We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
Chair’s Letter to Shareholders
|
4
|
Portfolio Managers’ Comments
|
5
|
Common Share Information
|
8
|
Risk Considerations
|
10
|
Performance Overview and Holding Summaries
|
11
|
Portfolio of Investments
|
13
|
Statement of Assets and Liabilities
|
20
|
Statement of Operations
|
21
|
Statement of Changes in Net Assets
|
22
|
Financial Highlights
|
24
|
Notes to Financial Statements
|
26
|
Shareholder Update
|
33
|
Additional Fund Information
|
34
|
Glossary of Terms Used in this Report
|
35
|
Reinvest Automatically, Easily and Conveniently
|
37
|
|
Per Common
|
Monthly Distributions (Ex-Dividend Date)
|
Share Amounts
|
June 2020
|
$0.0130
|
July
|
0.0130
|
August
|
0.0130
|
September
|
0.0060
|
October
|
0.0060
|
November 2020
|
0.0060
|
Total Distributions from Net Investment Income
|
$0.0570
|
Yields
|
|
Market Yield*
|
0.74%
|
Taxable-Equivalent Yield*
|
1.25%
|
*
|
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%. Your actual federal income tax rate may differ from the assumed rate. 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 period, the Fund did not repurchase any of its outstanding common shares.
|
|
|
|
OTHER COMMON SHARE INFORMATION
|
|
|
|
As of November 30, 2020, and during the current reporting period, the Fund’s common share price was trading at a premium/(discount) to its common share NAV as shown in the accompanying table.
|
|
NHA
|
Common share NAV
|
$9.82
|
Common share price
|
$9.72
|
Premium/(Discount) to NAV
|
(1.02)%
|
6-Month average premium/(discount) to NAV
|
(0.78)%
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Performance Overview and Holding Summaries as of November 30, 2020
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
|
|
|
Average Annual Total Returns as of November 30, 2020
|
|
|
|
|
Cumulative
|
Average Annual
|
||||||||||
|
Since
|
|||||||||||
|
6-Month
|
1-Year
|
Inception
|
|||||||||
NHA at Common Share NAV
|
(0.63
|
)%
|
0.62
|
%
|
1.91
|
%
|
||||||
NHA at Common Share Price
|
0.48
|
%
|
1.24
|
%
|
1.40
|
%
|
||||||
S&P Short Duration Municipal Yield Index
|
5.35
|
%
|
3.48
|
%
|
4.33
|
%
|
NHA
|
Performance Overview and Holding Summaries as of November 30, 2020 (continued)
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
80.1%
|
Common Stocks
|
2.1%
|
Other Assets Less Liabilities
|
17.8%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
2.5%
|
AAA
|
5.7%
|
AA
|
11.1%
|
A
|
23.7%
|
BBB
|
28.0%
|
BB or Lower
|
15.3%
|
N/R (not rated)
|
11.2%
|
N/A (not applicable)
|
2.5%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
24.6%
|
Tax Obligation/Limited
|
19.9%
|
Transportation
|
19.9%
|
Health Care
|
10.2%
|
Utilities
|
6.6%
|
Other1
|
18.8%
|
Total
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
New York
|
15.8%
|
New Jersey
|
13.3%
|
Illinois
|
13.2%
|
Nevada
|
9.3%
|
Pennsylvania
|
8.1%
|
California
|
5.7%
|
Ohio
|
5.2%
|
Alaska
|
3.4%
|
South Carolina
|
3.1%
|
Florida
|
2.7%
|
Tennessee
|
2.2%
|
Other2
|
18.0%
|
Total
|
100%
|
(1)
|
Other sectors include seven sectors that individually constitute less than 6.6% as a percentage of total investments.
|
(2)
|
See Portfolio of Investments for details on “other” States and Territories.
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments November 30, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 82.2%
|
|
|
|
|
|
MUNICIPAL BONDS – 80.1%
|
|
|
|
|
|
Alaska – 2.7%
|
|
|
|
|
$ 1,000
|
Valdez, Alaska, Marine Terminal Revenue Bonds, BP Pipelines Inc Project, Refunding
|
No Opt. Call
|
A–
|
$ 1,003,820
|
|
|
Series 2003B, 5.000%, 1/01/21
|
|
|
|
|
1,325
|
Valdez, Alaska, Marine Terminal Revenue Bonds, BP Pipelines Inc Project, Refunding
|
No Opt. Call
|
A–
|
1,330,061
|
|
|
Series 2003C, 5.000%, 1/01/21
|
|
|
|
|
2,325
|
Total Alaska
|
|
|
2,333,881
|
|
|
Arizona – 1.6%
|
|
|
|
|
325
|
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds,
|
No Opt. Call
|
A–
|
332,537
|
|
|
Refunding Series 2016, 4.000%, 7/15/21
|
|
|
|
|
625
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
No Opt. Call
|
N/R
|
628,825
|
|
|
American Leadership Academy Project, Series 2019, 4.000%, 6/15/21, 144A
|
|
|
|
|
355
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona
|
No Opt. Call
|
B1
|
358,717
|
|
|
Charter Schools Refunding Project, Series 2016R, 2.875%, 7/01/21
|
|
|
|
|
1,305
|
Total Arizona
|
|
|
1,320,079
|
|
|
Arkansas – 0.0%
|
|
|
|
|
15
|
Arkansas Development Finance Authority, Hospital Revenue Bonds, Washington Regional
|
No Opt. Call
|
Baa1
|
15,102
|
|
|
Medical Center, Refunding Series 2015B, 5.000%, 2/01/21
|
|
|
|
|
|
California – 4.5%
|
|
|
|
|
490
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/21
|
No Opt. Call
|
Ba3
|
494,547
|
|
135
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
No Opt. Call
|
A
|
136,994
|
|
|
Merced County Tobacco Funding Corporation, Series 2020A, 3.000%, 6/01/21
|
|
|
|
|
175
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
No Opt. Call
|
A
|
177,585
|
|
|
Sonoma County Tobacco Securitization Corporation, Series 2020A, 3.000%, 6/01/21
|
|
|
|
|
85
|
California Infrastructure and Economic Development Bank, Revenue Bonds, The Walt Disney
|
No Opt. Call
|
A+
|
85,408
|
|
|
Family Museum, Refunding Series 2016, 4.000%, 2/01/21
|
|
|
|
|
500
|
California School Finance Authority, California, Charter School Revenue Bonds, Aspire
|
No Opt. Call
|
BBB
|
514,110
|
|
|
Public Schools, Refunding Series 2016, 5.000%, 8/01/21, 144A
|
|
|
|
|
200
|
California Statewide Communities Development Authority, Revenue Bonds, Lancer
|
No Opt. Call
|
N/R
|
201,394
|
|
|
Educational Student Housing Project, Refunding Series 2016A, 4.000%, 6/01/21, 144A
|
|
|
|
|
265
|
California Statewide Communities Development Authority, Special Tax Bonds, Community
|
No Opt. Call
|
N/R
|
267,094
|
|
|
Facilities District 2015-01, Improvement Area No 1, University District, Series 2016A,
|
|
|
|
|
|
2.125%, 9/01/21
|
|
|
|
|
200
|
Cucamonga School District, San Bernardino County, California, Special Tax Bonds,
|
No Opt. Call
|
N/R
|
203,120
|
|
|
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
|
312,494
|
|
|
Insured (AMT)
|
|
|
|
|
50
|
Poway Unified School District, San Diego County, California, Special Tax Bonds, Community
|
No Opt. Call
|
N/R
|
51,159
|
|
|
Facilities District 15 Del Sur East Improvement Area C, Series 2016, 4.000%, 9/01/21
|
|
|
|
|
370
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Hewlett
|
No Opt. Call
|
N/R
|
375,761
|
|
|
Parkard Campus Oaks, Series 2016, 3.250%, 9/01/21
|
|
|
|
|
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+
|
424,376
|
|
|
Refunding Series 2015, 2.000%, 9/01/21
|
|
|
|
|
4,190
|
Total California
|
|
|
3,841,042
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Colorado – 0.4%
|
|
|
|
|
$ 230
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,
|
No Opt. Call
|
A
|
$ 229,160
|
|
|
9/01/21 – NPFG Insured
|
|
|
|
|
116
|
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds,
|
No Opt. Call
|
N/R
|
116,000
|
|
|
Refunding Series 2016, 3.250%, 12/01/20
|
|
|
|
|
346
|
Total Colorado
|
|
|
345,160
|
|
|
Connecticut – 0.4%
|
|
|
|
|
180
|
Stafford, Connecticut, General Obligation Bonds, Series 2018, 5.000%, 8/01/21 –
|
No Opt. Call
|
A1
|
185,679
|
|
|
BAM Insured
|
|
|
|
|
125
|
University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/21
|
No Opt. Call
|
A
|
129,076
|
|
305
|
Total Connecticut
|
|
|
314,755
|
|
|
Florida – 2.1%
|
|
|
|
|
355
|
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special
|
No Opt. Call
|
N/R
|
356,927
|
|
|
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–
|
336,377
|
|
|
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)
|
15,000
|
|
|
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
|
70,922
|
|
|
Community Inc, Series 2015C, 5.000%, 5/15/21
|
|
|
|
|
505
|
Palm Glades Community Development District, Florida, Special Assessment Bonds, Refunding
|
No Opt. Call
|
A
|
508,313
|
|
|
Series 2016, 2.250%, 5/01/21
|
|
|
|
|
140
|
Palm Glades Community Development District, Florida, Special Assessment Bonds, Refunding
|
No Opt. Call
|
BBB–
|
140,864
|
|
|
Series 2017, 3.500%, 5/01/21
|
|
|
|
|
70
|
Rolling Hills Community Development District, Florida, Capital Improvement Revenue
|
No Opt. Call
|
N/R
|
70,227
|
|
|
Bonds, Series 2015A-1, 4.600%, 5/01/21
|
|
|
|
|
140
|
Tapestry Community Development District, Florida, Special Assessment Revenue Bonds,
|
No Opt. Call
|
N/R
|
141,018
|
|
|
Series 2016, 3.625%, 5/01/21
|
|
|
|
|
165
|
Village Community Development District 12, Wildwood, Florida, Special Assessment Revenue
|
No Opt. Call
|
N/R
|
165,917
|
|
|
Bonds, Series 2016, 2.875%, 5/01/21
|
|
|
|
|
1,795
|
Total Florida
|
|
|
1,805,565
|
|
|
Georgia – 0.3%
|
|
|
|
|
275
|
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2016, 5.000%, 1/01/21 (ETM)
|
No Opt. Call
|
A2 (5)
|
276,073
|
|
|
Guam – 0.3%
|
|
|
|
|
240
|
Guam Government Department of Education, Certificates of Participation, John F Kennedy
|
No Opt. Call
|
B+
|
240,000
|
|
|
High School Project, Series 2010A, 6.000%, 12/01/20
|
|
|
|
|
|
Illinois – 10.6%
|
|
|
|
|
75
|
Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016,
|
No Opt. Call
|
AA
|
75,178
|
|
|
1.900%, 3/01/21 – BAM Insured
|
|
|
|
|
150
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
No Opt. Call
|
B1
|
150,000
|
|
|
Refunding Series 2010F, 5.000%, 12/01/20
|
|
|
|
|
1,000
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
|
No Opt. Call
|
BB–
|
1,000,000
|
|
|
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
|
No Opt. Call
|
Ba1
|
803,120
|
|
400
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2020A, 5.000%, 1/01/21
|
No Opt. Call
|
BBB–
|
400,736
|
|
10
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/21
|
No Opt. Call
|
BB+
|
10,007
|
|
630
|
Cook County School District 87, Berkeley, Illinois, General Obligation Bonds, Refunding
|
No Opt. Call
|
A1
|
630,000
|
|
|
School Series 2012A, 3.000%, 12/01/20
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Illinois (continued)
|
|
|
|
|
$ 620
|
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network,
|
No Opt. Call
|
Aa2
|
$ 625,512
|
|
|
Series 2016C, 5.000%, 2/15/21
|
|
|
|
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series
|
No Opt. Call
|
A–
|
1,021,080
|
|
|
2013A, 5.000%, 7/01/21
|
|
|
|
|
270
|
Illinois Finance Authority, Student Housing & Academic Facility Revenue Bonds,
|
No Opt. Call
|
BB
|
270,443
|
|
|
CHF-Collegiate Housing Foundation – Chicago LLC University of Illinois at Chicago Project,
|
|
|
|
|
|
Series 2017A, 4.000%, 2/15/21
|
|
|
|
|
85
|
Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/21
|
No Opt. Call
|
BBB–
|
85,507
|
|
635
|
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/21
|
No Opt. Call
|
BBB–
|
636,880
|
|
110
|
Illinois State, General Obligation Bonds, March Series 2012, 5.000%, 3/01/21
|
No Opt. Call
|
BBB–
|
110,982
|
|
2,000
|
Illinois State, General Obligation Bonds, May Series 2020, 4.875%, 5/01/21
|
No Opt. Call
|
BBB–
|
2,028,380
|
|
105
|
Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/21
|
No Opt. Call
|
BBB–
|
105,313
|
|
1,000
|
Winnebago-Boone Counties School District 205 Rockford, Illinois, General Obligation
|
No Opt. Call
|
A+
|
998,580
|
|
|
Bonds, Series 2013, 0.000%, 2/01/21
|
|
|
|
|
8,890
|
Total Illinois
|
|
|
8,951,718
|
|
|
Indiana – 1.5%
|
|
|
|
|
1,250
|
Indiana Finance Authority, Environmental Facilities Revenue Bonds, Indianapolis Power
|
No Opt. Call
|
A–
|
1,278,087
|
|
|
and Light Company Project, Refunding Series 2011A, 3.875%, 8/01/21
|
|
|
|
|
|
Iowa – 0.4%
|
|
|
|
|
350
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/20 at 103.00
|
B
|
361,186
|
|
|
Company Project, Series 2016, 5.875%, 12/01/26, 144A
|
|
|
|
|
|
Kentucky – 1.0%
|
|
|
|
|
800
|
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky
|
No Opt. Call
|
Baa2
|
817,696
|
|
|
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
|
15,288
|
|
|
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
|
270,067
|
|
|
Medical Center, Series 2011, 5.250%, 7/01/21
|
|
|
|
|
|
Maryland – 0.9%
|
|
|
|
|
750
|
Frederick County, Maryland, Special Obligation Bonds, Urbana Community Development
|
No Opt. Call
|
A–
|
769,980
|
|
|
Authority, Refunding Series 2020A, 5.000%, 1/01/21
|
|
|
|
|
|
Massachusetts – 0.0%
|
|
|
|
|
25
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial
|
12/20 at 100.00
|
BBB+
|
25,083
|
|
|
Issue Series 2010G, 5.000%, 7/01/21
|
|
|
|
|
|
Michigan – 1.5%
|
|
|
|
|
500
|
Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds,
|
No Opt. Call
|
AA
|
512,700
|
|
|
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+
|
136,662
|
|
|
Development Area 1 Projects, Series 1996C-1, 0.000%, 7/01/21
|
|
|
|
|
155
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Senior Lien
|
12/20 at 100.00
|
B
|
155,261
|
|
|
Series 1997A, 5.375%, 5/01/21
|
|
|
|
|
500
|
Detroit, Michigan, General Obligation Bonds, Series 2018, 5.000%, 4/01/21
|
No Opt. Call
|
BB–
|
505,800
|
|
1,295
|
Total Michigan
|
|
|
1,310,423
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Minnesota – 0.2%
|
|
|
|
|
$ 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)
|
|
|
|
|
125
|
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview
|
No Opt. Call
|
N/R
|
124,218
|
|
|
Home Project, Series 2016C, 2.250%, 6/01/21
|
|
|
|
|
195
|
Total Minnesota
|
|
|
171,818
|
|
|
Mississippi – 0.4%
|
|
|
|
|
305
|
Pearl River County School District, Mississippi, General Obligation Bonds, Series 2018,
|
No Opt. Call
|
AA
|
312,168
|
|
|
4.000%, 8/01/21 – BAM Insured
|
|
|
|
|
|
Missouri – 1.2%
|
|
|
|
|
1,000
|
Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District
|
No Opt. Call
|
A1
|
1,035,050
|
|
|
Revenue Bonds, Series 2011A, 5.000%, 9/01/21
|
|
|
|
|
|
Nevada – 7.5%
|
|
|
|
|
1,335
|
Clark County School District, Nevada, General Obligation Bonds, Refunding Limited Tax
|
No Opt. Call
|
A+
|
1,367,120
|
|
|
Series 2015B, 5.000%, 6/15/21
|
|
|
|
|
4,000
|
Director of Nevada State Department of Business and Industry, Revenue Bonds, Brightline West
|
7/21 at 100.00
|
Aaa
|
4,002,080
|
|
|
Passenger Rail Project, Series 2020A, 0.500%, 1/01/50 (Mandatory Put 7/01/21), 144A (AMT)
|
|
|
|
|
815
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series
|
No Opt. Call
|
BBB+
|
829,719
|
|
|
2016, 4.000%, 6/15/21
|
|
|
|
|
125
|
North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 64 Valley
|
No Opt. Call
|
N/R
|
125,632
|
|
|
Vista, Series 2019, 3.500%, 6/01/21
|
|
|
|
|
6,275
|
Total Nevada
|
|
|
6,324,551
|
|
|
New Jersey – 10.6%
|
|
|
|
|
275
|
Bordentown , New Jersey, General Obligation Bonds, Series 2018, 3.000%, 8/01/21
|
No Opt. Call
|
AA
|
280,198
|
|
100
|
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds,
|
No Opt. Call
|
Baa1
|
100,316
|
|
|
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)
|
204,048
|
|
300
|
4.000%, 6/15/21
|
No Opt. Call
|
BBB
|
305,304
|
|
1,000
|
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series
|
No Opt. Call
|
BBB
|
1,011,400
|
|
|
2012, 5.000%, 6/15/21
|
|
|
|
|
425
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
|
No Opt. Call
|
BBB
|
435,038
|
|
|
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
|
1,023,020
|
|
|
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
|
2,021,180
|
|
|
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)
|
506,055
|
|
|
Program Bonds, Refunding Series 2012II, 5.000%, 3/01/21 (ETM)
|
|
|
|
|
525
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint
|
No Opt. Call
|
BB+
|
534,098
|
|
|
Peters University Hospital, Refunding Series 2011, 5.000%, 7/01/21
|
|
|
|
|
540
|
New Jersey State, General Obligation Bonds, Refunding Series 2009O, 5.250%, 8/01/21
|
No Opt. Call
|
BBB+
|
557,086
|
|
1,000
|
New Jersey State, General Obligation Bonds, Refunding Series 2016T, 5.000%, 6/01/21
|
No Opt. Call
|
BBB+
|
1,022,470
|
|
1,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
No Opt. Call
|
BBB
|
1,001,640
|
|
|
Series 2006A, 5.250%, 12/15/20
|
|
|
|
|
8,865
|
Total New Jersey
|
|
|
9,001,853
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
New York – 12.7%
|
|
|
|
|
$ 200
|
Franklin County Solid Waste Management Authority, New York, Solid Waste Revenue Bonds,
|
No Opt. Call
|
BBB+
|
$ 204,220
|
|
|
Series 2015A, 5.000%, 6/01/21 (AMT)
|
|
|
|
|
2,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond
|
No Opt. Call
|
N/R
|
2,022,700
|
|
|
Anticipation Note Series 2018B-2, Subseries A-E, 5.000%, 5/15/21
|
|
|
|
|
1,000
|
New York City, New York, General Obligation Bonds, Refunding Fiscal 2015 Series A,
|
No Opt. Call
|
AA
|
1,031,350
|
|
|
5.000%, 8/01/21
|
|
|
|
|
2,000
|
New York Transportation Development Corporation, New York, Special Facility Revenue
|
No Opt. Call
|
B–
|
2,020,740
|
|
|
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding Series
|
|
|
|
|
|
2016, 5.000%, 8/01/21 (AMT)
|
|
|
|
|
2,700
|
New York Transportation Development Corporation, New York, Special Facility Revenue Refunding
|
No Opt. Call
|
Baa3
|
2,707,965
|
|
|
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
|
187,420
|
|
|
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
|
1,549,665
|
|
|
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+
|
1,016,010
|
|
|
5.000%, 6/01/21
|
|
|
|
|
10,585
|
Total New York
|
|
|
10,740,070
|
|
|
North Carolina – 0.3%
|
|
|
|
|
225
|
Goldsboro, North Carolina, General Obligation Bonds, Street Improvement Series 2018,
|
No Opt. Call
|
AA
|
232,238
|
|
|
5.000%, 8/01/21
|
|
|
|
|
|
Ohio – 4.2%
|
|
|
|
|
1,915
|
Franklin County, Ohio, Revenue Bonds, CHE Trinity Health Credit Group, Variable Rate
|
5/20 at 100.00
|
AA–
|
1,915,211
|
|
|
Demand Obligation Series 2013, 0.220%, 12/01/46 (Mandatory Put 2/01/21)
|
|
|
|
|
1,000
|
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System
|
No Opt. Call
|
Ba2
|
1,006,990
|
|
|
Obligated Group Project, Series 2013, 5.000%, 2/15/21
|
|
|
|
|
1,000
|
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds,
|
No Opt. Call
|
N/R
|
1,250
|
|
|
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
|
1,750
|
|
|
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
|
403,352
|
|
|
Refunding Series 2016, 5.000%, 2/15/21
|
|
|
|
|
205
|
Toledo-Lucas County Port Authority, Ohio, Student Housing Revenue Bonds, CHF-Toledo, LLC
|
No Opt. Call
|
BBB–
|
207,396
|
|
|
- The University of Toledo Project, Series 2014A, 5.000%, 7/01/21
|
|
|
|
|
5,920
|
Total Ohio
|
|
|
3,535,949
|
|
|
Pennsylvania – 6.5%
|
|
|
|
|
800
|
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project,
|
No Opt. Call
|
BB+
|
803,680
|
|
|
Series 2020A, 5.000%, 2/01/21
|
|
|
|
|
465
|
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane
|
No Opt. Call
|
BBB–
|
467,325
|
|
|
Charter School Project, Series 2016, 3.125%, 3/15/21
|
|
|
|
|
375
|
Northeastern Pennsylvania Hospital and Education Authority, University Revenue Bonds,
|
No Opt. Call
|
BBB
|
376,897
|
|
|
Wilkes University Project, Refunding Series 2016A, 5.000%, 3/01/21
|
|
|
|
|
1,250
|
Pennsylvania State, General Obligation Bonds, First Refunding Series 2011-1, 5.000%,
|
No Opt. Call
|
A+
|
1,284,725
|
|
|
7/01/21
|
|
|
|
|
2,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Series
|
No Opt. Call
|
A3
|
2,041,500
|
|
|
2016, 5.000%, 6/01/21
|
|
|
|
|
500
|
Scranton, Lackawanna County, Pennsylvania, General Obligation Bonds, Refunding Series
|
No Opt. Call
|
BB+
|
512,150
|
|
|
2017, 5.000%, 9/01/21, 144A
|
|
|
|
|
5,390
|
Total Pennsylvania
|
|
|
5,486,277
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Rhode Island – 0.5%
|
|
|
|
|
$ 400
|
Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and
|
No Opt. Call
|
BBB
|
$ 405,316
|
|
|
Municipal Building Projects, Refunding Series 2015A, 5.000%, 4/01/21
|
|
|
|
|
|
South Carolina – 2.5%
|
|
|
|
|
1,870
|
South Carolina Jobs-Economic Development Authority, Health Facilities Revenue Bonds,
|
No Opt. Call
|
N/R
|
1,878,172
|
|
|
Lutheran Homes of South Carolina Inc, Series 2013, 5.000%, 5/01/21
|
|
|
|
|
230
|
South Carolina State, General Obligation State Institution Bonds, University of South
|
No Opt. Call
|
AA+
|
232,755
|
|
|
Carolina, Refunding Series 2011A, 5.000%, 3/01/21
|
|
|
|
|
2,100
|
Total South Carolina
|
|
|
2,110,927
|
|
|
Tennessee – 1.8%
|
|
|
|
|
400
|
Memphis, Tennessee, General Obligation Bonds, Refunding General Improvement Series 2011,
|
No Opt. Call
|
AA
|
408,024
|
|
|
5.000%, 5/01/21
|
|
|
|
|
710
|
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2011-1A,
|
No Opt. Call
|
AA+ (5)
|
712,080
|
|
|
4.125%, 1/01/21 (ETM) (AMT)
|
|
|
|
|
260
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A,
|
No Opt. Call
|
BBB+
|
269,396
|
|
|
5.250%, 9/01/21
|
|
|
|
|
115
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C,
|
No Opt. Call
|
Baa2
|
115,879
|
|
|
5.000%, 2/01/21
|
|
|
|
|
1,485
|
Total Tennessee
|
|
|
1,505,379
|
|
|
Texas – 1.5%
|
|
|
|
|
135
|
Brazos County, Texas, General Obligation Bonds, Refunding Limited Tax Series 2017,
|
No Opt. Call
|
AA
|
139,836
|
|
|
5.000%, 9/01/21
|
|
|
|
|
|
Dallas County Schools, Texas, Public Property Finance Contractual Obligations, Series 2014:
|
|
|
|
|
157
|
4.329%, 6/01/21 (4)
|
No Opt. Call
|
B3
|
155,401
|
|
116
|
5.400%, 6/01/21 (4)
|
No Opt. Call
|
B3
|
115,014
|
|
110
|
La Marque, Galveston County, Texas, Tax and Revenue Certificates of Obligation, Series
|
No Opt. Call
|
AA–
|
113,897
|
|
|
2018, 5.000%, 9/01/21
|
|
|
|
|
500
|
Mesquite Health Facilities Development Corporation, Texas, Retirement Facility Revenue
|
No Opt. Call
|
B+
|
499,415
|
|
|
Bonds, Christian Care Centers Inc, Refunding Series 2016, 5.000%, 2/15/21
|
|
|
|
|
75
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue
|
No Opt. Call
|
BB
|
75,406
|
|
|
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+
|
179,604
|
|
1,268
|
Total Texas
|
|
|
1,278,573
|
|
|
Virgin Islands – 0.2%
|
|
|
|
|
145
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding
|
No Opt. Call
|
Caa2
|
143,447
|
|
|
Series 2012A, 4.000%, 7/01/21
|
|
|
|
|
|
Washington – 0.3%
|
|
|
|
|
245
|
Washington State Housing Finance Commission, Nonprofit Refunding Revenue Bonds, Wesley
|
No Opt. Call
|
N/R
|
244,927
|
|
|
Homes at Lea Hill Project, Series 2016, 3.200%, 7/01/21, 144A
|
|
|
|
|
|
Wisconsin – 1.2%
|
|
|
|
|
1,000
|
Superior, Wisconsin, Limited Obligation Revenue Refunding Bonds, Midwest Energy
|
No Opt. Call
|
A
|
1,043,730
|
|
|
Resources Company, Series 1991E, 6.900%, 8/01/21 – FGIC Insured
|
|
|
|
|
$ 69,839
|
Total Municipal Bonds (cost $68,006,475)
|
|
|
67,863,458
|
NHA
|
Nuveen Municipal 2021 Target Term Fund
Portfolio of Investments (continued) November 30, 2020 (Unaudited)
|
Shares
|
Description (1)
|
Value
|
|
|
COMMON STOCKS – 2.1%
|
|
|
|
Electric Utilities – 2.1%
|
|
|
77,692
|
Energy Harbor Corp (6), (7), (8)
|
$ 1,752,965
|
|
|
Total Common Stocks (cost $2,214,733)
|
1,752,965
|
|
|
Total Long-Term Investments (cost $70,221,208)
|
69,616,423
|
|
|
Other Assets Less Liabilities – 17.8%
|
15,058,188
|
|
|
Net Assets Applicable to Common Shares – 100%
|
$ 84,674,611
|
(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)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(6)
|
Common Stock received as part of the bankruptcy settlements for Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 and Ohio Air
Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 0.000%, 11/01/32.
|
(7)
|
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information.
|
(8)
|
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
|
Assets
|
||||
Long-term investments, at value (cost $70,221,208)
|
$
|
69,616,423
|
||
Cash
|
13,731,223
|
|||
Receivable for:
|
||||
Interest
|
964,192
|
|||
Investments sold
|
495,000
|
|||
Other assets
|
587
|
|||
Total assets
|
84,807,425
|
|||
Liabilities
|
||||
Payable for dividends
|
50,514
|
|||
Accrued expenses:
|
||||
Management fees
|
38,661
|
|||
Custodian fees
|
13,202
|
|||
Professional fees
|
14,093
|
|||
Shareholder reporting fees
|
10,377
|
|||
Trustees fees
|
308
|
|||
Other
|
5,659
|
|||
Total liabilities
|
132,814
|
|||
Net assets applicable to common shares
|
$
|
84,674,611
|
||
Common shares outstanding
|
8,623,232
|
|||
Net asset value (“NAV”) per common share outstanding
|
$
|
9.82
|
||
Net assets applicable to common shares consist of:
|
||||
Common shares, $0.01 par value per share
|
$
|
86,232
|
||
Paid-in surplus
|
84,528,992
|
|||
Total distributable earnings
|
59,387
|
|||
Net assets applicable to common shares
|
$
|
84,674,611
|
||
Authorized shares:
|
||||
Common
|
Unlimited
|
|||
Preferred
|
Unlimited
|
Investment Income
|
$
|
946,403
|
||
Expenses
|
||||
Management fees
|
237,249
|
|||
Custodian fees
|
9,938
|
|||
Trustees fees
|
1,313
|
|||
Professional fees
|
15,218
|
|||
Shareholder reporting expenses
|
13,448
|
|||
Shareholder servicing agent fees
|
84
|
|||
Stock exchange listing fees
|
3,213
|
|||
Investor relations expenses
|
1,715
|
|||
Other
|
4,369
|
|||
Total expenses
|
286,547
|
|||
Net investment income (loss)
|
659,856
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from investments
|
(28,666
|
)
|
||
Change in net unrealized appreciation (depreciation) of investments
|
(1,209,064
|
)
|
||
Net realized and unrealized gain (loss)
|
(1,237,730
|
)
|
||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
(577,874
|
)
|
|
Six Months
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
11/30/20
|
5/31/20
|
||||||
Operations
|
||||||||
Net investment income (loss)
|
$
|
659,856
|
$
|
1,640,461
|
||||
Net realized gain (loss) from investments
|
(28,666
|
)
|
(372,332
|
)
|
||||
Change in net unrealized appreciation (depreciation) of investments
|
(1,209,064
|
)
|
763,272
|
|||||
Net increase (decrease) in net assets applicable to common shares from operations
|
(577,874
|
)
|
2,031,401
|
|||||
Distributions to Common Shareholders
|
||||||||
Dividends
|
(491,507
|
)
|
(1,500,352
|
)
|
||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(491,507
|
)
|
(1,500,352
|
)
|
||||
Capital Share Transactions
|
||||||||
Net proceeds from common shares issued to shareholders due to reinvestment of distributions
|
5,125
|
—
|
||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
5,125
|
—
|
||||||
Net increase (decrease) in net assets applicable to common shares
|
(1,064,256
|
)
|
531,049
|
|||||
Net assets applicable to common shares at the beginning of period
|
85,738,867
|
85,207,818
|
||||||
Net assets applicable to common shares at the end of period
|
$
|
84,674,611
|
$
|
85,738,867
|
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:
|
||||||||||||||||||||||||||||||||||||||||
2021(e)
|
$
|
9.94
|
$
|
0.08
|
$
|
(0.14
|
)
|
$
|
(0.06
|
)
|
$
|
(0.06
|
)
|
$
|
—
|
$
|
(0.06
|
)
|
$
|
—
|
$
|
9.82
|
$
|
9.72
|
||||||||||||||||
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
|
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)
|
||||||||||||||||
(0.63
|
)%
|
0.48
|
%
|
$
|
84,675
|
0.67
|
%*
|
1.55
|
%*
|
22
|
%
|
|||||||||||
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:
|
|
|
2021(e)
|
—%
|
|
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.
|
(e)
|
For the six months ended November 30, 2020.
|
*
|
Annualized.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
67,863,458
|
$
|
—
|
$
|
67,863,458
|
||||||||
Common Stock
|
—
|
1,752,965
|
**
|
—
|
1,752,965
|
|||||||||||
Total
|
$
|
—
|
$
|
69,616,423
|
$
|
—
|
$
|
69,616,423
|
*
|
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
|
$16,052,667
|
Sales and maturities
|
24,091,019
|
|
Six Months
|
Year
|
|
Ended
|
Ended
|
|
11/30/20
|
5/31/20
|
Common shares:
|
|
|
Issued to shareholders due to reinvestment of distributions
|
521
|
—
|
Tax cost of investments
|
$
|
70,201,354
|
||
Gross unrealized:
|
||||
Appreciation
|
$
|
325,099
|
||
Depreciation
|
(910,030
|
)
|
||
Net unrealized appreciation (depreciation) of investments
|
$
|
(584,931
|
)
|
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.
|
Distributions from net tax-exempt income
|
$
|
1,486,328
|
|
Distributions from net ordinary income2
|
14,024
|
||
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
|
645,502
|
|||
Total
|
$
|
645,502
|
The annual fund-level fee, payable monthly, is calculated according to the following schedule:
|
|
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, 2020, the complex-level fee for the Fund was 0.1561%.
|
Cross-Trades
|
|
Purchases
|
$3,433,671
|
Sales
|
—
|
(i)
|
one-tenth or more, but less than one-fifth of all voting power;
|
(ii)
|
one-fifth or more, but less than one-third of all voting power;
|
(iii)
|
one-third or more, but less than a majority of all voting power; or
|
(iv)
|
a majority or more of all voting power.
|
Board of Trustees
|
|
|
|
|
|
|
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
Judith M. Stockdale
|
Carole E. Stone
|
|
Mathew Thornton III
|
Margaret L. Wolff
|
Robert L. Young
|
|
|
|
|
|
||||||
Investment Adviser
|
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
|
—
|
(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 to this filing.
|
(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.
|
1 Year Nuveen Municipal 2021 Ta... Chart |
1 Month Nuveen Municipal 2021 Ta... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions