Chairman's Letter to Shareholders
|
4
|
Portfolio Managers' Comments
|
5
|
Fund Leverage
|
8
|
Common Share Information
|
9
|
Risk Considerations
|
11
|
Performance Overview and Holding Summaries
|
12
|
Portfolios of Investments
|
16
|
Statement of Assets and Liabilities
|
45
|
Statement of Operations
|
46
|
Statement of Changes in Net Assets
|
47
|
Statement of Cash Flows
|
49
|
Financial Highlights
|
50
|
Notes to Financial Statements
|
56
|
Additional Fund Information
|
69
|
Glossary of Terms Used in this Report
|
70
|
Reinvest Automatically, Easily and Conveniently
|
72
|
Annual Investment Management Agreement Approval Process
|
73
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
Effective Leverage*
|
38.89%
|
38.64%
|
38.77%
|
37.09%
|
Regulatory Leverage*
|
34.91%
|
36.00%
|
33.20%
|
32.54%
|
*
|
Effective leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund's effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
|
|
||||||||||||
|
Variable Rate
Preferred* |
Variable Rate
Remarketed Preferred** |
||||||||||
|
Shares
|
Shares
|
||||||||||
|
Issued at
|
Issued at
|
||||||||||
|
Liquidation
|
Liquidation
|
||||||||||
|
Preference
|
Preference
|
Total
|
|||||||||
NAZ
|
$
|
88,300,000
|
$
|
—
|
$
|
88,300,000
|
||||||
NUM
|
$
|
173,000,000
|
$
|
—
|
$
|
173,000,000
|
||||||
NUO
|
$
|
148,000,000
|
$
|
—
|
$
|
148,000,000
|
||||||
NTX
|
$
|
72,000,000
|
$
|
—
|
$
|
72,000,000
|
*
|
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP- VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
|
**
|
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP- VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
|
|
Per Common Share Amounts
|
|||||||||||||||
Monthly Distributions (Ex-Dividend Date)
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
March 2018
|
$
|
0.0440
|
$
|
0.0445
|
$
|
0.0485
|
$
|
0.0485
|
||||||||
April
|
0.0440
|
0.0445
|
0.0485
|
0.0485
|
||||||||||||
May
|
0.0440
|
0.0445
|
0.0485
|
0.0485
|
||||||||||||
June
|
0.0440
|
0.0445
|
0.0485
|
0.0445
|
||||||||||||
July
|
0.0440
|
0.0445
|
0.0485
|
0.0445
|
||||||||||||
August 2018
|
0.0440
|
0.0445
|
0.0485
|
0.0445
|
||||||||||||
Total Distributions from Net Investment Income
|
$
|
0.2640
|
$
|
0.2670
|
$
|
0.2910
|
$
|
0.2790
|
||||||||
Yields
|
||||||||||||||||
Market Yield*
|
4.22
|
%
|
4.22
|
%
|
4.21
|
%
|
4.18
|
%
|
||||||||
Taxable-Equivalent Yield*
|
5.90
|
%
|
5.89
|
%
|
5.90
|
%
|
5.50
|
%
|
*
|
Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 28.5%, 28.3% and 28.6% for the Arizona, Michigan and Ohio Funds, respectively. The Texas Fund is based on a federal income tax rate of 24.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
Common shares cumulatively repurchased and retired
|
—
|
445,183
|
28,700
|
—
|
Common shares authorized for repurchase
|
1,170,000
|
2,065,000
|
1,850,000
|
1,005,000
|
|
NUM
|
NUO
|
||||||
Common shares repurchased and retired
|
223,183
|
28,700
|
||||||
Weighted average price per common share repurchased and retired
|
$
|
12.61
|
$
|
13.64
|
||||
Weighted average discount per common share repurchased and retired
|
15.65
|
%
|
15.17
|
%
|
|
NAZ
|
Additional authorized common shares
|
1,100,000*
|
* Represents additional authorized common shares for the period March 1, 2018 through June 29, 2018.
|
|
During the current reporting period, NAZ did not sell any common shares through its Shelf Offering.
|
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Common share NAV
|
$
|
14.07
|
$
|
14.95
|
$
|
16.10
|
$
|
14.89
|
||||||||
Common share price
|
$
|
12.51
|
$
|
12.66
|
$
|
13.83
|
$
|
12.76
|
||||||||
Premium/(Discount) to NAV
|
(11.09
|
)%
|
(15.32
|
)%
|
(14.10
|
)%
|
(14.30
|
)%
|
||||||||
6-month average premium/(discount) to NAV
|
(8.28
|
)%
|
(15.42
|
)%
|
(14.58
|
)%
|
(13.10
|
)%
|
NAZ
|
Nuveen Arizona Quality Municipal
Income Fund
Performance Overview and Holding Summaries as of August 31, 2018
|
|
Cumulative
|
Average Annual
|
||||||||||||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
NAZ at Common Share NAV
|
1.60
|
%
|
(0.17
|
)%
|
6.24
|
%
|
5.87
|
%
|
||||||||
NAZ at Common Share Price
|
(6.73
|
)%
|
(11.54
|
)%
|
6.34
|
%
|
5.24
|
%
|
||||||||
S&P Municipal Bond Arizona Index
|
1.57
|
%
|
0.45
|
%
|
4.04
|
%
|
4.41
|
%
|
||||||||
S&P Municipal Bond Index
|
1.78
|
%
|
0.61
|
%
|
4.23
|
%
|
4.36
|
%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
157.2%
|
Other Assets Less Liabilities
|
2.3%
|
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs
|
159.5%
|
Floating Rate Obligations
|
(5.9)%
|
VMTP Shares, net of deferred offering costs
|
(53.6)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
19.4%
|
Education and Civic Organizations
|
18.4%
|
Utilities
|
14.4%
|
Tax Obligation/General
|
11.9%
|
U.S. Guaranteed
|
11.8%
|
Health Care
|
11.2%
|
Water and Sewer
|
7.8%
|
Other
|
5.1%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
7.7%
|
AAA
|
11.7%
|
AA
|
47.5%
|
A
|
19.8%
|
BBB
|
6.2%
|
BB or Lower
|
2.6%
|
N/R (not rated)
|
4.5%
|
Total
|
100%
|
NUM
|
Nuveen Michigan Quality Municipal
Income Fund Performance Overview and Holding Summaries as of August 31, 2018
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
|
|
Average Annual Total Returns as of August 31, 2018
|
||||||||||||||||
|
Cumulative
|
Average Annual
|
||||||||||||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
NUM at Common Share NAV
|
1.73
|
%
|
(0.23
|
)%
|
6.46
|
%
|
5.77
|
%
|
||||||||
NUM at Common Share Price
|
0.70
|
%
|
(4.48
|
)%
|
5.79
|
%
|
6.19
|
%
|
||||||||
S&P Municipal Bond Michigan Index
|
1.79
|
%
|
1.10
|
%
|
4.81
|
%
|
4.65
|
%
|
||||||||
S&P Municipal Bond Index
|
1.78
|
%
|
0.61
|
%
|
4.23
|
%
|
4.36
|
%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
158.5%
|
Other Assets Less Liabilities
|
1.8%
|
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs
|
160.3%
|
Floating Rate Obligations
|
(4.0)%
|
VMTP Shares, net of deferred offering costs
|
(56.3)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Education and Civic Organizations
|
22.4%
|
Tax Obligation/General
|
20.7%
|
Health Care
|
13.8%
|
Water and Sewer
|
10.5%
|
Tax Obligation/Limited
|
9.4%
|
U.S. Guaranteed
|
9.0%
|
Utilities
|
7.6%
|
Other
|
6.6%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
8.1%
|
AAA
|
16.6%
|
AA
|
53.3%
|
A
|
17.3%
|
BBB
|
0.4%
|
BB or Lower
|
3.5%
|
N/R (not rated)
|
0.8%
|
Total
|
100%
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
Performance Overview and Holding Summaries as of August 31, 2018
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
|
|
Average Annual Total Returns as of August 31, 2018
|
||||||||||||||||
|
Cumulative
|
Average Annual
|
||||||||||||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
NUO at Common Share NAV
|
1.69
|
%
|
(0.22
|
)%
|
6.56
|
%
|
5.88
|
%
|
||||||||
NUO at Common Share Price
|
(0.11
|
)%
|
(5.77
|
)%
|
5.36
|
%
|
5.80
|
%
|
||||||||
S&P Municipal Bond Ohio Index
|
2.27
|
%
|
1.44
|
%
|
5.37
|
%
|
4.84
|
%
|
||||||||
S&P Municipal Bond Index
|
1.78
|
%
|
0.61
|
%
|
4.23
|
%
|
4.36
|
%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
154.8%
|
Other Assets Less Liabilities
|
1.5%
|
Net Assets Plus Floating Rate Obligations & VRDP Shares, net of deferred offering costs
|
156.3%
|
Floating Rate Obligations
|
(6.7)%
|
VRDP Shares, net of deferred offering costs
|
(49.6)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
20.8%
|
U.S. Guaranteed
|
18.8%
|
Tax Obligation/General
|
14.3%
|
Health Care
|
10.3%
|
Transportation
|
9.8%
|
Education and Civic Organizations
|
9.7%
|
Water and Sewer
|
7.6%
|
Other
|
8.7%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
13.0%
|
AAA
|
13.0%
|
AA
|
52.6%
|
A
|
11.5%
|
BBB
|
3.1%
|
BB or Lower
|
5.8%
|
N/R (not rated)
|
1.0%
|
Total
|
100%
|
NTX
|
Nuveen Texas Quality Municipal Income Fund
Performance Overview and Holding Summaries as of August 31, 2018
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
|
|
Average Annual Total Returns as of August 31, 2018
|
||||||||||||||||
|
Cumulative
|
Average Annual
|
||||||||||||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
NTX at Common Share NAV
|
1.48
|
%
|
(0.56
|
)%
|
5.51
|
%
|
5.53
|
%
|
||||||||
NTX at Common Share Price
|
(3.64
|
)%
|
(8.03
|
)%
|
3.82
|
%
|
5.17
|
%
|
||||||||
S&P Municipal Bond Texas Index
|
1.41
|
%
|
0.17
|
%
|
4.18
|
%
|
4.56
|
%
|
||||||||
S&P Municipal Bond Index
|
1.78
|
%
|
0.61
|
%
|
4.23
|
%
|
4.36
|
%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
157.6%
|
Other Assets Less Liabilities
|
1.1%
|
Net Assets Plus Floating Rate Obligations & MFP Shares, net of deferred offering costs
|
158.7%
|
Floating Rate Obligations
|
(10.7)%
|
MFP Shares, net of deferred offering costs
|
(48.0)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
20.2%
|
Tax Obligation/Limited
|
15.7%
|
Water and Sewer
|
15.2%
|
Transportation
|
13.9%
|
U.S. Guaranteed
|
10.7%
|
Utilities
|
9.9%
|
Education and Civic Organizations
|
7.4%
|
Other
|
7.0%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
9.5%
|
AAA
|
27.1%
|
AA
|
31.0%
|
A
|
22.2%
|
BBB
|
8.1%
|
BB or Lower
|
1.9%
|
N/R (not rated)
|
0.2%
|
Total
|
100%
|
NAZ
|
Nuveen Arizona Quality Municipal
Income Fund Portfolio of Investments
August 31, 2018 (Unaudited) |
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
LONG-TERM INVESTMENTS – 157.2% (100.0% of Total Investments)
|
|
||||||||||||
MUNICIPAL BONDS – 157.2% (100.0% of Total Investments)
|
|
||||||||||||
Education and Civic Organizations – 29.0% (18.4% of Total Investments)
|
|
||||||||||||
$
|
2,175
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 2016B, 5.000%, 7/01/47
|
7/26 at 100.00
|
AA
|
$
|
2,460,012
|
|||||||
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
|
1,691,670
|
|||||||||
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
|
1,691,670
|
|||||||||
2,515
|
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
|
2,776,711
|
|||||||||
2,240
|
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option Bond Trust 2015-XF0053, 13.232%, 6/01/42, 144A (IF)
|
6/22 at 100.00
|
Aa2
|
2,974,093
|
|||||||||
515
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A, 5.125%, 7/01/37, 144A
|
7/26 at 100.00
|
BB
|
536,336
|
|||||||||
525
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C, 5.000%, 7/01/47
|
7/27 at 100.00
|
AA–
|
578,025
|
|||||||||
150
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A
|
7/27 at 100.00
|
BB
|
154,301
|
|||||||||
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F:
|
|
||||||||||||
700
|
5.000%, 7/01/37
|
7/27 at 100.00
|
AA–
|
781,326
|
|||||||||
1,645
|
5.000%, 7/01/47
|
7/27 at 100.00
|
AA–
|
1,818,975
|
|||||||||
315
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G, 5.000%, 7/01/47, 144A
|
7/27 at 100.00
|
BB
|
324,031
|
|||||||||
240
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A
|
11/27 at 100.00
|
N/R
|
|
233,498
|
||||||||
375
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2017B, 5.000%, 3/01/48, 144A
|
9/27 at 100.00
|
BB+
|
375,266
|
|||||||||
710
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017A, 5.000%, 7/01/42
|
7/27 at 100.00
|
AA–
|
780,581
|
|||||||||
380
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017B, 4.250%, 7/01/27, 144A
|
No Opt. Call
|
BB
|
374,482
|
|||||||||
615
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A, 5.000%, 7/01/38
|
1/28 at 100.00
|
AA–
|
681,617
|
|||||||||
165
|
Arizona Industrial Development Authority, Education Revenue Bonds, Legacy Traditional School Southwest Las Vegas Nevada Campus, Series 2018, 5.250%, 7/01/22, 144A
|
7/19 at 101.00
|
N/R
|
|
163,756
|
||||||||
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
|
|
2,170,900
|
||||||||
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+
|
|
3,951,746
|
||||||||
870
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 5.000%, 7/01/36, 144A
|
7/26 at 100.00
|
BB+
|
910,037
|
|||||||||
355
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017A , 5.000%, 7/01/37
|
7/27 at 100.00
|
AA–
|
400,561
|
|||||||||
490
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017C, 5.000%, 7/01/48
|
7/27 at 100.00
|
AA–
|
547,320
|
|||||||||
2,095
|
McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37
|
7/26 at 100.00
|
AA–
|
2,375,751
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
Education and Civic Organizations (continued)
|
|
||||||||||||
$
|
1,875
|
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40
|
6/24 at 100.00
|
A+
|
|
$
|
2,073,356
|
||||||
910
|
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41
|
6/21 at 100.00
|
A+
|
|
969,833
|
||||||||
70
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/46, 144A
|
7/25 at 100.00
|
BB
|
71,660
|
|||||||||
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+
|
935,928
|
|||||||||
800
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies Project, Series 2016A, 5.000%, 7/01/41
|
7/25 at 100.00
|
BBB–
|
844,864
|
|||||||||
250
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 4.000%, 7/01/22, 144A
|
7/19 at 101.00
|
N/R
|
|
245,128
|
||||||||
165
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Phoenix/East Mesa and Cadence, Nevada Campuses, Series 2017B, 4.000%, 7/01/22, 144A
|
7/19 at 101.00
|
N/R
|
|
161,784
|
||||||||
500
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44, 144A
|
7/24 at 100.00
|
Ba1
|
554,320
|
|||||||||
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2015,
|
|
||||||||||||
315
|
5.000%, 7/01/35, 144A
|
7/25 at 100.00
|
Ba1
|
325,266
|
|||||||||
300
|
5.000%, 7/01/45, 144A
|
7/25 at 100.00
|
Ba1
|
307,113
|
|||||||||
650
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A
|
7/26 at 100.00
|
Ba1
|
671,411
|
|||||||||
355
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series 2015, 3.250%, 7/01/25
|
No Opt. Call
|
BBB–
|
355,852
|
|||||||||
1,995
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky University Project, Series 2016, 5.000%, 10/01/36
|
10/26 at 100.00
|
A2
|
2,184,705
|
|||||||||
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
|
|
3,939,673
|
||||||||
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
|
|
215,488
|
||||||||
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Champion Schools Project, Series 2017,
|
|
||||||||||||
120
|
6.000%, 6/15/37, 144A
|
6/26 at 100.00
|
N/R
|
|
122,830
|
||||||||
680
|
6.125%, 6/15/47, 144A
|
6/26 at 100.00
|
N/R
|
|
696,170
|
||||||||
200
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36
|
7/26 at 100.00
|
BB–
|
180,540
|
|||||||||
35
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A
|
2/24 at 100.00
|
N/R
|
|
33,371
|
||||||||
115
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A
|
2/28 at 100.00
|
N/R
|
|
112,787
|
||||||||
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
|
|
680,282
|
||||||||
500
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools ? Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A
|
6/25 at 100.00
|
BB
|
500,280
|
|||||||||
730
|
Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona College, Series 2017, 5.000%, 7/01/35 – BAM Insured
|
7/26 at 100.00
|
AA
|
826,199
|
|||||||||
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
|
852,610
|
|||||||||
250
|
Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/22
|
No Opt. Call
|
AA–
|
276,003
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
Education and Civic Organizations (continued)
|
|
||||||||||||
The Industrial Development Authority of the County of Maricopa, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016,
|
|
||||||||||||
$
|
520
|
5.000%, 7/01/36
|
7/26 at 100.00
|
Baa3
|
$
|
548,168
|
|||||||
300
|
5.000%, 7/01/47
|
7/26 at 100.00
|
Baa3
|
312,585
|
|||||||||
43,785
|
Total Education and Civic Organizations
|
|
47,750,871
|
||||||||||
Health Care – 17.5% (11.2% of Total Investments)
|
|
||||||||||||
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–
|
1,312,260
|
|||||||||
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
|
A+
|
5,355,153
|
|||||||||
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A,
|
|
||||||||||||
3,005
|
5.000%, 12/01/39
|
12/24 at 100.00
|
A2
|
3,312,141
|
|||||||||
2,860
|
5.000%, 12/01/42
|
12/24 at 100.00
|
A2
|
3,145,514
|
|||||||||
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A,
|
|
||||||||||||
1,250
|
5.000%, 1/01/32
|
1/27 at 100.00
|
AA–
|
1,436,825
|
|||||||||
1,000
|
5.000%, 1/01/35
|
1/27 at 100.00
|
AA–
|
1,136,820
|
|||||||||
2,000
|
5.000%, 1/01/38
|
1/27 at 100.00
|
AA–
|
2,251,780
|
|||||||||
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
|
1,180,917
|
|||||||||
The Industrial Development Authority of the County of Maricopa, Arizona, Revenue Bonds, Banner Health, Series 2017A,
|
|
||||||||||||
2,000
|
5.000%, 1/01/41
|
1/28 at 100.00
|
AA–
|
2,269,120
|
|||||||||
2,700
|
4.000%, 1/01/41
|
1/28 at 100.00
|
AA–
|
2,784,780
|
|||||||||
1,025
|
Yavapai County Industrial Development Authority, Arizona, Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical Center, Series 2016, 5.000%, 8/01/36
|
8/26 at 100.00
|
A
|
1,128,863
|
|||||||||
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A,
|
|
||||||||||||
210
|
5.000%, 8/01/19
|
No Opt. Call
|
A
|
215,506
|
|||||||||
1,000
|
5.250%, 8/01/33
|
8/23 at 100.00
|
A
|
1,095,210
|
|||||||||
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–
|
1,097,140
|
|||||||||
1,000
|
5.250%, 8/01/32
|
8/24 at 100.00
|
A–
|
1,132,480
|
|||||||||
26,470
|
Total Health Care
|
|
28,854,509
|
||||||||||
Long-Term Care – 1.9% (1.2% of Total Investments)
|
|
||||||||||||
285
|
Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater Avondale Project, Series 2017, 5.375%, 1/01/38
|
7/25 at 101.00
|
N/R
|
281,104
|
|||||||||
1,885
|
Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 3rd and Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36
|
10/25 at 101.00
|
N/R
|
|
1,900,853
|
||||||||
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
|
|
832,759
|
||||||||
80
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A, 6.125%, 10/01/47, 144A
|
10/27 at 100.00
|
N/R
|
|
88,587
|
||||||||
3,030
|
Total Long-Term Care
|
|
3,103,303
|
||||||||||
Tax Obligation/General – 18.8% (11.9% of Total Investments)
|
|
||||||||||||
575
|
Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation Bonds, School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 – BAM Insured
|
7/27 at 100.00
|
AA
|
652,090
|
|||||||||
Casa Grande, Arizona, General Obligation Bonds, Refunding Series 2016B,
|
|
||||||||||||
1,605
|
4.000%, 8/01/33
|
8/26 at 100.00
|
AA–
|
1,692,874
|
|||||||||
835
|
4.000%, 8/01/34
|
8/26 at 100.00
|
AA–
|
878,328
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Tax Obligation/General (continued)
|
|
|
|
|||||||||
$ |
2,500
|
Chandler, Arizona, General Obligation Bonds, Refunding Series 2014, 5.000%, 7/01/24
|
No Opt. Call
|
AAA
|
$ |
2,895,300
|
|||||||
|
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
|
AAA
|
1,134,060
|
|||||||||
525
|
5.000%, 7/01/27
|
7/24 at 100.00
|
AAA
|
592,652
|
|||||||||
2,140
|
El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%, 7/01/42 – AGM Insured
|
7/22 at 100.00
|
AA
|
2,314,303
|
|||||||||
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
|
1,084,670
|
|||||||||
630
|
Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation Bonds, School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37
|
7/27 at 100.00
|
Aa1
|
726,478
|
|||||||||
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
|
840,247
|
|||||||||
300
|
Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School Improvement Project of 2013, Series 2016C, 4.000%, 7/01/33 – AGM Insured
|
7/26 at 100.00
|
AA
|
318,402
|
|||||||||
1,350
|
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, School Improvement Series 2018, 5.000%, 7/01/36
|
7/25 at 102.00
|
Aa3
|
1,538,339
|
|||||||||
1,275
|
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds, School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33
|
7/27 at 100.00
|
AAA
|
1,488,537
|
|||||||||
|
Mohave County Union High School District 2 Colorado River, Arizona, General Obligation Bonds, School Improvement Series 2017,
|
|
|
|
|||||||||
1,000
|
5.000%, 7/01/34
|
7/27 at 100.00
|
Aa3
|
1,145,630
|
|||||||||
1,000
|
5.000%, 7/01/36
|
7/27 at 100.00
|
Aa3
|
1,135,710
|
|||||||||
690
|
Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/01/36
|
7/27 at 100.00
|
AA–
|
796,819
|
|||||||||
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
|
1,509,274
|
|||||||||
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
|
3,213,508
|
|||||||||
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
|
1,878,345
|
|||||||||
1,500
|
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured
|
7/27 at 100.00
|
AA
|
1,720,950
|
|||||||||
|
Pinal County School District 4 Casa Grande Elementary, Arizona, General Obligation Bonds, School improvement Project 2016, Series 2017A,
|
|
|
|
|||||||||
620
|
5.000%, 7/01/34 – BAM Insured
|
7/27 at 100.00
|
AA
|
702,615
|
|||||||||
1,000
|
5.000%, 7/01/35 – BAM Insured
|
7/27 at 100.00
|
AA
|
1,129,970
|
|||||||||
|
Western Maricopa Education Center District 402, Maricopa County, Arizona, General Obligation Bonds, School Improvement Project 2012, Series2014B,
|
|
|
|
|||||||||
715
|
4.500%, 7/01/33
|
7/24 at 100.00
|
AA–
|
771,478
|
|||||||||
665
|
4.500%, 7/01/34
|
7/24 at 100.00
|
AA–
|
716,059
|
|||||||||
27,715
|
Total Tax Obligation/General
|
|
|
30,876,638
|
|||||||||
|
Tax Obligation/Limited – 30.5% (19.4% 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
|
2,431,991
|
|||||||||
1,250
|
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/35
|
7/26 at 100.00
|
AAA
|
1,438,150
|
|||||||||
275
|
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36
|
7/26 at 100.00
|
AA–
|
285,665
|
|||||||||
1,000
|
Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37
|
7/25 at 100.00
|
AA
|
1,118,590
|
|||||||||
135
|
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41, 144A
|
7/27 at 100.00
|
N/R
|
137,647
|
|||||||||
1,210
|
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39, 144A
|
7/25 at 100.00
|
N/R
|
1,238,846
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
Tax Obligation/Limited (continued)
|
|
||||||||||||
$
|
488
|
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
|
$
|
497,950
|
|||||||
1,810
|
Eastmark Community Facilities District No. 1, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/42 – AGM Insured
|
7/27 at 100.00
|
AA
|
2,012,322
|
|||||||||
655
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Refunding Series 2017, 5.000%, 7/15/32 – AGM Insured
|
7/27 at 100.00
|
AA
|
731,386
|
|||||||||
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds,Series 2012,
|
|
||||||||||||
345
|
5.000%, 7/15/27 – BAM Insured
|
7/22 at 100.00
|
AA
|
372,845
|
|||||||||
1,085
|
5.000%, 7/15/31 – BAM Insured
|
7/22 at 100.00
|
AA
|
1,167,623
|
|||||||||
500
|
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2016, 4.000%, 7/15/36 – BAM Insured
|
7/26 at 100.00
|
AA
|
518,080
|
|||||||||
1,000
|
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/37 – BAM Insured
|
7/27 at 100.00
|
AA
|
1,113,390
|
|||||||||
415
|
Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment Revenue Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37
|
7/27 at 100.00
|
N/R
|
423,802
|
|||||||||
590
|
Festival Ranch Community Facilities District, City of Buckeye, Arizona, General Obligation Bonds, Series 2018, 5.000%, 7/15/38 – BAM Insured
|
7/27 at 100.00
|
AA
|
661,201
|
|||||||||
600
|
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds, Refunding Series 2016, 4.000%, 7/15/32
|
7/26 at 100.00
|
A1
|
630,552
|
|||||||||
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–
|
1,629,405
|
|||||||||
1,500
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39
|
11/25 at 100.00
|
A
|
1,635,960
|
|||||||||
Government of Guam, Business Privilege Tax Bonds, Series 2011A,
|
|
||||||||||||
510
|
5.000%, 1/01/31
|
1/22 at 100.00
|
A
|
|
537,209
|
||||||||
200
|
5.125%, 1/01/42
|
1/22 at 100.00
|
A
|
209,972
|
|||||||||
1,500
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37
|
1/22 at 100.00
|
A
|
1,569,435
|
|||||||||
1,250
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/46
|
12/26 at 100.00
|
BBB+
|
1,366,288
|
|||||||||
1,425
|
Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33
|
7/23 at 100.00
|
AA
|
1,583,788
|
|||||||||
65
|
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A, 7.400%, 7/15/33
|
11/18 at 100.00
|
BBB–
|
65,190
|
|||||||||
200
|
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2016, 5.000%, 7/15/31
|
7/26 at 100.00
|
BBB
|
222,780
|
|||||||||
385
|
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/42 – BAM Insured
|
7/27 at 100.00
|
AA
|
424,031
|
|||||||||
300
|
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26
|
7/21 at 100.00
|
AA–
|
323,625
|
|||||||||
400
|
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.350%, 7/15/31
|
11/18 at 100.00
|
N/R
|
351,388
|
|||||||||
2,500
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36
|
12/22 at 100.00
|
A
|
2,691,325
|
|||||||||
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+
|
619,191
|
|||||||||
565
|
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
|
No Opt. Call
|
BBB–
|
565,407
|
|||||||||
1,000
|
Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33
|
8/24 at 100.00
|
AA
|
1,124,750
|
|||||||||
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding Series 2016,
|
|
||||||||||||
540
|
4.000%, 8/01/34
|
8/26 at 100.00
|
AA
|
568,021
|
|||||||||
545
|
4.000%, 8/01/36
|
8/26 at 100.00
|
AA
|
570,184
|
|||||||||
1,740
|
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 5.000%, 8/01/42
|
8/28 at 100.00
|
AA
|
2,005,628
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
Tax Obligation/Limited (continued)
|
|
||||||||||||
$
|
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+
|
$
|
1,120,560
|
|||||||
San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series2014A,
|
|
||||||||||||
1,400
|
5.000%, 7/01/34 – BAM Insured
|
7/24 at 100.00
|
AA
|
1,560,370
|
|||||||||
2,100
|
5.000%, 7/01/38 – BAM Insured
|
7/24 at 100.00
|
AA
|
2,323,944
|
|||||||||
3,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/24
|
No Opt. Call
|
AAA
|
3,465,480
|
|||||||||
1,320
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/36
|
7/27 at 100.00
|
AAA
|
1,539,952
|
|||||||||
Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series 2016,
|
|
||||||||||||
310
|
5.000%, 7/01/28
|
7/26 at 100.00
|
AAA
|
361,389
|
|||||||||
500
|
5.000%, 7/01/29
|
7/26 at 100.00
|
AAA
|
580,585
|
|||||||||
2,505
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37
|
7/22 at 100.00
|
AAA
|
2,746,232
|
|||||||||
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
|
1,776,320
|
|||||||||
750
|
Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2016, 3.250%, 7/15/25, 144A
|
7/21 at 100.00
|
N/R
|
|
704,843
|
||||||||
1,300
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
|
11/18 at 100.00
|
N/R
|
1,251,250
|
|||||||||
46,308
|
Total Tax Obligation/Limited
|
|
50,274,542
|
||||||||||
Transportation – 6.1% (3.9% of Total Investments)
|
|
||||||||||||
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2015A,
|
|
||||||||||||
910
|
5.000%, 7/01/40
|
7/25 at 100.00
|
A+
|
1,012,584
|
|||||||||
2,185
|
5.000%, 7/01/45
|
7/25 at 100.00
|
A+
|
2,424,236
|
|||||||||
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–
|
1,964,303
|
|||||||||
2,215
|
5.000%, 7/01/32 (Alternative Minimum Tax)
|
7/23 at 100.00
|
AA–
|
2,431,206
|
|||||||||
2,000
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42 (Alternative Minimum Tax)
|
7/27 at 100.00
|
AA–
|
2,235,580
|
|||||||||
9,095
|
Total Transportation
|
|
10,067,909
|
||||||||||
U.S. Guaranteed – 18.5% (11.8% of Total Investments) (5)
|
|
||||||||||||
3,480
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22)
|
7/22 at 100.00
|
AA
|
3,864,958
|
|||||||||
1,025
|
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series 2011A, 5.000%, 7/01/36 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
AA+
|
1,113,068
|
|||||||||
180
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
A+
|
190,609
|
|||||||||
585
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
N/R
|
655,212
|
|||||||||
1,045
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
N/R
|
1,150,273
|
|||||||||
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010,
|
|
||||||||||||
745
|
6.000%, 6/01/40 (Pre-refunded 6/01/19)
|
6/19 at 100.00
|
BB+
|
768,572
|
|||||||||
550
|
6.100%, 6/01/45 (Pre-refunded 6/01/19)
|
6/19 at 100.00
|
BB+
|
567,804
|
|||||||||
1,000
|
Pima County Unified School District 8 Flowing Wells, Arizona, General Obligation Bonds, School Improvement Project 2008 Series 2011B, 5.375%, 7/01/29 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
A+
|
1,064,710
|
|||||||||
1,800
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/36 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A
|
|
1,966,968
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
|
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
||||||||
U.S. Guaranteed (5) (continued)
|
|
||||||||||||
$
|
5,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer Improvements Project, Series 2010, 5.000%, 7/01/36 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
AAA
|
$
|
5,294,700
|
|||||||
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition, Project 2004 Series 2011,
|
|
||||||||||||
1,310
|
5.000%, 7/01/32 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
AAA
|
1,422,555
|
|||||||||
1,360
|
5.000%, 7/01/33 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
AAA
|
1,476,851
|
|||||||||
1,705
|
5.000%, 7/01/34 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
AAA
|
1,851,494
|
|||||||||
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007,
|
|
||||||||||||
605
|
4.700%, 4/01/22 (Pre-refunded 10/01/18)
|
10/18 at 100.00
|
A+
|
|
606,379
|
||||||||
1,970
|
4.900%, 4/01/32 (Pre-refunded 10/01/18)
|
10/18 at 100.00
|
A+
|
|
1,974,767
|
||||||||
1,495
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37 (Pre-refunded 7/01/22)
|
7/22 at 100.00
|
N/R
|
|
1,657,462
|
||||||||
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
|
|
2,870,281
|
||||||||
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2013,
|
|
||||||||||||
200
|
5.000%, 7/01/19 (ETM)
|
No Opt. Call
|
N/R
|
|
205,278
|
||||||||
800
|
5.000%, 7/01/20 (ETM)
|
No Opt. Call
|
N/R
|
|
844,928
|
||||||||
825
|
Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2011, 7.875%, 3/01/42 (Pre-refunded 3/01/21)
|
3/21 at 100.00
|
BB+
|
945,145
|
|||||||||
28,265
|
Total U.S. Guaranteed
|
|
30,492,014
|
||||||||||
Utilities – 22.6% (14.4% 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
|
A–
|
1,592,758
|
|||||||||
1,100
|
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39
|
10/24 at 100.00
|
AA
|
1,200,210
|
|||||||||
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
|
4,507,872
|
|||||||||
8,750
|
Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4)
|
7/28 at 100.00
|
Aa2
|
10,116,050
|
|||||||||
695
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/35
|
7/26 at 100.00
|
A
|
|
784,009
|
||||||||
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
|
1,708,230
|
|||||||||
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2017A,
|
|
||||||||||||
2,000
|
5.000%, 1/01/38
|
1/28 at 100.00
|
Aa1
|
2,331,960
|
|||||||||
500
|
5.000%, 1/01/39
|
1/28 at 100.00
|
Aa1
|
582,100
|
|||||||||
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+
|
5,437,215
|
|||||||||
5,665
|
5.000%, 12/01/37
|
No Opt. Call
|
BBB+
|
6,732,566
|
|||||||||
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)
|
11/18 at 100.00
|
N/R
|
|
2,229,269
|
||||||||
32,885
|
Total Utilities
|
|
37,222,239
|
||||||||||
Water and Sewer – 12.3% (7.8% of Total Investments)
|
|
||||||||||||
1,000
|
Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, Series 2016, 5.000%, 1/01/36
|
1/26 at 100.00
|
AA+
|
1,135,480
|
|||||||||
500
|
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28
|
7/22 at 100.00
|
AA
|
550,075
|
|||||||||
785
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien Series 2016, 5.000%, 7/01/45 – AGM Insured
|
7/26 at 100.00
|
AA
|
878,030
|
|||||||||
2,855
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39
|
7/20 at 100.00
|
Aa3
|
3,041,317
|
|||||||||
500
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011, 5.500%, 7/01/41
|
7/21 at 100.00
|
AA
|
546,620
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Water and Sewer (continued)
|
|
|
|
|||||||||
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017,
|
|
|
|
|||||||||
$ |
665
|
5.000%, 7/01/36
|
7/27 at 100.00
|
A–
|
$ |
737,990
|
|||||||
500
|
5.000%, 7/01/40
|
7/27 at 100.00
|
A–
|
552,085
|
|||||||||
545
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/33
|
7/23 at 100.00
|
A–
|
589,723
|
|||||||||
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
|
1,262,093
|
|||||||||
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+
|
1,291,119
|
|||||||||
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
|
2,234,800
|
|||||||||
|
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
|
1,375,950
|
|||||||||
1,040
|
5.500%, 7/01/22 – FGIC Insured
|
No Opt. Call
|
AAA
|
1,176,136
|
|||||||||
1,500
|
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/26
|
7/22 at 100.00
|
AA
|
1,653,120
|
|||||||||
1,000
|
Pima County, Arizona, Sewer System Revenue Obligations, Series 2014, 5.000%, 7/01/22
|
No Opt. Call
|
AA
|
1,109,840
|
|||||||||
|
Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018,
|
|
|
|
|||||||||
500
|
5.000%, 7/01/35
|
7/28 at 100.00
|
AA+
|
585,900
|
|||||||||
805
|
5.000%, 7/01/36
|
7/28 at 100.00
|
AA+
|
941,802
|
|||||||||
500
|
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/23
|
No Opt. Call
|
AA
|
567,380
|
|||||||||
18,205
|
Total Water and Sewer
|
|
|
20,229,460
|
|||||||||
$ |
235,758
|
Total Long-Term Investments (cost $249,151,243)
|
|
|
258,871,485
|
||||||||
|
Floating Rate Obligations – (5.9)%
|
|
|
(9,755,000)
|
|||||||||
|
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (53.6)% (6)
|
|
|
(88,293,193)
|
|||||||||
|
Other Assets Less Liabilities – 2.3%
|
|
|
3,822,361
|
|||||||||
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ |
164,645,653
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
|
(6)
|
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 34.1%.
|
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
|
ETM
|
Escrowed to maturity.
|
|
IF
|
Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
NUM
|
Nuveen Michigan Quality Municipal
Portfolio of Investments Income Fund August 31, 2018 (Unaudited) |
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
LONG-TERM INVESTMENTS – 158.5% (100.0% of Total Investments)
|
|
||||||||||||
MUNICIPAL BONDS – 158.5% (100.0% of Total Investments)
|
|
||||||||||||
Consumer Staples – 4.8% (3.0% of Total Investments)
|
|
||||||||||||
$
|
6,000
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34
|
10/18 at 100.00
|
B–
|
$
|
6,028,260
|
|||||||
8,650
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
|
10/18 at 100.00
|
B2
|
8,665,483
|
|||||||||
14,650
|
Total Consumer Staples
|
|
14,693,743
|
||||||||||
Education and Civic Organizations – 35.4% (22.4% 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
|
1,376,160
|
|||||||||
1,000
|
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36
|
11/18 at 100.00
|
B
|
863,030
|
|||||||||
1,255
|
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005, 5.750%, 11/01/30
|
11/18 at 100.00
|
B–
|
796,423
|
|||||||||
Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A:
|
|
||||||||||||
1,100
|
5.000%, 3/01/33 – BAM Insured
|
3/27 at 100.00
|
AA
|
1,248,786
|
|||||||||
2,270
|
5.000%, 3/01/36 – BAM Insured
|
3/27 at 100.00
|
AA
|
2,555,453
|
|||||||||
7,665
|
Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – AGM Insured
|
3/28 at 100.00
|
AA
|
7,755,599
|
|||||||||
2,250
|
Ferris State University, Michigan, General Revenue Bonds, Refunding Series 2016, 5.000%, 10/01/41
|
10/26 at 100.00
|
A+
|
2,515,680
|
|||||||||
500
|
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28
|
12/24 at 100.00
|
A+
|
|
567,445
|
||||||||
Lake Superior State University Board of Trustees, Michigan, General Revenue Bonds, Series 2018:
|
|
||||||||||||
2,395
|
5.000%, 1/15/38 – AGM Insured
|
1/28 at 100.00
|
AA
|
2,675,502
|
|||||||||
4,000
|
5.000%, 1/15/43 – AGM Insured
|
1/28 at 100.00
|
AA
|
4,441,520
|
|||||||||
3,500
|
Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Kalamazoo College Project, Refunding Series 2018, 5.000%, 12/01/43
|
12/28 at 100.00
|
A1
|
3,948,315
|
|||||||||
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
|
B
|
953,103
|
|||||||||
1,170
|
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, Kettering University, Series 2001, 5.000%, 9/01/26 – AMBAC Insured
|
9/18 at 100.00
|
N/R
|
1,170,527
|
|||||||||
235
|
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37
|
11/18 at 100.00
|
N/R
|
|
234,986
|
||||||||
5,000
|
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40
|
2/20 at 100.00
|
AA
|
5,195,750
|
|||||||||
7,790
|
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41
|
8/23 at 100.00
|
AA
|
8,636,850
|
|||||||||
800
|
Michigan State University, General Revenue Bonds, Series 2015A, 5.000%, 8/15/27
|
8/25 at 100.00
|
AA
|
925,664
|
|||||||||
3,690
|
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/34
|
10/21 at 100.00
|
A1
|
3,971,326
|
|||||||||
Northern Michigan University, General Revenue Bonds, Series 2018A:
|
|
||||||||||||
400
|
5.000%, 12/01/33
|
6/28 at 100.00
|
A1
|
460,180
|
|||||||||
650
|
5.000%, 12/01/35
|
6/28 at 100.00
|
A1
|
743,113
|
|||||||||
Oakland University, Michigan, General Revenue Bonds, Series 2016:
|
|
||||||||||||
1,400
|
5.000%, 3/01/41
|
3/26 at 100.00
|
A1
|
1,549,926
|
|||||||||
4,000
|
5.000%, 3/01/47
|
3/26 at 100.00
|
A1
|
4,406,080
|
|||||||||
810
|
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35
|
7/26 at 100.00
|
A1
|
903,620
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Education and Civic Organizations (continued)
|
|
|
|
|||||||||
|
University of Michigan, General Revenue Bonds, Refunding Series 2017A:
|
|
|
|
|||||||||
$ |
2,000
|
5.000%, 4/01/34
|
4/27 at 100.00
|
AAA
|
$ |
2,339,860
|
|||||||
2,000
|
5.000%, 4/01/35
|
4/27 at 100.00
|
AAA
|
2,333,220
|
|||||||||
1,065
|
5.000%, 4/01/36
|
4/27 at 100.00
|
AAA
|
1,238,915
|
|||||||||
2,000
|
5.000%, 4/01/42
|
4/27 at 100.00
|
AAA
|
2,308,500
|
|||||||||
4,000
|
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44
|
4/24 at 100.00
|
AAA
|
4,537,120
|
|||||||||
5,000
|
University of Michigan, General Revenue Bonds, Series 2015, 5.000%, 4/01/46
|
4/26 at 100.00
|
AAA
|
5,683,650
|
|||||||||
|
University of Michigan, General Revenue Bonds, Series 2015:
|
|
|
|
|||||||||
5,735
|
5.000%, 4/01/40, 144A (UB), (4)
|
4/26 at 100.00
|
AAA
|
6,548,395
|
|||||||||
9,600
|
5.000%, 4/01/46, 144A (UB), (4)
|
4/26 at 100.00
|
AAA
|
10,912,608
|
|||||||||
2,000
|
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/32
|
5/26 at 100.00
|
Aa3
|
2,267,060
|
|||||||||
3,700
|
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40
|
11/23 at 100.00
|
Aa3
|
4,121,134
|
|||||||||
525
|
Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31
|
11/21 at 100.00
|
Aa3
|
570,770
|
|||||||||
|
Western Michigan University, General Revenue Bonds, Refunding Series 2013:
|
|
|
|
|||||||||
750
|
5.250%, 11/15/33 – AGM Insured
|
11/23 at 100.00
|
AA
|
848,685
|
|||||||||
4,250
|
5.000%, 11/15/39 – AGM Insured
|
11/23 at 100.00
|
AA
|
4,735,903
|
|||||||||
|
Western Michigan University, General Revenue Bonds, Refunding Series 2015A:
|
|
|
|
|||||||||
1,500
|
5.000%, 11/15/40
|
5/25 at 100.00
|
Aa3
|
1,670,085
|
|||||||||
850
|
5.000%, 11/15/45
|
5/25 at 100.00
|
Aa3
|
943,662
|
|||||||||
99,065
|
Total Education and Civic Organizations
|
|
|
108,954,605
|
|||||||||
|
Health Care – 21.9% (13.8% of Total Investments)
|
|
|
|
|||||||||
2,000
|
County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn Hospital, Refunding Series 2016, 5.000%, 2/15/47
|
2/27 at 100.00
|
BBB–
|
2,083,820
|
|||||||||
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–
|
4,339,080
|
|||||||||
|
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, Refunding Series 2011C:
|
|
|
|
|||||||||
5,500
|
5.000%, 1/15/31
|
1/22 at 100.00
|
AA
|
5,885,385
|
|||||||||
2,000
|
5.000%, 1/15/42
|
1/22 at 100.00
|
AA
|
2,115,080
|
|||||||||
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
|
A+
|
1,990,716
|
|||||||||
4,850
|
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding Series 2014, 5.000%, 6/01/39
|
6/24 at 100.00
|
A+
|
5,317,492
|
|||||||||
3,930
|
Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding Series 2013, 5.000%, 8/15/31
|
8/23 at 100.00
|
A+
|
4,332,314
|
|||||||||
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+
|
6,601,764
|
|||||||||
3,000
|
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42
|
11/22 at 100.00
|
A+
|
3,233,460
|
|||||||||
5,000
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI, 5.000%, 12/01/45
|
6/26 at 100.00
|
AA–
|
5,579,700
|
|||||||||
1,900
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017MI, 5.000%, 12/01/30
|
6/27 at 100.00
|
AA–
|
2,201,207
|
|||||||||
|
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:
|
|
|
|
|||||||||
1,000
|
5.000%, 11/01/25
|
11/22 at 100.00
|
A+
|
1,106,810
|
|||||||||
1,000
|
5.000%, 11/01/26
|
11/22 at 100.00
|
A+
|
1,103,880
|
|||||||||
3,750
|
5.000%, 11/01/42
|
11/22 at 100.00
|
A+
|
4,049,963
|
|||||||||
9,615
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI, 5.000%, 12/01/39
|
12/21 at 100.00
|
AA–
|
10,364,296
|
|||||||||
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–
|
1,069,100
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
Portfolio of Investments (continued) August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Health Care (continued)
|
|
|
|
|||||||||
$ |
5,380
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
3/24 at 100.00
|
A+
|
$ |
5,878,080
|
|||||||
|
Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39
|
|
|
|
|||||||||
61,765
|
Total Health Care
|
|
|
67,252,147
|
|||||||||
|
Housing/Multifamily – 2.4% (1.5% of Total Investments)
|
|
|
|
|||||||||
2,635
|
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
|
2,784,536
|
|||||||||
1,825
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35
|
10/20 at 100.00
|
AA
|
1,898,876
|
|||||||||
1,725
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 4.625%, 10/01/41
|
4/22 at 100.00
|
AA
|
1,772,075
|
|||||||||
1,000
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 4.000%, 10/01/42
|
4/22 at 100.00
|
AA
|
1,010,600
|
|||||||||
7,185
|
Total Housing/Multifamily
|
|
|
7,466,087
|
|||||||||
|
Tax Obligation/General – 32.9% (20.7% 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
|
2,535,063
|
|||||||||
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
|
963,925
|
|||||||||
895
|
Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016, 5.000%, 5/01/28
|
5/26 at 100.00
|
AAA
|
1,041,189
|
|||||||||
|
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2017I:
|
|
|
|
|||||||||
2,250
|
5.000%, 5/01/43
|
5/27 at 100.00
|
AA
|
2,537,663
|
|||||||||
2,195
|
5.000%, 5/01/47
|
5/27 at 100.00
|
AA
|
2,451,091
|
|||||||||
|
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
|
1,011,780
|
|||||||||
500
|
4.000%, 5/01/33
|
5/21 at 100.00
|
AA
|
504,370
|
|||||||||
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
|
1,256,593
|
|||||||||
875
|
Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/20
|
No Opt. Call
|
AA
|
920,448
|
|||||||||
|
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
|
7,408,449
|
|||||||||
3,000
|
0.000%, 12/01/26
|
No Opt. Call
|
AAA
|
2,415,030
|
|||||||||
100
|
0.000%, 12/01/27
|
No Opt. Call
|
AAA
|
77,840
|
|||||||||
4,305
|
0.000%, 12/01/29
|
No Opt. Call
|
AAA
|
3,121,771
|
|||||||||
|
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
|
607,718
|
|||||||||
500
|
5.000%, 10/01/30
|
10/21 at 100.00
|
AA
|
542,295
|
|||||||||
500
|
5.000%, 10/01/31
|
10/21 at 100.00
|
AA
|
541,980
|
|||||||||
|
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding School Building & Site Series 2016:
|
|
|
|
|||||||||
1,700
|
5.000%, 5/01/24 – AGM Insured
|
No Opt. Call
|
AA
|
1,939,156
|
|||||||||
4,205
|
5.000%, 5/01/28 – AGM Insured
|
5/26 at 100.00
|
AA
|
4,869,726
|
|||||||||
1,000
|
5.000%, 5/01/38 – AGM Insured
|
5/26 at 100.00
|
AA
|
1,122,770
|
|||||||||
|
Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017:
|
|
|
|
|||||||||
1,245
|
5.000%, 5/01/29
|
5/27 at 100.00
|
Aa3
|
1,437,639
|
|||||||||
1,265
|
5.000%, 5/01/30
|
5/27 at 100.00
|
Aa3
|
1,454,472
|
|||||||||
|
Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities Series 2017:
|
|
|
|
|||||||||
300
|
5.000%, 4/01/27
|
No Opt. Call
|
AA+
|
353,991
|
|||||||||
1,675
|
5.000%, 4/01/30
|
4/27 at 100.00
|
AA+
|
1,949,918
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Tax Obligation/General (continued)
|
|
|
|
|||||||||
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016:
|
|
|
|
|||||||||
$ |
1,000
|
5.000%, 6/01/31
|
6/26 at 100.00
|
AAA
|
$ |
1,156,600
|
|||||||
1,445
|
5.000%, 6/01/34
|
6/26 at 100.00
|
AAA
|
1,653,933
|
|||||||||
1,000
|
5.000%, 6/01/35
|
6/26 at 100.00
|
AAA
|
1,143,850
|
|||||||||
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2017A:
|
|
|
|
|||||||||
1,570
|
5.000%, 6/01/36
|
6/27 at 100.00
|
AAA
|
1,816,270
|
|||||||||
1,650
|
5.000%, 6/01/37
|
6/27 at 100.00
|
AAA
|
1,904,694
|
|||||||||
1,025
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34
|
1/25 at 100.00
|
AAA
|
1,157,963
|
|||||||||
3,440
|
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 5.000%, 1/01/31
|
1/25 at 100.00
|
AAA
|
3,911,899
|
|||||||||
|
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+
|
1,127,020
|
|||||||||
1,020
|
5.000%, 10/01/26
|
10/23 at 100.00
|
AA+
|
1,148,000
|
|||||||||
1,000
|
L'Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/23
|
No Opt. Call
|
AA
|
1,122,290
|
|||||||||
|
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I:
|
|
|
|
|||||||||
1,345
|
5.000%, 5/01/26
|
No Opt. Call
|
AA
|
1,573,838
|
|||||||||
2,245
|
5.000%, 5/01/33
|
5/26 at 100.00
|
AA
|
2,545,067
|
|||||||||
2,085
|
5.000%, 5/01/38
|
5/26 at 100.00
|
AA
|
2,330,446
|
|||||||||
2,200
|
5.000%, 5/01/41
|
5/26 at 100.00
|
AA
|
2,447,962
|
|||||||||
1,500
|
Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43
|
11/28 at 100.00
|
Aa3
|
1,701,825
|
|||||||||
1,950
|
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2015A, 5.000%, 12/01/28
|
12/25 at 100.00
|
Aa1
|
2,247,200
|
|||||||||
4,000
|
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22
|
12/21 at 100.00
|
Aa1
|
4,369,160
|
|||||||||
1,000
|
Michigan State, General Obligation Bonds, Environmental Program, Series 2014A, 5.000%, 12/01/28
|
12/24 at 100.00
|
Aa1
|
1,151,660
|
|||||||||
2,000
|
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 5/01/22 – NPFG Insured
|
No Opt. Call
|
Aa2
|
2,160,840
|
|||||||||
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
|
3,302,876
|
|||||||||
|
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
|
1,525,446
|
|||||||||
1,730
|
5.000%, 11/01/36
|
11/25 at 100.00
|
AA
|
1,945,333
|
|||||||||
|
Port Huron, Michigan, General Obligation Bonds, Limited Tax Refunding & Capital Improvement Series 2011:
|
|
|
|
|||||||||
1,585
|
5.000%, 10/01/31 – AGM Insured
|
10/21 at 100.00
|
AA
|
1,709,248
|
|||||||||
640
|
5.250%, 10/01/37 – AGM Insured
|
10/21 at 100.00
|
AA
|
695,085
|
|||||||||
|
Port Huron, Michigan, General Obligation Bonds, Series 2011B:
|
|
|
|
|||||||||
530
|
5.000%, 10/01/31 – AGM Insured
|
10/21 at 100.00
|
AA
|
571,547
|
|||||||||
800
|
5.250%, 10/01/40 – AGM Insured
|
10/21 at 100.00
|
AA
|
868,112
|
|||||||||
500
|
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/19
|
No Opt. Call
|
AA
|
510,930
|
|||||||||
625
|
Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/20
|
No Opt. Call
|
Aa2
|
658,094
|
|||||||||
1,510
|
Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax Series 2018, 5.000%, 4/01/43
|
4/28 at 100.00
|
AA+
|
1,698,071
|
|||||||||
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
|
1,595,046
|
|||||||||
550
|
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/26
|
5/25 at 100.00
|
AA
|
634,172
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
Portfolio of Investments (continued) August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Tax Obligation/General (continued)
|
|
|
|
|||||||||
$ |
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
|
$ |
1,774,320
|
|||||||
2,590
|
West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2017, 5.000%, 5/01/36 – AGM Insured
|
5/27 at 100.00
|
AA
|
2,933,641
|
|||||||||
1,225
|
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured
|
No Opt. Call
|
Aa2
|
1,357,104
|
|||||||||
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
|
1,542,939
|
|||||||||
94,820
|
Total Tax Obligation/General
|
|
|
101,057,358
|
|||||||||
|
Tax Obligation/Limited – 14.8% (9.4% 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
|
2,398,330
|
|||||||||
|
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–
|
1,278,316
|
|||||||||
2,000
|
5.000%, 10/01/24
|
10/23 at 100.00
|
AA–
|
2,228,700
|
|||||||||
2,000
|
5.000%, 10/01/25
|
10/24 at 100.00
|
AA–
|
2,244,100
|
|||||||||
11,025
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
12,214,705
|
|||||||||
2,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41
|
10/21 at 100.00
|
Aa2
|
2,181,060
|
|||||||||
1,845
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2013-I-A, 5.000%, 10/15/29
|
10/23 at 100.00
|
Aa2
|
2,075,348
|
|||||||||
4,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38
|
10/25 at 100.00
|
Aa2
|
4,481,560
|
|||||||||
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2016-I:
|
|
|
|
|||||||||
1,500
|
5.000%, 4/15/41
|
10/26 at 100.00
|
Aa2
|
1,683,525
|
|||||||||
2,500
|
5.000%, 10/15/46
|
10/26 at 100.00
|
Aa2
|
2,796,425
|
|||||||||
|
Michigan State Trunk Line Fund Bonds, Series 2011:
|
|
|
|
|||||||||
1,100
|
5.000%, 11/15/24
|
11/21 at 100.00
|
AA+
|
1,197,317
|
|||||||||
1,750
|
5.000%, 11/15/29
|
11/21 at 100.00
|
AA+
|
1,901,428
|
|||||||||
1,605
|
5.000%, 11/15/31
|
11/21 at 100.00
|
AA+
|
1,745,951
|
|||||||||
1,160
|
4.000%, 11/15/32
|
11/21 at 100.00
|
AA+
|
1,190,415
|
|||||||||
1,970
|
5.000%, 11/15/36
|
11/21 at 100.00
|
AA+
|
2,131,579
|
|||||||||
1,370
|
Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22
|
No Opt. Call
|
AA+
|
1,535,702
|
|||||||||
1,950
|
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/29
|
11/24 at 100.00
|
AA+
|
2,243,787
|
|||||||||
41,215
|
Total Tax Obligation/Limited
|
|
|
45,528,248
|
|||||||||
|
Transportation – 3.4% (2.1% 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
|
4,903,470
|
|||||||||
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
|
4,352,600
|
|||||||||
1,000
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2017A, 5.000%, 12/01/42
|
12/27 at 100.00
|
A
|
1,129,280
|
|||||||||
9,500
|
Total Transportation
|
|
|
10,385,350
|
|||||||||
|
U.S. Guaranteed – 14.3% (9.0% of Total Investments) (5)
|
|
|
|
|||||||||
|
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site, Series 2011B:
|
|
|
|
|||||||||
1,200
|
5.500%, 5/01/36 (Pre-refunded 5/01/21)
|
5/21 at 100.00
|
AA
|
1,313,616
|
|||||||||
2,190
|
5.500%, 5/01/41 (Pre-refunded 5/01/21)
|
5/21 at 100.00
|
AA
|
2,397,349
|
|||||||||
2,605
|
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured
|
1/19 at 100.00
|
AA
|
2,634,879
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|||||||||
$ |
1,800
|
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20) – AGM Insured
|
6/20 at 100.00
|
AA
|
$ |
1,900,350
|
|||||||
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
|
6,094,861
|
|||||||||
35
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI, 5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R
|
38,345
|
|||||||||
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012:
|
|
|
|
|||||||||
2,000
|
5.000%, 10/01/31 (Pre-refunded 10/01/22)
|
10/22 at 100.00
|
AAA
|
2,233,500
|
|||||||||
1,135
|
5.000%, 10/01/32 (Pre-refunded 10/01/22)
|
10/22 at 100.00
|
AAA
|
1,267,511
|
|||||||||
390
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/26 (Pre-refunded 10/01/20)
|
10/20 at 100.00
|
AAA
|
415,514
|
|||||||||
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009:
|
|
|
|
|||||||||
150
|
5.000%, 11/15/20 (Pre-refunded 11/15/19)
|
11/19 at 100.00
|
N/R
|
155,753
|
|||||||||
7,300
|
5.750%, 11/15/39 (Pre-refunded 11/15/19)
|
11/19 at 100.00
|
N/R
|
7,644,341
|
|||||||||
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+
|
4,124,400
|
|||||||||
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)
|
11/18 at 100.00
|
Aaa
|
3,633,628
|
|||||||||
1,000
|
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 (Pre-refunded 5/01/19)
|
5/19 at 100.00
|
Aa1
|
1,025,240
|
|||||||||
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
|
3,777,628
|
|||||||||
350
|
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 (Pre-refunded 12/01/19) – AGC Insured
|
12/19 at 100.00
|
AA
|
364,847
|
|||||||||
|
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008:
|
|
|
|
|||||||||
2,220
|
5.000%, 11/15/35 (Pre-refunded 11/15/18) – AGM Insured
|
11/18 at 100.00
|
Aa3
|
2,235,140
|
|||||||||
2,780
|
5.000%, 11/15/35 (Pre-refunded 11/15/18) – AGM Insured
|
11/18 at 100.00
|
Aa3
|
2,798,960
|
|||||||||
41,715
|
Total U.S. Guaranteed
|
|
|
44,055,862
|
|||||||||
|
Utilities – 12.0% (7.6% of Total Investments)
|
|
|
|
|||||||||
|
Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A:
|
|
|
|
|||||||||
2,750
|
5.000%, 7/01/33
|
7/21 at 100.00
|
AA
|
2,957,158
|
|||||||||
6,020
|
5.000%, 7/01/39
|
7/21 at 100.00
|
AA
|
6,459,821
|
|||||||||
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF0394:
|
|
|
|
|||||||||
1,110
|
13.555%, 7/01/37, 144A (IF) (4)
|
7/21 at 100.00
|
AA–
|
1,410,499
|
|||||||||
1,700
|
13.550%, 7/01/37, 144A (IF) (4)
|
7/21 at 100.00
|
AA–
|
2,160,224
|
|||||||||
|
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A:
|
|
|
|
|||||||||
1,000
|
5.000%, 7/01/30
|
7/26 at 100.00
|
A
|
1,130,290
|
|||||||||
1,000
|
5.000%, 7/01/31
|
7/26 at 100.00
|
A
|
1,125,860
|
|||||||||
75
|
5.000%, 7/01/32
|
7/26 at 100.00
|
A
|
84,218
|
|||||||||
1,000
|
5.000%, 7/01/33
|
7/26 at 100.00
|
A
|
1,119,240
|
|||||||||
|
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:
|
|
|
|
|||||||||
1,900
|
5.000%, 1/01/27
|
1/22 at 100.00
|
A2
|
2,023,557
|
|||||||||
4,530
|
5.000%, 1/01/43
|
1/22 at 100.00
|
A2
|
4,745,492
|
|||||||||
|
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding Series 2011:
|
|
|
|
|||||||||
1,760
|
5.000%, 1/01/24 – AGM Insured
|
1/21 at 100.00
|
AA
|
1,868,451
|
|||||||||
1,990
|
5.000%, 1/01/25 – AGM Insured
|
1/21 at 100.00
|
AA
|
2,112,624
|
|||||||||
2,180
|
5.000%, 1/01/26 – AGM Insured
|
1/21 at 100.00
|
AA
|
2,314,332
|
|||||||||
290
|
5.000%, 1/01/27 – AGM Insured
|
1/21 at 100.00
|
AA
|
307,870
|
|||||||||
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
|
4,087,138
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
Portfolio of Investments (continued) August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Utilities (continued)
|
|
|
|
|||||||||
$ |
2,700
|
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 – BAM Insured
|
10/25 at 100.00
|
AA
|
$ |
2,911,356
|
|||||||
33,645
|
Total Utilities
|
|
|
36,818,130
|
|||||||||
|
Water and Sewer – 16.6% (10.5% of Total Investments)
|
|
|
|
|||||||||
15
|
Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series 2004A, 5.000%, 7/01/34 – AGM Insured
|
11/18 at 100.00
|
AA
|
15,037
|
|||||||||
|
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
|
1,129,680
|
|||||||||
1,000
|
5.000%, 1/01/33
|
1/24 at 100.00
|
Aa1
|
1,127,550
|
|||||||||
1,000
|
5.000%, 1/01/34
|
1/24 at 100.00
|
Aa1
|
1,125,950
|
|||||||||
1,855
|
5.000%, 1/01/44
|
1/24 at 100.00
|
Aa1
|
2,076,839
|
|||||||||
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018:
|
|
|
|
|||||||||
2,500
|
5.000%, 1/01/43
|
1/28 at 100.00
|
Aa1
|
2,857,975
|
|||||||||
1,055
|
5.000%, 1/01/48
|
1/28 at 100.00
|
Aa1
|
1,202,415
|
|||||||||
1,005
|
Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding Second Lien Series 2016C, 5.000%, 7/01/32
|
7/26 at 100.00
|
A3
|
1,127,791
|
|||||||||
6,245
|
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien Series 2016C, 5.000%, 7/01/32
|
7/26 at 100.00
|
A2
|
7,175,505
|
|||||||||
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C:
|
|
|
|
|||||||||
4,665
|
5.000%, 7/01/34
|
7/25 at 100.00
|
A3
|
5,109,901
|
|||||||||
1,070
|
5.000%, 7/01/35
|
7/25 at 100.00
|
A3
|
1,169,317
|
|||||||||
|
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
|
1,655,730
|
|||||||||
1,220
|
5.000%, 7/01/37 – AGM Insured
|
7/24 at 100.00
|
AA
|
1,341,878
|
|||||||||
3,340
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-2, 5.000%, 7/01/27 – AGM Insured
|
7/24 at 100.00
|
AA
|
3,751,187
|
|||||||||
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate Refunding Series 2013:
|
|
|
|
|||||||||
1,955
|
5.000%, 10/01/22
|
No Opt. Call
|
AAA
|
2,189,756
|
|||||||||
3,200
|
5.000%, 10/01/25
|
10/22 at 100.00
|
AAA
|
3,577,600
|
|||||||||
5,000
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate Refunding Series 2016B, 5.000%, 10/01/25
|
No Opt. Call
|
AAA
|
5,901,450
|
|||||||||
2,000
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series 2012, 5.000%, 10/01/20
|
No Opt. Call
|
AAA
|
2,133,800
|
|||||||||
580
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/19
|
11/18 at 100.00
|
AAA
|
581,462
|
|||||||||
170
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 5.000%, 10/01/19
|
11/18 at 100.00
|
AAA
|
170,428
|
|||||||||
475
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/30 (Pre-refunded 10/01/20)
|
10/20 at 100.00
|
AAA
|
506,075
|
|||||||||
90
|
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/23
|
11/18 at 100.00
|
AAA
|
90,227
|
|||||||||
|
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:
|
|
|
|
|||||||||
70
|
5.000%, 10/01/23
|
11/18 at 100.00
|
AAA
|
70,176
|
|||||||||
225
|
5.000%, 10/01/24
|
11/18 at 100.00
|
AAA
|
225,545
|
|||||||||
1,000
|
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Refunding Series 2016, 5.000%, 11/01/24
|
No Opt. Call
|
AA
|
1,139,940
|
|||||||||
|
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:
|
|
|
|
|||||||||
500
|
5.250%, 10/01/31
|
10/21 at 100.00
|
A–
|
541,950
|
|||||||||
1,500
|
5.625%, 10/01/40
|
10/21 at 100.00
|
A–
|
1,651,320
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Water and Sewer (continued)
|
|
|
|
|||||||||
|
Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016:
|
|
|
|
|||||||||
$ |
210
|
5.000%, 6/01/26
|
No Opt. Call
|
Aa3
|
$ |
243,203
|
|||||||
505
|
5.000%, 6/01/27
|
6/26 at 100.00
|
Aa3
|
579,907
|
|||||||||
550
|
5.000%, 6/01/28
|
6/26 at 100.00
|
Aa3
|
628,705
|
|||||||||
45,500
|
Total Water and Sewer
|
|
|
51,098,299
|
|||||||||
$ |
449,060
|
Total-Long Term Investments (cost $469,548,596)
|
|
|
487,309,829
|
||||||||
|
Floating Rate Obligations – (4.0)%
|
|
|
(12,265,000)
|
|||||||||
|
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (56.3)% (6)
|
|
|
(172,989,269)
|
|||||||||
|
Other Assets Less Liabilities – 1.8%
|
|
|
5,471,213
|
|||||||||
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ |
307,526,773
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
|
(6)
|
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.5%.
|
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
|
ETM
|
Escrowed to maturity.
|
|
IF
|
Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
Portfolio of Investments
August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
LONG-TERM INVESTMENTS – 154.8% (100.0% of Total Investments)
|
|
|
|
|||||||||
|
MUNICIPAL BONDS – 154.8% (100.0% of Total Investments)
|
|
|
|
|||||||||
|
Consumer Staples – 4.4% (2.9% of Total Investments)
|
|
|
|
|||||||||
$ |
13,120
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47
|
10/18 at 100.00
|
B–
|
$ |
13,203,180
|
|||||||
|
Education and Civic Organizations – 15.0% (9.7% of Total Investments)
|
|
|
|
|||||||||
|
Lorain County Community College District, Ohio, General Receipts Revenue Bonds, Series 2017:
|
|
|
|
|||||||||
1,305
|
5.000%, 12/01/32
|
6/27 at 100.00
|
Aa2
|
1,497,788
|
|||||||||
1,200
|
5.000%, 12/01/33
|
6/27 at 100.00
|
Aa2
|
1,372,332
|
|||||||||
505
|
5.000%, 12/01/34
|
6/27 at 100.00
|
Aa2
|
576,276
|
|||||||||
|
Miami University of Ohio, General Receipts Bonds, Refunding Series 2014:
|
|
|
|
|||||||||
4,375
|
5.000%, 9/01/33
|
9/24 at 100.00
|
AA
|
4,902,275
|
|||||||||
2,500
|
4.000%, 9/01/39
|
9/24 at 100.00
|
AA
|
2,580,650
|
|||||||||
2,585
|
Miami University of Ohio, General Receipts Bonds, Refunding Series 2017, 5.000%, 9/01/41 Miami University of Ohio, General Receipts Bonds, Series 2011:
|
9/26 at 100.00
|
AA
|
2,918,491
|
|||||||||
130
|
5.000%, 9/01/33
|
9/21 at 100.00
|
AA
|
139,809
|
|||||||||
1,960
|
5.000%, 9/01/36
|
9/21 at 100.00
|
AA
|
2,100,846
|
|||||||||
|
Miami University of Ohio, General Receipts Bonds, Series 2012:
|
|
|
|
|||||||||
480
|
4.000%, 9/01/32
|
9/22 at 100.00
|
AA
|
498,653
|
|||||||||
1,000
|
4.000%, 9/01/33
|
9/22 at 100.00
|
AA
|
1,033,520
|
|||||||||
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, Series 2012:
|
|
|
|
|||||||||
120
|
5.000%, 11/01/27
|
5/22 at 100.00
|
AA
|
130,985
|
|||||||||
590
|
5.000%, 11/01/32
|
5/22 at 100.00
|
AA
|
641,637
|
|||||||||
5,000
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2013, 5.000%, 12/01/43
|
12/22 at 100.00
|
A+
|
5,419,900
|
|||||||||
1,000
|
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39
|
12/22 at 100.00
|
Aa3
|
1,088,990
|
|||||||||
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
|
1,016,620
|
|||||||||
1,000
|
University of Cincinnati, Ohio, General Receipts Bonds, Green Bond Series 2014C, 5.000%, 6/01/41
|
12/24 at 100.00
|
AA–
|
1,114,190
|
|||||||||
5,175
|
University of Cincinnati, Ohio, General Receipts Bonds, Series 2016C, 5.000%, 6/01/46
|
6/26 at 100.00
|
AA–
|
5,774,990
|
|||||||||
7,580
|
Wright State University, Ohio, General Receipts Bonds, Series 2011A, 5.000%, 5/01/31 – BAM Insured
|
5/21 at 100.00
|
AA
|
8,073,761
|
|||||||||
|
Youngstown State University, Ohio, General Receipts Bonds, Refunding Series 2017:
|
|
|
|
|||||||||
1,555
|
5.000%, 12/15/29
|
12/26 at 100.00
|
A+
|
1,781,392
|
|||||||||
1,670
|
5.000%, 12/15/30
|
12/26 at 100.00
|
A+
|
1,903,950
|
|||||||||
40,730
|
Total Education and Civic Organizations
|
|
|
44,567,055
|
|||||||||
|
Health Care – 15.8% (10.3% 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
|
AA–
|
3,262,140
|
|||||||||
3,125
|
Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017, 5.000%, 12/01/47
|
12/27 at 100.00
|
A–
|
3,427,469
|
|||||||||
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
|
2,503,296
|
|||||||||
250
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 7.784%, 11/15/41
|
11/21 at 100.00
|
AA+
|
268,270
|
|||||||||
4,480
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option Bond Trust 2016-XL0004, 7.784%, 11/15/41, 144A (IF) (4)
|
11/21 at 100.00
|
AA+
|
5,134,752
|
|||||||||
1,730
|
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 5.000%, 12/01/47
|
12/27 at 100.00
|
AA–
|
1,946,337
|
|||||||||
300
|
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 6.000%, 8/15/29
|
11/18 at 100.00
|
A–
|
300,900
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Health Care (continued)
|
|
|
|
|||||||||
$ |
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
|
$ |
888,798
|
|||||||
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A:
|
|
|
|
|||||||||
2,575
|
5.000%, 5/01/30
|
11/18 at 100.00
|
BBB+
|
2,601,008
|
|||||||||
2,040
|
5.000%, 5/01/32
|
11/18 at 100.00
|
BBB+
|
2,060,237
|
|||||||||
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+
|
6,333,571
|
|||||||||
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
|
AA
|
1,187,835
|
|||||||||
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010:
|
|
|
|
|||||||||
555
|
5.750%, 11/15/40 – AGM Insured
|
5/20 at 100.00
|
AA
|
587,190
|
|||||||||
1,520
|
5.250%, 11/15/40 – AGM Insured
|
5/20 at 100.00
|
AA
|
1,591,972
|
|||||||||
|
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
|
1,092,270
|
|||||||||
2,000
|
5.000%, 1/15/29
|
1/23 at 100.00
|
A
|
2,169,980
|
|||||||||
|
State of Ohio, Hospital Refunding Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2017A:
|
|
|
|
|||||||||
1,765
|
5.000%, 1/01/30
|
1/28 at 100.00
|
AA
|
2,081,588
|
|||||||||
1,325
|
5.000%, 1/01/32
|
1/28 at 100.00
|
AA
|
1,546,090
|
|||||||||
|
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012:
|
|
|
|
|||||||||
2,670
|
5.000%, 12/01/37
|
12/22 at 100.00
|
Ba1
|
2,763,503
|
|||||||||
5,510
|
5.000%, 12/01/42
|
12/22 at 100.00
|
Ba1
|
5,679,157
|
|||||||||
44,270
|
Total Health Care
|
|
|
47,426,363
|
|||||||||
|
Housing/Multifamily – 1.8% (1.1% of Total Investments)
|
|
|
|
|||||||||
205
|
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Agler Project, Series 2002A, 5.550%, 5/20/22 (Alternative Minimum Tax)
|
11/18 at 100.00
|
Aaa
|
205,457
|
|||||||||
1,600
|
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court Project, Series 2007, 5.500%, 10/20/42 – FGIC Insured (Alternative Minimum Tax)
|
10/18 at 101.00
|
Aa1
|
1,649,584
|
|||||||||
3,340
|
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax)
|
9/19 at 100.00
|
Aa1
|
3,376,540
|
|||||||||
5,145
|
Total Housing/Multifamily
|
|
|
5,231,581
|
|||||||||
|
Industrials – 1.3% (0.9% of Total Investments)
|
|
|
|
|||||||||
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
|
3,962,107
|
|||||||||
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)
|
7/19 at 100.00
|
N/R
|
16
|
|||||||||
5,095
|
Total Industrials
|
|
|
3,962,123
|
|||||||||
|
Long-Term Care – 1.1% (0.7% of Total Investments)
|
|
|
|
|||||||||
895
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
|
7/20 at 100.00
|
BBB
|
935,347
|
|||||||||
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–
|
2,350,358
|
|||||||||
3,115
|
Total Long Term Care
|
|
|
3,285,705
|
|||||||||
|
Tax Obligation/General – 22.2% (14.3% of Total Investments)
|
|
|
|
|||||||||
2,500
|
Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2017, 5.000%, 11/01/54
|
11/27 at 100.00
|
AA
|
2,822,825
|
|||||||||
|
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+
|
3,249,654
|
|||||||||
5,835
|
0.000%, 12/01/28 – AGM Insured
|
No Opt. Call
|
AA+
|
4,228,508
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Tax Obligation/General (continued)
|
|
|
|
|||||||||
$ |
2,250
|
Columbus, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2016-3, 5.000%, 2/15/28
|
2/27 at 100.00
|
AAA
|
$ |
2,681,460
|
|||||||
|
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015:
|
|
|
|
|||||||||
725
|
5.000%, 12/01/26
|
12/25 at 100.00
|
Aaa
|
856,414
|
|||||||||
900
|
5.000%, 12/01/32
|
12/25 at 100.00
|
Aaa
|
1,045,521
|
|||||||||
1,000
|
5.000%, 12/01/34
|
12/25 at 100.00
|
Aaa
|
1,154,540
|
|||||||||
1,730
|
Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31 Gallia County Local School District, Gallia and Jackson Counties, Ohio, General Obligation
|
12/23 at 100.00
|
AAA
|
1,962,893
|
|||||||||
|
Bonds, Refunding School Improvement Series 2014:
|
|
|
|
|||||||||
1,260
|
5.000%, 11/01/30
|
11/24 at 100.00
|
Aa2
|
1,417,966
|
|||||||||
1,540
|
5.000%, 11/01/31
|
11/24 at 100.00
|
Aa2
|
1,730,298
|
|||||||||
|
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
|
607,991
|
|||||||||
1,355
|
5.250%, 1/01/41
|
1/22 at 100.00
|
AA
|
1,483,007
|
|||||||||
1,355
|
Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009, 5.125%, 12/01/36
|
12/19 at 100.00
|
Aa1
|
1,408,902
|
|||||||||
2,160
|
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 0.000%, 12/01/21
|
No Opt. Call
|
Aa1
|
2,023,877
|
|||||||||
|
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:
|
|
|
|
|||||||||
3,625
|
5.250%, 12/01/28 – AGM Insured
|
No Opt. Call
|
A2
|
4,272,715
|
|||||||||
4,500
|
5.250%, 12/01/31 – AGM Insured
|
No Opt. Call
|
A2
|
5,356,035
|
|||||||||
1,305
|
Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2006, 5.500%, 12/01/24 – AMBAC Insured
|
No Opt. Call
|
A1
|
1,509,402
|
|||||||||
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
|
785,240
|
|||||||||
5,000
|
Ohio State, General Obligation Bonds, Higher Education, Series 2017A, 5.000%, 5/01/36
|
5/25 at 100.00
|
AA+
|
5,676,550
|
|||||||||
3,000
|
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 5.000%, 5/01/29
|
5/24 at 100.00
|
AAA
|
3,416,910
|
|||||||||
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
|
5,426,600
|
|||||||||
450
|
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
|
491,418
|
|||||||||
1,800
|
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
|
N/R
|
1,996,290
|
|||||||||
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
|
1,847,310
|
|||||||||
7,500
|
Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities & Improvement Series 2018A, 5.000%, 12/01/48
|
12/27 at 100.00
|
AAA
|
8,623,800
|
|||||||||
61,880
|
Total Tax Obligation/General
|
|
|
66,076,126
|
|||||||||
|
Tax Obligation/Limited – 32.2% (20.8% of Total Investments)
|
|
|
|
|||||||||
8,045
|
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+
|
8,856,338
|
|||||||||
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2017B-2:
|
|
|
|
|||||||||
1,250
|
5.000%, 10/01/31
|
4/28 at 100.00
|
AA+
|
1,460,050
|
|||||||||
1,000
|
5.000%, 10/01/32
|
4/28 at 100.00
|
AA+
|
1,164,410
|
|||||||||
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+
|
3,306,210
|
|||||||||
|
Cleveland, Ohio, Income Tax Revenue Bonds, Subordinate Lien Improvement and Refunding Series 2017A-2:
|
|
|
|
|||||||||
435
|
5.000%, 10/01/30
|
10/27 at 100.00
|
AA+
|
507,023
|
|||||||||
700
|
5.000%, 10/01/33
|
10/27 at 100.00
|
AA+
|
806,855
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Tax Obligation/Limited (continued)
|
|
|
|
|||||||||
$ |
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
|
$ |
505,835
|
|||||||
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
|
AA
|
7,198,673
|
|||||||||
|
Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014:
|
|
|
|
|||||||||
1,815
|
5.000%, 12/01/32
|
12/24 at 100.00
|
AAA
|
2,068,791
|
|||||||||
1,415
|
5.000%, 12/01/33
|
12/24 at 100.00
|
AAA
|
1,608,487
|
|||||||||
1,000
|
5.000%, 12/01/34
|
12/24 at 100.00
|
AAA
|
1,134,280
|
|||||||||
945
|
5.000%, 12/01/35
|
12/24 at 100.00
|
AAA
|
1,069,570
|
|||||||||
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
|
311,853
|
|||||||||
1,920
|
Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44
|
12/25 at 100.00
|
Aa1
|
2,148,230
|
|||||||||
10,350
|
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014, 5.000%, 12/01/35
|
12/24 at 100.00
|
Aa1
|
11,676,248
|
|||||||||
5,535
|
Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018, 5.000%, 6/01/48
|
6/28 at 100.00
|
AAA
|
6,412,962
|
|||||||||
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
|
1,141,100
|
|||||||||
1,200
|
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2016, 5.000%, 12/01/28
|
12/26 at 100.00
|
AAA
|
1,405,512
|
|||||||||
5,565
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 – AMBAC Insured
|
No Opt. Call
|
AA
|
4,004,463
|
|||||||||
5,000
|
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31
|
12/21 at 100.00
|
A1
|
5,407,450
|
|||||||||
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
|
22,664,632
|
|||||||||
1,000
|
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/24
|
10/22 at 100.00
|
Aa3
|
1,101,500
|
|||||||||
|
Ohio State, Capital Facilities Lease-Appropriation Bonds, Parks & Recreation Improvement Fund Projects, Series 2017A:
|
|
|
|
|||||||||
915
|
5.000%, 12/01/31
|
12/27 at 100.00
|
AA
|
1,074,576
|
|||||||||
1,345
|
5.000%, 12/01/32
|
12/27 at 100.00
|
AA
|
1,574,807
|
|||||||||
1,845
|
Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured
|
12/25 at 100.00
|
AA
|
1,905,276
|
|||||||||
400
|
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development TIF Revenue Bonds, RBM Development – Phase 2B Project, Series 2018A, 6.000%, 12/01/50
|
12/28 at 100.00
|
N/R
|
422,840
|
|||||||||
|
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Payable from City of Columbus, Ohio Annual Rental Appropriations, Refunding Series 2012A:
|
|
|
|
|||||||||
1,645
|
5.000%, 12/01/23
|
12/22 at 100.00
|
AA+
|
1,841,709
|
|||||||||
1,200
|
5.000%, 12/01/24
|
12/22 at 100.00
|
AA+
|
1,340,916
|
|||||||||
|
Vermilion Local School District, Erie and Lorain Counties, Ohio, Certificates of Participation, School Facilities Project, Series 2012:
|
|
|
|
|||||||||
765
|
5.000%, 12/01/24
|
12/20 at 100.00
|
Aa3
|
814,985
|
|||||||||
805
|
5.000%, 12/01/25
|
12/20 at 100.00
|
Aa3
|
857,043
|
|||||||||
88,345
|
Total Tax Obligation/Limited
|
|
|
95,792,624
|
|||||||||
|
Transportation – 15.2% (9.8% of Total Investments)
|
|
|
|
|||||||||
|
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:
|
|
|
|
|||||||||
2,150
|
5.000%, 1/01/30
|
1/22 at 100.00
|
A
|
2,306,047
|
|||||||||
1,500
|
5.000%, 1/01/31 – AGM Insured
|
1/22 at 100.00
|
AA
|
1,617,795
|
|||||||||
|
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
|
952,003
|
|||||||||
500
|
5.000%, 12/01/34 – AGM Insured
|
12/23 at 100.00
|
AA
|
552,465
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Transportation (continued)
|
|
|
|
|||||||||
|
Ohio State, 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
|
$ |
2,743,125
|
|||||||
3,000
|
5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax)
|
6/25 at 100.00
|
AA
|
3,266,970
|
|||||||||
4,250
|
5.000%, 6/30/53 (Alternative Minimum Tax)
|
6/25 at 100.00
|
A–
|
4,628,208
|
|||||||||
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
|
Aa3
|
2,265,701
|
|||||||||
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-2:
|
|
|
|
|||||||||
5,000
|
0.000%, 2/15/37
|
No Opt. Call
|
Aa3
|
2,447,850
|
|||||||||
11,260
|
0.000%, 2/15/38
|
No Opt. Call
|
Aa3
|
5,252,903
|
|||||||||
5,000
|
0.000%, 2/15/40
|
No Opt. Call
|
Aa3
|
2,143,050
|
|||||||||
15,000
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Series 2018A, 5.000%, 2/15/46 (UB)
|
2/28 at 100.00
|
Aa3
|
17,080,500
|
|||||||||
53,070
|
Total Transportation
|
|
|
45,256,617
|
|||||||||
|
U.S. Guaranteed – 29.2% (18.8% of Total Investments) (6)
|
|
|
|
|||||||||
1,950
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010A, 5.250%, 6/01/38 (Pre-refunded 6/01/20)
|
6/20 at 100.00
|
AA–
|
2,065,304
|
|||||||||
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
|
|
|
|
|||||||||
1,165
|
5.500%, 11/01/40 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
N/R
|
1,256,476
|
|||||||||
2,335
|
5.500%, 11/01/40 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
A
|
2,515,776
|
|||||||||
|
Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements, Series 2012:
|
|
|
|
|||||||||
110
|
5.000%, 12/01/26 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R
|
121,787
|
|||||||||
1,140
|
5.000%, 12/01/26 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
Aaa
|
1,266,494
|
|||||||||
245
|
5.000%, 12/01/28 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R
|
271,252
|
|||||||||
2,545
|
5.000%, 12/01/28 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
Aaa
|
2,827,393
|
|||||||||
160
|
5.000%, 12/01/29 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R
|
177,144
|
|||||||||
1,605
|
5.000%, 12/01/29 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
Aaa
|
1,783,091
|
|||||||||
|
Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding Series 2012A:
|
|
|
|
|||||||||
1,960
|
5.000%, 12/01/31 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
AA
|
2,099,650
|
|||||||||
875
|
5.000%, 12/01/32 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
AA
|
937,344
|
|||||||||
8,150
|
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AAA
|
8,955,953
|
|||||||||
2,000
|
Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29 (Pre-refunded 12/01/19)
|
12/19 at 100.00
|
AA+
|
2,081,780
|
|||||||||
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2013A-2:
|
|
|
|
|||||||||
1,315
|
5.000%, 10/01/27 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA+
|
1,497,561
|
|||||||||
1,520
|
5.000%, 10/01/30 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA+
|
1,731,022
|
|||||||||
1,600
|
5.000%, 10/01/31 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA+
|
1,822,128
|
|||||||||
2,705
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2, 5.000%, 10/01/37 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
N/R
|
3,080,535
|
|||||||||
|
Cleveland, Ohio, Water Revenue Bonds, Refunding Second Lien Series 2012A:
|
|
|
|
|||||||||
2,500
|
5.000%, 1/01/25 (Pre-refunded 1/01/22)
|
1/22 at 100.00
|
AA
|
2,750,000
|
|||||||||
1,975
|
5.000%, 1/01/26 (Pre-refunded 1/01/22)
|
1/22 at 100.00
|
AA
|
2,172,500
|
|||||||||
1,140
|
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School Facilities Improvement Series 2011, 5.000%, 11/01/39 (Pre-refunded 11/01/21) – AGM Insured
|
11/21 at 100.00
|
A1
|
1,249,919
|
|||||||||
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Improvement Series 2009:
|
|
|
|
|||||||||
250
|
5.000%, 11/01/34 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Aa2
|
259,425
|
|||||||||
2,615
|
5.250%, 11/01/40 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Aa2
|
2,721,038
|
|||||||||
2,470
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Series 2008A, 5.000%, 11/01/40 (Pre-refunded 11/01/18)
|
11/18 at 100.00
|
Aa2
|
2,483,091
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
U.S. Guaranteed (6) (continued)
|
|
|
|
|||||||||
|
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2012:
|
|
|
|
|||||||||
$ |
1,010
|
5.250%, 12/01/27 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AAA
|
$ |
1,117,777
|
|||||||
1,090
|
5.250%, 12/01/28 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AAA
|
1,206,314
|
|||||||||
760
|
5.250%, 12/01/30 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AAA
|
841,100
|
|||||||||
600
|
5.000%, 12/01/31 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AAA
|
659,334
|
|||||||||
3,225
|
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 2011A, 6.250%, 12/01/34 (Pre-refunded 6/01/21)
|
6/21 at 100.00
|
A+
|
3,597,552
|
|||||||||
2,620
|
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 (Pre-refunded 10/01/18)
|
10/18 at 100.00
|
AA
|
2,626,733
|
|||||||||
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D:
|
|
|
|
|||||||||
90
|
5.000%, 11/15/38 (Pre-refunded 11/15/18)
|
11/18 at 100.00
|
Baa1
|
90,596
|
|||||||||
40
|
5.125%, 11/15/40 (Pre-refunded 11/15/18)
|
11/18 at 100.00
|
Baa1
|
40,274
|
|||||||||
3,965
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)
|
11/21 at 100.00
|
Baa1
|
4,461,180
|
|||||||||
1,500
|
Milford Exempted Village School District, Ohio, General Obligation Bonds, School Improvement Series 2008, 5.250%, 12/01/36 (Pre-refunded 12/01/18)
|
12/18 at 100.00
|
Aa2
|
1,513,350
|
|||||||||
2,000
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23)
|
5/23 at 100.00
|
AA+
|
2,261,760
|
|||||||||
2,300
|
Northmor Local School District, Morrow County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2008, 5.000%, 11/01/36 (Pre-refunded 11/01/18)
|
11/18 at 100.00
|
Aa2
|
2,312,374
|
|||||||||
945
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010, 5.750%, 11/15/40 (Pre-refunded 5/15/20) – AGM Insured
|
5/20 at 100.00
|
AA
|
1,008,306
|
|||||||||
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
|
A3
|
3,019,590
|
|||||||||
950
|
Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 2008A, 5.500%, 12/01/28 (Pre-refunded 12/01/18)
|
12/18 at 100.00
|
Baa1
|
959,016
|
|||||||||
4,550
|
Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009A, 15.118%, 1/01/39 (Pre-refunded 1/01/19)
|
1/19 at 100.00
|
AA
|
4,608,013
|
|||||||||
5,350
|
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 2015-XF0105, 15.118%, 1/01/39, 144A (Pre-refunded 1/01/19) (IF)
|
1/19 at 100.00
|
AA
|
5,622,797
|
|||||||||
|
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008:
|
|
|
|
|||||||||
1,425
|
5.750%, 12/01/28 (Pre-refunded 12/01/18)
|
12/18 at 100.00
|
A–
|
1,439,207
|
|||||||||
1,385
|
5.750%, 12/01/35 (Pre-refunded 12/01/18)
|
12/18 at 100.00
|
A–
|
1,398,808
|
|||||||||
1,000
|
5.750%, 12/01/35 (Pre-refunded 12/01/18) – AGC Insured
|
12/18 at 100.00
|
AA
|
1,009,970
|
|||||||||
|
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
|
702,289
|
|||||||||
315
|
5.125%, 12/01/37 (Pre-refunded 6/01/19)
|
6/19 at 100.00
|
AA–
|
323,067
|
|||||||||
81,135
|
Total U.S. Guaranteed
|
|
|
86,946,070
|
|||||||||
|
Utilities – 4.8% (3.1% of Total Investments)
|
|
|
|
|||||||||
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
|
1,638,600
|
|||||||||
1,430
|
American Municipal Power, Inc., Ohio, Greenup Hydroelectric Project Revenue Bonds, Refunding Series 2016A, 5.000%, 2/15/41
|
2/26 at 100.00
|
A1
|
1,584,297
|
|||||||||
1,565
|
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33 – NPFG Insured
|
No Opt. Call
|
A–
|
878,059
|
|||||||||
|
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2:
|
|
|
|
|||||||||
2,000
|
0.000%, 11/15/28 – NPFG Insured
|
No Opt. Call
|
A–
|
1,402,740
|
|||||||||
6,895
|
0.000%, 11/15/32 – NPFG Insured
|
No Opt. Call
|
A–
|
4,052,192
|
|||||||||
2,155
|
0.000%, 11/15/34 – NPFG Insured
|
No Opt. Call
|
A–
|
1,154,735
|
|||||||||
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
|
A2
|
1,561,455
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Utilities (continued)
|
|
|
|
|||||||||
$ |
2,000
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) (5)
|
No Opt. Call
|
N/R
|
$ |
1,200,000
|
|||||||
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
|
A1
|
668,031
|
|||||||||
19,995
|
Total Utilities
|
|
|
14,140,109
|
|||||||||
|
Water and Sewer – 11.8% (7.6% of Total Investments)
|
|
|
|
|||||||||
8,000
|
Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/46
|
12/26 at 100.00
|
AAA
|
9,141,119
|
|||||||||
2,035
|
Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42
|
1/22 at 100.00
|
AA+
|
2,197,495
|
|||||||||
545
|
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured
|
No Opt. Call
|
Aa1
|
568,773
|
|||||||||
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+
|
1,453,283
|
|||||||||
2,025
|
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – AGM Insured
|
12/20 at 100.00
|
A2
|
2,092,169
|
|||||||||
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014:
|
|
|
|
|||||||||
2,950
|
5.000%, 11/15/39
|
11/24 at 100.00
|
AA+
|
3,309,487
|
|||||||||
1,400
|
5.000%, 11/15/44
|
11/24 at 100.00
|
AA+
|
1,561,336
|
|||||||||
|
Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013:
|
|
|
|
|||||||||
820
|
5.000%, 11/15/25
|
11/23 at 100.00
|
Aa3
|
918,400
|
|||||||||
605
|
5.000%, 11/15/26
|
11/23 at 100.00
|
Aa3
|
675,725
|
|||||||||
1,075
|
5.000%, 11/15/27
|
11/23 at 100.00
|
Aa3
|
1,199,560
|
|||||||||
695
|
5.000%, 11/15/28
|
11/23 at 100.00
|
Aa3
|
774,459
|
|||||||||
10,000
|
Toledo, Ohio, Water System Revenue Bonds, Series 2016, 5.000%, 11/15/41 – AMBAC Insured (UB) (4)
|
11/26 at 100.00
|
AA–
|
11,280,300
|
|||||||||
31,425
|
Total Water and Sewer
|
|
|
35,172,106
|
|||||||||
$ |
447,325
|
Total Long-Term Investments (cost $444,094,891)
|
|
|
461,059,659
|
||||||||
|
Floating Obligations – (6.7)%
|
|
|
(20,000,000)
|
|||||||||
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (49.6)% (7)
|
|
|
(147,754,691)
|
|||||||||
|
Other Assets Less Liabilities – 1.5%
|
|
|
4,475,415
|
|||||||||
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ |
297,780,383
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(5)
|
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
|
|
(6)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
|
(7)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 32.0%.
|
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
|
IF
|
Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
NTX
|
Nuveen Texas Quality Municipal Income Fund
Portfolio of Investments
August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
LONG-TERM INVESTMENTS – 157.6% (100.0% of Total Investments)
|
|
|
|
|||||||||
|
MUNICIPAL BONDS – 157.6% (100.0% of Total Investments)
|
|
|
|
|||||||||
|
Consumer Discretionary – 2.7% (1.7% of Total Investments)
|
|
|
|
|||||||||
$ |
4,060
|
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax)
|
11/18 at 100.00
|
A3
|
$ |
4,060,447
|
|||||||
|
Education and Civic Organizations – 11.6% (7.4% 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
|
2,865,775
|
|||||||||
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
|
2,229,680
|
|||||||||
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
|
|
|
|
|||||||||
1,000
|
4.350%, 12/01/42
|
12/22 at 100.00
|
BBB–
|
1,008,810
|
|||||||||
1,000
|
4.400%, 12/01/47
|
12/22 at 100.00
|
BBB–
|
1,008,800
|
|||||||||
1,230
|
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–
|
1,352,643
|
|||||||||
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–
|
1,060,460
|
|||||||||
1,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Medical Facilities Revenue Bonds, Baylor College of Medicine, Refunding Series 2012A, 5.000%, 11/15/26
|
11/22 at 100.00
|
A
|
1,098,930
|
|||||||||
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
|
3,166,590
|
|||||||||
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
|
2,140,940
|
|||||||||
1,240
|
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Refunding Series 2016, 5.000%, 5/01/27 – BAM Insured
|
5/26 at 100.00
|
AA
|
1,418,498
|
|||||||||
15,970
|
Total Education and Civic Organizations
|
|
|
17,351,126
|
|||||||||
|
Energy – 1.4% (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
|
2,065,100
|
|||||||||
|
Health Care – 4.8% (3.0% 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+
|
1,085,230
|
|||||||||
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
|
1,101,920
|
|||||||||
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
|
A
|
1,398,060
|
|||||||||
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
|
558,893
|
|||||||||
1,250
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/32
|
5/26 at 100.00
|
AA–
|
1,420,588
|
|||||||||
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
|
1,613,627
|
|||||||||
6,705
|
Total Health Care
|
|
|
7,178,318
|
|||||||||
|
Housing/Multifamily – 2.2% (1.4% 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
|
3,244,890
|
NTX
|
Nuveen Texas Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Tax Obligation/General – 31.9% (20.2% of Total Investments)
|
|
|
|
|||||||||
$ |
500
|
Austin Community College District, Texas, General Obligation Bonds, Refunding Limited Tax Series 2016, 5.000%, 8/01/23
|
No Opt. Call
|
AA+
|
$ |
566,495
|
|||||||
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
|
1,757,311
|
|||||||||
1,500
|
College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32
|
2/21 at 100.00
|
AA+
|
1,604,955
|
|||||||||
1,000
|
El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series 2013, 5.000%, 8/15/33
|
8/23 at 100.00
|
A–
|
1,060,080
|
|||||||||
1,565
|
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured
|
No Opt. Call
|
AA
|
1,679,167
|
|||||||||
2,000
|
Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2017A, 5.000%, 3/01/31
|
3/27 at 100.00
|
AA
|
2,317,280
|
|||||||||
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+
|
747,641
|
|||||||||
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
|
1,509,369
|
|||||||||
2,000
|
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, School Building Series 2017, 5.000%, 2/15/39
|
2/27 at 100.00
|
AAA
|
2,286,780
|
|||||||||
10,000
|
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Series 2017, 4.000%, 2/15/47 (UB) (4)
|
2/27 at 100.00
|
AAA
|
10,333,100
|
|||||||||
2,675
|
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)
|
8/24 at 100.00
|
AA–
|
2,987,039
|
|||||||||
1,350
|
Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds, School Building Series 2013A, 5.000%, 2/15/43
|
2/23 at 100.00
|
AAA
|
1,480,383
|
|||||||||
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
|
1,878,783
|
|||||||||
|
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
|
|
|
|
|||||||||
1,000
|
5.750%, 12/01/33
|
12/25 at 100.00
|
B1
|
1,050,570
|
|||||||||
1,000
|
6.125%, 12/01/38
|
12/25 at 100.00
|
B1
|
1,056,970
|
|||||||||
1,425
|
Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E, 0.000%, 10/01/35
|
No Opt. Call
|
AAA
|
809,500
|
|||||||||
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
|
4,490,478
|
|||||||||
205
|
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39
|
2/24 at 100.00
|
Ba2
|
211,972
|
|||||||||
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
2,177,680
|
|||||||||
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement, Series 2014, 5.000%, 4/01/44
|
4/24 at 100.00
|
AAA
|
2,227,700
|
|||||||||
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
|
2,246,360
|
|||||||||
|
West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998:
|
|
|
|
|||||||||
45
|
0.000%, 8/15/22
|
11/18 at 100.00
|
AAA
|
36,366
|
|||||||||
45
|
0.000%, 8/15/24
|
11/18 at 100.00
|
AAA
|
32,607
|
|||||||||
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
|
3,032,460
|
|||||||||
53,295
|
Total Tax Obligation/General
|
|
|
47,581,046
|
|||||||||
|
Tax Obligation/Limited – 24.8% (15.7% of Total Investments)
|
|
|
|
|||||||||
2,000
|
Austin Community College District Public Facility Corporation, Texas, Lease Revenue Bonds, Highland Campus – Building 3000 Project, Series 2018A, 5.000%, 8/01/42
|
8/27 at 100.00
|
AA
|
2,253,860
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Tax Obligation/Limited (continued)
|
|
|
|
|||||||||
$ |
1,000
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2010, 5.250%, 8/15/38 – AGM Insured
|
8/19 at 100.00
|
AA
|
$ |
1,032,150
|
|||||||
|
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
|
1,177,056
|
|||||||||
1,160
|
5.000%, 8/15/35 – AGM Insured
|
8/24 at 100.00
|
AA
|
1,286,104
|
|||||||||
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+
|
1,327,010
|
|||||||||
1,680
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/48
|
12/25 at 100.00
|
AA+
|
1,887,799
|
|||||||||
500
|
Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement District 1, Series 2014, 6.500%, 9/01/36
|
9/19 at 103.00
|
N/R
|
507,760
|
|||||||||
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+
|
2,926,750
|
|||||||||
1,390
|
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 11/01/41
|
11/21 at 100.00
|
AA+
|
1,502,243
|
|||||||||
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
|
|
|
|
|||||||||
450
|
0.000%, 11/15/24 – NPFG Insured
|
No Opt. Call
|
Baa2
|
362,088
|
|||||||||
210
|
0.000%, 11/15/32 – NPFG Insured
|
11/31 at 94.05
|
Baa2
|
116,063
|
|||||||||
260
|
0.000%, 11/15/33
|
11/31 at 88.44
|
Baa2
|
134,423
|
|||||||||
2,045
|
0.000%, 11/15/34 – NPFG Insured
|
11/31 at 83.17
|
Baa2
|
989,146
|
|||||||||
1,130
|
0.000%, 11/15/36 – NPFG Insured
|
11/31 at 73.51
|
Baa2
|
478,160
|
|||||||||
4,370
|
0.000%, 11/15/38 – NPFG Insured
|
11/31 at 64.91
|
Baa2
|
1,618,124
|
|||||||||
2,260
|
0.000%, 11/15/39 – NPFG Insured
|
11/31 at 60.98
|
Baa2
|
783,067
|
|||||||||
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
|
437,560
|
|||||||||
1,000
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/28
|
11/24 at 100.00
|
A2
|
1,123,670
|
|||||||||
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
|
A2
|
1,104,171
|
|||||||||
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
|
Baa2
|
467,790
|
|||||||||
1,015
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34
|
9/24 at 100.00
|
A2
|
1,118,500
|
|||||||||
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
|
850,513
|
|||||||||
10,000
|
Texas State Transportation Commission, Highway Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/30 (UB) (4)
|
10/26 at 100.00
|
AAA
|
11,642,300
|
|||||||||
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
|
1,961,556
|
|||||||||
43,250
|
Total Tax Obligation/Limited
|
|
|
37,087,863
|
|||||||||
|
Transportation – 21.9% (13.9% 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
|
3,281,700
|
|||||||||
665
|
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2013, 5.000%, 1/01/42
|
1/23 at 100.00
|
BBB
|
707,680
|
|||||||||
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010:
|
|
|
|
|||||||||
2,945
|
0.000%, 1/01/36
|
No Opt. Call
|
BBB+
|
1,472,942
|
|||||||||
2,205
|
0.000%, 1/01/37
|
No Opt. Call
|
BBB+
|
1,053,902
|
|||||||||
2,160
|
0.000%, 1/01/38
|
No Opt. Call
|
BBB+
|
987,876
|
|||||||||
1,000
|
0.000%, 1/01/40
|
No Opt. Call
|
BBB+
|
418,270
|
|||||||||
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+
|
1,057,730
|
NTX
|
Nuveen Texas Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Transportation (continued)
|
|
|
|
|||||||||
$ |
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+
|
$ |
1,234,038
|
|||||||
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
|
A–
|
1,824,275
|
|||||||||
1,640
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53
|
10/23 at 100.00
|
AA+
|
1,791,618
|
|||||||||
1,165
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C, 5.000%, 8/15/31
|
8/22 at 100.00
|
AA
|
1,281,558
|
|||||||||
5,150
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 8/15/41
|
8/26 at 100.00
|
Aa2
|
5,807,189
|
|||||||||
2,000
|
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A, 5.000%, 7/01/31 (Alternative Minimum Tax)
|
7/22 at 100.00
|
A+
|
2,164,400
|
|||||||||
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
|
1,940,523
|
|||||||||
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
|
A3
|
3,175,230
|
|||||||||
|
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:
|
|
|
|
|||||||||
20
|
6.100%, 1/01/28
|
1/19 at 100.00
|
A1
|
20,268
|
|||||||||
375
|
6.250%, 1/01/39
|
1/19 at 100.00
|
A1
|
380,138
|
|||||||||
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
|
1,340,625
|
|||||||||
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+
|
2,703,625
|
|||||||||
35,910
|
Total Transportation
|
|
|
32,643,587
|
|||||||||
|
U.S. Guaranteed – 16.8% (10.7% of Total Investments) (5)
|
|
|
|
|||||||||
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
|
AA
|
2,668,775
|
|||||||||
185
|
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured (ETM)
|
No Opt. Call
|
AA
|
199,140
|
|||||||||
2,000
|
Laredo Community College District, Webb County, Texas, Combined Fee Revenue Bonds, Series 2010, 5.250%, 8/01/35 (Pre-refunded 8/01/20) – AGM Insured
|
8/20 at 100.00
|
AA
|
2,127,880
|
|||||||||
4,000
|
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2010, 5.250%, 3/01/40 (Pre-refunded 3/01/20)
|
3/20 at 100.00
|
AA–
|
4,204,840
|
|||||||||
365
|
Lone Star College System, Harris and Montgomery Counties, Texas, General Obligation Bonds, Series 2009, 5.000%, 8/15/34 (Pre-refunded 8/15/19)
|
8/19 at 100.00
|
AAA
|
376,512
|
|||||||||
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
|
27,601
|
|||||||||
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
|
Aaa
|
1,527,075
|
|||||||||
845
|
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
|
969,418
|
|||||||||
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 (Pre-refunded 8/15/19)
|
8/19 at 100.00
|
Aa2
|
2,077,080
|
|||||||||
885
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children's Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32 (Pre-refunded 8/15/22)
|
8/22 at 100.00
|
Aa2
|
985,209
|
|||||||||
3,000
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/31 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
3,266,220
|
|||||||||
2,000
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
2,206,400
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|||||||||
|
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:
|
|
|
|
|||||||||
$ |
80
|
6.100%, 1/01/28 (Pre-refunded 1/01/19)
|
1/19 at 100.00
|
N/R
|
$ |
81,134
|
|||||||
1,625
|
6.250%, 1/01/39 (Pre-refunded 1/01/19)
|
1/19 at 100.00
|
N/R
|
1,648,806
|
|||||||||
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:
|
|
|
|
|||||||||
95
|
5.250%, 8/15/40 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
N/R
|
101,197
|
|||||||||
1,155
|
5.250%, 8/15/40 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
AA–
|
1,232,628
|
|||||||||
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
|
416,540
|
|||||||||
1,000
|
Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 5.500%, 9/01/29 (Pre-refunded 9/01/19)
|
9/19 at 100.00
|
BBB
|
1,036,400
|
|||||||||
23,670
|
Total U.S. Guaranteed
|
|
|
25,152,855
|
|||||||||
|
Utilities – 15.6% (9.9% of Total Investments)
|
|
|
|
|||||||||
2,000
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 11/15/40
|
11/22 at 100.00
|
AA
|
2,192,000
|
|||||||||
3,000
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/38
|
11/25 at 100.00
|
AA
|
3,373,140
|
|||||||||
2,560
|
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)
|
11/18 at 100.00
|
N/R
|
26
|
|||||||||
2,000
|
Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31
|
9/25 at 100.00
|
A+
|
2,262,620
|
|||||||||
3,000
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2010A, 5.000%, 5/15/40
|
5/20 at 100.00
|
A
|
3,133,230
|
|||||||||
1,150
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A, 5.000%, 5/15/36
|
5/22 at 100.00
|
A
|
1,242,368
|
|||||||||
1,975
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/15/29
|
5/22 at 100.00
|
A
|
2,157,628
|
|||||||||
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
|
A–
|
1,581,675
|
|||||||||
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+
|
1,057,030
|
|||||||||
3,000
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
|
No Opt. Call
|
A–
|
3,476,460
|
|||||||||
1,000
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A, 5.250%, 12/15/20
|
No Opt. Call
|
A–
|
1,067,360
|
|||||||||
|
Texas Municipal Power Agency, Revenue Bonds, Refunding Transmission Series 2010:
|
|
|
|
|||||||||
640
|
5.000%, 9/01/34
|
9/20 at 100.00
|
A+
|
674,810
|
|||||||||
1,000
|
5.000%, 9/01/40
|
9/20 at 100.00
|
A+
|
1,051,990
|
|||||||||
23,825
|
Total Utilities
|
|
|
23,270,337
|
|||||||||
|
Water and Sewer – 23.9% (15.2% of Total Investments)
|
|
|
|
|||||||||
1,450
|
Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/41
|
11/26 at 100.00
|
AA
|
1,651,333
|
|||||||||
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
|
1,722,751
|
|||||||||
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
|
2,675,550
|
|||||||||
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+
|
2,191,940
|
|||||||||
5,000
|
Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2017, 5.000%, 10/01/46
|
10/27 at 100.00
|
AAA
|
5,712,148
|
|||||||||
3,000
|
Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 2018D, 5.000%, 11/15/36
|
11/28 at 100.00
|
Aa2
|
3,480,600
|
|||||||||
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
|
2,194,520
|
|||||||||
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
|
766,431
|
NTX
|
Nuveen Texas Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
|
Principal
Amount (000) |
Description (1)
|
Optional Call
Provisions (2) |
Ratings (3)
|
Value
|
|||||||||
|
Water and Sewer (continued)
|
|
|
|
|||||||||
$ |
$ 3,860
|
North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding Senior Lien Series 2013, 5.000%, 12/15/33
|
12/22 at 100.00
|
AA–
|
$ |
4,239,166
|
|||||||
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–
|
1,157,380
|
|||||||||
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
|
2,985,312
|
|||||||||
1,000
|
San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2018A, 5.000%, 5/15/48
|
5/28 at 100.00
|
AA
|
1,144,480
|
|||||||||
5,000
|
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Taxable Series 2018A, 5.000%, 10/15/43
|
4/28 at 100.00
|
AAA
|
5,770,748
|
|||||||||
31,735
|
Total Water and Sewer
|
|
|
35,692,359
|
|||||||||
$ |
243,420
|
Total Long-Term Investments (cost $224,164,107)
|
|
|
235,327,928
|
||||||||
|
Floating Rate Obligations – (10.7)%
|
|
|
(16,000,000)
|
|||||||||
|
MuniFund Preferred Shares, net of deferred offering costs – (48.0)% (7)
|
|
|
(71,631,666)
|
|||||||||
|
Other Assets Less Liabilities – 1.1%
|
|
|
1,590,161
|
|||||||||
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ |
149,286,423
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
|
(6)
|
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.
|
|
(7)
|
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.4%.
|
|
ETM
|
Escrowed to maturity.
|
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Assets
|
||||||||||||||||
Long-term investments, at value (cost $249,151,243, $469,548,596,
|
||||||||||||||||
$444,094,891 and $224,164,107, respectively)
|
$
|
258,871,485
|
$
|
487,309,829
|
$
|
461,059,659
|
$
|
235,327,928
|
||||||||
Cash
|
561,021
|
838,551
|
458,036
|
—
|
||||||||||||
Receivable for:
|
||||||||||||||||
Interest
|
2,362,935
|
6,204,277
|
5,172,804
|
2,438,058
|
||||||||||||
Investments sold
|
1,789,836
|
—
|
25,000
|
—
|
||||||||||||
Other assets
|
2,591
|
60,421
|
24,944
|
3,032
|
||||||||||||
Total assets
|
263,587,868
|
494,413,078
|
466,740,443
|
237,769,018
|
||||||||||||
Liabilities
|
||||||||||||||||
Cash overdraft
|
—
|
—
|
—
|
236,240
|
||||||||||||
Floating rate obligations
|
9,755,000
|
12,265,000
|
20,000,000
|
16,000,000
|
||||||||||||
Payable for:
|
||||||||||||||||
Dividends
|
496,183
|
856,158
|
813,768
|
424,456
|
||||||||||||
Interest
|
179,310
|
351,309
|
—
|
—
|
||||||||||||
MuniFund Preferred ("MFP") Shares, net of deferred offering costs
|
||||||||||||||||
(liquidation preference $—, $—, $— and $72,000,000, respectively)
|
—
|
—
|
—
|
71,631,666
|
||||||||||||
Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred
|
||||||||||||||||
offering costs (liquidation preference $88,300,000, $173,000,000, $—,
|
||||||||||||||||
and $—, respectively)
|
88,293,193
|
172,989,269
|
—
|
—
|
||||||||||||
Variable Rate Demand Preferred ("VRDP") Shares, net of deferred
|
||||||||||||||||
offering costs (liquidation preference $—, $—, $148,000,000,
|
||||||||||||||||
and $—, respectively)
|
—
|
—
|
147,754,691
|
—
|
||||||||||||
Accrued expenses:
|
||||||||||||||||
Management fees
|
137,573
|
245,950
|
245,247
|
121,571
|
||||||||||||
Trustees fees
|
1,026
|
59,952
|
23,751
|
898
|
||||||||||||
Other
|
79,930
|
118,667
|
122,603
|
67,764
|
||||||||||||
Total liabilities
|
98,942,215
|
186,886,305
|
168,960,060
|
88,482,595
|
||||||||||||
Net assets applicable to common shares outstanding
|
$
|
164,645,653
|
$
|
307,526,773
|
$
|
297,780,383
|
$
|
149,286,423
|
||||||||
Common shares outstanding
|
11,698,658
|
20,566,204
|
18,493,255
|
10,027,210
|
||||||||||||
Net asset value ("NAV") per common share outstanding
|
$
|
14.07
|
$
|
14.95
|
$
|
16.10
|
$
|
14.89
|
||||||||
Net assets applicable to common shares consist of:
|
||||||||||||||||
Common shares, $0.01 par value per share
|
$
|
116,987
|
$
|
205,662
|
$
|
184,933
|
$
|
100,272
|
||||||||
Paid-in surplus
|
158,013,999
|
291,891,200
|
280,503,560
|
141,062,607
|
||||||||||||
Undistributed (Over-distribution of) net investment income
|
(524,057
|
)
|
(512,326
|
)
|
(546,528
|
)
|
(8,910
|
)
|
||||||||
Accumulated net realized gain (loss)
|
(2,681,518
|
)
|
(1,818,996
|
)
|
673,650
|
(3,031,367
|
)
|
|||||||||
Net unrealized appreciation (depreciation)
|
9,720,242
|
17,761,233
|
16,964,768
|
11,163,821
|
||||||||||||
Net assets applicable to common shares
|
$
|
164,645,653
|
$
|
307,526,773
|
$
|
297,780,383
|
$
|
149,286,423
|
||||||||
Authorized shares:
|
||||||||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
||||||||||||
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
Statement of Operations
|
|
|
|
|
|||
Six Months Ended August 31, 2018 (Unaudited)
|
|
|
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Investment Income
|
$
|
4,738,249
|
$
|
9,413,378
|
$
|
8,566,304
|
$
|
4,542,287
|
||||||||
Expenses
|
||||||||||||||||
Management fees
|
807,028
|
1,464,527
|
1,457,913
|
722,495
|
||||||||||||
Interest expense and amortization of offering costs
|
1,081,537
|
2,129,744
|
1,828,572
|
955,544
|
||||||||||||
Custodian fees
|
21,391
|
31,175
|
28,716
|
17,310
|
||||||||||||
Trustees fees
|
3,627
|
6,945
|
6,419
|
3,177
|
||||||||||||
Professional fees
|
16,583
|
17,957
|
64,475
|
17,423
|
||||||||||||
Shareholder reporting expenses
|
12,644
|
21,758
|
22,028
|
13,795
|
||||||||||||
Shareholder servicing agent fees
|
7,551
|
13,149
|
1,714
|
2,088
|
||||||||||||
Stock exchange listing fees
|
3,641
|
3,384
|
3,384
|
3,384
|
||||||||||||
Investor relations expenses
|
7,218
|
13,421
|
12,503
|
6,436
|
||||||||||||
Shelf offering expenses
|
200,208
|
—
|
—
|
—
|
||||||||||||
Other
|
22,178
|
20,369
|
28,692
|
19,930
|
||||||||||||
Total expenses
|
2,183,606
|
3,722,429
|
3,454,416
|
1,761,582
|
||||||||||||
Net investment income (loss)
|
2,554,643
|
5,690,949
|
5,111,888
|
2,780,705
|
||||||||||||
Realized and Unrealized Gain(Loss)
|
||||||||||||||||
Net realized gain (loss) from investments
|
79,553
|
(320,754
|
)
|
65,517
|
60,780
|
|||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
6,288
|
(410,072
|
)
|
(248,933
|
)
|
(644,693
|
)
|
|||||||||
Net realized and unrealized gain (loss)
|
85,841
|
(730,826
|
)
|
(183,416
|
)
|
(583,913
|
)
|
|||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares from operations
|
$
|
2,640,484
|
$
|
4,960,123
|
$
|
4,928,472
|
$
|
2,196,792
|
NAZ
|
NUM
|
|||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
8/31/18
|
2/28/18
|
8/31/18
|
2/28/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
2,554,643
|
$
|
7,342,444
|
$
|
5,690,949
|
$
|
12,701,288
|
||||||||
Net realized gain (loss) from investments
|
79,553
|
2,324,539
|
(320,754
|
)
|
111,781
|
|||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
6,288
|
(3,887,305
|
)
|
(410,072
|
)
|
(2,895,282
|
)
|
|||||||||
Net increase (decrease) in net assets applicable
|
||||||||||||||||
to common shares from operations
|
2,640,484
|
5,779,678
|
4,960,123
|
9,917,787
|
||||||||||||
Distributions to Common Shareholders
|
||||||||||||||||
From net investment income
|
(3,088,446
|
)
|
(7,491,154
|
)
|
(5,531,849
|
)
|
(13,015,363
|
)
|
||||||||
Decrease in net assets applicable to common
|
||||||||||||||||
shares from distributions to common shareholders
|
(3,088,446
|
)
|
(7,491,154
|
)
|
(5,531,849
|
)
|
(13,015,363
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Proceeds from shelf offering, net of offering costs
|
69,117
|
1,484,129
|
—
|
—
|
||||||||||||
Net proceeds from shares issued to shareholders
|
||||||||||||||||
due to reinvestment of distributions
|
—
|
111,107
|
—
|
—
|
||||||||||||
Cost of shares repurchased and retired
|
—
|
—
|
(2,818,987
|
)
|
(281,969
|
)
|
||||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares from capital share transactions
|
69,117
|
1,595,236
|
(2,818,987
|
)
|
(281,969
|
)
|
||||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares
|
(378,845
|
)
|
(116,240
|
)
|
(3,390,713
|
)
|
(3,379,545
|
)
|
||||||||
Net assets applicable to common shares at the
|
||||||||||||||||
beginning of period
|
165,024,498
|
165,140,738
|
310,917,486
|
314,297,031
|
||||||||||||
Net assets applicable to common shares at
|
||||||||||||||||
the end of period
|
$
|
164,645,653
|
$
|
165,024,498
|
$
|
307,526,773
|
$
|
310,917,486
|
||||||||
Undistributed (Over-distribution of) net
|
||||||||||||||||
investment income at the end of period
|
$
|
(524,057
|
)
|
$
|
9,746
|
$
|
(512,326
|
)
|
$
|
(671,426
|
)
|
NUO
|
NTX
|
|||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
8/31/18
|
2/28/18
|
8/31/18
|
2/28/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
5,111,888
|
$
|
12,573,364
|
$
|
2,780,705
|
$
|
5,744,052
|
||||||||
Net realized gain (loss) from investments
|
65,517
|
3,405,401
|
60,780
|
440,616
|
||||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(248,933
|
)
|
(6,878,414
|
)
|
(644,693
|
)
|
(1,829,092
|
)
|
||||||||
Net increase (decrease) in net assets applicable
|
||||||||||||||||
to common shares from operations
|
4,928,472
|
9,100,351
|
2,196,792
|
4,355,576
|
||||||||||||
Distributions to Common Shareholders
|
||||||||||||||||
From net investment income
|
(5,384,758
|
)
|
(13,161,701
|
)
|
(2,797,592
|
)
|
(6,412,401
|
)
|
||||||||
Decrease in net assets applicable to common
|
||||||||||||||||
shares from distributions to common shareholders
|
(5,384,758
|
)
|
(13,161,701
|
)
|
(2,797,592
|
)
|
(6,412,401
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
—
|
||||||||||||
Net proceeds from shares issued to shareholders
|
||||||||||||||||
due to reinvestment of distributions
|
—
|
—
|
—
|
—
|
||||||||||||
Cost of shares repurchased and retired
|
(392,161
|
)
|
—
|
—
|
—
|
|||||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares from capital share transactions
|
(392,161
|
)
|
—
|
—
|
—
|
|||||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares
|
(848,447
|
)
|
(4,061,350
|
)
|
(600,800
|
)
|
(2,056,825
|
)
|
||||||||
Net assets applicable to common shares at the
|
||||||||||||||||
beginning of period
|
298,628,830
|
302,690,180
|
149,887,223
|
151,944,048
|
||||||||||||
Net assets applicable to common shares at
|
||||||||||||||||
the end of period
|
$
|
297,780,383
|
$
|
298,628,830
|
$
|
149,286,423
|
$
|
149,887,223
|
||||||||
Undistributed (Over-distribution of) net
|
||||||||||||||||
investment income at the end of period
|
$
|
(546,528
|
)
|
$
|
(273,658
|
)
|
$
|
(8,910
|
)
|
$
|
7,977
|
Statement of Cash Flows
|
|
|
|
|
|
||||
Six Months Ended August 31, 2018 (Unaudited)
|
|
|
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares
|
||||||||||||||||
from Operations
|
$
|
2,640,484
|
$
|
4,960,123
|
$
|
4,928,472
|
$
|
2,196,792
|
||||||||
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
|
(12,430,139
|
)
|
(32,386,087
|
)
|
(10,504,886
|
)
|
(12,117,068
|
)
|
||||||||
Proceeds from sales and maturities of investments
|
6,877,793
|
32,968,667
|
9,059,135
|
10,203,475
|
||||||||||||
Taxes paid
|
(439
|
)
|
(5,365
|
)
|
(44,065
|
)
|
(245
|
)
|
||||||||
Amortization (Accretion) of premiums and discounts, net
|
1,295,968
|
1,814,257
|
1,808,369
|
465,455
|
||||||||||||
Amortization of deferred offering costs
|
135,665
|
7,206
|
4,944
|
6,397
|
||||||||||||
(Increase) Decrease in:
|
||||||||||||||||
Receivable for interest
|
(25,037
|
)
|
208,141
|
(114,716
|
)
|
(35,357
|
)
|
|||||||||
Receivable for investments sold
|
479,319
|
—
|
—
|
2,178,490
|
||||||||||||
Other assets
|
(1,539
|
)
|
(10,099
|
)
|
(2,086
|
)
|
3,118
|
|||||||||
Increase (Decrease) in:
|
||||||||||||||||
Payable for interest
|
46,037
|
90,197
|
—
|
—
|
||||||||||||
Payable for investments purchased
|
(2,256,923
|
)
|
—
|
—
|
—
|
|||||||||||
Accrued management fees
|
15,852
|
21,973
|
22,868
|
11,309
|
||||||||||||
Accrued Trustees fees
|
(1,777
|
)
|
3,809
|
391
|
(1,555
|
)
|
||||||||||
Accrued other expenses
|
8,295
|
9,978
|
15,537
|
3,739
|
||||||||||||
Net realized (gain) loss from investments
|
(79,553
|
)
|
320,754
|
(65,517
|
)
|
(60,780
|
)
|
|||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(6,288
|
)
|
410,072
|
248,933
|
644,693
|
|||||||||||
Net cash provided by (used in) operating activities
|
(3,302,282
|
)
|
8,413,626
|
5,357,379
|
3,498,463
|
|||||||||||
Cash Flows from Financing Activities
|
||||||||||||||||
Proceeds from shelf offering, net of offering costs
|
69,117
|
—
|
—
|
—
|
||||||||||||
Increase (Decrease) in:
|
||||||||||||||||
Cash overdraft
|
(52,223
|
)
|
—
|
—
|
(620,379
|
)
|
||||||||||
Floating rate obligations
|
7,000,000
|
—
|
—
|
—
|
||||||||||||
Cash distributions paid to common shareholders
|
(3,153,591
|
)
|
(5,605,089
|
)
|
(5,442,263
|
)
|
(2,878,084
|
)
|
||||||||
Cost of common shares repurchased and retired
|
—
|
(2,818,987
|
)
|
(392,161
|
)
|
—
|
||||||||||
Net cash provided by (used in) financing activities
|
3,863,303
|
(8,424,076
|
)
|
(5,834,424
|
)
|
(3,498,463
|
)
|
|||||||||
Net Increase (Decrease) in Cash
|
561,021
|
(10,450
|
)
|
(477,045
|
)
|
—
|
||||||||||
Cash at beginning of period
|
—
|
849,001
|
935,081
|
—
|
||||||||||||
Cash at end of period
|
$
|
561,021
|
$
|
838,551
|
$
|
458,036
|
$
|
—
|
||||||||
Supplemental Disclosures of Cash Flow Information
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
1,030,925
|
$
|
2,032,341
|
$
|
1,823,628
|
$
|
949,146
|
Selected data for a common share outstanding throughout each period:
|
|
Less Distributions
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Investment Operations
|
to Common Shareholders
|
Common Share | |||||||||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accum-
ulated Net
Realized
Gains
|
Total
|
Shelf
Offering
Costs
|
Premium
per
Share
Sold
through
Shelf
Offering
|
Discount
per
Share
Repur-
chased
and
Retired
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||||||||||||||||
NAZ
|
||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||||||||||
2019(e)
|
$
|
14.11
|
$
|
0.22
|
$
|
(0.01
|
)
|
$
|
0.21
|
$
|
(0.26
|
)
|
$
|
—
|
$
|
(0.26
|
)
|
$
|
0.01
|
$
|
—
|
$
|
—
|
$
|
14.07
|
$
|
12.51
|
|||||||||||||||||||||
2018
|
14.26
|
0.63
|
(0.13
|
)
|
0.50
|
(0.64
|
)
|
—
|
(0.64
|
)
|
(0.01
|
)
|
—
|
*
|
—
|
14.11
|
13.69
|
|||||||||||||||||||||||||||||||
2017
|
15.01
|
0.68
|
(0.68
|
)
|
(0.00
|
)
|
(0.75
|
)
|
—
|
(0.75
|
)
|
—
|
—
|
—
|
14.26
|
14.22
|
||||||||||||||||||||||||||||||||
2016
|
15.02
|
0.76
|
0.03
|
0.79
|
(0.80
|
)
|
—
|
(0.80
|
)
|
—
|
—
|
—
|
15.01
|
15.74
|
||||||||||||||||||||||||||||||||||
2015
|
14.15
|
0.79
|
0.87
|
1.66
|
(0.79
|
)
|
—
|
(0.79
|
)
|
—
|
—
|
—
|
15.02
|
14.37
|
||||||||||||||||||||||||||||||||||
2014
|
15.47
|
0.55
|
(1.10
|
)
|
(0.55
|
)
|
(0.77
|
)
|
—
|
(0.77
|
)
|
—
|
—
|
—
|
14.15
|
12.79
|
||||||||||||||||||||||||||||||||
NUM
|
||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||||||||||
2019(e)
|
14.96
|
0.27
|
(0.04
|
)
|
0.23
|
(0.27
|
)
|
—
|
(0.27
|
)
|
—
|
—
|
0.03
|
14.95
|
12.66
|
|||||||||||||||||||||||||||||||||
2018
|
15.10
|
0.61
|
(0.12
|
)
|
0.49
|
(0.63
|
)
|
—
|
(0.63
|
)
|
—
|
—
|
—
|
*
|
14.96
|
12.84
|
||||||||||||||||||||||||||||||||
2017
|
15.93
|
0.68
|
(0.73
|
)
|
(0.05
|
)
|
(0.72
|
)
|
(0.06
|
)
|
(0.78
|
)
|
—
|
—
|
—
|
15.10
|
13.50
|
|||||||||||||||||||||||||||||||
2016
|
15.80
|
0.76
|
0.15
|
0.91
|
(0.78
|
)
|
—
|
*
|
(0.78
|
)
|
—
|
—
|
—
|
*
|
15.93
|
14.01
|
||||||||||||||||||||||||||||||||
2015
|
14.98
|
0.80
|
0.88
|
1.68
|
(0.86
|
)
|
—
|
(0.86
|
)
|
—
|
—
|
—
|
15.80
|
13.85
|
||||||||||||||||||||||||||||||||||
2014
|
16.35
|
0.80
|
(1.28
|
)
|
(0.48
|
)
|
(0.89
|
)
|
—
|
(0.89
|
)
|
—
|
—
|
—
|
*
|
14.98
|
13.45
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
Total Returns |
Ratios to Average Net Assets(b) | |||||||||||||||||||||
Based
|
Ending
|
Net
|
||||||||||||||||||||
Based
|
on
|
Net
|
Investment
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Income
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses(c)
|
(Loss)
|
Rate(d)
|
||||||||||||||||
1.60
|
%
|
(6.73
|
)%
|
$
|
164,646
|
2.51
|
%**
|
3.19
|
%**
|
3
|
%
|
|||||||||||
3.44
|
0.69
|
165,024
|
2.03
|
4.35
|
19
|
|||||||||||||||||
(0.07
|
)
|
(5.03
|
)
|
165,141
|
1.91
|
4.54
|
13
|
|||||||||||||||
5.45
|
15.59
|
173,767
|
1.51
|
5.12
|
9
|
|||||||||||||||||
12.01
|
18.94
|
173,648
|
1.56
|
5.37
|
13
|
|||||||||||||||||
(3.40
|
)
|
(13.52
|
)
|
163,635
|
2.47
|
4.93
|
14
|
|||||||||||||||
1.73
|
0.70
|
307,527
|
2.38
|
**
|
3.64
|
**
|
7
|
|||||||||||||||
3.19
|
(0.39
|
)
|
310,917
|
2.07
|
3.98
|
8
|
||||||||||||||||
(0.40
|
)
|
1.74
|
314,297
|
1.88
|
4.34
|
20
|
||||||||||||||||
5.97
|
7.15
|
331,466
|
1.52
|
4.85
|
12
|
|||||||||||||||||
11.45
|
9.48
|
329,232
|
1.57
|
5.14
|
15
|
|||||||||||||||||
(2.76
|
)
|
(8.00
|
)
|
312,180
|
1.95
|
5.32
|
15
|
(b)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
|
|
(c)
|
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NAZ
|
|
NUM
|
|
|
Year Ended 2/28–2/29:
|
|
Year Ended 2/28–2/29:
|
|
|
2019(e)
|
1.30%**
|
2019(e)
|
1.36%**
|
|
2018
|
0.95
|
2018
|
1.06
|
|
2017
|
0.87
|
2017
|
0.88
|
|
2016
|
0.49
|
2016
|
0.52
|
|
2015
|
0.50
|
2015
|
0.53
|
|
2014
|
1.32
|
2014
|
0.84
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long- term market value during the period.
|
|
(e)
|
For the six months ended August 31, 2018.
|
|
*
|
Rounds to less than $0.01 per share.
|
|
**
|
Annualized.
|
Financial Highlights (Unaudited) (continued)
|
|
|
Selected data for a common share outstanding throughout each period:
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Investment Operations
|
Less Distributions
to Common Shareholders |
Common Share
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accum-
ulated Net
Realized
Gains
|
Total
|
Shelf
Offering
Costs
|
Premium
per
Share
Sold
through
Shelf
Offering
|
Discount
per
Share
Repur-
chased
and
Retired
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||||||||||||||||
NUO
|
||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||||||||||
2019(e)
|
$
|
16.12
|
$
|
0.28
|
$
|
(0.01
|
)
|
$
|
0.27
|
$
|
(0.29
|
)
|
$
|
—
|
$
|
(0.29
|
)
|
$
|
—
|
$
|
—
|
$
|
—
|
*
|
$
|
16.10
|
$
|
13.83
|
||||||||||||||||||||
2018
|
16.34
|
0.68
|
(0.19
|
)
|
0.49
|
(0.71
|
)
|
—
|
(0.71
|
)
|
—
|
—
|
—
|
16.12
|
14.14
|
|||||||||||||||||||||||||||||||||
2017
|
17.16
|
0.74
|
(0.81
|
)
|
(0.07
|
)
|
(0.75
|
)
|
—
|
(0.75
|
)
|
—
|
—
|
—
|
16.34
|
14.97
|
||||||||||||||||||||||||||||||||
2016
|
17.01
|
0.81
|
0.17
|
0.98
|
(0.83
|
)
|
—
|
(0.83
|
)
|
—
|
—
|
—
|
17.16
|
15.44
|
||||||||||||||||||||||||||||||||||
2015
|
16.02
|
0.85
|
1.07
|
1.92
|
(0.93
|
)
|
—
|
(0.93
|
)
|
—
|
—
|
—
|
17.01
|
15.40
|
||||||||||||||||||||||||||||||||||
2014
|
17.64
|
0.76
|
(1.39
|
)
|
(0.63
|
)
|
(0.99
|
)
|
—
|
(0.99
|
)
|
—
|
—
|
—
|
16.02
|
14.75
|
||||||||||||||||||||||||||||||||
NTX
|
||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||||||||||
2019(e)
|
14.95
|
0.28
|
(0.06
|
)
|
0.22
|
(0.28
|
)
|
—
|
(0.28
|
)
|
—
|
—
|
—
|
14.89
|
12.76
|
|||||||||||||||||||||||||||||||||
2018
|
15.15
|
0.57
|
(0.13
|
)
|
0.44
|
(0.64
|
)
|
—
|
(0.64
|
)
|
—
|
—
|
—
|
14.95
|
13.53
|
|||||||||||||||||||||||||||||||||
2017
|
15.81
|
0.63
|
(0.64
|
)
|
(0.01
|
)
|
(0.65
|
)
|
—
|
(0.65
|
)
|
—
|
—
|
—
|
15.15
|
14.28
|
||||||||||||||||||||||||||||||||
2016
|
15.72
|
0.66
|
0.08
|
0.74
|
(0.65
|
)
|
—
|
(0.65
|
)
|
—
|
—
|
—
|
15.81
|
14.66
|
||||||||||||||||||||||||||||||||||
2015
|
14.82
|
0.62
|
0.96
|
1.58
|
(0.68
|
)
|
—
|
(0.68
|
)
|
—
|
—
|
—
|
15.72
|
14.35
|
||||||||||||||||||||||||||||||||||
2014
|
15.87
|
0.66
|
(1.01
|
)
|
(0.35
|
)
|
(0.70
|
)
|
—
|
(0.70
|
)
|
—
|
*
|
—
|
*
|
—
|
14.82
|
13.54
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
Total Returns |
Ratios to Average Net Assets(b)
|
|||||||||||||||||||||
Based
|
Ending
|
Net
|
||||||||||||||||||||
Based
|
on
|
Net
|
Investment
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Income
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses(c)
|
(Loss)
|
Rate(d)
|
||||||||||||||||
1.69
|
%
|
(0.11
|
)%
|
$
|
297,780
|
2.30
|
%**
|
3.40
|
%**
|
2
|
%
|
|||||||||||
2.98
|
(0.93
|
)
|
298,629
|
1.94
|
4.10
|
16
|
||||||||||||||||
(0.49
|
)
|
1.67
|
302,690
|
1.79
|
4.35
|
8
|
||||||||||||||||
5.95
|
5.96
|
317,856
|
1.58
|
4.83
|
10
|
|||||||||||||||||
12.23
|
10.79
|
315,142
|
1.62
|
5.10
|
15
|
|||||||||||||||||
(3.38
|
)
|
(11.39
|
)
|
296,668
|
2.15
|
5.45
|
13
|
|||||||||||||||
1.48
|
(3.64
|
)
|
149,286
|
2.34
|
**
|
3.69
|
**
|
5
|
||||||||||||||
2.88
|
(0.94
|
)
|
149,887
|
2.16
|
3.73
|
11
|
||||||||||||||||
(0.12
|
)
|
1.79
|
151,944
|
1.78
|
4.05
|
9
|
||||||||||||||||
4.89
|
7.02
|
158,571
|
1.78
|
4.26
|
14
|
|||||||||||||||||
10.81
|
11.07
|
157,644
|
2.33
|
4.05
|
12
|
|||||||||||||||||
(2.11
|
)
|
(11.03
|
)
|
148,580
|
2.49
|
4.46
|
13
|
(b)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
|
|
(c)
|
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NUO
|
|
NTX
|
|
|
Year Ended 2/28–2/29:
|
|
Year Ended 2/28–2/29:
|
|
|
2019(e)
|
1.22%**
|
2019(e)
|
1.27%**
|
|
2018
|
0.90
|
2018
|
1.13
|
|
2017
|
0.77
|
2017
|
0.77
|
|
2016
|
0.55
|
2016
|
0.77
|
|
2015
|
0.57
|
2015
|
1.26
|
|
2014
|
1.05
|
2014
|
1.31
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long- term market value during the period.
|
|
(e)
|
For the six months ended August 31, 2018.
|
|
*
|
Rounds to less than $0.01 per share.
|
|
**
|
Annualized.
|
Financial Highlights (Unaudited) (continued)
|
|
|
|
|
|
MTP Shares
at the End of Period (a) |
VMTP Shares
at the End of Period |
||||||||||||||
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
||||||||||||
|
Amount
|
Coverage
|
Amount
|
Coverage
|
||||||||||||
|
Outstanding
|
Per $10
|
Outstanding
|
Per $100,000
|
||||||||||||
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
||||||||||
NAZ
|
||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||
2019(b)
|
$
|
—
|
$
|
—
|
$
|
88,300
|
$
|
286,462
|
||||||||
2018
|
—
|
—
|
88,300
|
286,891
|
||||||||||||
2017
|
—
|
—
|
88,300
|
287,022
|
||||||||||||
2016
|
—
|
—
|
79,000
|
319,959
|
||||||||||||
2015
|
—
|
—
|
79,000
|
319,808
|
||||||||||||
2014
|
—
|
—
|
79,000
|
307,133
|
||||||||||||
NUM
|
||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||
2019(b)
|
—
|
—
|
173,000
|
277,761
|
||||||||||||
2018
|
—
|
—
|
173,000
|
279,721
|
||||||||||||
2017
|
—
|
—
|
173,000
|
281,675
|
||||||||||||
2016
|
—
|
—
|
159,000
|
308,469
|
||||||||||||
2015
|
—
|
—
|
159,000
|
307,064
|
||||||||||||
2014
|
—
|
—
|
159,000
|
296,340
|
||||||||||||
(a) The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
|
|
2014
|
||
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 | |
NUM
|
|||
Series 2015 (NUM PRC)
|
|||
Ending Market Value per Share
|
—
|
||
Average Market Value per Share
|
10.02
|
ΔΔ |
(b)
|
For the six months ended August 31, 2018.
|
|
Δ
|
For the period April 8, 2013 (effective date of the reorganizations) through December 20, 2013.
|
|
ΔΔ
|
For the period March 1, 2013 through December 20, 2013.
|
|
||||||||||||||||||||||||||||||||
|
iMTP Shares
at the End of Period |
MTP Shares
at the End of Period (a) |
MFP 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
|
||||||||||||||||||||
NUO
|
||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||
2019(b)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
148,000
|
$
|
301,203
|
||||||||||||||||
2018
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
301,776
|
||||||||||||||||||||||||
2017
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
304,520
|
||||||||||||||||||||||||
2016
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
314,768
|
||||||||||||||||||||||||
2015
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
312,934
|
||||||||||||||||||||||||
2014
|
—
|
—
|
—
|
—
|
—
|
—
|
148,000
|
300,451
|
||||||||||||||||||||||||
NTX
|
||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||
2019(b)
|
—
|
—
|
—
|
—
|
72,000
|
307,342
|
—
|
—
|
||||||||||||||||||||||||
2018
|
—
|
—
|
—
|
—
|
72,000
|
308,177
|
—
|
—
|
||||||||||||||||||||||||
2017
|
72,000
|
15,552
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
2016
|
72,000
|
16,012
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
2015
|
—
|
—
|
70,920
|
32.23
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
2014
|
—
|
—
|
70,920
|
30.95
|
—
|
—
|
—
|
—
|
(a) The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
|
|
2016
|
2015
|
2014
|
|||||||||
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
|
||||||||
NTX
|
||||||||||||
Series 2015 (NTX PRCCL)
|
||||||||||||
Ending Market Value per Share
|
—
|
10.02
|
10.03
|
|||||||||
Average Market Value per Share
|
10.01
|
ΩΩ |
10.04
|
10.04
|
(b)
|
For the six months ended August 31, 2018.
|
|
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 Arizona Quality Municipal Income Fund (NAZ)
|
·
|
Nuveen Michigan Quality Municipal Income Fund (NUM)
|
·
|
Nuveen Ohio Quality Municipal Income Fund (NUO)
|
·
|
Nuveen Texas Quality Municipal Income Fund (NTX)
|
NAZ
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
258,871,485
|
$
|
—
|
$
|
258,871,485
|
||||||||
NUM
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
487,309,829
|
$
|
—
|
$
|
487,309,829
|
||||||||
NUO
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
461,059,659
|
$
|
—
|
$
|
461,059,659
|
||||||||
NTX
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
235,327,928
|
$
|
—
|
$
|
235,327,928
|
||||||||
* 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.
|
Floating Rate Obligations Outstanding
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
9,755,000
|
$
|
12,265,000
|
$
|
20,000,000
|
$
|
16,000,000
|
||||||||
Floating rate obligations: externally-deposited Inverse Floaters
|
6,715,000
|
8,430,000
|
20,530,000
|
—
|
||||||||||||
Total
|
$
|
16,470,000
|
$
|
20,695,000
|
$
|
40,530,000
|
$
|
16,000,000
|
Self-Deposited Inverse Floaters
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Average floating rate obligations outstanding
|
$
|
6,026,739
|
$
|
12,265,000
|
$
|
20,000,000
|
$
|
16,000,000
|
||||||||
Average annual interest rate and fees
|
1.85
|
%
|
1.99
|
%
|
1.90
|
%
|
1.92
|
%
|
Floating Rate Obligations – Recourse Trusts
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
9,755,000
|
$
|
12,265,000
|
$
|
12,000,000
|
$
|
16,000,000
|
||||||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
—
|
8,430,000
|
4,480,000
|
—
|
||||||||||||
Total
|
$
|
9,755,000
|
$
|
20,695,000
|
$
|
16,480,000
|
$
|
16,000,000
|
|
NAZ | |||||||
|
Six Months
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
8/31/18
|
2/28/18
|
||||||
Additional authorized common shares
|
1,100,000
|
**
|
1,100,000
|
*
|
||||
Common shares sold
|
—
|
107,600
|
||||||
Offering proceeds, net of offering costs
|
$
|
69,117
|
$
|
1,484,129
|
*
|
Represents additional authorized shares for the period June 6, 2017 through February 28, 2018.
|
|
**
|
Represents additional authorized shares for the period March 1, 2018 through June 29, 2018.
|
|
NAZ
|
NUM
|
NUO
|
|||||||||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||||||
|
8/31/18
|
2/28/18
|
8/31/18
|
2/28/18
|
8/31/18
|
2/28/18
|
||||||||||||||||||
Common shares:
|
||||||||||||||||||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
7,629
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Sold through shelf offering
|
—
|
107,600
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Repurchased and retired
|
—
|
—
|
(223,183
|
)
|
(21,500
|
)
|
(28,700
|
)
|
—
|
|||||||||||||||
Weighted average common share:
|
||||||||||||||||||||||||
Premium to NAV per shelf offering share sold
|
—
|
1.64
|
% |
—
|
—
|
—
|
—
|
|||||||||||||||||
Price per share repurchased and retired
|
—
|
—
|
$
|
12.61
|
$
|
13.09
|
$
|
13.64
|
—
|
|||||||||||||||
Discount per share repurchased and retired
|
—
|
—
|
15.65
|
% |
13.90
|
% |
15.17
|
% |
—
|
·
|
Variable Rate Remarketed Mode ("VRRM") – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
The Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as "Remarketing fees" on the Statement of Operations.
|
·
|
Variable Rate Mode ("VRM") – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed "spread" amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed "spread" on the shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
|
·
|
Variable Rate Demand Mode ("VRDM") – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as "Liquidity fees" and "Remarketing fees", respectively, on the Statement Operations. |
Fund
|
Series
|
Shares
Outstanding
|
Liquidation Preference,
net of deferred
offering costs
|
Liquidation
Preference
|
Term
Redemption Date
|
Mode
|
Mode
Termination Date
|
||||||||||||
NTX
|
A
|
720
|
$
|
71,631,666
|
$
|
72,000,000
|
September 1, 2047
|
VRM
|
10/02/19*
|
NTX | ||
Average liquidation preference of MFP Shares outstanding
|
$72,000,000
|
|
Annualized dividend rate
|
2.19
|
% |
As of the end of the reporting period, details of each Fund's VMTP Shares outstanding were as follows:
|
|
|
|
|
Liquidation
|
|||||||||||
|
|
Preference,
|
|||||||||||
|
|
Shares
|
net of deferred
|
Liquidation
|
|||||||||
Fund
|
Series
|
Outstanding
|
offering costs
|
Preference
|
|||||||||
NAZ
|
2019
|
883
|
$
|
88,293,193
|
$
|
88,300,000
|
|||||||
NUM
|
2019
|
1,730
|
$
|
172,989,269
|
$
|
173,000,000
|
|
|
Term
|
Premium
|
Fund
|
Series
|
Redemption Date
|
Expiration Date
|
NAZ
|
2019
|
June 1, 2019
|
May 31, 2017
|
NUM
|
2019
|
June 1, 2019
|
May 31, 2017
|
|
NAZ
|
NUM
|
||
Average liquidation preference of VMTP Shares outstanding
|
$88,300,000
|
$173,000,000
|
||
Annualized dividend rate
|
2.29
|
% |
2.29
|
% |
Fund
|
Series
|
Shares
Outstanding
|
Liquidation Preference,
net of deferred
offering costs
|
Liquidation
Preference
|
Maturity
|
||||||||||||
NUO
|
1
|
1,480
|
$
|
147,754,691
|
$
|
148,000,000
|
September 1, 2043
|
|
NUO
|
|||
Average liquidation preference of VRDP Shares outstanding
|
$
|
148,000,000
|
||
Annualized dividend rate
|
2.19
|
% |
Transactions in iMTP Shares for the Funds, where applicable, were as follows:
|
|
Year Ended
February 28, 2018
|
||
NTX
|
Series
|
Shares
|
Amount
|
iMTP Shares redeemed
|
2018
|
(14,400)
|
($72,000,000)
|
|
Year Ended
February 28, 2018
|
||
NTX
|
Series
|
Shares
|
Amount
|
MFP Shares issued
|
A
|
720
|
$72,000,000
|
5. Investment Transactions
|
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Purchases
|
$
|
12,430,139
|
$
|
32,386,087
|
$
|
10,504,886
|
$
|
12,117,068
|
||||||||
Sales and maturities
|
6,877,793
|
32,968,667
|
9,059,135
|
10,203,475
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Tax cost of investments
|
$
|
239,224,623
|
$
|
457,029,705
|
$
|
423,832,473
|
$
|
207,849,962
|
||||||||
Gross unrealized:
|
||||||||||||||||
Appreciation
|
$
|
10,679,023
|
$
|
19,865,000
|
$
|
20,835,467
|
$
|
12,264,439
|
||||||||
Depreciation
|
(787,158
|
)
|
(1,849,261
|
)
|
(3,608,201
|
)
|
(786,553
|
)
|
||||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
9,891,865
|
$
|
18,015,739
|
$
|
17,227,266
|
$
|
11,477,886
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Paid-in surplus
|
$
|
32,721
|
$
|
36,889
|
$
|
(62,071
|
)
|
$
|
(286,971
|
)
|
||||||
Undistributed (Over-distribution of) net investment income
|
(144,625
|
)
|
(53,187
|
)
|
59,907
|
286,159
|
||||||||||
Accumulated net realized gain (loss)
|
111,904
|
16,298
|
2,164
|
812
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Undistributed net tax-exempt income1
|
$
|
126,442
|
$
|
301,865
|
$
|
95,858
|
$
|
218,556
|
||||||||
Undistributed net ordinary income2
|
16,271
|
—
|
317,120
|
4,169
|
||||||||||||
Undistributed net long-term capital gains
|
—
|
—
|
600,437
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2018, paid on March 1, 2018.
|
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
||||||||||||
Distributions from net tax-exempt income
|
$
|
9,082,658
|
$
|
16,339,018
|
$
|
15,173,143
|
$
|
7,717,699
|
||||||||
Distributions from net ordinary income2
|
100,573
|
—
|
687,164
|
35,095
|
||||||||||||
Distributions from net long-term capital gains
|
—
|
—
|
—
|
—
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
|
NAZ
|
NUM
|
NTX
|
|||||||||
Capital losses to be carried forward – not subject to expiration
|
$
|
2,761,510
|
$
|
1,455,956
|
$
|
3,092,392
|
During the Funds' last tax year ended February 28, 2018, the following Funds utilized capital loss carryforwards as follows:
|
|
|
|
NAZ
|
NUO
|
NTX
|
|||||||||
Utilized capital loss carryforwards
|
$
|
271,128
|
$
|
1,725,847
|
$
|
424,045
|
As of February 28, 2018, the Funds' last tax year end, $43,720 of NAZ's capital loss carryforward expired.
|
7. Management Fees and Other Transactions with Affiliates
|
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
|
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
For the first $125 million
|
0.4500
|
% |
For the next $125 million
|
0.4375
|
|
For the next $250 million
|
0.4250
|
|
For the next $500 million
|
0.4125
|
|
For the next $1 billion
|
0.4000
|
|
For the next $3 billion
|
0.3750
|
|
For managed assets over $5 billion
|
0.3625
|
Complex-Level Eligible Asset Breakpoint Level*
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
|
$55 billion
|
0.2000
|
% |
$56 billion
|
0.1996
|
|
$57 billion
|
0.1989
|
|
$60 billion
|
0.1961
|
|
$63 billion
|
0.1931
|
|
$66 billion
|
0.1900
|
|
$71 billion
|
0.1851
|
|
$76 billion
|
0.1806
|
|
$80 billion
|
0.1773
|
|
$91 billion
|
0.1691
|
|
$125 billion
|
0.1599
|
|
$200 billion
|
0.1505
|
|
$250 billion
|
0.1469
|
|
$300 billion
|
0.1445
|
*
|
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of August 31, 2018, the complex-level fee for each Fund was 0.1588%.
|
During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:
|
|
Inter-Fund Trades
|
NAZ
|
|||
Purchases
|
$
|
—
|
||
Sales
|
1,864,879
|
Board of Trustees
|
|
|
|
|
|
Margo Cook*
|
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
William J. Schneider
|
Judith M. Stockdale
|
Carole E. Stone
|
Terence J. Toth
|
Margaret L. Wolff
|
Robert L. Young
|
|
|
|||||
* Interested Board Member.
|
|||||
|
|
||||
Fund Manager
|
Custodian
|
Legal Counsel
|
Independent Registered
|
Transfer Agent and
|
Nuveen Fund Advisors, LLC
|
State Street Bank
|
Chapman and Cutler LLP
|
Public Accounting Firm
|
Shareholder Services
|
333 West Wacker Drive
|
& Trust Company
|
Chicago, IL 60603
|
KPMG LLP
|
Computershare Trust
|
Chicago, IL 60606
|
One Lincoln Street
|
|
200 East Randolph Street
|
Company, N.A.
|
|
Boston, MA 02111
|
|
Chicago, IL 60601
|
250 Royall Street
|
|
|
|
|
Canton, MA 02021
|
|
|
|
|
(800) 257-8787
|
|
NAZ
|
NUM
|
NUO
|
NTX
|
Common shares repurchased
|
—
|
223,183
|
28,700
|
—
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
■
|
Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
|
■
|
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
■
|
Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
■
|
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
|
■
|
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.
|
■
|
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
|
■
|
S&P Municipal Bond Indexes Arizona, Michigan, Ohio and Texas: Unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt, investment-grade municipal bond markets in Arizona, Michigan, Ohio and Texas, respectively. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
■
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
■
|
Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to finan- cial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
·
|
Fund Rationalizations - continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs;
|
·
|
Product Innovations - developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds ("ETFs") and multi-asset class funds;
|
·
|
Risk Management Enhancements - continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate opera- tional risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system;
|
·
|
Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership;
|
·
|
Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process; and
|
·
|
with respect specifically to closed-end funds, such initiatives also included:
|
|
··
|
Leverage Management Services - continuing activities to expand financing relationships and develop new product struc- tures to lower fund leverage expenses and to manage associated risks, particularly in an interest rate increasing environment;
|
|
··
|
Capital Management Services - continuing capital management activities through the share repurchase program and additional equity offerings in seeking to increase net asset value and/or improve fund performance for the respective Nuveen funds;
|
|
··
|
Data and Market Analytics - continuing development of databases that help with obtaining and analyzing ownership data of closed-end funds;
|
|
··
|
Enhanced Secondary Market Reporting – providing enhanced reporting and commentary on the secondary market trad- ing of closed-end funds which permit more efficient analysis of the performance of the Nuveen funds compared to peers and of trends in the marketplace; and
|
|
··
|
Tender Option Bond Services – providing the additional support services necessary for Nuveen funds that seek to use tender option bonds to meet new regulatory requirements.
|
C. Fees, Expenses and Profitability
|
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
|
ESA-B-0818D 621981-INV-B-10/19 |
(a)
|
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
|