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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 2019
|
0.0150
|
Total Distributions from Net Investment Income
|
$0.0900
|
Yields
|
|
Market Yield*
|
1.85%
|
Taxable-Equivalent Yield*
|
3.10%
|
*
|
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
|
0
|
Common shares authorized for repurchase
|
860,000
|
|
NHA
|
Common share NAV
|
$9.90
|
Common share price
|
$9.74
|
Premium/(Discount) to NAV
|
(1.62)%
|
6-Month average premium/(discount) to NAV
|
(1.52)%
|
Nuveen Municipal 2021 Target Term Fund
|
|
|
Performance Overview and Holding Summaries
|
|
as of November 30, 2019
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
97.7%
|
Other Asset Less Liabilities
|
2.3%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
1.7%
|
AA
|
9.3%
|
A
|
23.1%
|
BBB
|
23.8%
|
BB or Lower
|
27.0%
|
N/R (not rated)
|
15.1%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
27.2%
|
Tax Obligation/General
|
19.4%
|
Transportation
|
14.0%
|
Utilities
|
10.8%
|
Education and Civic Organizations
|
10.4%
|
Other
|
18.2%
|
Total
|
100%
|
States and Territories
|
|
(% of total investments)
|
|
Illinois
|
12.7%
|
New Jersey
|
12.5%
|
Pennsylvania
|
10.0%
|
California
|
9.2%
|
New York
|
8.8%
|
Florida
|
7.2%
|
Texas
|
5.7%
|
Wisconsin
|
3.9%
|
Virginia
|
3.3%
|
Ohio
|
3.3%
|
Alaska
|
2.9%
|
Indiana
|
2.8%
|
Other
|
17.7%
|
Total
|
100%
|
Nuveen Municipal 2021 Target Term Fund
|
|
|
Portfolio of Investments
|
|
November 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 97.7%
|
|
|
|
|
|
MUNICIPAL BONDS – 97.7%
|
|
|
|
|
|
Alabama – 0.3%
|
|
|
|
|
$ 235
|
The Improvement District of the City of Mobile, Alabama, McGowin Park Project, Sales Tax
|
No Opt. Call
|
N/R
|
$ 236,600
|
|
|
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
|
A–
|
1,038,040
|
|
|
Series 2003B, 5.000%, 1/01/21
|
|
|
|
|
1,325
|
Valdez, Alaska, Marine Terminal Revenue Bonds, BP Pipelines Inc Project, Refunding
|
No Opt. Call
|
A–
|
1,375,403
|
|
|
Series 2003C, 5.000%, 1/01/21
|
|
|
|
|
2,325
|
Total Alaska
|
|
|
2,413,443
|
|
|
Arizona – 2.1%
|
|
|
|
|
325
|
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds,
|
No Opt. Call
|
A–
|
339,576
|
|
|
Refunding Series 2016, 4.000%, 7/15/21
|
|
|
|
|
625
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
No Opt. Call
|
N/R
|
642,631
|
|
|
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
|
800,295
|
|
|
Charter Schools Refunding Project, Series 2016R, 2.875%, 7/01/21
|
|
|
|
|
10
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
No Opt. Call
|
BBB+
|
10,000
|
|
|
Inc Prepay Contract Obligations, Series 2007, 5.250%, 12/01/19
|
|
|
|
|
1,755
|
Total Arizona
|
|
|
1,792,502
|
|
|
Arkansas – 0.0%
|
|
|
|
|
15
|
Arkansas Development Finance Authority, Hospital Revenue Bonds, Washington Regional
|
No Opt. Call
|
Baa1
|
15,595
|
|
|
Medical Center, Refunding Series 2015B, 5.000%, 2/01/21
|
|
|
|
|
|
California – 9.0%
|
|
|
|
|
955
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A,
|
No Opt. Call
|
Ba3
|
975,752
|
|
|
5.000%, 3/01/21
|
|
|
|
|
85
|
California Infrastructure and Economic Development Bank, Revenue Bonds, The Walt Disney
|
No Opt. Call
|
A+
|
87,966
|
|
|
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
|
1,491,505
|
|
|
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
|
562,419
|
|
500
|
5.000%, 8/01/21, 144A
|
No Opt. Call
|
BBB
|
527,155
|
|
730
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist
|
No Opt. Call
|
A–
|
751,849
|
|
|
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
|
260,822
|
|
265
|
2.125%, 9/01/21
|
No Opt. Call
|
N/R
|
266,834
|
|
235
|
California Statewide Communities Development Authority, Statewide Community
|
No Opt. Call
|
N/R
|
237,449
|
|
|
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
|
204,716
|
|
|
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
|
321,628
|
|
|
Insured (AMT)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
California (continued)
|
|
|
|
|
$ 50
|
Poway Unified School District, San Diego County, California, Special Tax Bonds,
|
No Opt. Call
|
N/R
|
$ 52,161
|
|
|
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
|
716,002
|
|
|
Parkard Campus Oaks, Series 2016, 3.250%, 9/01/21
|
|
|
|
|
10
|
South Orange County Public Financing Authority, California, Special Tax Revenue Bonds,
|
No Opt. Call
|
AA
|
10,286
|
|
|
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
|
756,200
|
|
|
Grande Community Facilities District 1, Refunding Series 2014, 4.000%, 9/01/21
|
|
|
|
|
420
|
Yuba City Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project,
|
No Opt. Call
|
BBB+
|
423,309
|
|
|
Refunding Series 2015, 2.000%, 9/01/21
|
|
|
|
|
7,750
|
Total California
|
|
|
7,646,053
|
|
|
Colorado – 0.4%
|
|
|
|
|
230
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,
|
No Opt. Call
|
A
|
224,703
|
|
|
9/01/21 – NPFG Insured
|
|
|
|
|
116
|
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds,
|
No Opt. Call
|
N/R
|
116,550
|
|
|
Refunding Series 2016, 3.250%, 12/01/20
|
|
|
|
|
346
|
Total Colorado
|
|
|
341,253
|
|
|
Connecticut – 0.4%
|
|
|
|
|
180
|
Stafford, Connecticut, General Obligation Bonds, Series 2018, 5.000%, 8/01/21 –
|
No Opt. Call
|
A1
|
191,275
|
|
|
BAM Insured
|
|
|
|
|
125
|
University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/21
|
No Opt. Call
|
A
|
132,968
|
|
305
|
Total Connecticut
|
|
|
324,243
|
|
|
Florida – 7.0%
|
|
|
|
|
150
|
Bellagio Community Development District, Hialeah, Florida, Special Assessment Bonds,
|
No Opt. Call
|
BBB
|
150,741
|
|
|
Series 2016, 2.250%, 11/01/20
|
|
|
|
|
135
|
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds,
|
No Opt. Call
|
N/R
|
135,799
|
|
|
Series 2016A, 3.625%, 11/01/20
|
|
|
|
|
110
|
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue
|
No Opt. Call
|
N/R
|
110,766
|
|
|
Bonds, Series 2016, 3.500%, 5/01/21
|
|
|
|
|
2,000
|
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc, Series 2000,
|
12/19 at 100.00
|
Caa1
|
2,001,420
|
|
|
7.500%, 11/01/20 (AMT)
|
|
|
|
|
36
|
Champion’s Reserve Community Development District, Florida, Special Assessment Revenue
|
No Opt. Call
|
N/R
|
36,280
|
|
|
Bonds, Series 2016, 3.625%, 11/01/20
|
|
|
|
|
100
|
Creekside at Twin Creeks Community Development District, Florida, Special Assessment
|
No Opt. Call
|
N/R
|
100,883
|
|
|
Bonds, Area 1 Project, Series 2016A-1, 3.700%, 11/01/20
|
|
|
|
|
215
|
East Homestead Community Development District, Florida, Special Assessment Revenue
|
No Opt. Call
|
N/R
|
216,370
|
|
|
Bonds, Refunding Series 2015, 3.750%, 5/01/20
|
|
|
|
|
700
|
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special
|
No Opt. Call
|
N/R
|
705,250
|
|
|
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–
|
335,322
|
|
|
Assessment Bonds Refunding Series 2016, 2.000%, 5/01/21
|
|
|
|
|
160
|
Miromar Lakes Community Development District, Lee County, Florida, Capital Improvement
|
No Opt. Call
|
N/R
|
160,568
|
|
|
Revenue Bonds, Refunding Series 2015, 3.500%, 5/01/20
|
|
|
|
|
15
|
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH
|
No Opt. Call
|
N/R (4)
|
15,559
|
|
|
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
|
72,951
|
|
|
Community Inc, Series 2015C, 5.000%, 5/15/21
|
|
|
|
|
505
|
Palm Glades Community Development District, Florida, Special Assessment Bonds, Refunding
|
No Opt. Call
|
A
|
509,631
|
|
|
Series 2016, 2.250%, 5/01/21
|
|
|
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
|
|
Portfolio of Investments (continued)
|
|
November 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Florida (continued)
|
|
|
|
|
$ 275
|
Palm Glades Community Development District, Florida, Special Assessment Bonds, Refunding
|
No Opt. Call
|
BBB–
|
$ 277,255
|
|
|
Series 2017, 3.500%, 5/01/21
|
|
|
|
|
215
|
Reunion East Community Development District, Osceola County, Florida, Special Assessment
|
No Opt. Call
|
N/R
|
216,694
|
|
|
Bonds, Refunding Series 2015A, 4.000%, 5/01/20
|
|
|
|
|
105
|
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3
|
No Opt. Call
|
N/R
|
105,715
|
|
|
Project, Series 2016, 3.625%, 11/01/20
|
|
|
|
|
|
Rolling Hills Community Development District, Florida, Capital Improvement Revenue
|
|
|
|
|
|
Bonds, Series 2015A-1:
|
|
|
|
|
65
|
4.300%, 5/01/20
|
No Opt. Call
|
N/R
|
64,877
|
|
70
|
4.600%, 5/01/21
|
No Opt. Call
|
N/R
|
69,602
|
|
105
|
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue
|
No Opt. Call
|
N/R
|
105,785
|
|
|
Bonds, Assessment Area 2, Series 2016, 3.750%, 11/01/20
|
|
|
|
|
140
|
South Fork III Community Development District, Florida, Special Assessment Revenue
|
No Opt. Call
|
N/R
|
140,883
|
|
|
Bonds, Refunding Series 2016, 4.000%, 5/01/20
|
|
|
|
|
160
|
Tapestry Community Development District, Florida, Special Assessment Revenue Bonds,
|
No Opt. Call
|
N/R
|
161,877
|
|
|
Series 2016, 3.625%, 5/01/21
|
|
|
|
|
70
|
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds,
|
No Opt. Call
|
N/R
|
70,542
|
|
|
Series 2016A-1, 3.750%, 11/01/20
|
|
|
|
|
105
|
Windsor at Westside Community Development District, Osceola County, Florida, Special
|
No Opt. Call
|
N/R
|
106,109
|
|
|
Assessment Bonds, Area 2 Project, Series 2016, 3.500%, 11/01/20
|
|
|
|
|
130
|
Wiregrass Community Development District, Florida, Capital Improvement Revenue Bonds,
|
No Opt. Call
|
N/R
|
130,549
|
|
|
Series 2016, 3.625%, 5/01/21
|
|
|
|
|
5,971
|
Total Florida
|
|
|
6,001,428
|
|
|
Georgia – 0.3%
|
|
|
|
|
275
|
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2016, 5.000%, 1/01/21 (ETM)
|
No Opt. Call
|
A2 (4)
|
286,426
|
|
|
Guam – 1.0%
|
|
|
|
|
475
|
Guam Education Financing Foundation, Certificates of Participation, Guam Public School
|
No Opt. Call
|
BB
|
486,072
|
|
|
Facilities Project, Refunding Series 2016A, 5.000%, 10/01/20
|
|
|
|
|
355
|
Guam Government Department of Education, Certificates of Participation, John F Kennedy
|
No Opt. Call
|
B+
|
358,554
|
|
|
High School Project, Series 2010A, 6.000%, 12/01/20
|
|
|
|
|
830
|
Total Guam
|
|
|
844,626
|
|
|
Illinois – 12.4%
|
|
|
|
|
255
|
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities
|
No Opt. Call
|
Baa2
|
253,256
|
|
|
System Revenue Bonds, Series 1999A, 0.000%, 4/01/20 – NPFG Insured
|
|
|
|
|
75
|
Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016,
|
No Opt. Call
|
AA
|
75,036
|
|
|
1.900%, 3/01/21 – BAM Insured
|
|
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
|
|
|
|
|
Refunding Series 2010F:
|
|
|
|
|
405
|
5.000%, 12/01/19 (ETM)
|
No Opt. Call
|
N/R (4)
|
405,000
|
|
1,565
|
5.000%, 12/01/19
|
No Opt. Call
|
B1
|
1,565,000
|
|
150
|
5.000%, 12/01/20
|
No Opt. Call
|
B1
|
154,453
|
|
1,000
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
|
No Opt. Call
|
BB–
|
1,036,070
|
|
|
Tax Revenues, Series 1999A, 5.250%, 12/01/20 – NPFG Insured
|
|
|
|
|
1,000
|
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2003B,
|
No Opt. Call
|
Ba1
|
1,002,320
|
|
|
5.000%, 1/01/20
|
|
|
|
|
800
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 1/01/21
|
No Opt. Call
|
Ba1
|
832,272
|
|
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Refunding Series 2014:
|
|
|
|
|
45
|
5.000%, 1/01/20
|
No Opt. Call
|
BB+
|
45,090
|
|
10
|
5.000%, 1/01/21
|
No Opt. Call
|
BB+
|
10,257
|
|
50
|
Chicago, Illinois, O’Hare Airport Customer Facility Charge Senior Lien Revenue Bonds,
|
No Opt. Call
|
BBB
|
50,144
|
|
|
Series 2013A, 5.000%, 1/01/20
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Illinois (continued)
|
|
|
|
|
$ 630
|
Cook County School District 87, Berkeley, Illinois, General Obligation Bonds, Refunding
|
No Opt. Call
|
A1
|
$ 640,672
|
|
|
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
|
A2
|
309,834
|
|
620
|
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network,
|
No Opt. Call
|
Aa2
|
647,900
|
|
|
Series 2016C, 5.000%, 2/15/21
|
|
|
|
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series
|
No Opt. Call
|
A–
|
1,053,800
|
|
|
2013A, 5.000%, 7/01/21
|
|
|
|
|
270
|
Illinois Finance Authority, Student Housing & Academic Facility Revenue Bonds,
|
No Opt. Call
|
BBB–
|
277,015
|
|
|
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–
|
311,888
|
|
|
6/15/20 – AMBAC Insured
|
|
|
|
|
85
|
Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/21
|
No Opt. Call
|
BBB–
|
88,130
|
|
635
|
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/21
|
No Opt. Call
|
BBB–
|
656,863
|
|
110
|
Illinois State, General Obligation Bonds, March Series 2012, 5.000%, 3/01/21
|
No Opt. Call
|
BBB–
|
114,295
|
|
105
|
Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/21
|
No Opt. Call
|
BBB–
|
108,615
|
|
1,000
|
Winnebago-Boone Counties School District 205 Rockford, Illinois, General Obligation
|
No Opt. Call
|
A+
|
979,730
|
|
|
Bonds, Series 2013, 0.000%, 2/01/21
|
|
|
|
|
10,425
|
Total Illinois
|
|
|
10,617,640
|
|
|
Indiana – 2.7%
|
|
|
|
|
1,250
|
Indiana Finance Authority, Environmental Facilities Revenue Bonds, Indianapolis Power
|
No Opt. Call
|
A–
|
1,300,600
|
|
|
and Light Company Project, Refunding Series 2011A, 3.875%, 8/01/21
|
|
|
|
|
1,000
|
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel
|
No Opt. Call
|
B
|
1,000,000
|
|
|
Corporation Project, Refunding Series 2011, 6.000%, 12/01/19
|
|
|
|
|
2,250
|
Total Indiana
|
|
|
2,300,600
|
|
|
Iowa – 0.4%
|
|
|
|
|
350
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/19 at 104.00
|
B–
|
364,424
|
|
|
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
|
Baa2
|
1,603,645
|
|
|
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
|
15,746
|
|
|
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
|
Ba3
|
276,936
|
|
|
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+
|
51,032
|
|
|
2011H, 5.000%, 7/01/20
|
|
|
|
|
25
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial
|
7/20 at 100.00
|
BBB+
|
25,537
|
|
|
Issue Series 2010G, 5.000%, 7/01/21
|
|
|
|
|
75
|
Total Massachusetts
|
|
|
76,569
|
|
|
Michigan – 1.2%
|
|
|
|
|
500
|
Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds,
|
No Opt. Call
|
AA
|
526,780
|
|
|
Development 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+
|
131,559
|
|
|
Development Area 1 Projects, Series 1996C-1, 0.000%, 7/01/21
|
|
|
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
|
|
Portfolio of Investments (continued)
|
|
November 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Michigan (continued)
|
|
|
|
|
$ 325
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Senior Lien
|
12/19 at 100.00
|
B
|
$ 325,910
|
|
|
Series 1997A, 5.375%, 5/01/21
|
|
|
|
|
965
|
Total Michigan
|
|
|
984,249
|
|
|
Minnesota – 0.6%
|
|
|
|
|
|
Red Wing, Minnesota Senior Housing Revenue Refunding Bonds, Deer Crest Project,
|
|
|
|
|
|
Series 2012A:
|
|
|
|
|
105
|
3.750%, 5/01/20
|
No Opt. Call
|
N/R
|
105,785
|
|
105
|
3.750%, 11/01/20
|
No Opt. Call
|
N/R
|
106,736
|
|
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
|
|
|
|
|
250
|
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview
|
No Opt. Call
|
N/R
|
249,635
|
|
|
Home Project, Series 2016C, 2.250%, 6/01/21
|
|
|
|
|
530
|
Total Minnesota
|
|
|
509,756
|
|
|
Mississippi – 0.4%
|
|
|
|
|
305
|
Pearl River County School District, Mississippi, General Obligation Bonds, Series 2018,
|
No Opt. Call
|
AA
|
318,280
|
|
|
4.000%, 8/01/21 – BAM Insured
|
|
|
|
|
|
Missouri – 1.8%
|
|
|
|
|
100
|
Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson
|
No Opt. Call
|
N/R
|
100,653
|
|
|
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
|
A1
|
1,065,570
|
|
|
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
|
328,851
|
|
|
Bonds, Nazareth Living Center, Series 2015A, 4.000%, 8/15/20
|
|
|
|
|
1,425
|
Total Missouri
|
|
|
1,495,074
|
|
|
Nevada – 1.1%
|
|
|
|
|
815
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series
|
No Opt. Call
|
BBB+
|
845,008
|
|
|
2016, 4.000%, 6/15/21
|
|
|
|
|
125
|
North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 64 Valley
|
No Opt. Call
|
N/R
|
127,154
|
|
|
Vista, Series 2019, 3.500%, 6/01/21
|
|
|
|
|
940
|
Total Nevada
|
|
|
972,162
|
|
|
New Hampshire – 1.0%
|
|
|
|
|
850
|
Manchester Housing and Redevelopment Authority, New Hampshire, Revenue Bonds, Series
|
No Opt. Call
|
B3
|
847,994
|
|
|
2000B, 0.000%, 1/01/20 – RAAI Insured
|
|
|
|
|
|
New Jersey – 12.2%
|
|
|
|
|
275
|
Bordentown , New Jersey, General Obligation Bonds, Series 2018, 3.000%, 8/01/21
|
No Opt. Call
|
AA
|
283,528
|
|
|
New Jersey Building Authority, State Building Revenue Bonds, Refunding Series 2016A:
|
|
|
|
|
200
|
4.000%, 6/15/21 (ETM)
|
No Opt. Call
|
N/R (4)
|
208,576
|
|
300
|
4.000%, 6/15/21
|
No Opt. Call
|
BBB+
|
311,511
|
|
1,000
|
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series
|
No Opt. Call
|
BBB+
|
1,051,220
|
|
|
2012, 5.000%, 6/15/21
|
|
|
|
|
425
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
|
No Opt. Call
|
BBB
|
447,350
|
|
|
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+
|
1,053,480
|
|
|
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+
|
2,086,960
|
|
|
Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/21
|
|
|
|
|
500
|
New Jersey Economic Development Authority, School Facilities Construction Financing
|
No Opt. Call
|
BBB+ (4)
|
523,265
|
|
|
Program Bonds, Refunding Series 2012II, 5.000%, 3/01/21 (ETM)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
New Jersey (continued)
|
|
|
|
|
$ 1,000
|
New Jersey Housing & Mortgage Finance Agency, Multifamily Conduit Revenue Bonds, Garden
|
8/20 at 100.00
|
AA+
|
$ 1,004,060
|
|
|
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–
|
575,948
|
|
1,000
|
New Jersey State, General Obligation Bonds, Refunding Series 2016T, 5.000%, 6/01/21
|
No Opt. Call
|
A–
|
1,056,270
|
|
1,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
No Opt. Call
|
BBB+
|
1,038,830
|
|
|
Series 2006A, 5.250%, 12/15/20
|
|
|
|
|
780
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
No Opt. Call
|
BBB+
|
794,656
|
|
|
2011B, 5.000%, 6/15/20
|
|
|
|
|
10,020
|
Total New Jersey
|
|
|
10,435,654
|
|
|
New York – 8.6%
|
|
|
|
|
200
|
Franklin County Solid Waste Management Authority, New York, Solid Waste Revenue Bonds,
|
No Opt. Call
|
BBB+
|
209,758
|
|
|
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
|
AA
|
1,063,830
|
|
|
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–
|
1,107,470
|
|
2,000
|
5.000%, 8/01/21 (AMT)
|
No Opt. Call
|
BB–
|
2,103,040
|
|
185
|
Niagara Tobacco Asset Securitization Corporation, New York, Tobacco Settlement
|
No Opt. Call
|
N/R
|
192,567
|
|
|
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
|
1,595,085
|
|
|
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+
|
1,035,400
|
|
|
5.000%, 6/01/21
|
|
|
|
|
6,970
|
Total New York
|
|
|
7,307,150
|
|
|
North Carolina – 0.3%
|
|
|
|
|
225
|
Goldsboro, North Carolina, General Obligation Bonds, Street Improvement Series 2018,
|
No Opt. Call
|
AA
|
239,402
|
|
|
5.000%, 8/01/21
|
|
|
|
|
|
Ohio – 3.2%
|
|
|
|
|
1,000
|
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds,
|
No Opt. Call
|
N/R
|
882,500
|
|
|
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (5)
|
|
|
|
|
1,400
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
1,235,500
|
|
|
FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (AMT)
|
|
|
|
|
|
(Mandatory Put 5/01/20) (5)
|
|
|
|
|
400
|
Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center,
|
No Opt. Call
|
A3
|
416,628
|
|
|
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–
|
213,622
|
|
|
LLC – The University of Toledo Project, Series 2014A, 5.000%, 7/01/21
|
|
|
|
|
3,005
|
Total Ohio
|
|
|
2,748,250
|
|
|
Pennsylvania – 9.7%
|
|
|
|
|
910
|
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane
|
No Opt. Call
|
BBB–
|
915,906
|
|
|
Charter School Project, Series 2016, 3.125%, 3/15/21
|
|
|
|
|
375
|
Northeastern Pennsylvania Hospital and Education Authority, University Revenue Bonds,
|
No Opt. Call
|
BBB
|
387,525
|
|
|
Wilkes University Project, Refunding Series 2016A, 5.000%, 3/01/21
|
|
|
|
|
2,000
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
|
No Opt. Call
|
B3
|
2,033,900
|
|
|
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009C, 5.000%, 12/01/37 (Mandatory
|
|
|
|
|
|
Put 9/01/20)
|
|
|
|
|
1,000
|
Pennsylvania Economic Development Financing Authority, Special Facilities Revenue Bonds,
|
No Opt. Call
|
B1
|
1,021,910
|
|
|
US Airways Group Inc Project, Series 2010A, 7.500%, 5/01/20
|
|
|
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
|
|
Portfolio of Investments (continued)
|
|
November 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Pennsylvania (continued)
|
|
|
|
|
$ 1,250
|
Pennsylvania State, General Obligation Bonds, First Refunding Series 2011-1,
|
No Opt. Call
|
A+
|
$ 1,325,425
|
|
|
5.000%, 7/01/21
|
|
|
|
|
2,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Series
|
No Opt. Call
|
A3
|
2,109,480
|
|
|
2016, 5.000%, 6/01/21
|
|
|
|
|
500
|
Scranton, Lackawanna County, Pennsylvania, General Obligation Bonds, Refunding Series
|
No Opt. Call
|
BB+
|
524,025
|
|
|
2017, 5.000%, 9/01/21, 144A
|
|
|
|
|
8,035
|
Total Pennsylvania
|
|
|
8,318,171
|
|
|
Rhode Island – 0.5%
|
|
|
|
|
400
|
Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and
|
No Opt. Call
|
BBB
|
416,280
|
|
|
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
|
AA+
|
241,111
|
|
|
Carolina, Refunding Series 2011A, 5.000%, 3/01/21
|
|
|
|
|
|
Tennessee – 2.2%
|
|
|
|
|
400
|
Memphis, Tennessee, General Obligation Bonds, Refunding General Improvement Series 2011,
|
No Opt. Call
|
AA
|
421,780
|
|
|
5.000%, 5/01/21
|
|
|
|
|
300
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities
|
No Opt. Call
|
BBB
|
308,676
|
|
|
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+
|
726,763
|
|
|
4.125%, 1/01/21 (AMT)
|
|
|
|
|
260
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A,
|
No Opt. Call
|
BBB+
|
276,273
|
|
|
5.250%, 9/01/21
|
|
|
|
|
115
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C,
|
No Opt. Call
|
Baa2
|
119,476
|
|
|
5.000%, 2/01/21
|
|
|
|
|
1,785
|
Total Tennessee
|
|
|
1,852,968
|
|
|
Texas – 5.6%
|
|
|
|
|
135
|
Brazos County, Texas, General Obligation Bonds, Refunding Limited Tax Series 2017,
|
No Opt. Call
|
AA
|
144,045
|
|
|
5.000%, 9/01/21
|
|
|
|
|
65
|
Celina, Texas, Special Assessment Revenue Bonds, Glen Crossing Public Improvement
|
No Opt. Call
|
N/R
|
65,164
|
|
|
District Phase 1 Project, Series 2016, 3.400%, 9/01/20
|
|
|
|
|
|
Dallas County Schools, Texas, Public Property Finance Contractual Obligations, Series 2014:
|
|
|
|
|
234
|
2.564%, 6/01/20 (5)
|
No Opt. Call
|
B3
|
231,292
|
|
169
|
3.227%, 6/01/21 (5)
|
No Opt. Call
|
B3
|
167,769
|
|
1,000
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc
|
No Opt. Call
|
BB
|
1,019,950
|
|
|
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
|
1,276,262
|
|
|
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–
|
117,213
|
|
|
2018, 5.000%, 9/01/21
|
|
|
|
|
500
|
Mesquite Health Facilities Development Corporation, Texas, Retirement Facility Revenue
|
No Opt. Call
|
BB–
|
504,720
|
|
|
Bonds, Christian Care Centers Inc, Refunding Series 2016, 5.000%, 2/15/21
|
|
|
|
|
175
|
Polk County, Texas, General Obligation Bonds, Series 2017, 4.000%, 8/15/21
|
No Opt. Call
|
A+
|
183,249
|
|
1,000
|
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing
|
No Opt. Call
|
Baa3
|
1,030,620
|
|
|
System, Refunding Series 2013, 5.000%, 11/01/20 – BAM Insured
|
|
|
|
|
4,638
|
Total Texas
|
|
|
4,740,284
|
|
|
Utah – 0.0%
|
|
|
|
|
10
|
Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High
|
No Opt. Call
|
BB
|
10,165
|
|
|
School, Series 2010A, 5.750%, 7/15/20
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Virgin Islands – 0.3%
|
|
|
|
|
$ 285
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding
|
No Opt. Call
|
Caa2
|
$ 276,345
|
|
|
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+
|
1,262,593
|
|
|
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
|
12/19 at 100.00
|
N/R
|
1,000,060
|
|
|
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+
|
503,025
|
|
|
Revenue Bonds, Virginia Electric and Power Company, Series 2009A, 2.150%, 10/01/40
|
|
|
|
|
|
(Mandatory Put 9/01/20)
|
|
|
|
|
2,755
|
Total Virginia
|
|
|
2,765,678
|
|
|
Washington – 0.6%
|
|
|
|
|
520
|
Washington State Housing Finance Commission, Nonprofit Refunding Revenue Bonds, Wesley
|
No Opt. Call
|
N/R
|
522,922
|
|
|
Homes at Lea Hill Project, Series 2016, 3.200%, 7/01/21, 144A
|
|
|
|
|
|
Wisconsin – 3.8%
|
|
|
|
|
2,100
|
Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue
|
9/20 at 100.00
|
A1
|
2,121,084
|
|
|
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
|
A
|
1,089,450
|
|
|
Resources Company, Series 1991E, 6.900%, 8/01/21 – FGIC Insured
|
|
|
|
|
3,100
|
Total Wisconsin
|
|
|
3,210,534
|
|
$ 81,715
|
Total Long-Term Investments (cost $83,540,227)
|
|
|
83,370,158
|
|
|
Other Assets Less Liabilities – 2.3%
|
|
|
1,959,433
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 85,329,591
|
(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)
|
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard &
Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(5)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those
transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax
|
ETM
|
Escrowed to maturity
|
|
See accompanying notes to financial statements.
|
Assets
|
||||
Long-term investments, at value (cost $83,540,227)
|
$
|
83,370,158
|
||
Cash
|
663,734
|
|||
Receivable for:
|
||||
Interest
|
1,137,312
|
|||
Investments sold
|
368,000
|
|||
Other assets
|
881
|
|||
Total assets
|
85,540,085
|
|||
Liabilities
|
||||
Payable for dividends
|
125,890
|
|||
Accrued expenses:
|
||||
Management fees
|
38,955
|
|||
Custodian fees
|
10,330
|
|||
Professional fees
|
14,412
|
|||
Shareholder reporting expenses
|
10,679
|
|||
Trustees fees
|
873
|
|||
Other
|
9,355
|
|||
Total liabilities
|
210,494
|
|||
Net assets applicable to common shares
|
$
|
85,329,591
|
||
Common shares outstanding
|
8,622,711
|
|||
Net asset value (“NAV”) per common share outstanding
|
$
|
9.90
|
||
Net assets applicable to common shares consist of:
|
||||
Common shares, $0.01 par value per share
|
$
|
86,227
|
||
Paid-in surplus
|
84,526,223
|
|||
Total distributable earnings
|
717,141
|
|||
Net assets applicable to common shares
|
$
|
85,329,591
|
||
Authorized shares:
|
||||
Common
|
Unlimited
|
|||
Preferred
|
Unlimited
|
Investment Income
|
$
|
1,212,337
|
||
Expenses
|
||||
Management fees
|
237,946
|
|||
Custodian fees
|
12,801
|
|||
Trustees fees
|
1,158
|
|||
Professional fees
|
14,772
|
|||
Shareholder reporting expenses
|
13,176
|
|||
Shareholder servicing agent fees
|
6,797
|
|||
Stock exchange listing fees
|
3,442
|
|||
Investor relations expenses
|
2,853
|
|||
Other
|
5,025
|
|||
Total expenses
|
297,970
|
|||
Net investment income (loss)
|
914,367
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from investments
|
(5,474
|
)
|
||
Change in net unrealized appreciation (depreciation) of investments
|
(11,076
|
)
|
||
Net realized and unrealized gain (loss)
|
(16,550
|
)
|
||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
897,817
|
|
Six Months
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
11/30/19
|
5/31/19
|
||||||
Operations
|
||||||||
Net investment income (loss)
|
$
|
914,367
|
$
|
1,973,753
|
||||
Net realized gain (loss) from investments
|
(5,474
|
)
|
(31,162
|
)
|
||||
Change in net unrealized appreciation (depreciation) of investments
|
(11,076
|
)
|
1,154,673
|
|||||
Net increase (decrease) in net assets applicable to common shares from operations
|
897,817
|
3,097,264
|
||||||
Distributions to Common Shareholders
|
||||||||
Dividends
|
(776,044
|
)
|
(1,590,890
|
)
|
||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(776,044
|
)
|
(1,590,890
|
)
|
||||
Net increase (decrease) in net assets applicable to common shares
|
121,773
|
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
|
$
|
85,329,591
|
$
|
85,207,818
|
|
Investment Operations
|
Less Distributions to
Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accumulated
Net Realized
Gains
|
Total
|
Offering
Costs
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||||||||||||||||||
2020(f)
|
$
|
9.88
|
$
|
0.11
|
$
|
—
|
$
|
0.11
|
$
|
(0.09
|
)
|
$
|
—
|
$
|
(0.09
|
)
|
$
|
—
|
$
|
9.90
|
$
|
9.74
|
||||||||||||||||||
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(e)
|
9.85
|
0.07
|
0.07
|
0.14
|
(0.06
|
)
|
—
|
(0.06
|
)
|
(0.02
|
)
|
9.91
|
9.95
|
|
VMTP Shares
at the End of Period
|
||||||||
|
Aggregate
|
Asset
|
|||||||
|
Amount
|
Coverage
|
|||||||
|
Outstanding
|
Per $100,000
|
|||||||
|
(000)
|
|
Share
|
||||||
Year Ended 5/31:
|
|||||||||
2020(f)
|
$
|
—
|
$
|
—
|
|||||
2019
|
—
|
—
|
|||||||
2018
|
—
|
—
|
|||||||
2017
|
28,300
|
395,466
|
|||||||
2016(e)
|
28,300
|
401,661
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
Total Returns
|
Ratios to Average Net Assets(b)
|
|||||||||||||||||||||
Based
|
Ending
|
Net
|
||||||||||||||||||||
Based
|
on
|
Net
|
Investment
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Income
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses(c)
|
(Loss)
|
Rate(d)
|
||||||||||||||||
1.12
|
%
|
2.40
|
%
|
$
|
85,330
|
0.70
|
%*
|
2.14
|
%*
|
4
|
%
|
|||||||||||
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.
|
(c)
|
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(f)
|
—
|
%
|
|||
2019
|
—
|
||||
2018
|
0.61
|
||||
2017
|
0.60
|
||||
2016(e)
|
0.34
|
*
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the
average long-term market value during the period.
|
(e)
|
For the period January 26, 2016 (commencement of operations) through May 31, 2016.
|
(f)
|
For the six months ended November 30, 2019.
|
*
|
Annualized.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
83,370,158
|
$
|
—
|
$
|
83,370,158
|
*
|
Refer to the Fund’s Portfolio of Investments for state classifications.
|
Purchases
|
$
|
7,161,259
|
||
Sales and maturities
|
3,315,000
|
Tax cost of investments
|
$
|
83,048,497
|
||
Gross unrealized:
|
||||
Appreciation
|
$
|
1,090,507
|
||
Depreciation
|
(768,846
|
)
|
||
Net unrealized appreciation (depreciation) of investments
|
$
|
321,661
|
Undistributed net tax-exempt income1
|
$
|
735,174
|
||
Undistributed net ordinary income2
|
13,762
|
|||
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, 2019, paid on June 3, 2019.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
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.
|
Not subject to expiration:
|
||||
Short-term
|
$
|
—
|
||
Long-term
|
273,756
|
|||
Total
|
$
|
273,756
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4000
|
%
|
||
For the next $125 million
|
0.3875
|
|||
For the next $250 million
|
0.3750
|
|||
For the next $500 million
|
0.3625
|
|||
For the next $1 billion
|
0.3500
|
|||
For the next $3 billion
|
0.3250
|
|||
For managed assets over $5 billion
|
0.3125
|
Complex-Level Eligible Asset Breakpoint Level*
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
|||
$55 billion
|
0.2000
|
%
|
||
$56 billion
|
0.1996
|
|||
$57 billion
|
0.1989
|
|||
$60 billion
|
0.1961
|
|||
$63 billion
|
0.1931
|
|||
$66 billion
|
0.1900
|
|||
$71 billion
|
0.1851
|
|||
$76 billion
|
0.1806
|
|||
$80 billion
|
0.1773
|
|||
$91 billion
|
0.1691
|
|||
$125 billion
|
0.1599
|
|||
$200 billion
|
0.1505
|
|||
$250 billion
|
0.1469
|
|||
$300 billion
|
0.1445
|
*
|
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the fund’s use of
preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has
been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The
complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and close-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen
funds and assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, 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 November 30, 2019, the complex-level fee for the Fund was 0.1562%.
|
Common shares repurchased
|
—
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a
particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and
capital gains distributions, if any) over the time period being considered.
|
■
|
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid,
and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as
interest rates change.
|
■
|
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory
leverage (see leverage) and the leverage effects of certain derivative investments in a fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in
addition to any regulatory leverage.
|
■
|
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government
agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender
option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues float- ing rate certificates typically paying short-term tax-exempt
interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor
(such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’
holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any
potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
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Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to
more than 100% of the investment capital.
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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.
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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. |
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S&P Short Duration Municipal Yield Index: An index that contains all bonds in the S&P Municipal Bond
Index that mature between 1 month and 12 years, and maintains a 10% weighting to AA rated bonds, 10% to A rated bonds, 20% to BBB rated bonds and 60% to below investment grade and non-rated bonds. Index returns assume reinvestment of
distributions, but do not reflect any applicable sales charges or management fees.
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Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are
attributable to financial lever- age. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in
tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
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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.
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Nuveen Securities, LLC member of FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |
(a)
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The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by
this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)(17 CFR 240.13a-15(b) or 240.15d-15(b)).
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(b)
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There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
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(a)(1)
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Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements
through filing of an exhibit: Not applicable to this filing.
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(a)(2)
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A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a))
in the exact form set forth below: See Ex-99.CERT attached hereto.
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(a)(3)
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Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the
registrant to 10 or more persons: Not applicable.
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(a)(4)
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Change in the registrant’s independent public accountant. Not applicable.
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(b)
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If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b)
or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will
not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the
Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
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