
3.78%
|
5.63%
|
4.68%
|
|
Lipper Other States Municipal Debt Funds Classification Average
|
5.82%
|
8.13%
|
5.49%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
142.9%
|
Other Assets Less Liabilities
|
2.5%
|
Net Assets Plus iMTP Shares, at Liquidation Preference
|
145.4%
|
iMTP Shares, at Liquidation Preference
|
(454)%
|
Net Assets
|
100%
|
Portfolio Composition
(% of total investments)
|
|
Tax Obligation/General
|
17.8%
|
Tax Obligation/Limited
|
15.7%
|
Transportation
|
12.2%
|
Utilities
|
12.0%
|
Water and Sewer
|
10.4%
|
U.S. Guaranteed
|
9.6%
|
Education and Civic Organizations
|
8.8%
|
Health Care
|
8.0%
|
Other
|
5.5%
|
Total
|
100%
|
Credit Quality
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
24.2%
|
AA
|
38.3%
|
A
|
17.8%
|
BBB
|
17.8%
|
BB or Lower
|
1.6%
|
N/R (not rated)
|
0.3%
|
Total
|
100%
|
20
|
Nuveen Investments
|
Shareholder Meeting Report
|
NAZ
|
NUM
|
||||||||||||
Common and Preferred
shares voting together
as a class
|
Preferred
Shares
|
Common and Preferred
shares voting together
as a class
|
Preferred
Shares
|
||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||
Jack B. Evans | |||||||||||||
For
|
10,241,508
|
—
|
17,993,572
|
—
|
|||||||||
Withhold
|
231,444
|
—
|
508,612
|
—
|
|||||||||
Total
|
10,472,952
|
—
|
18,502,184
|
—
|
|||||||||
William C. Hunter
|
|||||||||||||
For
|
—
|
790
|
—
|
1,590
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
790
|
—
|
1,590
|
|||||||||
William J. Schneider
|
|||||||||||||
For
|
—
|
790
|
—
|
1,590
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
790
|
—
|
1,590
|
|||||||||
Thomas S. Schreier, Jr.
|
|||||||||||||
For
|
10,236,423
|
—
|
18,028,763
|
—
|
|||||||||
Withhold
|
236,529
|
—
|
473,421
|
—
|
|||||||||
Total
|
10,472,952
|
—
|
18,502,184
|
—
|
Nuveen Investments
|
21
|
NUO
|
NTX
|
||||||||||||
Common and Preferred
shares voting together
as a class
|
Preferred
Shares
|
Common and Preferred
shares voting together
as a class
|
Preferred
Shares
|
||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||
Jack B. Evans | |||||||||||||
For
|
16,163,785
|
—
|
8,639,937
|
—
|
|||||||||
Withhold
|
605,126
|
—
|
206,411
|
—
|
|||||||||
Total
|
16,768,911
|
—
|
8,846,348
|
—
|
|||||||||
William C. Hunter
|
|||||||||||||
For
|
—
|
1,160
|
—
|
10,800
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
1,160
|
—
|
10,800
|
|||||||||
William J. Schneider
|
|||||||||||||
For
|
—
|
1,160
|
—
|
10,800
|
|||||||||
Withhold
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
1,160
|
—
|
10,800
|
|||||||||
Thomas S. Schreier, Jr.
|
|||||||||||||
For
|
16,167,439
|
—
|
8,631,933
|
—
|
|||||||||
Withhold
|
601,472
|
—
|
214,415
|
—
|
|||||||||
Total
|
16,768,911
|
—
|
8,846,348
|
—
|
22
|
Nuveen Investments
|
Nuveen Investments
|
23
|
NAZ
|
||
Nuveen Arizona Premium Income Municipal Fund
|
||
Portfolio of Investments
|
February 29, 2016
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
LONG-TERM INVESTMENTS – 145.8% (100.0% of Total Investments)
|
|||||||||
MUNICIPAL BONDS – 145.8% (100.0% of Total Investments)
|
|||||||||
Consumer Staples – 0.5% (0.4% of Total Investments)
|
|||||||||
$
|
925
|
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
|
4/16 at 100.00
|
BBB+
|
$
|
941,641
|
|||
Education and Civic Organizations – 23.9% (16.4% of Total Investments)
|
|||||||||
1,500
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 7/01/41
|
7/25 at 100.00
|
AA
|
1,744,035
|
|||||
3,480
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/43
|
No Opt. Call
|
AA
|
3,993,577
|
|||||
1,500
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D, 5.000%, 7/01/41
|
7/25 at 100.00
|
AA
|
1,746,690
|
|||||
2,815
|
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for Economic and Educational Development, Series 2014, 5.000%, 8/01/44
|
8/24 at 100.00
|
Aa3
|
3,188,635
|
|||||
2,240
|
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option Bond Trust 2015-XF0053, 17.938%, 6/01/20 (IF)
|
No Opt. Call
|
Aa2
|
3,551,005
|
|||||
1,400
|
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for Economic and Educational Development, Series 2013, 5.000%, 8/01/21
|
No Opt. Call
|
Aa3
|
1,672,762
|
|||||
2,000
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31
|
5/22 at 100.00
|
A–
|
2,245,520
|
|||||
3,775
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.125%, 5/15/40
|
5/20 at 100.00
|
A+
|
4,243,289
|
|||||
Industrial Development Authority of Phoenix, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2015:
|
|||||||||
315
|
5.000%, 7/01/35
|
No Opt. Call
|
BB
|
325,427
|
|||||
300
|
5.000%, 7/01/45
|
No Opt. Call
|
BB
|
304,227
|
|||||
440
|
Industrial Development Authority of Phoenix, Arizona, Education Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series 2015, 3.250%, 7/01/25
|
No Opt. Call
|
N/R
|
446,807
|
|||||
1,875
|
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40
|
6/24 at 100.00
|
A+
|
2,133,263
|
|||||
910
|
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41
|
6/21 at 100.00
|
A+
|
1,002,028
|
|||||
70
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/46
|
7/25 at 100.00
|
BB
|
72,258
|
|||||
900
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42
|
9/22 at 100.00
|
BB+
|
953,433
|
|||||
750
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, fbo Brighter Choice Foundation Charter Middle Schools Project, Albany, New York, Series 2012, 7.500%, 7/01/42
|
7/22 at 100.00
|
C
|
307,448
|
|||||
500
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44
|
7/24 at 100.00
|
N/R
|
565,030
|
|||||
585
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42
|
7/21 at 100.00
|
BB
|
650,140
|
|||||
745
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42
|
7/20 at 100.00
|
N/R
|
787,741
|
|||||
3,675
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Series 2012, 5.000%, 6/01/42 – AGM Insured (UB) (4)
|
6/22 at 100.00
|
A
|
3,984,252
|
|||||
200
|
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert Heights Charter School, Series 2014, 7.250%, 5/01/44
|
5/24 at 100.00
|
N/R
|
217,224
|
24
|
Nuveen Investments
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Education and Civic Organizations (continued)
|
|||||||||
$
|
745
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42
|
1/22 at 100.00
|
B
|
$
|
715,416
|
|||
1,000
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Horizon Community Learning Center Project, Series 2000, 5.250%, 6/01/35
|
6/16 at 100.00
|
BBB–
|
1,002,500
|
|||||
500
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools ? Mesa Project, Series 2015A, 5.000%, 12/15/34
|
No Opt. Call
|
BB+
|
510,025
|
|||||
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010:
|
|||||||||
745
|
6.000%, 6/01/40
|
6/19 at 100.00
|
BB+
|
775,456
|
|||||
550
|
6.100%, 6/01/45
|
6/19 at 100.00
|
BB+
|
573,282
|
|||||
655
|
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise Education Center Charter School, Series 2006, 6.000%, 6/01/36
|
6/16 at 100.00
|
BB+
|
657,175
|
|||||
1,000
|
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley Academy Charter School Project, Series 2008, 6.500%, 7/01/38
|
7/18 at 100.00
|
Baa3
|
1,044,980
|
|||||
780
|
Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured
|
6/24 at 100.00
|
AA
|
892,070
|
|||||
250
|
Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/22
|
No Opt. Call
|
AA–
|
298,800
|
|||||
825
|
Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2011, 7.875%, 3/01/42
|
3/21 at 100.00
|
BB+
|
966,372
|
|||||
37,025
|
Total Education and Civic Organizations
|
41,570,867
|
|||||||
Health Care – 19.9% (13.7% of Total Investments)
|
|||||||||
7,730
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2008D, 5.500%, 1/01/38
|
1/18 at 100.00
|
AA–
|
8,250,692
|
|||||
1,200
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2014A, 5.000%, 1/01/44
|
1/24 at 100.00
|
AA–
|
1,354,872
|
|||||
5,100
|
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital, Refunding Series 2012A, 5.000%, 2/01/42
|
2/22 at 100.00
|
BBB+
|
5,524,269
|
|||||
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A:
|
|||||||||
3,000
|
5.000%, 12/01/39
|
12/24 at 100.00
|
A2
|
3,413,040
|
|||||
2,860
|
5.000%, 12/01/42
|
12/24 at 100.00
|
A2
|
3,249,102
|
|||||
7,560
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
|
7/17 at 100.00
|
A
|
7,865,423
|
|||||
1,120
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
|
9/20 at 100.00
|
AA
|
1,246,190
|
|||||
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A:
|
|||||||||
210
|
5.000%, 8/01/19
|
No Opt. Call
|
Baa1
|
229,337
|
|||||
1,000
|
5.250%, 8/01/33
|
8/23 at 100.00
|
Baa1
|
1,127,770
|
|||||
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–
|
1,184,750
|
|||||
1,000
|
5.250%, 8/01/32
|
8/24 at 100.00
|
A–
|
1,162,700
|
|||||
31,780
|
Total Health Care
|
34,608,145
|
|||||||
Long-Term Care – 0.8% (0.5% of Total Investments)
|
|||||||||
495
|
Arizona Health Facilities Authority, Health Care Facilities Revenue Bonds, The Beatitudes Campus Project, Series 2006, 5.100%, 10/01/22
|
10/16 at 100.00
|
N/R
|
497,465
|
|||||
780
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32
|
12/21 at 100.00
|
N/R
|
848,983
|
|||||
1,275
|
Total Long-Term Care
|
1,346,448
|
Nuveen Investments
|
25
|
NAZ
|
Nuveen Arizona Premium Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General – 14.6% (10.0% of Total Investments)
|
|||||||||
$
|
2,500
|
Chandler, Arizona, General Obligation Bonds, Refunding Series 2014, 5.000%, 7/01/24
|
No Opt. Call
|
AAA
|
$
|
3,168,875
|
|||
Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation Bonds, Refunding Series 2014:
|
|||||||||
1,000
|
5.000%, 7/01/26
|
7/24 at 100.00
|
AA–
|
1,211,410
|
|||||
525
|
5.000%, 7/01/27
|
7/24 at 100.00
|
AA–
|
630,887
|
|||||
2,140
|
El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%,
7/01/42 – AGM Insured |
7/22 at 100.00
|
AA
|
2,359,329
|
|||||
1,000
|
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured
|
7/21 at 100.00
|
AA
|
1,170,350
|
|||||
1,020
|
Maricopa County School District 6, Arizona, General Obligation Refunding Bonds, Washington Elementary School, Series 2002A, 5.375%,
7/01/16 – AGM Insured |
No Opt. Call
|
AA
|
1,037,340
|
|||||
775
|
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds, Series 2011, 5.000%, 7/01/23
|
7/21 at 100.00
|
Aa2
|
923,754
|
|||||
1,370
|
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured
|
7/21 at 100.00
|
AA
|
1,647,302
|
|||||
2,895
|
Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, School Improvement Project 2011, Series 2014D, 5.000%,
7/01/34 – AGM Insured |
7/24 at 100.00
|
AA
|
3,351,628
|
|||||
1,750
|
Pima County Unified School District 6, Marana, Arizona, General Obligation Bonds, School Improvement Project 2010 Series 2011A, 5.000%, 7/01/25
|
7/21 at 100.00
|
A+
|
2,007,880
|
|||||
1,000
|
Pima County Unified School District 8 Flowing Wells, Arizona, General Obligation Bonds, Series 2011B, 5.375%, 7/01/29
|
7/21 at 100.00
|
A+
|
1,153,980
|
|||||
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999:
|
|||||||||
1,310
|
5.000%, 7/01/32
|
7/21 at 100.00
|
AAA
|
1,520,648
|
|||||
1,360
|
5.000%, 7/01/33
|
7/21 at 100.00
|
AAA
|
1,575,682
|
|||||
1,705
|
5.000%, 7/01/34
|
7/21 at 100.00
|
AAA
|
1,970,707
|
|||||
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–
|
812,219
|
|||||
665
|
4.500%, 7/01/34
|
7/24 at 100.00
|
AA–
|
752,760
|
|||||
21,730
|
Total Tax Obligation/General
|
25,294,751
|
|||||||
Tax Obligation/Limited – 35.9% (24.6% 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
|
2,484,936
|
|||||
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series 2011A:
|
|||||||||
1,275
|
5.000%, 7/01/16
|
No Opt. Call
|
AA+
|
1,295,757
|
|||||
1,025
|
5.000%, 7/01/36
|
7/21 at 100.00
|
AA+
|
1,184,736
|
|||||
1,000
|
Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37
|
7/25 at 100.00
|
AA–
|
1,150,380
|
|||||
Buckeye, Arizona, Festival Ranch Community Facilities District General Obligation Bonds, Series 2012:
|
|||||||||
345
|
5.000%, 7/15/27 – BAM Insured
|
7/22 at 100.00
|
AA
|
381,577
|
|||||
1,085
|
5.000%, 7/15/31 – BAM Insured
|
7/22 at 100.00
|
AA
|
1,178,560
|
|||||
586
|
Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 2005, 5.500%, 7/15/29
|
4/16 at 100.00
|
N/R
|
586,457
|
|||||
1,210
|
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39
|
7/25 at 100.00
|
N/R
|
1,237,382
|
|||||
494
|
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 1, Series 2013, 5.250%, 7/01/38
|
7/23 at 100.00
|
N/R
|
522,445
|
|||||
Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds, Montecito Assessment District, Series 2007:
|
|||||||||
423
|
5.700%, 7/01/27
|
1/17 at 100.00
|
N/R
|
431,126
|
|||||
454
|
5.800%, 7/01/32
|
1/17 at 100.00
|
N/R
|
461,318
|
|||||
580
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25
|
4/16 at 100.00
|
N/R
|
582,036
|
26
|
Nuveen Investments
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
1,500
|
Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation Refunding Bonds, Series 2013, 5.000%, 7/15/23
|
No Opt. Call
|
A–
|
$
|
1,750,635
|
|||
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|||||||||
510
|
5.000%, 1/01/31
|
1/22 at 100.00
|
A
|
568,869
|
|||||
200
|
5.125%, 1/01/42
|
1/22 at 100.00
|
A
|
219,344
|
|||||
1,500
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37
|
1/22 at 100.00
|
A
|
1,643,535
|
|||||
1,550
|
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 8/01/23 – NPFG Insured
|
8/16 at 100.00
|
AA–
|
1,580,318
|
|||||
250
|
La Paz County, Arizona, Excise Tax Revenue Bonds, Judgement Series 2011A, 4.750%, 7/01/36
|
7/17 at 100.00
|
AA
|
260,030
|
|||||
1,425
|
Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33
|
7/23 at 100.00
|
AA
|
1,634,675
|
|||||
2,644
|
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006, 4.600%, 1/01/26
|
7/16 at 100.00
|
A2
|
2,678,636
|
|||||
680
|
Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32
|
7/17 at 100.00
|
N/R
|
693,960
|
|||||
1,160
|
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A, 7.400%, 7/15/33
|
7/18 at 100.00
|
BBB–
|
1,248,148
|
|||||
300
|
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26
|
7/21 at 100.00
|
AA–
|
345,189
|
|||||
1,500
|
Palm Valley Community Facility District 3, Goodyear, Arizona, General Obligation Bonds, Series 2006, 5.300%, 7/15/31
|
7/16 at 100.00
|
N/R
|
1,505,475
|
|||||
1,000
|
Palm Valley Community Facility District 3, Goodyear, Arizona, Limited Tax General Obligation Bonds, Series 2007, 5.800%, 7/15/32
|
7/17 at 100.00
|
N/R
|
1,016,570
|
|||||
400
|
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.350%, 7/15/31
|
7/16 at 100.00
|
N/R
|
401,236
|
|||||
1,010
|
Phoenix Civic Improvement Corporation, Arizona, Transit Excise Tax Revenue Refunding Bonds, Light Rail Project, Series 2013, 5.000%, 7/01/20
|
No Opt. Call
|
AA
|
1,182,518
|
|||||
2,500
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36
|
No Opt. Call
|
A
|
2,753,775
|
|||||
580
|
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax)
|
7/22 at 100.00
|
AA+
|
634,914
|
|||||
1,610
|
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
|
4/16 at 100.00
|
BBB–
|
1,612,930
|
|||||
1,000
|
Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33
|
8/24 at 100.00
|
AA–
|
1,168,930
|
|||||
1,140
|
Pinetop Fire District of Navajo County, Arizona, Certificates of Participation, Series 2008, 7.750%, 6/15/29
|
6/16 at 102.00
|
A3
|
1,178,304
|
|||||
1,000
|
Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/22
|
No Opt. Call
|
AA+
|
1,242,010
|
|||||
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
|
1,620,822
|
|||||
2,100
|
5.000%, 7/01/38 – BAM Insured
|
7/24 at 100.00
|
AA
|
2,404,416
|
|||||
3,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/24
|
No Opt. Call
|
AAA
|
3,786,600
|
|||||
5,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer Improvements Project, Series 2010, 5.000%, 7/01/36
|
7/20 at 100.00
|
AAA
|
5,668,200
|
|||||
1,570
|
Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation Bonds, Series 2007, 5.900%, 7/15/32
|
7/17 at 100.00
|
N/R
|
1,599,171
|
|||||
4,000
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37
|
7/22 at 100.00
|
AAA
|
4,641,200
|
|||||
1,750
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22 – AGM Insured
|
No Opt. Call
|
AA
|
1,883,893
|
|||||
1,360
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29
|
10/20 at 100.00
|
BBB
|
1,480,632
|
Nuveen Investments
|
27
|
NAZ
|
Nuveen Arizona Premium Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
1,489
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
|
7/16 at 100.00
|
N/R
|
$
|
1,496,341
|
|||
1,000
|
Westpark Community Facilities District, Buckeye, Arizona, General Obligation Tax Increment Bonds Series 2006, 5.250%, 7/15/31
|
7/16 at 100.00
|
N/R
|
1,003,840
|
|||||
56,915
|
Total Tax Obligation/Limited
|
62,401,826
|
|||||||
Transportation – 5.1% (3.5% of Total Investments)
|
|||||||||
180
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40
|
7/20 at 100.00
|
A+
|
201,893
|
|||||
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2015A:
|
|||||||||
910
|
5.000%, 7/01/40
|
7/25 at 100.00
|
A+
|
1,045,253
|
|||||
2,185
|
5.000%, 7/01/45
|
7/25 at 100.00
|
A+
|
2,492,670
|
|||||
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior Lien Series 2013:
|
|||||||||
1,785
|
5.000%, 7/01/30 (Alternative Minimum Tax)
|
7/23 at 100.00
|
AA–
|
2,066,262
|
|||||
2,215
|
5.000%, 7/01/32 (Alternative Minimum Tax)
|
7/23 at 100.00
|
AA–
|
2,534,580
|
|||||
395
|
Virgin Islands Port Authority, Marine Revenue Bonds, Refunding Series 2014B, 5.000%, 9/01/44
|
9/24 at 100.00
|
BBB+
|
433,086
|
|||||
7,670
|
Total Transportation
|
8,773,744
|
|||||||
U.S. Guaranteed – 13.9% (9.5% of Total Investments) (5)
|
|||||||||
3,500
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007A, 5.000%, 1/01/25 (Pre-refunded 1/01/17)
|
1/17 at 100.00
|
AA– (5)
|
3,634,540
|
|||||
1,265
|
Gila County Unified School District 10 Payson, Arizona, School Improvement Bonds, Project 2006, Series 2008B, 5.750%, 7/01/28 (Pre-refunded 7/01/18)
|
7/18 at 100.00
|
Aa3 (5)
|
1,412,461
|
|||||
2,965
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2007, 5.000%, 12/01/42 (Pre-refunded 12/01/17)
|
12/17 at 100.00
|
N/R (5)
|
3,187,464
|
|||||
2,280
|
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 5.000%, 8/01/22 (Pre-refunded 8/01/16) – NPFG Insured
|
8/16 at 100.00
|
AA– (5)
|
2,324,962
|
|||||
175
|
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds, Samaritan Health Services, Series 1990A, 7.000%, 12/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
N/R (5)
|
183,565
|
|||||
1,200
|
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, Series 2008, 5.000%, 7/01/27 (Pre-refunded 7/01/18) – AGM Insured
|
7/18 at 100.00
|
Aa3 (5)
|
1,319,040
|
|||||
665
|
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds, Series 2006C, 5.000%, 7/01/24
(Pre-refunded 7/01/16) – NPFG Insured |
7/16 at 100.00
|
AA (5)
|
675,820
|
|||||
630
|
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC Insured (ETM)
|
No Opt. Call
|
Aa2 (5)
|
669,747
|
|||||
4,530
|
Pinal County Unified School District 1, Florence, Arizona, General Obligation Bonds, Series 2008C, 5.250%, 7/01/28 (Pre-refunded 7/01/18)
|
7/18 at 100.00
|
A (5)
|
5,005,605
|
|||||
2,585
|
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
N/R (5)
|
3,234,636
|
|||||
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2013:
|
|||||||||
200
|
5.000%, 7/01/19 (ETM)
|
No Opt. Call
|
N/R (5)
|
227,300
|
|||||
800
|
5.000%, 7/01/20 (ETM)
|
No Opt. Call
|
N/R (5)
|
937,208
|
|||||
1,340
|
Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Series 2006, 5.000%, 7/01/21
(Pre-refunded 7/01/16) – NPFG Insured |
7/16 at 100.00
|
AA– (5)
|
1,361,802
|
|||||
22,135
|
Total U.S. Guaranteed
|
24,174,150
|
|||||||
Utilities – 17.9% (12.3% of Total Investments)
|
|||||||||
1,495
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
3/22 at 100.00
|
A3
|
1,633,377
|
|||||
1,500
|
Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds, Hoover Project, Series 2001, 5.250%, 10/01/17
|
No Opt. Call
|
AA
|
1,610,250
|
28
|
Nuveen Investments
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Utilities (continued)
|
|||||||||
$
|
1,000
|
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39
|
10/24 at 100.00
|
AA
|
$
|
1,147,970
|
|||
4,310
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35
|
6/20 at 100.00
|
Aa3
|
4,845,604
|
|||||
370
|
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC Insured
|
No Opt. Call
|
Aa2
|
393,369
|
|||||
1,800
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/36
|
7/21 at 100.00
|
A
|
2,084,418
|
|||||
1,500
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36
|
6/25 at 100.00
|
Aa1
|
1,780,815
|
|||||
2,500
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 09-9W, 17.700%, 1/01/38 (IF) (4)
|
1/18 at 100.00
|
Aa1
|
3,145,500
|
|||||
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
|
BBB+
|
5,536,710
|
|||||
5,665
|
5.000%, 12/01/37
|
No Opt. Call
|
BBB+
|
6,711,494
|
|||||
2,370
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
|
12/17 at 100.00
|
N/R
|
2,258,729
|
|||||
27,010
|
Total Utilities
|
31,148,236
|
|||||||
Water and Sewer – 13.3% (9.1% of Total Investments)
|
|||||||||
Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, Series 2016:
|
|||||||||
1,285
|
5.000%, 1/01/35
|
1/26 at 100.00
|
AA+
|
1,542,514
|
|||||
345
|
5.000%, 1/01/36
|
1/26 at 100.00
|
AA+
|
412,489
|
|||||
500
|
City of Goodyear, Arizona Subordinate Lien Water and Sewer Revenue Obligations, Series 2011, 5.500%, 7/01/41
|
7/21 at 100.00
|
AA
|
586,940
|
|||||
500
|
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28
|
7/22 at 100.00
|
AA
|
597,420
|
|||||
2,855
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39
|
7/20 at 100.00
|
AA–
|
3,335,438
|
|||||
500
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/33
|
7/23 at 100.00
|
A–
|
566,200
|
|||||
1,460
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46
|
7/26 at 100.00
|
A–
|
1,637,770
|
|||||
1,125
|
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015A, 5.000%, 7/01/36 – AGM Insured
|
7/25 at 100.00
|
AA
|
1,316,025
|
|||||
1,135
|
Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, Refunding Junior Lien Series 2014, 5.000%, 7/01/29
|
7/24 at 100.00
|
AA+
|
1,362,488
|
|||||
2,000
|
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series 2014A, 5.000%, 7/01/39
|
7/24 at 100.00
|
AAA
|
2,323,520
|
|||||
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
|
1,538,788
|
|||||
1,040
|
5.500%, 7/01/22 – FGIC Insured
|
No Opt. Call
|
AAA
|
1,309,641
|
|||||
1,500
|
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/26
|
No Opt. Call
|
AA–
|
1,797,750
|
Nuveen Investments
|
29
|
NAZ
|
Nuveen Arizona Premium Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Water and Sewer (continued)
|
|||||||||
$
|
1,000
|
Pima County, Arizona, Sewer System Revenue Obligations, Series 2014, 5.000%, 7/01/22
|
No Opt. Call
|
AA–
|
$
|
1,215,940
|
|||
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
|
|||||||||
870
|
4.700%, 4/01/22
|
10/16 at 100.00
|
A
|
873,367
|
|||||
1,970
|
4.900%, 4/01/32
|
4/17 at 100.00
|
A
|
2,004,436
|
|||||
500
|
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/23
|
No Opt. Call
|
AA
|
616,500
|
|||||
19,835
|
Total Water and Sewer
|
23,037,226
|
|||||||
$
|
226,300
|
Total Long-Term Investments (cost $231,913,245)
|
253,297,034
|
||||||
Floating Rate Obligations – (1.6)%
|
(2,755,000
|
) | |||||||
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (45.5)% (6)
|
(79,000,000
|
) | |||||||
Other Assets Less Liabilities – 1.3%
|
2,225,212
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
173,767,246
|
(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 (not covered by the report of independent registered public accounting firm): 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.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(6)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 31.2%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(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.
|
30
|
Nuveen Investments
|
NUM
|
||
Nuveen Michigan Quality Income Municipal Fund
|
||
Portfolio of Investments
|
February 29, 2016
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
LONG-TERM INVESTMENTS – 152.2% (100.0% of Total Investments)
|
|||||||||
MUNICIPAL BONDS – 152.2% (100.0% of Total Investments)
|
|||||||||
Consumer Staples – 4.7% (3.1% of Total Investments)
|
|||||||||
$
|
7,100
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34
|
6/17 at 100.00
|
B–
|
$
|
6,722,919
|
|||
8,650
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
|
6/18 at 100.00
|
B+
|
8,892,545
|
|||||
15,750
|
Total Consumer Staples
|
15,615,464
|
|||||||
Education and Civic Organizations – 20.4% (13.4% of Total Investments)
|
|||||||||
1,220
|
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/39
|
10/24 at 100.00
|
Aa3
|
1,405,501
|
|||||
1,000
|
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36
|
11/16 at 100.00
|
B
|
732,050
|
|||||
1,255
|
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005, 5.750%, 11/01/30
|
5/16 at 100.00
|
B–
|
914,770
|
|||||
500
|
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28
|
12/24 at 100.00
|
A+
|
596,210
|
|||||
990
|
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31
|
10/21 at 100.00
|
BB–
|
1,007,404
|
|||||
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, Kettering University, Series 2001:
|
|||||||||
1,685
|
5.500%, 9/01/17 – AMBAC Insured
|
3/16 at 100.00
|
N/R
|
1,687,393
|
|||||
1,170
|
5.000%, 9/01/26 – AMBAC Insured
|
3/16 at 100.00
|
N/R
|
1,170,480
|
|||||
240
|
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37
|
12/17 at 100.00
|
N/R
|
243,938
|
|||||
5,000
|
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40
|
2/20 at 100.00
|
AA+
|
5,587,000
|
|||||
7,790
|
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41
|
8/23 at 100.00
|
AA+
|
8,931,001
|
|||||
3,445
|
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/34
|
10/21 at 100.00
|
A1
|
3,972,602
|
|||||
4,000
|
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44
|
4/24 at 100.00
|
AAA
|
4,642,360
|
|||||
University of Michigan, General Revenue Bonds, Series 2015:
|
|||||||||
5,735
|
5.000%, 4/01/40 (UB) (4)
|
4/26 at 100.00
|
AAA
|
6,831,532
|
|||||
9,600
|
5.000%, 4/01/46 (UB) (4)
|
4/26 at 100.00
|
AAA
|
11,361,408
|
|||||
5,000
|
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%, 11/15/35 – AGM Insured
|
No Opt. Call
|
AA
|
5,466,100
|
|||||
3,700
|
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40
|
11/23 at 100.00
|
AA–
|
4,184,145
|
|||||
525
|
Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31
|
11/21 at 100.00
|
A1
|
593,833
|
|||||
Western Michigan University, General Revenue Bonds, Refunding Series 2013:
|
|||||||||
750
|
5.250%, 11/15/33 – AGM Insured
|
11/23 at 100.00
|
AA
|
873,225
|
|||||
4,250
|
5.000%, 11/15/39 – AGM Insured
|
11/23 at 100.00
|
AA
|
4,778,148
|
|||||
Western Michigan University, General Revenue Bonds, Refunding Series 2015A:
|
|||||||||
1,500
|
5.000%, 11/15/40
|
5/25 at 100.00
|
A1
|
1,702,320
|
|||||
850
|
5.000%, 11/15/45
|
5/25 at 100.00
|
A1
|
958,171
|
|||||
60,205
|
Total Education and Civic Organizations
|
67,639,591
|
|||||||
Health Care – 23.0% (15.1% of Total Investments)
|
|||||||||
4,000
|
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Refunding Series 2011A, 5.000%, 7/01/29
|
7/21 at 100.00
|
AA–
|
4,515,960
|
Nuveen Investments
|
31
|
NUM
|
Nuveen Michigan Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
1,800
|
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured
|
6/20 at 100.00
|
AA
|
$
|
1,976,706
|
|||
Kent Hospital Finance Authority, Michigan, Revenue Refunding Bonds, Spectrum Health System, Refunding Series 2011C:
|
|||||||||
5,500
|
5.000%, 1/15/31
|
1/22 at 100.00
|
AA
|
6,167,260
|
|||||
2,000
|
5.000%, 1/15/42
|
1/22 at 100.00
|
AA
|
2,184,700
|
|||||
1,780
|
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding Series 2015A, 5.000%, 8/01/32
|
8/24 at 100.00
|
A1
|
2,069,784
|
|||||
4,015
|
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding Series 2014, 5.000%, 6/01/39
|
6/24 at 100.00
|
A+
|
4,493,749
|
|||||
3,930
|
Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding Series 2013, 5.000%, 8/15/31
|
8/23 at 100.00
|
A1
|
4,524,177
|
|||||
6,060
|
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015, 5.000%, 11/15/45
|
5/25 at 100.00
|
A+
|
6,884,463
|
|||||
3,000
|
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42
|
11/22 at 100.00
|
A+
|
3,288,540
|
|||||
5,000
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016 MI, 5.000%, 12/01/45
|
6/26 at 100.00
|
AA
|
5,738,900
|
|||||
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:
|
|||||||||
1,000
|
5.000%, 11/01/25
|
11/22 at 100.00
|
A1
|
1,165,860
|
|||||
1,000
|
5.000%, 11/01/26
|
No Opt. Call
|
A1
|
1,157,930
|
|||||
3,750
|
5.000%, 11/01/42
|
11/22 at 100.00
|
A1
|
4,115,888
|
|||||
9,615
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
|
12/21 at 100.00
|
AA–
|
10,753,511
|
|||||
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009:
|
|||||||||
150
|
5.000%, 11/15/20
|
11/19 at 100.00
|
A–
|
169,025
|
|||||
7,300
|
5.750%, 11/15/39
|
11/19 at 100.00
|
A–
|
8,299,443
|
|||||
2,000
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health System, Series 2006A, 5.250%, 11/15/46
|
11/16 at 100.00
|
A–
|
2,059,180
|
|||||
1,000
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
|
6/22 at 100.00
|
AA
|
1,094,610
|
|||||
4,880
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39
|
3/24 at 100.00
|
A1
|
5,483,217
|
|||||
67,780
|
Total Health Care
|
76,142,903
|
|||||||
Housing/Multifamily – 3.9% (2.5% of Total Investments)
|
|||||||||
2,675
|
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax)
|
12/20 at 101.00
|
AA
|
2,945,603
|
|||||
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A:
|
|||||||||
1,395
|
3.375%, 11/01/16 (Alternative Minimum Tax)
|
5/16 at 100.00
|
AA
|
1,397,874
|
|||||
1,405
|
3.875%, 11/01/17 (Alternative Minimum Tax)
|
5/16 at 100.00
|
AA
|
1,408,091
|
|||||
2,300
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, 4/01/31 – AGM Insured (Alternative Minimum Tax)
|
5/16 at 100.00
|
AA
|
2,303,542
|
|||||
1,825
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35
|
10/20 at 100.00
|
AA
|
1,961,693
|
|||||
1,725
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 4.625%, 10/01/41
|
4/22 at 100.00
|
AA
|
1,795,001
|
|||||
1,000
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 4.000%, 10/01/42
|
No Opt. Call
|
AA
|
1,014,010
|
|||||
12,325
|
Total Housing/Multifamily
|
12,825,814
|
32
|
Nuveen Investments
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Housing/Single Family – 0.9% (0.6% of Total Investments)
|
|||||||||
$
|
2,495
|
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 2010C, 5.500%, 12/01/28 (Alternative Minimum Tax)
|
6/20 at 100.00
|
AA+
|
$
|
2,669,151
|
|||
380
|
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 2011A, 4.600%, 12/01/26
|
6/21 at 100.00
|
AA+
|
393,304
|
|||||
2,875
|
Total Housing/Single Family
|
3,062,455
|
|||||||
Tax Obligation/General – 35.1% (23.1% of Total Investments)
|
|||||||||
2,310
|
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/29
|
5/22 at 100.00
|
Aa1
|
2,738,967
|
|||||
840
|
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, School Building & Site Series 2015, 5.000%, 5/01/24
|
No Opt. Call
|
Aa2
|
1,036,241
|
|||||
2,200
|
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement Series 2008, 5.000%, 5/01/38
|
5/18 at 100.00
|
AA+
|
2,374,262
|
|||||
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–
|
1,049,010
|
|||||
500
|
4.000%, 5/01/33
|
5/21 at 100.00
|
AA–
|
523,040
|
|||||
1,135
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39
|
5/24 at 100.00
|
AA–
|
1,275,638
|
|||||
7,740
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, Series 2007, 4.750%, 5/01/32 – NPFG Insured
|
5/17 at 100.00
|
Aa1
|
8,043,097
|
|||||
875
|
Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/20
|
No Opt. Call
|
AA–
|
1,012,358
|
|||||
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site, Series 2011B:
|
|||||||||
1,200
|
5.500%, 5/01/36
|
5/21 at 100.00
|
AA–
|
1,398,312
|
|||||
2,190
|
5.500%, 5/01/41
|
5/21 at 100.00
|
AA–
|
2,551,919
|
|||||
Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012:
|
|||||||||
2,615
|
5.000%, 10/01/20 – AGM Insured
|
No Opt. Call
|
AA
|
2,936,514
|
|||||
1,000
|
5.000%, 10/01/21 – AGM Insured
|
No Opt. Call
|
AA
|
1,138,560
|
|||||
1,645
|
5.000%, 10/01/22 – AGM Insured
|
No Opt. Call
|
AA
|
1,892,293
|
|||||
4,850
|
5.000%, 10/01/26 – AGM Insured
|
10/22 at 100.00
|
AA
|
5,407,459
|
|||||
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
|
7,259,017
|
|||||
3,000
|
0.000%, 12/01/26
|
No Opt. Call
|
AAA
|
2,375,970
|
|||||
100
|
0.000%, 12/01/27
|
No Opt. Call
|
AAA
|
76,842
|
|||||
4,305
|
0.000%, 12/01/29
|
No Opt. Call
|
AAA
|
3,123,923
|
|||||
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
|
657,059
|
|||||
500
|
5.000%, 10/01/30
|
10/21 at 100.00
|
AA
|
576,575
|
|||||
500
|
5.000%, 10/01/31
|
10/21 at 100.00
|
AA
|
576,575
|
|||||
1,000
|
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds, Series 1998, 5.000%, 4/01/16
|
No Opt. Call
|
AA
|
1,004,240
|
|||||
1,025
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34
|
1/25 at 100.00
|
AAA
|
1,211,899
|
|||||
3,440
|
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 5.000%, 1/01/31
|
1/25 at 100.00
|
AAA
|
4,118,127
|
|||||
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+
|
1,200,500
|
|||||
1,020
|
5.000%, 10/01/26
|
10/23 at 100.00
|
AA+
|
1,212,709
|
|||||
2,505
|
Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 – NPFG Insured
|
5/16 at 100.00
|
Aa1
|
2,525,265
|
Nuveen Investments
|
33
|
NUM
|
Nuveen Michigan Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General (continued)
|
|||||||||
$
|
2,160
|
Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/37 – AGM Insured
|
5/17 at 100.00
|
Aa1
|
$
|
2,251,606
|
|||
1,925
|
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/30 – SYNCORA GTY Insured
|
5/17 at 100.00
|
AA–
|
2,006,947
|
|||||
4,000
|
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22
|
12/21 at 100.00
|
Aa1
|
4,817,440
|
|||||
1,000
|
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25
|
5/19 at 100.00
|
Aa1
|
1,133,330
|
|||||
2,500
|
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 5/01/22 – NPFG Insured
|
No Opt. Call
|
Aa2
|
2,934,600
|
|||||
2,945
|
Muskegon Community College District, Michigan, General Obligation Bonds, Community Facility Series 2013I, 5.000%, 5/01/38 – BAM Insured
|
5/24 at 100.00
|
AA
|
3,368,962
|
|||||
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
|
1,581,350
|
|||||
1,730
|
5.000%, 11/01/36
|
11/25 at 100.00
|
AA
|
1,994,984
|
|||||
6,820
|
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/36 – AGM Insured
|
5/17 at 100.00
|
Aaa
|
7,121,511
|
|||||
5,785
|
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Series 2007, 4.750%, 5/01/36 – AGM Insured
|
5/17 at 100.00
|
Aa1
|
5,999,797
|
|||||
750
|
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School Building & Site, Series 2008, 5.000%, 5/01/28 – AGC Insured
|
5/18 at 100.00
|
Aa1
|
809,693
|
|||||
Port Huron, Michigan, General Obligation Bonds, Refunding & Capital Improvement Series 2011:
|
|||||||||
1,585
|
5.000%, 10/01/31 – AGM Insured
|
10/21 at 100.00
|
AA
|
1,751,251
|
|||||
640
|
5.250%, 10/01/37 – AGM Insured
|
10/21 at 100.00
|
AA
|
706,637
|
|||||
Port Huron, Michigan, General Obligation Bonds, Series 2011B:
|
|||||||||
530
|
5.000%, 10/01/31 – AGM Insured
|
10/21 at 100.00
|
AA
|
585,592
|
|||||
800
|
5.250%, 10/01/40 – AGM Insured
|
10/21 at 100.00
|
AA
|
877,720
|
|||||
500
|
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/19
|
No Opt. Call
|
AA–
|
560,845
|
|||||
2,100
|
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%, 5/01/33 – AGM Insured
|
5/18 at 100.00
|
Aa1
|
2,256,954
|
|||||
625
|
Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/20
|
No Opt. Call
|
Aa2
|
724,869
|
|||||
1,435
|
South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured
|
5/24 at 100.00
|
AA
|
1,612,811
|
|||||
350
|
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 – AGC Insured
|
12/19 at 100.00
|
AA
|
391,934
|
|||||
3,600
|
Trenton Public Schools District, Michigan, General Obligation Bonds, School Building and Site Series 2008, 5.000%, 5/01/34 – AGM Insured
|
5/18 at 100.00
|
Aa1
|
3,869,064
|
|||||
550
|
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/26
|
5/25 at 100.00
|
AA
|
673,184
|
|||||
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building & Site, Series 2008:
|
|||||||||
1,110
|
5.000%, 5/01/31 – AGM Insured
|
5/18 at 100.00
|
Aa1
|
1,191,308
|
|||||
2,150
|
5.000%, 5/01/38 – AGM Insured
|
5/18 at 100.00
|
Aa1
|
2,311,637
|
|||||
1,600
|
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/40
|
11/23 at 100.00
|
Aa1
|
1,811,936
|
|||||
1,725
|
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured
|
No Opt. Call
|
Aa2
|
2,008,797
|
|||||
1,475
|
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2011, 4.500%, 5/01/31 – AGM Insured
|
5/21 at 100.00
|
AA
|
1,639,138
|
|||||
109,695
|
Total Tax Obligation/General
|
116,290,268
|
34
|
Nuveen Investments
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited – 17.5% (11.5% of Total Investments)
|
|||||||||
$
|
2,200
|
Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds, Series 2013A, 5.950%, 2/01/42
|
2/24 at 103.00
|
N/R
|
$
|
2,501,884
|
|||
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–
|
1,398,720
|
|||||
2,000
|
5.000%, 10/01/24
|
10/23 at 100.00
|
AA–
|
2,392,080
|
|||||
2,000
|
5.000%, 10/01/25
|
10/24 at 100.00
|
AA–
|
2,409,140
|
|||||
11,025
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
12,346,456
|
|||||
3,230
|
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22
|
7/16 at 100.00
|
AAA
|
3,290,369
|
|||||
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
|
|||||||||
7,000
|
0.000%, 10/15/27 – AGM Insured
|
10/16 at 58.27
|
AA
|
4,046,140
|
|||||
7,720
|
0.000%, 10/15/28 – AGM Insured
|
10/16 at 55.35
|
AA
|
4,236,350
|
|||||
865
|
0.000%, 10/15/30 – NPFG Insured
|
10/16 at 50.02
|
Aa2
|
428,045
|
|||||
6,140
|
5.000%, 10/15/36 – NPFG Insured
|
10/16 at 100.00
|
Aa2
|
6,219,452
|
|||||
4,000
|
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38
|
10/25 at 100.00
|
Aa2
|
4,646,360
|
|||||
Michigan State Trunk Line Fund Bonds, Series 2011:
|
|||||||||
1,100
|
5.000%, 11/15/24
|
11/21 at 100.00
|
AA+
|
1,303,995
|
|||||
1,750
|
5.000%, 11/15/29
|
11/21 at 100.00
|
AA+
|
2,064,965
|
|||||
1,605
|
5.000%, 11/15/31
|
11/21 at 100.00
|
AA+
|
1,878,123
|
|||||
1,160
|
4.000%, 11/15/32
|
11/21 at 100.00
|
AA+
|
1,234,217
|
|||||
1,970
|
5.000%, 11/15/36
|
11/21 at 100.00
|
AA+
|
2,287,840
|
|||||
1,370
|
Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22
|
No Opt. Call
|
AA+
|
1,693,882
|
|||||
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015:
|
|||||||||
1,065
|
5.000%, 11/15/19
|
No Opt. Call
|
AA+
|
1,229,393
|
|||||
1,950
|
5.000%, 11/15/29
|
11/24 at 100.00
|
AA+
|
2,365,545
|
|||||
59,390
|
Total Tax Obligation/Limited
|
57,972,956
|
|||||||
Transportation – 2.9% (1.9% of Total Investments)
|
|||||||||
4,500
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)
|
No Opt. Call
|
A
|
5,199,390
|
|||||
4,000
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured
|
12/22 at 100.00
|
AA
|
4,434,120
|
|||||
8,500
|
Total Transportation
|
9,633,510
|
|||||||
U.S. Guaranteed – 14.8% (9.7% of Total Investments) (5)
|
|||||||||
100
|
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/37 (Pre-refunded 5/01/17) – AGM Insured
|
5/17 at 100.00
|
Aa1 (5)
|
105,279
|
|||||
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007:
|
|||||||||
860
|
5.000%, 9/01/24 (Pre-refunded 9/01/17) – NPFG Insured
|
9/17 at 100.00
|
AA (5)
|
917,276
|
|||||
2,000
|
5.000%, 9/01/27 (Pre-refunded 9/01/17) – NPFG Insured
|
9/17 at 100.00
|
AA (5)
|
2,133,200
|
|||||
1,190
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
Aa1 (5)
|
1,285,260
|
|||||
1,650
|
Holly Area School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, 5.125%, 5/01/32 (Pre-refunded 5/01/16) – NPFG Insured
|
5/16 at 100.00
|
Aa1 (5)
|
1,664,075
|
|||||
1,185
|
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 (Pre-refunded 5/01/16) – AGM Insured
|
5/16 at 100.00
|
AA (5)
|
1,194,847
|
|||||
230
|
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series 2007, 5.000%, 1/01/32 (Pre-refunded 1/01/17)
|
1/17 at 100.00
|
AAA
|
238,880
|
|||||
5,505
|
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R (5)
|
6,712,577
|
|||||
35
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R (5)
|
42,552
|
Nuveen Investments
|
35
|
NUM
|
Nuveen Michigan Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (5) (continued)
|
|||||||||
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:
|
|||||||||
$
|
430
|
5.000%, 10/01/23 (Pre-refunded 10/01/17)
|
10/17 at 100.00
|
N/R (5)
|
$
|
460,190
|
|||
1,775
|
5.000%, 10/01/24 (Pre-refunded 10/01/17)
|
10/17 at 100.00
|
N/R (5)
|
1,899,623
|
|||||
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
|
|||||||||
635
|
0.000%, 10/15/30 (Pre-refunded 10/15/16) – NPFG Insured
|
10/16 at 50.02
|
AA– (5)
|
316,725
|
|||||
1,900
|
5.000%, 10/15/36 (Pre-refunded 10/15/16) – NPFG Insured
|
10/16 at 100.00
|
AA– (5)
|
1,955,594
|
|||||
4,000
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group, Series 2009A, 5.875%, 6/01/39 (Pre-refunded 6/01/19) – AGC Insured
|
6/19 at 100.00
|
AA+ (5)
|
4,645,400
|
|||||
3,415
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John's Health System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)
|
5/16 at 100.00
|
Aaa
|
3,429,241
|
|||||
1,410
|
New Haven Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 (Pre-refunded 5/01/16) – AGM Insured
|
5/16 at 100.00
|
Aa1 (5)
|
1,421,717
|
|||||
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007:
|
|||||||||
4,330
|
5.000%, 8/01/26 (Pre-refunded 8/01/17) – NPFG Insured (UB)
|
8/17 at 100.00
|
Aaa
|
4,604,609
|
|||||
5,620
|
5.000%, 8/01/30 (Pre-refunded 8/01/17) – NPFG Insured (UB)
|
8/17 at 100.00
|
Aaa
|
5,976,420
|
|||||
3,640
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.000%, 8/01/39 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
A1 (5)
|
4,280,604
|
|||||
1,500
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
Aaa
|
1,781,400
|
|||||
1,535
|
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/32 (Pre-refunded 5/01/17) – NPFG Insured
|
5/17 at 100.00
|
Aa1 (5)
|
1,616,278
|
|||||
2,275
|
Troy City School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/19 (Pre-refunded 5/01/16) – NPFG Insured
|
5/16 at 100.00
|
Aa1 (5)
|
2,293,905
|
|||||
45,220
|
Total U.S. Guaranteed
|
48,975,652
|
|||||||
Utilities – 13.7% (9.0% 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
|
3,154,470
|
|||||
6,020
|
5.000%, 7/01/39
|
No Opt. Call
|
AA
|
6,925,106
|
|||||
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, Series 2008A:
|
|||||||||
390
|
5.000%, 7/01/28
|
7/18 at 100.00
|
AA–
|
424,176
|
|||||
8,250
|
5.000%, 7/01/32
|
7/18 at 100.00
|
AA–
|
8,896,222
|
|||||
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond Trust 4700:
|
|||||||||
1,700
|
18.374%, 7/01/37 (IF) (4)
|
7/21 at 100.00
|
AA–
|
2,700,144
|
|||||
1,110
|
18.374%, 7/01/37 (IF) (4)
|
7/21 at 100.00
|
AA–
|
1,763,035
|
|||||
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:
|
|||||||||
1,900
|
5.000%, 1/01/27
|
1/22 at 100.00
|
A2
|
2,131,268
|
|||||
4,530
|
5.000%, 1/01/43
|
1/22 at 100.00
|
A2
|
4,863,544
|
|||||
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
|
2,013,686
|
|||||
1,990
|
5.000%, 1/01/25 – AGM Insured
|
1/21 at 100.00
|
AA
|
2,261,038
|
|||||
2,180
|
5.000%, 1/01/26 – AGM Insured
|
1/21 at 100.00
|
AA
|
2,465,100
|
|||||
290
|
5.000%, 1/01/27 – AGM Insured
|
1/21 at 100.00
|
AA
|
326,221
|
|||||
3,640
|
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured
|
No Opt. Call
|
Aa3
|
4,634,776
|
|||||
2,700
|
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015, 5.000%, 10/01/44 – BAM Insured
|
10/25 at 100.00
|
AA
|
2,893,185
|
|||||
39,210
|
Total Utilities
|
45,451,971
|
36
|
Nuveen Investments
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Water and Sewer – 15.3% (10.1% of Total Investments)
|
|||||||||
$
|
425
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
|
7/18 at 100.00
|
AA+
|
$
|
459,115
|
|||
10,100
|
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.000%, 7/01/34 – AGM Insured
|
7/16 at 100.00
|
AA
|
10,178,981
|
|||||
190
|
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
|
No Opt. Call
|
AA
|
191,493
|
|||||
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
|
1,176,930
|
|||||
1,000
|
5.000%, 1/01/33
|
1/24 at 100.00
|
Aa1
|
1,173,050
|
|||||
1,000
|
5.000%, 1/01/34
|
1/24 at 100.00
|
Aa1
|
1,169,180
|
|||||
1,855
|
5.000%, 1/01/44
|
1/24 at 100.00
|
Aa1
|
2,120,729
|
|||||
2,605
|
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – AGC Insured
|
1/19 at 100.00
|
AA
|
2,863,859
|
|||||
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
|
1,702,050
|
|||||
1,220
|
5.000%, 7/01/37 – AGM Insured
|
7/24 at 100.00
|
AA
|
1,374,806
|
|||||
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012:
|
|||||||||
2,000
|
5.000%, 10/01/31
|
10/22 at 100.00
|
AAA
|
2,374,060
|
|||||
1,135
|
5.000%, 10/01/32
|
10/22 at 100.00
|
AAA
|
1,342,274
|
|||||
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate Refunding Series 2013:
|
|||||||||
2,005
|
5.000%, 10/01/19
|
No Opt. Call
|
AAA
|
2,305,008
|
|||||
1,955
|
5.000%, 10/01/22
|
No Opt. Call
|
AAA
|
2,416,243
|
|||||
3,200
|
5.000%, 10/01/25
|
10/22 at 100.00
|
AAA
|
3,903,488
|
|||||
2,000
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series 2012, 5.000%, 10/01/20
|
No Opt. Call
|
AAA
|
2,367,800
|
|||||
580
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/19
|
5/16 at 100.00
|
AAA
|
582,407
|
|||||
170
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 5.000%, 10/01/19
|
5/16 at 100.00
|
AAA
|
173,645
|
|||||
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010:
|
|||||||||
390
|
5.000%, 10/01/26
|
No Opt. Call
|
AAA
|
455,637
|
|||||
475
|
5.000%, 10/01/30
|
No Opt. Call
|
AAA
|
549,133
|
|||||
90
|
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/23
|
5/16 at 100.00
|
AAA
|
90,373
|
|||||
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:
|
|||||||||
70
|
5.000%, 10/01/23
|
10/17 at 100.00
|
AAA
|
74,962
|
|||||
225
|
5.000%, 10/01/24
|
10/17 at 100.00
|
AAA
|
241,025
|
|||||
8,245
|
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Series 2006, 5.000%, 11/01/31 – NPFG Insured
|
11/16 at 100.00
|
AA
|
8,447,826
|
|||||
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:
|
|||||||||
500
|
5.250%, 10/01/31
|
10/21 at 100.00
|
A
|
552,870
|
|||||
1,500
|
5.625%, 10/01/40
|
10/21 at 100.00
|
A
|
1,692,945
|
|||||
700
|
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – NPFG Insured
|
7/18 at 100.00
|
AA–
|
759,941
|
|||||
46,135
|
Total Water and Sewer
|
50,739,830
|
|||||||
$
|
467,085
|
Total Long-Term Investments (cost $468,108,771)
|
504,350,414
|
||||||
Floating Rate Obligations – (5.7)%
|
(18,890,000
|
)
|
|||||||
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (48.0)% (6)
|
(159,000,000
|
)
|
|||||||
Other Assets Less Liabilities – 1.5%
|
5,005,310
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
331,465,724
|
Nuveen Investments
|
37
|
NUM
|
Nuveen Michigan Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
(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 (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(6)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 31.5%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(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.
|
38
|
Nuveen Investments
|
NUO
|
||
Nuveen Ohio Quality Income Municipal Fund
|
||
Portfolio of Investments
|
February 29, 2016
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
LONG-TERM INVESTMENTS – 144.2% (100.0% of Total Investments)
|
|||||||||
MUNICIPAL BONDS – 144.2% (100.0% of Total Investments)
|
|||||||||
Consumer Staples – 4.8% (3.3% of Total Investments)
|
|||||||||
$
|
400
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1, 5.000%, 6/01/16
|
No Opt. Call
|
Aaa
|
$
|
403,924
|
|||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
15,035
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B–
|
13,870,539
|
|||||
1,085
|
5.875%, 6/01/47
|
6/17 at 100.00
|
B–
|
977,661
|
|||||
16,520
|
Total Consumer Staples
|
15,252,124
|
|||||||
Education and Civic Organizations – 7.5% (5.2% of Total Investments)
|
|||||||||
4,375
|
Miami University of Ohio, General Receipts Bonds, Refunding Series 2014, 5.000%, 9/01/33
|
9/24 at 100.00
|
AA
|
5,153,356
|
|||||
Miami University of Ohio, General Receipts Bonds, Series 2011:
|
|||||||||
130
|
5.000%, 9/01/33
|
No Opt. Call
|
AA
|
150,604
|
|||||
1,960
|
5.000%, 9/01/36
|
9/21 at 100.00
|
AA
|
2,270,640
|
|||||
Miami University of Ohio, General Receipts Bonds, Series 2012:
|
|||||||||
480
|
4.000%, 9/01/32
|
9/22 at 100.00
|
AA
|
518,486
|
|||||
1,000
|
4.000%, 9/01/33
|
9/22 at 100.00
|
AA
|
1,076,470
|
|||||
370
|
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 2006, 5.000%, 7/01/41
|
7/16 at 100.00
|
A+
|
374,806
|
|||||
2,280
|
Ohio Higher Educational Facilities Commission, General Revenue Bonds, University of Dayton, 2006 Project, Series 2006, 5.000%, 12/01/30 – AMBAC Insured
|
12/16 at 100.00
|
A
|
2,345,801
|
|||||
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, Series 2012:
|
|||||||||
120
|
5.000%, 11/01/27
|
5/22 at 100.00
|
AA
|
143,327
|
|||||
590
|
5.000%, 11/01/32
|
5/22 at 100.00
|
AA
|
691,781
|
|||||
5,000
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Series 2013, 5.000%, 12/01/43
|
12/22 at 100.00
|
A
|
5,574,800
|
|||||
2,250
|
Ohio State Higher Education Facilities, Revenue Bonds, Case Western Reserve University, Series 2006, 5.000%, 12/01/44 – NPFG Insured
|
12/16 at 100.00
|
AA–
|
2,316,465
|
|||||
950
|
Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 2008A, 5.500%, 12/01/28
|
12/18 at 100.00
|
A3
|
1,049,370
|
|||||
1,000
|
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39
|
12/22 at 100.00
|
Aa3
|
1,150,350
|
|||||
1,000
|
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45
|
3/25 at 100.00
|
N/R
|
1,019,490
|
|||||
21,505
|
Total Education and Civic Organizations
|
23,835,746
|
|||||||
Health Care – 30.3% (21.0% of Total Investments)
|
|||||||||
3,000
|
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children's Hospital Medical Center, Improvement Series 2013, 5.000%, 11/15/38
|
5/23 at 100.00
|
A1
|
3,313,620
|
|||||
1,950
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010A, 5.250%, 6/01/38
|
6/20 at 100.00
|
AA–
|
2,183,552
|
|||||
3,500
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.500%, 11/01/40
|
11/20 at 100.00
|
A
|
4,095,700
|
|||||
6,575
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children's Medical Center Project, Series 2006K, 5.000%, 5/15/31 – FGIC Insured
|
5/16 at 100.00
|
A3
|
6,620,170
|
|||||
2,400
|
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43
|
6/23 at 100.00
|
Baa2
|
2,601,720
|
Nuveen Investments
|
39
|
NUO
|
Nuveen Ohio Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
Amount (000)
|
Description (1)
|
Optional Call Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Improvement Series 2009:
|
|||||||||
$
|
250
|
5.000%, 11/01/34
|
11/19 at 100.00
|
Aa2
|
$
|
277,263
|
|||
2,615
|
5.250%, 11/01/40
|
11/19 at 100.00
|
Aa2
|
2,907,514
|
|||||
2,470
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Series 2008A, 5.000%, 11/01/40
|
11/18 at 100.00
|
Aa2
|
2,649,791
|
|||||
250
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
|
11/21 at 100.00
|
AA+
|
278,693
|
|||||
4,480
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option Bond Trust 11-21B, 9.394%, 11/15/41 (IF) (4)
|
11/21 at 100.00
|
AA+
|
5,508,339
|
|||||
3,225
|
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 2011A, 6.250%, 12/01/34
|
6/21 at 100.00
|
A2
|
3,814,369
|
|||||
300
|
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 6.000%, 8/15/29
|
8/18 at 100.00
|
A3
|
329,283
|
|||||
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D:
|
|||||||||
90
|
5.000%, 11/15/38
|
11/18 at 100.00
|
AA
|
96,915
|
|||||
40
|
5.125%, 11/15/40
|
11/18 at 100.00
|
AA
|
43,084
|
|||||
3,965
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
|
11/21 at 100.00
|
AA
|
4,766,961
|
|||||
1,500
|
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center Inc., Series 2006, 5.250%, 5/15/21
|
5/16 at 100.00
|
A
|
1,514,670
|
|||||
820
|
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/41
|
8/21 at 100.00
|
A2
|
898,982
|
|||||
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A:
|
|||||||||
3,700
|
5.000%, 5/01/30
|
5/16 at 100.00
|
A+
|
3,712,654
|
|||||
2,500
|
5.000%, 5/01/32
|
5/16 at 100.00
|
A+
|
2,505,875
|
|||||
6,105
|
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/44
|
2/23 at 100.00
|
BB+
|
6,315,073
|
|||||
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2008A:
|
|||||||||
3,000
|
5.000%, 1/01/25
|
1/18 at 100.00
|
Aa2
|
3,227,220
|
|||||
240
|
5.250%, 1/01/33
|
1/18 at 100.00
|
Aa2
|
258,535
|
|||||
1,100
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38
|
1/22 at 100.00
|
Aa2
|
1,255,562
|
|||||
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010:
|
|||||||||
1,500
|
5.750%, 11/15/40 – AGM Insured
|
5/20 at 100.00
|
AA
|
1,698,780
|
|||||
1,520
|
5.250%, 11/15/40 – AGM Insured
|
5/20 at 100.00
|
AA
|
1,682,822
|
|||||
8,050
|
Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009A, 5.500%, 1/01/39
|
1/19 at 100.00
|
Aa2
|
9,042,002
|
|||||
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 2015-XF0105:
|
|||||||||
5,350
|
20.047%, 1/01/33 (IF)
|
1/19 at 100.00
|
Aa2
|
7,987,122
|
|||||
875
|
20.047%, 7/01/36 (IF)
|
1/18 at 100.00
|
Aa2
|
1,149,855
|
|||||
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
|
1,154,630
|
|||||
2,000
|
5.000%, 1/15/29
|
1/23 at 100.00
|
A
|
2,298,420
|
|||||
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008:
|
|||||||||
1,425
|
5.750%, 12/01/28
|
12/18 at 100.00
|
A–
|
1,590,343
|
|||||
1,385
|
5.750%, 12/01/35
|
12/18 at 100.00
|
A–
|
1,534,940
|
|||||
1,000
|
5.750%, 12/01/35 – AGC Insured
|
12/18 at 100.00
|
AA
|
1,108,260
|
40
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012:
|
||||||||||
$
|
2,635
|
5.000%, 12/01/37
|
No Opt. Call
|
Baa2
|
$
|
2,790,281
|
||||
4,920
|
5.000%, 12/01/42
|
No Opt. Call
|
Baa2
|
5,186,074
|
||||||
85,735
|
Total Health Care
|
96,399,074
|
||||||||
Housing/Multifamily – 2.6% (1.8% of Total Investments)
|
||||||||||
1,265
|
Clermont County, Ohio, GNMA Collateralized Mortgage Revenue Bonds, S.E.M. Villa II Project, Series 1994A, 5.950%, 2/20/30
|
8/16 at 100.00
|
N/R
|
1,267,973
|
||||||
495
|
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Agler Project, Series 2002A, 5.550%, 5/20/22 (Alternative Minimum Tax)
|
5/16 at 100.00
|
Aaa
|
496,346
|
||||||
1,600
|
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax)
|
10/18 at 101.00
|
Aa1
|
1,684,368
|
||||||
1,165
|
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax)
|
6/16 at 102.00
|
A1
|
1,187,193
|
||||||
3,390
|
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax)
|
9/17 at 102.00
|
Aa1
|
3,523,600
|
||||||
7,915
|
Total Housing/Multifamily
|
8,159,480
|
||||||||
Industrials – 2.0% (1.4% of Total Investments)
|
||||||||||
2,055
|
Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland Christian Home Project, Series 2002C, 5.950%, 5/15/22
|
5/16 at 100.00
|
BBB+
|
2,063,446
|
||||||
3,495
|
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., Series 1992, 6.450%, 12/15/21
|
No Opt. Call
|
Baa1
|
4,421,105
|
||||||
1,600
|
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5)
|
7/17 at 102.00
|
N/R
|
7,824
|
||||||
7,150
|
Total Industrials
|
6,492,375
|
||||||||
Long-Term Care – 1.1% (0.8% of Total Investments)
|
||||||||||
895
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
|
7/21 at 100.00
|
BBB–
|
983,569
|
||||||
2,220
|
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40
|
4/20 at 100.00
|
BBB–
|
2,469,550
|
||||||
3,115
|
Total Long-Term Care
|
3,453,119
|
||||||||
Tax Obligation/General – 21.8% (15.2% of Total Investments)
|
||||||||||
Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements, Series 2012:
|
||||||||||
1,140
|
5.000%, 12/01/26
|
6/22 at 100.00
|
Aaa
|
1,369,573
|
||||||
2,545
|
5.000%, 12/01/28
|
6/22 at 100.00
|
Aaa
|
3,031,884
|
||||||
1,605
|
5.000%, 12/01/29
|
6/22 at 100.00
|
Aaa
|
1,906,660
|
||||||
2,000
|
Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29
|
12/19 at 100.00
|
AA
|
2,258,760
|
||||||
1,140
|
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School Facilities Improvement Series 2011, 5.000%, 11/01/39 – AGM Insured
|
11/21 at 100.00
|
A2
|
1,263,713
|
||||||
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+
|
3,199,399
|
||||||
5,835
|
0.000%, 12/01/28 – AGM Insured
|
No Opt. Call
|
AA+
|
4,196,065
|
||||||
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015:
|
||||||||||
725
|
5.000%, 12/01/26
|
12/25 at 100.00
|
Aaa
|
930,074
|
||||||
900
|
5.000%, 12/01/32
|
12/25 at 100.00
|
Aaa
|
1,110,348
|
||||||
1,000
|
5.000%, 12/01/34
|
12/25 at 100.00
|
Aaa
|
1,222,960
|
||||||
1,730
|
Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31
|
12/23 at 100.00
|
AAA
|
2,106,638
|
Nuveen Investments
|
41
|
NUO
|
Nuveen Ohio Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
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
|
$
|
1,498,946
|
||||
1,540
|
5.000%, 11/01/31
|
11/24 at 100.00
|
Aa2
|
1,822,621
|
||||||
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
|
630,635
|
||||||
1,355
|
5.250%, 1/01/41
|
1/22 at 100.00
|
AA
|
1,531,841
|
||||||
1,355
|
Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009, 5.125%, 12/01/36
|
12/19 at 100.00
|
Aa1
|
1,512,112
|
||||||
6,580
|
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities Improvement and Refunding Bonds, Series 2007, 5.000%,
12/01/34 – NPFG Insured |
6/17 at 100.00
|
AA–
|
6,883,141
|
||||||
2,160
|
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 0.000%, 12/01/21
|
No Opt. Call
|
Aa1
|
1,986,682
|
||||||
2,620
|
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40
|
10/18 at 100.00
|
AA
|
2,859,835
|
||||||
4,500
|
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
|
No Opt. Call
|
A2
|
5,757,075
|
||||||
1,305
|
Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2006, 5.500%, 12/01/24 – AMBAC Insured
|
No Opt. Call
|
Baa1
|
1,607,616
|
||||||
725
|
Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36
|
6/22 at 100.00
|
Aa3
|
819,910
|
||||||
2,300
|
Northmor Local School District, Morrow County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2008, 5.000%, 11/01/36
|
11/18 at 100.00
|
Aa2
|
2,512,888
|
||||||
3,000
|
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 5.000%, 5/01/29
|
5/24 at 100.00
|
AAA
|
3,635,910
|
||||||
3,055
|
Ohio State, General Obligation Bonds, Refunding Common Schools Series 2015B, 5.000%, 6/15/32
|
6/22 at 100.00
|
AA+
|
3,622,252
|
||||||
5,000
|
South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban Redevelopment, Series 2012, 5.000%, 6/01/42
|
6/22 at 100.00
|
Aa2
|
5,488,500
|
||||||
2,250
|
South-Western City School District, Franklin and Pickaway Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36
|
6/22 at 100.00
|
AA
|
2,612,295
|
||||||
1,500
|
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/32
|
No Opt. Call
|
AA
|
1,944,165
|
||||||
70
|
Strongsville, Ohio, Limited Tax General Obligation Various Purpose Improvement Bonds, Series 1996, 5.950%, 12/01/21
|
5/16 at 100.00
|
Aaa
|
70,350
|
||||||
64,060
|
Total Tax Obligation/General
|
69,392,848
|
||||||||
Tax Obligation/Limited – 32.9% (22.8% of Total Investments)
|
||||||||||
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2013A-2:
|
||||||||||
1,315
|
5.000%, 10/01/27
|
10/23 at 100.00
|
AA
|
1,583,510
|
||||||
1,520
|
5.000%, 10/01/30
|
10/23 at 100.00
|
AA
|
1,801,930
|
||||||
1,600
|
5.000%, 10/01/31
|
10/23 at 100.00
|
AA
|
1,887,008
|
||||||
10,750
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2, 5.000%, 10/01/37
|
10/23 at 100.00
|
AA
|
12,404,210
|
||||||
3,000
|
Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series 2014A-1, 5.000%, 11/15/38
|
11/23 at 100.00
|
AA
|
3,434,610
|
||||||
500
|
Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard Avenue Parking Facility Project, Series 2012A, 5.000%, 12/01/36
|
12/19 at 100.00
|
BBB
|
511,115
|
||||||
6,750
|
Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention Center Project, Recovery Zone Facility Series 2010F, 5.000%, 12/01/27
|
12/20 at 100.00
|
Aa2
|
7,765,200
|
42
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2014:
|
||||||||||
$
|
1,815
|
5.000%, 12/01/32
|
12/24 at 100.00
|
AAA
|
$
|
2,176,076
|
||||
1,415
|
5.000%, 12/01/33
|
12/24 at 100.00
|
AAA
|
1,690,345
|
||||||
1,000
|
5.000%, 12/01/34
|
12/24 at 100.00
|
AAA
|
1,190,260
|
||||||
945
|
5.000%, 12/01/35
|
12/24 at 100.00
|
AAA
|
1,119,910
|
||||||
300
|
Delaware County District Library, Ohio, Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34
|
12/19 at 100.00
|
Aa2
|
324,921
|
||||||
1,920
|
Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44
|
12/25 at 100.00
|
Aa1
|
2,219,750
|
||||||
10,350
|
Franklin County Convention Facilities Authority, Ohio, Tax and Lease Revenue Anticipation and Refunding Bonds, Columbus City & Franklin County Lessees, Series 2014, 5.000%, 12/01/35
|
12/24 at 100.00
|
Aaa
|
12,071,825
|
||||||
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2012:
|
||||||||||
1,010
|
5.250%, 12/01/27
|
12/21 at 100.00
|
AAA
|
1,217,868
|
||||||
1,090
|
5.250%, 12/01/28
|
12/21 at 100.00
|
AAA
|
1,314,333
|
||||||
760
|
5.250%, 12/01/30
|
12/21 at 100.00
|
AAA
|
902,842
|
||||||
600
|
5.000%, 12/01/31
|
12/21 at 100.00
|
AAA
|
699,954
|
||||||
1,000
|
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2015, 5.000%, 12/01/34
|
12/25 at 100.00
|
AAA
|
1,199,860
|
||||||
7,250
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 5.000%, 12/01/32 – AMBAC Insured
|
12/16 at 100.00
|
A+
|
7,464,165
|
||||||
5,565
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 – AGM Insured
|
No Opt. Call
|
AA
|
3,805,124
|
||||||
5,000
|
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31
|
12/21 at 100.00
|
A+
|
5,631,750
|
||||||
20,700
|
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
|
1/23 at 100.00
|
AA
|
23,501,951
|
||||||
1,000
|
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/24
|
10/22 at 100.00
|
A1
|
1,164,510
|
||||||
2,000
|
Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured
|
No Opt. Call
|
AA
|
2,099,260
|
||||||
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Refunding Series 2012A:
|
||||||||||
1,645
|
5.000%, 12/01/23
|
12/22 at 100.00
|
AA+
|
1,992,539
|
||||||
1,200
|
5.000%, 12/01/24
|
12/22 at 100.00
|
AA+
|
1,443,120
|
||||||
Vermilion Local School District, East and Lorain Counties, Ohio, Certificates of Participation, Series 2012:
|
||||||||||
765
|
5.000%, 12/01/24
|
No Opt. Call
|
Aa3
|
890,269
|
||||||
805
|
5.000%, 12/01/25
|
12/20 at 100.00
|
Aa3
|
934,565
|
||||||
93,570
|
Total Tax Obligation/Limited
|
104,442,780
|
||||||||
Transportation – 10.0% (6.9% of Total Investments)
|
||||||||||
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:
|
||||||||||
2,150
|
5.000%, 1/01/30
|
1/22 at 100.00
|
A–
|
2,396,949
|
||||||
1,500
|
5.000%, 1/01/31 – AGM Insured
|
1/22 at 100.00
|
AA
|
1,689,480
|
||||||
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
|
978,190
|
||||||
500
|
5.000%, 12/01/34 – AGM Insured
|
12/23 at 100.00
|
AA
|
567,235
|
||||||
Ohio State Treasurer, Tax-Exempt Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth Bypass Project, Series 2015:
|
||||||||||
2,500
|
5.000%, 12/31/35 – AGM Insured (Alternative Minimum Tax)
|
6/25 at 100.00
|
AA
|
2,823,975
|
||||||
3,000
|
5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax)
|
6/25 at 100.00
|
AA
|
3,355,620
|
||||||
4,250
|
5.000%, 6/30/53 (Alternative Minimum Tax)
|
6/25 at 100.00
|
A–
|
4,615,373
|
||||||
3,550
|
Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/18 – FGIC Insured
|
No Opt. Call
|
AA
|
3,887,712
|
||||||
2,050
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/39
|
2/23 at 100.00
|
A+
|
2,382,531
|
Nuveen Investments
|
43
|
NUO
|
Nuveen Ohio Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Transportation (continued)
|
||||||||||
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
|
A+
|
$
|
2,236,600
|
||||
11,260
|
0.000%, 2/15/38
|
No Opt. Call
|
A+
|
4,816,015
|
||||||
5,000
|
0.000%, 2/15/40
|
No Opt. Call
|
A+
|
1,928,850
|
||||||
41,620
|
Total Transportation
|
31,678,530
|
||||||||
U.S. Guaranteed – 16.3% (11.3% of Total Investments) (6)
|
||||||||||
4,705
|
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)
|
2/18 at 100.00
|
N/R (6)
|
5,129,673
|
||||||
125
|
Barberton City School District, Summit County, Ohio, General Obligation Bonds, School Improvement Series 2008, 5.250%, 12/01/31 (Pre-refunded 6/01/18)
|
6/18 at 100.00
|
AA (6)
|
137,843
|
||||||
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 (6)
|
135,093
|
||||||
245
|
5.000%, 12/01/28 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R (6)
|
300,889
|
||||||
160
|
5.000%, 12/01/29 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R (6)
|
196,499
|
||||||
Cincinnati City School District, Ohio, Certificates of Participation, School Improvement Project, Series 2006:
|
||||||||||
95
|
5.000%, 12/15/32 (Pre-refunded 12/15/16) – AGM Insured
|
12/16 at 100.00
|
AA (6)
|
98,485
|
||||||
30
|
5.000%, 12/15/32 (Pre-refunded 12/15/16) – AGM Insured
|
12/16 at 100.00
|
AA (6)
|
31,100
|
||||||
Cincinnati, Ohio, General Obligation Bonds, Various Purpose Series 2012A:
|
||||||||||
1,960
|
5.000%, 12/01/31 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
Aa2 (6)
|
2,326,853
|
||||||
875
|
5.000%, 12/01/32 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
Aa2 (6)
|
1,038,774
|
||||||
Franklin County, Ohio, General Obligation Bonds, Various Purpose Series 2007:
|
||||||||||
3,355
|
5.000%, 12/01/27 (Pre-refunded 12/01/17)
|
12/17 at 100.00
|
AAA
|
3,614,107
|
||||||
1,840
|
5.000%, 12/01/28 (Pre-refunded 12/01/17)
|
12/17 at 100.00
|
AAA
|
1,982,103
|
||||||
12,750
|
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 (Pre-refunded 6/01/17) – AGM Insured
|
6/17 at 100.00
|
AA (6)
|
13,469,610
|
||||||
3,000
|
Hilliard City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006A, 5.000%, 12/01/25 (Pre-refunded 12/01/16) – NPFG Insured
|
12/16 at 100.00
|
Aa1 (6)
|
3,105,180
|
||||||
1,565
|
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 6.000%, 8/15/29 (Pre-refunded 8/15/18)
|
8/18 at 100.00
|
N/R (6)
|
1,768,168
|
||||||
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007:
|
||||||||||
1,010
|
5.000%, 12/01/25 (Pre-refunded 12/01/17) – FGIC Insured
|
12/17 at 100.00
|
Aa2 (6)
|
1,088,002
|
||||||
775
|
5.000%, 12/01/30 (Pre-refunded 12/01/17) – FGIC Insured
|
12/17 at 100.00
|
Aa2 (6)
|
834,853
|
||||||
1,195
|
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2006, 5.250%, 12/01/24 (Pre-refunded 12/01/16) – SYNCORA GTY Insured
|
12/16 at 100.00
|
N/R (6)
|
1,238,689
|
||||||
1,000
|
Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, School Improvement Series 2007, 5.000%, 12/01/31 (Pre-refunded 6/01/17)
|
6/17 at 100.00
|
Aa1 (6)
|
1,056,440
|
||||||
1,500
|
Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 5.250%, 12/01/36 (Pre-refunded 12/01/18)
|
12/18 at 100.00
|
Aa3 (6)
|
1,686,360
|
||||||
2,780
|
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 2006, 5.000%, 7/01/41 (Pre-refunded 7/01/16)
|
7/16 at 100.00
|
N/R (6)
|
2,824,369
|
||||||
95
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, University Hospitals Health System Inc., Series 2007A, 5.250%, 1/15/46 (Pre-refunded 1/15/17) – BHAC Insured
|
1/17 at 100.00
|
AA+ (6)
|
99,013
|
||||||
140
|
Ohio Higher Educational Facilities Commission, General Revenue Bonds, University of Dayton, 2006 Project, Series 2006, 5.000%, 12/01/30 (Pre-refunded 12/01/16) – AMBAC Insured
|
12/16 at 100.00
|
A2 (6)
|
144,908
|
||||||
3,000
|
Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds, Xavier University 2008C, 5.750%, 5/01/28 (Pre-refunded 11/01/18)
|
11/18 at 100.00
|
A– (6)
|
3,401,610
|
||||||
1,220
|
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, Series 2008, 5.000%, 6/01/28
(Pre-refunded 6/01/18) – AGM Insured |
6/18 at 100.00
|
AAA
|
1,338,523
|
||||||
500
|
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/36 (Pre-refunded 6/01/18)
|
6/18 at 100.00
|
AA+ (6)
|
548,575
|
44
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (6) (continued)
|
||||||||||
$
|
2,300
|
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 5.250%, 11/15/36 (Pre-refunded 11/15/16)
|
11/16 at 100.00
|
N/R (6)
|
$
|
2,377,947
|
||||
700
|
Sylvania City School District, Lucas County, Ohio, General Obligation Bonds, School Improvement Series 1995, 5.250%, 12/01/36
(Pre-refunded 6/01/17) – AGC Insured |
6/17 at 100.00
|
AA (6)
|
741,692
|
||||||
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 (6)
|
780,722
|
||||||
315
|
5.125%, 12/01/37 (Pre-refunded 6/01/19)
|
6/19 at 100.00
|
Aa3 (6)
|
359,018
|
||||||
48,030
|
Total U.S. Guaranteed
|
51,855,098
|
||||||||
Utilities – 4.1% (2.8% of Total Investments)
|
||||||||||
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A:
|
||||||||||
50
|
5.000%, 2/15/38 – AGC Insured
|
2/18 at 100.00
|
AA
|
53,408
|
||||||
295
|
5.250%, 2/15/43
|
2/18 at 100.00
|
A1
|
316,470
|
||||||
1,500
|
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2015A, 5.000%, 2/15/42
|
2/24 at 100.00
|
A1
|
1,681,695
|
||||||
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B:
|
||||||||||
2,000
|
0.000%, 11/15/28 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,345,780
|
||||||
6,895
|
0.000%, 11/15/32 – NPFG Insured
|
No Opt. Call
|
AA–
|
3,807,626
|
||||||
2,155
|
0.000%, 11/15/34 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,096,270
|
||||||
1,500
|
Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009B, 5.800%, 12/01/38
|
12/19 at 100.00
|
Baa1
|
1,692,000
|
||||||
2,025
|
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
|
No Opt. Call
|
BBB–
|
2,270,106
|
||||||
950
|
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured
|
No Opt. Call
|
AA–
|
645,402
|
||||||
17,370
|
Total Utilities
|
12,908,757
|
||||||||
Water and Sewer – 10.8% (7.5% of Total Investments)
|
||||||||||
8,150
|
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37 Cleveland, Ohio, Water Revenue Bonds, Refunding Second Lien Series 2012A:
|
12/21 at 100.00
|
AAA
|
9,580,570
|
||||||
2,500
|
5.000%, 1/01/25
|
1/22 at 100.00
|
Aa2
|
2,990,450
|
||||||
1,975
|
5.000%, 1/01/26
|
1/22 at 100.00
|
Aa2
|
2,349,065
|
||||||
2,035
|
Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42
|
1/22 at 100.00
|
Aa1
|
2,359,623
|
||||||
865
|
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured
|
No Opt. Call
|
Aa1
|
970,746
|
||||||
1,275
|
Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2014A, 5.000%, 12/01/31
|
12/24 at 100.00
|
AA+
|
1,531,989
|
||||||
1,220
|
Hamilton, Ohio, Wastewater System Revenue Bonds, Series 2005, 5.250%, 10/01/22 – AGM Insured
|
5/16 at 100.00
|
A1
|
1,225,246
|
||||||
2,025
|
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – AGM Insured
|
12/20 at 100.00
|
A2
|
2,200,163
|
||||||
475
|
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2006, 5.250%, 12/01/24 – SYNCORA GTY Insured
|
12/16 at 100.00
|
A–
|
492,542
|
||||||
225
|
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2007, 5.000%, 12/01/37 – SYNCORA GTY Insured
|
12/17 at 100.00
|
A–
|
239,105
|
||||||
865
|
Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 – AMBAC Insured
|
12/17 at 100.00
|
A1
|
920,161
|
||||||
3,000
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 11/15/44
|
11/24 at 100.00
|
AA+
|
3,464,280
|
||||||
2,000
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2013, 5.000%, 11/15/38
|
5/23 at 100.00
|
AA+
|
2,339,480
|
Nuveen Investments
|
45
|
NUO
|
Nuveen Ohio Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013:
|
||||||||||
$
|
820
|
5.000%, 11/15/25
|
11/23 at 100.00
|
Aa3
|
$
|
987,977
|
||||
605
|
5.000%, 11/15/26
|
11/23 at 100.00
|
Aa3
|
721,807
|
||||||
1,075
|
5.000%, 11/15/27
|
11/23 at 100.00
|
Aa3
|
1,273,563
|
||||||
695
|
5.000%, 11/15/28
|
11/23 at 100.00
|
Aa3
|
818,217
|
||||||
29,805
|
Total Water and Sewer
|
34,464,984
|
||||||||
$
|
436,395
|
Total Long-Term Investments (cost $419,167,294)
|
458,334,915
|
|||||||
Variable Rate Demand Preferred Shares, at Liquidation Preference – (46.6)% (7)
|
(148,000,000
|
) | ||||||||
Other Assets Less Liabilities – 2.4%
|
7,521,066
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
317,855,981
|
(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 (not covered by the report of independent registered public accounting firm): 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.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(7)
|
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 32.3%.
|
(IF)
|
Inverse floating rate investment.
|
46
|
Nuveen Investments
|
NTX
|
||
Nuveen Texas Quality Income Municipal Fund
|
||
Portfolio of Investments
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 142.9% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 142.9% (100.0% of Total Investments)
|
||||||||||
Consumer Discretionary – 3.6% (2.5% of Total Investments)
|
||||||||||
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006A:
|
||||||||||
$
|
1,450
|
5.250%, 1/01/18 – SYNCORA GTY Insured
|
1/17 at 100.00
|
BBB–
|
$
|
1,491,311
|
||||
1,000
|
5.250%, 1/01/24 – SYNCORA GTY Insured
|
1/17 at 100.00
|
BBB–
|
1,024,630
|
||||||
1,000
|
5.000%, 1/01/34 – SYNCORA GTY Insured
|
1/17 at 100.00
|
BBB–
|
1,009,150
|
||||||
2,200
|
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment Zone Bonds, Series 2005A, 5.000%,
7/15/39 – AMBAC Insured (Alternative Minimum Tax) |
5/16 at 100.00
|
A3
|
2,208,338
|
||||||
5,650
|
Total Consumer Discretionary
|
5,733,429
|
||||||||
Education and Civic Organizations – 12.5% (8.8% of Total Investments)
|
||||||||||
2,500
|
Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding Series 2015A, 5.000%, 7/01/28
|
7/24 at 100.00
|
AAA
|
3,082,000
|
||||||
2,000
|
Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2012B, 5.000%, 8/15/22
|
No Opt. Call
|
AAA
|
2,463,160
|
||||||
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
|
||||||||||
2,000
|
4.350%, 12/01/42
|
12/22 at 100.00
|
BBB–
|
1,965,700
|
||||||
1,000
|
4.400%, 12/01/47
|
12/22 at 100.00
|
BBB–
|
981,470
|
||||||
1,000
|
Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, John H. Wood Jr. Public Charter District, Inspire Academies, Series 2013A, 6.000%, 8/15/28
|
8/23 at 100.00
|
BBB–
|
1,110,870
|
||||||
1,000
|
Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist University Project, Improvement and Refunding Series 2010, 5.000%, 3/01/35
|
3/21 at 100.00
|
A–
|
1,093,970
|
||||||
1,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Medical Facilities Revenue Refunding Bonds, Baylor College of Medicine, Series 2012A, 5.000%, 11/15/26
|
11/22 at 100.00
|
A–
|
1,154,880
|
||||||
3,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men's Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/38
|
6/23 at 100.00
|
Baa3
|
3,238,080
|
||||||
2,000
|
Laredo Community College District, Webb County, Texas, Combined Fee Revenue Bonds, Series 2010, 5.250%, 8/01/35 – AGM Insured
|
8/20 at 100.00
|
AA
|
2,299,600
|
||||||
2,000
|
Lone Star College System, Harris, Montgomery and San Jacinto Counties, Texas, Revenue Financing System Bonds, Series 2013, 5.000%, 2/15/36
|
2/21 at 100.00
|
AA
|
2,282,660
|
||||||
200
|
Newark Cultural Education Facilities Finance Corporation, Texas, Lease Revenue Bonds, A.W. Brown-Fellowship Leadership Academy, Series 2012A, 6.000%, 8/15/42
|
5/16 at 102.00
|
BBB–
|
204,516
|
||||||
17,700
|
Total Education and Civic Organizations
|
19,876,906
|
||||||||
Energy – 1.3% (0.9% of Total Investments)
|
||||||||||
2,000
|
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)
|
10/22 at 100.00
|
BB
|
2,109,540
|
||||||
Health Care – 11.4% (8.0% of Total Investments)
|
||||||||||
1,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/35
|
12/22 at 100.00
|
A+
|
1,120,460
|
||||||
1,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45
|
6/25 at 100.00
|
AA
|
1,145,750
|
||||||
1,350
|
Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28
|
7/20 at 100.00
|
BB–
|
1,350,932
|
||||||
2,000
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children's Medical Center Dallas Project, Series 2009, 5.750%, 8/15/39
|
8/19 at 100.00
|
Aa2
|
2,267,520
|
Nuveen Investments
|
47
|
NTX
|
Nuveen Texas Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
885
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children's Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
|
8/22 at 100.00
|
Aa2
|
$
|
1,024,821
|
||||
515
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.125%, 9/01/33
|
9/23 at 100.00
|
A
|
581,234
|
||||||
1,155
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.250%, 8/15/40
|
8/20 at 100.00
|
AA–
|
1,294,501
|
||||||
1,590
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%,
7/01/37 – AGC Insured |
1/19 at 100.00
|
AA
|
1,792,566
|
||||||
2,510
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007B, 5.000%, 11/15/42
|
11/17 at 100.00
|
AA
|
2,645,992
|
||||||
1,720
|
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, East Texas Medical Center Regional Healthcare System, Series 2007A, 5.375%, 11/01/37
|
11/17 at 100.00
|
Baa3
|
1,765,511
|
||||||
700
|
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007B, 5.000%, 7/01/37
|
7/17 at 100.00
|
Baa1
|
718,347
|
||||||
2,250
|
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007, 5.000%, 7/01/33
|
7/17 at 100.00
|
Baa1
|
2,313,765
|
||||||
16,675
|
Total Health Care
|
18,021,399
|
||||||||
Housing/Multifamily – 2.1% (1.5% of Total Investments)
|
||||||||||
3,000
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured
|
4/24 at 100.00
|
AA
|
3,285,780
|
||||||
Long-Term Care – 0.9% (0.6% of Total Investments)
|
||||||||||
Bexar County, Texas, Health Facilities Development Corporation Revenue Bonds, Army Retirement Residence, Series 2007:
|
||||||||||
815
|
5.000%, 7/01/27
|
7/17 at 100.00
|
BBB
|
839,238
|
||||||
600
|
5.000%, 7/01/37
|
7/17 at 100.00
|
BBB
|
613,584
|
||||||
1,415
|
Total Long-Term Care
|
1,452,822
|
||||||||
Tax Obligation/General – 25.5% (17.8% of Total Investments)
|
||||||||||
400
|
Calallen Independent School District, Nueces County, Texas, General Obligation Bonds, School Building Series 2008, 5.000%, 2/15/38
|
2/18 at 100.00
|
AAA
|
429,928
|
||||||
1,620
|
Cameron County, Texas, General Obligation Bonds, State Highway 550 Project, Series 2012, 5.000%, 2/15/32 – AGM Insured
|
2/22 at 100.00
|
AA
|
1,825,772
|
||||||
1,500
|
College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32
|
2/21 at 100.00
|
AA+
|
1,705,365
|
||||||
1,000
|
El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series 2013, 5.000%, 8/15/33
|
8/23 at 100.00
|
AA–
|
1,109,160
|
||||||
1,750
|
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured
|
No Opt. Call
|
AA
|
2,089,850
|
||||||
3,255
|
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 0.000%, 8/01/45
|
8/21 at 100.00
|
A
|
632,902
|
||||||
1,360
|
Jacksonville Independent School District, Cherokee County, Texas, General Obligation Bonds, School Building Series 2014, 5.000%, 2/15/39
|
2/24 at 100.00
|
Aaa
|
1,562,762
|
||||||
2,675
|
Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 2014, 5.000%, 8/01/34
|
8/24 at 100.00
|
AA–
|
3,111,587
|
||||||
40
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/36
|
8/17 at 33.01
|
AAA
|
12,944
|
||||||
365
|
Lone Star College System, Harris and Montgomery Counties, Texas, General Obligation Bonds, Series 2009, 5.000%, 8/15/34
|
8/19 at 100.00
|
AAA
|
408,431
|
||||||
1,350
|
Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds, School Building Series 2013A, 5.000%, 2/15/43
|
No Opt. Call
|
AAA
|
1,556,942
|
||||||
1,750
|
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36
|
4/21 at 100.00
|
BBB
|
1,961,978
|
48
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
|
||||||||||
$
|
1,000
|
5.750%, 12/01/33
|
12/25 at 100.00
|
Baa2
|
$
|
1,137,970
|
||||
1,000
|
6.125%, 12/01/38
|
12/25 at 100.00
|
Baa2
|
1,139,380
|
||||||
2,000
|
Plano Independent School District, Collin County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/34
|
2/18 at 100.00
|
Aaa
|
2,166,240
|
||||||
1,425
|
Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E, 0.000%, 10/01/35
|
No Opt. Call
|
AAA
|
752,699
|
||||||
4,000
|
Prosper Independent School District, Collin County, Texas, General Obligation Bonds, Refunding Series 2015, 5.000%, 2/15/40
|
2/25 at 100.00
|
AAA
|
4,648,360
|
||||||
205
|
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39
|
2/24 at 100.00
|
Baa2
|
221,459
|
||||||
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42
|
No Opt. Call
|
AAA
|
2,291,680
|
||||||
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement, Series 2014, 5.000%, 4/01/44
|
4/24 at 100.00
|
AAA
|
2,305,520
|
||||||
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2014, 5.000%, 10/01/34
|
4/24 at 100.00
|
AAA
|
2,368,900
|
||||||
910
|
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, 5.000%, 4/01/30
|
4/18 at 100.00
|
AAA
|
986,840
|
||||||
3,025
|
Victoria Independent School District, Victoria County, Texas, General Obligation Bonds, School Building Series 2007, 5.000%, 2/15/32
|
2/17 at 100.00
|
AAA
|
3,149,570
|
||||||
West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998:
|
||||||||||
45
|
0.000%, 8/15/22
|
5/16 at 76.96
|
AAA
|
31,772
|
||||||
45
|
0.000%, 8/15/24
|
5/16 at 63.63
|
AAA
|
28,488
|
||||||
9,000
|
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital Appreciation Series 2015, 0.000%, 8/15/45
|
8/25 at 44.15
|
Aaa
|
2,802,960
|
||||||
45,720
|
Total Tax Obligation/General
|
40,439,459
|
||||||||
Tax Obligation/Limited – 22.4% (15.7% of Total Investments)
|
||||||||||
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
|
1,213,106
|
||||||
1,160
|
5.000%, 8/15/35 – AGM Insured
|
8/24 at 100.00
|
AA
|
1,317,366
|
||||||
1,000
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.250%, 8/15/38 – AGM Insured
|
8/19 at 100.00
|
AA
|
1,117,330
|
||||||
1,175
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/36
|
12/24 at 100.00
|
AA+
|
1,387,440
|
||||||
4,000
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/41
|
12/25 at 100.00
|
AA+
|
4,694,280
|
||||||
3,315
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Refunding Series 2007, 5.000%, 12/01/36 – AMBAC Insured
|
12/16 at 100.00
|
AA+
|
3,423,367
|
||||||
500
|
Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement District 1, Series 2014, 6.500%, 9/01/36
|
No Opt. Call
|
N/R
|
530,735
|
||||||
2,500
|
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligations Series 2015B, 5.000%, 11/01/25
|
No Opt. Call
|
AA+
|
3,164,450
|
||||||
1,390
|
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Series 2011A, 5.000%, 11/01/41
|
11/21 at 100.00
|
AA+
|
1,610,871
|
Nuveen Investments
|
49
|
NTX
|
Nuveen Texas Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/Limited (continued)
|
||||||||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
|
||||||||||
$
|
300
|
0.000%, 11/15/24 – NPFG Insured
|
No Opt. Call
|
AA–
|
$
|
216,219
|
||||
210
|
0.000%, 11/15/32 – NPFG Insured
|
11/31 at 94.05
|
AA–
|
100,525
|
||||||
260
|
0.000%, 11/15/33
|
11/31 at 88.44
|
AA–
|
116,134
|
||||||
2,045
|
0.000%, 11/15/34 – NPFG Insured
|
11/31 at 83.17
|
AA–
|
859,023
|
||||||
1,130
|
0.000%, 11/15/36 – NPFG Insured
|
11/31 at 73.51
|
AA–
|
416,360
|
||||||
4,370
|
0.000%, 11/15/38 – NPFG Insured
|
11/31 at 64.91
|
AA–
|
1,410,855
|
||||||
2,260
|
0.000%, 11/15/39 – NPFG Insured
|
11/31 at 60.98
|
AA–
|
685,413
|
||||||
400
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/34
|
11/24 at 100.00
|
A3
|
452,068
|
||||||
3,440
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 0.000%, 11/15/41 – NPFG Insured
|
11/31 at 53.78
|
AA–
|
1,004,514
|
||||||
1,000
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured
|
11/24 at 59.10
|
AA–
|
403,130
|
||||||
210
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.000%, 9/01/30
|
9/16 at 100.00
|
A2
|
212,688
|
||||||
1,015
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34
|
No Opt. Call
|
A2
|
1,174,649
|
||||||
1,470
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured
|
No Opt. Call
|
A2
|
782,731
|
||||||
250
|
Little Elm. Texas, Valencia Public Improvement District Phase I Special Assessment Revenue Bonds, Series 2014, 7.150%, 9/01/37
|
3/18 at 103.00
|
N/R
|
262,065
|
||||||
3,000
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/31
|
9/21 at 100.00
|
AA+
|
3,506,190
|
||||||
2,000
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41
|
9/21 at 100.00
|
AA+
|
2,366,640
|
||||||
1,000
|
Uptown Development Authority, Houston, Texas, Tax Increment Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 5.500%, 9/01/29
|
9/19 at 100.00
|
BBB
|
1,102,330
|
||||||
1,735
|
Via Metropolitan Transit Advanced Transportation District, Texas, Sales Tax Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 8/01/38
|
8/24 at 100.00
|
AAA
|
2,030,939
|
||||||
42,195
|
Total Tax Obligation/Limited
|
35,561,418
|
||||||||
Transportation – 17.4% (12.2% of Total Investments)
|
||||||||||
3,000
|
Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/39 (Alternative Minimum Tax)
|
11/24 at 100.00
|
A1
|
3,342,360
|
||||||
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010:
|
||||||||||
2,945
|
0.000%, 1/01/36
|
No Opt. Call
|
BBB+
|
1,296,919
|
||||||
2,205
|
0.000%, 1/01/37
|
No Opt. Call
|
BBB+
|
927,930
|
||||||
2,160
|
0.000%, 1/01/38
|
No Opt. Call
|
BBB+
|
877,651
|
||||||
1,000
|
0.000%, 1/01/40
|
No Opt. Call
|
BBB+
|
368,110
|
||||||
665
|
Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series 2013, 5.000%, 1/01/42
|
1/23 at 100.00
|
BBB
|
715,533
|
||||||
1,000
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42
|
11/20 at 100.00
|
A+
|
1,130,510
|
||||||
1,165
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B, 5.000%, 11/01/35
|
11/20 at 100.00
|
A+
|
1,327,086
|
||||||
1,670
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43
|
10/23 at 100.00
|
BBB+
|
1,839,739
|
||||||
1,165
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C, 5.000%, 8/15/31
|
No Opt. Call
|
AA
|
1,379,710
|
||||||
2,000
|
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012A, 5.000%, 7/01/31 (Alternative Minimum Tax)
|
7/22 at 100.00
|
A+
|
2,239,060
|
50
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Transportation (continued)
|
||||||||||
$
|
1,750
|
Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, 5.000%, 11/01/35 (Alternative Minimum Tax)
|
11/25 at 100.00
|
A1
|
$
|
2,002,350
|
||||
3,000
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
11/20 at 100.00
|
Baa1
|
3,322,440
|
||||||
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:
|
||||||||||
100
|
6.100%, 1/01/28
|
1/19 at 100.00
|
A1
|
114,481
|
||||||
2,000
|
6.250%, 1/01/39
|
1/19 at 100.00
|
A1
|
2,261,220
|
||||||
200
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40
|
1/18 at 100.00
|
A1
|
215,698
|
||||||
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008B:
|
||||||||||
35
|
5.750%, 1/01/40
|
1/18 at 100.00
|
AA–
|
37,914
|
||||||
40
|
5.750%, 1/01/40
|
1/18 at 100.00
|
A1
|
43,140
|
||||||
2,500
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/36 – AGC Insured
|
No Opt. Call
|
AA
|
1,221,000
|
||||||
2,500
|
San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/27 (Alternative Minimum Tax)
|
7/22 at 100.00
|
A+
|
2,876,100
|
||||||
31,100
|
Total Transportation
|
27,538,951
|
||||||||
U.S. Guaranteed – 13.8% (9.6% of Total Investments) (4)
|
||||||||||
2,500
|
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20)
|
5/20 at 100.00
|
A+ (4)
|
3,005,300
|
||||||
4,670
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Refunding Series 2007, 5.000%, 12/01/36 (Pre-refunded 12/01/16) – AMBAC Insured
|
12/16 at 100.00
|
Aa2 (4)
|
4,833,123
|
||||||
1,000
|
El Paso, Texas, Water and Sewer Revenue Bonds, Refunding Series 2008C, 5.375%, 3/01/29 (Pre-refunded 3/01/18)
|
3/18 at 100.00
|
AA+ (4)
|
1,094,250
|
||||||
8,500
|
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Capital Appreciation Refunding Series 2009, 0.000%, 8/15/39 (Pre-refunded 8/15/18)
|
8/18 at 22.64
|
AA (4)
|
1,879,435
|
||||||
1,290
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.000%, 9/01/30 (Pre-refunded 9/01/16)
|
9/16 at 100.00
|
N/R (4)
|
1,320,560
|
||||||
960
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/36 (Pre-refunded 8/15/17)
|
8/17 at 33.01
|
N/R (4)
|
313,709
|
||||||
25
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/15/29 (Pre-refunded 5/15/22)
|
5/22 at 100.00
|
N/R (4)
|
30,558
|
||||||
1,000
|
Lufkin Health Facilities Development Corporation, Texas, Health System Revenue Bonds, Memorial Health System of East Texas, Series 2007, 5.500%, 2/15/32 (Pre-refunded 2/15/17)
|
2/17 at 100.00
|
N/R (4)
|
1,048,450
|
||||||
1,500
|
Montgomery County, Texas, General Obligation Bonds, Refunding Series 2008B, 5.250%, 3/01/32 (Pre-refunded 3/01/19)
|
3/19 at 100.00
|
AA+ (4)
|
1,699,050
|
||||||
1,000
|
North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds, Presbyterian Healthcare System, Series 1996A, 5.750%,
6/01/26 – NPFG Insured (ETM) |
No Opt. Call
|
Aaa
|
1,240,370
|
||||||
195
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
N/R (4)
|
213,016
|
||||||
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008B:
|
||||||||||
285
|
5.750%, 1/01/40 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A1 (4)
|
311,331
|
||||||
190
|
5.750%, 1/01/40 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
AA– (4)
|
207,554
|
||||||
950
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A2 (4)
|
1,037,771
|
||||||
2,500
|
Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park Racetrack, Series 1993, 8.750%, 12/15/18 (Pre-refunded 12/15/17)
|
12/17 at 100.00
|
Aaa
|
2,861,300
|
||||||
95
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.250%, 8/15/40 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
N/R (4)
|
112,791
|
||||||
410
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured
|
1/19 at 100.00
|
AA (4)
|
474,017
|
Nuveen Investments
|
51
|
NTX
|
Nuveen Texas Quality Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
February 29, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (4) (continued)
|
||||||||||
$
|
90
|
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, 5.000%, 4/01/30 (Pre-refunded 4/01/18)
|
4/18 at 100.00
|
N/R (4)
|
$
|
98,149
|
||||
60
|
Texas State, General Obligation Bonds, Water Utility, Series 2001, 5.250%, 8/01/23
|
5/16 at 100.00
|
AAA
|
60,264
|
||||||
27,220
|
Total U.S. Guaranteed
|
21,840,998
|
||||||||
Utilities – 17.2% (12.0% of Total Investments)
|
||||||||||
2,000
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 11/15/40
|
No Opt. Call
|
AA–
|
2,264,800
|
||||||
3,000
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/38
|
11/25 at 100.00
|
AA–
|
3,496,590
|
||||||
2,560
|
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (5)
|
5/16 at 100.00
|
C
|
64,000
|
||||||
2,000
|
Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31
|
9/25 at 100.00
|
A+
|
2,364,980
|
||||||
2,000
|
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34
|
7/17 at 100.00
|
A+
|
2,100,480
|
||||||
3,000
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2010A, 5.000%, 5/15/40
|
5/20 at 100.00
|
A
|
3,316,380
|
||||||
1,150
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A, 5.000%, 5/15/36
|
5/22 at 100.00
|
A
|
1,296,062
|
||||||
1,975
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/15/29
|
5/22 at 100.00
|
A
|
2,288,788
|
||||||
1,500
|
Matagorda County Navigation District Number One, Texas, Pollution Control Revenue Refunding Bonds, Central Power and Light Company Project, Series 2009A, 6.300%, 11/01/29
|
7/19 at 102.00
|
Baa1
|
1,706,790
|
||||||
1,000
|
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/20
|
No Opt. Call
|
BBB+
|
1,158,240
|
||||||
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D:
|
||||||||||
530
|
5.625%, 12/15/17
|
No Opt. Call
|
BBB+
|
555,281
|
||||||
3,000
|
6.250%, 12/15/26
|
No Opt. Call
|
BBB+
|
3,660,540
|
||||||
1,000
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A, 5.250%, 12/15/20
|
No Opt. Call
|
BBB+
|
1,140,080
|
||||||
Texas Municipal Power Agency, Revenue Bonds, Transmission Refunding Series 2010:
|
||||||||||
640
|
5.000%, 9/01/34
|
9/20 at 100.00
|
A+
|
720,262
|
||||||
1,000
|
5.000%, 9/01/40
|
9/20 at 100.00
|
A+
|
1,126,330
|
||||||
26,355
|
Total Utilities
|
27,259,603
|
||||||||
Water and Sewer – 14.8% (10.4% of Total Investments)
|
||||||||||
1,575
|
Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014, 5.000%, 7/10/38 – BAM Insured
|
7/23 at 100.00
|
AA
|
1,783,908
|
||||||
2,500
|
Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use Groundwater Supply Project, Subordinate Lien Series 2011, 5.000%, 2/15/31
|
2/21 at 100.00
|
AA
|
2,845,725
|
||||||
2,000
|
Corpus Christi, Texas, Utility System Revenue Bonds, Improvement Junior Lien Series 2013, 5.000%, 7/15/43
|
7/23 at 100.00
|
A+
|
2,222,340
|
||||||
2,000
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D, 5.000%, 11/15/42
|
11/22 at 100.00
|
AA
|
2,312,440
|
||||||
4,000
|
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2010, 5.250%, 3/01/40
|
3/20 at 100.00
|
AA–
|
4,608,000
|
||||||
710
|
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
|
12/21 at 100.00
|
AA
|
790,173
|
52
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
3,860
|
North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Senior Lien Refunding Series 2013, 5.000%, 12/15/33
|
12/22 at 100.00
|
AA–
|
$
|
4,543,838
|
||||
1,000
|
Nueces River Authority, Texas, Water Supply Revenue Bonds, Corpus Christi Lake Texana Project, Refunding Series 2015, 5.000%, 7/15/26
|
7/25 at 100.00
|
AA–
|
1,233,380
|
||||||
2,640
|
San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2015B, 5.000%, 5/15/34
|
5/25 at 100.00
|
AA
|
3,139,250
|
||||||
20,285
|
Total Water and Sewer
|
23,479,054
|
||||||||
$
|
239,315
|
Total Long-Term Investments (cost $208,462,845)
|
226,599,359
|
|||||||
Institutional MuniFund Term Preferred Shares, at Liquidation Preference – (45.4)% (6)
|
(72,000,000
|
) | ||||||||
Other Assets Less Liabilities – 2.5%
|
3,971,517
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
158,570,876
|
(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 (not covered by the report of independent registered public accounting firm): 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.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(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)
|
Institutional MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 31.8%.
|
(ETM)
|
Escrowed to maturity.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
53
|
Statement of
|
|
|
Assets and Liabilities
|
February 29, 2016
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
||||||
Assets
|
|||||||||||||
Long-term investments, at value (cost $231,913,245, $468,108,771, $419,167,294 and $208,462,845, respectively)
|
$
|
253,297,034
|
$
|
504,350,414
|
$
|
458,334,915
|
$
|
226,599,359
|
|||||
Cash
|
723,153
|
222,658
|
3,414,508
|
1,867,828
|
|||||||||
Receivable for interest
|
2,427,778
|
6,256,099
|
5,182,021
|
2,323,596
|
|||||||||
Deferred offering costs
|
39,007
|
61,461
|
269,868
|
451,990
|
|||||||||
Other assets
|
1,157
|
42,522
|
133,341
|
2,145
|
|||||||||
Total assets
|
256,488,129
|
510,933,154
|
467,334,653
|
231,244,918
|
|||||||||
Liabilities
|
|||||||||||||
Floating rate obligations
|
2,755,000
|
18,890,000
|
—
|
—
|
|||||||||
Payable for dividends
|
748,024
|
1,208,212
|
1,122,556
|
514,283
|
|||||||||
Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference
|
—
|
—
|
—
|
72,000,000
|
|||||||||
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference
|
79,000,000
|
159,000,000
|
—
|
—
|
|||||||||
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference
|
—
|
—
|
148,000,000
|
—
|
|||||||||
Accrued expenses:
|
|||||||||||||
Management fees
|
127,945
|
236,505
|
232,903
|
111,593
|
|||||||||
Trustees fees
|
1,080
|
42,999
|
12,830
|
986
|
|||||||||
Other
|
88,834
|
89,714
|
110,383
|
47,180
|
|||||||||
Total liabilities
|
82,720,883
|
179,467,430
|
149,478,672
|
72,674,042
|
|||||||||
Net assets applicable to common shares
|
$
|
173,767,246
|
$
|
331,465,724
|
$
|
317,855,981
|
$
|
158,570,876
|
|||||
Common shares outstanding
|
11,572,963
|
20,810,887
|
18,521,955
|
10,027,210
|
|||||||||
Net asset value ("NAV") per common share outstanding
|
$
|
15.01
|
$
|
15.93
|
$
|
17.16
|
$
|
15.81
|
|||||
Net assets applicable to common shares consist of:
|
|||||||||||||
Common shares, $0.01 par value per share
|
$
|
115,730
|
$
|
208,109
|
$
|
185,220
|
$
|
100,272
|
|||||
Paid-in surplus
|
157,165,347
|
295,177,163
|
281,326,215
|
141,518,858
|
|||||||||
Undistributed (Over-distribution of) net investment income
|
1,020,363
|
279,165
|
96,460
|
435,913
|
|||||||||
Accumulated net realized gain (loss)
|
(5,917,983
|
)
|
(440,356
|
)
|
(2,919,535
|
)
|
(1,620,681
|
)
|
|||||
Net unrealized appreciation (depreciation)
|
21,383,789
|
36,241,643
|
39,167,621
|
18,136,514
|
|||||||||
Net assets applicable to common shares
|
$
|
173,767,246
|
$
|
331,465,724
|
$
|
317,855,981
|
$
|
158,570,876
|
|||||
Authorized shares:
|
|||||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||||
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
54
|
Nuveen Investments
|
Statement of
|
|
|
Operations
|
Year Ended February 29, 2016
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
||||||
Investment Income
|
$
|
11,318,436
|
$
|
20,677,675
|
$
|
19,901,865
|
$
|
9,361,942
|
|||||
Expenses
|
|||||||||||||
Management fees
|
1,594,515
|
2,941,443
|
2,890,107
|
1,386,863
|
|||||||||
Interest expense and amortization of offering costs
|
838,702
|
1,697,999
|
190,165
|
1,188,832
|
|||||||||
Liquidity fees
|
—
|
—
|
1,379,253
|
—
|
|||||||||
Remarketing fees
|
—
|
—
|
150,467
|
—
|
|||||||||
Custodian fees
|
37,483
|
59,209
|
58,477
|
35,058
|
|||||||||
Trustees fees
|
6,881
|
13,372
|
12,673
|
6,463
|
|||||||||
Professional fees
|
37,857
|
41,417
|
49,468
|
38,825
|
|||||||||
Shareholder reporting expenses
|
20,168
|
41,710
|
41,954
|
23,480
|
|||||||||
Shareholder servicing agent fees
|
18,927
|
37,789
|
15,552
|
11,976
|
|||||||||
Stock exchange listing fees
|
7,823
|
6,563
|
7,819
|
20,301
|
|||||||||
Investor relations expenses
|
8,689
|
16,047
|
15,770
|
10,228
|
|||||||||
Other
|
4,479
|
82,913
|
102,997
|
33,603
|
|||||||||
Total expenses
|
2,575,524
|
4,938,462
|
4,914,702
|
2,755,629
|
|||||||||
Net investment income (loss)
|
8,742,912
|
15,739,213
|
14,987,163
|
6,606,313
|
|||||||||
Realized and Unrealized Gain (Loss)
|
|||||||||||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
403,719
|
1,050,322
|
476,198
|
388,027
|
|||||||||
Swaps
|
—
|
45,681
|
20,171
|
53,624
|
|||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
69,115
|
2,143,164
|
2,727,310
|
531,074
|
|||||||||
Swaps
|
—
|
(187,352
|
)
|
(197,460
|
)
|
(94,558
|
)
|
||||||
Net realized and unrealized gain (loss)
|
472,834
|
3,051,815
|
3,026,219
|
878,167
|
|||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
9,215,746
|
$
|
18,791,028
|
$
|
18,013,382
|
$
|
7,484,480
|
Nuveen Investments
|
55
|
Statement of
|
|
Changes in Net Assets
|
Arizona
Premium Income (NAZ) |
Michigan
Quality Income (NUM) |
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/29/16
|
2/28/15
|
2/29/16
|
2/28/15
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
8,742,912
|
$
|
9,114,999
|
$
|
15,739,213
|
$
|
16,591,557
|
|||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
403,719
|
(22,618
|
)
|
1,050,322
|
2,427,886
|
||||||||
Swaps
|
—
|
—
|
45,681
|
(110,570
|
)
|
||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
69,115
|
10,106,125
|
2,143,164
|
15,834,489
|
|||||||||
Swaps
|
—
|
—
|
(187,352
|
)
|
187,352
|
||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
9,215,746
|
19,198,506
|
18,791,028
|
34,930,714
|
|||||||||
Distributions to Common Shareholders
|
|||||||||||||
From net investment income
|
(9,230,917
|
)
|
(9,185,193
|
)
|
(16,161,393
|
)
|
(17,879,214
|
)
|
|||||
From accumulated net realized gains
|
—
|
—
|
(97,893
|
)
|
—
|
||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(9,230,917
|
)
|
(9,185,193
|
)
|
(16,259,286
|
)
|
(17,879,214
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Common shares:
|
|||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
134,274
|
—
|
—
|
—
|
|||||||||
Cost of shares repurchased and retired
|
—
|
—
|
(297,904
|
)
|
—
|
||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
134,274
|
—
|
(297,904
|
)
|
—
|
||||||||
Net increase (decrease) in net assets applicable to common shares
|
119,103
|
10,013,313
|
2,233,838
|
17,051,500
|
|||||||||
Net assets applicable to common shares at the beginning of period
|
173,648,143
|
163,634,830
|
329,231,886
|
312,180,386
|
|||||||||
Net assets applicable to common shares at the end of period
|
$
|
173,767,246
|
$
|
173,648,143
|
$
|
331,465,724
|
$
|
329,231,886
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
1,020,363
|
$
|
1,493,133
|
$
|
279,165
|
$
|
731,592
|
56
|
Nuveen Investments
|
Ohio
Quality Income (NUO) |
Texas
Quality Income (NTX) |
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/29/16
|
2/28/15
|
2/29/16
|
2/28/15
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
14,987,163
|
$
|
15,719,120
|
$
|
6,606,313
|
$
|
6,249,696
|
|||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
476,198
|
1,769,803
|
388,027
|
12,259
|
|||||||||
Swaps
|
20,171
|
(102,819
|
)
|
53,624
|
(50,337
|
)
|
|||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
2,727,310
|
18,054,694
|
531,074
|
9,536,154
|
|||||||||
Swaps
|
(197,460
|
)
|
197,460
|
(94,558
|
)
|
94,558
|
|||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
18,013,382
|
35,638,258
|
7,484,480
|
15,842,330
|
|||||||||
Distributions to Common Shareholders
|
|||||||||||||
From net investment income
|
(15,299,135
|
)
|
(17,164,296
|
)
|
(6,557,796
|
)
|
(6,778,394
|
)
|
|||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
|||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(15,299,135
|
)
|
(17,164,296
|
)
|
(6,557,796
|
)
|
(6,778,394
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Common shares:
|
|||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
—
|
—
|
—
|
—
|
|||||||||
Cost of shares repurchased and retired
|
—
|
—
|
—
|
—
|
|||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
—
|
—
|
—
|
—
|
|||||||||
Net increase (decrease) in net assets applicable to common shares
|
2,714,247
|
18,473,962
|
926,684
|
9,063,936
|
|||||||||
Net assets applicable to common shares at the beginning of period
|
315,141,734
|
296,667,772
|
157,644,192
|
148,580,256
|
|||||||||
Net assets applicable to common shares at the end of period
|
$
|
317,855,981
|
$
|
315,141,734
|
$
|
158,570,876
|
$
|
157,644,192
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
96,460
|
$
|
495,988
|
$
|
435,913
|
$
|
80,176
|
Nuveen Investments
|
57
|
Statement of
|
|
|
Cash Flows
|
Year Ended February 29, 2016
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
||||||
Cash Flows from Operating Activities:
|
|||||||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
9,215,746
|
$
|
18,791,028
|
$
|
18,013,382
|
$
|
7,484,480
|
|||||
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
|
(24,355,152
|
)
|
(78,225,924
|
)
|
(46,201,180
|
)
|
(30,197,552
|
)
|
|||||
Proceeds from sales and maturities of investments
|
23,082,266
|
57,221,958
|
45,272,567
|
31,358,000
|
|||||||||
Proceeds from (Payments for) swap contracts, net
|
—
|
45,681
|
20,171
|
53,624
|
|||||||||
Premiums received (paid) for credit default swaps
|
—
|
904,298
|
884,666
|
419,803
|
|||||||||
Taxes paid
|
—
|
(144
|
)
|
(56
|
)
|
—
|
|||||||
Amortization (Accretion) of premiums and discounts, net
|
1,061,947
|
1,511,204
|
1,051,101
|
384,514
|
|||||||||
Amortization of deferred offering costs
|
47,869
|
73,756
|
11,075
|
301,901
|
|||||||||
(Increase) Decrease in:
|
|||||||||||||
Receivable for interest
|
85,938
|
(181,559
|
)
|
(31,855
|
)
|
141,027
|
|||||||
Receivable for investments sold
|
—
|
—
|
—
|
4,529,313
|
|||||||||
Other assets
|
—
|
(11,023
|
)
|
(3,551
|
)
|
(1,176
|
)
|
||||||
Increase (Decrease) in:
|
|||||||||||||
Payable for interest
|
(58,785
|
)
|
(118,313
|
)
|
—
|
(135,930
|
)
|
||||||
Payable for investments purchased
|
—
|
(2,796,832
|
)
|
—
|
(5,578,330
|
)
|
|||||||
Accrued management fees
|
4,314
|
8,985
|
11,886
|
2,897
|
|||||||||
Accrued Trustees fees
|
(1,378
|
)
|
8,293
|
2,073
|
(1,239
|
)
|
|||||||
Accrued other expenses
|
(89,775
|
)
|
(56,616
|
)
|
(32,334
|
)
|
(34,368
|
)
|
|||||
Net realized (gain) loss from:
|
|||||||||||||
Investments
|
(403,719
|
)
|
(1,050,322
|
)
|
(476,198
|
)
|
(388,027
|
)
|
|||||
Swaps
|
—
|
(45,681
|
)
|
(20,171
|
)
|
(53,624
|
)
|
||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
(69,115
|
)
|
(2,143,164
|
)
|
(2,727,310
|
)
|
(531,074
|
)
|
|||||
Swaps
|
—
|
187,352
|
197,460
|
94,558
|
|||||||||
Net cash provided by (used in) operating activities
|
8,520,156
|
(5,877,023
|
)
|
15,971,726
|
7,848,797
|
||||||||
Cash Flows from Financing Activities:
|
|||||||||||||
(Payments for) deferred offering costs
|
—
|
—
|
—
|
(530,000
|
)
|
||||||||
Increase (Decrease) in:
|
|||||||||||||
Floating rate obligations
|
—
|
12,265,000
|
—
|
(3,960,000
|
)
|
||||||||
Payable for offering costs
|
(825
|
)
|
—
|
(1,201
|
)
|
—
|
|||||||
iMTP Shares, at liquidation preference
|
—
|
—
|
—
|
72,000,000
|
|||||||||
MTP Shares, at liquidation preference
|
—
|
—
|
—
|
(70,920,000
|
)
|
||||||||
Cash distributions paid to common shareholders
|
(9,096,403
|
)
|
(16,360,582
|
)
|
(15,432,711
|
)
|
(6,555,703
|
)
|
|||||
Cost of common shares repurchased and retired
|
—
|
(297,904
|
)
|
—
|
—
|
||||||||
Net cash provided by (used in) financing activities
|
(9,097,228
|
)
|
(4,393,486
|
)
|
(15,433,912
|
)
|
(9,965,703
|
)
|
|||||
Net Increase (Decrease) in Cash
|
(577,072
|
)
|
(10,270,509
|
)
|
537,814
|
(2,116,906
|
)
|
||||||
Cash at the beginning of period
|
1,300,225
|
10,493,167
|
2,876,694
|
3,984,734
|
|||||||||
Cash at the end of period
|
$
|
723,153
|
$
|
222,658
|
$
|
3,414,508
|
$
|
1,867,828
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
Supplemental Disclosures of Cash Flow Information
|
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
|||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
850,443
|
$
|
1,742,556
|
$
|
180,291
|
$
|
959,283
|
|||||
Non-cash financing activities not included herein consists of reinvestments of common share distributions
|
134,274
|
—
|
—
|
—
|
58
|
Nuveen Investments
|
Nuveen Investments
|
59
|
Financial
|
|
Highlights
|
Investment Operations
|
Less Distributions
to Common Shareholders |
Common Share
|
|||||||||||||||||||||||||||||||||||
Beginning
Common Share NAV |
Net
Investment Income (Loss) |
Net
Realized/ Unrealized Gain (Loss) |
Distributions
from Net Investment Income to ARPS Share- holders |
(a) |
Distributions
from Accum- ulated Net Realized Gains to ARPS Share- holders |
(a) |
Total
|
From
Net Investment Income |
From
Accum- ulated Net Realized Gains |
Total
|
Discount
per Share Repur- chased and Retired |
Ending
NAV |
Ending
Share Price |
||||||||||||||||||||||||
Arizona Premium Income (NAZ)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
|||||||||||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||
2014
|
15.47
|
0.55
|
(1.10
|
)
|
—
|
—
|
(0.55
|
)
|
(0.77
|
)
|
—
|
(0.77
|
)
|
—
|
14.15
|
12.79
|
|||||||||||||||||||||
2013
|
14.82
|
0.75
|
0.67
|
—
|
—
|
1.42
|
(0.77
|
)
|
—
|
(0.77
|
)
|
—
|
15.47
|
15.70
|
|||||||||||||||||||||||
2012
|
13.25
|
0.80
|
1.54
|
(0.01
|
)
|
—
|
2.33
|
(0.76
|
)
|
—
|
(0.76
|
)
|
—
|
14.82
|
14.61
|
||||||||||||||||||||||
Michigan Quality Income (NUM)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
|||||||||||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||
2014
|
16.35
|
0.80
|
(1.28
|
)
|
—
|
—
|
(0.48
|
)
|
(0.89
|
)
|
—
|
(0.89
|
)
|
—
|
* |
14.98
|
13.45
|
||||||||||||||||||||
2013
|
15.95
|
0.74
|
0.55
|
—
|
—
|
1.29
|
(0.89
|
)
|
—
|
(0.89
|
)
|
—
|
16.35
|
15.62
|
|||||||||||||||||||||||
2012
|
14.18
|
0.89
|
1.75
|
(0.01
|
)
|
—
|
2.63
|
(0.86
|
)
|
—
|
(0.86
|
)
|
—
|
* |
15.95
|
15.40
|
(a)
|
The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents.
|
(b)
|
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.
|
|
*
|
Rounds to less than $0.01 per share.
|
60
|
Nuveen Investments
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares |
|||||||||||||||||
Common Share
Total Returns |
Ratios to Average Net Assets(c)
|
||||||||||||||||
Based
|
Net
|
||||||||||||||||
Based
|
on
|
Ending
|
Investment
|
Portfolio
|
|||||||||||||
on
|
Share
|
Net
|
Income
|
Turnover
|
|||||||||||||
NAV
|
(b)
|
Price
|
(b)
|
Assets (000
|
)
|
Expenses
|
(d)
|
(Loss
|
)
|
Rate
|
(e)
|
||||||
5.45
|
%
|
15.59
|
%
|
$
|
173,767
|
1.51
|
%
|
5.12
|
%
|
9
|
%
|
||||||
12.01
|
18.94
|
173,648
|
1.56
|
5.37
|
13
|
||||||||||||
(3.40
|
)
|
(13.52
|
)
|
163,635
|
2.47
|
4.93
|
14
|
||||||||||
9.77
|
13.02
|
69,236
|
1.80
|
4.94
|
10
|
||||||||||||
18.08
|
25.48
|
66,268
|
1.52
|
5.73
|
7
|
||||||||||||
5.97
|
7.15
|
331,466
|
1.52
|
4.85
|
12
|
||||||||||||
11.45
|
9.48
|
329,232
|
1.57
|
5.14
|
15
|
||||||||||||
(2.76
|
)
|
(8.00
|
)
|
312,180
|
1.95
|
5.32
|
15
|
||||||||||
8.27
|
7.30
|
341,057
|
1.84
|
5.09
|
12
|
||||||||||||
19.11
|
28.44
|
184,270
|
1.56
|
5.97
|
14
|
(c)
|
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
|
(d)
|
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:
|
Arizona Premium Income (NAZ)
|
||||
Year Ended 2/28–2/29:
|
||||
2016
|
0.49
|
%
|
||
2015
|
0.50
|
|||
2014
|
1.32
|
|||
2013
|
0.57
|
|||
2012
|
0.35
|
Michigan Quality Income (NUM)
|
||||
Year Ended 2/28–2/29:
|
||||
2016
|
0.52
|
%
|
||
2015
|
0.53
|
|||
2014
|
0.84
|
|||
2013
|
0.70
|
|||
2012
|
0.46
|
(e)
|
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.
|
Nuveen Investments
|
61
|
Financial Highlights (continued)
|
Investment Operations
|
Less Distributions
to Common Shareholders |
Common Share
|
||||||||||||||||||||||||||||||||||||||
Beginning
Common Share NAV |
Net
Investment Income (Loss) |
Net
Realized/ Unrealized Gain (Loss) |
Distributions
from Net Investment Income to ARPS Share- holders |
(a) |
Distributions
from Accum- ulated Net Realized Gains to ARPS Share- holders |
(a) |
Total
|
From
Net Investment Income |
From
Accum- ulated Net Realized Gains |
Total
|
Shelf
Offering Costs |
Premium Per
Share Sold through Shelf Offering |
Ending
NAV |
Ending
Share Price |
||||||||||||||||||||||||||
Ohio Quality Income (NUO)
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||||
2014
|
17.64
|
0.76
|
(1.39
|
)
|
—
|
—
|
(0.63
|
)
|
(0.99
|
)
|
—
|
(0.99
|
)
|
—
|
—
|
16.02
|
14.75
|
|||||||||||||||||||||||
2013
|
17.17
|
0.89
|
0.54
|
—
|
—
|
1.43
|
(0.96
|
)
|
—
|
(0.96
|
)
|
—
|
—
|
17.64
|
17.79
|
|||||||||||||||||||||||||
2012
|
15.44
|
0.99
|
1.68
|
(0.01
|
)
|
—
|
2.66
|
(0.93
|
)
|
—
|
(0.93
|
)
|
—
|
—
|
17.17
|
16.88
|
||||||||||||||||||||||||
Texas Quality Income (NTX)
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||||
2014
|
15.87
|
0.66
|
(1.01
|
)
|
—
|
—
|
(0.35
|
)
|
(0.70
|
)
|
—
|
(0.70
|
)
|
—
|
* |
—
|
* |
14.82
|
13.54
|
|||||||||||||||||||||
2013
|
15.46
|
0.68
|
0.47
|
—
|
—
|
1.15
|
(0.77
|
)
|
—
|
(0.77
|
)
|
(0.01
|
)
|
0.04
|
15.87
|
16.00
|
||||||||||||||||||||||||
2012
|
14.12
|
0.75
|
1.48
|
—
|
—
|
2.23
|
(0.86
|
)
|
(.03
|
)
|
(0.89
|
)
|
—
|
—
|
15.46
|
16.31
|
(a)
|
The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents.
|
(b)
|
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.
|
|
*
|
Rounds to less than $0.01 per share.
|
62
|
Nuveen Investments
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares |
|||||||||||||||||
Common Share
Total Returns |
Ratios to Average Net Assets(c)
|
||||||||||||||||
Based
|
Net
|
||||||||||||||||
Based
|
on
|
Ending
|
Investment
|
Portfolio
|
|||||||||||||
on
|
Share
|
Net
|
Income
|
Turnover
|
|||||||||||||
NAV
|
(b)
|
Price
|
(b)
|
Assets (000
|
)
|
Expenses
|
(d)
|
(Loss
|
)
|
Rate
|
(e)
|
||||||
5.95
|
%
|
5.96
|
%
|
$
|
317,856
|
1.58
|
%
|
4.83
|
%
|
10
|
%
|
||||||
12.23
|
10.79
|
315,142
|
1.62
|
5.10
|
15
|
||||||||||||
(3.38
|
)
|
(11.39
|
)
|
296,668
|
2.15
|
5.45
|
13
|
||||||||||
8.53
|
11.27
|
172,898
|
1.76
|
5.14
|
13
|
||||||||||||
17.73
|
20.55
|
167,709
|
1.50
|
6.10
|
10
|
||||||||||||
4.89
|
7.02
|
158,571
|
1.78
|
4.26
|
14
|
||||||||||||
10.81
|
11.07
|
157,644
|
2.33
|
4.05
|
12
|
||||||||||||
(2.11
|
)
|
(11.03
|
)
|
148,580
|
2.49
|
4.46
|
13
|
||||||||||
7.80
|
2.97
|
158,920
|
2.38
|
4.33
|
12
|
||||||||||||
16.23
|
13.81
|
148,222
|
2.48
|
5.10
|
9
|
(c)
|
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
|
(d)
|
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:
|
Ohio Quality Income (NUO)
|
||||
Year Ended 2/28–2/29:
|
||||
2016
|
0.55
|
%
|
||
2015
|
0.57
|
|||
2014
|
1.05
|
|||
2013
|
0.61
|
|||
2012
|
0.40
|
Texas Quality Income (NTX)
|
||||
Year Ended 2/28–2/29:
|
||||
2016
|
0.77
|
%
|
||
2015
|
1.26
|
|||
2014
|
1.31
|
|||
2013
|
1.27
|
|||
2012
|
1.37
|
(e)
|
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.
|
Nuveen Investments
|
63
|
MTP Shares
at the End of Period(a) |
VMTP Shares
at the End of Period |
MTP and VMTP
Shares at the End of Period |
||||||||||||||
Asset
|
||||||||||||||||
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Coverage
|
||||||||||||
Amount
|
Coverage
|
Amount
|
Coverage
|
Per $1
|
||||||||||||
Outstanding
|
Per $10
|
Outstanding
|
Per $100,000
|
Liquidation
|
||||||||||||
(000
|
)
|
Share
|
(000
|
)
|
Share
|
Preference
|
||||||||||
Arizona Premium Income (NAZ)
|
||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||
2016
|
$
|
—
|
$
|
—
|
$
|
79,000
|
$
|
319,959
|
$
|
—
|
||||||
2015
|
—
|
—
|
79,000
|
319,808
|
—
|
|||||||||||
2014
|
—
|
—
|
79,000
|
307,133
|
—
|
|||||||||||
2013
|
—
|
—
|
28,000
|
347,271
|
—
|
|||||||||||
2012
|
—
|
—
|
28,000
|
336,672
|
—
|
|||||||||||
Michigan Quality Income (NUM)
|
||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||
2016
|
—
|
—
|
159,000
|
308,469
|
—
|
|||||||||||
2015
|
—
|
—
|
159,000
|
307,064
|
—
|
|||||||||||
2014
|
—
|
—
|
159,000
|
296,340
|
—
|
|||||||||||
2013
|
16,313
|
31.57
|
141,800
|
315,704
|
3.16
|
|||||||||||
2012
|
—
|
—
|
87,900
|
309,636
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
|
2014
|
2013
|
||||||
Arizona Premium Income (NAZ)
|
|||||||
Series 2015 (NAZ PRC)
|
|||||||
Ending Market Value per Share
|
$
|
—
|
$
|
—
|
|||
Average Market Value per Share
|
10.02
|
Δ |
—
|
||||
Series 2016 (NAZ PRD)
|
|||||||
Ending Market Value per Share
|
—
|
—
|
|||||
Average Market Value per Share
|
10.11
|
Δ |
—
|
||||
Michigan Quality Income (NUM)
|
|||||||
Series 2015 (NUM PRC)
|
|||||||
Ending Market Value per Share
|
—
|
10.08
|
|||||
Average Market Value per Share
|
10.02
|
ΔΔΔ |
10.06
|
ΔΔ |
Δ
|
For the period April 8, 2013 (effective date of the reorganizations) through December 20, 2013.
|
ΔΔ
|
For the period January 7, 2013 (effective date of the reorganizations) through February 28, 2013.
|
ΔΔΔ
|
For the period March 1, 2013 through December 20, 2013.
|
64
|
Nuveen Investments
|
iMTP Shares
at the End of Period |
MTP Shares
at the End of Period (a) |
VMTP Shares
at the End of Period |
VRDP Shares
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
|
||||||||||||||
Ohio Quality Income (NUO)
|
|||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
|||||||||||||||||||||||||
2016
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
148,000
|
$
|
314,768
|
|||||||||
2015
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
312,934
|
|||||||||||||||||
2014
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
300,451
|
|||||||||||||||||
2013
|
—
|
—
|
—
|
—
|
73,500
|
335,236
|
—
|
—
|
|||||||||||||||||
2012
|
—
|
—
|
—
|
—
|
73,500
|
328,176
|
—
|
—
|
|||||||||||||||||
Texas Quality Income (NTX)
|
|||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
|||||||||||||||||||||||||
2016
|
72,000
|
16,012
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||
2015
|
—
|
—
|
70,920
|
32.23
|
—
|
—
|
—
|
—
|
|||||||||||||||||
2014
|
—
|
—
|
70,920
|
30.95
|
—
|
—
|
—
|
—
|
|||||||||||||||||
2013
|
—
|
—
|
70,920
|
32.41
|
—
|
—
|
—
|
—
|
|||||||||||||||||
2012
|
—
|
—
|
70,920
|
30.90
|
—
|
—
|
—
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
|
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||
Ohio Quality Income (NUO)
|
||||||||||||||||
Series 2014 (NUO PRACL)
|
||||||||||||||||
Ending Market Value per Share
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Average Market Value per Share
|
—
|
—
|
10.01
|
Ω |
—
|
—
|
||||||||||
Series 2015 (NUO PRCCL)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
—
|
—
|
—
|
—
|
|||||||||||
Average Market Value per Share
|
—
|
—
|
10.03
|
Ω |
—
|
—
|
||||||||||
Series 2016 (NUO PRDCL)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
—
|
—
|
—
|
—
|
|||||||||||
Average Market Value per Share
|
—
|
—
|
10.06
|
Ω |
—
|
—
|
||||||||||
Texas Quality Income (NTX)
|
||||||||||||||||
Series 2015 (NTX PRCCL)
|
||||||||||||||||
Ending Market Value per Share
|
—
|
10.02
|
10.03
|
10.04
|
10.05
|
|||||||||||
Average Market Value per Share
|
10.01
|
ΩΩ |
10.04
|
10.04
|
10.06
|
9.97
|
Ω
|
For the period April 8, 2013 (effective date of the reorganization) through October 7, 2013.
|
ΩΩ
|
For the period March 1, 2015 through April 20, 2015.
|
Nuveen Investments
|
65
|
Notes to Financial Statements
|
•
|
Nuveen Arizona Premium Income Municipal Fund (NAZ) ("Arizona Premium Income (NAZ)")
|
|
•
|
Nuveen Michigan Quality Income Municipal Fund (NUM) ("Michigan Quality Income (NUM)")
|
|
•
|
Nuveen Ohio Quality Income Municipal Fund (NUO) ("Ohio Quality Income (NUO)")
|
|
•
|
Nuveen Texas Quality Income Municipal Fund (NTX) ("Texas Quality Income (NTX)")
|
66
|
Nuveen Investments
|
Level 1 –
|
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
|
Level 2 –
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
|
Level 3 –
|
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
|
Nuveen Investments
|
67
|
Arizona Premium Income (NAZ)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
253,297,034
|
$
|
—
|
$
|
253,297,034
|
|||||
Michigan Quality Income (NUM)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
504,350,414
|
$
|
—
|
$
|
504,350,414
|
|||||
Ohio Quality Income (NUO)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
458,334,915
|
$
|
—
|
$
|
458,334,915
|
|||||
Texas Quality Income (NTX)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
226,599,359
|
$
|
—
|
$
|
226,599,359
|
*
|
Refer to the Fund's Portfolio of Investments for industry classifications.
|
(i)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
(ii)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
68
|
Nuveen Investments
|
Nuveen Investments
|
69
|
Notes to Financial Statements (continued)
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
Floating Rate Obligations Outstanding
|
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
|||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
2,755,000
|
$
|
18,890,000
|
$
|
—
|
$
|
—
|
|||||
Floating rate obligations: externally-deposited Inverse Floaters
|
14,215,000
|
8,430,000
|
23,155,000
|
—
|
|||||||||
Total
|
$
|
16,970,000
|
$
|
27,320,000
|
$
|
23,155,000
|
$
|
—
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
Self-Deposited Inverse Floaters
|
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
|||||
Average floating rate obligations outstanding
|
$
|
2,755,000
|
$
|
9,171,831
|
$
|
—
|
$
|
618,525
|
|||||
Average annual interest rate and fees
|
0.53
|
%
|
0.65
|
%
|
—
|
%
|
0.27
|
%
|
70
|
Nuveen Investments
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
Floating Rate Obligations – Recourse Trusts
|
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
|||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
2,755,000
|
$
|
12,265,000
|
$
|
—
|
$
|
—
|
|||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
7,500,000
|
8,430,000
|
4,480,000
|
—
|
|||||||||
Total
|
$
|
10,255,000
|
$
|
20,695,000
|
$
|
4,480,000
|
$
|
—
|
Nuveen Investments
|
71
|
Notes to Financial Statements (continued)
|
Michigan
|
Ohio
|
Texas
|
||||||||
Quality
|
Quality
|
Quality
|
||||||||
Income
|
Income
|
Income
|
||||||||
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
|||||
Average notional amount of credit default swap contracts outstanding*
|
$
|
1,380,000
|
$
|
1,540,000
|
$
|
552,000
|
*
|
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.
|
Change in Net
|
|||||||||||||
Unrealized
|
|||||||||||||
Net Realized
|
Appreciation
|
||||||||||||
Underlying
|
Derivative
|
Gain (Loss) from
|
|
(Depreciation) of
|
|
||||||||
Fund
|
Risk Exposure
|
Instrument
|
Swaps
|
Swaps
|
|||||||||
Michigan Quality Income (NUM)
|
Credit
|
Swaps
|
$
|
45,681
|
$
|
(187,352
|
)
|
||||||
Ohio Quality Income (NUO)
|
Credit
|
Swaps
|
20,171
|
(197,460
|
)
|
||||||||
Texas Quality Income (NTX)
|
Credit
|
Swaps
|
53,624
|
(94,558
|
)
|
72
|
Nuveen Investments
|
Arizona Premium
|
Michigan Quality
|
||||||||||||
Income (NAZ)
|
Income (NUM)
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
2/29/16
|
2/28/15
|
2/29/16
|
2/28/15
|
||||||||||
Common shares:
|
|||||||||||||
Issued to shareholders due to reinvestment of distributions
|
9,077
|
—
|
—
|
—
|
|||||||||
Repurchased and retired
|
—
|
—
|
(22,500
|
)
|
—
|
||||||||
Total
|
9,077
|
—
|
(22,500
|
)
|
—
|
||||||||
Weighted average common share:
|
|||||||||||||
Price per share repurchased and retired
|
$
|
—
|
$
|
—
|
$
|
13.22
|
$
|
—
|
|||||
Discount per share repurchased and retired
|
—
|
—
|
14.99
|
%
|
—
|
Shares
|
Liquidation
|
|||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
|||||||
Texas Quality Income (NTX)
|
2018
|
14,400
|
$
|
72,000,000
|
Term
|
Optional
|
|||||||||
Fund
|
Series
|
Redemption Date
|
Redemption Date
|
|||||||
Texas Quality Income (NTX)
|
2018
|
November 1, 2018
|
May 1, 2016
|
Texas
|
||||
Quality
|
||||
Income
|
||||
(NTX
|
)*
|
|||
Average liquidation preference of iMTP Shares outstanding
|
$
|
72,000,000
|
||
Annualized dividend rate
|
0.94
|
%
|
*
|
For the period April 10, 2015 (first issuance of shares) through February 29, 2016.
|
Nuveen Investments
|
73
|
Notes to Financial Statements (continued)
|
Texas
|
||||
Quality
|
||||
Income
|
||||
(NTX
|
)*
|
|||
Average liquidation preference of MTP Shares outstanding
|
$
|
70,920,000
|
*
|
For the period March 1, 2015 through April 20, 2015.
|
74
|
Nuveen Investments
|
Shares
|
Liquidation
|
|||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
|||||||
Arizona Premium Income (NAZ)
|
2016
|
790
|
$
|
79,000,000
|
||||||
Michigan Quality Income (NUM)
|
2016
|
1,590
|
$
|
159,000,000
|
Term
|
Premium
|
|||||||||
Fund
|
Series
|
Redemption Date
|
Expiration Date
|
|||||||
Arizona Premium Income (NAZ)
|
2016
|
December 30, 2016
|
December 31, 2014
|
|||||||
Michigan Quality Income (NUM)
|
2016
|
December 30, 2016
|
December 31, 2014
|
Arizona
|
Michigan
|
||||||
Premium
|
Quality
|
||||||
Income
|
Income
|
||||||
(NAZ
|
)
|
(NUM
|
)
|
||||
Average liquidation preference of VMTP Shares outstanding
|
$
|
79,000,000
|
$
|
159,000,000
|
|||
Annualized dividend rate
|
0.98
|
%
|
0.98
|
%
|
Nuveen Investments
|
75
|
Notes to Financial Statements (continued)
|
Shares
|
Liquidation
|
||||||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
Maturity
|
|||||||||
Ohio Quality Income (NUO)
|
1
|
1,480
|
$
|
148,000,000
|
September 1, 2043
|
Ohio
|
||||
Quality
|
||||
Income
|
||||
(NUO
|
)
|
|||
Average liquidation preference of VRDP Shares outstanding
|
$
|
148,000,000
|
||
Annualized dividend rate
|
0.12
|
%
|
Year Ended
February 29, 2016 |
||||||||||
Texas Quality Income (NTX)
|
Series
|
Shares
|
Amount
|
|||||||
iMTP Shares issued
|
2018
|
14,400
|
$
|
72,000,000
|
Year Ended
February 29, 2016 |
|||||||||||||
NYSE
|
|||||||||||||
Texas Quality Income (NTX)
|
Series
|
Ticker
|
Shares
|
Amount
|
|||||||||
MTP Shares redeemed
|
2015
|
NTX PRCCL
|
(7,092,000
|
)
|
$
|
(70,920,000
|
)
|
76
|
Nuveen Investments
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
||||||
Purchases
|
$
|
24,355,152
|
$
|
78,225,924
|
$
|
46,201,180
|
$
|
30,197,552
|
|||||
Sales and maturities
|
23,082,266
|
57,221,958
|
45,272,567
|
31,358,000
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
||||||
Cost of investments
|
$
|
230,684,853
|
$
|
449,334,302
|
$
|
419,212,108
|
$
|
209,034,377
|
|||||
Gross unrealized:
|
|||||||||||||
Appreciation
|
$
|
22,440,381
|
$
|
36,659,919
|
$
|
41,428,731
|
$
|
20,990,151
|
|||||
Depreciation
|
(2,583,203
|
)
|
(532,844
|
)
|
(2,305,924
|
)
|
(3,425,169
|
)
|
|||||
Net unrealized appreciation (depreciation) of investments
|
$
|
19,857,178
|
$
|
36,127,075
|
$
|
39,122,807
|
$
|
17,564,982
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
||||||
Paid-in surplus
|
$
|
(632,286
|
)
|
$
|
(129,623
|
)
|
$
|
(65,213
|
)
|
$
|
(365,479
|
)
|
|
Undistributed (Over-distribution of) net investment income
|
15,235
|
(30,247
|
)
|
(87,556
|
)
|
307,220
|
|||||||
Accumulated net realized gain (loss)
|
617,051
|
159,870
|
152,769
|
58,259
|
Nuveen Investments
|
77
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
||||||
Undistributed net tax-exempt income 1
|
$
|
1,144,852
|
$
|
1,180,362
|
$
|
308,123
|
$
|
650,529
|
|||||
Undistributed net ordinary income 2
|
50,129
|
12,786
|
4,771
|
—
|
|||||||||
Undistributed net long-term capital gains
|
—
|
135,404
|
—
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2016, paid on March 1, 2016.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
2016
|
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
|||||
Distributions from net tax-exempt income3
|
$
|
10,066,290
|
$
|
17,887,009
|
$
|
15,534,992
|
$
|
7,515,079
|
|||||
Distributions from net ordinary income2
|
—
|
72,899
|
74,088
|
324
|
|||||||||
Distributions from net long-term capital gains4
|
—
|
97,893
|
—
|
—
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
2015
|
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
|||||
Distributions from net tax-exempt income
|
$
|
9,960,313
|
$
|
19,600,465
|
$
|
17,430,996
|
$
|
8,434,464
|
|||||
Distributions from net ordinary income2
|
3,316
|
4,167
|
50,009
|
10,213
|
|||||||||
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 29, 2016, as Exempt Interest Dividends.
|
4
|
The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 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 29, 2016.
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
(NAZ
|
)
|
(NUM
|
)5
|
(NUO
|
)5
|
(NTX
|
)
|
||||||
Expiration:
|
|||||||||||||
February 28, 2017
|
$
|
828,959
|
$
|
84,900
|
$
|
—
|
$
|
—
|
|||||
February 28, 2018
|
43,720
|
—
|
381,898
|
—
|
|||||||||
February 28, 2019
|
—
|
—
|
1,468,286
|
—
|
|||||||||
Not subject to expiration
|
2,923,709
|
—
|
—
|
717,282
|
|||||||||
Total
|
$
|
3,796,388
|
$
|
84,900
|
$
|
1,850,184
|
$
|
717,282
|
5
|
A portion of Michigan Quality Income's (NUM) and Ohio Quality Income's (NUO) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.
|
Arizona
|
Michigan
|
Ohio
|
Texas
|
||||||||||
Premium
|
Quality
|
Quality
|
Quality
|
||||||||||
Income
|
Income
|
Income
|
Income
|
||||||||||
(NAZ
|
)
|
(NUM
|
)
|
(NUO
|
)
|
(NTX
|
)
|
||||||
Utilized capital loss carryforwards
|
$
|
404,885
|
$
|
1,022,576
|
$
|
649,138
|
$
|
432,321
|
78
|
Nuveen Investments
|
Average Daily Managed Assets*
|
Fund-Level Fee
|
|||
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
|
0.3875
|
|||
For managed assets over $5 billion
|
0.3750
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective 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 fund-level and 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 funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $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 29, 2016, the complex-level fee rate for the Funds was 0.1640%.
|
Nuveen Investments
|
79
|
Notes to Financial Statements (continued)
|
Arizona
|
||||
Premium
|
||||
Income
|
||||
(NAZ
|
)
|
|||
Purchases
|
$
|
781,243
|
||
Sales
|
781,243
|
80
|
Nuveen Investments
|
Additional Fund Information (Unaudited)
|
Board of Trustees
|
|||||||||
William Adams IV*
|
Jack B. Evans
|
William C. Hunter
|
David J. Kundert
|
John K. Nelson
|
William J. Schneider
|
||||
Thomas S. Schreier, Jr.**
|
Judith M. Stockdale
|
Carole E. Stone
|
Terence J. Toth
|
Margaret L. Wolff
|
*
|
Interested Board Member.
|
**
|
Interested Board Member and will retire from the Funds' Board of Trustees effective May 31, 2016.
|
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
|
State Street Bank
|
||||
Chicago, IL 60606
|
Boston, MA 02111
|
Chicago, IL 60601
|
& Trust Company
|
|||||
Nuveen Funds
|
||||||||
P.O. Box 43071
|
||||||||
Providence, RI 02940-3071
|
||||||||
(800) 257-8787
|
||||||||
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||
Common shares repurchased
|
—
|
22,500
|
—
|
—
|
Nuveen Investments
|
81
|
Glossary of Terms Used in this Report (Unaudited)
|
■
|
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 conse- quently 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.
|
■
|
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.
|
■
|
Lipper Other States Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Shareholders should note that the performance of the Lipper Other States classification represents the overall average of returns for funds from ten states with a wide variety of municipal market conditions, making direct comparisons less meaningful. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
■
|
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.
|
82
|
Nuveen Investments
|
■
|
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 financial 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.
|
Nuveen Investments
|
83
|
Reinvest Automatically, Easily and Conveniently
|
84
|
Nuveen Investments
|
Board Members & Officers
|
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:
|
|||||||||
■
|
WILLIAM J. SCHNEIDER
1944 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chairman and
Board Member
|
1996
Class III |
Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, and WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
|
191
|
||||
■
|
JACK B. EVANS
1948 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
1999
Class III |
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; Life Trustee of Coe College; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
191
|
||||
■
|
WILLIAM C. HUNTER
1948 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2004
Class I |
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
|
191
|
||||
■
|
DAVID J. KUNDERT
1942 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2005
Class II |
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016).
|
191
|
Nuveen Investments
|
85
|
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
1962 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2013
Class II |
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006- 2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading – North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
|
191
|
||||
■
|
JUDITH M. STOCKDALE
1947 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
1997
Class I |
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
191
|
||||
■
|
CAROLE E. STONE
1947 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2007
Class I |
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
|
191
|
||||
■
|
TERENCE J. TOTH
1959 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2008
Class II |
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); 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); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; 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).
|
191
|
||||
■
|
MARGARET L. WOLFF
1955 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2016
Class I |
Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian 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.
|
191
|
86
|
Nuveen Investments
|
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 Members: | |||||||||
■
|
WILLIAM ADAMS IV(2)
1955 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2013
Class II |
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2015) of Nuveen Investments, Inc.; Co-President of Nuveen Fund Advisors, LLC (since 2011); Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).
|
191
|
||||
■
|
THOMAS S. SCHREIER, JR.(2)(3)
1962 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2013
Class III |
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman's Council of the Investment Company Institute; Director and Vice Chair of Allina Health and a member of its Finance, Audit and Investment Committees; Director of the Minneapolis Museum of Art; formerly, Chief Executive Officer (2000- 2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
|
191
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds:
|
|||||||||
■
|
GIFFORD R. ZIMMERMAN
1956 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chief
Administrative
Officer
|
1988
|
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 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); Managing Director and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
|
192
|
||||
■
|
CEDRIC H. ANTOSIEWIC
1962 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
2007
|
Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014).
|
84
|
||||
■
|
MARGO L. COOK
1964 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
2009
|
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since 2011); Co-Chief Executive Officer (since 2015), previously, Executive Vice President (2013-2015) of Nuveen Securities, LLC; Chartered Financial Analyst.
|
192
|
Nuveen Investments
|
87
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued):
|
|||||||||
■
|
LORNA C. FERGUSON
1945 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
1998
|
Managing Director (since 2004) of Nuveen Investments Holdings, Inc.
|
192
|
||||
■
|
STEPHEN D. FOY
1954 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
and Controller
|
1998
|
Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.
|
192
|
||||
■
|
SHERRI A. HLAVACEK
1962 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
and Treasurer |
2015
|
Executive Vice President (since 2015, formerly, Managing Director) and Controller of Nuveen Fund Advisors, LLC; Managing Director and Controller of Nuveen Commodities Asset Management, LLC; Executive Vice President (since 2015, formerly, Managing Director), Treasurer and Controller of Nuveen Asset Management, LLC; Executive Vice President, Principal Financial Officer (since 2015, formerly, Managing Director), Treasurer and Corporate Controller of Nuveen Investments, Inc.; Executive Vice President (since 2015, formerly, Managing Director), Treasurer and Corporate Controller of Nuveen Investments Advisers, LLC and Nuveen Investments Holdings, Inc.; Managing Director, Chief Financial Officer and Corporate Controller of Nuveen Securities, LLC; Vice President, Controller and Treasurer of NWQ Investment Management Company, LLC; Vice President and Controller of Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC; Certified Public Accountant.
|
192
|
||||
■
|
WALTER M. KELLY
197o 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chief Compliance
Officer and Vice President |
2003
|
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
|
192
|
||||
■
|
DAVID J. LAMB
1963 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
2015
|
Senior Vice President of Nuveen Investments Holdings, Inc. (since 2006), Vice President prior to 2006.
|
84
|
||||
■
|
TINA M. LAZAR
1961 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
2002
|
Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC.
|
192
|
||||
■
|
KEVIN J. MCCARTHY
1966 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
and Secretary
|
2007
|
Executive Vice President, Secretary and General Counsel (since March 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Executive Vice President (since March 2016), formerly, Managing Director and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director, Assistant Secretary (2011-2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Executive Vice President and Secretary of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since March 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC (since 2010) Winslow Capital Management, LLC and Tradewinds Global Investors, LLC (since 2016); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC.
|
192
|
88
|
Nuveen Investments
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued):
|
|||||||||
■
|
KATHLEEN L. PRUDHOMME
1953 9o1 Marquette Avenue Minneapolis, MN 554o2 |
Vice President and
Assistant Secretary
|
2011
|
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
|
192
|
||||
■
|
JOEL T. SLAGER
1978 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and
Assistant Secretary
|
2013
|
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
|
192
|
(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, 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)
|
"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(3)
|
Mr. Schreier will retire from the Funds' Board of Trustees effective May 31, 2016.
|
(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 Investments
|
89
|
90
|
Nuveen Investments
|
Nuveen Investments
|
91
|
Nuveen Investments:
|
Serving Investors for Generations
|
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
|
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 29, 2016
|
$ | 26,375 | $ | 0 | $ | 0 | $ | 193 | |||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
|
|||||||||||||||
exception
|
|||||||||||||||
February 28, 2015
|
$ | 25,500 | $ | 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 29, 2016
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
February 28, 2015
|
$ 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 29, 2016
|
$ 193
|
$ 0
|
$ 0
|
$ 193
|
February 28, 2015
|
$ 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*
|
Michael Hamilton
|
Registered Investment Company
|
7
|
$1.49 billion
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
2
|
$141 million
|
*
|
Assets are as of February 29, 2016. 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
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$500,001-$1,000,000
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Over $1,000,000
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Michael Hamilton
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X
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(a)
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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)).
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(b)
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There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
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(a)(1)
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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.)
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(a)(2)
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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.
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(a)(3)
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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.
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(b)
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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.
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