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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nuveen Michigan Quality Municipal Income Fund | NYSE:NUM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.10 | 0 | 01:00:00 |
|
NAZ
|
NUM
|
NUO
|
Effective Leverage*
|
37.46%
|
39.46%
|
34.87%
|
Regulatory Leverage*
|
33.54%
|
34.75%
|
31.48%
|
* Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s
portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory
leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day
operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set
forth in the Investment Company Act of 1940.
|
|
Variable Rate
Preferred*
|
Variable Rate
Remarketed Preferred**
|
||||||||||
|
Shares
|
Shares
|
||||||||||
|
Issued at
|
Issued at
|
||||||||||
|
Liquidation
|
Liquidation
|
||||||||||
|
Preference
|
Preference
|
Total
|
|||||||||
NAZ
|
$
|
88,300,000
|
$
|
—
|
$
|
88,300,000
|
||||||
NUM
|
$
|
173,000,000
|
$
|
—
|
$
|
173,000,000
|
||||||
NUO
|
$
|
148,000,000
|
$
|
—
|
$
|
148,000,000
|
*
|
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable.
See Notes to Financial Statements, Note 5 – Fund Shares, Preferred Shares for further details.
|
**
|
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP- VRRM and MFP-VRDM, where applicable. See
Notes to Financial Statements, Note 5 – Fund Shares, Preferred Shares for further details.
|
|
Per Common Share Amounts
|
|||||||||||
Monthly Distributions (Ex-Dividend Date)
|
NAZ
|
NUM
|
NUO
|
|||||||||
March 2020
|
$
|
0.0438
|
$
|
0.0445
|
$
|
0.0440
|
||||||
April
|
0.0438
|
0.0445
|
0.0440
|
|||||||||
May
|
0.0438
|
0.0445
|
0.0440
|
|||||||||
June
|
0.0475
|
0.0495
|
0.0440
|
|||||||||
July
|
0.0475
|
0.0495
|
0.0440
|
|||||||||
August 2020
|
0.0475
|
0.0495
|
0.0440
|
|||||||||
Total Distributions from Net Investment Income
|
$
|
0.2739
|
$
|
0.2820
|
$
|
0.2640
|
||||||
Yields
|
||||||||||||
Market Yield*
|
3.92
|
%
|
4.22
|
%
|
3.46
|
%
|
||||||
Taxable-Equivalent Yield*
|
7.16
|
%
|
7.68
|
%
|
6.35
|
%
|
* Market Yield is based on the Fund’s current annualized monthly distribution divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield
represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 45.3%, 45.1% and 45.6% for NAZ, NUM and
NUO, respectively. Your actual combined federal and state 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 either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state 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.
|
|
NAZ
|
NUM
|
NUO
|
Common shares cumulatively repurchased and retired
|
127,500
|
784,500
|
205,000
|
Common shares authorized for repurchase
|
1,155,000
|
2,020,000
|
1,830,000
|
|
NAZ
|
NUM
|
NUO
|
|||||||||
Common share NAV
|
$
|
15.12
|
$
|
16.06
|
$
|
17.59
|
||||||
Common share price
|
$
|
14.55
|
$
|
14.07
|
$
|
15.25
|
||||||
Premium/(Discount) to NAV
|
(3.77
|
)%
|
(12.39
|
)%
|
(13.30
|
)%
|
||||||
6-month average premium/(discount) to NAV
|
(10.56
|
)%
|
(14.12
|
)%
|
(14.01
|
)%
|
NAZ
|
Nuveen Arizona Quality Municipal
|
|
Income Fund
|
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
155.0%
|
Other Assets Less Liabilities
|
1.0%
|
Net Assets Plus Floating Rate
|
|
Obligations & AMTP Shares,
|
|
net of deferred offering costs
|
156.0%
|
Floating Rate Obligations
|
(5.6)%
|
AMTP Shares, net of deferred
|
|
offering costs
|
(50.4)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Arizona
|
95.6%
|
Guam
|
2.9%
|
Puerto Rico
|
1.4%
|
Virgin Islands
|
0.1%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
24.3%
|
Education and Civic Organizations
|
22.2%
|
Health Care
|
13.3%
|
Utilities
|
13.1%
|
Tax Obligation/General
|
11.0%
|
Water and Sewer
|
4.9%
|
U.S. Guaranteed
|
4.8%
|
Other
|
6.4%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
4.0%
|
AAA |
6.1%
|
AA
|
51.4%
|
A
|
24.2%
|
BBB
|
2.2%
|
BB or Lower
|
5.5%
|
N/R (not rated)
|
6.6%
|
Total
|
100%
|
NUM
|
Nuveen Michigan Quality Municipal
|
|
Income Fund
|
|
Performance Overview and Holding Summaries as of August 31, 2020
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
165.3%
|
Other Assets Less Liabilities
|
(2.8)%
|
Net Assets Plus Floating Rate
|
|
Obligations & AMTP Shares,
|
|
net of deferred offering costs
|
162.5%
|
Floating Rate Obligations
|
(9.3)%
|
AMTP Shares, net of deferred
|
|
offering costs
|
(53.2)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Michigan
|
93.4%
|
Puerto Rico
|
2.0%
|
Texas
|
1.1%
|
Colorado
|
1.0%
|
North Carolina
|
1.0%
|
Missouri
|
0.5%
|
Florida
|
0.4%
|
Kentucky
|
0.3%
|
Georgia
|
0.1%
|
Washington
|
0.1%
|
Oregon
|
0.1%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Education and Civic Organizations
|
22.2%
|
Tax Obligation/General
|
20.8%
|
Tax Obligation/Limited
|
13.7%
|
Health Care
|
12.2%
|
Water and Sewer
|
10.5%
|
Utilities
|
7.2%
|
U.S. Guaranteed
|
6.7%
|
Other
|
6.7%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
7.9%
|
AAA
|
14.1%
|
AA
|
56.2%
|
A
|
15.2%
|
BBB
|
0.8%
|
BB or Lower
|
3.3%
|
N/R (not rated)
|
2.5%
|
Total
|
100%
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
|
|
Performance Overview and Holding Summaries as of August 31, 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 August 31, 2020
|
||||
|
||||
|
Cumulative
|
Average Annual
|
||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
NUO at Common Share NAV
|
0.23%
|
4.16%
|
5.15%
|
5.44%
|
NUO at Common Share Price
|
0.72%
|
(0.36)%
|
5.62%
|
4.51%
|
S&P Municipal Bond Ohio Index
|
2.03%
|
5.43%
|
4.89%
|
4.85%
|
S&P Municipal Bond Index
|
0.29%
|
3.15%
|
3.95%
|
4.03%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
150.3%
|
Common Stocks
|
0.4%
|
Other Assets Less Liabilities
|
1.4%
|
Net Assets Plus Floating Rate
|
|
Obligations & VRDP Shares,
|
|
net of deferred offering costs
|
152.1%
|
Floating Rate Obligations
|
(6.2)%
|
VRDP Shares, net of deferred
|
|
offering costs
|
(45.9)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Ohio
|
90.3%
|
Puerto Rico
|
2.6%
|
Texas
|
1.6%
|
Michigan
|
1.4%
|
Colorado
|
1.1%
|
North Carolina
|
1.1%
|
Florida
|
0.8%
|
Missouri
|
0.5%
|
Kentucky
|
0.3%
|
Oregon
|
0.2%
|
Washington
|
0.1%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
U.S. Guaranteed
|
24.9%
|
Tax Obligation/Limited
|
20.7%
|
Transportation
|
11.2%
|
Tax Obligation/General
|
10.8%
|
Health Care
|
9.6%
|
Education and Civic Organizations
|
7.9%
|
Water and Sewer
|
5.9%
|
Other
|
9.0%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
21.3%
|
AAA
|
13.9%
|
AA
|
40.4%
|
A
|
13.3%
|
BBB
|
1.3%
|
BB or Lower
|
3.5%
|
N/R (not rated)
|
6.0%
|
N/A (not applicable)
|
0.3%
|
Total
|
100%
|
NAZ
|
Nuveen Arizona Quality Municipal
|
|
Income Fund
|
|
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 155.0% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 155.0% (100.0% of Total Investments)
|
|
|
|
|
|
Education and Civic Organizations – 34.5% (22.2% of Total Investments)
|
|
|
|
|
$ 2,175
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series
|
7/26 at 100.00
|
AA
|
$ 2,580,007
|
|
|
2016B, 5.000%, 7/01/47
|
|
|
|
|
1,500
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Green
|
7/25 at 100.00
|
AA
|
1,749,090
|
|
|
Series 2015A, 5.000%, 7/01/41
|
|
|
|
|
1,500
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D,
|
7/25 at 100.00
|
AA
|
1,749,090
|
|
|
5.000%, 7/01/41
|
|
|
|
|
1,255
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2020B,
|
7/30 at 100.00
|
AA
|
1,484,376
|
|
|
4.000%, 7/01/47
|
|
|
|
|
2,515
|
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for
|
8/24 at 100.00
|
Aa3
|
2,831,211
|
|
|
Economic and Educational Development, Series 2014, 5.000%, 8/01/44
|
|
|
|
|
2,240
|
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option
|
6/22 at 100.00
|
Aa2
|
2,959,734
|
|
|
Bond Trust 2015-XF0053, 17.608%, 6/01/42, 144A (IF)
|
|
|
|
|
515
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/26 at 100.00
|
BB
|
554,547
|
|
|
Basis Schools, Inc Projects, Series 2017A, 5.125%, 7/01/37, 144A
|
|
|
|
|
525
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/27 at 100.00
|
AA–
|
605,225
|
|
|
Basis Schools, Inc Projects, Series 2017C, 5.000%, 7/01/47
|
|
|
|
|
150
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/27 at 100.00
|
BB
|
159,341
|
|
|
Basis Schools, Inc Projects, Series 2017D, 5.000%, 7/01/47, 144A
|
|
|
|
|
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
Basis Schools, Inc Projects, Series 2017F:
|
|
|
|
|
1,700
|
5.000%, 7/01/37
|
7/27 at 100.00
|
AA–
|
1,999,064
|
|
1,645
|
5.000%, 7/01/47
|
7/27 at 100.00
|
AA–
|
1,896,372
|
|
315
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/27 at 100.00
|
BB
|
334,615
|
|
|
Basis Schools, Inc Projects, Series 2017G, 5.000%, 7/01/47, 144A
|
|
|
|
|
240
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
11/27 at 100.00
|
N/R
|
251,966
|
|
|
Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A
|
|
|
|
|
1,000
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
9/23 at 105.00
|
BB+
|
1,080,380
|
|
|
Pinecrest Academy of Nevada-Sloan Canyon Project, Refunding Series 2018A, 6.000%, 9/15/38, 144A
|
|
|
|
|
375
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona
|
9/27 at 100.00
|
BB+
|
387,739
|
|
|
Agribusiness and Equine Center, Inc Project, Series 2017B, 5.000%, 3/01/48, 144A
|
|
|
|
|
310
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of
|
No Opt. Call
|
BB
|
321,163
|
|
|
Math & Science Projects, Series 2017B, 4.250%, 7/01/27, 144A
|
|
|
|
|
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of
|
|
|
|
|
|
Math & Science Projects, Series 2018A:
|
|
|
|
|
615
|
5.000%, 7/01/38
|
1/28 at 100.00
|
AA–
|
729,052
|
|
1,000
|
5.000%, 7/01/48
|
1/28 at 100.00
|
AA–
|
1,164,410
|
|
455
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest
|
7/26 at 100.00
|
BB+
|
504,545
|
|
|
Academy of Nevada ? Horizon, Inspirada and St Rose Campus Projects, Series 2018A,
|
|
|
|
|
|
5.750%, 7/15/38, 144A
|
|
|
|
|
|
Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, University of
|
|
|
|
|
|
Indianapolis – Health Pavilion Project, Series 2019A:
|
|
|
|
|
1,645
|
4.000%, 10/01/39
|
10/29 at 100.00
|
BBB+
|
1,718,877
|
|
1,000
|
4.000%, 10/01/49
|
10/29 at 100.00
|
BBB+
|
1,028,260
|
|
1,500
|
Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus
|
6/28 at 100.00
|
N/R
|
1,651,215
|
|
|
Academy Project, Series 2018A, 6.375%, 6/01/39, 144A
|
|
|
|
|
2,000
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern
|
5/22 at 100.00
|
A+
|
2,089,200
|
|
|
University, Refunding Series 2007, 5.000%, 5/15/31
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
|
Industrial Development Authority, Pima County, Arizona, Education Revenue Bonds, Center
|
|
|
|
|
|
for Academic Success Project, Refunding Series 2019:
|
|
|
|
|
$ 360
|
4.000%, 7/01/31
|
7/29 at 100.00
|
BBB
|
$ 397,386
|
|
340
|
4.000%, 7/01/33
|
7/29 at 100.00
|
BBB
|
369,757
|
|
355
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
7/27 at 100.00
|
AA–
|
422,908
|
|
|
Great Hearts Academies Projects, Series 2017A, 5.000%, 7/01/37
|
|
|
|
|
490
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
7/27 at 100.00
|
AA–
|
572,888
|
|
|
Great Hearts Academies Projects, Series 2017C, 5.000%, 7/01/48
|
|
|
|
|
1,495
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
1/30 at 100.00
|
AA–
|
1,825,216
|
|
|
Highland Prep Project, Series 2019, 5.000%, 1/01/43
|
|
|
|
|
665
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
7/29 at 100.00
|
AA–
|
791,490
|
|
|
Legacy Traditional Schools Projects, Series 2019A, 5.000%, 7/01/49
|
|
|
|
|
870
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
7/26 at 100.00
|
BB+
|
916,649
|
|
|
Paradise Schools Projects, Series 2016, 5.000%, 7/01/47, 144A
|
|
|
|
|
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid
|
|
|
|
|
|
Traditional School Projects, Series 2016:
|
|
|
|
|
520
|
5.000%, 7/01/36
|
7/26 at 100.00
|
Baa3
|
581,292
|
|
300
|
5.000%, 7/01/47
|
7/26 at 100.00
|
Baa3
|
329,208
|
|
2,500
|
Maricopa County Industrial Development Authority, Arizona, Educational Facilities
|
1/30 at 100.00
|
A2
|
2,976,400
|
|
|
Revenue Bonds, Creighton University Projects, Series 2020, 5.000%, 7/01/47
|
|
|
|
|
2,095
|
McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University
|
7/26 at 100.00
|
AA–
|
2,496,339
|
|
|
Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37
|
|
|
|
|
1,155
|
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40
|
6/24 at 100.00
|
A+
|
1,289,026
|
|
70
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/25 at 100.00
|
BB
|
73,231
|
|
|
Basis Schools, Inc Projects, Series 2016A, 5.000%, 7/01/46, 144A
|
|
|
|
|
900
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
9/22 at 100.00
|
BB
|
918,954
|
|
|
Choice Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42
|
|
|
|
|
1,400
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/22 at 100.00
|
BB+
|
1,412,824
|
|
|
Eagle College Prep Project, Series 2013A, 5.000%, 7/01/43
|
|
|
|
|
800
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/25 at 100.00
|
BBB–
|
865,072
|
|
|
Great Hearts Academies Project, Series 2016A, 5.000%, 7/01/41
|
|
|
|
|
500
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/24 at 100.00
|
Ba2
|
560,990
|
|
|
Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44, 144A
|
|
|
|
|
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
Legacy Traditional Schools Projects, Series 2015:
|
|
|
|
|
315
|
5.000%, 7/01/35, 144A
|
7/25 at 100.00
|
Ba2
|
332,946
|
|
300
|
5.000%, 7/01/45, 144A
|
7/25 at 100.00
|
Ba2
|
312,240
|
|
650
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/26 at 100.00
|
Ba2
|
685,198
|
|
|
Legacy Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A
|
|
|
|
|
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
Villa Montessori, Inc Projects, Series 2015:
|
|
|
|
|
260
|
3.250%, 7/01/25
|
No Opt. Call
|
BBB–
|
267,998
|
|
400
|
5.000%, 7/01/35
|
7/25 at 100.00
|
BBB–
|
435,200
|
|
500
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/28 at 100.00
|
AA–
|
559,250
|
|
|
Vista College Preparatory Project, Series 2018A, 4.125%, 7/01/38
|
|
|
|
|
1,995
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky
|
10/26 at 100.00
|
A3
|
2,282,240
|
|
|
University Project, Series 2016, 5.000%, 10/01/36
|
|
|
|
|
3,675
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University
|
6/22 at 100.00
|
A
|
3,814,246
|
|
|
Project, Series 2012, 5.000%, 6/01/42 (UB) (4)
|
|
|
|
|
500
|
Pima County Community College District, Arizona, Revenue Bonds, Series 2019,
|
7/28 at 100.00
|
Aa3
|
629,905
|
|
|
5.000%, 7/01/36
|
|
|
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
$ 200
|
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds,
|
5/24 at 100.00
|
N/R
|
$ 218,230
|
|
|
Desert Heights Charter School, Series 2014, 7.250%, 5/01/44
|
|
|
|
|
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
Champion Schools Project, Series 2017:
|
|
|
|
|
120
|
6.000%, 6/15/37, 144A
|
6/26 at 100.00
|
N/R
|
111,254
|
|
680
|
6.125%, 6/15/47, 144A
|
6/26 at 100.00
|
N/R
|
613,659
|
|
200
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/26 at 100.00
|
BB–
|
202,932
|
|
|
Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36
|
|
|
|
|
35
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
2/24 at 100.00
|
N/R
|
36,538
|
|
|
San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A
|
|
|
|
|
115
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
2/28 at 100.00
|
N/R
|
126,586
|
|
|
San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A
|
|
|
|
|
745
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden
|
1/22 at 100.00
|
B–
|
728,632
|
|
|
Traditional Schools Project, Series 2012, 7.500%, 1/01/42
|
|
|
|
|
500
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah
|
6/25 at 100.00
|
BB
|
512,355
|
|
|
Webster Schools ? Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A
|
|
|
|
|
730
|
Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona
|
7/26 at 100.00
|
AA
|
891,622
|
|
|
College, Series 2017, 5.000%, 7/01/35 – BAM Insured
|
|
|
|
|
780
|
Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona
|
6/24 at 100.00
|
AA
|
893,935
|
|
|
University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured
|
|
|
|
|
53,690
|
Total Education and Civic Organizations
|
|
|
60,284,075
|
|
|
Health Care – 20.7% (13.3% of Total Investments)
|
|
|
|
|
1,200
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems,
|
1/24 at 100.00
|
AA–
|
1,325,196
|
|
|
Series 2014A, 5.000%, 1/01/44
|
|
|
|
|
5,100
|
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s
|
2/22 at 100.00
|
A1
|
5,337,711
|
|
|
Hospital, Refunding Series 2012A, 5.000%, 2/01/42
|
|
|
|
|
|
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals
|
|
|
|
|
|
Project, Refunding Series 2014A:
|
|
|
|
|
3,005
|
5.000%, 12/01/39
|
12/24 at 100.00
|
A2
|
3,400,879
|
|
2,860
|
5.000%, 12/01/42
|
12/24 at 100.00
|
A2
|
3,214,211
|
|
|
Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children’s
|
|
|
|
|
|
Hospital, Series 2020A:
|
|
|
|
|
595
|
5.000%, 2/01/40
|
2/30 at 100.00
|
A1
|
749,670
|
|
1,450
|
4.000%, 2/01/50
|
2/30 at 100.00
|
A1
|
1,651,666
|
|
1,250
|
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds,
|
9/28 at 100.00
|
A2
|
1,523,000
|
|
|
HonorHealth, Series 2019A, 5.000%, 9/01/37
|
|
|
|
|
|
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,
|
|
|
|
|
|
Refunding Series 2016A:
|
|
|
|
|
1,250
|
5.000%, 1/01/32
|
1/27 at 100.00
|
AA–
|
1,518,537
|
|
1,000
|
5.000%, 1/01/35
|
1/27 at 100.00
|
AA–
|
1,202,030
|
|
2,000
|
5.000%, 1/01/38
|
1/27 at 100.00
|
AA–
|
2,383,680
|
|
|
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,
|
|
|
|
|
|
Series 2017A:
|
|
|
|
|
2,700
|
4.000%, 1/01/41
|
1/28 at 100.00
|
AA–
|
3,035,529
|
|
2,000
|
5.000%, 1/01/41
|
1/28 at 100.00
|
AA–
|
2,413,580
|
|
1,000
|
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,
|
7/29 at 100.00
|
AA–
|
1,138,540
|
|
|
Series 2019A, 4.000%, 1/01/44
|
|
|
|
|
1,120
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale
|
10/20 at 100.00
|
AA
|
1,124,021
|
|
|
Healthcare, Series 2006C Re-offering, 5.000%, 9/01/35 – AGM Insured
|
|
|
|
|
1,025
|
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds,
|
8/26 at 100.00
|
A+
|
1,196,985
|
|
|
Yavapai Regional Medical Center, Refunding Series 2016, 5.000%, 8/01/36
|
|
|
|
|
1,000
|
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds,
|
8/23 at 100.00
|
A+
|
1,100,600
|
|
|
Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
$ 1,450
|
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds,
|
8/29 at 100.00
|
A+
|
$ 1,635,455
|
|
|
Yavapai Regional Medical Center, Series 2019, 4.000%, 8/01/43
|
|
|
|
|
|
Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional
|
|
|
|
|
|
Medical Center, Series 2014A:
|
|
|
|
|
1,000
|
5.000%, 8/01/22
|
No Opt. Call
|
A
|
1,082,600
|
|
1,000
|
5.250%, 8/01/32
|
8/24 at 100.00
|
A
|
1,139,820
|
|
32,005
|
Total Health Care
|
|
|
36,173,710
|
|
|
Housing/Multifamily – 0.8% (0.5% of Total Investments)
|
|
|
|
|
1,250
|
Arizona Industrial Development Authority, Student Housing Revenue Bonds, Provident
|
6/29 at 100.00
|
AA
|
1,366,350
|
|
|
Group – NCCU Properties LLC- North Carolina Central University, Series 2019A, 4.000%,
|
|
|
|
|
|
6/01/44 – BAM Insured
|
|
|
|
|
|
Long-Term Care – 2.3% (1.5% of Total Investments)
|
|
|
|
|
285
|
Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater
|
7/25 at 101.00
|
N/R
|
270,354
|
|
|
Avondale Project, Series 2017, 5.375%, 1/01/38
|
|
|
|
|
1,885
|
Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds,
|
10/25 at 101.00
|
N/R
|
1,894,595
|
|
|
3rd and Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36
|
|
|
|
|
780
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of
|
12/21 at 100.00
|
N/R
|
793,970
|
|
|
Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32
|
|
|
|
|
1,080
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU
|
10/27 at 100.00
|
N/R
|
1,113,339
|
|
|
Project, Series 2017A, 6.125%, 10/01/47, 144A
|
|
|
|
|
4,030
|
Total Long-Term Care
|
|
|
4,072,258
|
|
|
Tax Obligation/General – 17.0% (11.0% of Total Investments)
|
|
|
|
|
575
|
Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation
|
7/27 at 100.00
|
AA
|
704,461
|
|
|
Bonds, School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 – BAM Insured
|
|
|
|
|
2,140
|
El Mirage, Arizona, General Obligation Bonds, Series 2012, 5.000%, 7/01/42 –
|
7/22 at 100.00
|
AA
|
2,298,510
|
|
|
AGM Insured
|
|
|
|
|
1,000
|
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation
|
7/21 at 100.00
|
AA
|
1,040,600
|
|
|
Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured
|
|
|
|
|
2,315
|
Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation
|
7/28 at 100.00
|
Aa1
|
2,918,868
|
|
|
Bonds, School Improvement Project 1990, Series 1990A, 5.000%, 7/01/38
|
|
|
|
|
630
|
Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation
|
7/27 at 100.00
|
Aa1
|
778,598
|
|
|
Bonds, School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37
|
|
|
|
|
775
|
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation
|
7/21 at 100.00
|
Aa2
|
805,256
|
|
|
Bonds, Series 2011, 5.000%, 7/01/23
|
|
|
|
|
1,500
|
Maricopa County Special Health Care District, Arizona, General Obligation Bonds, Series
|
7/28 at 100.00
|
Aa3
|
1,838,715
|
|
|
2018C, 5.000%, 7/01/36
|
|
|
|
|
750
|
Maricopa County Unified School District 69 Paradise Valley, Arizona, General Obligation
|
7/29 at 100.00
|
AAA
|
900,263
|
|
|
Bonds, School Improvement Series 2020, 4.000%, 7/01/38
|
|
|
|
|
1,350
|
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation
|
7/25 at 102.00
|
Aa2
|
1,610,280
|
|
|
Bonds, School Improvement Series 2018, 5.000%, 7/01/36
|
|
|
|
|
1,275
|
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation
|
7/27 at 100.00
|
AAA
|
1,589,861
|
|
|
Bonds, School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33
|
|
|
|
|
|
Mohave County Union High School District 2 Colorado River, Arizona, General Obligation
|
|
|
|
|
|
Bonds, School Improvement Series 2017:
|
|
|
|
|
1,000
|
5.000%, 7/01/34
|
7/27 at 100.00
|
Aa3
|
1,236,470
|
|
1,000
|
5.000%, 7/01/36
|
7/27 at 100.00
|
Aa3
|
1,224,630
|
|
690
|
Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017,
|
7/27 at 100.00
|
AA–
|
852,557
|
|
|
5.000%, 7/01/36
|
|
|
|
|
1,370
|
Pima County Continental Elementary School District 39, Arizona, General Obligation
|
7/21 at 100.00
|
AA
|
1,432,719
|
|
|
Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured
|
|
|
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
$ 2,895
|
Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds,
|
7/24 at 100.00
|
AA
|
$ 3,349,283
|
|
|
School Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 – AGM Insured
|
|
|
|
|
1,750
|
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School
|
7/21 at 100.00
|
A
|
1,816,973
|
|
|
Improvement Project 2010 Series 2011A, 5.000%, 7/01/25
|
|
|
|
|
1,500
|
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School
|
7/27 at 100.00
|
AA
|
1,847,880
|
|
|
Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured
|
|
|
|
|
|
Pinal County School District 4 Casa Grande Elementary, Arizona, General Obligation
|
|
|
|
|
|
Bonds, School improvement Project 2016, Series 2017A:
|
|
|
|
|
620
|
5.000%, 7/01/34 – BAM Insured
|
7/27 at 100.00
|
AA
|
764,336
|
|
1,000
|
5.000%, 7/01/35 – BAM Insured
|
7/27 at 100.00
|
AA
|
1,228,790
|
|
|
Western Maricopa Education Center District 402, Maricopa County, Arizona, General
|
|
|
|
|
|
Obligation Bonds, School Improvement Project 2012, Series 2014B:
|
|
|
|
|
715
|
4.500%, 7/01/33
|
7/24 at 100.00
|
AA–
|
797,075
|
|
665
|
4.500%, 7/01/34
|
7/24 at 100.00
|
AA–
|
740,497
|
|
25,515
|
Total Tax Obligation/General
|
|
|
29,776,622
|
|
|
Tax Obligation/Limited – 37.6% (24.3% of Total Investments)
|
|
|
|
|
100
|
Arizona Industrial Development Authority, Arizona, Economic Development Revenue Bonds,
|
No Opt. Call
|
N/R
|
98,321
|
|
|
Linder Village Project in Meridian, Ada County, Idaho, Series 2020, 5.000%, 6/01/31, 144
|
|
|
|
|
2,310
|
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility
|
7/22 at 100.00
|
A1
|
2,423,236
|
|
|
Project, Refunding Senior Series 2012A, 5.000%, 7/01/36
|
|
|
|
|
1,250
|
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016,
|
7/26 at 100.00
|
AA+
|
1,529,125
|
|
|
5.000%, 7/01/35
|
|
|
|
|
275
|
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36
|
7/26 at 100.00
|
AA
|
310,382
|
|
1,000
|
Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37
|
7/25 at 100.00
|
AA
|
1,195,480
|
|
1,215
|
Cadence Community Facilities District, Mesa, Arizona, Special Assessment Revenue Bonds,
|
7/30 at 100.00
|
N/R
|
1,248,801
|
|
|
Assessment District 3, Series 2020, 4.000%, 7/01/45
|
|
|
|
|
130
|
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds,
|
7/27 at 100.00
|
N/R
|
100,100
|
|
|
Series 2017A, 7.000%, 7/01/41, 144A (5)
|
|
|
|
|
1,210
|
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds,
|
7/25 at 100.00
|
N/R
|
1,294,349
|
|
|
Series 2015, 5.000%, 7/15/39, 144A
|
|
|
|
|
1,810
|
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds,
|
7/27 at 100.00
|
AA
|
2,161,339
|
|
|
Series 2017, 5.000%, 7/15/42 – AGM Insured
|
|
|
|
|
2,445
|
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds,
|
7/27 at 100.00
|
AA
|
2,816,567
|
|
|
Series 2018, 4.375%, 7/15/43 – BAM Insured
|
|
|
|
|
484
|
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue
|
7/23 at 100.00
|
N/R
|
490,176
|
|
|
Bonds, Assessment District 1, Series 2013, 5.250%, 7/01/38
|
|
|
|
|
697
|
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue
|
7/27 at 100.00
|
N/R
|
715,533
|
|
|
Bonds, Assessment District 1, Series 2019, 5.200%, 7/01/43
|
|
|
|
|
655
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General
|
7/27 at 100.00
|
AA
|
794,600
|
|
|
Obligation Bonds, Refunding Series 2017, 5.000%, 7/15/32 – AGM Insured
|
|
|
|
|
|
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation
|
|
|
|
|
|
Bonds, Series 2012:
|
|
|
|
|
345
|
5.000%, 7/15/27 – BAM Insured
|
7/22 at 100.00
|
AA
|
369,892
|
|
1,085
|
5.000%, 7/15/31
|
7/22 at 100.00
|
AA
|
1,149,655
|
|
500
|
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation
|
7/26 at 100.00
|
AA
|
559,030
|
|
|
Bonds, Series 2016, 4.000%, 7/15/36 – BAM Insured
|
|
|
|
|
1,000
|
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation
|
7/27 at 100.00
|
AA
|
1,215,080
|
|
|
Bonds, Series 2017, 5.000%, 7/15/37 – BAM Insured
|
|
|
|
|
590
|
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation
|
7/27 at 100.00
|
AA
|
714,708
|
|
|
Bonds, Series 2018, 5.000%, 7/15/38 – BAM Insured
|
|
|
|
|
391
|
Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment
|
7/27 at 100.00
|
N/R
|
393,201
|
|
|
Revenue Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 600
|
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds,
|
7/26 at 100.00
|
A1
|
$ 682,182
|
|
|
Refunding Series 2016, 4.000%, 7/15/32
|
|
|
|
|
1,170
|
Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation
|
No Opt. Call
|
A–
|
1,254,322
|
|
|
Refunding Bonds, Series 2013, 5.000%, 7/15/23
|
|
|
|
|
1,500
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D,
|
11/25 at 100.00
|
BB
|
1,636,305
|
|
|
5.000%, 11/15/39
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|
|
|
|
510
|
5.000%, 1/01/31
|
1/22 at 100.00
|
BB
|
525,876
|
|
200
|
5.125%, 1/01/42
|
1/22 at 100.00
|
BB
|
205,236
|
|
1,500
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37
|
1/22 at 100.00
|
BB
|
1,540,200
|
|
1,250
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A,
|
12/26 at 100.00
|
BB
|
1,372,600
|
|
|
5.000%, 12/01/46
|
|
|
|
|
1,425
|
Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013,
|
7/23 at 100.00
|
AA
|
1,600,759
|
|
|
5.000%, 7/01/33
|
|
|
|
|
200
|
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation
|
7/26 at 100.00
|
BBB
|
234,946
|
|
|
Bonds, Series 2016, 5.000%, 7/15/31
|
|
|
|
|
385
|
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation
|
7/27 at 100.00
|
AA
|
456,198
|
|
|
Bonds, Series 2017, 5.000%, 7/15/42 – BAM Insured
|
|
|
|
|
300
|
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26
|
7/21 at 100.00
|
AA–
|
311,430
|
|
400
|
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation
|
10/20 at 100.00
|
N/R
|
326,704
|
|
|
Bonds, Series 2006, 5.350%, 7/15/31
|
|
|
|
|
2,500
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
12/22 at 100.00
|
A
|
2,724,550
|
|
|
JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36
|
|
|
|
|
580
|
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa
|
7/22 at 100.00
|
AA+
|
620,438
|
|
|
Project, Series 2012, 5.000%, 7/01/38 (AMT)
|
|
|
|
|
1,000
|
Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33
|
8/24 at 100.00
|
AA
|
1,153,490
|
|
1,600
|
Pinal County, Arizona, Pledged Revenue Obligations, Series 2019, 4.000%, 8/01/39
|
8/28 at 100.00
|
AA
|
1,858,032
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
|
|
|
|
|
1,550
|
4.550%, 7/01/40
|
7/28 at 100.00
|
N/R
|
1,650,719
|
|
2,040
|
5.000%, 7/01/58
|
7/28 at 100.00
|
N/R
|
2,178,108
|
|
|
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding
|
|
|
|
|
|
Series 2016:
|
|
|
|
|
540
|
4.000%, 8/01/34
|
8/26 at 100.00
|
AA
|
615,611
|
|
545
|
4.000%, 8/01/36
|
8/26 at 100.00
|
AA
|
617,561
|
|
1,740
|
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A,
|
8/28 at 100.00
|
AA
|
2,168,353
|
|
|
5.000%, 8/01/42
|
|
|
|
|
2,400
|
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2020,
|
8/30 at 100.00
|
AA
|
2,813,328
|
|
|
4.000%, 8/01/50
|
|
|
|
|
|
San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2014A:
|
|
|
|
|
1,400
|
5.000%, 7/01/34 – BAM Insured
|
7/24 at 100.00
|
AA
|
1,581,762
|
|
2,100
|
5.000%, 7/01/38 – BAM Insured
|
7/24 at 100.00
|
AA
|
2,355,129
|
|
3,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding
|
No Opt. Call
|
AAA
|
3,548,040
|
|
|
Series 2006, 5.000%, 7/01/24
|
|
|
|
|
1,320
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding
|
7/27 at 100.00
|
AAA
|
1,640,707
|
|
|
Series 2017, 5.000%, 7/01/36
|
|
|
|
|
1,650
|
Sundance Community Facilities District, City of Buckeye, Arizona, General Obligation
|
7/28 at 100.00
|
AA
|
2,057,385
|
|
|
Bonds, Refunding Series 2018, 5.000%, 7/15/39 – BAM Insured
|
|
|
|
|
2,505
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012,
|
7/22 at 100.00
|
AAA
|
2,706,302
|
|
|
5.000%, 7/01/37
|
|
|
|
|
180
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
No Opt. Call
|
AA
|
187,132
|
|
|
Series 2012A, 4.000%, 10/01/22 – AGM Insured
|
|
|
|
|
750
|
Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds,
|
7/21 at 100.00
|
N/R
|
758,273
|
|
|
Series 2016, 3.250%, 7/15/25, 144A
|
|
|
|
NAZ
|
Nuveen Arizona Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 4,240
|
Yavapai County Jail District, Arizona, Pledged Revenue Obligation Bonds, Series 2020,
|
7/29 at 100.00
|
AA
|
$ 4,817,658
|
|
|
4.000%, 7/01/40 – BAM Insured
|
|
|
|
|
58,572
|
Total Tax Obligation/Limited
|
|
|
65,778,911
|
|
|
Transportation – 6.9% (4.4% of Total Investments)
|
|
|
|
|
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien
|
|
|
|
|
|
Series 2015A:
|
|
|
|
|
910
|
5.000%, 7/01/40
|
7/25 at 100.00
|
A1
|
1,040,958
|
|
2,185
|
5.000%, 7/01/45
|
7/25 at 100.00
|
A1
|
2,483,209
|
|
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior
|
|
|
|
|
|
Lien Series 2013:
|
|
|
|
|
1,785
|
5.000%, 7/01/30 (AMT)
|
7/23 at 100.00
|
Aa3
|
1,970,104
|
|
2,215
|
5.000%, 7/01/32 (AMT)
|
7/23 at 100.00
|
Aa3
|
2,434,285
|
|
2,000
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien
|
7/27 at 100.00
|
Aa3
|
2,335,640
|
|
|
Series 2017A, 5.000%, 7/01/47 (AMT)
|
|
|
|
|
1,500
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien
|
7/28 at 100.00
|
Aa3
|
1,789,245
|
|
|
Series 2018, 5.000%, 7/01/43 (AMT)
|
|
|
|
|
10,595
|
Total Transportation
|
|
|
12,053,441
|
|
|
U.S. Guaranteed – 7.4% (4.8% of Total Investments) (6)
|
|
|
|
|
3,480
|
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding
|
7/22 at 100.00
|
AA
|
3,776,322
|
|
|
Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22)
|
|
|
|
|
500
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011,
|
7/21 at 100.00
|
AA
|
521,935
|
|
|
5.500%, 7/01/41 (Pre-refunded 7/01/21)
|
|
|
|
|
545
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/23 at 100.00
|
A–
|
618,324
|
|
|
2013, 5.250%, 7/01/33 (Pre-refunded 7/01/23)
|
|
|
|
|
720
|
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%,
|
6/24 at 100.00
|
N/R
|
844,819
|
|
|
6/01/40 (Pre-refunded 6/01/24)
|
|
|
|
|
910
|
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41
|
6/21 at 100.00
|
A+
|
942,241
|
|
|
(Pre-refunded 6/01/21)
|
|
|
|
|
585
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/21 at 100.00
|
N/R
|
613,185
|
|
|
Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 (Pre-refunded 7/01/21)
|
|
|
|
|
1,705
|
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition, Project 2004 Series
|
7/21 at 100.00
|
AAA
|
1,773,456
|
|
|
2011, 5.000%, 7/01/34 (Pre-refunded 7/01/21)
|
|
|
|
|
1,495
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012,
|
7/22 at 100.00
|
N/R
|
1,623,750
|
|
|
5.000%, 7/01/37 (Pre-refunded 7/01/22)
|
|
|
|
|
1,335
|
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series
|
7/21 at 100.00
|
N/R
|
1,399,454
|
|
|
2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21)
|
|
|
|
|
825
|
Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
3/21 at 100.00
|
BB+
|
856,152
|
|
|
Arizona Agribusiness and Equine Center, Inc Project, Series 2011, 7.875%, 3/01/42
|
|
|
|
|
|
(Pre-refunded 3/01/21)
|
|
|
|
|
12,100
|
Total U.S. Guaranteed
|
|
|
12,969,638
|
|
|
Utilities – 20.2% (13.1% of Total Investments)
|
|
|
|
|
1,495
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue
|
3/22 at 100.00
|
A–
|
1,552,079
|
|
|
Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
|
|
|
|
1,100
|
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39
|
10/24 at 100.00
|
AA
|
1,223,640
|
|
3,310
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue
|
10/20 at 100.00
|
A–
|
3,319,765
|
|
|
Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35
|
|
|
|
|
8,750
|
Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4)
|
7/28 at 100.00
|
Aa2
|
10,848,513
|
|
695
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding
|
7/26 at 100.00
|
A+
|
846,677
|
|
|
Series 2016, 5.000%, 7/01/35
|
|
|
|
|
1,500
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
|
6/25 at 100.00
|
AA+
|
1,789,530
|
|
|
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Utilities (continued)
|
|
|
|
|
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
|
|
|
|
|
Inc Prepay Contract Obligations, Series 2007:
|
|
|
|
|
$ 4,500
|
5.500%, 12/01/29
|
No Opt. Call
|
A3
|
$ 5,980,365
|
|
5,665
|
5.000%, 12/01/37
|
No Opt. Call
|
A3
|
7,756,121
|
|
2,245
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West
|
10/20 at 100.00
|
N/R
|
2,107,314
|
|
|
Water & Sewer Inc Refunding, Series 2007A, 6.375%, 12/01/37 (AMT)
|
|
|
|
|
29,260
|
Total Utilities
|
|
|
35,424,004
|
|
|
Water and Sewer – 7.6% (4.9% of Total Investments)
|
|
|
|
|
655
|
Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds,
|
1/26 at 100.00
|
AA+
|
791,541
|
|
|
Series 2016, 5.000%, 1/01/36
|
|
|
|
|
785
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien
|
7/26 at 100.00
|
AA
|
929,519
|
|
|
Series 2016, 5.000%, 7/01/45 – AGM Insured
|
|
|
|
|
1,500
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2020,
|
7/29 at 100.00
|
AA
|
1,748,760
|
|
|
4.000%, 7/01/45 – AGM Insured
|
|
|
|
|
665
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
7/27 at 100.00
|
A–
|
779,506
|
|
|
Refunding Series 2017, 5.000%, 7/01/36
|
|
|
|
|
1,125
|
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series
|
7/25 at 100.00
|
AA
|
1,333,181
|
|
|
2015A, 5.000%, 7/01/36 – AGM Insured
|
|
|
|
|
1,135
|
Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds,
|
7/24 at 100.00
|
AA+
|
1,331,400
|
|
|
Refunding Junior Lien Series 2014, 5.000%, 7/01/29
|
|
|
|
|
2,000
|
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien
|
7/24 at 100.00
|
AAA
|
2,299,140
|
|
|
Series 2014A, 5.000%, 7/01/39
|
|
|
|
|
|
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding
|
|
|
|
|
|
Junior Lien Series 2001:
|
|
|
|
|
1,250
|
5.500%, 7/01/21 – FGIC Insured
|
No Opt. Call
|
AAA
|
1,305,488
|
|
1,040
|
5.500%, 7/01/22 – FGIC Insured
|
No Opt. Call
|
AAA
|
1,141,473
|
|
|
Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018:
|
|
|
|
|
500
|
5.000%, 7/01/35
|
7/28 at 100.00
|
AA+
|
637,420
|
|
805
|
5.000%, 7/01/36
|
7/28 at 100.00
|
AA+
|
1,023,695
|
|
11,460
|
Total Water and Sewer
|
|
|
13,321,123
|
|
$ 238,477
|
Total Long-Term Investments (cost $250,800,259)
|
|
|
271,220,132
|
|
|
Floating Rate Obligations – (5.6)%
|
|
|
(9,755,000)
|
|
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (50.4)% (7)
|
|
|
(88,228,275)
|
|
|
Other Assets Less Liabilities – 1.0%
|
|
|
1,704,703
|
|
|
Net Asset Applicable to Common Shares – 100%
|
|
|
$ 174,941,560
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic
principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of
split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings
designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
(6)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(7)
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 32.5%.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified
institutional buyers.
|
AMT
|
Alternative Minimum Tax
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a
similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives Inverse Floating Rate Securities for more
information.
|
|
See accompanying notes to financial statements.
|
NUM
|
Nuveen Michigan Quality Municipal
|
|
Income Fund
|
|
Portfolio of Investments
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 165.3% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 165.3% (100.0% of Total Investments)
|
|
|
|
|
|
Consumer Staples – 4.5% (2.8% of Total Investments)
|
|
|
|
|
$ 6,000
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue
|
9/20 at 100.00
|
B–
|
$ 6,017,520
|
|
|
Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34
|
|
|
|
|
8,650
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue
|
9/20 at 100.00
|
B2
|
8,697,575
|
|
|
Bonds, Series 2008A, 6.875%, 6/01/42
|
|
|
|
|
14,650
|
Total Consumer Staples
|
|
|
14,715,095
|
|
|
Education and Civic Organizations – 36.8% (22.2% of Total Investments)
|
|
|
|
|
315
|
Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding
|
11/27 at 102.00
|
BB
|
331,049
|
|
|
Series 2019, 5.000%, 11/01/34
|
|
|
|
|
1,220
|
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series
|
10/24 at 100.00
|
A+
|
1,375,989
|
|
|
2014, 5.000%, 10/01/39
|
|
|
|
|
1,000
|
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007,
|
10/20 at 100.00
|
B
|
858,070
|
|
|
5.250%, 11/01/36
|
|
|
|
|
1,255
|
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series
|
10/20 at 100.00
|
B–
|
963,175
|
|
|
2005, 5.750%, 11/01/30
|
|
|
|
|
|
Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A:
|
|
|
|
|
1,100
|
5.000%, 3/01/33 – BAM Insured
|
3/27 at 100.00
|
AA
|
1,321,881
|
|
2,270
|
5.000%, 3/01/36 – BAM Insured
|
3/27 at 100.00
|
AA
|
2,703,502
|
|
7,665
|
Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 –
|
3/28 at 100.00
|
AA
|
8,504,547
|
|
|
AGM Insured
|
|
|
|
|
|
Ferris State University, Michigan, General Revenue Bonds, Series 2019A:
|
|
|
|
|
1,000
|
4.000%, 10/01/39
|
10/29 at 100.00
|
A+
|
1,127,210
|
|
350
|
4.000%, 10/01/40
|
10/29 at 100.00
|
A+
|
393,418
|
|
500
|
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B,
|
12/24 at 100.00
|
A+
|
571,395
|
|
|
5.000%, 12/01/28
|
|
|
|
|
|
Lake Superior State University Board of Trustees, Michigan, General Revenue Bonds,
|
|
|
|
|
|
Series 2018:
|
|
|
|
|
2,395
|
5.000%, 1/15/38 – AGM Insured
|
1/28 at 100.00
|
AA
|
2,826,866
|
|
4,000
|
5.000%, 1/15/43 – AGM Insured
|
1/28 at 100.00
|
AA
|
4,665,960
|
|
3,500
|
Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Kalamazoo
|
12/28 at 100.00
|
A2
|
4,089,295
|
|
|
College Project, Refunding Series 2018, 5.000%, 12/01/43
|
|
|
|
|
990
|
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service
|
10/21 at 100.00
|
B
|
916,681
|
|
|
Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31
|
|
|
|
|
225
|
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American
|
10/20 at 100.00
|
N/R
|
225,223
|
|
|
Montessori Academy, Series 2007, 6.500%, 12/01/37
|
|
|
|
|
7,790
|
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41
|
8/23 at 100.00
|
AA
|
8,597,745
|
|
4,165
|
Michigan State University, General Revenue Bonds, Taxable Series 2019A, 5.000%, 2/15/48
|
2/29 at 100.00
|
AA
|
5,159,852
|
|
3,445
|
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A,
|
10/21 at 100.00
|
A1
|
3,611,428
|
|
|
5.000%, 10/01/34
|
|
|
|
|
|
Northern Michigan University, General Revenue Bonds, Series 2018A:
|
|
|
|
|
400
|
5.000%, 12/01/33
|
6/28 at 100.00
|
A1
|
490,824
|
|
650
|
5.000%, 12/01/35
|
6/28 at 100.00
|
A1
|
792,350
|
|
5,400
|
Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/47
|
3/26 at 100.00
|
A1
|
6,126,678
|
|
810
|
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series
|
7/26 at 100.00
|
A1
|
979,136
|
|
|
2016A, 5.000%, 7/01/35
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
$ 1,380
|
University of Kentucky, General Receipts Bonds, University of Kentucky Mixed-Use Parking
|
5/29 at 100.00
|
AA–
|
$ 1,580,762
|
|
|
Project, Series 2019A, 4.000%, 5/01/44
|
|
|
|
|
|
University of Michigan, General Revenue Bonds, Refunding Series 2017A:
|
|
|
|
|
2,000
|
5.000%, 4/01/34
|
4/27 at 100.00
|
AAA
|
2,497,640
|
|
2,000
|
5.000%, 4/01/35
|
4/27 at 100.00
|
AAA
|
2,490,560
|
|
1,065
|
5.000%, 4/01/36
|
4/27 at 100.00
|
AAA
|
1,321,835
|
|
2,000
|
5.000%, 4/01/42
|
4/27 at 100.00
|
AAA
|
2,447,480
|
|
7,200
|
5.000%, 4/01/47 (UB) (4)
|
4/27 at 100.00
|
AAA
|
8,750,664
|
|
5,000
|
5.000%, 4/01/47
|
4/27 at 100.00
|
AAA
|
6,076,850
|
|
4,000
|
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44
|
4/24 at 100.00
|
AAA
|
4,502,960
|
|
|
University of Michigan, General Revenue Bonds, Series 2015:
|
|
|
|
|
5,735
|
5.000%, 4/01/40 (UB) (4)
|
4/26 at 100.00
|
AAA
|
6,905,112
|
|
2,400
|
5.000%, 4/01/46 (UB) (4)
|
4/26 at 100.00
|
AAA
|
2,863,512
|
|
2,150
|
University of Michigan, General Revenue Bonds, Series 2020A, 4.000%, 4/01/45
|
4/30 at 100.00
|
AAA
|
2,574,604
|
|
3,700
|
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40
|
11/23 at 100.00
|
Aa3
|
4,119,358
|
|
2,810
|
Wayne State University, Michigan, General Revenue Bonds, Series 2019A, 5.000%, 11/15/35
|
11/29 at 100.00
|
Aa3
|
3,534,418
|
|
525
|
Western Michigan University, General Revenue Bonds, Refunding Series 2011,
|
11/21 at 100.00
|
Aa3
|
553,733
|
|
|
5.000%, 11/15/31
|
|
|
|
|
|
Western Michigan University, General Revenue Bonds, Refunding Series 2013:
|
|
|
|
|
750
|
5.250%, 11/15/33 – AGM Insured
|
11/23 at 100.00
|
AA
|
861,488
|
|
4,250
|
5.000%, 11/15/39 – AGM Insured
|
11/23 at 100.00
|
AA
|
4,842,238
|
|
|
Western Michigan University, General Revenue Bonds, Refunding Series 2015A:
|
|
|
|
|
1,500
|
5.000%, 11/15/40
|
5/25 at 100.00
|
Aa3
|
1,770,405
|
|
850
|
5.000%, 11/15/45
|
5/25 at 100.00
|
Aa3
|
998,954
|
|
3,335
|
Western Michigan University, General Revenue Bonds, Refunding Series 2019A,
|
11/29 at 100.00
|
Aa3
|
4,030,914
|
|
|
5.000%, 11/15/49
|
|
|
|
|
103,095
|
Total Education and Civic Organizations
|
|
|
119,355,761
|
|
|
Health Care – 20.2% (12.2% of Total Investments)
|
|
|
|
|
2,945
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated
|
11/29 at 100.00
|
AA
|
3,369,463
|
|
|
Group, Series 2019A, 4.000%, 11/15/43
|
|
|
|
|
1,660
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,
|
8/29 at 100.00
|
BBB+
|
1,830,050
|
|
|
Series 2019A-2, 4.000%, 8/01/49
|
|
|
|
|
2,000
|
County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn
|
2/27 at 100.00
|
BBB
|
2,139,260
|
|
|
Hospital, Refunding Series 2016, 5.000%, 2/15/47
|
|
|
|
|
4,000
|
Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson
|
7/21 at 100.00
|
AA
|
4,121,680
|
|
|
Healthcare, Refunding Series 2011A, 5.000%, 7/01/29
|
|
|
|
|
|
Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson
|
|
|
|
|
|
Healthcare, Series 2019A:
|
|
|
|
|
1,720
|
5.000%, 7/01/36
|
7/28 at 100.00
|
AA
|
2,109,804
|
|
1,995
|
5.000%, 7/01/39
|
7/28 at 100.00
|
AA
|
2,426,638
|
|
1,780
|
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group,
|
8/24 at 100.00
|
A+
|
2,020,763
|
|
|
Refunding Series 2015A, 5.000%, 8/01/32
|
|
|
|
|
4,850
|
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group,
|
6/24 at 100.00
|
A+
|
5,387,913
|
|
|
Refunding Series 2014, 5.000%, 6/01/39
|
|
|
|
|
3,930
|
Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding
|
8/23 at 100.00
|
A+
|
4,328,030
|
|
|
Series 2013, 5.000%, 8/15/31
|
|
|
|
|
6,060
|
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding
|
5/25 at 100.00
|
A
|
6,784,049
|
|
|
Series 2015, 5.000%, 11/15/45
|
|
|
|
|
3,000
|
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series
|
11/22 at 100.00
|
A
|
3,186,510
|
|
|
2012, 5.000%, 11/15/42
|
|
|
|
|
4,925
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group,
|
6/26 at 100.00
|
AA–
|
5,753,976
|
|
|
Refunding Series 2016MI, 5.000%, 12/01/45
|
|
|
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
$ 1,900
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group,
|
6/27 at 100.00
|
AA–
|
$ 2,351,934
|
|
|
Refunding Series 2017MI, 5.000%, 12/01/30
|
|
|
|
|
1,800
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group,
|
12/29 at 100.00
|
AA–
|
2,053,026
|
|
|
Refunding Series 2019A-MI, 4.000%, 12/01/49
|
|
|
|
|
|
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:
|
|
|
|
|
1,000
|
5.000%, 11/01/25
|
11/22 at 100.00
|
A+
|
1,089,580
|
|
1,000
|
5.000%, 11/01/26
|
11/22 at 100.00
|
A+
|
1,085,660
|
|
3,750
|
5.000%, 11/01/42
|
11/22 at 100.00
|
A+
|
3,987,450
|
|
4,500
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant
|
11/29 at 100.00
|
AA–
|
5,103,900
|
|
|
Health Obligated Group, Series 2019A, 4.000%, 11/01/49
|
|
|
|
|
5,380
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
3/24 at 100.00
|
A+
|
5,973,145
|
|
|
Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39
|
|
|
|
|
555
|
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series
|
8/29 at 100.00
|
BBB+
|
615,623
|
|
|
2019A-1, 4.000%, 8/01/44
|
|
|
|
|
58,750
|
Total Health Care
|
|
|
65,718,454
|
|
|
Housing/Multifamily – 1.4% (0.9% of Total Investments)
|
|
|
|
|
1,825
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A,
|
10/20 at 100.00
|
AA
|
1,830,037
|
|
|
5.000%, 10/01/35
|
|
|
|
|
1,725
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2,
|
4/22 at 100.00
|
AA
|
1,785,789
|
|
|
4.625%, 10/01/41
|
|
|
|
|
1,000
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D,
|
4/22 at 100.00
|
AA
|
1,031,240
|
|
|
4.000%, 10/01/42
|
|
|
|
|
4,550
|
Total Housing/Multifamily
|
|
|
4,647,066
|
|
|
Tax Obligation/General – 34.3% (20.8% of Total Investments)
|
|
|
|
|
840
|
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds,
|
No Opt. Call
|
Aa2
|
984,614
|
|
|
School Building & Site Series 2015, 5.000%, 5/01/24
|
|
|
|
|
895
|
Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016,
|
5/26 at 100.00
|
AAA
|
1,123,010
|
|
|
5.000%, 5/01/28
|
|
|
|
|
1,000
|
Boyne City Public School District, Charlevoix and Antrim Counties, Michigan, General
|
5/30 at 100.00
|
AA
|
1,180,290
|
|
|
Obligation Bonds, School Building & Site Series 2020I, 4.000%, 5/01/39 – AGM Insured
|
|
|
|
|
4,445
|
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School
|
5/27 at 100.00
|
AA
|
5,323,243
|
|
|
Building & Site Series 2017I, 5.000%, 5/01/47
|
|
|
|
|
|
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2012:
|
|
|
|
|
1,000
|
4.000%, 5/01/32
|
5/21 at 100.00
|
AA
|
1,018,920
|
|
500
|
4.000%, 5/01/33
|
5/21 at 100.00
|
AA
|
509,195
|
|
1,135
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General
|
5/24 at 100.00
|
AA
|
1,304,365
|
|
|
Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39
|
|
|
|
|
|
Genesee County, Michigan, Sewage Disposal System Revenue Bonds, Interceptors & Treatment
|
|
|
|
|
|
Facilties, Series 2020A:
|
|
|
|
|
200
|
4.000%, 6/01/36 – BAM Insured
|
6/29 at 100.00
|
AA
|
235,466
|
|
200
|
4.000%, 6/01/37 – BAM Insured
|
6/29 at 100.00
|
AA
|
234,630
|
|
200
|
4.000%, 6/01/38 – BAM Insured
|
6/29 at 100.00
|
AA
|
233,896
|
|
200
|
4.000%, 6/01/39 – BAM Insured
|
6/29 at 100.00
|
AA
|
233,212
|
|
220
|
4.000%, 6/01/40 – BAM Insured
|
6/29 at 100.00
|
AA
|
255,834
|
|
|
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General
|
|
|
|
|
|
Obligation Bonds, Devos Place Project, Series 2001:
|
|
|
|
|
8,900
|
0.000%, 12/01/25
|
No Opt. Call
|
AAA
|
8,608,436
|
|
3,000
|
0.000%, 12/01/26
|
No Opt. Call
|
AAA
|
2,844,120
|
|
100
|
0.000%, 12/01/27
|
No Opt. Call
|
AAA
|
92,979
|
|
4,305
|
0.000%, 12/01/29
|
No Opt. Call
|
AAA
|
3,829,642
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
|
Grand Rapids Building Authority, Kent County, Michigan, General Obligation Bonds,
|
|
|
|
|
|
Refunding Series 2011:
|
|
|
|
|
$ 560
|
5.000%, 10/01/28
|
10/21 at 100.00
|
AA
|
$ 587,300
|
|
500
|
5.000%, 10/01/30
|
10/21 at 100.00
|
AA
|
524,040
|
|
500
|
5.000%, 10/01/31
|
10/21 at 100.00
|
AA
|
523,875
|
|
|
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding
|
|
|
|
|
|
School Building & Site Series 2016:
|
|
|
|
|
4,205
|
5.000%, 5/01/28 – AGM Insured
|
5/26 at 100.00
|
AA
|
5,162,563
|
|
1,000
|
5.000%, 5/01/38 – AGM Insured
|
5/26 at 100.00
|
AA
|
1,203,170
|
|
|
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, School
|
|
|
|
|
|
Building & Site Series 2019:
|
|
|
|
|
1,000
|
5.000%, 11/01/36 – AGM Insured
|
5/29 at 100.00
|
AA
|
1,281,360
|
|
1,100
|
5.000%, 11/01/41 – AGM Insured
|
5/29 at 100.00
|
AA
|
1,385,989
|
|
1,850
|
5.000%, 11/01/43 – AGM Insured
|
5/29 at 100.00
|
AA
|
2,316,958
|
|
1,265
|
Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017,
|
5/27 at 100.00
|
Aa3
|
1,574,153
|
|
|
5.000%, 5/01/30
|
|
|
|
|
1,675
|
Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities Series
|
4/27 at 100.00
|
AA+
|
2,126,463
|
|
|
2017, 5.000%, 4/01/30
|
|
|
|
|
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016:
|
|
|
|
|
1,000
|
5.000%, 6/01/31
|
6/26 at 100.00
|
AAA
|
1,250,020
|
|
1,445
|
5.000%, 6/01/34
|
6/26 at 100.00
|
AAA
|
1,787,826
|
|
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2017A:
|
|
|
|
|
1,570
|
5.000%, 6/01/36
|
6/27 at 100.00
|
AAA
|
1,971,779
|
|
1,650
|
5.000%, 6/01/37
|
6/27 at 100.00
|
AAA
|
2,065,272
|
|
1,025
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34
|
1/25 at 100.00
|
AAA
|
1,200,675
|
|
3,440
|
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015,
|
1/25 at 100.00
|
AAA
|
4,037,562
|
|
|
5.000%, 1/01/31
|
|
|
|
|
|
Lake Saint Claire Clean Water Drain Drainage District, Macomb County, Michigan, General
|
|
|
|
|
|
Obligation Bonds, Series 2013:
|
|
|
|
|
1,000
|
5.000%, 10/01/25
|
10/23 at 100.00
|
AA+
|
1,142,470
|
|
1,020
|
5.000%, 10/01/26
|
10/23 at 100.00
|
AA+
|
1,164,983
|
|
|
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I:
|
|
|
|
|
2,085
|
5.000%, 5/01/38
|
5/26 at 100.00
|
AA
|
2,528,938
|
|
2,200
|
5.000%, 5/01/41
|
5/26 at 100.00
|
AA
|
2,650,978
|
|
|
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Unlimited
|
|
|
|
|
|
Tax, Series 2019:
|
|
|
|
|
1,325
|
5.000%, 5/01/40
|
5/29 at 100.00
|
AA
|
1,674,495
|
|
1,000
|
5.000%, 5/01/41
|
5/29 at 100.00
|
AA
|
1,259,070
|
|
1,500
|
Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of
|
11/28 at 100.00
|
Aa3
|
1,851,960
|
|
|
Wayne Criminal Justice Center Project, Senior Lien Series 2018, 5.000%, 11/01/43
|
|
|
|
|
4,000
|
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A,
|
12/21 at 100.00
|
Aa1
|
4,239,400
|
|
|
5.000%, 12/01/22
|
|
|
|
|
7,500
|
Monroe Public Schools, Monroe County, Michigan, General Obligation Bonds, School
|
5/30 at 100.00
|
AA
|
9,489,225
|
|
|
Building & Site Series 2020I, 5.000%, 5/01/50, (WI/DD, Settling 9/09/20)
|
|
|
|
|
1,000
|
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%,
|
No Opt. Call
|
Aa2
|
1,064,830
|
|
|
5/01/22 – NPFG Insured
|
|
|
|
|
2,945
|
Muskegon Community College District, Michigan, General Obligation Bonds, Community
|
5/24 at 100.00
|
AA
|
3,307,117
|
|
|
Facility Series 2013I, 5.000%, 5/01/38
|
|
|
|
|
|
Muskegon County, Michigan, General Obligation Wastewater Bonds, Management System 1,
|
|
|
|
|
|
Refunding Series 2015:
|
|
|
|
|
1,350
|
5.000%, 11/01/33
|
11/25 at 100.00
|
AA
|
1,633,595
|
|
1,730
|
5.000%, 11/01/36
|
11/25 at 100.00
|
AA
|
2,087,591
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
|
Port Huron, Michigan, General Obligation Bonds, Limited Tax Refunding & Capital
|
|
|
|
|
|
Improvement Series 2011:
|
|
|
|
|
$ 1,585
|
5.000%, 10/01/31 – AGM Insured
|
10/21 at 100.00
|
AA
|
$ 1,663,156
|
|
640
|
5.250%, 10/01/37 – AGM Insured
|
10/21 at 100.00
|
AA
|
673,350
|
|
|
Port Huron, Michigan, General Obligation Bonds, Series 2011B:
|
|
|
|
|
530
|
5.000%, 10/01/31 – AGM Insured
|
10/21 at 100.00
|
AA
|
556,134
|
|
800
|
5.250%, 10/01/40 – AGM Insured
|
10/21 at 100.00
|
AA
|
841,336
|
|
1,510
|
Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax
|
4/28 at 100.00
|
AA+
|
1,858,493
|
|
|
Series 2018, 5.000%, 4/01/43
|
|
|
|
|
1,435
|
South Haven Public Schools, Van Buren Couty, Michigan, General Obligation Bonds, School
|
5/24 at 100.00
|
AA
|
1,653,063
|
|
|
Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured
|
|
|
|
|
550
|
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding
|
5/25 at 100.00
|
AA
|
665,742
|
|
|
Series 2015, 5.000%, 5/01/26
|
|
|
|
|
675
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation
|
10/29 at 100.00
|
Aa2
|
780,388
|
|
|
Certificates, Refunding Series 2019A, 4.000%, 10/01/38
|
|
|
|
|
1,600
|
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation
|
11/23 at 100.00
|
Aa1
|
1,810,112
|
|
|
Bonds, School Building & Site Series 2014, 5.000%, 5/01/40
|
|
|
|
|
2,000
|
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation
|
5/29 at 100.00
|
Aa1
|
2,523,340
|
|
|
Bonds, School Building & Site Series 2019, 5.000%, 5/01/49
|
|
|
|
|
2,500
|
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation
|
5/30 at 100.00
|
Aa1
|
3,200,675
|
|
|
Bonds, School Building & Site Series 2020, 5.000%, 5/01/45, (WI/DD, Settling 9/01/20)
|
|
|
|
|
2,590
|
West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds,
|
5/27 at 100.00
|
AA
|
3,154,542
|
|
|
School Building & Site Series 2017, 5.000%, 5/01/36 – AGM Insured
|
|
|
|
|
875
|
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF
|
No Opt. Call
|
Aa2
|
991,953
|
|
|
Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured
|
|
|
|
|
96,870
|
Total Tax Obligation/General
|
|
|
111,477,793
|
|
|
Tax Obligation/Limited – 22.7% (13.7% of Total Investments)
|
|
|
|
|
4,400
|
Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst
|
7/24 at 100.00
|
AA
|
4,925,844
|
|
|
Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured
|
|
|
|
|
2,200
|
Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment
|
2/24 at 103.00
|
N/R
|
2,346,366
|
|
|
Bonds, Series 2013A, 5.950%, 2/01/42
|
|
|
|
|
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit
|
|
|
|
|
|
Regional Convention Facility Authority Local Project, Series 2014H-1:
|
|
|
|
|
2,000
|
5.000%, 10/01/24
|
10/23 at 100.00
|
AA–
|
2,283,300
|
|
2,000
|
5.000%, 10/01/25
|
10/24 at 100.00
|
AA–
|
2,367,180
|
|
11,025
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
12,631,453
|
|
1,845
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/23 at 100.00
|
Aa2
|
2,096,252
|
|
|
2013-I-A, 5.000%, 10/15/29
|
|
|
|
|
4,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/25 at 100.00
|
Aa2
|
4,774,600
|
|
|
2015-I, 5.000%, 4/15/38
|
|
|
|
|
2,500
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/26 at 100.00
|
Aa2
|
2,984,750
|
|
|
2016-I, 5.000%, 10/15/46
|
|
|
|
|
1,950
|
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015,
|
11/24 at 100.00
|
AA+
|
2,301,019
|
|
|
5.000%, 11/15/29
|
|
|
|
|
15,330
|
Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program Series 2020B, 4.000%,
|
11/30 at 100.00
|
AA+
|
18,042,490
|
|
|
11/15/45 (UB), (WI/DD, Settling 9/10/20)
|
|
|
|
|
|
Michigan State, Trunk Line Fund Bonds, Series 2011:
|
|
|
|
|
1,100
|
5.000%, 11/15/24
|
11/21 at 100.00
|
AA+
|
1,162,953
|
|
1,750
|
5.000%, 11/15/29
|
11/21 at 100.00
|
AA+
|
1,845,988
|
|
1,605
|
5.000%, 11/15/31
|
11/21 at 100.00
|
AA+
|
1,692,440
|
|
1,160
|
4.000%, 11/15/32
|
11/21 at 100.00
|
AA+
|
1,201,540
|
|
1,970
|
5.000%, 11/15/36
|
11/21 at 100.00
|
AA+
|
2,075,848
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
|
|
|
|
|
$ 5,281
|
4.500%, 7/01/34
|
7/25 at 100.00
|
N/R
|
$ 5,589,305
|
|
3,730
|
4.550%, 7/01/40
|
7/28 at 100.00
|
N/R
|
3,972,375
|
|
1,370
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured
|
7/28 at 100.00
|
N/R
|
1,459,023
|
|
|
Cofina Project Series 2019A-2A, 4.550%, 7/01/40
|
|
|
|
|
65,216
|
Total Tax Obligation/Limited
|
|
|
73,752,726
|
|
|
Transportation – 5.0% (3.0% of Total Investments)
|
|
|
|
|
5,110
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A,
|
1/29 at 100.00
|
A+
|
5,877,726
|
|
|
4.000%, 1/01/44
|
|
|
|
|
4,500
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
|
No Opt. Call
|
A1
|
4,753,170
|
|
|
Refunding Series 2011A, 5.000%, 12/01/21 (AMT)
|
|
|
|
|
1,000
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne
|
12/27 at 100.00
|
A1
|
1,191,990
|
|
|
County Airport, Senior Series 2017A, 5.000%, 12/01/42
|
|
|
|
|
4,000
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne
|
12/22 at 100.00
|
AA
|
4,327,560
|
|
|
County Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured
|
|
|
|
|
14,610
|
Total Transportation
|
|
|
16,150,446
|
|
|
U.S. Guaranteed – 11.1% (6.7% of Total Investments) (5)
|
|
|
|
|
|
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System,
|
|
|
|
|
|
Refunding Series 2011C:
|
|
|
|
|
5,500
|
5.000%, 1/15/31 (Pre-refunded 1/15/22)
|
1/22 at 100.00
|
AA
|
5,862,395
|
|
2,000
|
5.000%, 1/15/42 (Pre-refunded 1/15/22)
|
1/22 at 100.00
|
AA
|
2,131,780
|
|
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option
|
|
|
|
|
|
Bond Trust 2016-XF0394:
|
|
|
|
|
1,110
|
18.025%, 7/01/37 (Pre-refunded 7/01/21), 144A (IF) (4)
|
7/21 at 100.00
|
AA–
|
1,288,288
|
|
1,700
|
18.025%, 7/01/37 (Pre-refunded 7/01/21), 144A (IF) (4)
|
7/21 at 100.00
|
AA–
|
1,973,054
|
|
5,505
|
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center,
|
6/22 at 100.00
|
N/R
|
5,962,576
|
|
|
Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22)
|
|
|
|
|
75
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group,
|
6/26 at 100.00
|
N/R
|
94,388
|
|
|
Refunding Series 2016MI, 5.000%, 12/01/45 (Pre-refunded 6/01/26)
|
|
|
|
|
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding
|
|
|
|
|
|
Series 2011MI:
|
|
|
|
|
35
|
5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R
|
37,055
|
|
9,615
|
5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AA–
|
10,192,092
|
|
1,135
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012,
|
10/22 at 100.00
|
AAA
|
1,248,057
|
|
|
5.000%, 10/01/32 (Pre-refunded 10/01/22)
|
|
|
|
|
2,450
|
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing
|
12/20 at 101.00
|
N/R
|
2,504,782
|
|
|
Revenue Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Pre-refunded
|
|
|
|
|
|
12/01/20) (AMT)
|
|
|
|
|
390
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series
|
10/20 at 100.00
|
AAA
|
391,533
|
|
|
2010, 5.000%, 10/01/26 (Pre-refunded 10/01/20)
|
|
|
|
|
1,755
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St John’s
|
10/20 at 100.00
|
N/R
|
1,897,471
|
|
|
Health System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)
|
|
|
|
|
1,000
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group,
|
6/22 at 100.00
|
AA–
|
1,083,120
|
|
|
Series 2009C, 5.000%, 12/01/48 (Pre-refunded 6/01/22)
|
|
|
|
|
1,475
|
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds,
|
5/21 at 100.00
|
AA
|
1,517,657
|
|
|
Refunding Series 2011, 4.500%, 5/01/31 (Pre-refunded 5/01/21) – AGM Insured
|
|
|
|
|
33,745
|
Total U.S. Guaranteed
|
|
|
36,184,248
|
|
|
Utilities – 12.0% (7.2% of Total Investments)
|
|
|
|
|
|
Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A:
|
|
|
|
|
2,750
|
5.000%, 7/01/33
|
7/21 at 100.00
|
AA
|
2,853,125
|
|
6,020
|
5.000%, 7/01/39
|
7/21 at 100.00
|
AA
|
6,248,820
|
|
6,665
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2019A,
|
7/29 at 100.00
|
AA–
|
8,437,357
|
|
|
5.000%, 7/01/48
|
|
|
|
NUM
|
Nuveen Michigan Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Utilities (continued)
|
|
|
|
|
|
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A:
|
|
|
|
|
$ 75
|
5.000%, 7/01/32
|
7/26 at 100.00
|
AA–
|
$ 91,117
|
|
500
|
5.000%, 7/01/33
|
7/26 at 100.00
|
AA–
|
604,465
|
|
|
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:
|
|
|
|
|
1,900
|
5.000%, 1/01/27
|
1/22 at 100.00
|
A2
|
1,995,912
|
|
4,530
|
5.000%, 1/01/43
|
1/22 at 100.00
|
A2
|
4,736,523
|
|
|
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding
|
|
|
|
|
|
Series 2011:
|
|
|
|
|
1,760
|
5.000%, 1/01/24 – AGM Insured
|
1/21 at 100.00
|
AA
|
1,786,294
|
|
1,990
|
5.000%, 1/01/25 – AGM Insured
|
1/21 at 100.00
|
AA
|
2,019,532
|
|
2,180
|
5.000%, 1/01/26 – AGM Insured
|
1/21 at 100.00
|
AA
|
2,212,417
|
|
290
|
5.000%, 1/01/27 – AGM Insured
|
1/21 at 100.00
|
AA
|
294,304
|
|
3,640
|
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison
|
No Opt. Call
|
Aa3
|
3,797,321
|
|
|
Company, Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured
|
|
|
|
|
500
|
Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds,
|
5/29 at 100.00
|
A3
|
605,430
|
|
|
Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series
|
|
|
|
|
|
2019B, 5.000%, 11/01/36, 144A
|
|
|
|
|
2,700
|
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 –
|
10/25 at 100.00
|
AA
|
3,165,777
|
|
|
BAM Insured
|
|
|
|
|
35,500
|
Total Utilities
|
|
|
38,848,394
|
|
|
Water and Sewer – 17.3% (10.5% of Total Investments)
|
|
|
|
|
15
|
Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series
|
10/20 at 100.00
|
AA
|
15,058
|
|
|
2004A, 5.000%, 7/01/34 – AGM Insured
|
|
|
|
|
1,700
|
Downriver Utility Wastewater Authority, Michigan, Sewer System Revenue Bonds, Series
|
4/28 at 100.00
|
AA
|
2,056,082
|
|
|
2018, 5.000%, 4/01/43 – AGM Insured
|
|
|
|
|
1,690
|
Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A,
|
10/28 at 100.00
|
Aa3
|
1,942,114
|
|
|
4.000%, 10/01/44
|
|
|
|
|
|
Grand Rapids, Kent County, Michigan, Sanitary Sewer System Revenue Bonds, Improvement &
|
|
|
|
|
|
Refunding Series 2020:
|
|
|
|
|
2,000
|
5.000%, 1/01/45
|
1/30 at 100.00
|
AA
|
2,555,920
|
|
1,000
|
4.000%, 1/01/50
|
1/30 at 100.00
|
AA
|
1,170,930
|
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding
|
|
|
|
|
|
Series 2014:
|
|
|
|
|
1,000
|
5.000%, 1/01/32
|
1/24 at 100.00
|
AA
|
1,144,720
|
|
1,000
|
5.000%, 1/01/33
|
1/24 at 100.00
|
AA
|
1,143,650
|
|
1,000
|
5.000%, 1/01/34
|
1/24 at 100.00
|
AA
|
1,142,940
|
|
1,855
|
5.000%, 1/01/44
|
1/24 at 100.00
|
AA
|
2,110,267
|
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018:
|
|
|
|
|
2,500
|
5.000%, 1/01/43
|
1/28 at 100.00
|
AA
|
3,070,250
|
|
1,055
|
5.000%, 1/01/48
|
1/28 at 100.00
|
AA
|
1,287,216
|
|
|
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2020:
|
|
|
|
|
2,400
|
5.000%, 1/01/40 (UB) (4)
|
1/30 at 100.00
|
AA
|
3,107,232
|
|
1,870
|
5.000%, 1/01/45 (UB) (4)
|
1/30 at 100.00
|
AA
|
2,389,785
|
|
3,000
|
5.000%, 1/01/50 (UB) (4)
|
1/30 at 100.00
|
AA
|
3,811,080
|
|
1,005
|
Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding
|
7/26 at 100.00
|
A+
|
1,222,432
|
|
|
Second Lien Series 2016C, 5.000%, 7/01/32
|
|
|
|
|
6,245
|
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien
|
7/26 at 100.00
|
AA–
|
7,572,500
|
|
|
Series 2016C, 5.000%, 7/01/32
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Water and Sewer (continued)
|
|
|
|
|
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
|
|
|
|
|
|
Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C:
|
|
|
|
|
$ 4,665
|
5.000%, 7/01/34
|
7/25 at 100.00
|
A+
|
$ 5,482,541
|
|
1,070
|
5.000%, 7/01/35
|
7/25 at 100.00
|
A+
|
1,255,324
|
|
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
|
|
|
|
|
|
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1:
|
|
|
|
|
1,500
|
5.000%, 7/01/35 – AGM Insured
|
7/24 at 100.00
|
AA
|
1,702,530
|
|
1,220
|
5.000%, 7/01/37 – AGM Insured
|
7/24 at 100.00
|
AA
|
1,379,356
|
|
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate
|
|
|
|
|
|
Refunding Series 2013:
|
|
|
|
|
1,955
|
5.000%, 10/01/22
|
No Opt. Call
|
AAA
|
2,149,523
|
|
3,200
|
5.000%, 10/01/25
|
10/22 at 100.00
|
AAA
|
3,521,952
|
|
90
|
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series
|
10/20 at 100.00
|
AAA
|
90,344
|
|
|
2004, 5.000%, 10/01/23
|
|
|
|
|
|
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:
|
|
|
|
|
500
|
5.250%, 10/01/31
|
10/21 at 100.00
|
A–
|
525,330
|
|
1,500
|
5.625%, 10/01/40
|
10/21 at 100.00
|
A–
|
1,582,545
|
|
2,415
|
Saint Charles County Public Water Supply District 2, Missouri, Certificates of
|
12/25 at 100.00
|
AA+
|
2,661,377
|
|
|
Participation, Missouri Project Series 2019, 4.000%, 12/01/41
|
|
|
|
|
47,450
|
Total Water and Sewer
|
|
|
56,092,998
|
|
$ 474,436
|
Total Long-Term Investments (cost $499,260,728)
|
|
|
536,942,981
|
|
|
Floating Rate Obligations – (9.3)%
|
|
|
(30,340,000)
|
|
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (53.2)% (6)
|
|
|
(172,883,943)
|
|
|
Other Assets Less Liabilities – (2.8)%
|
|
|
(8,868,838)
|
|
|
Net Asset Applicable to Common Shares – 100%
|
|
|
$ 324,850,200
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic
principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of
split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings
designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(6)
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 32.2%.
|
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
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a
similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives Inverse Floating Rate Securities for more
information.
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
See accompanying notes to financial statements.
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
|
|
Portfolio of Investments
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 150.7% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 150.3% (99.7% of Total Investments)
|
|
|
|
|
|
Consumer Discretionary – 0.8% (0.5% of Total Investments)
|
|
|
|
|
$ 2,680
|
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds,
|
12/29 at 100.00
|
BBB–
|
$ 2,576,338
|
|
|
Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51
|
|
|
|
|
|
Consumer Staples – 4.6% (3.0% of Total Investments)
|
|
|
|
|
20,605
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 22.36
|
N/R
|
2,994,319
|
|
|
Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2,
|
|
|
|
|
|
0.000%, 6/01/57
|
|
|
|
|
1,025
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 100.00
|
BBB+
|
1,133,865
|
|
|
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48
|
|
|
|
|
9,595
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 100.00
|
N/R
|
10,554,500
|
|
|
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55
|
|
|
|
|
31,225
|
Total Consumer Staples
|
|
|
14,682,684
|
|
|
Education and Civic Organizations – 12.0% (7.9% of Total Investments)
|
|
|
|
|
|
Lorain County Community College District, Ohio, General Receipts Revenue Bonds,
|
|
|
|
|
|
Refunding Series 2017:
|
|
|
|
|
1,305
|
5.000%, 12/01/32
|
6/27 at 100.00
|
Aa2
|
1,608,399
|
|
1,200
|
5.000%, 12/01/33
|
6/27 at 100.00
|
Aa2
|
1,473,600
|
|
505
|
5.000%, 12/01/34
|
6/27 at 100.00
|
Aa2
|
618,615
|
|
|
Miami University of Ohio, General Receipts Bonds, Refunding Series 2011:
|
|
|
|
|
130
|
5.000%, 9/01/33
|
9/21 at 100.00
|
AA
|
135,879
|
|
1,960
|
5.000%, 9/01/36
|
9/21 at 100.00
|
AA
|
2,046,612
|
|
|
Miami University of Ohio, General Receipts Bonds, Refunding Series 2014:
|
|
|
|
|
4,375
|
5.000%, 9/01/33
|
9/24 at 100.00
|
AA
|
5,118,181
|
|
2,500
|
4.000%, 9/01/39
|
9/24 at 100.00
|
AA
|
2,731,975
|
|
2,585
|
Miami University of Ohio, General Receipts Bonds, Refunding Series 2017, 5.000%, 9/01/41
|
9/26 at 100.00
|
AA
|
3,086,206
|
|
1,125
|
Miami University of Ohio, General Receipts Bonds, Refunding Series 2020A, 4.000%, 9/01/45
|
9/30 at 100.00
|
AA
|
1,314,653
|
|
|
Miami University of Ohio, General Receipts Bonds, Series 2012:
|
|
|
|
|
480
|
4.000%, 9/01/32
|
9/22 at 100.00
|
AA
|
505,546
|
|
1,000
|
4.000%, 9/01/33
|
9/22 at 100.00
|
AA
|
1,051,600
|
|
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University
|
|
|
|
|
|
Project, Series 2012:
|
|
|
|
|
120
|
5.000%, 11/01/27
|
5/22 at 100.00
|
AA
|
128,462
|
|
590
|
5.000%, 11/01/32
|
5/22 at 100.00
|
AA
|
627,288
|
|
5,000
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton,
|
12/22 at 100.00
|
A+
|
5,321,300
|
|
|
Refunding Series 2013, 5.000%, 12/01/43
|
|
|
|
|
1,000
|
Ohio State University, General Receipts Bonds, Multiyear Debt Issuance Program, Series
|
No Opt. Call
|
Aa1
|
1,372,640
|
|
|
2020A, 5.000%, 12/01/29
|
|
|
|
|
1,000
|
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education
|
3/25 at 100.00
|
N/R
|
1,046,950
|
|
|
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015,
|
|
|
|
|
|
6.000%, 3/01/45
|
|
|
|
|
1,000
|
University of Cincinnati, Ohio, General Receipts Bonds, Green Bond Series 2014C,
|
12/24 at 100.00
|
AA–
|
1,138,790
|
|
|
5.000%, 6/01/41
|
|
|
|
|
3,175
|
University of Cincinnati, Ohio, General Receipts Bonds, Series 2016C, 5.000%, 6/01/46
|
6/26 at 100.00
|
AA–
|
3,709,479
|
|
1,375
|
University of Kentucky, General Receipts Bonds, University of Kentucky Mixed-Use Parking
|
5/29 at 100.00
|
AA–
|
1,575,035
|
|
|
Project, Series 2019A, 4.000%, 5/01/44
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
|
Youngstown State University, Ohio, General Receipts Bonds, Refunding Series 2017:
|
|
|
|
|
$ 1,555
|
5.000%, 12/15/29
|
12/26 at 100.00
|
A+
|
$ 1,886,231
|
|
1,670
|
5.000%, 12/15/30
|
12/26 at 100.00
|
A+
|
2,016,174
|
|
33,650
|
Total Education and Civic Organizations
|
|
|
38,513,615
|
|
|
Health Care – 14.4% (9.6% of Total Investments)
|
|
|
|
|
3,000
|
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,
|
5/23 at 100.00
|
AA–
|
3,244,050
|
|
|
Children’s Hospital Medical Center, Improvement Series 2013, 5.000%, 11/15/38
|
|
|
|
|
|
Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated
|
|
|
|
|
|
Group Project, Refunding & Improvement Series 2017:
|
|
|
|
|
2,250
|
5.000%, 12/01/37
|
12/27 at 100.00
|
A–
|
2,671,807
|
|
1,000
|
5.000%, 12/01/47
|
12/27 at 100.00
|
A–
|
1,166,020
|
|
2,945
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated
|
11/29 at 100.00
|
AA
|
3,369,463
|
|
|
Group, Series 2019A, 4.000%, 11/15/43
|
|
|
|
|
1,660
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,
|
8/29 at 100.00
|
BBB+
|
1,830,050
|
|
|
Series 2019A-2, 4.000%, 8/01/49
|
|
|
|
|
2,400
|
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center
|
6/23 at 100.00
|
Ba2
|
2,498,304
|
|
|
Project, Series 2013, 5.000%, 6/15/43
|
|
|
|
|
1,730
|
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A,
|
12/27 at 100.00
|
AA–
|
2,074,305
|
|
|
5.000%, 12/01/47
|
|
|
|
|
200
|
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2019A,
|
12/29 at 100.00
|
AA–
|
227,936
|
|
|
4.000%, 12/01/49
|
|
|
|
|
300
|
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc,
|
10/20 at 100.00
|
A–
|
300,891
|
|
|
Refunding Series 2008C, 6.000%, 8/15/43
|
|
|
|
|
820
|
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health
|
8/21 at 100.00
|
A2
|
854,924
|
|
|
Center Project, Refunding Series 2011, 5.250%, 8/01/41
|
|
|
|
|
6,105
|
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System
|
2/23 at 100.00
|
BB+
|
6,333,754
|
|
|
Obligated Group Project, Series 2013, 5.000%, 2/15/44
|
|
|
|
|
4,500
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant
|
11/29 at 100.00
|
AA–
|
5,103,900
|
|
|
Health Obligated Group, Series 2019A, 4.000%, 11/01/49
|
|
|
|
|
|
Ohio Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health
|
|
|
|
|
|
System Project, Series 2010:
|
|
|
|
|
1,520
|
5.250%, 11/15/40 – AGM Insured
|
10/20 at 100.00
|
AA
|
1,523,891
|
|
555
|
5.750%, 11/15/40 – AGM Insured
|
10/20 at 100.00
|
AA
|
556,643
|
|
2,090
|
Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group,
|
1/28 at 100.00
|
AA
|
2,614,883
|
|
|
Refunding Series 2017A, 5.000%, 1/01/33
|
|
|
|
|
|
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc,
|
|
|
|
|
|
Series 2013A:
|
|
|
|
|
1,000
|
5.000%, 1/15/28
|
1/23 at 100.00
|
A
|
1,087,760
|
|
2,000
|
5.000%, 1/15/29
|
1/23 at 100.00
|
A
|
2,170,840
|
|
555
|
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series
|
8/29 at 100.00
|
BBB+
|
615,623
|
|
|
2019A-1, 4.000%, 8/01/44
|
|
|
|
|
|
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood
|
|
|
|
|
|
County Hospital Project, Series 2012:
|
|
|
|
|
2,670
|
5.000%, 12/01/37
|
12/22 at 100.00
|
Ba3
|
2,717,579
|
|
5,510
|
5.000%, 12/01/42
|
12/22 at 100.00
|
Ba3
|
5,574,136
|
|
46,810
|
Total Health Care
|
|
|
46,536,759
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Housing/Multifamily – 1.1% (0.7% of Total Investments)
|
|
|
|
|
$ 115
|
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds,
|
10/20 at 100.00
|
Aaa
|
$ 115,439
|
|
|
Agler Project, Series 2002A, 5.550%, 5/20/22 (AMT)
|
|
|
|
|
3,265
|
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower
|
10/20 at 100.00
|
Aa1
|
3,272,118
|
|
|
Apartments Project, Series 2007, 5.250%, 9/20/47 (AMT)
|
|
|
|
|
3,380
|
Total Housing/Multifamily
|
|
|
3,387,557
|
|
|
Industrials – 1.2% (0.8% of Total Investments)
|
|
|
|
|
3,495
|
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation
|
No Opt. Call
|
A3
|
3,741,013
|
|
|
Inc, Series 1992, 6.450%, 12/15/21
|
|
|
|
|
|
Tax Obligation/General – 16.3% (10.8% of Total Investments)
|
|
|
|
|
2,500
|
Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds,
|
11/27 at 100.00
|
AA
|
3,023,800
|
|
|
School Facilities Construction & Improvement Series 2017, 5.000%, 11/01/54
|
|
|
|
|
1,050
|
Cleveland, Ohio, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 12/01/43
|
6/28 at 100.00
|
AA+
|
1,304,132
|
|
|
Columbus City School District, Franklin County, Ohio, General Obligation Bonds,
|
|
|
|
|
|
Refunding Series 2006:
|
|
|
|
|
4,310
|
0.000%, 12/01/27 – AGM Insured
|
No Opt. Call
|
AA
|
3,987,224
|
|
5,835
|
0.000%, 12/01/28 – AGM Insured
|
No Opt. Call
|
AA
|
5,275,774
|
|
2,250
|
Columbus, Ohio, General Obligation Bonds, Various Purpose Series 2018A, 5.000%, 4/01/29
|
10/28 at 100.00
|
AAA
|
2,999,857
|
|
|
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015:
|
|
|
|
|
900
|
5.000%, 12/01/32
|
12/25 at 100.00
|
Aaa
|
1,096,650
|
|
1,000
|
5.000%, 12/01/34
|
12/25 at 100.00
|
Aaa
|
1,213,330
|
|
1,730
|
Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31
|
12/23 at 100.00
|
AAA
|
1,983,964
|
|
|
Gallia County Local School District, Gallia and Jackson Counties, Ohio, General
|
|
|
|
|
|
Obligation Bonds, Refunding School Improvement Series 2014:
|
|
|
|
|
1,260
|
5.000%, 11/01/30
|
11/24 at 100.00
|
Aa2
|
1,474,162
|
|
1,540
|
5.000%, 11/01/31
|
11/24 at 100.00
|
Aa2
|
1,798,997
|
|
1,005
|
Grandview Heights City School District, Franklin County, Ohio, General Obligation Bonds,
|
6/29 at 100.00
|
AA+
|
1,254,702
|
|
|
School Facilities Construction & Improvement Series 2019, 5.000%, 12/01/53
|
|
|
|
|
2,160
|
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series
|
No Opt. Call
|
Aa1
|
2,149,978
|
|
|
2011, 0.000%, 12/01/21
|
|
|
|
|
4,500
|
Middletown City School District, Butler County, Ohio, General Obligation Bonds,
|
No Opt. Call
|
A2
|
6,189,570
|
|
|
Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
|
|
|
|
|
1,305
|
Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series
|
No Opt. Call
|
Aa3
|
1,582,900
|
|
|
2006, 5.500%, 12/01/24 – AMBAC Insured
|
|
|
|
|
|
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2018V:
|
|
|
|
|
2,500
|
5.000%, 5/01/33
|
5/28 at 100.00
|
AAA
|
3,223,450
|
|
1,250
|
5.000%, 5/01/34
|
5/28 at 100.00
|
AAA
|
1,606,662
|
|
4,000
|
Southwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation
|
1/28 at 100.00
|
Aa2
|
4,440,120
|
|
|
Bonds, School Improvement Series 2018A, 4.000%, 1/15/55
|
|
|
|
|
1,500
|
Springboro Community City School District, Warren County, Ohio, General Obligation
|
No Opt. Call
|
AA
|
2,108,220
|
|
|
Bonds, Refunding Series 2007, 5.250%, 12/01/32
|
|
|
|
|
4,000
|
Sycamore Community School District, Hamilton County, Ohio, General Obligation Bonds,
|
6/29 at 100.00
|
AAA
|
4,672,320
|
|
|
School Improvement Series 2020, 4.000%, 12/01/45
|
|
|
|
|
1,000
|
Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds,
|
12/27 at 100.00
|
AAA
|
1,228,280
|
|
|
School Facilities & Improvement Series 2018A, 5.000%, 12/01/48
|
|
|
|
|
45,595
|
Total Tax Obligation/General
|
|
|
52,614,092
|
|
|
Tax Obligation/Limited – 31.2% (20.7% of Total Investments)
|
|
|
|
|
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
|
|
|
|
|
|
Lien Series 2017B-2:
|
|
|
|
|
1,250
|
5.000%, 10/01/31
|
4/28 at 100.00
|
AA
|
1,575,325
|
|
1,000
|
5.000%, 10/01/32
|
4/28 at 100.00
|
AA
|
1,248,480
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
|
Cleveland, Ohio, Income Tax Revenue Bonds, Subordinate Lien Improvement and Refunding
|
|
|
|
|
|
Series 2017A-2:
|
|
|
|
|
$ 435
|
5.000%, 10/01/30
|
10/27 at 100.00
|
AA
|
$ 545,468
|
|
700
|
5.000%, 10/01/33
|
10/27 at 100.00
|
AA
|
862,120
|
|
1,000
|
Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds,
|
No Opt. Call
|
N/R
|
1,031,390
|
|
|
Easton Project, Series 2020, 5.000%, 6/01/28, 144A
|
|
|
|
|
6,750
|
Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention
|
12/20 at 100.00
|
AA
|
6,820,133
|
|
|
Center Project, Recovery Zone Facility Series 2010F, 5.000%, 12/01/27
|
|
|
|
|
|
Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014:
|
|
|
|
|
1,815
|
5.000%, 12/01/32
|
12/24 at 100.00
|
AAA
|
2,129,013
|
|
1,415
|
5.000%, 12/01/33
|
12/24 at 100.00
|
AAA
|
1,656,583
|
|
1,000
|
5.000%, 12/01/34
|
12/24 at 100.00
|
AAA
|
1,170,270
|
|
945
|
5.000%, 12/01/35
|
12/24 at 100.00
|
AAA
|
1,105,480
|
|
1,920
|
Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44
|
12/25 at 100.00
|
Aa1
|
2,286,067
|
|
10,350
|
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue
|
12/24 at 100.00
|
Aa1
|
11,770,331
|
|
|
Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014,
|
|
|
|
|
|
5.000%, 12/01/35
|
|
|
|
|
2,500
|
Franklin County Convention Facilities Authority, Ohio, Lease Appropriation Bonds,
|
12/29 at 100.00
|
AA
|
3,008,125
|
|
|
Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/46
|
|
|
|
|
|
Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018:
|
|
|
|
|
2,120
|
5.000%, 6/01/36
|
6/28 at 100.00
|
AAA
|
2,701,707
|
|
1,155
|
5.000%, 6/01/37
|
6/28 at 100.00
|
AAA
|
1,467,312
|
|
6,500
|
5.000%, 6/01/43
|
6/28 at 100.00
|
AAA
|
8,135,010
|
|
5,535
|
5.000%, 6/01/48
|
6/28 at 100.00
|
AAA
|
6,888,418
|
|
1,000
|
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital
|
12/25 at 100.00
|
AA+
|
1,201,370
|
|
|
Improvement Bonds, Refunding Series 2015, 5.000%, 12/01/34
|
|
|
|
|
5,565
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 –
|
No Opt. Call
|
AA
|
4,869,486
|
|
|
AGM Insured
|
|
|
|
|
5,000
|
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31
|
12/21 at 100.00
|
A1
|
5,227,200
|
|
6,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/29 at 100.00
|
Aa2
|
6,902,880
|
|
|
2019-I, 4.000%, 10/15/49
|
|
|
|
|
1,000
|
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds,
|
10/22 at 100.00
|
Aa3
|
1,094,010
|
|
|
Series 2012C, 5.000%, 10/01/24
|
|
|
|
|
2,000
|
Ohio State, Capital Facilities Lease Appropriation Bonds, Juvenile Correctional Building
|
4/29 at 100.00
|
AA
|
2,550,600
|
|
|
Fund Projects, Series 2019A, 5.000%, 4/01/37
|
|
|
|
|
1,250
|
Pickaway County, Ohio, Sales Tax Special Obligation Bonds, Series 2019, 5.000%, 12/01/48
|
12/28 at 100.00
|
AA
|
1,517,325
|
|
1,845
|
Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community
|
12/25 at 100.00
|
AA
|
2,070,828
|
|
|
Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured
|
|
|
|
|
400
|
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development
|
12/28 at 100.00
|
N/R
|
413,076
|
|
|
TIF Revenue Bonds, RBM Development – Phase 2B Project, Series 2018A, 6.000%, 12/01/50
|
|
|
|
|
1,000
|
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment
|
11/30 at 100.00
|
N/R
|
899,030
|
|
|
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood,
|
|
|
|
|
|
Senior Lien Series 2019A, 5.000%, 11/01/51
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds,
|
|
|
|
|
|
Restructured 2018A-1:
|
|
|
|
|
6,450
|
4.500%, 7/01/34
|
7/25 at 100.00
|
N/R
|
6,826,551
|
|
3,580
|
4.550%, 7/01/40
|
7/28 at 100.00
|
N/R
|
3,812,629
|
|
1,780
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured
|
7/28 at 100.00
|
N/R
|
1,895,664
|
|
|
Cofina Project Series 2019A-2A, 4.550%, 7/01/40
|
|
|
|
|
|
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Payable from City of
|
|
|
|
|
|
Columbus, Ohio Annual Rental Appropriations, Refunding Series 2012A:
|
|
|
|
|
1,645
|
5.000%, 12/01/23
|
12/22 at 100.00
|
AA+
|
1,817,626
|
|
1,200
|
5.000%, 12/01/24
|
12/22 at 100.00
|
AA+
|
1,323,648
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 765
|
Vermilion Local School District, Erie and Lorain Counties, Ohio, Certificates of
|
12/20 at 100.00
|
Aa3
|
$ 774,111
|
|
|
Participation, School Facilities Project, Series 2012, 5.000%, 12/01/24
|
|
|
|
|
2,450
|
Westerville City School District, Franklin and Delaware Counties, Ohio, Certificates of
|
12/27 at 100.00
|
Aa2
|
3,014,774
|
|
|
Participation, School Facilities Project, Series 2018, 5.000%, 12/01/39
|
|
|
|
|
89,320
|
Total Tax Obligation/Limited
|
|
|
100,612,040
|
|
|
Transportation – 16.9% (11.2% of Total Investments)
|
|
|
|
|
|
Dayton, Ohio, Airport Revenue Bonds, James M Cox International Airport, Series 2015B:
|
|
|
|
|
860
|
5.000%, 12/01/33 – AGM Insured
|
12/23 at 100.00
|
AA
|
958,178
|
|
500
|
5.000%, 12/01/34 – AGM Insured
|
12/23 at 100.00
|
AA
|
557,415
|
|
6,835
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A,
|
1/29 at 100.00
|
A+
|
7,861,890
|
|
|
4.000%, 1/01/44
|
|
|
|
|
|
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth
|
|
|
|
|
|
Bypass Project, Series 2015:
|
|
|
|
|
2,500
|
5.000%, 12/31/35 – AGM Insured (AMT)
|
6/25 at 100.00
|
AA
|
2,873,300
|
|
3,000
|
5.000%, 12/31/39 – AGM Insured (AMT)
|
6/25 at 100.00
|
AA
|
3,422,550
|
|
4,250
|
5.000%, 6/30/53 (AMT)
|
6/25 at 100.00
|
A3
|
4,746,698
|
|
2,050
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
|
2/23 at 100.00
|
Aa3
|
2,233,557
|
|
|
Series 2013A-1, 5.250%, 2/15/39
|
|
|
|
|
15,000
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien
|
2/28 at 100.00
|
Aa3
|
17,919,450
|
|
|
Series 2018A, 5.000%, 2/15/46 (UB) (4)
|
|
|
|
|
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien,
|
|
|
|
|
|
Capital Appreciation Series 2013A-2:
|
|
|
|
|
5,000
|
0.000%, 2/15/37
|
No Opt. Call
|
Aa3
|
3,424,250
|
|
11,260
|
0.000%, 2/15/38
|
No Opt. Call
|
Aa3
|
7,467,857
|
|
5,000
|
0.000%, 2/15/40
|
No Opt. Call
|
Aa3
|
3,105,350
|
|
56,255
|
Total Transportation
|
|
|
54,570,495
|
|
|
U.S. Guaranteed – 37.5% (24.9% of Total Investments) (5)
|
|
|
|
|
2,335
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.500%,
|
11/20 at 100.00
|
A
|
2,355,384
|
|
|
11/01/40 (Pre-refunded 11/01/20)
|
|
|
|
|
|
Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements,
|
|
|
|
|
|
Series 2012:
|
|
|
|
|
110
|
5.000%, 12/01/26 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R
|
118,841
|
|
245
|
5.000%, 12/01/28 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R
|
264,691
|
|
160
|
5.000%, 12/01/29 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
N/R
|
172,859
|
|
1,605
|
5.000%, 12/01/29 (Pre-refunded 6/01/22)
|
6/22 at 100.00
|
Aaa
|
1,738,408
|
|
875
|
Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding Series 2012A,
|
12/20 at 100.00
|
AA
|
885,526
|
|
|
5.000%, 12/01/32 (Pre-refunded 12/01/20)
|
|
|
|
|
8,150
|
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37
|
12/21 at 100.00
|
AAA
|
8,639,163
|
|
|
(Pre-refunded 12/01/21)
|
|
|
|
|
8,000
|
Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/46
|
12/26 at 100.00
|
AAA
|
10,325,280
|
|
|
(Pre-refunded 12/01/26)
|
|
|
|
|
|
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:
|
|
|
|
|
2,150
|
5.000%, 1/01/30 (Pre-refunded 1/01/22)
|
1/22 at 100.00
|
A
|
2,287,643
|
|
1,500
|
5.000%, 1/01/31 (Pre-refunded 1/01/22) – AGM Insured
|
1/22 at 100.00
|
AA
|
1,596,030
|
|
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
|
|
|
|
|
|
Lien Series 2013A-2:
|
|
|
|
|
1,315
|
5.000%, 10/01/27 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA
|
1,507,871
|
|
1,520
|
5.000%, 10/01/30 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA
|
1,742,938
|
|
1,600
|
5.000%, 10/01/31 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA
|
1,834,672
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
|
|
|
|
|
|
Lien Series 2015A-2:
|
|
|
|
|
$ 2,705
|
5.000%, 10/01/37 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
N/R
|
$ 3,083,781
|
|
8,045
|
5.000%, 10/01/37 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA+
|
9,198,170
|
|
3,000
|
Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series
|
11/23 at 100.00
|
AA
|
3,452,190
|
|
|
2014A-1, 5.000%, 11/15/38 (Pre-refunded 11/15/23)
|
|
|
|
|
2,035
|
Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42
|
1/22 at 100.00
|
AA+
|
2,165,281
|
|
|
(Pre-refunded 1/01/22)
|
|
|
|
|
190
|
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds,
|
No Opt. Call
|
Aa2
|
193,333
|
|
|
Series 1993G, 5.500%, 1/01/21 – NPFG Insured (ETM)
|
|
|
|
|
1,140
|
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School
|
11/21 at 100.00
|
A1
|
1,203,988
|
|
|
Facilities Improvement Series 2011, 5.000%, 11/01/39 (Pre-refunded 11/01/21) – AGM Insured
|
|
|
|
|
250
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A,
|
11/21 at 100.00
|
AA+
|
264,345
|
|
|
5.000%, 11/15/41 (Pre-refunded 11/15/21)
|
|
|
|
|
4,480
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option
|
11/21 at 100.00
|
AA+
|
4,994,125
|
|
|
Bond Trust 2016-XL0004, 5.000%, 11/15/41 (Pre-refunded 11/15/21), 144A (IF) (4)
|
|
|
|
|
|
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital
|
|
|
|
|
|
Improvement Bonds, Refunding Series 2012:
|
|
|
|
|
760
|
5.250%, 12/01/30 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AA+
|
807,979
|
|
600
|
5.000%, 12/01/31 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AA+
|
636,012
|
|
|
Greenville City School District, Drake County, Ohio, General Obligation Bonds, School
|
|
|
|
|
|
Improvement Series 2013:
|
|
|
|
|
555
|
5.250%, 1/01/38 (Pre-refunded 1/01/22)
|
1/22 at 100.00
|
AA
|
591,991
|
|
1,355
|
5.250%, 1/01/41 (Pre-refunded 1/01/22)
|
1/22 at 100.00
|
AA
|
1,445,311
|
|
3,225
|
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center,
|
6/21 at 100.00
|
A+
|
3,368,835
|
|
|
Series 2011A, 6.250%, 12/01/34 (Pre-refunded 6/01/21)
|
|
|
|
|
20,700
|
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien
|
1/23 at 100.00
|
AA+
|
23,009,085
|
|
|
Series 2013A, 5.000%, 1/01/38 (Pre-refunded 1/01/23)
|
|
|
|
|
3,965
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
|
11/21 at 100.00
|
BBB
|
4,239,100
|
|
|
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)
|
|
|
|
|
725
|
Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities
|
6/22 at 100.00
|
Aa3
|
785,929
|
|
|
Construction & Improvement Series 2012, 5.000%, 12/01/36 (Pre-refunded 6/01/22)
|
|
|
|
|
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds,
|
|
|
|
|
|
Refunding & Improvement Series 2014:
|
|
|
|
|
2,950
|
5.000%, 11/15/39 (Pre-refunded 11/15/24)
|
11/24 at 100.00
|
AA+
|
3,534,100
|
|
1,400
|
5.000%, 11/15/44 (Pre-refunded 11/15/24)
|
11/24 at 100.00
|
AA+
|
1,677,200
|
|
2,000
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series
|
5/23 at 100.00
|
AA+
|
2,255,740
|
|
|
2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23)
|
|
|
|
|
1,100
|
Ohio Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic
|
1/22 at 100.00
|
AA
|
1,169,663
|
|
|
Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 (Pre-refunded 1/01/22)
|
|
|
|
|
10,915
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
|
2/23 at 100.00
|
Aa3
|
12,182,013
|
|
|
Series 2013A-1, 5.000%, 2/15/48 (Pre-refunded 2/15/23)
|
|
|
|
|
1,000
|
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39
|
12/22 at 100.00
|
Aa3
|
1,106,370
|
|
|
(Pre-refunded 12/01/22)
|
|
|
|
|
5,000
|
South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban
|
6/22 at 100.00
|
Aa3
|
5,420,200
|
|
|
Redevelopment, Series 2012, 5.000%, 6/01/42 (Pre-refunded 6/01/22)
|
|
|
|
|
450
|
South-Western City School District, Franklin and Pickaway Counties, Ohio, General
|
6/22 at 100.00
|
AA
|
487,818
|
|
|
Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36
|
|
|
|
|
|
(Pre-refunded 6/01/22)
|
|
|
|
|
108,110
|
Total U.S. Guaranteed
|
|
|
120,741,865
|
NUO
|
Nuveen Ohio Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Utilities – 5.5% (3.7% of Total Investments)
|
|
|
|
|
$ 1,500
|
American Municipal Power Ohio Inc, Prairie State Energy Campus Project Revenue Bonds,
|
2/24 at 100.00
|
A1
|
$ 1,671,285
|
|
|
Series 2015A, 5.000%, 2/15/42
|
|
|
|
|
1,430
|
American Municipal Power, Inc, Ohio, Greenup Hydroelectric Project Revenue Bonds,
|
2/26 at 100.00
|
A1
|
1,677,705
|
|
|
Refunding Series 2016A, 5.000%, 2/15/41
|
|
|
|
|
1,660
|
American Municipal Power, Inc, Ohio, Solar Electricity Prepayment Project Revenue Bonds,
|
2/29 at 100.00
|
A
|
2,050,731
|
|
|
Green Bonds Series 2019A, 5.000%, 2/15/44
|
|
|
|
|
1,815
|
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33 –
|
No Opt. Call
|
A–
|
1,401,144
|
|
|
NPFG Insured
|
|
|
|
|
|
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2:
|
|
|
|
|
2,000
|
0.000%, 11/15/28 – NPFG Insured
|
No Opt. Call
|
A–
|
1,789,260
|
|
6,895
|
0.000%, 11/15/32 – NPFG Insured
|
No Opt. Call
|
A–
|
5,496,556
|
|
2,155
|
0.000%, 11/15/34 – NPFG Insured
|
No Opt. Call
|
A–
|
1,619,676
|
|
2,000
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
2,500
|
|
|
FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6)
|
|
|
|
|
950
|
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville
|
No Opt. Call
|
A1
|
839,885
|
|
|
Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured
|
|
|
|
|
1,000
|
Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds,
|
5/29 at 100.00
|
A3
|
1,200,260
|
|
|
Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series
|
|
|
|
|
|
2019B, 5.000%, 11/01/39, 144A
|
|
|
|
|
21,405
|
Total Utilities
|
|
|
17,749,002
|
|
|
Water and Sewer – 8.8% (5.9% of Total Investments)
|
|
|
|
|
3,380
|
Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, 4.000%, 10/01/44
|
10/28 at 100.00
|
Aa3
|
3,884,229
|
|
2,025
|
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 –
|
12/20 at 100.00
|
A2
|
2,040,329
|
|
|
AGM Insured
|
|
|
|
|
3,225
|
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2019,
|
12/29 at 100.00
|
AAA
|
4,175,891
|
|
|
5.000%, 6/01/44
|
|
|
|
|
2,290
|
Saint Charles County Public Water Supply District 2, Missouri, Certificates of
|
12/25 at 100.00
|
AA+
|
2,523,626
|
|
|
Participation, Missouri Project Series 2019, 4.000%, 12/01/41
|
|
|
|
|
|
Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013:
|
|
|
|
|
820
|
5.000%, 11/15/25
|
11/23 at 100.00
|
Aa3
|
935,956
|
|
605
|
5.000%, 11/15/26
|
11/23 at 100.00
|
Aa3
|
690,553
|
|
1,075
|
5.000%, 11/15/27
|
11/23 at 100.00
|
Aa3
|
1,225,543
|
|
695
|
5.000%, 11/15/28
|
11/23 at 100.00
|
Aa3
|
792,092
|
|
10,000
|
Toledo, Ohio, Water System Revenue Bonds, Refunding & Improvement Series 2016, 5.000%,
|
11/26 at 100.00
|
AA–
|
12,123,300
|
|
|
11/15/41 (UB) (4)
|
|
|
|
|
24,115
|
Total Water and Sewer
|
|
|
28,391,519
|
|
$ 462,040
|
Total Municipal Bonds (cost $440,008,476)
|
|
|
484,116,979
|
Shares
|
Description (1)
|
Value
|
|
|
COMMON STOCKS – 0.4% (0.3% of Total Investments)
|
|
|
|
Electric Utilities – 0.4% (0.3% of Total Investments)
|
|
|
64,677
|
Energy Harbor Corp (7), (8)
|
$ 1,245,032
|
|
|
Total Common Stocks (cost $1,843,715)
|
1,245,032
|
|
|
Total Long-Term Investments (cost $441,852,191)
|
485,362,011
|
|
|
Floating Rate Obligations – (6.2)%
|
(20,000,000)
|
|
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (45.9)% (9)
|
(147,774,316)
|
|
|
Other Assets Less Liabilities – 1.4%
|
4,536,664
|
|
|
Net Asset Applicable to Common Shares – 100%
|
$ 322,124,359
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic
principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of
split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings
designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(6)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
(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)
|
Common Stock received as part of the bankruptcy settlement for Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23.
|
(9)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.4%.
|
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
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a
similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives Inverse Floating Rate Securities for more
information.
|
|
See accompanying notes to financial statements.
|
|
NAZ
|
NUM
|
NUO
|
|||||||||
Assets
|
||||||||||||
Long-term investments, at value (cost $250,800,259, $499,260,728,
|
||||||||||||
and $441,852,191, respectively)
|
$
|
271,220,132
|
$
|
536,942,981
|
$
|
485,362,011
|
||||||
Cash
|
151,414
|
5,092,338
|
926,014
|
|||||||||
Receivable for interest
|
2,408,391
|
6,144,629
|
4,733,644
|
|||||||||
Other assets
|
3,070
|
62,995
|
30,555
|
|||||||||
Total assets
|
273,783,007
|
548,242,943
|
491,052,224
|
|||||||||
Liabilities
|
||||||||||||
Floating rate obligations
|
9,755,000
|
30,340,000
|
20,000,000
|
|||||||||
Payable for:
|
||||||||||||
Dividends
|
531,194
|
935,565
|
755,349
|
|||||||||
Interest
|
25,770
|
111,757
|
39,449
|
|||||||||
Investments purchased - regular settlement
|
98,000
|
—
|
—
|
|||||||||
Investments purchased - when-issued/delayed-delivery settlement
|
—
|
18,718,977
|
—
|
|||||||||
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred
|
||||||||||||
offering costs (liquidation preference $88,300,000, and $173,000,000, respectively)
|
88,228,275
|
172,883,943
|
—
|
|||||||||
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs
|
||||||||||||
(liquidation preference $-, $-, and $148,000,000 respectively)
|
—
|
—
|
147,774,316
|
|||||||||
Accrued expenses:
|
||||||||||||
Management fees
|
143,053
|
254,681
|
249,954
|
|||||||||
Trustees fees
|
3,272
|
65,377
|
32,047
|
|||||||||
Other
|
56,883
|
82,443
|
76,750
|
|||||||||
Total liabilities
|
98,841,447
|
223,392,743
|
168,927,865
|
|||||||||
Net assets applicable to common shares
|
$
|
174,941,560
|
$
|
324,850,200
|
$
|
322,124,359
|
||||||
Common shares outstanding
|
11,571,158
|
20,226,887
|
18,316,955
|
|||||||||
Net asset value (“NAV”) per common share outstanding
|
$
|
15.12
|
$
|
16.06
|
$
|
17.59
|
||||||
Net assets applicable to common shares consist of:
|
||||||||||||
Common shares, $0.01 par value per share
|
$
|
115,712
|
$
|
202,269
|
$
|
183,170
|
||||||
Paid-in-surplus
|
156,308,288
|
287,659,855
|
278,261,146
|
|||||||||
Total distributable earnings
|
18,517,560
|
36,988,076
|
43,680,043
|
|||||||||
Net assets applicable to common shares
|
$
|
174,941,560
|
$
|
324,850,200
|
$
|
322,124,359
|
||||||
Authorized Shares:
|
||||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||||
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
|
NAZ
|
NUM
|
NUO
|
|||||||||
Investment Income
|
$
|
5,095,040
|
$
|
9,161,997
|
$
|
8,332,858
|
||||||
Expenses
|
||||||||||||
Management fees
|
832,426
|
1,490,073
|
1,458,034
|
|||||||||
Interest expense and amortization of offering costs
|
748,442
|
1,427,396
|
1,404,070
|
|||||||||
Custodian fees
|
17,129
|
24,326
|
23,223
|
|||||||||
Trustees fees
|
3,922
|
7,503
|
7,060
|
|||||||||
Professional fees
|
17,221
|
21,508
|
24,585
|
|||||||||
Shareholder reporting expenses
|
10,148
|
17,795
|
22,281
|
|||||||||
Shareholder servicing agent fees
|
7,419
|
12,222
|
8,809
|
|||||||||
Stock exchange listing fees
|
3,296
|
3,296
|
3,296
|
|||||||||
Investor relations expenses
|
7,416
|
13,695
|
12,952
|
|||||||||
Other
|
15,596
|
21,123
|
35,429
|
|||||||||
Total expenses
|
1,663,015
|
3,038,937
|
2,999,739
|
|||||||||
Net investment income (loss)
|
3,432,025
|
6,123,060
|
5,333,119
|
|||||||||
Realized and Unrealized Gain (Loss)
|
||||||||||||
Net realized gain (loss) from investments
|
(204,502
|
)
|
145,086
|
101,677
|
||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(5,140,550
|
)
|
(6,717,665
|
)
|
(4,760,603
|
)
|
||||||
Net realized and unrealized gain (loss)
|
(5,345,052
|
)
|
(6,572,579
|
)
|
(4,658,926
|
)
|
||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||
common shares from operations
|
$
|
(1,913,027
|
)
|
$
|
(449,519
|
)
|
$
|
674,193
|
|
NAZ
|
NUM
|
||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
8/31/20
|
2/29/20
|
8/31/20
|
2/29/20
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
3,432,024
|
$
|
6,464,341
|
$
|
6,123,060
|
$
|
11,306,653
|
||||||||
Net realized gain (loss) from investments
|
(204,501
|
)
|
524,499
|
145,086
|
1,186,029
|
|||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(5,140,550
|
)
|
14,956,580
|
(6,717,665
|
)
|
23,567,577
|
||||||||||
Net increase (decrease) in net assets applicable
|
||||||||||||||||
to common shares from operations
|
(1,913,027
|
)
|
21,945,420
|
(449,519
|
)
|
36,060,259
|
||||||||||
Distributions to Common Shareholders
|
||||||||||||||||
Dividends
|
(3,169,340
|
)
|
(6,001,960
|
)
|
(5,703,982
|
)
|
(10,801,157
|
)
|
||||||||
Decrease in net assets applicable to common
|
||||||||||||||||
shares from distributions
|
(3,169,340
|
)
|
(6,001,960
|
)
|
(5,703,982
|
)
|
(10,801,157
|
)
|
||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares
|
(5,082,367
|
)
|
15,943,460
|
(6,153,501
|
)
|
25,259,102
|
||||||||||
Net assets applicable to common shares at the
|
||||||||||||||||
beginning of period
|
180,023,927
|
164,080,467
|
331,003,701
|
305,744,599
|
||||||||||||
Net assets applicable to common shares at
|
||||||||||||||||
the end of period
|
$
|
174,941,560
|
$
|
180,023,927
|
$
|
324,850,200
|
$
|
331,003,701
|
|
NUO
|
|||||||
|
Six Months
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
8/31/20
|
2/29/20
|
||||||
Operations
|
||||||||
Net investment income (loss)
|
$
|
5,333,117
|
$
|
8,418,469
|
||||
Net realized gain (loss) from investments
|
101,679
|
2,511,885
|
||||||
Change in net unrealized appreciation (depreciation) of investments
|
(4,760,603
|
)
|
28,274,554
|
|||||
Net increase (decrease) in net assets applicable
|
||||||||
to common shares from operations
|
674,193
|
39,204,908
|
||||||
Distributions to Common Shareholders
|
||||||||
Dividends
|
(4,835,676
|
)
|
(10,693,438
|
)
|
||||
Decrease in net assets applicable to common
|
||||||||
shares from distributions
|
(4,835,676
|
)
|
(10,693,438
|
)
|
||||
Net increase (decrease) in net assets applicable to
|
||||||||
common shares
|
(4,161,483
|
)
|
28,511,470
|
|||||
Net assets applicable to common shares at the
|
||||||||
beginning of period
|
326,285,842
|
297,774,372
|
||||||
Net assets applicable to common shares at
|
||||||||
the end of period
|
$
|
322,124,359
|
$
|
326,285,842
|
|
NAZ
|
NUM
|
NUO
|
|||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
(1,913,027
|
)
|
$
|
(449,519
|
)
|
$
|
674,193
|
||||
Adjustments to reconcile the net increase (decrease) in net assets
|
||||||||||||
applicable to common shares from operations to net cash provided
|
||||||||||||
by (used in) operating activities:
|
||||||||||||
Purchases of investments
|
(21,781,057
|
)
|
(50,566,746
|
)
|
(20,890,561
|
)
|
||||||
Proceeds from sales and maturities of investments
|
20,958,979
|
15,771,497
|
12,795,720
|
|||||||||
Taxes paid
|
—
|
(5,365
|
)
|
(13,392
|
)
|
|||||||
Amortization (Accretion) of premiums and discounts, net
|
980,822
|
1,804,067
|
1,293,568
|
|||||||||
Amortization of deferred offering costs
|
4,381
|
7,088
|
4,942
|
|||||||||
(Increase) Decrease in:
|
||||||||||||
Receivable for interest
|
(3,475
|
)
|
(6,367
|
)
|
(140,733
|
)
|
||||||
Receivable for investments sold
|
—
|
—
|
13,361,252
|
|||||||||
Other assets
|
(2,969
|
)
|
(1,852
|
)
|
578
|
|||||||
Increase (Decrease) in:
|
||||||||||||
Payable for interest
|
(4,607
|
)
|
25,368
|
(7,564
|
)
|
|||||||
Payable for investments purchased – regular settlement
|
98,000
|
—
|
(7,101,791
|
)
|
||||||||
Payable for investments purchased – when-issued/delayed-delivery settlement
|
(886,845
|
)
|
18,718,977
|
—
|
||||||||
Accrued management fees
|
9,738
|
18,568
|
19,290
|
|||||||||
Accrued Trustees fees
|
2,361
|
2,713
|
3,579
|
|||||||||
Accrued other expenses
|
(4,835
|
)
|
2,061
|
13,558
|
||||||||
Net realized (gain) loss from Investments
|
204,502
|
(145,086
|
)
|
(101,677
|
)
|
|||||||
Change in net unrealized appreciation (depreciation) of Investments
|
5,140,550
|
6,717,665
|
4,760,603
|
|||||||||
Net cash provided by (used in) operating activities
|
2,802,518
|
(8,106,931
|
)
|
4,671,565
|
||||||||
Cash Flows from Financing Activities:
|
||||||||||||
Proceeds from floating rate obligations
|
—
|
18,075,000
|
—
|
|||||||||
Cash distributions paid to common shareholders
|
(3,128,989
|
)
|
(5,620,662
|
)
|
(4,833,211
|
)
|
||||||
Net cash provided by (used in) financing activities
|
(3,128,989
|
)
|
12,454,338
|
(4,833,211
|
)
|
|||||||
Net Increase (Decrease) in Cash
|
(326,471
|
)
|
4,347,407
|
(161,646
|
)
|
|||||||
Cash at the beginning of period
|
477,885
|
744,931
|
1,087,660
|
|||||||||
Cash at the end of period
|
$
|
151,414
|
$
|
5,092,338
|
$
|
926,014
|
||||||
Supplemental Disclosure of Cash Flow Information
|
NAZ
|
NUM
|
NUO
|
|||||||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
748,668
|
$
|
1,394,941
|
$
|
1,406,692
|
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accum-
ulated Net
Realized
Gains
|
Total
|
Shelf
Offering
Costs
|
Premium
per
Share
Sold
through
Shelf
Offering
|
Discount
per
Share
Repur-
chased
and
Retired
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||||||||||||||||
NAZ
|
||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||||||||||||||
2021(e)
|
$
|
15.56
|
$
|
0.30
|
$
|
(0.47
|
)
|
$
|
(0.17
|
)
|
$
|
(0.27
|
)
|
$
|
—
|
$
|
(0.27
|
)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
15.12
|
$
|
14.55
|
||||||||||||||||||||
2020
|
14.18
|
0.56
|
1.34
|
1.90
|
(0.52
|
)
|
—
|
(0.52
|
)
|
—
|
—
|
—
|
15.56
|
13.89
|
||||||||||||||||||||||||||||||||||
2019
|
14.11
|
0.52
|
0.04
|
0.56
|
(0.52
|
)
|
—
|
(0.52
|
)
|
0.01
|
—
|
0.02
|
14.18
|
12.46
|
||||||||||||||||||||||||||||||||||
2018
|
14.26
|
0.63
|
(0.13
|
)
|
0.50
|
(0.64
|
)
|
—
|
(0.64
|
)
|
(0.01
|
)
|
—
|
*
|
—
|
14.11
|
13.69
|
|||||||||||||||||||||||||||||||
2017
|
15.01
|
0.68
|
(0.68
|
)
|
(0.00
|
)
|
(0.75
|
)
|
—
|
(0.75
|
)
|
—
|
—
|
—
|
14.26
|
14.22
|
||||||||||||||||||||||||||||||||
2016
|
15.02
|
0.76
|
0.03
|
0.79
|
(0.80
|
)
|
—
|
(0.80
|
)
|
—
|
—
|
—
|
15.01
|
15.74
|
||||||||||||||||||||||||||||||||||
NUM
|
||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||||||||||||||
2021(e)
|
16.36
|
0.30
|
(0.32
|
)
|
(0.02
|
)
|
(0.28
|
)
|
—
|
(0.28
|
)
|
—
|
—
|
—
|
16.06
|
14.07
|
||||||||||||||||||||||||||||||||
2020
|
15.12
|
0.56
|
1.21
|
1.77
|
(0.53
|
)
|
—
|
(0.53
|
)
|
—
|
—
|
—
|
16.36
|
14.20
|
||||||||||||||||||||||||||||||||||
2019
|
14.96
|
0.55
|
0.07
|
0.62
|
(0.53
|
)
|
—
|
(0.53
|
)
|
—
|
—
|
0.07
|
15.12
|
12.99
|
||||||||||||||||||||||||||||||||||
2018
|
15.10
|
0.61
|
(0.12
|
)
|
0.49
|
(0.63
|
)
|
—
|
(0.63
|
)
|
—
|
—
|
—
|
*
|
14.96
|
12.84
|
||||||||||||||||||||||||||||||||
2017
|
15.93
|
0.68
|
(0.73
|
)
|
(0.05
|
)
|
(0.72
|
)
|
(0.06
|
)
|
(0.78
|
)
|
—
|
—
|
—
|
15.10
|
13.50
|
|||||||||||||||||||||||||||||||
2016
|
15.80
|
0.76
|
0.15
|
0.91
|
(0.78
|
)
|
—
|
*
|
(0.78
|
)
|
—
|
—
|
—
|
*
|
15.93
|
14.01
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is
typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not
its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share
at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last
dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not
annualized.
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
Total Returns
|
Ratios to Average Net Assets(b)
|
|||||||||||||||||||||
Based
on
NAV(a)
|
Based
on
Share
Price(a)
|
Ending
Net
Assets
(000)
|
Expenses(c)
|
Net
Investment
Income
(Loss)
|
Portfolio
Turnover
Rate(d)
|
|||||||||||||||||
(1.00
|
)%
|
6.91
|
%
|
$
|
174,942
|
1.93
|
%**
|
3.99
|
%**
|
8
|
%
|
|||||||||||
13.60
|
15.89
|
180,024
|
2.32
|
3.76
|
6
|
|||||||||||||||||
4.29
|
(5.09
|
)
|
164,080
|
2.61
|
3.73
|
11
|
||||||||||||||||
3.44
|
0.69
|
165,024
|
2.03
|
4.35
|
19
|
|||||||||||||||||
(0.07
|
)
|
(5.03
|
)
|
165,141
|
1.91
|
4.54
|
13
|
|||||||||||||||
5.45
|
15.59
|
173,767
|
1.51
|
5.12
|
9
|
|||||||||||||||||
(0.07
|
)%
|
1.14
|
%
|
324,850
|
1.89
|
**
|
3.80
|
**
|
3
|
|||||||||||||
11.92
|
13.59
|
331,004
|
2.29
|
3.56
|
14
|
|||||||||||||||||
4.75
|
5.54
|
305,745
|
2.46
|
3.67
|
13
|
|||||||||||||||||
3.19
|
(0.39
|
)
|
310,917
|
2.07
|
3.98
|
8
|
||||||||||||||||
(0.40
|
)
|
1.74
|
314,297
|
1.88
|
4.34
|
20
|
||||||||||||||||
5.97
|
7.15
|
331,466
|
1.52
|
4.85
|
12
|
(b)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred (as further described below) on assets attributable to preferred shares issued by the Fund.
|
(c)
|
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares) and/or the interest expense deemed to have been paid by the Fund on the floating
rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:
|
NAZ
|
|
NUM
|
|
|
Year Ended 2/28-2/29:
|
|
Year Ended 2/28-2/29:
|
|
|
2021(e)
|
0.87%**
|
2021(e)
|
0.89%**
|
|
2020
|
1.25
|
2020
|
1.28
|
|
2019
|
1.39
|
2019
|
1.43
|
|
2018
|
0.95
|
2018
|
1.06
|
|
2017
|
0.87
|
2017
|
0.88
|
|
2016
|
0.49
|
2016
|
0.52
|
(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 six months ended August 31, 2020.
|
*
|
Rounds to less than $0.01 per share.
|
**
|
Annualized.
|
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accum-
ulated Net
Realized
Gains
|
Total
|
Discount
per
Share
Repur-
chased
and
Retired
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||||||||||
NUO
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||||||
2021(e)
|
$
|
17.81
|
$
|
0.29
|
$
|
(0.25
|
)
|
$
|
0.04
|
$
|
(0.26
|
)
|
$
|
—
|
$
|
(0.26
|
)
|
$
|
—
|
$
|
17.59
|
$
|
15.25
|
|||||||||||||||||
2020
|
16.26
|
0.46
|
1.67
|
2.13
|
(0.52
|
)
|
(0.06
|
)
|
(0.58
|
)
|
—
|
17.81
|
15.41
|
|||||||||||||||||||||||||||
2019
|
16.12
|
0.55
|
0.15
|
0.70
|
(0.56
|
)
|
(0.03
|
)
|
(0.59
|
)
|
0.03
|
16.26
|
14.24
|
|||||||||||||||||||||||||||
2018
|
16.34
|
0.68
|
(0.19
|
)
|
0.49
|
(0.71
|
)
|
—
|
(0.71
|
)
|
—
|
16.12
|
14.14
|
|||||||||||||||||||||||||||
2017
|
17.16
|
0.74
|
(0.81
|
)
|
(0.07
|
)
|
(0.75
|
)
|
—
|
(0.75
|
)
|
—
|
16.34
|
14.97
|
||||||||||||||||||||||||||
2016
|
17.01
|
0.81
|
0.17
|
0.98
|
(0.83
|
)
|
—
|
(0.83
|
)
|
—
|
17.16
|
15.44
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is
typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not
its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share
at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last
dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not
annualized.
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
Total Returns
|
Ratios to Average Net Assets(b)
|
|||||||||||||||||||||
Based
on
NAV(a)
|
Based
on
Share
Price(a)
|
Ending
Net
Assets
(000)
|
Expenses(c)
|
Net
Investment
Income
(Loss)
|
Portfolio
Turnover
Rate(d)
|
|||||||||||||||||
0.23
|
%
|
0.72
|
%
|
$
|
322,124
|
1.88
|
%*
|
3.35
|
%*
|
3
|
%
|
|||||||||||
13.39
|
12.40
|
326,286
|
2.34
|
2.70
|
15
|
|||||||||||||||||
4.65
|
5.14
|
297,774
|
2.35
|
3.44
|
12
|
|||||||||||||||||
2.98
|
(0.93
|
)
|
298,629
|
1.94
|
4.10
|
16
|
||||||||||||||||
(0.49
|
)
|
1.67
|
302,690
|
1.79
|
4.35
|
8
|
||||||||||||||||
5.95
|
5.96
|
317,856
|
1.58
|
4.83
|
10
|
(b)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred (as further described below) on assets attributable to preferred shares issued by the Fund.
|
(c)
|
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares) and/or the interest expense deemed to have been paid
by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable,
as follows:
|
NUO
|
|
Year Ended 2/28–2/29:
|
|
2021(e)
|
0.88%*
|
2020
|
1.20
|
2019
|
1.28
|
2018
|
0.90
|
2017
|
0.77
|
2016
|
0.55
|
(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 six months ended August 31, 2020.
|
*
|
Annualized.
|
|
AMTP Shares
at the End of Period
|
VMTP Shares
at the End of Period
|
VRDP Shares
at the End of Period
|
|||||||||||||||||||||
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
||||||||||||||||||
NAZ
|
||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||
2021(a)
|
$
|
88,300
|
$
|
298,122
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
2020
|
88,300
|
303,878
|
—
|
—
|
—
|
—
|
||||||||||||||||||
2019
|
88,300
|
285,822
|
—
|
—
|
—
|
—
|
||||||||||||||||||
2018
|
—
|
—
|
88,300
|
286,891
|
—
|
—
|
||||||||||||||||||
2017
|
—
|
—
|
88,300
|
287,022
|
—
|
—
|
||||||||||||||||||
2016
|
—
|
—
|
79,000
|
319,959
|
—
|
—
|
||||||||||||||||||
NUM
|
||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||
2021(a)
|
173,000
|
287,775
|
—
|
—
|
—
|
—
|
||||||||||||||||||
2020
|
173,000
|
291,332
|
—
|
—
|
—
|
—
|
||||||||||||||||||
2019
|
173,000
|
276,731
|
—
|
—
|
—
|
—
|
||||||||||||||||||
2018
|
—
|
—
|
173,000
|
279,721
|
—
|
—
|
||||||||||||||||||
2017
|
—
|
—
|
173,000
|
281,675
|
—
|
—
|
||||||||||||||||||
2016
|
—
|
—
|
159,000
|
308,469
|
—
|
—
|
||||||||||||||||||
NUO
|
||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||
2021(a)
|
—
|
—
|
—
|
—
|
148,000
|
317,652
|
||||||||||||||||||
2020
|
—
|
—
|
—
|
—
|
148,000
|
320,463
|
||||||||||||||||||
2019
|
—
|
—
|
—
|
—
|
148,000
|
301,199
|
||||||||||||||||||
2018
|
—
|
—
|
—
|
—
|
148,000
|
301,776
|
||||||||||||||||||
2017
|
—
|
—
|
—
|
—
|
148,000
|
304,520
|
||||||||||||||||||
2016
|
—
|
—
|
—
|
—
|
148,000
|
314,768
|
(a)
|
For the six months ended August 31, 2020.
|
•
|
Nuveen Arizona Quality Municipal Income Fund (NAZ)
|
•
|
Nuveen Michigan Quality Municipal Income Fund (NUM)
|
•
|
Nuveen Ohio Quality Municipal Income Fund (NUO)
|
NAZ
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
271,220,132
|
$
|
—
|
$
|
271,220,132
|
||||||||
NUM
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
536,942,981
|
$
|
—
|
$
|
536,942,981
|
NUO
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
484,116,979
|
$
|
—
|
$
|
484,116,979
|
||||||||
Common Stocks
|
—
|
1,245,032
|
**
|
—
|
1,245,032
|
|||||||||||
Total
|
$
|
—
|
$
|
485,362,011
|
$
|
—
|
$
|
485,362,011
|
*
|
Refer to the Fund’s Portfolio of Investments for industry classifications.
|
**
|
Refer to the Fund’s Portfolio of Investments for securities classified as Level 2.
|
Floating Rate Obligations Outstandings
|
NAZ
|
NUM
|
NUO
|
|||||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
9,755,000
|
$
|
30,340,000
|
$
|
20,000,000
|
||||||
Floating rate obligations: externally-deposited Inverse Floaters
|
6,715,000
|
8,430,000
|
4,480,000
|
|||||||||
Total
|
$
|
16,470,000
|
$
|
38,770,000
|
$
|
24,480,000
|
Self-Deposited Inverse Floaters
|
NAZ
|
NUM
|
NUO
|
|||||||||
Average floating rate obligations outstanding
|
$
|
9,755,000
|
$
|
14,414,022
|
$
|
20,000,000
|
||||||
Average annual interest rate and fees
|
1.25
|
%
|
1.15
|
%
|
1.24
|
%
|
Floating Rate Obligations – Recourse Trusts
|
NAZ
|
NUM
|
NUO
|
|||||||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
9,755,000
|
$
|
30,340,000
|
$
|
12,000,000
|
||||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
—
|
8,430,000
|
4,480,000
|
|||||||||
Total
|
$
|
9,755,000
|
$
|
38,770,000
|
$
|
16,480,000
|
|
NAZ
|
NUM
|
NUO
|
|||||||||
Purchases
|
$
|
21,781,057
|
$
|
50,566,746
|
$
|
20,890,561
|
||||||
Sales and maturities
|
20,958,979
|
15,771,497
|
12,795,720
|
|
|
|
|
Liquidation
|
|
|
|
|
Preference,
|
|
|
Shares
|
Liquidation
|
Net of Deferred
|
Fund
|
Series
|
Outstanding
|
Preference
|
Offering Costs
|
NAZ
|
2028
|
883
|
$ 88,300,000
|
$ 88,228,275
|
NUM
|
2028
|
1,730
|
$173,000,000
|
$172,883,943
|
|
Notice
|
|
Term
|
Premium
|
Fund
|
Period
|
Series
|
Redemption Date
|
Expiration Date
|
NAZ
|
540-day
|
2028
|
December 1, 2028*
|
February 13, 2019
|
NUM
|
540-day
|
2028
|
December 1, 2028*
|
December 13, 2019
|
|
NAZ
|
NUM
|
||||||
Average liquidation preference of AMTP Shares outstanding
|
$
|
88,300,000
|
$
|
173,000,000
|
||||
Annualized dividend rate
|
1.53
|
%
|
1.53
|
%
|
|
|
|
|
Liquidation Preference,
|
|
|
|
|
Shares
|
Remarketing
|
net of deferred
|
Liquidation
|
|
Fund
|
Series
|
Outstanding
|
Fees*
|
offering costs
|
Preference
|
Maturity
|
NUO
|
1
|
1,480
|
N/A
|
$147,774,316
|
$148,000,000
|
September 1, 2043
|
|
NUO
|
|||
Average liquidation preference of VRDP Shares outstanding
|
$
|
148,000,000
|
||
Annualized dividend rate
|
1.71
|
%
|
|
NAZ
|
NUM
|
NUO
|
|||||||||
Tax cost of investments
|
$
|
240,855,897
|
$
|
468,580,990
|
$
|
421,765,017
|
||||||
Gross unrealized:
|
||||||||||||
Appreciation
|
$
|
20,975,887
|
$
|
38,403,747
|
$
|
44,471,298
|
||||||
Depreciation
|
(366,665
|
)
|
(380,909
|
)
|
(874,344
|
)
|
||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
20,609,222
|
$
|
38,022,838
|
$
|
43,596,954
|
|
NAZ
|
NUM
|
NUO
|
|||||||||
Undistributed net tax-exempt income1
|
$
|
611,894
|
$
|
644,295
|
$
|
—
|
||||||
Undistributed net ordinary income2
|
798
|
—
|
—
|
|||||||||
Undistributed net long-term capital gains
|
—
|
—
|
241,695
|
|
NAZ
|
NUM
|
NUO
|
Distributions from net tax-exempt income
|
$8,083,529
|
$14,949,195
|
$12,939,050
|
Distributions from net ordinary income2
|
8,995
|
—
|
29,235
|
Distributions from net long-term capital gains
|
—
|
—
|
1,100,898
|
|
NAZ
|
NUM
|
||||||
Not subject to expiration:
|
||||||||
Short-term
|
$
|
1,179,768
|
$
|
1,132,576
|
||||
Long-term
|
1,069,853
|
199,890
|
||||||
Total
|
$
|
2,249,621
|
$
|
1,332,466
|
|
NAZ
|
NUM
|
NUO
|
|||||||||
Utilized capital loss carryforwards
|
$
|
538,711
|
$
|
1,203,396
|
$
|
135,294
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4500
|
%
|
||
For the next $125 million
|
0.4375
|
|||
For the next $250 million
|
0.4250
|
|||
For the next $500 million
|
0.4125
|
|||
For the next $1 billion
|
0.4000
|
|||
For the next $3 billion
|
0.3750
|
|||
For managed assets over $5 billion
|
0.3625
|
Complex-Level Eligible Asset Breakpoint Level*
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
|||
$55 billion
|
0.2000
|
%
|
||
$56 billion
|
0.1996
|
|||
$57 billion
|
0.1989
|
|||
$60 billion
|
0.1961
|
|||
$63 billion
|
0.1931
|
|||
$66 billion
|
0.1900
|
|||
$71 billion
|
0.1851
|
|||
$76 billion
|
0.1806
|
|||
$80 billion
|
0.1773
|
|||
$91 billion
|
0.1691
|
|||
$125 billion
|
0.1599
|
|||
$200 billion
|
0.1505
|
|||
$250 billion
|
0.1469
|
|||
$300 billion
|
0.1445
|
* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage
includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets
held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in
certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to
investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds
effective January 1, 2011, but do 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 August 31, 2020, the complex-level fee for each
Fund was 0.1574%.
|
Cross-Trades
|
NAZ
|
NUM
|
NUO
|
|||||||||
Purchases
|
$
|
2,804,450
|
$
|
1,288,786
|
$
|
1,674,482
|
||||||
Sales
|
3,084,840
|
1,359,191
|
1,765,956
|
(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.
|
|
NAZ
|
NUM
|
NUO
|
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 the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
■
|
Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and
interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a
municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to
some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment
exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the
inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value.
Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
■
|
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
|
■
|
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities.
NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to
lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral,
pre-refunding generally raises a bond’s credit rating and thus its value.
|
■
|
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure.
Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
|
■
|
S&P Municipal Bond Indexes Arizona, Michigan and Ohio: Unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt,
investment-grade municipal bond markets in Arizona, Michigan and Ohio, respectively. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
■
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal
bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
■
|
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to finan- cial leverage. For these purposes,
financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of
assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from
accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile
than the market prices of bonds that pay interest periodically.
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Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
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(a)
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The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)(17 CFR 240.13a-15(b) or 240.15d-15(b)).
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(b)
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There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the
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)(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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