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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nuveen Municipal 2021 Target Term Fund | NYSE:NHA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.69 | 0 | 01:00:00 |
|
Per Common
|
Monthly Distributions (Ex-Dividend Date)
|
Share Amounts
|
June 2019
|
$0.0150
|
July
|
0.0150
|
August
|
0.0150
|
September
|
0.0150
|
October
|
0.0150
|
November
|
0.0150
|
December
|
0.0150
|
January
|
0.0150
|
February
|
0.0150
|
March
|
0.0130
|
April
|
0.0130
|
May 2020
|
0.0130
|
Total Distributions from Net Investment Income
|
$0.1740
|
Yields
|
|
Market Yield*
|
1.60%
|
Taxable-Equivalent Yield*
|
2.70%
|
*
|
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 40.8%. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and
paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable
at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
|
|
NHA
|
Common shares cumulatively repurchased and retired
|
—
|
Common shares authorized for repurchase
|
860,000
|
During the current reporting, the Fund did not repurchase any of its outstanding common shares.
|
|
|
NHA
|
Common share NAV
|
$9.94
|
Common share price
|
$9.73
|
Premium/(Discount) to NAV
|
(2.11)%
|
12-Month average premium/(discount) to NAV
|
(1.67)%
|
Nuveen Municipal 2021 Target Term Fund
Performance Overview and Holding Summaries as of May 31, 2020
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
|
|
NHA
|
Performance Overview and Holding Summaries as of May 31, 2020 (continued)
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
89.2%
|
Common Stocks
|
3.5%
|
Other Assets Less Liabilities
|
7.3%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
2.4%
|
AAA
|
0.3%
|
AA
|
15.8%
|
A
|
23.6%
|
BBB
|
26.3%
|
BB or Lower
|
20.4%
|
N/R (not rated)
|
11.2%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
23.7%
|
Tax Obligation/General
|
20.5%
|
Transportation
|
15.3%
|
Utilities
|
12.3%
|
Education and Civic Organizations
|
10.1%
|
Other
|
18.1%
|
Total
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
New Jersey
|
13.5%
|
Illinois
|
12.6%
|
New York
|
10.2%
|
Pennsylvania
|
9.9%
|
California
|
9.1%
|
Texas
|
7.4%
|
Florida
|
6.1%
|
Wisconsin
|
4.2%
|
Virginia
|
3.6%
|
Alaska
|
3.1%
|
Tennessee
|
2.4%
|
Other
|
17.9%
|
Total
|
100%
|
|
NHA
|
|
Common
|
|
Shares
|
Approval of the Board Members was reached as follows:
|
|
John K. Nelson
|
|
For
|
6,733,774
|
Withhold
|
1,314,926
|
Total
|
8,048,700
|
Terence J. Toth
|
|
For
|
6,731,439
|
Withhold
|
1,317,261
|
Total
|
8,048,700
|
Robert L. Young
|
|
For
|
6,739,545
|
Withhold
|
1,309,155
|
Total
|
8,048,700
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments May 31, 2020
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 92.7%
|
|
|
|
|
|
MUNICIPAL BONDS – 89.2%
|
|
|
|
|
|
Alabama – 0.2%
|
|
|
|
|
$ 145
|
The Improvement District of the City of Mobile, Alabama, McGowin Park Project, Sales Tax
|
No Opt. Call
|
N/R
|
$ 144,957
|
|
|
Revenue Bonds, Series 2016A, 4.000%, 8/01/20
|
|
|
|
|
|
Alaska – 2.8%
|
|
|
|
|
1,000
|
Valdez, Alaska, Marine Terminal Revenue Bonds, BP Pipelines Inc Project, Refunding
|
No Opt. Call
|
A1
|
1,018,790
|
|
|
Series 2003B, 5.000%, 1/01/21
|
|
|
|
|
1,325
|
Valdez, Alaska, Marine Terminal Revenue Bonds, BP Pipelines Inc Project, Refunding
|
No Opt. Call
|
A1
|
1,349,897
|
|
|
Series 2003C, 5.000%, 1/01/21
|
|
|
|
|
2,325
|
Total Alaska
|
|
|
2,368,687
|
|
|
Arizona – 2.1%
|
|
|
|
|
325
|
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds,
|
No Opt. Call
|
A1
|
338,280
|
|
|
Refunding Series 2016, 4.000%, 7/15/21
|
|
|
|
|
625
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
No Opt. Call
|
N/R
|
623,362
|
|
|
American Leadership Academy Project, Series 2019, 4.000%, 6/15/21,144A
|
|
|
|
|
795
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona
|
No Opt. Call
|
Ba2
|
802,314
|
|
|
Charter Schools Refunding Project, Series 2016R, 2.875%, 7/01/21
|
|
|
|
|
1,745
|
Total Arizona
|
|
|
1,763,956
|
|
|
Arkansas – 0.0%
|
|
|
|
|
15
|
Arkansas Development Finance Authority, Hospital Revenue Bonds, Washington Regional
|
No Opt. Call
|
Baa1
|
15,438
|
|
|
Medical Center, Refunding Series 2015B, 5.000%, 2/01/21
|
|
|
|
|
|
California – 8.2%
|
|
|
|
|
490
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A,
|
No Opt. Call
|
Ba3
|
503,911
|
|
|
5.000%, 3/01/21
|
|
|
|
|
85
|
California Infrastructure and Economic Development Bank, Revenue Bonds, The Walt Disney
|
No Opt. Call
|
A+
|
86,608
|
|
|
Family Museum, Refunding Series 2016, 4.000%, 2/01/21
|
|
|
|
|
1,490
|
California School Finance Authority Charter School Revenue Notes, Inspire Charter
|
No Opt. Call
|
N/R
|
1,489,523
|
|
|
Schools, Series 2019B, 3.000%, 7/15/20,144A
|
|
|
|
|
|
California School Finance Authority, California, Charter School Revenue Bonds, Aspire
|
|
|
|
|
|
Public Schools, Refunding Series 2016:
|
|
|
|
|
550
|
5.000%, 8/01/20,144A
|
No Opt. Call
|
BBB
|
553,971
|
|
500
|
5.000%, 8/01/21,144A
|
No Opt. Call
|
BBB
|
524,755
|
|
730
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist
|
No Opt. Call
|
A–
|
736,563
|
|
|
Homes of the West, Refunding Series 2015, 5.000%, 10/01/20
|
|
|
|
|
|
California Statewide Communities Development Authority, Special Tax Bonds, Community
|
|
|
|
|
|
Facilities District 2015-01, Improvement Area No 1, University District, Series 2016A:
|
|
|
|
|
260
|
2.000%, 9/01/20
|
No Opt. Call
|
N/R
|
260,463
|
|
265
|
2.125%, 9/01/21
|
No Opt. Call
|
N/R
|
267,107
|
|
235
|
California Statewide Communities Development Authority, Statewide Community
|
No Opt. Call
|
N/R
|
235,900
|
|
|
Infrastructure Program Revenue Bonds, Series 2016A, 3.000%, 9/02/20
|
|
|
|
|
200
|
Cucamonga School District, San Bernardino County, California, Special Tax Bonds,
|
No Opt. Call
|
N/R
|
204,170
|
|
|
Community Facilities District 97-1, Series 2016, 3.000%, 9/01/21
|
|
|
|
|
305
|
Fresno, California, Airport Revenue Bonds, Refunding Series 2013B, 5.000%, 7/01/21 – BAM
|
No Opt. Call
|
AA
|
319,908
|
|
|
Insured (AMT)
|
|
|
|
|
50
|
Poway Unified School District, San Diego County, California, Special Tax Bonds,
|
No Opt. Call
|
N/R
|
51,672
|
|
|
Community Facilities District 15 Del Sur East Improvement Area C, Series 2016, 4.000%, 9/01/21
|
|
|
|
|
700
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Hewlett
|
No Opt. Call
|
N/R
|
714,560
|
|
|
Parkard Campus Oaks, Series 2016, 3.250%, 9/01/21
|
|
|
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) May 31, 2020
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
California (continued)
|
|
|
|
|
$ 10
|
South Orange County Public Financing Authority, California, Special Tax Revenue Bonds,
|
No Opt. Call
|
AA
|
$ 10,099
|
|
|
Ladera Ranch, Refunding Series 2014A, 5.000%, 8/15/20
|
|
|
|
|
995
|
Western Hills Water District, Stanislaus County, California, Special Tax Bonds, Diable
|
No Opt. Call
|
N/R
|
597,000
|
|
|
Grande Community Facilities District 1, Refunding Series 2014, 4.000%, 9/01/21 (4)
|
|
|
|
|
420
|
Yuba City Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project,
|
No Opt. Call
|
BBB+
|
427,346
|
|
|
Refunding Series 2015, 2.000%, 9/01/21
|
|
|
|
|
7,285
|
Total California
|
|
|
6,983,556
|
|
|
Colorado – 0.4%
|
|
|
|
|
230
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,
|
No Opt. Call
|
A
|
228,629
|
|
|
9/01/21 – NPFG Insured
|
|
|
|
|
116
|
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds,
|
No Opt. Call
|
N/R
|
115,841
|
|
|
Refunding Series 2016, 3.250%, 12/01/20
|
|
|
|
|
346
|
Total Colorado
|
|
|
344,470
|
|
|
Connecticut – 0.4%
|
|
|
|
|
180
|
Stafford, Connecticut, General Obligation Bonds, Series 2018, 5.000%, 8/01/21 –
|
No Opt. Call
|
AA
|
189,974
|
|
|
BAM Insured
|
|
|
|
|
125
|
University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/21
|
No Opt. Call
|
A+
|
130,946
|
|
305
|
Total Connecticut
|
|
|
320,920
|
|
|
Florida – 5.4%
|
|
|
|
|
150
|
Bellagio Community Development District, Hialeah, Florida, Special Assessment Bonds,
|
No Opt. Call
|
BBB
|
150,940
|
|
|
Series 2016, 2.250%, 11/01/20
|
|
|
|
|
135
|
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds,
|
No Opt. Call
|
N/R
|
135,119
|
|
|
Series 2016A, 3.625%, 11/01/20
|
|
|
|
|
2,000
|
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc, Series 2000,
|
6/20 at 100.00
|
Caa3
|
2,007,880
|
|
|
7.500%, 11/01/20 (AMT)
|
|
|
|
|
36
|
Champion’s Reserve Community Development District, Florida, Special Assessment Revenue
|
No Opt. Call
|
N/R
|
36,058
|
|
|
Bonds, Series 2016, 3.625%, 11/01/20
|
|
|
|
|
100
|
Creekside at Twin Creeks Community Development District, Florida, Special Assessment
|
No Opt. Call
|
N/R
|
100,208
|
|
|
Bonds, Area 1 Project, Series 2016A-1, 3.700%, 11/01/20
|
|
|
|
|
355
|
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special
|
No Opt. Call
|
N/R
|
356,136
|
|
|
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 3.500%, 5/01/21
|
|
|
|
|
335
|
Live Oak Community Development District 2, Hillsborough County, Florida, Special
|
No Opt. Call
|
A–
|
338,099
|
|
|
Assessment Bonds Refunding Series 2016, 2.000%, 5/01/21
|
|
|
|
|
15
|
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH
|
No Opt. Call
|
N/R (5)
|
15,359
|
|
|
Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/20 (ETM)
|
|
|
|
|
70
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Lifespace
|
No Opt. Call
|
BBB
|
70,575
|
|
|
Community Inc, Series 2015C, 5.000%, 5/15/21
|
|
|
|
|
505
|
Palm Glades Community Development District, Florida, Special Assessment Bonds, Refunding
|
No Opt. Call
|
A
|
512,393
|
|
|
Series 2016, 2.250%, 5/01/21
|
|
|
|
|
140
|
Palm Glades Community Development District, Florida, Special Assessment Bonds, Refunding
|
No Opt. Call
|
BBB–
|
140,675
|
|
|
Series 2017, 3.500%, 5/01/21
|
|
|
|
|
105
|
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3
|
No Opt. Call
|
N/R
|
105,226
|
|
|
Project, Series 2016, 3.625%, 11/01/20
|
|
|
|
|
70
|
Rolling Hills Community Development District, Florida, Capital Improvement Revenue
|
No Opt. Call
|
N/R
|
69,824
|
|
|
Bonds, Series 2015A-1, 4.600%, 5/01/21
|
|
|
|
|
105
|
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue
|
No Opt. Call
|
N/R
|
105,175
|
|
|
Bonds, Assessment Area 2, Series 2016, 3.750%, 11/01/20
|
|
|
|
|
140
|
Tapestry Community Development District, Florida, Special Assessment Revenue Bonds,
|
No Opt. Call
|
N/R
|
141,033
|
|
|
Series 2016, 3.625%, 5/01/21
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Florida (continued)
|
|
|
|
|
$ 70
|
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds,
|
No Opt. Call
|
N/R
|
$ 70,140
|
|
|
Series 2016A-1, 3.750%, 11/01/20
|
|
|
|
|
170
|
Village Community Development District 12, Wildwood, Florida, Special Assessment Revenue
|
No Opt. Call
|
N/R
|
170,600
|
|
|
Bonds, Series 2016, 2.875%, 5/01/21
|
|
|
|
|
105
|
Windsor at Westside Community Development District, Osceola County, Florida, Special
|
No Opt. Call
|
N/R
|
105,319
|
|
|
Assessment Bonds, Area 2 Project, Series 2016, 3.500%, 11/01/20
|
|
|
|
|
4,606
|
Total Florida
|
|
|
4,630,759
|
|
|
Georgia – 0.3%
|
|
|
|
|
275
|
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2016, 5.000%, 1/01/21 (ETM)
|
No Opt. Call
|
A2 (5)
|
282,653
|
|
|
Guam – 0.8%
|
|
|
|
|
475
|
Guam Education Financing Foundation, Certificates of Participation, Guam Public School
|
No Opt. Call
|
BB
|
477,313
|
|
|
Facilities Project, Refunding Series 2016A, 5.000%, 10/01/20
|
|
|
|
|
240
|
Guam Government Department of Education, Certificates of Participation, John F Kennedy
|
No Opt. Call
|
B+
|
242,155
|
|
|
High School Project, Series 2010A, 6.000%, 12/01/20
|
|
|
|
|
715
|
Total Guam
|
|
|
719,468
|
|
|
Illinois – 11.2%
|
|
|
|
|
75
|
Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016,
|
No Opt. Call
|
AA
|
75,551
|
|
|
1.900%, 3/01/21 – BAM Insured
|
|
|
|
|
150
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
No Opt. Call
|
BB
|
151,581
|
|
|
Refunding Series 2010F, 5.000%, 12/01/20
|
|
|
|
|
1,000
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
|
No Opt. Call
|
Baa2
|
1,023,000
|
|
|
Tax Revenues, Series 1999A, 5.250%, 12/01/20 – NPFG Insured
|
|
|
|
|
800
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 1/01/21 (ETM)
|
No Opt. Call
|
BBB+ (5)
|
821,792
|
|
400
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2020A, 5.000%, 1/01/21
|
No Opt. Call
|
BBB+
|
402,880
|
|
10
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/21
|
No Opt. Call
|
BB+
|
10,049
|
|
630
|
Cook County School District 87, Berkeley, Illinois, General Obligation Bonds, Refunding
|
No Opt. Call
|
A1
|
637,623
|
|
|
School Series 2012A, 3.000%, 12/01/20
|
|
|
|
|
300
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 11/15/20
|
No Opt. Call
|
A+
|
303,378
|
|
620
|
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network,
|
No Opt. Call
|
AA+
|
639,139
|
|
|
Series 2016C, 5.000%, 2/15/21
|
|
|
|
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series
|
No Opt. Call
|
A–
|
1,037,000
|
|
|
2013A, 5.000%, 7/01/21
|
|
|
|
|
270
|
Illinois Finance Authority, Student Housing & Academic Facility Revenue Bonds,
|
No Opt. Call
|
BBB–
|
272,079
|
|
|
CHF-Collegiate Housing Foundation – Chicago LLC University of Illinois at Chicago Project,
|
|
|
|
|
|
Series 2017A, 4.000%, 2/15/21
|
|
|
|
|
315
|
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%,
|
No Opt. Call
|
BBB
|
314,654
|
|
|
6/15/20 – AMBAC Insured
|
|
|
|
|
85
|
Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/21
|
No Opt. Call
|
BBB–
|
85,541
|
|
635
|
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/21
|
No Opt. Call
|
BBB–
|
638,626
|
|
110
|
Illinois State, General Obligation Bonds, March Series 2012, 5.000%, 3/01/21
|
No Opt. Call
|
BBB–
|
110,787
|
|
2,000
|
Illinois State, General Obligation Bonds, May Series 2020, 4.875%, 5/01/21
|
No Opt. Call
|
BBB–
|
2,014,760
|
|
105
|
Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/21
|
No Opt. Call
|
BBB–
|
105,600
|
|
1,000
|
Winnebago-Boone Counties School District 205 Rockford, Illinois, General Obligation
|
No Opt. Call
|
A+
|
994,580
|
|
|
Bonds, Series 2013, 0.000%, 2/01/21
|
|
|
|
|
9,505
|
Total Illinois
|
|
|
9,638,620
|
|
|
Indiana – 1.5%
|
|
|
|
|
1,250
|
Indiana Finance Authority, Environmental Facilities Revenue Bonds, Indianapolis Power
|
No Opt. Call
|
A2
|
1,290,287
|
|
|
and Light Company Project, Refunding Series 2011A, 3.875%, 8/01/21
|
|
|
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) May 31, 2020
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Iowa – 0.4%
|
|
|
|
|
$ 350
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
6/20 at 104.00
|
BB–
|
$ 362,551
|
|
|
Company Project, Series 2016, 5.875%, 12/01/26,144A
|
|
|
|
|
|
Kentucky – 1.9%
|
|
|
|
|
1,535
|
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky
|
No Opt. Call
|
BBB+
|
1,598,196
|
|
|
Information Highway Project, Senior Series 2015A, 5.000%, 7/01/21
|
|
|
|
|
|
Louisiana – 0.0%
|
|
|
|
|
15
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
|
No Opt. Call
|
A3
|
15,549
|
|
|
Series 2015, 5.000%, 5/15/21
|
|
|
|
|
|
Maine – 0.3%
|
|
|
|
|
265
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General
|
No Opt. Call
|
BB
|
273,830
|
|
|
Medical Center, Series 2011, 5.250%, 7/01/21
|
|
|
|
|
|
Massachusetts – 0.1%
|
|
|
|
|
50
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series
|
No Opt. Call
|
BBB+
|
50,155
|
|
|
2011H, 5.000%, 7/01/20
|
|
|
|
|
25
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial
|
7/20 at 100.00
|
BBB+
|
25,078
|
|
|
Issue Series 2010G, 5.000%, 7/01/21
|
|
|
|
|
75
|
Total Massachusetts
|
|
|
75,233
|
|
|
Michigan – 1.5%
|
|
|
|
|
500
|
Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Development
|
No Opt. Call
|
AA
|
523,655
|
|
|
Area 1 Projects, Series 2018B, 5.000%, 7/01/21 – AGM Insured
|
|
|
|
|
140
|
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds,
|
No Opt. Call
|
BB+
|
132,502
|
|
|
Development Area 1 Projects, Series 1996C-1, 0.000%, 7/01/21
|
|
|
|
|
155
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Senior Lien
|
6/20 at 100.00
|
B
|
155,201
|
|
|
Series 1997A, 5.375%, 5/01/21
|
|
|
|
|
500
|
Detroit, Michigan, General Obligation Bonds, Series 2018, 5.000%, 4/01/21
|
No Opt. Call
|
BB–
|
506,680
|
|
1,295
|
Total Michigan
|
|
|
1,318,038
|
|
|
Minnesota – 0.5%
|
|
|
|
|
105
|
Red Wing, Minnesota Senior Housing Revenue Refunding Bonds, Deer Crest Project, Series
|
No Opt. Call
|
N/R
|
104,699
|
|
|
2012A, 3.750%, 11/01/20
|
|
|
|
|
70
|
Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project,
|
No Opt. Call
|
N/R
|
47,600
|
|
|
Series 2016A, 3.000%, 4/01/21 (4)
|
|
|
|
|
250
|
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview
|
No Opt. Call
|
N/R
|
244,717
|
|
|
Home Project, Series 2016C, 2.250%, 6/01/21
|
|
|
|
|
425
|
Total Minnesota
|
|
|
397,016
|
|
|
Mississippi – 0.4%
|
|
|
|
|
305
|
Pearl River County School District, Mississippi, General Obligation Bonds, Series 2018,
|
No Opt. Call
|
AA
|
317,224
|
|
|
4.000%, 8/01/21 – BAM Insured
|
|
|
|
|
|
Missouri – 1.7%
|
|
|
|
|
100
|
Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson
|
No Opt. Call
|
N/R
|
99,813
|
|
|
Shoppes Redevelopment Project, Refunding Series 2017A, 3.000%, 11/01/20
|
|
|
|
|
1,000
|
Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District
|
No Opt. Call
|
AA–
|
1,057,940
|
|
|
Revenue Bonds, Series 2011A, 5.000%, 9/01/21
|
|
|
|
|
325
|
Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue
|
No Opt. Call
|
N/R
|
324,275
|
|
|
Bonds, Nazareth Living Center, Series 2015A, 4.000%, 8/15/20
|
|
|
|
|
1,425
|
Total Missouri
|
|
|
1,482,028
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Nevada – 1.1%
|
|
|
|
|
$ 815
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series
|
No Opt. Call
|
BBB+
|
$ 843,574
|
|
|
2016, 4.000%, 6/15/21
|
|
|
|
|
125
|
North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 64 Valley
|
No Opt. Call
|
N/R
|
124,756
|
|
|
Vista, Series 2019, 3.500%, 6/01/21
|
|
|
|
|
940
|
Total Nevada
|
|
|
968,330
|
|
|
New Jersey – 12.1%
|
|
|
|
|
275
|
Bordentown , New Jersey, General Obligation Bonds, Series 2018, 3.000%, 8/01/21
|
No Opt. Call
|
AA
|
284,111
|
|
100
|
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds,
|
No Opt. Call
|
A
|
102,676
|
|
|
Port District Project, Series 2012, 5.000%, 1/01/21
|
|
|
|
|
|
New Jersey Building Authority, State Building Revenue Bonds, Refunding Series 2016A:
|
|
|
|
|
200
|
4.000%, 6/15/21 (ETM)
|
No Opt. Call
|
N/R (5)
|
207,756
|
|
300
|
4.000%, 6/15/21
|
No Opt. Call
|
BBB+
|
301,875
|
|
1,000
|
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series
|
No Opt. Call
|
BBB+
|
1,037,720
|
|
|
2012, 5.000%, 6/15/21
|
|
|
|
|
425
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
|
No Opt. Call
|
A2
|
439,777
|
|
|
Replacement Project, Series 2013, 5.000%, 7/01/21 (AMT)
|
|
|
|
|
1,000
|
New Jersey Economic Development Authority, School Facilities Construction Bonds,
|
No Opt. Call
|
BBB+
|
1,016,350
|
|
|
Refunding Series 2015XX, 5.000%, 6/15/21
|
|
|
|
|
2,000
|
New Jersey Economic Development Authority, School Facilities Construction Financing
|
3/21 at 100.00
|
BBB+
|
2,023,460
|
|
|
Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/21
|
|
|
|
|
500
|
New Jersey Economic Development Authority, School Facilities Construction Financing
|
No Opt. Call
|
BBB+ (5)
|
518,100
|
|
|
Program Bonds, Refunding Series 2012II, 5.000%, 3/01/21 (ETM)
|
|
|
|
|
1,000
|
New Jersey Housing & Mortgage Finance Agency, Multifamily Conduit Revenue Bonds, Garden
|
No Opt. Call
|
AA+
|
1,002,190
|
|
|
Spires Urban Renewal Project, Series 2018A, 2.020%, 8/01/21 (Mandatory Put 8/01/20)
|
|
|
|
|
540
|
New Jersey State, General Obligation Bonds, Refunding Series 2009O, 5.250%, 8/01/21
|
No Opt. Call
|
A–
|
567,907
|
|
1,000
|
New Jersey State, General Obligation Bonds, Refunding Series 2016T, 5.000%, 6/01/21
|
No Opt. Call
|
A–
|
1,041,940
|
|
1,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
No Opt. Call
|
BBB+
|
1,010,740
|
|
|
Series 2006A, 5.250%, 12/15/20
|
|
|
|
|
780
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
No Opt. Call
|
BBB+
|
780,484
|
|
|
2011B, 5.000%, 6/15/20
|
|
|
|
|
10,120
|
Total New Jersey
|
|
|
10,335,086
|
|
|
New York – 9.1%
|
|
|
|
|
200
|
Franklin County Solid Waste Management Authority, New York, Solid Waste Revenue Bonds,
|
No Opt. Call
|
BBB+
|
208,490
|
|
|
Series 2015A, 5.000%, 6/01/21 (AMT)
|
|
|
|
|
1,000
|
New York City, New York, General Obligation Bonds, Refunding Fiscal 2015 Series A,
|
No Opt. Call
|
Aa1
|
1,054,920
|
|
|
5.000%, 8/01/21
|
|
|
|
|
|
New York Transportation Development Corporation, New York, Special Facility Revenue
|
|
|
|
|
|
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding Series 2016:
|
|
|
|
|
1,085
|
5.000%, 8/01/20 (AMT)
|
No Opt. Call
|
BB–
|
1,079,911
|
|
2,000
|
5.000%, 8/01/21 (AMT)
|
No Opt. Call
|
BB–
|
1,984,800
|
|
700
|
New York Transportation Development Corporation, New York, Special Facility Revenue
|
No Opt. Call
|
BBB+
|
701,995
|
|
|
Refunding Bonds, Terminal One Group Association, LP Project, Series 2015, 5.000%, 1/01/21 (AMT)
|
|
|
|
|
185
|
Niagara Tobacco Asset Securitization Corporation, New York, Tobacco Settlement
|
No Opt. Call
|
N/R
|
188,430
|
|
|
Asset-Backed Bonds, Series 2014, 5.000%, 5/15/21
|
|
|
|
|
1,500
|
Oyster Bay, Nassau County, New York, General Obligation Bonds, Refunding Public
|
No Opt. Call
|
AA
|
1,585,140
|
|
|
Improvement Series 2014B, 5.000%, 8/15/21 – BAM Insured
|
|
|
|
|
1,000
|
TSASC Inc, New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B,
|
No Opt. Call
|
BBB+
|
1,022,650
|
|
|
5.000%, 6/01/21
|
|
|
|
|
7,670
|
Total New York
|
|
|
7,826,336
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) May 31, 2020
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
North Carolina – 0.3%
|
|
|
|
|
$ 225
|
Goldsboro, North Carolina, General Obligation Bonds, Street Improvement Series 2018,
|
No Opt. Call
|
AA
|
$ 237,739
|
|
|
5.000%, 8/01/21
|
|
|
|
|
|
Ohio – 0.7%
|
|
|
|
|
1,000
|
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds,
|
No Opt. Call
|
N/R
|
5,000
|
|
|
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (4)
|
|
|
|
|
1,400
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
7,000
|
|
|
FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4)
|
|
|
|
|
400
|
Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center,
|
No Opt. Call
|
A3
|
412,492
|
|
|
Refunding Series 2016, 5.000%, 2/15/21
|
|
|
|
|
205
|
Toledo-Lucas County Port Authority, Ohio, Student Housing Revenue Bonds, CHF-Toledo,
|
No Opt. Call
|
BBB–
|
209,455
|
|
|
LLC – The University of Toledo Project, Series 2014A, 5.000%, 7/01/21
|
|
|
|
|
3,005
|
Total Ohio
|
|
|
633,947
|
|
|
Pennsylvania – 8.8%
|
|
|
|
|
800
|
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project,
|
No Opt. Call
|
BBB+
|
813,272
|
|
|
Series 2020A, 5.000%, 2/01/21
|
|
|
|
|
465
|
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane
|
No Opt. Call
|
BBB–
|
471,463
|
|
|
Charter School Project, Series 2016, 3.125%, 3/15/21
|
|
|
|
|
375
|
Northeastern Pennsylvania Hospital and Education Authority, University Revenue Bonds,
|
No Opt. Call
|
BBB
|
379,425
|
|
|
Wilkes University Project, Refunding Series 2016A, 5.000%, 3/01/21
|
|
|
|
|
2,000
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
|
No Opt. Call
|
CCC+
|
1,989,980
|
|
|
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009C, 5.000%, 12/01/37 (Mandatory
|
|
|
|
|
|
Put 9/01/20)
|
|
|
|
|
1,250
|
Pennsylvania State, General Obligation Bonds, First Refunding Series 2011-1, 5.000%, 7/01/21
|
No Opt. Call
|
Aa3
|
1,314,175
|
|
2,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Series
|
No Opt. Call
|
A3
|
2,074,100
|
|
|
2016, 5.000%, 6/01/21
|
|
|
|
|
500
|
Scranton, Lackawanna County, Pennsylvania, General Obligation Bonds, Refunding Series
|
No Opt. Call
|
BB+
|
521,415
|
|
|
2017, 5.000%, 9/01/21,144A
|
|
|
|
|
7,390
|
Total Pennsylvania
|
|
|
7,563,830
|
|
|
Rhode Island – 0.5%
|
|
|
|
|
400
|
Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and
|
No Opt. Call
|
BBB
|
413,432
|
|
|
Municipal Building Projects, Refunding Series 2015A, 5.000%, 4/01/21
|
|
|
|
|
|
South Carolina – 0.3%
|
|
|
|
|
230
|
South Carolina State, General Obligation State Institution Bonds, University of South
|
No Opt. Call
|
Aaa
|
238,363
|
|
|
Carolina, Refunding Series 2011A, 5.000%, 3/01/21
|
|
|
|
|
|
Tennessee – 2.1%
|
|
|
|
|
400
|
Memphis, Tennessee, General Obligation Bonds, Refunding General Improvement Series 2011,
|
No Opt. Call
|
AA
|
417,560
|
|
|
5.000%, 5/01/21
|
|
|
|
|
300
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities
|
No Opt. Call
|
BBB
|
302,829
|
|
|
Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A,
|
|
|
|
|
|
5.000%, 10/01/20
|
|
|
|
|
710
|
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2011-1A,
|
No Opt. Call
|
AA+
|
724,775
|
|
|
4.125%, 1/01/21 (AMT)
|
|
|
|
|
260
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A,
|
No Opt. Call
|
A
|
270,356
|
|
|
5.250%, 9/01/21
|
|
|
|
|
115
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C,
|
No Opt. Call
|
A
|
117,438
|
|
|
5.000%, 2/01/21
|
|
|
|
|
1,785
|
Total Tennessee
|
|
|
1,832,958
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Texas – 6.6%
|
|
|
|
|
$ 135
|
Brazos County, Texas, General Obligation Bonds, Refunding Limited Tax Series 2017,
|
No Opt. Call
|
AA
|
$ 142,980
|
|
|
5.000%, 9/01/21
|
|
|
|
|
65
|
Celina, Texas, Special Assessment Revenue Bonds, Glen Crossing Public Improvement
|
No Opt. Call
|
N/R
|
65,061
|
|
|
District Phase 1 Project, Series 2016, 3.400%, 9/01/20
|
|
|
|
|
|
Dallas County Schools, Texas, Public Property Finance Contractual Obligations, Series 2014:
|
|
|
|
|
157
|
4.329%, 6/01/20 (4)
|
No Opt. Call
|
B3
|
155,401
|
|
116
|
5.400%, 6/01/21 (4)
|
No Opt. Call
|
B3
|
115,014
|
|
2,000
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc
|
No Opt. Call
|
BB–
|
1,994,900
|
|
|
Terminal Improvement Project, Refunding Series 2015B-2, 5.000%, 7/15/20 (AMT)
|
|
|
|
|
1,250
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc
|
No Opt. Call
|
BB–
|
1,246,812
|
|
|
Terminal Improvement Project, Refunding Series 2015C, 5.000%, 7/15/20 (AMT)
|
|
|
|
|
110
|
La Marque, Galveston County, Texas, Tax and Revenue Certificates of Obligation, Series
|
No Opt. Call
|
AA–
|
116,445
|
|
|
2018, 5.000%, 9/01/21
|
|
|
|
|
500
|
Mesquite Health Facilities Development Corporation, Texas, Retirement Facility Revenue
|
No Opt. Call
|
BB–
|
495,250
|
|
|
Bonds, Christian Care Centers Inc, Refunding Series 2016, 5.000%, 2/15/21
|
|
|
|
|
150
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue
|
No Opt. Call
|
BB
|
148,505
|
|
|
Bonds, Jubilee Academic Center, Series 2016A, 3.375%, 8/15/21,144A
|
|
|
|
|
175
|
Polk County, Texas, General Obligation Bonds, Series 2017, 4.000%, 8/15/21
|
No Opt. Call
|
A+
|
182,681
|
|
1,000
|
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing
|
No Opt. Call
|
AA
|
1,015,170
|
|
|
System, Refunding Series 2013, 5.000%, 11/01/20 – BAM Insured
|
|
|
|
|
5,658
|
Total Texas
|
|
|
5,678,219
|
|
|
Utah – 0.0%
|
|
|
|
|
10
|
Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High
|
No Opt. Call
|
BB
|
10,031
|
|
|
School, Series 2010A, 5.750%, 7/15/20
|
|
|
|
|
|
Virgin Islands – 0.3%
|
|
|
|
|
285
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding
|
No Opt. Call
|
Caa2
|
275,401
|
|
|
Series 2012A, 4.000%, 7/01/21
|
|
|
|
|
|
Virginia – 3.2%
|
|
|
|
|
1,255
|
Halifax County Industrial Development Authority, Virginia, Recovery Zone Facility
|
No Opt. Call
|
BBB+
|
1,255,954
|
|
|
Revenue Bonds, Virginia Electric & Power Company Project, Series 2010A, 2.150%, 12/01/41
|
|
|
|
|
|
(Mandatory Put 9/01/20)
|
|
|
|
|
1,000
|
Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue
|
6/20 at 100.00
|
N/R
|
1,000,020
|
|
|
Bonds, American Tobacco Apartments, Series 2017, 3.125%, 7/01/20,144A
|
|
|
|
|
500
|
Wise County Industrial Development Authority, Virginia, Solid Waste and Sewage Disposal
|
No Opt. Call
|
BBB+
|
500,380
|
|
|
Revenue Bonds, Virginia Electric and Power Company, Series 2009A, 2.150%, 10/01/40 (Mandatory
|
|
|
|
|
|
Put 9/01/20)
|
|
|
|
|
2,755
|
Total Virginia
|
|
|
2,756,354
|
|
|
Washington – 0.3%
|
|
|
|
|
245
|
Washington State Housing Finance Commission, Nonprofit Refunding Revenue Bonds, Wesley
|
No Opt. Call
|
N/R
|
240,612
|
|
|
Homes at Lea Hill Project, Series 2016, 3.200%, 7/01/21,144A
|
|
|
|
|
|
Wisconsin – 3.7%
|
|
|
|
|
2,100
|
Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue
|
9/20 at 100.00
|
A1
|
2,111,970
|
|
|
Bonds, Tax Increment District 7, Refunding Series 2012, 2.600%, 9/01/21
|
|
|
|
|
1,000
|
Superior, Wisconsin, Limited Obligation Revenue Refunding Bonds, Midwest Energy
|
No Opt. Call
|
Aa3
|
1,074,540
|
|
|
Resources Company, Series 1991E, 6.900%, 8/01/21 – FGIC Insured
|
|
|
|
|
3,100
|
Total Wisconsin
|
|
|
3,186,510
|
|
$ 78,025
|
Total Municipal Bonds (cost $76,340,533)
|
|
|
76,540,584
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) May 31, 2020
|
Shares
|
Description (1)
|
Value
|
|
COMMON STOCKS – 3.5%
|
|
|
Electric Utilities – 3.5%
|
|
77,290
|
Energy Harbor Corp, (6), (7), (8)
|
$ 2,975,665
|
|
Total Common Stocks (cost $2,571,437)
|
2,975,665
|
|
Total Long-Term Investments (cost $78,911,970)
|
79,516,249
|
|
Other Assets Less Liabilities – 7.3%
|
6,222,618
|
|
Net Assets Applicable to Common Shares – 100%
|
$ 85,738,867
|
Assets
|
||||
Long-term investments, at value (cost $78,911,970)
|
$
|
79,516,249
|
||
Cash
|
4,929,055
|
|||
Receivable for:
|
||||
Interest
|
1,109,784
|
|||
Investments sold
|
390,000
|
|||
Other assets
|
3,794
|
|||
Total assets
|
85,948,882
|
|||
Liabilities
|
||||
Payable for dividends
|
109,597
|
|||
Accrued expenses:
|
||||
Management fees
|
40,419
|
|||
Custodian fees
|
14,991
|
|||
Professional fees
|
29,214
|
|||
Trustees fees
|
814
|
|||
Other
|
14,980
|
|||
Total liabilities
|
210,015
|
|||
Net assets applicable to common shares
|
$
|
85,738,867
|
||
Common shares outstanding
|
8,622,711
|
|||
Net asset value (“NAV”) per common share outstanding
|
$
|
9.94
|
||
Net assets applicable to common shares consist of:
|
||||
Common shares, $0.01 par value per share
|
$
|
86,227
|
||
Paid-in surplus
|
84,523,872
|
|||
Total distributable earnings
|
1,128,768
|
|||
Net assets applicable to common shares
|
$
|
85,738,867
|
||
Authorized shares:
|
||||
Common
|
Unlimited
|
|||
Preferred
|
Unlimited
|
Investment Income
|
$
|
2,235,954
|
||
Expenses
|
||||
Management fees
|
475,136
|
|||
Custodian fees
|
28,154
|
|||
Trustees fees
|
2,195
|
|||
Professional fees
|
33,485
|
|||
Shareholder reporting expenses
|
23,273
|
|||
Shareholder servicing agent fees
|
7,968
|
|||
Stock exchange listing fees
|
6,884
|
|||
Investor relations expenses
|
5,492
|
|||
Other
|
12,906
|
|||
Total expenses
|
595,493
|
|||
Net investment income (loss)
|
1,640,461
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from investments
|
(372,332
|
)
|
||
Change in net unrealized appreciation (depreciation) of investments
|
763,272
|
|||
Net realized and unrealized gain (loss)
|
390,940
|
|||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
2,031,401
|
|
Year
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
5/31/20
|
5/31/19
|
||||||
Operations
|
||||||||
Net investment income (loss)
|
$
|
1,640,461
|
$
|
1,973,753
|
||||
Net realized gain (loss) from investments
|
(372,332
|
)
|
(31,162
|
)
|
||||
Change in net unrealized appreciation (depreciation) of investments
|
763,272
|
1,154,673
|
||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
2,031,401
|
3,097,264
|
||||||
Distributions to Common Shareholders
|
||||||||
Dividends
|
(1,500,352
|
)
|
(1,590,890
|
)
|
||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(1,500,352
|
)
|
(1,590,890
|
)
|
||||
Net increase (decrease) in net assets applicable to common shares
|
531,049
|
1,506,374
|
||||||
Net assets applicable to common shares at the beginning of period
|
85,207,818
|
83,701,444
|
||||||
Net assets applicable to common shares at the end of period
|
$
|
85,738,867
|
$
|
85,207,818
|
|
|
|
|
|
|
|||||
|
||||||||||
|
||||||||||
|
||||||||||
Selected data for a common share outstanding throughout each period:
|
|
|
|
|
||||||
|
|
Less Distributions to
|
|||||||||||||||||||||||||||||||||||||||
|
Investment Operations
|
Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||
|
Beginning
|
Net
|
Net
|
From
|
From
|
|||||||||||||||||||||||||||||||||||
|
Common
|
Investment
|
Realized/
|
Net
|
Accumulated
|
Ending
|
||||||||||||||||||||||||||||||||||
|
Share
|
Income
|
Unrealized
|
Investment
|
Net Realized
|
Offering
|
Ending
|
Share
|
||||||||||||||||||||||||||||||||
|
NAV
|
(Loss)
|
Gain (Loss)
|
Total
|
Income
|
Gains
|
Total
|
Costs
|
NAV
|
Price
|
||||||||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||||||||||||||||||
2020
|
$
|
9.88
|
$
|
0.19
|
$
|
0.04
|
$
|
0.23
|
$
|
(0.17
|
)
|
$
|
—
|
$
|
(0.17
|
)
|
$
|
—
|
$
|
9.94
|
$
|
9.73
|
||||||||||||||||||
2019
|
9.71
|
0.23
|
0.12
|
0.35
|
(0.18
|
)
|
—
|
(0.18
|
)
|
—
|
9.88
|
9.60
|
||||||||||||||||||||||||||||
2018
|
9.70
|
0.25
|
(0.03
|
)
|
0.22
|
(0.21
|
)
|
—
|
(0.21
|
)
|
—
|
9.71
|
9.45
|
|||||||||||||||||||||||||||
2017
|
9.91
|
0.26
|
(0.23
|
)
|
0.03
|
(0.24
|
)
|
—
|
(0.24
|
)
|
—
|
9.70
|
9.76
|
|||||||||||||||||||||||||||
2016(d)
|
9.85
|
0.07
|
0.07
|
0.14
|
(0.06
|
)
|
—
|
(0.06
|
)
|
(0.02
|
)
|
9.91
|
9.95
|
|
VMTP Shares
|
||||||
|
at the End of Period
|
||||||
|
Aggregate
|
Asset
|
|||||
|
Amount
|
Coverage
|
|||||
|
Outstanding
|
Per $100,000
|
|||||
|
(000
|
)
|
Share
|
||||
Year Ended 5/31:
|
|||||||
2020
|
$
|
—
|
$
|
—
|
|||
2019
|
—
|
—
|
|||||
2018
|
—
|
—
|
|||||
2017
|
28,300
|
395,466
|
|||||
2016(d)
|
28,300
|
401,661
|
Common Share Supplemental Data/
|
||||||||||||||||||||||
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
|
||||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets(b)
|
|||||||||||||||||||||
Based
|
Ending
|
Net
|
||||||||||||||||||||
Based
|
on
|
Net
|
Investment
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Income
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses
|
(Loss)
|
Rate(c)
|
||||||||||||||||
2.39
|
%
|
3.18
|
%
|
$
|
85,739
|
0.70
|
%
|
1.92
|
%
|
16
|
%
|
|||||||||||
3.69
|
3.57
|
85,208
|
0.71
|
2.34
|
12
|
|||||||||||||||||
2.32
|
(1.01
|
)
|
83,701
|
1.50
|
2.57
|
8
|
||||||||||||||||
0.32
|
0.53
|
83,617
|
1.53
|
2.68
|
18
|
|||||||||||||||||
1.22
|
0.10
|
85,370
|
1.28
|
*
|
2.15
|
*
|
2
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is
typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not
its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share
at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last
dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not
annualized.
|
(b)
|
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares where applicable, as follows:
|
Year Ended 5/31:
|
|
||
2020
|
—%
|
||
2019
|
—
|
||
2018
|
0.61
|
||
2017
|
0.60
|
||
2016(d)
|
0.34*
|
(c)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
|
(d)
|
For the period January 26, 2016 (commencement of operations) through May 31, 2016.
|
*
|
Annualized.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
76,540,584
|
$
|
—
|
$
|
76,540,584
|
||||||||
Common Stock
|
—
|
2,975,665
|
**
|
—
|
2,975,665
|
|||||||||||
Total
|
$
|
—
|
$
|
79,516,249
|
$
|
—
|
$
|
79,516,249
|
*
|
Refer to the Fund’s Portfolio of Investments for state classifications.
|
|
|
|
|
**
|
Refer to the Fund’s Portfolio of Investments for securities classified as Level 2.
|
|
|
|
|
Investment Transactions
|
|
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
|
|
Purchases
|
$13,049,034
|
Sales and maturities
|
12,824,982
|
Tax cost of investments
|
$
|
78,895,114
|
||
Gross unrealized:
|
||||
Appreciation
|
$
|
1,263,936
|
||
Depreciation
|
(642,801
|
)
|
||
Net unrealized appreciation (depreciation) of investments
|
$
|
621,135
|
Undistributed net tax-exempt income1
|
$903,775
|
Undistributed net ordinary income2
|
361,455
|
Undistributed net long-term capital gains
|
—
|
1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 1, 2020, paid on June 1, 2020.
|
|
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
|
The tax character of distributions paid during the Fund’s tax years ended May 31, 2020 and May 31, 2019 was designated for purposes of the dividends paid deduction as follows:
|
2020
|
|
Distributions from net tax-exempt income3
|
$1,486,328
|
Distributions from net ordinary income2
|
14,024
|
Distributions from net long-term capital gains
|
—
|
2019
|
|
Distributions from net tax-exempt income
|
$1,581,068
|
Distributions from net ordinary income2
|
22,756
|
Distributions from net long-term capital gains
|
—
|
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
|
3 The Fund hereby designates these amounts paid during the fiscal year ended May 31, 2020, as Exempt Interest Dividends.
|
|
Not subject to expiration:
|
|
Short-term
|
$ —
|
Long-term
|
645,502
|
Total
|
$645,502
|
|
|
7. Management Fees and Other Transactions with Affiliates
|
|
Complex-Level Eligible Asset Breakpoint Level*
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
$55 billion
|
0.2000%
|
$56 billion
|
0.1996
|
$57 billion
|
0.1989
|
$60 billion
|
0.1961
|
$63 billion
|
0.1931
|
$66 billion
|
0.1900
|
$71 billion
|
0.1851
|
$76 billion
|
0.1806
|
$80 billion
|
0.1773
|
$91 billion
|
0.1691
|
$125 billion
|
0.1599
|
$200 billion
|
0.1505
|
$250 billion
|
0.1469
|
$300 billion
|
0.1445
|
*
|
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the fund’s use of preferred stock and borrowings
and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the
trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based
upon the aggregate daily managed assets of all Nuveen open-end and close-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds and assets in excess of a
determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain assets of
certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of May 31, 2020, the complex-level fee for the Fund was 0.1587%.
|
Board of Trustees
|
|
|
|
|
|
|
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
Judith M. Stockdale
|
Carole E. Stone
|
|
Terence J. Toth
|
Margaret L. Wolff
|
Robert L. Young
|
|
|
|
|
|
||||||
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
|
150 Royall Street
|
||
|
|
|
|
|
Canton, MA 02021
|
|
|
|
|
|
|
(800) 257-8787
|
Common shares repurchased
|
—
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|
|
and Term(1)
|
Directorships
|
Overseen by
|
|
|
|
During Past 5 Years
|
Board Member
|
|
||||
|
||||
Independent Board Members:
|
|
|
|
|
|
||||
|
||||
■ TERENCE J. TOTH
|
|
|
Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director,
|
|
1959
|
|
|
Quality Control Corporation (since 2012); member: Catalyst Schools of
|
|
333 W. Wacker Drive
|
Chairman and
|
2008
|
Chicago Board (since 2008) and Mather Foundation Board (since 2012),
|
154
|
Chicago, IL 6o6o6
|
Board Member
|
Class II
|
and chair of its Investment Committee; formerly, Director, Fulcrum IT
|
|
|
|
|
Services LLC (2010- 2019); formerly, Director, Legal & General Investment
|
|
|
|
|
Management America, Inc. (2008-2013); formerly, CEO and President,
|
|
|
|
|
Northern Trust Global Investments (2004-2007): Executive Vice President,
|
|
|
|
|
Quantitative Management & Securities Lending (2000-2004); prior thereto,
|
|
|
|
|
various positions with Northern Trust Company (since 1994); formerly,
|
|
|
|
|
Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust
|
|
|
|
|
Global Investments Board (2004-2007), Northern Trust Japan Board
|
|
|
|
|
(2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern
|
|
|
|
|
Trust Hong Kong Board (1997-2004).
|
|
|
||||
■ JACK B. EVANS
|
|
|
Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine
|
|
1948
|
|
|
Foundation, a private philanthropic corporation; Director and Chairman,
|
|
333 W. Wacker Drive
|
Board Member
|
1999
|
United Fire Group, a publicly held company; Director, Public Member,
|
154
|
Chicago, IL 6o6o6
|
|
Class III
|
American Board of Orthopaedic Surgery (since 2015); Life Trustee of
|
|
|
|
|
Coe College and the Iowa College Foundation; formerly, President
|
|
|
|
|
Pro-Tem of the Board of Regents for the State of Iowa University System;
|
|
|
|
|
formerly, Director, Alliant Energy and The Gazette Company; formerly,
|
|
|
|
|
Director, Federal Reserve Bank of Chicago; formerly, President and Chief
|
|
|
|
|
Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
|
|
||||
■ WILLIAM C. HUNTER
|
|
|
Dean Emeritus, formerly, Dean, Tippie College of Business, University of
|
|
1948
|
|
|
Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director
|
|
333 W. Wacker Drive
|
Board Member
|
2003
|
(2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc.,
|
154
|
Chicago, IL 6o6o6
|
|
Class I
|
The International Business Honor Society; formerly, Director (2004-2018)
|
|
|
|
|
of Xerox Corporation; Dean and Distinguished Professor of Finance,
|
|
|
|
|
School of Business at the University of Connecticut (2003-2006); previously,
|
|
|
|
|
Senior Vice President and Director of Research at the Federal Reserve Bank
|
|
|
|
|
of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research
|
|
|
|
|
Center at Georgetown University.
|
|
|
||||
■ ALBIN F. MOSCHNER
|
|
|
Founder and Chief Executive Officer, Northcroft Partners, LLC, a
|
|
1952
|
|
|
management consulting firm (since 2012); formerly, Chairman (2019),
|
|
333 W. Wacker Drive
|
Board Member
|
2016
|
and Director (2012-2019), USA Technologies, Inc., a provider of
|
154
|
Chicago, IL 6o6o6
|
|
Class III
|
solutions and services to facilitate electronic payment transactions;
|
|
|
|
|
formerly, Director, Wintrust Financial Corporation (1996-2016); previously,
|
|
|
|
|
held positions at Leap Wireless International, Inc., including Consultant
|
|
|
|
|
(2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing
|
|
|
|
|
Officer (2004-2008); formerly, President, Verizon Card Services division
|
|
|
|
|
of Verizon Communications, Inc. (2000-2003); formerly, President, One
|
|
|
|
|
Point Services at One Point Communications (1999- 2000); formerly,
|
|
|
|
|
Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly,
|
|
|
|
|
various executive positions (1991-1996) and Chief Executive Officer
|
|
|
|
|
(1995-1996) of Zenith Electronics Corporation.
|
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|
|
and Term(1)
|
Directorships
|
Overseen by
|
|
|
|
During Past 5 Years
|
Board Member
|
|
||||
Independent Board Members (continued):
|
|
|
|
|
|
||||
■ JOHN K. NELSON
|
|
|
Member of Board of Directors of Core12 LLC. (since 2008), a private firm
|
|
1962
|
|
|
which develops branding, marketing and communications strategies for
|
|
333 W. Wacker Drive
|
Board Member
|
2013
|
clients; served on The President’s Council of Fordham University (2010-
|
154
|
Chicago, IL 6o6o6
|
|
Class II
|
2019) and previously a Director of the Curran Center for Catholic
|
|
|
|
|
American Studies (2009- 2018); formerly, senior external advisor to the
|
|
|
|
|
Financial Services practice of Deloitte Consulting LLP. (2012-2014); former
|
|
|
|
|
Chair of the Board of Trustees of Marian University (2010-2014 as trustee,
|
|
|
|
|
2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO
|
|
|
|
|
Bank N.V., North America, and Global Head of the Financial Markets
|
|
|
|
|
Division (2007-2008), with various executive leadership roles in ABN
|
|
|
|
|
AMRO Bank N.V. between 1996 and 2007.
|
|
|
||||
■ JUDITH M. STOCKDALE
|
|
|
Board Member, Land Trust Alliance (since 2013); formerly, Board Member,
|
|
1947
|
|
|
U.S. Endowment for Forestry and Communities (2013-2019); formerly,
|
|
333 W. Wacker Drive
|
Board Member
|
1997
|
Executive Director (1994-2012), Gaylord and Dorothy Donnelley
|
154
|
Chicago, IL 6o6o6
|
|
Class I
|
Foundation; prior thereto, Executive Director, Great Lakes Protection
|
|
|
|
|
Fund (1990-1994).
|
|
|
||||
■ CAROLE E. STONE
|
|
|
Former Director, Chicago Board Options Exchange, Inc. (2006-2017);
|
|
1947
|
|
|
and C2 Options Exchange, Incorporated (2009-2017); former Director,
|
|
333 W. Wacker Drive
|
Board Member
|
2007
|
Cboe, Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May
|
154
|
Chicago, IL 6o6o6
|
|
Class I
|
2020); formerly, Commissioner, New York State Commission on Public
|
|
|
|
|
Authority Reform (2005-2010).
|
|
|
||||
■ MARGARET L. WOLFF
|
|
|
Formerly, member of the Board of Directors (2013-2017) of Travelers
|
|
1955
|
|
|
Insurance Company of Canada and The Dominion of Canada General
|
|
333 W. Wacker Drive
|
Board Member
|
2016
|
Insurance Company (each, a part of Travelers Canada, the Canadian
|
154
|
Chicago, IL 6o6o6
|
|
Class I
|
operation of The Travelers Companies, Inc.); formerly, Of Counsel,
|
|
|
|
|
Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions
|
|
|
|
|
Group) (2005-2014); Member of the Board of Trustees of New
|
|
|
|
|
York-Presbyterian Hospital (since 2005); Member (since 2004) and
|
|
|
|
|
Chair (since 2015) of the Board of Trustees of The John A. Hartford
|
|
|
|
|
Foundation (a philanthropy dedicated to improving the care of older
|
|
|
|
|
adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of
|
|
|
|
|
the Board of Trustees of Mt. Holyoke College.
|
|
|
||||
■ ROBERT L. YOUNG
|
|
|
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment
|
|
1963
|
|
|
Management Inc. (2010-2016); formerly, President and Principal
|
|
333 W. Wacker Drive
|
Board Member
|
2017
|
Executive Officer (2013-2016), and Senior Vice President and Chief
|
154
|
Chicago, IL 6o6o6
|
|
Class II
|
Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director
|
|
|
|
|
and various officer positions for J.P.Morgan Investment Management Inc.
|
|
|
|
|
(formerly, JPMorgan Funds Management, Inc. and formerly, One Group
|
|
|
|
|
Administrative Services) and JPMorgan Distribution Services, Inc.
|
|
|
|
|
(formerly, One Group Dealer Services, Inc.) (1999-2017).
|
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
& Address
|
|
Appointed(2)
|
During Past 5 Years
|
|
|||
Officers of the Funds:
|
|
|
|
|
|||
■ CEDRIC H. ANTOSIEWICZ
|
|
|
Senior Managing Director (since 2017), formerly, Managing Director
|
1962
|
Chief
|
|
(2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since
|
333 W. Wacker Drive
|
Administrative
|
2007
|
2017), formerly, Managing Director (2014-2017) of Nuveen Fund
|
Chicago, IL 6o6o6
|
Officer
|
|
Advisors, LLC.
|
|
|||
|
|||
■ NATHANIEL T. JONES
|
|
|
Managing Director (since 2017), formerly, Senior Vice President
|
1979
|
|
|
(2016-2017), formerly, Vice President (2011-2016) of Nuveen; Managing
|
333 W. Wacker Drive
|
Vice President
|
2016
|
Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst.
|
Chicago, IL 6o6o6
|
and Treasurer
|
|
|
|
|||
|
|||
■ WALTER M. KELLY
|
|
|
Managing Director (since 2017), formerly, Senior Vice President
|
1970
|
Chief Compliance
|
|
(2008-2017) of Nuveen.
|
333 W. Wacker Drive
|
Officer and
|
2003
|
|
Chicago, IL 6o6o6
|
Vice President
|
|
|
|
|||
|
|||
■ DAVID J. LAMB
|
|
|
Managing Director (since 2017), formerly, Senior Vice President of
|
1963
|
|
|
Nuveen (since 2006), Vice President prior to 2006.
|
333 W. Wacker Drive
|
Vice President
|
2015
|
|
Chicago, IL 6o6o6
|
|
|
|
|
|||
|
|||
■ TINA M. LAZAR
|
|
|
Managing Director (since 2017), formerly, Senior Vice President
|
1961
|
|
|
(2014-2017) of Nuveen Securities, LLC.
|
333 W. Wacker Drive
|
Vice President
|
2002
|
|
Chicago, IL 6o6o6
|
|
|
|
|
|||
|
|||
■ BRIAN J. LOCKHART
|
|
|
Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director
|
1974
|
|
|
(since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment
|
333 W. Wacker Drive
|
Vice President
|
2019
|
Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017);
|
Chicago, IL 6o6o6
|
|
|
Chartered Financial Analyst and Certified Financial Risk Manager.
|
|
|||
|
|||
■ JACQUES M. LONGERSTAEY
|
|
|
Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior
|
1963
|
|
|
Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief
|
8500 Andrew Carnegie Blvd.
|
Vice President
|
2019
|
Investment and Model Risk Officer, Wealth & Investment Management Division,
|
Charlotte, NC 28262
|
|
|
Wells Fargo Bank (NA) (from 2013-2019).
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
& Address
|
|
Appointed(2)
|
During Past 5 Years
|
|
|||
Officers of the Funds (continued):
|
|
|
|
|
|||
■ KEVIN J. MCCARTHY
|
|
|
Senior Managing Director (since 2017) and Secretary and General Counsel
|
1966
|
Vice President
|
|
(since 2016) of Nuveen Investments, Inc., formerly, Executive Vice
|
333 W. Wacker Drive
|
and Assistant
|
2007
|
President (2016-2017) and Managing Director and Assistant Secretary
|
Chicago, IL 6o6o6
|
Secretary
|
|
(2008-2016); Senior Managing Director (since 2017) and Assistant
|
|
|
|
Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive
|
|
|
|
Vice President (2016-2017) and Managing Director (2008-2016); Senior
|
|
|
|
Managing Director (since 2017), Secretary (since 2016) and Co-General
|
|
|
|
Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive
|
|
|
|
Vice President (2016-2017), Managing Director (2008-2016) and Assistant
|
|
|
|
Secretary (2007-2016); Senior Managing Director (since 2017), Secretary
|
|
|
|
(since 2016) and Associate General Counsel (since 2011) of Nuveen Asset
|
|
|
|
Management, LLC, formerly Executive Vice President (2016-2017) and
|
|
|
|
Managing Director and Assistant Secretary (2011- 2016); Senior Managing
|
|
|
|
Director (since 2017) and Secretary (since 2016) of Nuveen Investments
|
|
|
|
Advisers, LLC, formerly Executive Vice President (2016- 2017); Vice President
|
|
|
|
(since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of
|
|
|
|
NWQ Investment Management Company, LLC, Symphony Asset
|
|
|
|
Management LLC, Santa Barbara Asset Management, LLC and Winslow
|
|
|
|
Capital Management, LLC (since 2010). Senior Managing Director (since 2017)
|
|
|
|
and Secretary (since 2016) of Nuveen Alternative Investments, LLC.
|
|
|||
■ JON SCOTT MEISSNER
|
|
|
Managing Director of Mutual Fund Tax and Financial Reporting groups at
|
1973
|
|
|
Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC
|
8500 Andrew Carnegie Blvd.
|
Vice President
|
2019
|
(since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF
|
Charlotte, NC 28262
|
|
|
Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual
|
|
|
|
Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA
|
|
|
|
Separate Account VA-1 and the CREF Accounts; has held various positions with
|
|
|
|
TIAA since 2004.
|
|
|||
■ WILLIAM T. MEYERS
|
|
|
Senior Managing Director (since 2017), formerly, Managing Director
|
1966
|
|
|
(2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC
|
333 W. Wacker Drive
|
Vice President
|
2018
|
and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017),
|
Chicago, IL 60606
|
|
|
formerly, Managing Director (2016-2017), Senior Vice President (2010-2016)
|
|
|
|
of Nuveen, has held various positions with Nuveen since 1991.
|
|
|||
■ DEANN D. MORGAN
|
|
|
Executive Vice President, Global Head of Product at Nuveen (since November
|
1969
|
|
|
2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since March 2020);
|
100 Park Avenue
|
Vice President
|
2020
|
Managing Member MDR Collaboratory LLC (since 2018); Managing Director,
|
New York, NY 10016
|
|
|
Head of Wealth Management Product Structuring & COO Multi Asset Investing,
|
|
|
|
The Blackstone Group (2013-2017).
|
|
|||
■ MICHAEL A. PERRY
|
|
|
Executive Vice President (since 2017), previously Managing Director
|
1967
|
|
|
from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative
|
333 W. Wacker Drive
|
Vice President
|
2017
|
Investments, LLC; Executive Vice President (since 2017), formerly,
|
Chicago, IL 6o6o6
|
|
|
Managing Director (2015-2017), of Nuveen Securities, LLC; formerly,
|
|
|
|
Managing Director (2010-2015) of UBS Securities, LLC.
|
|
|||
■ CHRISTOPHER M. ROHRBACHER
|
|
|
Managing Director (since 2017) and Assistant Secretary of Nuveen
|
1971
|
Vice President
|
|
Securities, LLC; Managing Director (since 2017), formerly, Senior
|
333 W. Wacker Drive
|
and Assistant
|
2008
|
Vice President (2016-2017), Co-General Counsel (since 2019) and
|
Chicago, IL 6o6o6
|
Secretary
|
|
Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC;
|
|
|
|
Managing Director (since 2017), formerly, Senior Vice President
|
|
|
|
(2012-2017) and Associate General Counsel (since 2016), formerly,
|
|
|
|
Assistant General Counsel (2008-2016) of Nuveen.
|
(1)
|
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when
its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or
thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex.
|
(2)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex.
|
Audit Fees Billed
|
Audit-Related Fees
|
Tax Fees
|
All Other Fees
|
|||||||||||||
Fiscal Year Ended
|
to Fund 1
|
Billed to Fund 2
|
Billed to Fund 3
|
Billed to Fund 4
|
||||||||||||
May 31, 2020
|
$
|
27,500
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
May 31, 2019
|
$
|
26,970
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
|
||||
connection with statutory and regulatory filings or engagements.
|
||||
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
|
||||
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
|
||||
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
|
||||
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
|
||||
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
|
||||
represent all engagements pertaining to the Fund’s use of leverage.
|
Audit-Related Fees
|
Tax Fees Billed to
|
All Other Fees
|
|
Billed to Adviser and
|
Adviser and
|
Billed to Adviser
|
|
Affiliated Fund
|
Affiliated Fund
|
and Affiliated Fund
|
|
Fiscal Year Ended
|
Service Providers
|
Service Providers
|
Service Providers
|
May 31, 2020
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
May 31, 2019
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
Portfolio Manager
|
Type of Account
Managed |
Number of
Accounts |
Assets*
|
Steven M. Hlavin
|
Registered Investment Company
|
10
|
$15.84 billion
|
Other Pooled Investment Vehicles
|
1
|
$286 million
|
|
Other Accounts
|
0
|
$0
|
|
John V. Miller
|
Registered Investment Company
|
9
|
$35.54 billion
|
Other Pooled Investment Vehicles
|
10
|
$626 million
|
|
Other Accounts
|
13
|
$71 million
|
* |
Assets are as of May 31, 2020. None of the assets in these accounts are subject to an advisory fee based on performance.
|
Name of Portfolio Manager
|
None
|
$1 - $10,000
|
$10,001-$50,000
|
$50,001-$100,000
|
$100,001-$500,000
|
$500,001-$1,000,000
|
Over $1,000,000
|
Steven M. Hlavin
|
X
|
||||||
John V. Miller
|
X
|
(a)
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of
an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the
registrant to 10 or more persons. Not applicable.
|
(a)(4)
|
Change in the registrant’s independent public accountant. Not applicable.
|
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