UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07751
Nuveen Multistate Trust IV
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: May 31
Date of reporting period: May 31, 2016
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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| Mutual Funds |
Nuveen Municipal
Bond Funds |
| It’s not what you earn, it’s what you keep.® |
| Annual Report May 31, 2016 |
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| Fund Name | Class A | Class C | Class C2 | Class I | ||||||||||
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Nuveen Kansas Municipal Bond Fund | FKSTX | FAFOX | FCKSX | FRKSX | ||||||||||
Nuveen Kentucky Municipal Bond Fund | FKYTX | FKCCX | FKYCX | FKYRX | ||||||||||
Nuveen Michigan Municipal Bond Fund | FMITX | FAFNX | FLMCX | NMMIX | ||||||||||
Nuveen Missouri Municipal Bond Fund | FMOTX | FAFPX | FMOCX | FMMRX | ||||||||||
Nuveen Ohio Municipal Bond Fund | FOHTX | FAFMX | FOHCX | NXOHX | ||||||||||
Nuveen Wisconsin Municipal Bond Fund | FWIAX | FWCCX | FWICX | FWIRX | ||||||||||
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to Shareholders
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level and wages have grown slightly, a surprisingly weak jobs growth report in May cast doubt over the future strength of the labor market. The June employment report was much stronger, however, easing fears that a significant downtrend was emerging. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.
U.S. growth remains modest, while economic conditions elsewhere continue to appear vulnerable. On June 23, 2016, the U.K. voted to leave the European Union, known as “Brexit.” The outcome surprised the global markets, leading to high levels of volatility across equities, fixed income and currencies in the days following the vote. Although the turbulence subsided not long after and many asset classes have largely recovered, uncertainties remain about the Brexit separation process and the economic and political impacts on the U.K., Europe and the rest of the world.
In the meantime, global central banks remain accommodative in efforts to bolster growth. The European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, as their economies continue to lag the U.S.’s recovery. China’s policy makers have also continued to manage its slowdown, but investors are still worried about where the world’s second-largest economy might ultimately land.
Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December’s first and only increase thus far. While markets rallied earlier in the year on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to hold rates steady at its June meeting. Although labor market conditions improved in June, Britain’s “leave” vote is expected to keep the Fed on hold until later in 2016.
With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016 and following the Brexit vote in June, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
July 26, 2016
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Comments
Nuveen Kansas Municipal Bond Fund
Nuveen Kentucky Municipal Bond Fund
Nuveen Michigan Municipal Bond Fund
Nuveen Missouri Municipal Bond Fund
Nuveen Ohio Municipal Bond Fund
Nuveen Wisconsin Municipal Bond Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio managers Daniel Close, CFA, Steven M. Hlavin, and Christopher L. Drahn, CFA, review economic and market conditions, key investment strategies, and the performance of the Nuveen Kansas Municipal Bond Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Michigan Municipal Bond Fund, Nuveen Missouri Municipal Bond Fund, Nuveen Ohio Municipal Bond Fund and Nuveen Wisconsin Municipal Bond Fund. Dan has managed the Kentucky, Michigan and Ohio Funds since 2007, Steven has managed the Kansas and Wisconsin Funds since 2011, and Chris has managed the Missouri Fund since 2011.
What factors affected the U.S. economy and national municipal bond market during the twelve-month reporting period ended May 31, 2016?
Over the twelve-month period, U.S. economic data continued to point to subdued growth, rising employment and tame inflation. Economic activity has continued to hover around a 2% annualized growth rate since the end of the Great Recession in 2009, as measured by real gross domestic product (GDP), which is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. For the first quarter of 2016, real GDP increased at an annual rate of 0.8%, as reported by the “second” estimate of the Bureau of Economic Analysis, down from 1.4% in the fourth quarter of 2015.
The labor and housing markets were among the bright spots in the economy during the reporting period, as both showed steady improvement. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.7% in May 2016 from 5.5% in May 2015, and job gains averaged slightly above 200,000 per month for the past twelve months. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.0% annual gain in April 2016 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 4.7% and 5.4%, respectively.
Consumers, whose purchases comprise the largest component of the U.S. economy, benefited from lower gasoline prices and an improving jobs market but didn’t necessarily spend more. Pessimism about the economy’s future and lackluster wage growth likely contributed to consumers’ somewhat muted spending. Lower energy prices and tepid wage growth also weighed on inflation during this reporting period. The Consumer Price Index (CPI) rose 1.0% over the twelve-month period ended May 2016 on a seasonally
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this report for further definition of the terms used within this section.
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Portfolio Managers’ Comments (continued)
adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.2% during the same period, slightly above the Fed’s unofficial longer term inflation objective of 2.0%.
Business investment was also rather restrained. Corporate earnings growth slowed during 2015, reflecting an array of factors ranging from weakening demand amid sluggish U.S. and global growth to the impact of falling commodity prices and a strong U.S. dollar. Energy, materials and industrials companies were hit particularly hard by the downturn in natural resource prices, as well as the expectation of rising interest rates, which would make their debts more costly to service. With demand waning, companies, especially in the health care and technology sectors, looked to consolidate with rivals as a way to boost revenues. Merger and acquisition deals, both in the U.S. and globally, reached record levels in the calendar year 2015.
With the current expansion on solid footing, the U.S. Federal Reserve (Fed) prepared to raise one of its main interest rates, which had been held near zero since December 2008 to help stimulate the economy. After delaying the rate change for most of 2015 because of a weak global economic growth outlook, the Fed announced in December 2015 that it would raise the fed funds target rate by 0.25%. The news was widely expected and therefore had a relatively muted impact on the financial markets.
Although the Fed continued to emphasize future rate increases would be gradual, investors worried about the pace. This, along with uncertainties about the global macroeconomic backdrop, another downdraft in oil prices and a spike in stock market volatility triggered significant losses across assets that carry more risk and fueled demand for “safe haven” assets such as Treasury bonds and gold from January through mid-February. However, fear began to subside in March, propelling assets that carry more risk higher. The Fed held the rate steady at both the January and March policy meetings, as well as lowered its expectations to two rate increases in 2016 from four. Also boosting investor confidence were reassuring statements from the European Central Bank, some positive economic data in the U.S. and abroad, a retreat in the U.S. dollar and an oil price rally. At its April meeting, the Fed indicated its readiness to raise its benchmark rate at the next policy meeting in June. However, a very disappointing jobs growth report in May and the significant uncertainty surrounding the U.K.’s referendum on whether Britain should leave the European Union (EU), colloquially known as “Brexit,” dampened the Fed’s outlook. These concerns led the Fed to again hold rates steady at its June meeting (after the close of this reporting period). Subsequent to the close of this reporting period, on June 23, 2016, the U.K. voted in favor of leaving the EU. The event triggered considerable market volatility, with a steep drop in the U.K. sterling, turbulence in global equity markets and a rotation into safe-haven assets such as gold, the U.S. dollar and U.S. Treasuries.
The broad municipal bond market performed well in the twelve-month reporting period, supported by falling interest rates, a favorable supply-demand balance and generally improving credit fundamentals. Early in the reporting period, interest rates rose on the expectation that the Fed would begin to raise short-term interest rates in the latter half of 2015. However, with the Fed’s first increase delayed until December and its indication of a more gradual path of increases in 2016, interest rates trended lower over the remainder of the period. Municipal market yields moved in tandem with broader interest rates, ending the reporting period below where they started. However, while the yields on intermediate- and longer-dated bonds posted sizeable declines, the yields of short-dated bonds increased slightly over the reporting period. This caused the municipal yield curve to flatten over the reporting period.
The municipal market’s supply-demand balance was generally favorable over this reporting period. Over the twelve months ended May 31, 2016, municipal bond gross issuance nationwide totaled $384.5 billion, a 5.2% drop from the issuance for the twelve-month reporting period ended May 31, 2015. Despite the drop, gross issuance remains elevated as issuers continue to actively and aggressively refund their outstanding debt given the very low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gap between gross and net issuance has been an overall positive technical factor on municipal bond investment performance.
While supply has tightened, investor demand for municipal bonds has risen. Municipal bond mutual funds reported net inflows in 2015, and the inflows for the first four months of 2016 has already exceeded 2015’s total volume for the year. The bouts of heightened volatility across other assets that carry more risk, uncertainty about the Fed’s rate increases and the low to negative yields of European and Asian bonds have bolstered the appeal of municipal bonds’ risk-adjusted returns and tax-equivalent yields. The municipal bond market is less directly influenced by the Fed’s rate adjustments and its demand base is largely comprised of U.S. investors, factors which have helped municipal bonds deliver relatively attractive returns with less volatility than other market segments.
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The fundamental backdrop also remained supportive for municipal bonds. Despite the U.S. economy’s rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.
What were the economic and market conditions in Kansas, Kentucky, Michigan, Missouri, Ohio and Wisconsin during the twelve-month reporting period ended May 31, 2016?
As of May 2016, Kansas’ unemployment rate of 3.7% remained below the national unemployment rate of 4.7% and was an improvement from the state’s 4.2% unemployment as of May 2015. Non-farm employment has been flat over the last twelve months with gains in leisure and hospitality and education and health services sectors being offset by declines in construction and mining and logging sectors. Kansas state exports declined 11.3% in 2015 and declines were driven by wheat exports experiencing a 36.7% year over year decline and exports to China declining 16.6% versus 2014. In May 2016 legislators approved a plan for balancing the projected $290 million budget deficit with an approved budget for Fiscal 2017 that included: $185 million transfer from the state highway fund; $96 million in delayed payments to the pension fund; $17 million in cuts to state universities; and $92 million in budget cuts to Medicaid and other state services. On May 27, 2016, the Kansas Supreme Court ruled that the state failed to make K-12 education funding equitable as required by the state constitution and this lead Governor Brownback to call a special legislative session in June 2016 (subsequent to the close of this reporting period) to find another $38 million of school funding for Fiscal 2017. Furthermore, tax collections for May 2016 were $58 million below April consensus revenue estimates, eliminating the Governor’s modest expected ending fund balance for Fiscal 2016, and this lead the Governor to approve additional transfers of $16 million from the state highway fund and $45 million from the Medicaid fee fund to get through the current fiscal year. If tax collections continue to miss revenue estimates the Governor will need additional expense cuts to solve the shortfall, but following years of expense cuts to offset declining income tax revenues, any additional expense cuts will be very difficult. On April 30, 2014, Moody’s downgraded the State of Kansas to Aa2 from Aa1 citing a sluggish economic recovery and tax reform related budget stresses. On August 6, 2014, S&P downgraded Kansas general obligation bonds to AA/Negative from AA+ based on the state’s structurally unbalanced budget following income tax cuts. Furthermore, following ongoing budget deficits during the Fiscal 2017 budget session, S&P and Moody’s placed the state on downgrade watch and negative outlook, respectively. For the twelve months ending May 31, 2016, municipal issuance in Kansas totaled $4.6 billion, representing a 12% gross issuance increase from the twelve months ended May 31, 2015.
Kentucky’s economy continues to improve, but remained below average during the reporting period. In 2015, the Commonwealth’s economy posted growth of just 1.1%, below the national growth rate of 2.4%, ranking Kentucky 37th in terms of GDP growth by state. Total non-farm employment in the state is up 1.2% year-over-year as of May 2016, just below the U.S. average of 1.7%. Manufacturing accounts for an above average 12.8% of the state’s jobs, compared with 8.7% nationally. Auto manufacturing in the state has done well, helped out by the strong demand for cars and trucks in the past couple of years. Positively, the state is becoming more dependent on education and health care as economic drivers. Health care is expected to grow rapidly in the short term as the industry responds to a successful Medicaid expansion. The public sector continues to be a drag on job and income growth because of state budget tightening. As of May 2016, the unemployment rate had dropped to 5.1%. Budget cuts of 9% for the majority of state agencies over the upcoming biennium would suggest that hiring will all but stop and that state employees will not be getting wage increases. Kentucky’s Fiscal 2017-2018 biennial budget is close to structural balance. The budget calls for $22.3 billion for recurring spending. The budget includes a $1.4 billion increase in contributions to the state’s underfunded pension systems. In addition to the 9% spending cuts mentioned above, the new budget will use $415 million of one-time measures, or 2% of the total budget. Pension underfunding is a significant concern for the state. The combined unfunded pension liability is estimated at $30 billion. Kentucky ranks third among states in terms of its pension liabilities as a percentage of state governmental revenues. Though the state does not have any outstanding general obligation debt, as of June 2016 the state’s implied general obligation rating was Aa2 and A+ by Moody’s and S&P, respectively. The state typically issues annual appropriation debt, which is rated a notch lower at Aa3 and A, by Moody’s and S&P. For the twelve months ending May 31, 2016, Kentucky issued $4.7 billion in municipal bonds, representing a 27% gross issuance increase from the twelve months ended May 31, 2015.
Michigan’s economic recovery has strengthened over the last few years helping the state to reach the lowest level of unemployment in a decade. As of May 2016, Michigan’s unemployment rate was 4.7%, down from 5.5% a year prior. Favorably, the state’s labor
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Portfolio Managers’ Comments (continued)
force participation rate has remained stable as unemployment has improved, indicating a real improvement in employment. Auto manufacturing and health care hiring remained strong throughout 2015, providing the majority of job growth. To a large extent, the Michigan economy remained tied to events in the auto industry, as the “Big Three” (General Motors, Ford and Chrysler) continued to rank among the state’s five largest employers. Last year was the strongest for automotive sales since 2006, directly benefitting the state’s economy. Overall, Michigan remained heavily reliant on manufacturing, which represented 13.8% of employment in the state, compared with 8.8% nationally. Following the peak in housing prices in mid-2006, home prices in Michigan declined dramatically and the inventory of foreclosed homes remained elevated in many of the state’s hardest-hit metropolitan areas, including Detroit, Warren and Flint. Improvement in the state economy has brought some recuperation in the housing market. Last year home prices rose faster in Michigan than the national average. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in Detroit rose 5.7% over the twelve months ended April 2016 (most recent data available at the time this report was prepared), above the national average increase of 5.0%. On the fiscal front, Michigan’s budgetary performance over the last two years has been impressive. For fiscal year 2016 Michigan’s $54.5 billion budget represents about a 3% spending increase over the prior year and includes additional funds for transportation, education and a $95 million contribution to the state’s budget stabilization/rainy day reserve fund. State revenues have seen annual improvement since 2011 driven by income and sales tax growth. As revenues have improved, the state has demonstrated a commitment to rebuild reserves. By fiscal year end 2016, reserve balances are projected to be over $600 million, approximately 3% of operating revenues. Michigan’s improved financial and cash position has eliminated the need for cash flow borrowing. The state’s proposed budget for Fiscal 2017 is essentially flat. As of April 2016, Moody’s and S&P rated Michigan general obligation (GO) debt at Aa1 and AA-, respectively. Both maintain a stable outlook on the state. Moody’s upgraded the state to Aa1 from Aa2 in July 2015. S&P revised their outlook from positive to stable in March 2016. During the twelve months ended May 31, 2016, municipal issuance in Michigan totaled $10.9 billion, a gross issuance decrease of 9% from the twelve months ended May 31, 2015.
Missouri’s economic recovery continues to lag national economic growth. For 2015, national GDP grew 2.4% and outpaced Missouri’s GDP growth rate of 1.3%, which ranked as the 35th slowest growing state. As of May 2016, Missouri’s unemployment rate of 4.3% improved from the state’s 5.1% unemployment rate as of May 2015 and Missouri’s unemployment rate is now below the national unemployment rate of 4.7%. Job growth was driven by gains in professional and business services, financial activities, and education and health services sectors. Missouri’s state exports declined in 2015, with exports declining 3.7% compared to 2014, export declines were driven by motor vehicles and trade declines with three of Missouri’s four largest trading partners, Canada, China and Japan. The Fiscal 2017 state budget of $27.3 billion was signed into law by Governor Nixon in May and included increased K-12 education funding, 4% increase in university funding and a 2% raise for state employees. As of June 2016, Moody’s, S&P and Fitch rated Missouri general obligation debt at Aaa/AAA/AAA with stable outlooks. For the twelve months ended May 31, 2016, municipal issuance in Missouri totaled $5.5 billion, representing a 9.7% gross issuance decrease from the twelve months ended May 31, 2015.
Ohio’s economy has been growing at a moderate rate for the past two to three years. The state’s unemployment rate was 5.1% in May 2016, above the national average of 4.7%. Overall, manufacturing and health care have been key components of Ohio’s stabilized economy. Manufacturing is the largest of Ohio’s major employment sectors and the state continues to be a leading producer of steel and autos. Like other manufacturing-heavy states, Ohio tends to have a somewhat more cyclical economy than the nation as a whole. The state has experienced a small boom in oil and gas production, due largely to hydraulic fracturing in the Utica shale field in the Appalachian Basin. According to the S&P/Case- Shiller Index, housing prices in Cleveland rose 2.9% over the twelve months ended April 2016 (most recent data available at the time this report was prepared), compared with a 5.0% price increase nationally. On the fiscal front, Ohio has seen revenue recovery in line with its economic recovery. Fiscal year-to-date (through January 2016) General Fund tax receipts are 5.4% higher than the prior year-to-date collections. Ohio’s Fiscal Year 2016-2017 biennial budget was enacted in June 2015, with Fiscal 2016 state tax receipts estimated at $22.2 billion, or 3.5% above Fiscal 2015 actuals. Ohio fully funded its Budget Stabilization Fund in 2013 to its statutory maximum for the first time since 2000. The current balance in the state’s Budget Stabilization Fund is $2 billion, which is 6.4% of prior year general fund revenues. As of March 2016, Moody’s and S&P rated Ohio general obligation (GO) debt at Aa1 and AA+, respectively, with stable outlooks. For the twelve months ended May 31, 2016, municipal issuance in Ohio totaled $10.0 billion, a gross issuance decrease of 9.7% compared with the twelve months ended May 31, 2015.
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Wisconsin’s economy has seen five consecutive years of growth and is considered moderately strong, though several metrics fell slightly behind the U.S. in 2015. During calendar year 2015, the state’s economy expanded at a rate of 1.8%, below the national growth rate of 2.4%, ranking Wisconsin 20th in terms of GDP growth by state. As of May 2016, non-farm employment was up about 1.5% over the prior year, somewhat lagging the U.S. at approximately 1.7%. Manufacturing job growth has favorably buoyed Wisconsin’s economic progress post-recession. Though the state’s economy has diversified, manufacturing still accounts for an elevated 16.3% of employment in the state, compared to the national average of 8.8%. Wisconsin’s unemployment rate typically trends below the nation and as of May 2016 was 4.2% (compared to 4.7% nationally). As of 2015, the most recent data available, the state ranked 24th with per capita income at 95.7% of the nation. Wisconsin enacted a two-year budget for Fiscal 2016 and 2017, which was balanced based on aggressive revenue growth assumptions. Revenue projections, which were subsequently revised down, are still coming in slightly below forecast. Wisconsin is set to spend down reserves in the current biennium, ending June 30, 2017, somewhat offsetting recent progress. Mid-year expenditure adjustments in Fiscal 2017 will likely be necessary. Wisconsin has made some progress rebuilding reserves and is expected to end Fiscal 2016 with approximately $284 million, or 1.8% of appropriations, available in its budget stabilization fund to offset revenue shortfalls. Wisconsin’s debt levels remain above average. Wisconsin is ranked 14th among states with tax supported debt per capita at $1,780, above the national median of $1,025. Debt as a percentage of personal income is 4.0%, also above the national median of 2.5%. Wisconsin’s high debt ratios are partially attributed to its issuance of $1.8 billion in 2003 to fund the State’s pension liability. As a result, the state has no unfunded pension liability. As of June 2016, Wisconsin’s general obligation debt carried ratings of Aa2 from Moody’s and AA from S&P. Moody’s maintains a positive outlook on the state. For the twelve months ended May 31, 2016, Wisconsin issued $8.1 billion of municipal bonds, an increase of 18.6% from the twelve-month period ended May 31, 2015.
How did the Funds perform during the twelve-month reporting period ended May 31, 2016?
The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide each Fund’s total return performance information for the applicable one-year, five-year, ten-year and since-inception periods ended May 31, 2016. The returns for each Fund’s Class A Shares at net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
For the reporting period, the Class A Shares at NAV of the Michigan, Missouri, Ohio and Wisconsin Funds all outperformed the S&P Municipal Bond Index, while the Kansas and Kentucky Funds trailed this performance measure. Each of the six Funds outperformed its respective Lipper classification average.
What key strategies were used to manage the Funds during the reporting period and how did these strategies influence performance?
All of the Funds continued to employ the same fundamental investment strategies and tactics long relied upon by NAM. Our municipal bond portfolios are managed with a value-oriented approach and close input from NAM’s experienced research team. Below we highlight the specific factors influencing each Fund’s investment strategy, as well as how we managed each portfolio in light of recent market conditions.
Nuveen Kansas Municipal Bond Fund
The Nuveen Kansas Municipal Bond Fund trailed the S&P Municipal Bond Index for the twelve-month reporting period. Much of this relative underperformance stems from the portfolio’s positioning, which is shaped by the unique characteristics of the Kansas municipal bond marketplace. Because several bond types are not widely issued within the state, our ability to capture their relative outperformance was constrained. For example, the strongest performing sector for the twelve months was tobacco bonds; their collective return more than tripled the index. With no Kansas tobacco bonds to choose from, we did maintain some exposure to the sector with a few out-of-state positions that performed well for the Fund. Nevertheless, our significant underweighting in the category posed a challenge for relative performance.
We saw a similar situation in the transportation sector. This was another strong performing group in which we invested out of state, but where we had few opportunities to own Kansas credits. Despite strong performance from those individual bonds we held, our more limited exposure to the sector hampered results compared with the index.
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Portfolio Managers’ Comments (continued)
In contrast, the Fund’s duration positioning was a positive performance factor. We maintained a portfolio duration longer than that of the index, meaning the Fund was better able to capture the performance benefits of generally falling interest rates. The Fund was also well positioned on a credit quality basis. We significantly overweighted bonds with lower investment grade credit ratings as well as non-rated bonds, while underweighting the highest quality issues. Both stances proved helpful in light of investors’ preference for lower quality debt as a source of yield in a low interest rate environment. Meanwhile, bonds rated below investment grade underperformed the market, and our overweighting in this segment detracted, even as some of the individual bonds we held performed well.
The Fund’s sector positioning was helped by overweightings in various outperforming categories, especially dedicated sales tax, health care and utility bonds. In addition, the Fund benefited from favorable security selection in the public power, higher education and dedicated sales tax sectors.
In making new Kansas purchases during the reporting period, we emphasized various sectors that we regularly participate in. These included the dedicated sales tax, health care, utilities and higher education categories. Our purchases were sufficiently long in maturity to keep the Fund’s duration longer than the benchmark, where we wished it to be, in an environment of generally falling interest rates. We also added a variety of out-of-state bonds to the portfolio. Given the limited size of the Kansas municipal marketplace, coupled with its relative lack of lower rated issuance, we were finding it increasingly difficult to obtain attractive values for shareholders within the state. Instead, we have started to see much better investment potential outside Kansas, leading us to make more use of the Fund’s flexibility to invest nationally. Furthermore, by investing in sectors that are not well represented in the Kansas marketplace, we were able to increase the portfolio’s yield as well as its diversification. We are mindful of the lack of a state income tax exemption for out-of-state bonds and only purchase them when we believe doing so offers sufficient incremental yield to compensate for the additional state tax liability our shareholders may face. We only deploy this strategy when we believe doing so is in our shareholders’ interests.
During the reporting period, our out-of-state purchases emphasized project revenue bonds with excess yield and enhanced liquidity, while we tended to avoid general obligation debt and other issues tied to heightened political risk. New purchases included tobacco issues from Iowa and California. Also, in the transportation sector, we purchased bonds for the Elizabeth River Crossing project in Virginia and the Illinois Toll Highway Authority. Other out-of-state purchases included various corporate-backed industrial development revenue credits, including bonds for the 3 World Trade Center Project (New York), the headquarters of Goldman Sachs (New York), U.S. Steel (Pennsylvania), LaGuardia Airport (New York), the Iowa Fertilizer Company and Marathon Oil (Louisiana). All of these were relatively large bond issues widely held in multiple Nuveen Funds and thoroughly researched by our analysts. At period end, close to 6.8% of the portfolio was invested in out-of-state credits, up from about 0.5% twelve months earlier.
To finance our purchases, the majority of the proceeds came from bond calls and maturities. We also sold some U.S. Virgin Islands bonds. U.S. territorial bonds, may offer triple exemption (i.e., exemption from most federal, state and local taxes). At the end of the reporting period, the Fund had an exposure of approximately 1.3% in Puerto Rico, which was insured.
Nuveen Kentucky Municipal Bond Fund
The Nuveen Kentucky Municipal Bond Fund underperformed the S&P Municipal Bond Index for the twelve-month reporting period. This underperformance was partly attributable to our duration and yield curve positioning, especially the Fund’s underweighting in longer dated bonds. Kentucky regularly sees limited issuance of longer dated debt relative to other states, putting the state’s market at a performance disadvantage during periods in which rates are falling.
However, the Fund’s credit rating positioning added value in relative terms. Most notably, we were overweighted in bonds rated A, which added value in light of the relatively strong results produced by this credit tier.
Sector positioning modestly helped results. The Fund was overweighted in pre-refunded bonds. These high quality, short maturity securities were laggards in a market environment that generally favored longer dated, lower rated credits. On the positive side, the Fund’s underweighting in hospital added value.
Individual security selection modestly detracted from results. Our longer dated holdings, including tender option bonds (TOBs) helped performance. TOBs, also known as inverse floating rate securities, are derivative contracts we use in an attempt to increase
| 10 | NUVEEN |
the Fund’s distributable income and enhance total return by adding a small amount of leverage. However, our shorter dated high quality bonds offset this positive performance for the reporting period.
Also of note, the Fund was hurt by not holding tobacco securitization bonds, a predominantly below investment grade category that performed extremely well this reporting period. There are no Kentucky-issued tobacco bonds, and we were unwilling to invest in tobacco issues outside the state, income from out-of-state tobacco bonds are subject to taxation by the commonwealth of Kentucky, so our forced lack of exposure to the category hindered relative performance.
Our new purchase activity during the reporting period, which we funded with new investment inflows, bond calls and sales of shorter dated holdings, was limited, reflecting tight supply of newly issued Kentucky bonds. Our portfolio additions, acquired in both the primary and secondary municipal bond markets, took place in various sectors, including the utility, airport, higher education, tax increment, health care and local appropriation categories. Most of these bonds had intermediate maturities, reflecting the typically limited availability of long dated Kentucky paper.
During the first half of the reporting period, we eliminated the Fund’s small position in a credit default swap on the debt obligations of the U.S. territory of Puerto Rico, as the position no longer met our management objectives. During the current reporting period, the swap had a negligible impact on performance. At the end of the reporting period, the Fund lacked any exposure to U.S. territorial bonds and was entirely invested in Kentucky municipal debt.
Nuveen Michigan Municipal Bond Fund
The Nuveen Michigan Municipal Bond Fund outperformed the S&P Municipal Bond Index for the period, due partly to favorable duration and yield curve positioning. Compared with the index, the Fund benefited from having increased exposure to long dated holdings while maintaining a lower relative weighting in short maturity issues. As interest rates fell on the long end of the yield curve, bonds with longer maturities outperformed shorter dated bonds.
Credit quality positioning also added value, led by increased exposure to the B rating tier of the market. Primarily, this reflects the very strong performance achieved by Michigan tobacco bonds. A more favorable fundamental backdrop for issuers of these securities, backed by tobacco industry revenues, led to extremely strong performance for the category, which lifted the Fund’s results.
Our security selection contributed to the Fund’s performance, with our tender option bonds performing particularly well in light of their long durations. One of the few negative performance factors for the Fund this period was our overweighting in pre-refunded bonds. Owing to these securities’ high credit quality and very short maturities, two out-of-favor characteristics during this reporting period, our increased exposure to the category hampered results.
During the reporting period, we avoided purchasing bonds issued in Southeast Michigan, both in and around Detroit. This approach reflected our view that credits in other parts of the state offered better value for investors. Accordingly, in the first half of the reporting period, we sold some of the Fund’s positions in Wayne County GO bonds, Detroit Public School state-aid bonds and Detroit water and sewer bonds.
Our new purchase activity during the reporting period, which we funded with new investment inflows and a small number of bond calls and maturities, included a variety of other issues from elsewhere in the state, enabling us to keep the Fund fully invested or nearly so throughout the reporting period. During the first half of the reporting period, we bought Holland Electric utility bonds, Grand Rapids water and sewer bonds, Kent County and Muskegon County GO bonds, health care bonds issued by MidMichigan Health and Sparrow Hospital, and education bonds issued by Michigan Technological University.
In the second half of the reporting period, we continued our purchase activity outside of Southeast Michigan, including higher education bonds for University of Michigan and Michigan State University, Grand Rapids Public Schools debt and Grand Rapids water and sewer bonds. Our purchases emphasized intermediate maturities, which enabled us to maintain our desired duration positioning and took place in both the primary and secondary municipal bond markets.
Of final note, during the first half of the reporting period, we eliminated the Fund’s small position in a credit default swap on the debt obligations of the U.S. territory of Puerto Rico. We concluded that the value of this derivative security, which had a negligible impact on performance, could be better invested elsewhere in the marketplace.
| NUVEEN | 11 |
Portfolio Managers’ Comments (continued)
Nuveen Missouri Municipal Bond Fund
For the twelve-month reporting period, the Nuveen Missouri Municipal Bond Fund outperformed the S&P Municipal Bond Index, with yield curve positioning a significant driver of the Fund’s relative result. Longer-dated securities generally outpaced shorter bonds, so our overweighting among long maturity issuers and underweighting in short dated securities was beneficial.
The Fund also benefited from credit quality positioning, especially being overweighted in the outperforming BBB rated and A rated categories. Although the Fund’s sector allocation had little overall effect on performance relative to the index, our lack of exposure to tobacco bonds, which are not issued in Missouri, was a slight detractor in light of the segment’s strong results. Additionally, the Fund’s overweighting in pre-refunded securities also modestly detracted. These short dated, high quality securities found themselves at a disadvantage in a market environment favoring long maturity, lower quality debt.
We made a number of new bond purchases during the reporting period, primarily by deploying the proceeds of the investment inflows we received in the Fund. Although the supply of Missouri bonds was somewhat lower than the prior twelve-month reporting period, we still found a number of opportunities that we believed were attractively valued. Notable purchases were spread among a number of sectors and included sewer revenue bonds from Kansas City, higher education bonds for Saint Louis University, health care debt of Saint Luke’s Episcopal and Presbyterian Hospitals and senior living community bonds of Lutheran Senior Services. When purchasing securities, we tended to favor issues with longer maturity dates, notably beyond 15 years. Adding bonds in this maturity range allowed us to keep the portfolio’s duration at our target and helped us achieve our income objectives for the Fund.
We sold a few bonds during the reporting period, including some comparatively low coupon securities we felt might be unduly pressured should interest rates rise. In a few cases, we also sold securities due to concerns about the issuers’ credit quality.
As of the end of the reporting period, we had a small exposure to a Puerto Rico insured security that we continued to believe was attractively valued, especially given our comfort with the insurer’s ability to pay principal and interest on the debt. At period end, our Puerto Rico exposure was approximately 1.0%.
Nuveen Ohio Municipal Bond Fund
The Nuveen Ohio Municipal Bond Fund outperformed the S&P Municipal Bond Index, due partly to favorable duration positioning. Specifically, our underweighting in very short maturity bonds and our overweighting in the market’s longest duration issues added value, in light of the latter’s stronger performance on a relative basis.
Credit rating positioning also lifted results. Most notably, the Fund benefited from an overweighting in the B credit tier, consisting primarily of tobacco bonds. Tobacco debt achieved some of the strongest performance in the municipal bond market over the twelve-month reporting period. In addition, the Fund’s underweighting in bonds rated AAA, the highest quality issues in the marketplace, added value, as investors favored lower rated bonds as a source of added yield in a continued low interest rate environment.
The Fund’s sector positioning was hampered by its overweighting in pre-refunded bonds, which trailed the market due to the securities’ high credit quality and short durations. However, our relatively limited exposure to state general obligation issues was a generally offsetting positive, as these credits produced positive but still subpar results. Meanwhile, security selection was a slightly beneficial performance factor, led by some of our long-duration holdings, including our positions in tender option bonds.
With the proceeds of new investment inflows, bond calls and limited sales of shorter-dated issues and some structures favored by retail, benefiting from strong investor demand, we were able to keep the Fund essentially fully invested throughout the twelve months. Most of our purchases were of intermediate-dated securities, reflecting the availability of bonds in the Ohio primary and secondary municipal bond markets.
In the first half of the reporting period, we established a position in an A- rated bond to fund the Portsmouth Bypass. In this public-private partnership, the private sector is building and paying for the project, while the state repays the contractors over time. Other
purchases in the first half of the reporting period included highly rated dedicated tax bonds issued in the Cleveland area, a utility bond issue for American Municipal Power Ohio Inc., Ohio Turnpike bonds, intermediate-dated Columbus water and sewer securities, Franklin County bonds, and securities issued by Kenyon College.
| 12 | NUVEEN |
In the second half of the reporting period, we continued adding a diversified combination of securities, with new purchases in the water/sewer, local GO, state GO, higher education and health care sectors.
Although our selling activity was relatively limited, one notable sale was to eliminate the Fund’s remaining position in Wittenberg University bonds, as we had developed some credit concerns about the issuer.
Of final note, during the first half of the reporting period, we eliminated the Fund’s small position in a credit default swap on the debt obligations of the U.S. territory of Puerto Rico. We concluded that the value of this derivative security, which had a negligible impact on performance, could be better invested elsewhere in the marketplace.
Nuveen Wisconsin Municipal Bond Fund
The Nuveen Wisconsin Municipal Bond Fund modestly outperformed the S&P Municipal Bond Index. Duration and yield curve positioning helped the Fund. Our emphasis on bonds with more interest rate sensitivity added value as interest rates generally rose during the reporting period.
The Fund’s credit quality positioning also contributed. Specifically, we were underweighted in bonds rated AAA and AA and overweighted in lower investment grade and non-rated bonds. Given that investors tended to favor higher yielding, lower quality bonds in a low rate environment, our emphasis on these securities proved helpful in relative terms, as did our more limited allocation to higher-grade issues. Meanwhile, our positioning in the market’s below investment grade credit tier produced mixed results; overweighting this lagging market segment hampered performance, although those bonds we did hold collectively fared well.
Our Fund sector positioning added value, highlighted by a significant overweighting in the health care sector. Also, we typically limit the Fund’s exposure to Wisconsin general obligation (GO) bonds, due to their lack of a state income tax exemption. In place of these underperforming issues, we favored dedicated sales tax bonds. Although this category slightly lagged the index, the individual bonds we chose to own produced favorable results. Relatively few opportunities to invest in education bonds left us underweighted in this outperforming sector, but those education issues we did hold performed very well and included the Milwaukee Science Education Consortium.
The Wisconsin Fund was underweighted in various sectors with limited or no in-state issuance. This included the strong performing tobacco sector. Wisconsin does not issue tobacco debt, so our exposure to the category consisted of modest holdings in bonds issued in Guam, Iowa and California. Although our tobacco holdings produced strong returns, our relatively lower exposure to the entire category hampered relative performance. Similarly, the Fund was underrepresented in the utility, transportation and industrial development revenue bond sectors, all of which outpaced the index.
During the reporting period, our approach to investing in Wisconsin bonds was to use the proceeds of investment inflows, bond calls and maturities to purchase fully tax-exempt Wisconsin bonds with relatively attractive yields. New purchases for the Fund included various Wisconsin dedicated sales tax, utility, senior living facility and hospital bonds. We favored bonds with intermediate to longer maturities, as this focus enabled us to keep the Fund’s duration positioning consistent throughout the reporting period. Because of the relatively limited number of fully tax-exempt investment opportunities in the Wisconsin marketplace, we actively participated in other state markets, purchasing out-of-state credits only when we saw chances to obtain enough yield to compensate for the lack of a state income tax benefit. In some cases, such as the transportation and tobacco sectors, we were able to add liquid bonds with attractive yields in sectors where issuance in Wisconsin is relatively infrequent. Investing out of state allowed us to enhance the Fund’s diversification and avoid the concentration risk that would otherwise result. New out-of-state bond purchases during this reporting period included bonds for LaGuardia Airport (New York), the 3 World Trade Center Project (New York), Delta Air Lines (Massachusetts), Marathon Oil (Louisiana), Iowa Fertilizer Company, Iowa Tobacco, and Illinois Toll Highway Authority.
The Fund maintained allocations to U.S. territorial bonds, which may offer triple exemption (i.e., exemption from most federal, state and local taxes). During the reporting period, we reduced exposure to Puerto Rico and U.S. Virgin Islands debt while adding exposure to Guam credits. At period end, the Fund’s exposure to Puerto Rico was 1.7%, which was insured.
| NUVEEN | 13 |
Portfolio Managers’ Comments (continued)
An Update Involving Puerto Rico
As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico’s continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island’s debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016 (subsequent to the end of the reporting period), President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government’s financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds’ pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund’s portfolio in its entirety. Thus, the current net asset value of a Fund’s shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. The Funds have received notification by their current municipal bond pricing service that such service has agreed to be acquired by the parent company of another pricing service, and that the transaction is under regulatory review. Thus there is an increased risk that each Fund’s pricing service may change, or that the Funds’ current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund’s shares.
| 14 | NUVEEN |
and Dividend Information
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Funds, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Funds’ use of inverse floaters creates effective leverage. Leverage involves the risk that the Funds could lose more than its original investment and also increases the Funds’ exposure to volatility and interest rate risk.
Dividend Information
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of May 31, 2016, the Funds had positive UNII balances for tax purposes and positive UNII balances for financial reporting purposes.
All monthly dividends paid by the Funds during the current reporting period were paid from net investment income. If a portion of a Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
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| 16 | NUVEEN |
Fund Performance, Expense Ratios
and Effective Leverage Ratios
The Fund Performance, Expense Ratios and Effective Leverage Ratios for each Fund are shown within this section of the report.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.
Leverage is created whenever a Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. The effective leverage ratio shown is the amount of investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.
| NUVEEN | 17 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Kansas Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of May 31, 2016
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 5.40% | 5.40% | 4.81% | |||||||||
Class A Shares at maximum Offering Price | 0.98% | 4.51% | 4.36% | |||||||||
S&P Municipal Bond Index | 5.72% | 5.23% | 4.84% | |||||||||
Lipper Other States Municipal Debt Funds Classification Average | 4.64% | 4.41% | 3.98% | |||||||||
Class C2 Shares | 4.84% | 4.84% | 4.25% | |||||||||
Class I Shares | 5.61% | 5.60% | 5.03% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 4.62% | 5.56% | ||||||
Average Annual Total Returns as of June 30, 2016 (Most Recent Calendar Quarter)
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 7.40% | 5.65% | 5.03% | |||||||||
Class A Shares at maximum Offering Price | 2.87% | 4.74% | 4.58% | |||||||||
Class C2 Shares | 6.83% | 5.09% | 4.46% | |||||||||
Class I Shares | 7.60% | 5.88% | 5.25% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 6.61% | 6.06% | ||||||
Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Expense Ratios | 0.84% | 1.64% | 1.39% | 0.64% | ||||||||||||
Effective Leverage Ratio as of May 31, 2016
Effective Leverage Ratio | 5.87% |
| 18 | NUVEEN |
Growth of an Assumed $10,000 Investment as of May 31, 2016 – Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 19 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Kentucky Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of May 31, 2016
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 5.05% | 4.85% | 4.38% | |||||||||
Class A Shares at maximum Offering Price | 0.61% | 3.96% | 3.94% | |||||||||
S&P Municipal Bond Index | 5.72% | 5.23% | 4.84% | |||||||||
Lipper Other States Municipal Debt Funds Classification Average | 4.64% | 4.41% | 3.98% | |||||||||
Class C2 Shares | 4.50% | 4.26% | 3.81% | |||||||||
Class I Shares | 5.19% | 5.04% | 4.58% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 4.22% | 4.48% | ||||||
Average Annual Total Returns as of June 30, 2016 (Most Recent Calendar Quarter)
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 6.65% | 5.05% | 4.57% | |||||||||
Class A Shares at maximum Offering Price | 2.20% | 4.15% | 4.12% | |||||||||
Class C2 Shares | 5.99% | 4.47% | 4.00% | |||||||||
Class I Shares | 6.78% | 5.25% | 4.77% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 5.80% | 4.89% | ||||||
Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Expense Ratios | 0.80% | 1.59% | 1.35% | 0.60% | ||||||||||||
Effective Leverage Ratio as of May 31, 2016
Effective Leverage Ratio | 8.41% |
| 20 | NUVEEN |
Growth of an Assumed $10,000 Investment as of May 31, 2016 – Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 21 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Michigan Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of May 31, 2016
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 6.26% | 5.47% | 4.65% | |||||||||
Class A Shares at maximum Offering Price | 1.78% | 4.56% | 4.21% | |||||||||
S&P Municipal Bond Index | 5.72% | 5.23% | 4.84% | |||||||||
Lipper Other States Municipal Debt Funds Classification Average | 4.64% | 4.41% | 3.98% | |||||||||
Class C2 Shares | 5.73% | 4.90% | 4.09% | |||||||||
Class I Shares | 6.49% | 5.67% | 4.86% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 5.38% | 5.66% | ||||||
Average Annual Total Returns as of June 30, 2016 (Most Recent Calendar Quarter)
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 8.32% | 5.72% | 4.88% | |||||||||
Class A Shares at maximum Offering Price | 3.73% | 4.81% | 4.43% | |||||||||
Class C2 Shares | 7.88% | 5.16% | 4.31% | |||||||||
Class I Shares | 8.55% | 5.94% | 5.09% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 7.51% | 6.22% | ||||||
Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Expense Ratios | 0.84% | 1.63% | 1.39% | 0.64% | ||||||||||||
Effective Leverage Ratio as of May 31, 2016
Effective Leverage Ratio | 3.85% |
| 22 | NUVEEN |
Growth of an Assumed $10,000 Investment as of May 31, 2016 – Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 23 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Missouri Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of May 31, 2016
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 6.43% | 5.65% | 4.83% | |||||||||
Class A Shares at maximum Offering Price | 1.92% | 4.74% | 4.38% | |||||||||
S&P Municipal Bond Index | 5.72% | 5.23% | 4.84% | |||||||||
Lipper Other States Municipal Debt Funds Classification Average | 4.64% | 4.41% | 3.98% | |||||||||
Class C2 Shares | 5.89% | 5.08% | 4.26% | |||||||||
Class I Shares | 6.56% | 5.84% | 5.03% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 5.62% | 5.31% | ||||||
Average Annual Total Returns as of June 30, 2016 (Most Recent Calendar Quarter)
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 8.63% | 5.83% | 5.05% | |||||||||
Class A Shares at maximum Offering Price | 4.09% | 4.93% | 4.60% | |||||||||
Class C2 Shares | 8.08% | 5.27% | 4.48% | |||||||||
Class I Shares | 8.76% | 6.03% | 5.25% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 7.81% | 5.90% | ||||||
Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Expense Ratios | 0.79% | 1.59% | 1.34% | 0.59% | ||||||||||||
Effective Leverage Ratio as of May 31, 2016
Effective Leverage Ratio | 0.45% |
| 24 | NUVEEN |
Growth of an Assumed $10,000 Investment as of May 31, 2016 – Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 25 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Ohio Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of May 31, 2016
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 6.68% | 5.51% | 4.78% | |||||||||
Class A Shares at maximum Offering Price | 2.24% | 4.61% | 4.33% | |||||||||
S&P Municipal Bond Index | 5.72% | 5.23% | 4.84% | |||||||||
Lipper Ohio Municipal Debt Funds Classification Average | 5.24% | 4.66% | 4.06% | |||||||||
Class C2 Shares | 6.10% | 4.94% | 4.21% | |||||||||
Class I Shares | 6.92% | 5.73% | 4.99% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 5.80% | 5.51% | ||||||
Average Annual Total Returns as of June 30, 2016 (Most Recent Calendar Quarter)
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 9.00% | 5.74% | 5.04% | |||||||||
Class A Shares at maximum Offering Price | 4.44% | 4.85% | 4.59% | |||||||||
Class C2 Shares | 8.33% | 5.16% | 4.46% | |||||||||
Class I Shares | 9.16% | 5.95% | 5.25% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 8.03% | 6.11% | ||||||
Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Expense Ratios | 0.80% | 1.59% | 1.35% | 0.60% | ||||||||||||
Effective Leverage Ratio as of May 31, 2016
Effective Leverage Ratio | 5.22% |
| 26 | NUVEEN |
Growth of an Assumed $10,000 Investment as of May 31, 2016 – Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 27 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Wisconsin Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of May 31, 2016
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 5.80% | 5.16% | 4.63% | |||||||||
Class A Shares at maximum Offering Price | 1.38% | 4.27% | 4.18% | |||||||||
S&P Municipal Bond Index | 5.72% | 5.23% | 4.84% | |||||||||
Lipper Other States Municipal Debt Funds Classification Average | 4.64% | 4.41% | 3.98% | |||||||||
Class C2 Shares | 5.21% | 4.58% | 4.07% | |||||||||
Class I Shares | 6.01% | 5.38% | 4.83% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 4.89% | 6.05% | ||||||
Average Annual Total Returns as of June 30, 2016 (Most Recent Calendar Quarter)
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 8.08% | 5.39% | 4.88% | |||||||||
Class A Shares at maximum Offering Price | 3.54% | 4.50% | 4.43% | |||||||||
Class C2 Shares | 7.59% | 4.81% | 4.31% | |||||||||
Class I Shares | 8.40% | 5.61% | 5.09% | |||||||||
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class C Shares | 7.26% | 6.65% | ||||||
Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Expense Ratios | 0.87% | 1.67% | 1.42% | 0.67% | ||||||||||||
Effective Leverage Ratio as of May 31, 2016
Effective Leverage Ratio | 3.08% |
| 28 | NUVEEN |
Growth of an Assumed $10,000 Investment as of May 31, 2016 – Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 29 |
Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.
The SEC 30-Day Yield is a standardized measure of a fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. Refer to the Notes to Financial Statements, Note 7 – Management Fees and Other Transactions with Affiliates for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. Dividend Yield may differ from the SEC 30-Day Yield because the fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
The 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 at a specified tax rate. 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.
Nuveen Kansas Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.46% | 2.86% | 3.08% | 3.81% | ||||||||||||
SEC 30-Day Yield | 1.60% | 0.88% | 1.13% | 1.87% | ||||||||||||
Taxable-Equivalent Yield (31.3)%2 | 2.33% | 1.28% | 1.64% | 2.72% | ||||||||||||
Nuveen Kentucky Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.43% | 2.78% | 3.05% | 3.79% | ||||||||||||
SEC 30-Day Yield | 1.27% | 0.53% | 0.78% | 1.52% | ||||||||||||
Taxable-Equivalent Yield (32.3)%2 | 1.88% | 0.78% | 1.15% | 2.25% | ||||||||||||
Nuveen Michigan Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.15% | 2.54% | 2.79% | 3.50% | ||||||||||||
SEC 30-Day Yield | 1.35% | 0.61% | 0.87% | 1.61% | ||||||||||||
Taxable-Equivalent Yield (31.1)%2 | 1.96% | 0.89% | 1.26% | 2.34% | ||||||||||||
Nuveen Missouri Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.22% | 2.60% | 2.85% | 3.57% | ||||||||||||
SEC 30-Day Yield | 1.77% | 1.05% | 1.30% | 2.04% | ||||||||||||
Taxable-Equivalent Yield (32.3)%2 | 2.61% | 1.55% | 1.92% | 3.01% | ||||||||||||
| 30 | NUVEEN |
Nuveen Ohio Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.00% | 2.39% | 2.59% | 3.35% | ||||||||||||
SEC 30-Day Yield – Subsidized | 1.35% | 0.62% | 0.87% | 1.61% | ||||||||||||
SEC 30-Day Yield – Unsubsidized | 1.35% | 0.62% | 0.87% | 1.61% | ||||||||||||
Taxable-Equivalent Yield – Subsidized (31.5)%2 | 1.97% | 0.91% | 1.27% | 2.35% | ||||||||||||
Taxable-Equivalent Yield – Unsubsidized (31.5)%2 | 1.97% | 0.91% | 1.27% | 2.35% | ||||||||||||
Nuveen Wisconsin Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.08% | 2.45% | 2.67% | 3.42% | ||||||||||||
SEC 30-Day Yield | 1.79% | 1.07% | 1.33% | 2.07% | ||||||||||||
Taxable-Equivalent Yield (32.5)%2 | 2.65% | 1.59% | 1.97% | 3.07% | ||||||||||||
| 1 | The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table. |
| 2 | The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate shown in each respective table above. |
| NUVEEN | 31 |
Summaries as of May 31, 2016
This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Nuveen Kansas Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 100.9% | |||
Short-Term Municipal Bonds | 0.9% | |||
Other Assets Less Liabilities | 2.2% | |||
Net Assets Plus Floating Rate Obligations | 104.0% | |||
Floating Rate Obligations | (4.0)% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 23.4% | |||
Health Care | 19.3% | |||
U.S. Guaranteed | 13.6% | |||
Utilities | 11.2% | |||
Tax Obligation/General | 9.4% | |||
Education and Civic Organizations | 6.0% | |||
Long-Term Care | 5.0% | |||
Other | 12.1% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 19.4% | |||
AA | 33.7% | |||
A | 25.8% | |||
BBB | 6.5% | |||
BB or Lower | 5.7% | |||
N/R (not rated) | 8.9% | |||
Total | 100% |
| 32 | NUVEEN |
Nuveen Kentucky Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 100.7% | |||
Other Assets Less Liabilities | 0.8% | |||
Net Assets Plus Floating Rate Obligations | 101.5% | |||
Floating Rate Obligations | (1.5)% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Health Care | 23.8% | |||
Tax Obligation/Limited | 17.9% | |||
Utilities | 14.6% | |||
U.S. Guaranteed | 14.5% | |||
Education and Civic Organizations | 11.9% | |||
Water and Sewer | 8.3% | |||
Transportation | 7.7% | |||
Other | 1.3% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 19.7% | |||
AA | 40.0% | |||
A | 27.6% | |||
BBB | 11.7% | |||
BB or Lower | 0.1% | |||
N/R (not rated) | 0.9% | |||
Total | 100% |
| NUVEEN | 33 |
Holding Summaries as of May 31, 2016 (continued)
Nuveen Michigan Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 99.9% | |||
Other Assets Less Liabilities | 2.5% | |||
Net Assets Plus Floating Rate Obligations | 102.4% | |||
Floating Rate Obligations | (2.4)% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/General | 23.5% | |||
U.S. Guaranteed | 15.9% | |||
Education and Civic Organizations | 15.1% | |||
Tax Obligation/Limited | 13.5% | |||
Health Care | 10.6% | |||
Water and Sewer | 8.4% | |||
Utilities | 7.4% | |||
Other | 5.6% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 25.5% | |||
AA | 57.9% | |||
A | 11.5% | |||
BBB | 0.8% | |||
BB or Lower | 3.1% | |||
N/R (not rated) | 1.2% | |||
Total | 100% |
| 34 | NUVEEN |
Nuveen Missouri Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 98.3% | |||
Other Assets Less Liabilities | 2.2% | |||
Net Assets Plus Floating Rate Obligations | 100.5% | |||
Floating Rate Obligations | (0.5)% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Health Care | 21.9% | |||
Tax Obligation/Limited | 18.2% | |||
Education and Civic Organizations | 12.9% | |||
Tax Obligation/General | 11.1% | |||
U.S. Guaranteed | 8.6% | |||
Water and Sewer | 7.5% | |||
Long-Term Care | 7.0% | |||
Utilities | 5.9% | |||
Other | 6.9% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 11.7% | |||
AA | 37.8% | |||
A | 26.6% | |||
BBB | 13.7% | |||
BB or Lower | 0.9% | |||
N/R (not rated) | 9.3% | |||
Total | 100% |
| NUVEEN | 35 |
Holding Summaries as of May 31, 2016 (continued)
Nuveen Ohio Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 98.1% | |||
Other Assets Less Liabilities | 1.9% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 20.6% | |||
Health Care | 16.6% | |||
Tax Obligation/General | 14.3% | |||
Water and Sewer | 12.9% | |||
U.S. Guaranteed | 9.0% | |||
Transportation | 8.3% | |||
Education and Civic Organizations | 7.5% | |||
Other | 10.8% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 21.0% | |||
AA | 54.4% | |||
A | 14.1% | |||
BBB | 5.6% | |||
BB or Lower | 3.9% | |||
N/R (not rated) | 1.0% | |||
Total | 100% |
| 36 | NUVEEN |
Nuveen Wisconsin Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 98.9% | |||
Other Assets Less Liabilities | 1.1% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 36.7% | |||
Health Care | 12.1% | |||
U.S. Guaranteed | 11.7% | |||
Housing/Multifamily | 9.4% | |||
Long-Term Care | 8.3% | |||
Transportation | 6.9% | |||
Other | 14.9% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 12.6% | |||
AA | 27.4% | |||
A | 32.6% | |||
BBB | 11.6% | |||
BB or Lower | 5.8% | |||
N/R (not rated) | 10.0% | |||
Total | 100% |
| NUVEEN | 37 |
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended May 31, 2016.
The beginning of the period is December 1, 2015.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Kansas Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,032.10 | $ | 1,028.30 | $ | 1,030.30 | $ | 1,034.00 | ||||||||
Expenses Incurred During the Period | $ | 4.12 | $ | 8.16 | $ | 6.95 | $ | 3.10 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,020.95 | $ | 1,016.95 | $ | 1,018.15 | $ | 1,021.95 | ||||||||
Expenses Incurred During the Period | $ | 4.09 | $ | 8.12 | $ | 6.91 | $ | 3.08 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.81%, 1.61%, 1.37% and 0.61% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| 38 | NUVEEN |
Nuveen Kentucky Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,028.00 | $ | 1,023.90 | $ | 1,024.40 | $ | 1,028.20 | ||||||||
Expenses Incurred During the Period | $ | 4.01 | $ | 7.99 | $ | 6.78 | $ | 2.94 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.05 | $ | 1,017.10 | $ | 1,018.30 | $ | 1,022.10 | ||||||||
Expenses Incurred During the Period | $ | 3.99 | $ | 7.97 | $ | 6.76 | $ | 2.93 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.79%, 1.58%, 1.34% and 0.58% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
Nuveen Michigan Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,035.30 | $ | 1,031.50 | $ | 1,032.80 | $ | 1,036.40 | ||||||||
Expenses Incurred During the Period | $ | 4.22 | $ | 8.28 | $ | 7.01 | $ | 3.21 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,020.85 | $ | 1,016.85 | $ | 1,018.10 | $ | 1,021.85 | ||||||||
Expenses Incurred During the Period | $ | 4.19 | $ | 8.22 | $ | 6.96 | $ | 3.18 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.83%, 1.63%, 1.38% and 0.63% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
Nuveen Missouri Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,038.60 | $ | 1,034.70 | $ | 1,036.00 | $ | 1,038.80 | ||||||||
Expenses Incurred During the Period | $ | 4.03 | $ | 8.04 | $ | 6.82 | $ | 2.96 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.05 | $ | 1,017.10 | $ | 1,018.30 | $ | 1,022.10 | ||||||||
Expenses Incurred During the Period | $ | 3.99 | $ | 7.97 | $ | 6.76 | $ | 2.93 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.79%, 1.58%, 1.34% and 0.58% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| NUVEEN | 39 |
Expense Examples (continued)
Nuveen Ohio Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,040.90 | $ | 1,037.20 | $ | 1,038.10 | $ | 1,043.00 | ||||||||
Expenses Incurred During the Period | $ | 4.03 | $ | 8.05 | $ | 6.83 | $ | 3.01 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.05 | $ | 1,017.10 | $ | 1,018.30 | $ | 1,022.10 | ||||||||
Expenses Incurred During the Period | $ | 3.99 | $ | 7.97 | $ | 6.76 | $ | 2.98 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.79%, 1.58%, 1.34% and 0.58% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
Nuveen Wisconsin Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,035.20 | $ | 1,031.20 | $ | 1,033.30 | $ | 1,036.20 | ||||||||
Expenses Incurred During the Period | $ | 4.38 | $ | 8.43 | $ | 7.17 | $ | 3.36 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,020.70 | $ | 1,016.70 | $ | 1,017.95 | $ | 1,021.70 | ||||||||
Expenses Incurred During the Period | $ | 4.34 | $ | 8.37 | $ | 7.11 | $ | 3.34 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.86%, 1.66%, 1.41% and 0.66% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
| 40 | NUVEEN |
Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
Nuveen Multistate Trust IV:
In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Kansas Municipal Bond Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Michigan Municipal Bond Fund, Nuveen Missouri Municipal Bond Fund, Nuveen Ohio Municipal Bond Fund and Nuveen Wisconsin Municipal Bond Fund (each a series of Nuveen Multistate Trust IV, hereafter referred to as the “Funds”) at May 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Chicago, IL
July 28, 2016
| NUVEEN | 41 |
Nuveen Kansas Municipal Bond Fund
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 100.9% | ||||||||||||||||
MUNICIPAL BONDS – 100.9% | ||||||||||||||||
| Consumer Staples – 2.2% | ||||||||||||||||
| $ | 1,170 | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32 | 6/17 at 100.00 | CCC | $ | 1,174,575 | ||||||||||
| 960 | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 4.625%, 6/01/21 | 6/17 at 100.00 | CC | 965,174 | ||||||||||||
| 1,500 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/16 at 100.00 | B+ | 1,499,910 | ||||||||||||
| 1,535 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 | 11/16 at 100.00 | BBB+ | 1,534,893 | ||||||||||||
| 5,165 | Total Consumer Staples | 5,174,552 | ||||||||||||||
| Education and Civic Organizations – 6.1% | ||||||||||||||||
| 675 | Kansas Development Finance Authority, Revenue Bonds, Kansas Board of Regents University of Kansas Medical Center Research Institute, Series 2010N, 5.000%, 4/01/29 | 4/20 at 100.00 | AA | 753,516 | ||||||||||||
| 250 | Kansas Development Finance Authority, Revenue Bonds, Kansas State University Projects, Refunding Series 2016A, 4.000%, 3/01/27 | 3/24 at 100.00 | Aa2 | 282,755 | ||||||||||||
Kansas Development Finance Authority, Revenue Bonds, Wichita State University Union Corporation Student Housing Project, Series 2013F-1: | ||||||||||||||||
| 1,690 | 5.250%, 6/01/38 | 6/21 at 100.00 | Aa3 | 1,963,814 | ||||||||||||
| 2,000 | 5.250%, 6/01/42 | 6/21 at 100.00 | Aa3 | 2,309,540 | ||||||||||||
| 3,275 | Kansas Independent College Finance Authority, Educational Facilities Revenue Bonds, Tabor College Project, Series 2013, 5.800%, 3/01/37 | 3/20 at 100.00 | N/R | 3,429,351 | ||||||||||||
| 1,750 | Topeka, Kansas, Economic Development Revenue Bonds, YMCA Project, Refunding Series 2011A, 6.500%, 9/01/32 | 9/21 at 100.00 | N/R | 1,854,825 | ||||||||||||
| 3,135 | Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | A1 | 3,690,208 | ||||||||||||
| 12,775 | Total Education and Civic Organizations | 14,284,009 | ||||||||||||||
| Financials – 0.6% | ||||||||||||||||
| 1,020 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | No Opt. Call | A | 1,309,374 | ||||||||||||
| Health Care – 19.6% | ||||||||||||||||
| 3,950 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2010Q, 5.000%, 5/15/35 | 5/19 at 100.00 | A2 | 4,280,102 | ||||||||||||
| 5,000 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, KU Health System, Series 2011H, 5.125%, 3/01/39 | 3/20 at 100.00 | AA– | 5,547,300 | ||||||||||||
| 2,000 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2008F, 5.375%, 11/15/28 | 11/17 at 100.00 | A2 | 2,102,100 | ||||||||||||
| 3,715 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2011F, 5.250%, 11/15/29 | 11/19 at 100.00 | A2 | 4,086,760 | ||||||||||||
| 2,000 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38 | 11/22 at 100.00 | A2 | 2,237,500 | ||||||||||||
| 42 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Health Care (continued) | ||||||||||||||||
| $ | 8,650 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.750%, 11/15/38 (UB) | 11/19 at 100.00 | AA | $ | 9,940,148 | ||||||||||
| 2,400 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009D, 5.000%, 11/15/29 (UB) | 11/17 at 100.00 | AA | 2,527,440 | ||||||||||||
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A: | ||||||||||||||||
| 1,000 | 5.000%, 1/01/23 | 1/20 at 100.00 | AA– | 1,136,280 | ||||||||||||
| 1,515 | 5.000%, 1/01/40 (UB) | 1/20 at 100.00 | AA– | 1,671,939 | ||||||||||||
| 1,750 | Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 2015-XF0063, 16.717%, 1/01/18 (IF) | No Opt. Call | AA– | 2,474,693 | ||||||||||||
| 3,250 | Labette County Medical Center, Kansas, Revenue Bonds, Series 2007A, 5.750%, 9/01/37 | 9/17 at 100.00 | N/R | 3,266,770 | ||||||||||||
| 3,000 | Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc., Refunding Series 2013, 5.000%, 11/15/29 | 11/22 at 100.00 | A+ | 3,460,950 | ||||||||||||
| 1,000 | Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2010A, 5.000%, 9/01/30 | 9/19 at 100.00 | A+ | 1,101,990 | ||||||||||||
| 2,000 | University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement Series 2015, 5.000%, 9/01/45 | No Opt. Call | AA– | 2,332,340 | ||||||||||||
| 41,230 | Total Health Care | 46,166,312 | ||||||||||||||
| Housing/Single Family – 0.2% | ||||||||||||||||
| 25 | Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) | No Opt. Call | Aaa | 26,242 | ||||||||||||
| 370 | Sedgwick and Shawnee Counties, Kansas, Mortgage Backed Securities Program Single Family Mortgage Revenue Bonds, Series 2006A6, 5.550%, 6/01/38 (Alternative Minimum Tax) | 6/16 at 103.00 | Aaa | 374,255 | ||||||||||||
| 395 | Total Housing/Single Family | 400,497 | ||||||||||||||
| Industrials – 1.1% | ||||||||||||||||
| 180 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.500%, 5/01/17 | No Opt. Call | B | 182,266 | ||||||||||||
| 425 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 | 6/20 at 100.00 | B | 401,051 | ||||||||||||
| 360 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 | No Opt. Call | B | 359,417 | ||||||||||||
| 1,150 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19 | No Opt. Call | B+ | 1,187,030 | ||||||||||||
| 335 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | 11/24 at 100.00 | N/R | 377,508 | ||||||||||||
| 2,450 | Total Industrials | 2,507,272 | ||||||||||||||
| Long-Term Care – 5.0% | ||||||||||||||||
| 3,125 | Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%, 5/15/30 | 5/20 at 100.00 | A | 3,392,281 | ||||||||||||
| NUVEEN | 43 |
Nuveen Kansas Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Long-Term Care (continued) | ||||||||||||||||
Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc., Refunding & Improvement Series 2007: | ||||||||||||||||
| $ | 35 | 5.375%, 5/15/27 | 5/17 at 100.00 | N/R | $ | 35,520 | ||||||||||
| 1,100 | 5.500%, 5/15/39 | 5/17 at 100.00 | N/R | 1,113,024 | ||||||||||||
| 2,030 | Olathe, Kansas, Senior Living Facility Revenue Bonds, Aberdeen Village Inc., Refunding Series 2005A, 5.600%, 5/15/28 | 11/16 at 100.00 | N/R | 2,031,624 | ||||||||||||
| 1,540 | Olathe, Kansas, Senior Living Facility Revenue Bonds, Catholic Care Campus Santa Marta, Series 2006A, 6.000%, 11/15/38 | 11/16 at 100.00 | N/R | 1,547,839 | ||||||||||||
| 2,715 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2013IV-A, 6.375%, 5/15/43 | 5/23 at 100.00 | N/R | 2,994,781 | ||||||||||||
| 665 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2014IV-A, 5.625%, 5/15/44 | 5/24 at 100.00 | N/R | 722,768 | ||||||||||||
| 11,210 | Total Long-Term Care | 11,837,837 | ||||||||||||||
| Materials – 0.4% | ||||||||||||||||
| 1,000 | St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37 | 6/17 at 100.00 | BBB | 1,025,400 | ||||||||||||
| Tax Obligation/General – 9.6% | ||||||||||||||||
| 2,000 | Allen County, Kansas Public Building Commission Revenue Bonds, Allen County Hospital Project, Series 2012, 5.150%, 12/01/36 | 12/22 at 100.00 | A | 2,238,080 | ||||||||||||
| 1,500 | Anderson County, Kansas, General Obligation Bonds, Refunding and Improvement Series 2013A, 5.000%, 8/01/33 – AGM Insured | 8/23 at 100.00 | AA | 1,752,105 | ||||||||||||
| 2,500 | Butler and Sedgwick Counties Unified School District 385, Andover, Kansas, General Obligation Refunding and Improvement Bonds, Series 2000, 6.000%, 9/01/16 – AGM Insured | No Opt. Call | AA | 2,532,975 | ||||||||||||
| 2,250 | Johnson County Unified School District 229, Blue Valley, Kansas, General Obligation Bonds, Series 2012A, 5.000%, 10/01/23 – NPFG Insured | 10/22 at 100.00 | Aaa | 2,746,102 | ||||||||||||
| 2,000 | Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2012A, 5.000%, 10/01/23 | 10/22 at 100.00 | AA– | 2,430,140 | ||||||||||||
| 2,200 | Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2013A, 5.000%, 10/01/28 | 10/23 at 100.00 | AA– | 2,613,776 | ||||||||||||
| 1,490 | Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2016A, 5.000%, 10/01/33 | 10/25 at 100.00 | AA– | 1,798,326 | ||||||||||||
| 1,250 | Johnson County Unified School District 512, Shawnee Mission, Kansas, General Obligation Bonds, Refunding & Improvement Series 2015, 5.000%, 10/01/34 | 10/25 at 100.00 | Aaa | 1,543,825 | ||||||||||||
| 2,000 | Sedgwick County Unified School District 262, Kansas, General Obligation Bonds, Refunding & Improvement Series 2008, 5.000%, 9/01/23 – AGC Insured | 9/18 at 100.00 | AA | 2,174,720 | ||||||||||||
| 2,000 | Wichita, Kansas, General Obligation Bonds, Airport Series 2015C, 5.000%, 12/01/39 (Alternative Minimum Tax) | 12/25 at 100.00 | AA+ | 2,328,520 | ||||||||||||
| 390 | Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Series 2008B, 5.500%, 9/01/28 | 9/18 at 100.00 | AA– | 427,752 | ||||||||||||
| 19,580 | Total Tax Obligation/General | 22,586,321 | ||||||||||||||
| 44 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/Limited – 23.9% | ||||||||||||||||
Dodge City, Kansas, Sales Tax Revenue Bonds, Refunding Series 2016: | ||||||||||||||||
| $ | 2,295 | 5.000%, 6/01/30 – AGM Insured | 6/27 at 100.00 | AA | $ | 2,835,312 | ||||||||||
| 1,320 | 5.000%, 6/01/31 – AGM Insured | 6/27 at 100.00 | AA | 1,624,234 | ||||||||||||
| 3,000 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/30 | 11/25 at 100.00 | A | 3,562,050 | ||||||||||||
Government of Guam, Business Privilege Tax Bonds, Series 2011A: | ||||||||||||||||
| 650 | 5.250%, 1/01/36 | 1/22 at 100.00 | A | 736,801 | ||||||||||||
| 3,375 | 5.125%, 1/01/42 | 1/22 at 100.00 | A | 3,765,892 | ||||||||||||
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1: | ||||||||||||||||
| 1,495 | 5.000%, 1/01/32 | No Opt. Call | A | 1,678,661 | ||||||||||||
| 1,910 | 5.000%, 1/01/42 | 1/22 at 100.00 | A | 2,117,426 | ||||||||||||
| 1,115 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 | 12/19 at 100.00 | BBB+ | 1,248,443 | ||||||||||||
| 1,000 | Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23 – AMBAC Insured | No Opt. Call | A | 809,920 | ||||||||||||
Johnson County Public Building Commission, Kansas, Lease Purchase Revenue Bonds, Series 2011A: | ||||||||||||||||
| 1,320 | 4.000%, 9/01/25 | 9/20 at 100.00 | AAA | 1,473,450 | ||||||||||||
| 1,020 | 4.000%, 9/01/26 | 9/20 at 100.00 | AAA | 1,136,627 | ||||||||||||
| 1,000 | 4.000%, 9/01/27 | 9/20 at 100.00 | AAA | 1,114,340 | ||||||||||||
| 1,220 | 4.125%, 9/01/28 | 9/20 at 100.00 | AAA | 1,363,106 | ||||||||||||
| 1,270 | 4.250%, 9/01/29 | 9/20 at 100.00 | AAA | 1,426,070 | ||||||||||||
Kansas Department of Transportation, Highway Revenue Bonds, Series 2015B: | ||||||||||||||||
| 1,500 | 5.000%, 9/01/26 | 9/25 at 100.00 | AAA | 1,921,485 | ||||||||||||
| 1,500 | 5.000%, 9/01/35 | 9/25 at 100.00 | AAA | 1,851,150 | ||||||||||||
| 365 | Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/23 – AMBAC Insured | 10/16 at 100.00 | AA– | 368,270 | ||||||||||||
| 1,670 | Kansas Development Finance Authority, K-State Olathe Innovation Campus Inc., Johnson County Sales Tax Revenue Bonds, Series 2009L, 5.000%, 9/01/39 | 9/19 at 100.00 | AA | 1,863,520 | ||||||||||||
| 1,400 | Kansas Development Finance Authority, Revenue Bonds, Department of Commerce Impact Program, Series 2011K, 5.000%, 12/01/20 | 12/19 at 100.00 | AA– | 1,578,556 | ||||||||||||
| 40 | Kansas Development Finance Authority, Revenue Bonds, State Projects, Series 2001W, 5.000%, 10/01/17 – NPFG Insured | 10/16 at 100.00 | AA– | 40,158 | ||||||||||||
| 5,000 | Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.250%, 1/01/32 – AMBAC Insured | 1/17 at 100.00 | BB+ | 5,020,150 | ||||||||||||
| 2,180 | Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32 | 4/20 at 100.00 | BBB | 2,312,522 | ||||||||||||
| 2,775 | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32 | No Opt. Call | N/R | 2,630,173 | ||||||||||||
| 1,500 | Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/27 – AMBAC Insured | No Opt. Call | Ca | 1,584,750 | ||||||||||||
| 2,000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured | No Opt. Call | AA | 2,233,720 | ||||||||||||
| 320 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/25 | 10/20 at 100.00 | BBB | 357,110 | ||||||||||||
| NUVEEN | 45 |
Nuveen Kansas Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/Limited (continued) | ||||||||||||||||
| $ | 380 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 | 10/22 at 100.00 | BBB | $ | 412,558 | ||||||||||
| 2,000 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29 | 10/20 at 100.00 | Baa2 | 2,204,580 | ||||||||||||
| 2,525 | Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37 | 10/19 at 100.00 | Baa3 | 2,848,352 | ||||||||||||
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Kansas International Speedway Corporation Project, Refunding Series 2014: | ||||||||||||||||
| 1,370 | 5.000%, 12/01/25 | 12/24 at 100.00 | A+ | 1,692,197 | ||||||||||||
| 1,260 | 5.000%, 12/01/26 | 12/24 at 100.00 | A+ | 1,546,196 | ||||||||||||
| 700 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 | 9/25 at 100.00 | N/R | 717,703 | ||||||||||||
| 15 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 | No Opt. Call | A– | 11,383 | ||||||||||||
| 50,490 | Total Tax Obligation/Limited | 56,086,865 | ||||||||||||||
| Transportation – 3.1% | ||||||||||||||||
| 1,930 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, 5.000%, 1/01/41 (WI/DD, Settling 6/16/16) | 7/26 at 100.00 | AA– | 2,295,696 | ||||||||||||
| 1,000 | Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.500%, 1/01/19 – AMBAC Insured (Alternative Minimum Tax) | 7/16 at 100.00 | N/R | 1,003,970 | ||||||||||||
| 1,265 | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.250%, 1/01/50 (Alternative Minimum Tax) (WI/DD, Settling 6/01/16) | 7/24 at 100.00 | BBB | 1,446,451 | ||||||||||||
| 1,225 | Virgin Islands Port Authority, Marine Revenue Bonds, Refunding Series 2014A, 5.000%, 9/01/33 (Alternative Minimum Tax) | 9/24 at 100.00 | BBB+ | 1,394,185 | ||||||||||||
| 945 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | 1,079,332 | ||||||||||||
| 6,365 | Total Transportation | 7,219,634 | ||||||||||||||
| U.S. Guaranteed – 13.8% (4) | ||||||||||||||||
| 2,000 | Butler County Unified School District 402, Kansas, General Obligation Bonds, Series 2008A, 5.125%, 9/01/32 (Pre-refunded 9/01/18) – AGC Insured | 9/18 at 100.00 | A1 (4) | 2,181,420 | ||||||||||||
| 1,000 | Dodge City, Kansas, Sales Tax Revenue Bonds, Series 2009, 5.000%, 6/01/34 (Pre-refunded 6/01/19) – AGC Insured | 6/19 at 100.00 | AA (4) | 1,119,770 | ||||||||||||
| 2,170 | Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39 (Pre-refunded 11/15/19) | 11/19 at 100.00 | N/R (4) | 2,616,694 | ||||||||||||
| 2,500 | Guam Government, General Obligation Bonds, Series 2007A, 5.000%, 11/15/23 (Pre-refunded 11/15/17) | 11/17 at 100.00 | BB– (4) | 2,654,825 | ||||||||||||
| 3,000 | Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A, 5.250%, 9/01/28 (Pre-refunded 9/01/21) | 9/21 at 100.00 | Aa3 (4) | 3,590,130 | ||||||||||||
| 1,200 | Kansas Development Finance Authority, Athletic Facilities Revenue Bonds, K-State Athletics, Inc., Project, Series 2011-A1, 5.000%, 7/01/28 (Pre-refunded 7/01/16) | 7/16 at 100.00 | A1 (4) | 1,204,440 | ||||||||||||
| 46 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| U.S. Guaranteed (4) (continued) | ||||||||||||||||
Kansas Development Finance Authority, Athletic Facilities Revenue Bonds, K-State Athletics, Inc., Project, Series 2012B-1: | ||||||||||||||||
| $ | 1,750 | 5.000%, 7/01/30 (Pre-refunded 7/01/17) | 7/17 at 100.00 | A1 (4) | $ | 1,831,550 | ||||||||||
| 1,855 | 5.000%, 7/01/32 (Pre-refunded 7/01/17) | 7/17 at 100.00 | A1 (4) | 1,941,443 | ||||||||||||
| 3,910 | Kansas Development Finance Authority, Revenue Bonds, Department of Administration, Comprehensive Transportation Program, Series 2006A, 5.000%, 11/01/23 (Pre-refunded 11/01/16) – FGIC Insured | 11/16 at 100.00 | AA– (4) | 3,982,374 | ||||||||||||
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006: | ||||||||||||||||
| 2,500 | 5.125%, 7/01/26 (Pre-refunded 7/01/16) | 7/16 at 100.00 | A1 (4) | 2,509,525 | ||||||||||||
| 500 | 5.125%, 7/01/36 (Pre-refunded 7/01/16) | 7/16 at 100.00 | A1 (4) | 501,905 | ||||||||||||
| 1,000 | Sedgwick County Unified School District 260, Kansas, General Obligation Bonds, Refunding & School Improvement Series 2012, 5.000%, 10/01/30 (Pre-refunded 10/01/22) | 10/22 at 100.00 | AA– (4) | 1,222,530 | ||||||||||||
| 500 | Unified School District 470, Cowley County, Kansas, General Obligation Bonds, Series 2008A, 5.500%, 9/01/21 (Pre-refunded 9/01/18) – AGM Insured | 9/18 at 100.00 | AA (4) | 551,990 | ||||||||||||
| 4,000 | Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2011A-IV, 5.000%, 11/15/29 (Pre-refunded 11/15/21) | 11/21 at 100.00 | N/R (4) | 4,779,920 | ||||||||||||
| 1,695 | Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Series 2008B, 5.500%, 9/01/28 (Pre-refunded 9/01/18) | 9/18 at 100.00 | N/R (4) | 1,872,450 | ||||||||||||
| 29,580 | Total U.S. Guaranteed | 32,560,966 | ||||||||||||||
| Utilities – 11.4% | ||||||||||||||||
| 1,500 | Coffeyville, Kansas, Electric Utility System Revenue Bonds, Series 2015B, 5.000%, 6/01/42 – NPFG Insured | 6/25 at 100.00 | AA– | 1,632,045 | ||||||||||||
| 1,375 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured | 10/22 at 100.00 | AA | 1,637,226 | ||||||||||||
Guam Power Authority, Revenue Bonds, Series 2014A: | ||||||||||||||||
| 1,000 | 5.000%, 10/01/32 | 10/24 at 100.00 | AA | 1,196,950 | ||||||||||||
| 1,000 | 5.000%, 10/01/33 | 10/24 at 100.00 | AA | 1,193,620 | ||||||||||||
| 1,500 | Kansas Municipal Energy Agency, Power Project Revenue Bonds, Jameson Energy Center Project, Series 2013, 5.750%, 7/01/38 | 7/23 at 100.00 | A– | 1,788,855 | ||||||||||||
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A: | ||||||||||||||||
| 1,395 | 5.000%, 12/01/22 | No Opt. Call | A3 | 1,633,043 | ||||||||||||
| 1,265 | 5.000%, 12/01/23 | 12/22 at 100.00 | A3 | 1,472,536 | ||||||||||||
| 2,575 | 5.000%, 12/01/31 | 12/20 at 100.00 | A3 | 2,869,322 | ||||||||||||
| 1,595 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B, 5.000%, 7/01/31 | 7/17 at 100.00 | BB+ | 1,578,284 | ||||||||||||
| 2,250 | Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2016A, 5.000%, 9/01/40 | 9/25 at 100.00 | A+ | 2,638,823 | ||||||||||||
| 2,500 | Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 9/01/32 | 9/22 at 100.00 | A+ | 2,917,700 | ||||||||||||
Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Series 2009A: | ||||||||||||||||
| 1,075 | 5.000%, 9/01/29 – BHAC Insured | 3/19 at 100.00 | AA+ | 1,183,532 | ||||||||||||
| 3,000 | 5.250%, 9/01/34 – BHAC Insured | 3/19 at 100.00 | AA+ | 3,320,070 | ||||||||||||
| NUVEEN | 47 |
Nuveen Kansas Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Utilities (continued) | ||||||||||||||||
| $ | 1,535 | Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Series 2011A, 5.000%, 9/01/28 | 9/21 at 100.00 | A+ | $ | 1,767,783 | ||||||||||
| 23,565 | Total Utilities | 26,829,789 | ||||||||||||||
| Water and Sewer – 3.9% | ||||||||||||||||
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013: | ||||||||||||||||
| 500 | 5.250%, 7/01/33 | 7/23 at 100.00 | A– | 583,090 | ||||||||||||
| 2,000 | 5.500%, 7/01/43 | 7/23 at 100.00 | A– | 2,344,720 | ||||||||||||
| 1,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A– | 1,158,730 | ||||||||||||
| 2,000 | Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Refunding Series 2011A, 5.000%, 10/01/28 | 10/21 at 100.00 | AA– | 2,343,180 | ||||||||||||
| 2,500 | Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Series 2009A, 5.000%, 10/01/39 | 10/19 at 100.00 | AA– | 2,778,875 | ||||||||||||
| 8,000 | Total Water and Sewer | 9,208,595 | ||||||||||||||
| $ | 212,825 | Total Long-Term Investments (cost $220,156,466) | 237,197,423 | |||||||||||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 0.9% | ||||||||||||||||
MUNICIPAL BONDS – 0.9% | ||||||||||||||||
| Transportation – 0.9% | ||||||||||||||||
| $ | 2,000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 664, 0.490%, 10/01/37 (5) | No Opt. Call | A-2 | $ | 2,000,000 | ||||||||||
| $ | 2,000 | Total Short-Term Investments (cost $2,000,000) | 2,000,000 | |||||||||||||
Total Investments (cost $222,156,466) – 101.8% | 239,197,423 | |||||||||||||||
Floating Rate Obligations – (4.0)% | (9,420,000 | ) | ||||||||||||||
Other Assets Less Liabilities – 2.2% | 5,268,403 | |||||||||||||||
Net Assets – 100% | $ | 235,045,826 | ||||||||||||||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| (IF) | Inverse floating rate investment. |
| (UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
| 48 | NUVEEN |
Nuveen Kentucky Municipal Bond Fund
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 100.7% | ||||||||||||||||
MUNICIPAL BONDS – 100.7% | ||||||||||||||||
| Education and Civic Organizations – 11.9% | ||||||||||||||||
| $ | 880 | Eastern Kentucky University, General Receipts Bonds, Refunding Series 2012A, 5.000%, 4/01/20 | No Opt. Call | Aa3 | $ | 1,003,658 | ||||||||||
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A: | ||||||||||||||||
| 2,500 | 5.000%, 7/01/40 | 7/25 at 100.00 | BBB+ | 2,840,775 | ||||||||||||
| 2,500 | 5.000%, 1/01/45 | 7/25 at 100.00 | BBB+ | 2,828,150 | ||||||||||||
Kentucky Higher Education Student Loan Corporation, Student Loan Revenue Bonds, Senior Series 2014A: | ||||||||||||||||
| 900 | 5.000%, 6/01/22 (Alternative Minimum Tax) | No Opt. Call | A | 1,010,916 | ||||||||||||
| 700 | 5.000%, 6/01/23 (Alternative Minimum Tax) | No Opt. Call | A | 791,980 | ||||||||||||
| 400 | 5.000%, 6/01/24 (Alternative Minimum Tax) | No Opt. Call | A | 456,296 | ||||||||||||
| 2,000 | Louisville and Jefferson County Metropolitan Government, Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35 | 10/16 at 100.00 | A+ | 2,017,060 | ||||||||||||
| 1,500 | Louisville-Jefferson County Metro Government, Kentucky, Revenue Bonds, Bellarmine University Inc. Project, Refunding & Improvement Series 2008A, 6.000%, 5/01/38 | 5/18 at 100.00 | Baa3 | 1,602,870 | ||||||||||||
Louisville-Jefferson County Metro Government, Kentucky, Revenue Bonds, Bellarmine University Inc. Project, Refunding & Improvement Series 2015: | ||||||||||||||||
| 1,790 | 5.000%, 5/01/31 | 5/25 at 100.00 | Baa3 | 1,985,396 | ||||||||||||
| 1,210 | 5.000%, 5/01/40 | 5/25 at 100.00 | Baa3 | 1,309,704 | ||||||||||||
Murray State University, Kentucky, General Receipts Bonds, Series 2015A: | ||||||||||||||||
| 1,125 | 5.000%, 3/01/26 | 3/25 at 100.00 | Aa3 | 1,383,874 | ||||||||||||
| 1,075 | 5.000%, 3/01/27 | 3/25 at 100.00 | Aa3 | 1,312,263 | ||||||||||||
| 2,290 | Northern Kentucky University, General Receipts Bonds, Refunding Series 2016A, 5.000%, 9/01/23 | No Opt. Call | Aa3 | 2,772,617 | ||||||||||||
University of Kentucky, General Receipts Bonds, Refunding Series 2012A: | ||||||||||||||||
| 1,435 | 5.000%, 5/01/19 | No Opt. Call | AA | 1,601,345 | ||||||||||||
| 1,185 | 5.000%, 5/01/20 | No Opt. Call | AA | 1,361,849 | ||||||||||||
| 2,340 | 5.000%, 5/01/21 | No Opt. Call | AA | 2,759,632 | ||||||||||||
| 4,000 | University of Kentucky, General Receipts Bonds, Refunding Series 2015B, 5.000%, 10/01/27 | 4/25 at 100.00 | AA | 4,973,520 | ||||||||||||
| 2,000 | University of Kentucky, General Receipts Bonds, Series 2015A, 5.000%, 4/01/29 | 4/25 at 100.00 | AA | 2,466,260 | ||||||||||||
University of Louisville, Kentucky, Revenue Bonds, General Receipts Series 2011A: | ||||||||||||||||
| 150 | 5.000%, 9/01/20 | No Opt. Call | AA– | 172,535 | ||||||||||||
| 2,005 | 5.000%, 9/01/26 | 9/21 at 100.00 | AA– | 2,345,068 | ||||||||||||
| 1,910 | University of Louisville, Kentucky, Revenue Bonds, General Receipts Series 2012A, 5.000%, 9/01/25 | 9/21 at 100.00 | AA– | 2,247,650 | ||||||||||||
Western Kentucky University, General Receipts Revenue Bonds, Series 2016A: | ||||||||||||||||
| 2,690 | 5.000%, 9/01/25 | No Opt. Call | Aa3 | 3,320,563 | ||||||||||||
| 2,820 | 5.000%, 9/01/26 | 9/25 at 100.00 | Aa3 | 3,447,535 | ||||||||||||
| 39,405 | Total Education and Civic Organizations | 46,011,516 | ||||||||||||||
| NUVEEN | 49 |
Nuveen Kentucky Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Health Care – 24.0% | ||||||||||||||||
| $ | 3,360 | Christian County, Kentucky, Hospital Revenue Refunding Bonds, Jennie Stuart Medical Center, Series 2006A, 5.500%, 2/01/36 – AGC Insured | 2/18 at 100.00 | AA | $ | 3,573,998 | ||||||||||
Glasgow, Kentucky, Healthcare Revenue Bonds, T.J. Samson Community Hospital Project, Series 2011: | ||||||||||||||||
| 100 | 5.350%, 2/01/24 | 8/21 at 100.00 | BBB– | 113,099 | ||||||||||||
| 2,000 | 6.375%, 2/01/35 | 8/21 at 100.00 | BBB– | 2,317,100 | ||||||||||||
| 3,310 | 6.450%, 2/01/41 | 8/21 at 100.00 | BBB– | 3,843,175 | ||||||||||||
| 8,000 | Kentucky Bond Development Corporation, Hospital Revenue Bonds, Saint Elizabeth Medical Center, Inc., Refunding Series 2016, 5.000%, 5/01/39 | 5/26 at 100.00 | AA | 9,545,200 | ||||||||||||
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A: | ||||||||||||||||
| 3,925 | 5.500%, 6/01/21 | 6/20 at 100.00 | BBB+ | 4,551,077 | ||||||||||||
| 165 | 6.375%, 6/01/40 | 6/20 at 100.00 | BBB+ | 190,384 | ||||||||||||
| 5,150 | 6.500%, 3/01/45 | 6/20 at 100.00 | BBB+ | 5,960,352 | ||||||||||||
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A: | ||||||||||||||||
| 1,100 | 5.375%, 8/15/24 | 8/19 at 100.00 | A+ | 1,192,202 | ||||||||||||
| 7,090 | 5.625%, 8/15/27 | 8/19 at 100.00 | A+ | 7,711,297 | ||||||||||||
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011: | ||||||||||||||||
| 1,500 | 5.000%, 8/15/42 | 8/21 at 100.00 | A+ | 1,624,335 | ||||||||||||
| 3,000 | 5.250%, 8/15/46 | 8/21 at 100.00 | A+ | 3,278,310 | ||||||||||||
| 10,000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | 1/23 at 100.00 | A+ | 11,312,500 | ||||||||||||
| 3,320 | Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/26 | 6/22 at 100.00 | A+ | 3,826,067 | ||||||||||||
| 7,000 | Murray Hospital Facilities, Kentucky, Revenue Bonds, Murray-Calloway County Public Hospital, Series 2007, 5.125%, 8/01/37 | 8/17 at 100.00 | Baa3 | 7,049,280 | ||||||||||||
| 7,500 | Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.500%, 3/01/41 | 3/21 at 100.00 | A3 | 8,753,025 | ||||||||||||
| 8,000 | Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013, 5.000%, 11/01/26 | No Opt. Call | A2 | 9,448,000 | ||||||||||||
| 3,250 | Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2013, 5.000%, 4/01/35 | 4/23 at 100.00 | A+ | 3,673,410 | ||||||||||||
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A: | ||||||||||||||||
| 1,980 | 5.000%, 10/01/33 | 10/22 at 100.00 | A+ | 2,223,184 | ||||||||||||
| 2,000 | 5.000%, 10/01/37 | 10/22 at 100.00 | A+ | 2,232,140 | ||||||||||||
| 81,750 | Total Health Care | 92,418,135 | ||||||||||||||
| Housing/Multifamily – 0.3% | ||||||||||||||||
| 1,175 | Kentucky Housing Corporation, Conduit Multifamily Mortgage Revenue Bonds, Florence Homes III Apartments Project, Series 2005B, 5.000%, 6/01/35 (Alternative Minimum Tax) (Mandatory Put 6/01/23) | 6/17 at 100.00 | N/R | 1,188,924 | ||||||||||||
| 50 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Housing/Single Family – 0.7% | ||||||||||||||||
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2011B: | ||||||||||||||||
| $ | 150 | 3.000%, 1/01/21 | No Opt. Call | AAA | $ | 160,686 | ||||||||||
| 485 | 3.000%, 7/01/21 | No Opt. Call | AAA | 522,447 | ||||||||||||
| 705 | 3.100%, 7/01/22 | 7/21 at 100.00 | AAA | 759,116 | ||||||||||||
| 360 | 3.300%, 1/01/23 | 7/21 at 100.00 | AAA | 388,847 | ||||||||||||
| 595 | 3.300%, 7/01/23 | 7/21 at 100.00 | AAA | 641,178 | ||||||||||||
| 175 | 3.625%, 1/01/25 | 7/21 at 100.00 | AAA | 187,713 | ||||||||||||
| 2,470 | Total Housing/Single Family | 2,659,987 | ||||||||||||||
| Long-Term Care – 0.2% | ||||||||||||||||
| 725 | Kentucky Economic Development Finance Authority, Multifamily Housing Revenue Bonds, Christian Care Communities Projects, Series 2005, 5.250%, 11/20/25 | 11/18 at 100.00 | AA+ | 748,360 | ||||||||||||
| Tax Obligation/General – 0.1% | ||||||||||||||||
| 365 | Crittenden County, Kentucky, General Obligation Bonds, Series 2007, 6.000%, 12/01/27 | 12/17 at 100.00 | N/R | 379,381 | ||||||||||||
| 200 | Louisville and Jefferson County Metropolitan Government, Kentucky, General Obligation Bonds, Series 2010, 4.000%, 11/01/17 | No Opt. Call | AAA | 209,256 | ||||||||||||
| 565 | Total Tax Obligation/General | 588,637 | ||||||||||||||
| Tax Obligation/Limited – 18.0% | ||||||||||||||||
Barren County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2015: | ||||||||||||||||
| 1,250 | 5.000%, 8/01/24 | No Opt. Call | Aa3 | 1,540,038 | ||||||||||||
| 1,760 | 5.000%, 8/01/25 | 2/25 at 100.00 | Aa3 | 2,189,282 | ||||||||||||
| 1,000 | Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, Federal Highway Trust Fund First Series 2010A, 5.000%, 9/01/21 | 9/20 at 100.00 | AA | 1,150,530 | ||||||||||||
| 2,000 | Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington Project, Series 2016A, 4.400%, 10/01/24 | No Opt. Call | N/R | 1,991,760 | ||||||||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1: | ||||||||||||||||
| 1,950 | 5.750%, 12/01/28 – AGC Insured | 6/18 at 100.00 | AA | 2,083,380 | ||||||||||||
| 3,450 | 6.000%, 12/01/33 – AGC Insured | 6/18 at 100.00 | AA | 3,724,551 | ||||||||||||
| 4,630 | 6.000%, 12/01/38 – AGC Insured | 6/18 at 100.00 | AA | 4,988,964 | ||||||||||||
| 9,350 | 6.000%, 12/01/42 – AGC Insured | 6/18 at 100.00 | AA | 10,074,905 | ||||||||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A2: | ||||||||||||||||
| 50 | 0.000%, 12/01/16 – AGC Insured | No Opt. Call | AA | 49,526 | ||||||||||||
| 3,505 | 0.000%, 12/01/22 – AGC Insured | No Opt. Call | AA | 2,842,204 | ||||||||||||
| 3,750 | 0.000%, 12/01/23 – AGC Insured | No Opt. Call | AA | 2,924,737 | ||||||||||||
| 5,000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Tender Option Bond Trust 2016-XG0027, 19.261%, 1/04/18 – AGC Insured (IF) | No��Opt. Call | AA | 6,368,000 | ||||||||||||
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 84, Series 2005: | ||||||||||||||||
| 2,115 | 5.000%, 8/01/18 – NPFG Insured | No Opt. Call | AA– | 2,300,612 | ||||||||||||
| 125 | 5.000%, 8/01/19 – NPFG Insured | No Opt. Call | AA– | 140,086 | ||||||||||||
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009: | ||||||||||||||||
| 285 | 5.250%, 2/01/28 – AGC Insured | 2/19 at 100.00 | AA | 314,589 | ||||||||||||
| 285 | 5.250%, 2/01/29 – AGC Insured | 2/19 at 100.00 | AA | 314,589 | ||||||||||||
| NUVEEN | 51 |
Nuveen Kentucky Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/Limited (continued) | ||||||||||||||||
| $ | 2,000 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2010A, 5.000%, 7/01/20 | No Opt. Call | Aa2 | $ | 2,288,180 | ||||||||||
| 1,800 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2011A, 5.000%, 7/01/24 | 7/21 at 100.00 | Aa2 | 2,129,004 | ||||||||||||
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2012A: | ||||||||||||||||
| 500 | 5.000%, 7/01/24 | 7/22 at 100.00 | Aa2 | 608,195 | ||||||||||||
| 4,000 | 5.000%, 7/01/30 | 7/22 at 100.00 | Aa2 | 4,782,760 | ||||||||||||
| 6,740 | 5.000%, 7/01/31 | 7/22 at 100.00 | Aa2 | 8,050,323 | ||||||||||||
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A: | ||||||||||||||||
| 2,990 | 5.000%, 6/01/20 | No Opt. Call | Aa3 | 3,423,072 | ||||||||||||
| 1,000 | 5.000%, 6/01/21 | No Opt. Call | Aa3 | 1,176,170 | ||||||||||||
| 3,000 | 5.250%, 6/01/29 | 6/21 at 100.00 | Aa3 | 3,460,710 | ||||||||||||
| 500 | Pendleton County, Kentucky, Leasing Trust Revenue Bonds, Kentucky Association of Counties, Series 1993A, 6.400%, 3/01/19 | No Opt. Call | B | 539,330 | ||||||||||||
| 63,035 | Total Tax Obligation/Limited | 69,455,497 | ||||||||||||||
| Transportation – 7.8% | ||||||||||||||||
| 5,090 | Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2003B, 5.000%, 3/01/23 – NPFG Insured (Alternative Minimum Tax) | 9/16 at 100.00 | AA– | 5,108,731 | ||||||||||||
| 2,000 | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Capital Appreciation Series 2013B, 0.000%, 7/01/23 | No Opt. Call | Baa3 | 1,572,400 | ||||||||||||
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A: | ||||||||||||||||
| 475 | 5.000%, 7/01/17 | No Opt. Call | Baa3 | 494,052 | ||||||||||||
| 250 | 5.750%, 7/01/49 | 7/23 at 100.00 | Baa3 | 291,173 | ||||||||||||
| 10,000 | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 11,817,000 | ||||||||||||
Lexington-Fayette Urban County Government, Kentucky, General Airport Revenue Refunding Bonds, Series 2012B: | ||||||||||||||||
| 1,215 | 5.000%, 7/01/29 (Alternative Minimum Tax) | No Opt. Call | AA | 1,386,145 | ||||||||||||
| 1,100 | 5.000%, 7/01/31 (Alternative Minimum Tax) | No Opt. Call | AA | 1,248,302 | ||||||||||||
| 1,000 | 5.000%, 7/01/38 | No Opt. Call | AA | 1,146,940 | ||||||||||||
Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A: | ||||||||||||||||
| 1,250 | 5.000%, 7/01/21 (Alternative Minimum Tax) | No Opt. Call | A+ | 1,461,337 | ||||||||||||
| 1,625 | 5.000%, 7/01/22 (Alternative Minimum Tax) | No Opt. Call | A+ | 1,935,245 | ||||||||||||
| 1,555 | 5.000%, 7/01/31 (Alternative Minimum Tax) | 7/24 at 100.00 | A+ | 1,826,705 | ||||||||||||
| 1,500 | 5.000%, 7/01/32 (Alternative Minimum Tax) | 7/24 at 100.00 | A+ | 1,752,570 | ||||||||||||
| 27,060 | Total Transportation | 30,040,600 | ||||||||||||||
| U.S. Guaranteed – 14.6% (4) | ||||||||||||||||
Crittenden County, Kentucky, General Obligation Bonds, Series 2007: | ||||||||||||||||
| 720 | 6.000%, 12/01/27 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (4) | 776,729 | ||||||||||||
| 1,605 | 6.250%, 12/01/32 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (4) | 1,737,428 | ||||||||||||
| 2,190 | 6.500%, 12/01/37 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (4) | 2,378,866 | ||||||||||||
| 52 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| U.S. Guaranteed (4) (continued) | ||||||||||||||||
Kentucky Asset/Liability Commission, General Receipts Revenue Bonds, University of Kentucky, Series 2007A: | ||||||||||||||||
| $ | 1,645 | 5.000%, 10/01/20 (Pre-refunded 10/01/17) – AMBAC Insured | 10/17 at 100.00 | AA (4) | $ | 1,739,604 | ||||||||||
| 2,685 | 5.000%, 10/01/21 (Pre-refunded 10/01/17) – AMBAC Insured | 10/17 at 100.00 | AA (4) | 2,839,414 | ||||||||||||
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Saint Elizabeth Medical Center, Refunding & Improvement Series 2009A: | ||||||||||||||||
| 210 | 5.375%, 5/01/34 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA (4) | 236,937 | ||||||||||||
| 5,010 | 5.500%, 5/01/39 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA (4) | 5,670,619 | ||||||||||||
| 2,500 | Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project, Tender Option Bond Trust 1025, 17.515%, 9/01/42 (Pre-refunded 9/01/17) – NPFG Insured (IF) (5) | 9/17 at 100.00 | AA+ (4) | 3,066,925 | ||||||||||||
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A: | ||||||||||||||||
| 1,435 | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | AA– (4) | 1,511,916 | ||||||||||||
| 5,065 | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | AA– (4) | 5,336,484 | ||||||||||||
| 4,600 | 5.250%, 9/01/42 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | AA– (4) | 4,860,866 | ||||||||||||
| 7,535 | 5.250%, 9/01/42 (Pre-refunded 9/01/17) – NPFG Insured (UB) (5) | 9/17 at 100.00 | AA+ (4) | 7,962,310 | ||||||||||||
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009: | ||||||||||||||||
| 2,215 | 5.250%, 2/01/28 (Pre-refunded 2/01/19) – AGC Insured | 2/19 at 100.00 | AA (4) | 2,462,172 | ||||||||||||
| 2,215 | 5.250%, 2/01/29 (Pre-refunded 2/01/19) – AGC Insured | 2/19 at 100.00 | AA (4) | 2,462,172 | ||||||||||||
| 25 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2008A, 5.000%, 7/01/28 (Pre-refunded 7/01/18) | 7/18 at 100.00 | Aa2 (4) | 27,167 | ||||||||||||
| 2,820 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2009A, 5.000%, 7/01/29 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aa2 (4) | 3,168,496 | ||||||||||||
| 2,060 | Laurel County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2007, 5.000%, 6/01/27 (Pre-refunded 6/01/17) – AGM Insured | 6/17 at 100.00 | Aa3 (4) | 2,149,383 | ||||||||||||
| 2,055 | Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18) | 2/18 at 100.00 | Aaa | 2,237,874 | ||||||||||||
Paducah, Kentucky, Electric Plant Board Revenue Bonds, Series 2009A: | ||||||||||||||||
| 3,995 | 5.000%, 10/01/25 (Pre-refunded 4/01/19) | 4/19 at 100.00 | A3 (4) | 4,347,679 | ||||||||||||
| 95 | 5.000%, 10/01/28 (Pre-refunded 4/01/19) – AGC Insured | 4/19 at 100.00 | A3 (4) | 102,374 | ||||||||||||
| 1,000 | Warren County, Kentucky, Hospital Facilities Revenue Bonds, Community Hospital, Series 2007A, 5.000%, 8/01/29 (Pre-refunded 8/01/17) | 8/17 at 100.00 | A+ (4) | 1,050,370 | ||||||||||||
| 51,680 | Total U.S. Guaranteed | 56,125,785 | ||||||||||||||
| Utilities – 14.7% | ||||||||||||||||
Frankfort Electric & Water Plant Board, Kentucky, Electric and Water Revenue Bonds, Series 2015A: | ||||||||||||||||
| 325 | 4.000%, 12/01/16 – AGM Insured | No Opt. Call | AA | 330,336 | ||||||||||||
| 155 | 4.000%, 12/01/17 – AGM Insured | No Opt. Call | AA | 162,214 | ||||||||||||
| 40 | 4.000%, 12/01/18 – AGM Insured | No Opt. Call | AA | 42,904 | ||||||||||||
| 4,740 | Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Series 2009A, 6.250%, 6/01/39 | 6/19 at 100.00 | A | 5,322,925 | ||||||||||||
| 5,315 | Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Series 2009B, 5.625%, 9/01/39 | 9/19 at 100.00 | A | 5,914,000 | ||||||||||||
| NUVEEN | 53 |
Nuveen Kentucky Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Utilities (continued) | ||||||||||||||||
Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B: | ||||||||||||||||
| $ | 7,900 | 0.000%, 1/01/17 – AMBAC Insured | No Opt. Call | A3 | $ | 7,838,459 | ||||||||||
| 13,300 | 0.000%, 1/01/18 – AMBAC Insured | No Opt. Call | A3 | 12,963,510 | ||||||||||||
| 1,510 | Paducah, Kentucky, Electric Plant Board Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/35 – AGM Insured (WI/DD, Settling 6/23/16) | 10/26 at 100.00 | AA | 1,757,791 | ||||||||||||
Paducah, Kentucky, Electric Plant Board Revenue Bonds, Series 2009A: | ||||||||||||||||
| 2,945 | 5.000%, 10/01/20 – AGC Insured | 4/19 at 100.00 | A3 | 3,234,140 | ||||||||||||
| 8,885 | 5.250%, 10/01/35 – AGC Insured | 4/19 at 100.00 | A3 | 9,738,848 | ||||||||||||
Princeton Electric Plant Board, Kentucky, Revenue Bonds, Refunding Series 2015: | ||||||||||||||||
| 225 | 5.000%, 11/01/21 – AGM Insured | No Opt. Call | AA | 264,236 | ||||||||||||
| 1,000 | 5.000%, 11/01/25 – AGM Insured | 5/25 at 100.00 | AA | 1,224,650 | ||||||||||||
| 1,100 | 5.000%, 11/01/34 – AGM Insured | 5/25 at 100.00 | AA | 1,303,104 | ||||||||||||
| 1,635 | 5.000%, 11/01/37 – AGM Insured | 5/25 at 100.00 | AA | 1,915,648 | ||||||||||||
Russellville, Kentucky, Electric Plant Board Electric Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||
| 380 | 5.000%, 8/01/22 – BAM Insured | No Opt. Call | AA | 454,488 | ||||||||||||
| 405 | 5.000%, 8/01/24 – BAM Insured | No Opt. Call | AA | 493,302 | ||||||||||||
| 3,500 | Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2002A, 1.050%, 9/01/26 (Mandatory Put 3/01/18) | No Opt. Call | A1 | 3,498,775 | ||||||||||||
| 53,360 | Total Utilities | 56,459,330 | ||||||||||||||
| Water and Sewer – 8.4% | ||||||||||||||||
Campbell & Kenton Counties Sanitation District 1, Kentucky, Revenue Bonds, Series 2007: | ||||||||||||||||
| 225 | 5.000%, 8/01/21 – NPFG Insured | 8/17 at 100.00 | AA | 235,897 | ||||||||||||
| 3,795 | 5.000%, 8/01/24 – NPFG Insured | 8/17 at 100.00 | AA | 3,971,050 | ||||||||||||
| 2,750 | Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Program Revenue Bonds, Series 2012A, 5.000%, 2/01/30 | 2/22 at 100.00 | AAA | 3,277,533 | ||||||||||||
Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Program Revenue Bonds, Tender Option Bond Trust 2015-XF2109: | ||||||||||||||||
| 1,330 | 16.699%, 2/01/23 (IF) (5) | No Opt. Call | AAA | 2,776,388 | ||||||||||||
| 1,070 | 16.920%, 2/01/23 (IF) (5) | No Opt. Call | AAA | 2,156,820 | ||||||||||||
| 220 | Kentucky Rural Water Finance Corporation, Multimodal Public Projects Revenue Bonds, Flexible Term Program, Series 2001A, 5.375%, 2/01/20 | 8/16 at 100.00 | A+ | 220,920 | ||||||||||||
| 7,500 | Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Refunding Series 2011A, 5.000%, 5/15/28 | 11/21 at 100.00 | AA | 8,892,750 | ||||||||||||
| 795 | Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2014A, 5.000%, 5/15/27 | 11/24 at 100.00 | AA | 986,587 | ||||||||||||
| 2,000 | Northern Kentucky Water District, Revenue Bonds, Series 2009, 6.500%, 2/01/33 – AGM Insured | 8/18 at 100.00 | Aa3 | 2,234,920 | ||||||||||||
Northern Kentucky Water District, Revenue Bonds, Series 2012: | ||||||||||||||||
| 2,690 | 5.000%, 2/01/22 | No Opt. Call | Aa3 | 3,207,475 | ||||||||||||
| 3,495 | 5.000%, 2/01/26 | 2/22 at 100.00 | Aa3 | 4,095,336 | ||||||||||||
| 54 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Water and Sewer (continued) | ||||||||||||||||
| $ | 195 | Owensboro, Kentucky, Water Revenue Bonds, Refunding & Improvement Series 2009, 5.000%, 9/15/29 | 9/18 at 100.00 | A1 | $ | 210,540 | ||||||||||
| 26,065 | Total Water and Sewer | 32,266,216 | ||||||||||||||
| $ | 347,290 | Total Long-Term Investments (cost $359,447,824) | 387,962,987 | |||||||||||||
Floating Rate Obligations – (1.5)% | (5,650,000 | ) | ||||||||||||||
Other Assets Less Liabilities – 0.8% | 2,807,638 | |||||||||||||||
Net Assets – 100% | $ | 385,120,625 | ||||||||||||||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (IF) | Inverse floating rate investment. |
| (UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
| NUVEEN | 55 |
Nuveen Michigan Municipal Bond Fund
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 99.9% | ||||||||||||||||
MUNICIPAL BONDS – 99.9% | ||||||||||||||||
| Consumer Staples – 2.7% | ||||||||||||||||
| $ | 3,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34 | 6/17 at 100.00 | B– | $ | 2,986,290 | ||||||||||
| 2,215 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 | 6/18 at 100.00 | B+ | 2,285,969 | ||||||||||||
| 5,215 | Total Consumer Staples | 5,272,259 | ||||||||||||||
| Education and Civic Organizations – 15.1% | ||||||||||||||||
| 1,480 | Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/39 | 10/24 at 100.00 | Aa3 | 1,739,696 | ||||||||||||
| 350 | Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28 | 12/24 at 100.00 | A+ | 423,910 | ||||||||||||
| 1,000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hanley International Academy, Inc. Project, Series 2010A, 6.125%, 9/01/40 | 9/20 at 100.00 | BBB– | 1,060,950 | ||||||||||||
| 500 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2011, 7.750%, 10/01/30 | 10/21 at 100.00 | BBB– | 570,525 | ||||||||||||
| 830 | Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31 | 10/21 at 100.00 | BB– | 847,380 | ||||||||||||
| 1,000 | Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40 | 2/20 at 100.00 | AA+ | 1,120,400 | ||||||||||||
| 1,060 | Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/20 | No Opt. Call | AA+ | 1,229,197 | ||||||||||||
| 4,370 | Michigan State University, General Revenue Bonds, Series 2015A, 5.000%, 8/15/40 | 8/25 at 100.00 | AA+ | 5,235,435 | ||||||||||||
| 1,800 | Michigan Technological University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/45 | 10/25 at 100.00 | A1 | 2,089,512 | ||||||||||||
| 515 | Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35 | 7/26 at 100.00 | A1 | 611,434 | ||||||||||||
| 3,000 | University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44 | 4/24 at 100.00 | AAA | 3,565,680 | ||||||||||||
University of Michigan, General Revenue Bonds, Series 2015: | ||||||||||||||||
| 2,475 | 5.000%, 4/01/30 | 4/26 at 100.00 | AAA | 3,132,236 | ||||||||||||
| 1,000 | 5.000%, 4/01/40 (UB) (4) | 4/26 at 100.00 | AAA | 1,227,480 | ||||||||||||
| 1,275 | 5.000%, 4/01/40 (UB) (4) | 4/26 at 100.00 | AAA | 1,565,037 | ||||||||||||
| 3,600 | 5.000%, 4/01/46 (UB) (4) | 4/26 at 100.00 | AAA | 4,394,232 | ||||||||||||
| 650 | Western Michigan University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 | 5/25 at 100.00 | A1 | 750,873 | ||||||||||||
| 24,905 | Total Education and Civic Organizations | 29,563,977 | ||||||||||||||
| Health Care – 10.6% | ||||||||||||||||
| 1,000 | Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Refunding Series 2011A, 5.000%, 7/01/29 | 7/21 at 100.00 | AA– | 1,132,920 | ||||||||||||
| 450 | Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured | 6/20 at 100.00 | AA | 496,359 | ||||||||||||
| 56 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Health Care (continued) | ||||||||||||||||
Kent Hospital Finance Authority, Michigan, Revenue Refunding Bonds, Spectrum Health System, Refunding Series 2011C: | ||||||||||||||||
| $ | 2,135 | 5.000%, 1/15/31 | 1/22 at 100.00 | AA | $ | 2,416,863 | ||||||||||
| 365 | 5.000%, 1/15/42 | 1/22 at 100.00 | AA | 403,891 | ||||||||||||
| 720 | Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding Series 2015A, 5.000%, 8/01/32 | 8/24 at 100.00 | A1 | 850,154 | ||||||||||||
| 1,875 | Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding Series 2014, 5.000%, 6/01/39 | 6/24 at 100.00 | A+ | 2,160,844 | ||||||||||||
| 1,250 | Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015, 5.000%, 11/15/45 | 5/25 at 100.00 | A+ | 1,451,838 | ||||||||||||
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012: | ||||||||||||||||
| 1,670 | 5.000%, 11/01/25 | 11/22 at 100.00 | A1 | 1,955,620 | ||||||||||||
| 1,250 | 5.000%, 11/01/42 | 11/22 at 100.00 | A1 | 1,393,750 | ||||||||||||
| 2,295 | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 | 12/21 at 100.00 | AA– | 2,614,693 | ||||||||||||
| 3,300 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 | 11/19 at 100.00 | A– | 3,756,192 | ||||||||||||
| 2,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 | 6/22 at 100.00 | AA | 2,221,720 | ||||||||||||
| 18,310 | Total Health Care | 20,854,844 | ||||||||||||||
| Housing/Multifamily – 0.6% | ||||||||||||||||
| 1,200 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, 4/01/31 – AGM Insured (Alternative Minimum Tax) | 10/16 at 100.00 | AA | 1,202,040 | ||||||||||||
| Tax Obligation/General – 23.4% | ||||||||||||||||
| 690 | Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/29 | 5/22 at 100.00 | Aa1 | 823,363 | ||||||||||||
| 1,350 | Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, School Building & Site Series 2015, 5.000%, 5/01/25 | No Opt. Call | Aa2 | 1,694,331 | ||||||||||||
| 660 | Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Series 2008, 5.000%, 5/01/23 | 5/18 at 100.00 | Aa1 | 707,032 | ||||||||||||
| 800 | Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement Series 2008, 5.000%, 5/01/38 | 5/18 at 100.00 | AA+ | 858,216 | ||||||||||||
| 1,435 | Bay City, Michigan, General Obligation Bonds, Series 2008B, 5.500%, 4/01/28 – AGM Insured | 4/18 at 100.00 | AA | 1,539,669 | ||||||||||||
| 1,515 | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39 | 5/24 at 100.00 | AA– | 1,753,658 | ||||||||||||
| 370 | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 1998C, 5.250%, 5/01/25 – FGIC Insured | No Opt. Call | AA+ | 434,265 | ||||||||||||
| 4,000 | Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012, 5.000%, 10/01/26 – AGM Insured | 10/22 at 100.00 | AA | 4,475,920 | ||||||||||||
| NUVEEN | 57 |
Nuveen Michigan Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/General (continued) | ||||||||||||||||
Dryden Community School District, Michigan, General Obligation Bonds, Refunding Series 2016: | ||||||||||||||||
| $ | 310 | 4.000%, 5/01/29 | 5/26 at 100.00 | AA– | $ | 355,505 | ||||||||||
| 310 | 4.000%, 5/01/30 | 5/26 at 100.00 | AA– | 353,732 | ||||||||||||
| 160 | 4.000%, 5/01/32 | 5/26 at 100.00 | AA– | 179,765 | ||||||||||||
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding School Building & Site Series 2016: | ||||||||||||||||
| 4,325 | 5.000%, 5/01/29 – AGM Insured | 5/26 at 100.00 | AA | 5,332,163 | ||||||||||||
| 1,555 | 5.000%, 5/01/38 – AGM Insured | 5/26 at 100.00 | AA | 1,850,885 | ||||||||||||
| 1,060 | Homer Community School District, Calhourn, Jackson, Hillsdale and Branch Counties, Michigan, General Obligation Bonds, School Building & Site, Series 2011B, 5.500%, 5/01/41 | 5/21 at 100.00 | AA– | 1,178,731 | ||||||||||||
| 1,450 | Jackson, Jackson County, Michigan, Downtown Development Bonds, Series 2001, 0.000%, 6/01/21 – AGM Insured | No Opt. Call | AA | 1,317,383 | ||||||||||||
| 1,075 | Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/35 | 1/25 at 100.00 | AAA | 1,295,246 | ||||||||||||
| 1,500 | Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 5.000%, 1/01/31 | 1/25 at 100.00 | AAA | 1,829,475 | ||||||||||||
| 1,230 | Michigan Municipal Bond Authority, AMBAC Insured Bonds, Series 2007B-A, 5.000%, 12/01/34 – AMBAC Insured | 6/17 at 100.00 | N/R | 1,236,371 | ||||||||||||
| 1,000 | Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22 | 12/21 at 100.00 | Aa1 | 1,189,830 | ||||||||||||
| 350 | Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 | 5/19 at 100.00 | Aa1 | 392,045 | ||||||||||||
Muskegon County, Michigan, General Obligation Water Supply System Bonds, Refunding Series 2015: | ||||||||||||||||
| 550 | 5.000%, 11/01/33 | 11/25 at 100.00 | AA | 657,585 | ||||||||||||
| 1,290 | 5.000%, 11/01/36 | No Opt. Call | AA | 1,517,620 | ||||||||||||
Okemos Public School District, Ingham County, Michigan, General Obligation Refunding Bonds, Series 1993: | ||||||||||||||||
| 1,000 | 0.000%, 5/01/17 – NPFG Insured | No Opt. Call | Aa2 | 989,140 | ||||||||||||
| 1,020 | 0.000%, 5/01/18 – NPFG Insured | No Opt. Call | Aa2 | 990,981 | ||||||||||||
| 1,100 | Ottawa County, Michigan, General Obligation Bonds, Sewer Disposal System, Series 2010, 5.000%, 5/01/37 | 5/20 at 100.00 | Aaa | 1,234,299 | ||||||||||||
| 600 | Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/21 | No Opt. Call | Aa2 | 704,880 | ||||||||||||
| 1,915 | South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured | 5/24 at 100.00 | AA | 2,225,536 | ||||||||||||
| 150 | South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 – AGC Insured | 12/19 at 100.00 | AA | 168,692 | ||||||||||||
| 3,270 | West Ottawa Public School District, Ottawa County, Michigan, General Obligation Refunding Bonds, Series 1992, 0.000%, 5/01/17 – FGIC Insured | No Opt. Call | AA– | 3,231,349 | ||||||||||||
| 4,670 | Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured | No Opt. Call | Aa2 | 5,425,746 | ||||||||||||
| 40,710 | Total Tax Obligation/General | 45,943,413 | ||||||||||||||
| 58 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/Limited – 13.5% | ||||||||||||||||
Grand Rapids Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Series 1994: | ||||||||||||||||
| $ | 3,985 | 0.000%, 6/01/17 – NPFG Insured | No Opt. Call | AA– | $ | 3,917,135 | ||||||||||
| 3,295 | 0.000%, 6/01/18 – NPFG Insured | No Opt. Call | AA– | 3,166,528 | ||||||||||||
| 1,000 | Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds, Series 2013A, 5.950%, 2/01/42 | 2/24 at 103.00 | N/R | 1,145,720 | ||||||||||||
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Regional Convention Facility Authority Local Project, Series 2014H-1: | ||||||||||||||||
| 825 | 5.000%, 10/01/19 | No Opt. Call | AA– | 921,946 | ||||||||||||
| 4,070 | 5.000%, 10/01/39 | 10/24 at 100.00 | AA– | 4,649,975 | ||||||||||||
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA: | ||||||||||||||||
| 3,000 | 0.000%, 10/15/27 – AGM Insured | 10/16 at 58.27 | AA | 1,739,670 | ||||||||||||
| 1,500 | 0.000%, 10/15/28 – AGM Insured | 10/16 at 55.35 | AA | 825,960 | ||||||||||||
| 3,025 | 5.000%, 10/15/36 – NPFG Insured | 10/16 at 100.00 | Aa2 | 3,070,708 | ||||||||||||
| 2,000 | Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38 | 10/25 at 100.00 | Aa2 | 2,373,140 | ||||||||||||
Michigan State Trunk Line Fund Bonds, Series 2011: | ||||||||||||||||
| 1,015 | 5.000%, 11/15/33 | 11/21 at 100.00 | AA+ | 1,188,230 | ||||||||||||
| 700 | 5.000%, 11/15/36 | 11/21 at 100.00 | AA+ | 813,526 | ||||||||||||
| 685 | Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22 | No Opt. Call | AA+ | 836,351 | ||||||||||||
| 1,500 | Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/29 | 11/24 at 100.00 | AA+ | 1,843,545 | ||||||||||||
| 26,600 | Total Tax Obligation/Limited | 26,492,434 | ||||||||||||||
| Transportation – 2.3% | ||||||||||||||||
| 1,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax) | No Opt. Call | A | 1,144,290 | ||||||||||||
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A: | ||||||||||||||||
| 2,000 | 5.000%, 12/01/37 | No Opt. Call | A | 2,240,900 | ||||||||||||
| 1,000 | 5.000%, 12/01/42 – AGM Insured | 12/22 at 100.00 | AA | 1,149,130 | ||||||||||||
| 4,000 | Total Transportation | 4,534,320 | ||||||||||||||
| U.S. Guaranteed – 15.9% (5) | ||||||||||||||||
| 2,660 | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, Series 2007, 4.750%, 5/01/32 (Pre-refunded 5/01/17) – NPFG Insured | 5/17 at 100.00 | Aa1 (5) | 2,760,122 | ||||||||||||
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008: | ||||||||||||||||
| 145 | 5.000%, 1/01/28 (Pre-refunded 1/01/18) | 1/18 at 100.00 | Aa1 (5) | 154,669 | ||||||||||||
| 3,500 | 5.000%, 1/01/38 (Pre-refunded 1/01/18) | 1/18 at 100.00 | Aa1 (5) | 3,733,380 | ||||||||||||
| 1,675 | Hopkins Public Schools, Allegan County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/25 (Pre-refunded 5/01/17) – NPFG Insured | 5/17 at 100.00 | Aa1 (5) | 1,741,883 | ||||||||||||
| 50 | Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series 2007, 5.000%, 1/01/32 (Pre-refunded 1/01/17) | 1/17 at 100.00 | AAA | 51,247 | ||||||||||||
| 840 | Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/37 (Pre-refunded 5/01/17) – AGM Insured | 5/17 at 100.00 | Aa1 (5) | 873,541 | ||||||||||||
| 3,000 | Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22) | 6/22 at 100.00 | N/R (5) | 3,621,720 | ||||||||||||
| NUVEEN | 59 |
Nuveen Michigan Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| U.S. Guaranteed (5) (continued) | ||||||||||||||||
| $ | 10 | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (5) | $ | 11,993 | ||||||||||
| 4,000 | Michigan House of Representatives, Certificates of Participation, Series 1998, 0.000%, 8/15/23 – AMBAC Insured (ETM) | No Opt. Call | N/R (5) | 3,526,880 | ||||||||||||
| 865 | Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 5.000%, 10/01/23 (Pre-refunded 10/01/17) | 10/17 at 100.00 | N/R (5) | 914,270 | ||||||||||||
| 1,000 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group, Series 2009A, 5.875%, 6/01/39 (Pre-refunded 6/01/19) – AGC Insured | 6/19 at 100.00 | AA+ (5) | 1,144,950 | ||||||||||||
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, Series 2007: | ||||||||||||||||
| 500 | 5.000%, 5/01/27 (Pre-refunded 5/01/17) – AGM Insured | 5/17 at 100.00 | Aaa | 519,965 | ||||||||||||
| 1,200 | 5.000%, 5/01/36 (Pre-refunded 5/01/17) – AGM Insured | 5/17 at 100.00 | Aaa | 1,247,916 | ||||||||||||
| 4,000 | Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007, 5.000%, 8/01/30 (Pre-refunded 8/01/17) – NPFG Insured | 8/17 at 100.00 | Aaa | 4,201,880 | ||||||||||||
| 2,715 | Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Series 2007, 4.750%, 5/01/36 (Pre-refunded 5/01/17) – AGM Insured | 5/17 at 100.00 | Aa1 (5) | 2,817,193 | ||||||||||||
| 1,590 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.000%, 8/01/39 (Pre-refunded 8/01/19) | 8/19 at 100.00 | A1 (5) | 1,842,397 | ||||||||||||
| 1,200 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) | 9/18 at 100.00 | Aaa | 1,398,780 | ||||||||||||
| 500 | Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/32 (Pre-refunded 5/01/17) – NPFG Insured | 5/17 at 100.00 | Aa1 (5) | 520,010 | ||||||||||||
| 29,450 | Total U.S. Guaranteed | 31,082,796 | ||||||||||||||
| Utilities – 7.4% | ||||||||||||||||
| 1,875 | Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A, 5.000%, 7/01/31 | 7/21 at 100.00 | AA | 2,153,419 | ||||||||||||
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, Series 2008A: | ||||||||||||||||
| 175 | 5.000%, 7/01/28 | 7/18 at 100.00 | AA– | 188,020 | ||||||||||||
| 2,130 | 5.000%, 7/01/32 | 7/18 at 100.00 | AA– | 2,285,511 | ||||||||||||
| 525 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.000%, 7/01/34 | No Opt. Call | AA– | 602,957 | ||||||||||||
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF0394: | ||||||||||||||||
| 250 | 17.065%, 7/01/37 (IF) (4) | 7/21 at 100.00 | AA– | 398,490 | ||||||||||||
| 800 | 17.065%, 7/01/37 (IF) (4) | 7/21 at 100.00 | AA– | 1,275,168 | ||||||||||||
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||
| 80 | 5.000%, 7/01/32 | 7/26 at 100.00 | A | 96,932 | ||||||||||||
| 500 | 5.000%, 7/01/33 | 7/26 at 100.00 | A | 604,345 | ||||||||||||
| 3,000 | Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 | 1/22 at 100.00 | A2 | 3,269,220 | ||||||||||||
| 2,000 | Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding Series 2011, 5.000%, 1/01/27 – AGM Insured | 1/21 at 100.00 | AA | 2,234,520 | ||||||||||||
| 60 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Utilities (continued) | ||||||||||||||||
| $ | 1,000 | Monroe County Economic Development Corporation, Michigan, Collateralized Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series 1992AA, 6.950%, 9/01/22 – FGIC Insured | No Opt. Call | Aa3 | $ | 1,308,390 | ||||||||||
| 12,335 | Total Utilities | 14,416,972 | ||||||||||||||
| Water and Sewer – 8.4% | ||||||||||||||||
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B: | ||||||||||||||||
| 125 | 5.000%, 7/01/33 – FGIC Insured | 7/16 at 100.00 | AA– | 125,429 | ||||||||||||
| 75 | 5.000%, 7/01/36 – MBIA-NPFG Insured | 7/16 at 100.00 | AA– | 75,258 | ||||||||||||
| 345 | Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003D. RMKTD, 5.000%, 7/01/33 – NPFG Insured | No Opt. Call | AA– | 346,183 | ||||||||||||
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding Series 2014: | ||||||||||||||||
| 1,500 | 5.000%, 1/01/35 | 1/24 at 100.00 | Aa1 | 1,788,390 | ||||||||||||
| 800 | 5.000%, 1/01/39 | 1/24 at 100.00 | Aa1 | 944,632 | ||||||||||||
| 350 | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement Series 2012, 5.000%, 1/01/32 | 1/23 at 100.00 | Aa1 | 417,557 | ||||||||||||
| 2,000 | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Refunding Series 2010, 5.000%, 1/01/24 | No Opt. Call | Aa1 | 2,480,540 | ||||||||||||
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Refunding Series 2015: | ||||||||||||||||
| 1,000 | 5.000%, 1/01/33 | 1/25 at 100.00 | AA | 1,205,740 | ||||||||||||
| 1,000 | 5.000%, 1/01/35 | 1/25 at 100.00 | AA | 1,199,720 | ||||||||||||
| 2,000 | Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – AGC Insured | 1/19 at 100.00 | AA | 2,189,760 | ||||||||||||
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 | 1,732,515 | ||||||||||||
| 1,220 | 5.000%, 7/01/37 – AGM Insured | 7/24 at 100.00 | AA | 1,399,621 | ||||||||||||
| 365 | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/32 | 10/22 at 100.00 | AAA | 437,266 | ||||||||||||
| 500 | Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/30 | No Opt. Call | AAA | 578,095 | ||||||||||||
| 245 | Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/24 | 10/16 at 100.00 | AAA | 245,958 | ||||||||||||
| 135 | Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 5.000%, 10/01/23 | 10/17 at 100.00 | AAA | 142,661 | ||||||||||||
| 500 | Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – NPFG Insured | 7/18 at 100.00 | AA– | 536,335 | ||||||||||||
| 500 | Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2011A, 5.000%, 7/01/31 – AGM Insured | 8/21 at 100.00 | AA | 570,105 | ||||||||||||
| 14,160 | Total Water and Sewer | 16,415,765 | ||||||||||||||
| $ | 176,885 | Total Long-Term Investments (cost $181,324,881) | 195,778,820 | |||||||||||||
Floating Rate Obligations – (2.4)% | (4,700,000 | ) | ||||||||||||||
Other Assets Less Liabilities – 2.5% | 4,896,018 | |||||||||||||||
Net Assets – 100% | $ | 195,974,838 | ||||||||||||||
| NUVEEN | 61 |
Nuveen Michigan Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (ETM) | Escrowed to maturity. |
| (IF) | Inverse floating rate investment. |
| (UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
See accompanying notes to financial statements.
| 62 | NUVEEN |
Nuveen Missouri Municipal Bond Fund
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 98.3% | ||||||||||||||||
MUNICIPAL BONDS – 98.3% | ||||||||||||||||
| Consumer Staples – 2.9% | ||||||||||||||||
| $ | 3,000 | Cape Girardeau County Industrial Development Authority, Missouri, Solid Waste Disposal Revenue Bonds, Procter & Gamble Products Company Project, Series 1998, 5.300%, 5/15/28 (Alternative Minimum Tax) | 11/16 at 100.00 | AA– | $ | 3,007,200 | ||||||||||
| 8,840 | Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax) | No Opt. Call | AA– | 11,282,315 | ||||||||||||
| 11,840 | Total Consumer Staples | 14,289,515 | ||||||||||||||
| Education and Civic Organizations – 12.6% | ||||||||||||||||
| 3,000 | Callaway County Industrial Development Authority, Missouri, Revenue Bonds, Westminster College Project, Refunding Series 2012C, 5.250%, 8/01/37 | 8/22 at 100.00 | N/R | 3,149,460 | ||||||||||||
| 1,200 | Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/33 | 11/24 at 100.00 | AA+ | 1,351,368 | ||||||||||||
| 1,000 | Lincoln University, Missouri, Auxiliary System Revenue Bonds, Series 2007, 5.125%, 6/01/37 – AGC Insured | 6/17 at 100.00 | AA | 1,040,690 | ||||||||||||
| 1,025 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33 | 6/23 at 100.00 | A1 | 1,158,404 | ||||||||||||
| 1,625 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Ranken Technical College, Series 2011, 5.125%, 11/01/31 | 11/19 at 100.00 | A | 1,814,020 | ||||||||||||
| 3,000 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 | 5/23 at 100.00 | BBB+ | 3,379,410 | ||||||||||||
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012: | ||||||||||||||||
| 420 | 3.000%, 10/01/18 | No Opt. Call | BBB– | 430,009 | ||||||||||||
| 575 | 3.500%, 10/01/22 | No Opt. Call | BBB– | 607,988 | ||||||||||||
| 3,470 | 5.000%, 10/01/33 | 10/22 at 100.00 | BBB– | 3,765,470 | ||||||||||||
| 2,255 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 | 10/23 at 100.00 | A+ | 2,632,171 | ||||||||||||
| 3,870 | Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2011, 5.250%, 10/01/41 | 10/21 at 100.00 | A– | 4,460,794 | ||||||||||||
| 3,620 | Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2014, 5.000%, 10/01/39 | 10/23 at 100.00 | A– | 4,175,634 | ||||||||||||
| 1,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville University of St. Louis Project, Series 2015, 5.000%, 6/15/44 | 6/25 at 100.00 | BBB+ | 1,125,260 | ||||||||||||
| 1,500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999, 6.000%, 10/01/25 | 10/18 at 103.00 | BBB– | 1,668,750 | ||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A: | ||||||||||||||||
| 2,500 | 6.500%, 10/01/30 | 10/18 at 103.00 | BBB– | 2,786,225 | ||||||||||||
| 1,300 | 6.500%, 10/01/35 | 10/18 at 103.00 | BBB– | 1,439,789 | ||||||||||||
| NUVEEN | 63 |
Nuveen Missouri Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Education and Civic Organizations (continued) | ||||||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2015A: | ||||||||||||||||
| $ | 1,500 | 5.000%, 10/01/38 | 10/25 at 100.00 | AA– | $ | 1,791,090 | ||||||||||
| 7,000 | 4.000%, 10/01/42 | 10/25 at 100.00 | AA– | 7,607,530 | ||||||||||||
| 3,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2008A, 5.375%, 3/15/39 | 3/18 at 100.00 | AAA | 3,224,730 | ||||||||||||
| 6,600 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37 | 11/21 at 100.00 | AAA | 7,674,084 | ||||||||||||
| 2,400 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/36 | 4/21 at 100.00 | A2 | 2,699,448 | ||||||||||||
| 1,000 | Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series 2007A, 5.350%, 6/15/32 | 6/18 at 100.00 | N/R | 1,005,990 | ||||||||||||
Southeast Missouri State University, System Facilities Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||
| 1,175 | 3.000%, 4/01/30 | 4/25 at 100.00 | A | 1,194,575 | ||||||||||||
| 1,335 | 3.000%, 4/01/31 | 4/25 at 100.00 | A | 1,360,779 | ||||||||||||
| 860 | Truman State University, Missouri, Housing System Revenue Bonds, Refunding Series 2015, 3.750%, 6/01/33 | 6/23 at 100.00 | A1 | 916,115 | ||||||||||||
| 56,230 | Total Education and Civic Organizations | 62,459,783 | ||||||||||||||
| Health Care – 21.5% | ||||||||||||||||
| 2,005 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2008, 5.625%, 8/01/38 | 8/18 at 100.00 | A | 2,202,773 | ||||||||||||
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2009A: | ||||||||||||||||
| 250 | 5.125%, 6/01/23 | 6/19 at 100.00 | AA– | 278,975 | ||||||||||||
| 200 | 5.125%, 6/01/24 | 6/19 at 100.00 | AA– | 222,516 | ||||||||||||
| 500 | 5.500%, 6/01/29 | 6/19 at 100.00 | AA– | 559,450 | ||||||||||||
| 4,170 | 5.750%, 6/01/39 | 6/19 at 100.00 | AA– | 4,654,137 | ||||||||||||
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2013A: | ||||||||||||||||
| 530 | 3.375%, 6/01/28 | 6/22 at 100.00 | AA– | 554,359 | ||||||||||||
| 4,000 | 5.000%, 6/01/33 | 6/22 at 100.00 | AA– | 4,495,840 | ||||||||||||
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007: | ||||||||||||||||
| 1,490 | 5.000%, 6/01/27 | 6/17 at 100.00 | B | 1,472,642 | ||||||||||||
| 3,030 | 5.000%, 6/01/36 | 6/17 at 100.00 | B | 2,890,014 | ||||||||||||
| 1,640 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 | 3/23 at 103.00 | N/R | 1,720,016 | ||||||||||||
Cass County, Missouri, Hospital Revenue Bonds, Series 2007: | ||||||||||||||||
| 2,500 | 5.500%, 5/01/27 | 11/16 at 100.00 | BBB– | 2,530,800 | ||||||||||||
| 6,070 | 5.625%, 5/01/38 | 11/16 at 100.00 | BBB– | 6,137,620 | ||||||||||||
| 1,090 | Citizens Memorial Hospital District of Polk County, Missouri, Hospital Revenue Bonds, Refunding Series 2012, 5.000%, 8/01/28 | 8/19 at 100.00 | N/R | 1,127,965 | ||||||||||||
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007: | ||||||||||||||||
| 1,250 | 5.000%, 12/01/32 | 12/17 at 100.00 | N/R | 1,266,200 | ||||||||||||
| 4,995 | 5.000%, 12/01/37 | 12/17 at 100.00 | N/R | 5,053,242 | ||||||||||||
| 64 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Health Care (continued) | ||||||||||||||||
Grundy County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Wright Memorial Hospital, Series 2009: | ||||||||||||||||
| $ | 1,120 | 5.650%, 9/01/22 | 9/19 at 100.00 | BBB– | $ | 1,193,662 | ||||||||||
| 1,000 | 5.750%, 9/01/23 | 9/19 at 100.00 | BBB– | 1,068,330 | ||||||||||||
| 800 | Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2011, 5.500%, 2/15/31 | 2/21 at 100.00 | A– | 904,936 | ||||||||||||
| 1,560 | Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2015, 5.000%, 2/15/35 | 2/24 at 100.00 | A– | 1,798,072 | ||||||||||||
| 2,810 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds The Childrens Mercy Hospital, Series 2009, 5.625%, 5/15/39 | 5/19 at 100.00 | A+ | 3,138,236 | ||||||||||||
| 1,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2014, 5.000%, 1/01/44 | 1/24 at 100.00 | AA | 1,164,940 | ||||||||||||
| 2,160 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011, 5.000%, 11/01/27 | 11/20 at 100.00 | A3 | 2,427,862 | ||||||||||||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A: | ||||||||||||||||
| 1,445 | 5.000%, 11/15/44 | 11/23 at 100.00 | A2 | 1,645,566 | ||||||||||||
| 2,955 | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 3,353,245 | ||||||||||||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2015A: | ||||||||||||||||
| 2,200 | 5.000%, 11/15/32 | 11/25 at 100.00 | A2 | 2,606,626 | ||||||||||||
| 1,500 | 5.000%, 11/15/39 | 11/25 at 100.00 | A2 | 1,743,360 | ||||||||||||
| 3,035 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37 | 2/22 at 100.00 | A1 | 3,445,514 | ||||||||||||
| 110 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2012, 4.000%, 11/15/42 | No Opt. Call | AA– | 116,213 | ||||||||||||
| 55 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F, 4.000%, 11/15/45 | 11/24 at 100.00 | AA– | 58,488 | ||||||||||||
| 1,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Anthony’s Medical Center, Series 2015B, 5.000%, 2/01/45 | 8/25 at 100.00 | A | 1,147,550 | ||||||||||||
| 2,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25 | 12/21 at 100.00 | A+ | 2,326,960 | ||||||||||||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Episcopal and Presbyterian Hospitals, Series 2015B: | ||||||||||||||||
| 500 | 3.500%, 12/01/32 | No Opt. Call | A+ | 523,815 | ||||||||||||
| 2,000 | 5.000%, 12/01/33 | No Opt. Call | A+ | 2,405,200 | ||||||||||||
| 500 | 3.625%, 12/01/34 | No Opt. Call | A+ | 520,480 | ||||||||||||
| 3,720 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016, 4.000%, 11/15/42 | 5/26 at 100.00 | A+ | 3,960,535 | ||||||||||||
| 2,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2014A, 5.000%, 6/01/31 | 6/24 at 100.00 | AA– | 2,377,260 | ||||||||||||
Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, Saint Luke’s Health System, Series 2010A: | ||||||||||||||||
| 550 | 5.250%, 11/15/25 | 11/20 at 100.00 | A+ | 635,327 | ||||||||||||
| 2,540 | 5.000%, 11/15/30 | 11/20 at 100.00 | A+ | 2,862,682 | ||||||||||||
| 1,000 | 5.000%, 11/15/40 | 11/20 at 100.00 | A+ | 1,109,900 | ||||||||||||
| NUVEEN | 65 |
Nuveen Missouri Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Health Care (continued) | ||||||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H: | ||||||||||||||||
| $ | 1,845 | 0.000%, 9/01/17 – NPFG Insured | No Opt. Call | AA– | $ | 1,809,391 | ||||||||||
| 3,005 | 0.000%, 9/01/21 – NPFG Insured | No Opt. Call | AA– | 2,683,735 | ||||||||||||
| 4,025 | 0.000%, 9/01/22 – NPFG Insured | No Opt. Call | AA– | 3,493,579 | ||||||||||||
| 1,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2008A, 5.000%, 6/01/36 | 6/18 at 100.00 | AA– | 1,061,470 | ||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B: | ||||||||||||||||
| 1,500 | 5.000%, 6/01/30 | 6/20 at 100.00 | AA– | 1,671,855 | ||||||||||||
| 3,040 | 5.000%, 6/01/34 | 6/20 at 100.00 | AA– | 3,374,704 | ||||||||||||
| 1,460 | Missouri Health and Educational Facilities Authority, Revenue Refunding Bonds, CoxHealth Systems Inc., Series 2008A, 5.500%, 11/15/39 | 11/18 at 100.00 | A2 | 1,591,750 | ||||||||||||
| 4,780 | Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc., Series 2010, 5.600%, 12/01/28 | 12/20 at 100.00 | BBB– | 5,375,158 | ||||||||||||
St. Louis County Industrial Development Authority, Missouri, Healthcare Facilities Revenue Bonds, Ranken-Jordan Project, Refunding Series 2007: | ||||||||||||||||
| 1,320 | 5.000%, 11/15/22 | 11/16 at 100.00 | N/R | 1,328,197 | ||||||||||||
| 2,345 | 5.000%, 11/15/27 | 11/16 at 100.00 | N/R | 2,352,903 | ||||||||||||
| 2,600 | 5.000%, 11/15/35 | 11/16 at 100.00 | N/R | 2,604,576 | ||||||||||||
| 1,260 | Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37 | 3/23 at 103.00 | N/R | 1,280,311 | ||||||||||||
| 99,460 | Total Health Care | 106,328,937 | ||||||||||||||
| Housing/Multifamily – 0.5% | ||||||||||||||||
| 1,290 | Kansas City Industrial Development Authority, Missouri, GNMA Collateralized Multifamily Housing Revenue Bonds, Grand Boulevard Lofts Project, Series 2009A, 5.300%, 11/20/49 | 11/19 at 100.00 | Aa1 | 1,376,791 | ||||||||||||
| 1,000 | Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Shepard Apartments Project, 2013 Series 3, 5.000%, 7/01/45 | 7/23 at 100.00 | AA+ | 1,080,970 | ||||||||||||
| 2,290 | Total Housing/Multifamily | 2,457,761 | ||||||||||||||
| Housing/Single Family – 0.3% | ||||||||||||||||
| 370 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007A-1, 4.700%, 9/01/27 (Alternative Minimum Tax) | 9/16 at 100.00 | AA+ | 371,628 | ||||||||||||
| 90 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007E-1, 5.200%, 9/01/38 (Alternative Minimum Tax) | 3/17 at 100.00 | AA+ | 91,081 | ||||||||||||
| 50 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2008A-1, 5.300%, 3/01/39 (Alternative Minimum Tax) | 9/17 at 100.00 | AA+ | 51,085 | ||||||||||||
| 935 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2015B-2, 3.800%, 11/01/34 | 5/25 at 100.00 | AA+ | 982,648 | ||||||||||||
| 1,445 | Total Housing/Single Family | 1,496,442 | ||||||||||||||
| 66 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Industrials – 0.4% | ||||||||||||||||
Kennett Industrial Development Authority, Missouri, Revenue Bonds, Manac Trailers USA Inc. Project, Series 2007: | ||||||||||||||||
| $ | 1,470 | 4.250%, 3/01/22 (Alternative Minimum Tax) | 8/16 at 100.00 | Baa1 | $ | 1,469,927 | ||||||||||
| 500 | 4.250%, 3/01/24 (Alternative Minimum Tax) | 8/16 at 100.00 | Baa1 | 497,785 | ||||||||||||
| 1,970 | Total Industrials | 1,967,712 | ||||||||||||||
| Long-Term Care – 6.9% | ||||||||||||||||
| 750 | Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Series 2013, 4.500%, 5/01/28 | 5/18 at 100.00 | N/R | 756,277 | ||||||||||||
Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F: | ||||||||||||||||
| 220 | 5.500%, 5/15/17 | No Opt. Call | BBB– | 226,402 | ||||||||||||
| 2,000 | 5.750%, 5/15/31 | 5/17 at 100.00 | BBB– | 2,034,520 | ||||||||||||
Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A: | ||||||||||||||||
| 1,500 | 5.125%, 8/15/26 | 8/17 at 100.00 | BBB– | 1,544,610 | ||||||||||||
| 2,525 | 5.125%, 8/15/32 | 8/17 at 100.00 | BBB– | 2,587,494 | ||||||||||||
| 2,000 | Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2014A, 5.250%, 8/15/39 | No Opt. Call | BBB– | 2,227,440 | ||||||||||||
| 1,625 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Senior Lien Series 2010, 5.500%, 2/01/42 | 2/20 at 100.00 | BBB+ | 1,769,999 | ||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011: | ||||||||||||||||
| 1,025 | 5.750%, 2/01/31 | 2/21 at 100.00 | BBB+ | 1,147,088 | ||||||||||||
| 2,750 | 6.000%, 2/01/41 | 2/21 at 100.00 | BBB+ | 3,074,225 | ||||||||||||
| 1,500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A, 5.000%, 2/01/44 | 2/24 at 100.00 | BBB+ | 1,653,795 | ||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A: | ||||||||||||||||
| 700 | 5.000%, 2/01/36 | 2/26 at 100.00 | BBB+ | 801,829 | ||||||||||||
| 2,060 | 5.000%, 2/01/46 | 2/26 at 100.00 | BBB+ | 2,339,521 | ||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2007A: | ||||||||||||||||
| 365 | 4.875%, 2/01/18 | 2/17 at 100.00 | BBB+ | 373,238 | ||||||||||||
| 2,000 | 4.875%, 2/01/37 | 2/17 at 100.00 | BBB+ | 2,019,000 | ||||||||||||
| 850 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 | No Opt. Call | BBB– | 899,674 | ||||||||||||
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012: | ||||||||||||||||
| 550 | 5.000%, 9/01/32 | No Opt. Call | A– | 606,144 | ||||||||||||
| 1,690 | 5.000%, 9/01/42 | 9/22 at 100.00 | A– | 1,838,534 | ||||||||||||
| 2,570 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 | 9/23 at 100.00 | A– | 2,987,162 | ||||||||||||
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A: | ||||||||||||||||
| 700 | 5.375%, 9/01/21 | 9/17 at 100.00 | BBB– | 719,068 | ||||||||||||
| 4,100 | 5.500%, 9/01/28 | 9/17 at 100.00 | BBB– | 4,189,995 | ||||||||||||
| NUVEEN | 67 |
Nuveen Missouri Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Long-Term Care (continued) | ||||||||||||||||
| $ | 350 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s Resources for Seniors, Series 2015A, 5.125%, 12/01/45 | 12/25 at 100.00 | N/R | $ | 369,254 | ||||||||||
| 31,830 | Total Long-Term Care | 34,165,269 | ||||||||||||||
| Tax Obligation/General – 10.9% | ||||||||||||||||
| 1,000 | Belton School District 124, Cass County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2012, 4.000%, 3/01/28 – NPFG Insured | 3/20 at 100.00 | AA+ | 1,086,020 | ||||||||||||
Belton, Missouri, General Obligation Bonds, Refunding & Improvement Series 2011: | ||||||||||||||||
| 1,120 | 5.000%, 3/01/29 | 3/21 at 100.00 | AA– | 1,287,854 | ||||||||||||
| 1,245 | 5.000%, 3/01/30 | 3/21 at 100.00 | AA– | 1,421,242 | ||||||||||||
| 1,010 | 4.750%, 3/01/31 | 3/21 at 100.00 | AA– | 1,120,706 | ||||||||||||
| 850 | Blue Springs, Missouri, General Obligation Bonds, South Area Neighborhood Improvement, Refunding Series 2009, 5.000%, 2/15/29 | 2/19 at 100.00 | AA– | 931,422 | ||||||||||||
Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012: | ||||||||||||||||
| 1,670 | 4.000%, 3/01/27 – AGM Insured | 3/22 at 100.00 | A+ | 1,804,151 | ||||||||||||
| 2,000 | 4.375%, 3/01/32 | 3/22 at 100.00 | A+ | 2,186,160 | ||||||||||||
| 1,000 | Camdenton Reorganized School District R3, Camden County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2014, 5.000%, 3/01/33 | 3/22 at 100.00 | AA– | 1,180,620 | ||||||||||||
| 3,745 | Camdenton Reorganized School District R3, Camden County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/35 | 3/23 at 100.00 | AA– | 4,060,292 | ||||||||||||
Cape Girardeau School District 063, Cape Girardeau County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2016: | ||||||||||||||||
| 1,630 | 4.000%, 3/01/32 | 3/25 at 100.00 | AA+ | 1,815,608 | ||||||||||||
| 1,650 | 4.000%, 3/01/33 | 3/25 at 100.00 | AA+ | 1,829,685 | ||||||||||||
| 3,000 | Columbia School District, Boone County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/35 | 3/25 at 100.00 | Aa1 | 3,311,880 | ||||||||||||
Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015: | ||||||||||||||||
| 1,500 | 4.000%, 3/01/31 | 3/24 at 100.00 | AA+ | 1,681,155 | ||||||||||||
| 1,000 | 4.000%, 3/01/32 | 3/24 at 100.00 | AA+ | 1,111,760 | ||||||||||||
| 2,000 | Hazelwood School District, St Louis County, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Series 2013A, 5.000%, 3/01/33 | 3/23 at 100.00 | AA+ | 2,396,580 | ||||||||||||
| 1,500 | Independence School District, Jackson County, Missouri, General Obligation Bonds, Refunding Series 2016, 4.000%, 3/01/30 | 3/26 at 100.00 | AA+ | 1,728,615 | ||||||||||||
| 1,315 | Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27 | 3/20 at 100.00 | AA+ | 1,490,868 | ||||||||||||
| 1,000 | Jackson County Consolidated School District 2, Raytown, Missouri, General Obligation Bonds, Series 2014, 5.000%, 3/01/32 | 3/24 at 100.00 | AA+ | 1,205,590 | ||||||||||||
| 160 | Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, Refunding & Improvement Series 2009A, 4.750%, 3/01/26 | 3/19 at 100.00 | AA | 174,984 | ||||||||||||
| 500 | Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, School Building Series 2013A, 5.000%, 3/01/31 | 3/21 at 100.00 | AA | 574,165 | ||||||||||||
| 1,000 | Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, School Building Series 2008, 4.750%, 3/01/27 | 3/18 at 100.00 | Aa1 | 1,065,090 | ||||||||||||
| 5,000 | Kansas City, Missouri, General Obligation Bonds, Improvement & Refunding Series 2012A, 4.500%, 2/01/26 | No Opt. Call | AA | 5,845,900 | ||||||||||||
| 68 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/General (continued) | ||||||||||||||||
| $ | 500 | North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Direct Deposit Program, Refunding & Improvement Series 2014, 4.000%, 3/01/32 | 3/24 at 100.00 | AA+ | $ | 555,880 | ||||||||||
| 1,240 | North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Direct Deposit Program, Series 2007, 5.000%, 3/01/27 | 3/18 at 100.00 | AA+ | 1,323,241 | ||||||||||||
| 1,000 | Osage School Lake Ozark, Missouri, General Obligation Bonds, School Building Series 2014B, 5.000%, 3/01/34 | 3/24 at 100.00 | AA– | 1,179,740 | ||||||||||||
| 1,500 | Ozark Reorganized School District 6, Christian County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/34 | 3/23 at 100.00 | AA+ | 1,648,695 | ||||||||||||
| 200 | Platte County R-III School District Building Corporation, Missouri, Leasehold Refunding and Improvement Revenue Bonds, Series 2008, 5.000%, 3/01/28 | 3/18 at 100.00 | AA– | 212,418 | ||||||||||||
| 1,200 | Poplar Bluff R-I School District, Butler County, Missouri, Lease Certificates of Participation, Series 2014, 5.000%, 3/01/33 – AGM Insured | 3/24 at 100.00 | AA | 1,415,688 | ||||||||||||
| 1,670 | Saint Charles County Francis Howell School District, Missouri, General Obligation Bonds, Series 2016, 4.000%, 3/01/29 | 3/24 at 100.00 | AA+ | 1,876,329 | ||||||||||||
| 2,500 | Saint Louis Special Administrative Board of the Transitional School District, Missouri, General Obligation Bonds, St Louis Public Schools, Missouri Direct Deposit Program, Series 2011B, 4.000%, 4/01/25 | 4/21 at 100.00 | AA+ | 2,780,750 | ||||||||||||
Springfield School District R12, Greene County, Missouri, General Obligation Bonds, Series 2013: | ||||||||||||||||
| 1,000 | 5.000%, 3/01/32 | 3/23 at 100.00 | AA+ | 1,200,400 | ||||||||||||
| 1,000 | 5.000%, 3/01/33 | 3/23 at 100.00 | AA+ | 1,198,290 | ||||||||||||
| 1,710 | Wentzville School District R-04, Saint Charles County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2009A, 0.000%, 3/01/26 | 3/19 at 66.11 | AA+ | 1,083,610 | ||||||||||||
| 48,415 | Total Tax Obligation/General | 53,785,388 | ||||||||||||||
| Tax Obligation/Limited – 17.9% | ||||||||||||||||
Belton, Missouri, Certificates of Participation, Series 2007: | ||||||||||||||||
| 600 | 4.375%, 3/01/19 – NPFG Insured | 3/17 at 100.00 | A3 | 611,202 | ||||||||||||
| 250 | 4.500%, 3/01/22 – NPFG Insured | 3/17 at 100.00 | A3 | 256,310 | ||||||||||||
| 375 | Belton, Missouri, Certificates of Participation, Series 2008, 5.250%, 3/01/29 | 3/18 at 100.00 | A+ | 398,018 | ||||||||||||
| 4,930 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33 | 10/22 at 100.00 | AA+ | 5,745,570 | ||||||||||||
| 2,000 | Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30 | 6/24 at 100.00 | N/R | 2,052,340 | ||||||||||||
| 1,975 | Cass County, Missouri, Certificates of Participation, Refunding Series 2010, 4.000%, 5/01/22 | 5/20 at 100.00 | A | 2,124,902 | ||||||||||||
| 365 | Excelsior Springs Community Center, Missouri, Sales Tax Revenue Bonds, Series 2014, 4.000%, 3/01/28 – AGM Insured | 3/23 at 100.00 | AA | 404,143 | ||||||||||||
| 500 | Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue Bonds, Phoenix Center II Community Improvement District Project, Series 2013A, 5.000%, 11/01/37 | 11/20 at 100.00 | N/R | 521,320 | ||||||||||||
| 1,685 | Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28 | 6/16 at 100.00 | N/R | 1,511,529 | ||||||||||||
| 530 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 | 1/22 at 100.00 | A | 591,385 | ||||||||||||
| 1,850 | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 | 1/22 at 100.00 | A | 2,050,910 | ||||||||||||
| NUVEEN | 69 |
Nuveen Missouri Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/Limited (continued) | ||||||||||||||||
Great Rivers Greenway Metropolitan Park & Recreation District, Missouri, Sales Tax Appropriation Bonds, Gateway Arch Project, Series 2014: | ||||||||||||||||
| $ | 3,500 | 5.000%, 12/30/29 | 12/23 at 100.00 | A+ | $ | 4,159,505 | ||||||||||
| 4,090 | 5.000%, 12/30/31 | 12/23 at 100.00 | A+ | 4,835,648 | ||||||||||||
Harrisonville, Missouri, Annual Appropriation-Supported Tax Increment and Sales Tax Revenue Bonds, Harrisonville Towne Center Project, Series 2007: | ||||||||||||||||
| 340 | 4.375%, 11/01/17 | 8/16 at 100.00 | A+ | 340,806 | ||||||||||||
| 715 | 4.500%, 11/01/22 | 8/16 at 100.00 | A+ | 717,352 | ||||||||||||
| 1,745 | Howard Bend Levee District, Missouri, Levee District Improvement Bonds, Series 2005, 5.500%, 3/01/26 – SYNCORA GTY Insured | No Opt. Call | BBB+ | 2,156,558 | ||||||||||||
Howard Bend Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 2013B: | ||||||||||||||||
| 820 | 4.875%, 3/01/33 | 3/23 at 100.00 | BBB+ | 878,056 | ||||||||||||
| 885 | 5.000%, 3/01/38 | 3/23 at 100.00 | BBB+ | 946,569 | ||||||||||||
| 925 | Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District Revenue Bonds, Series 2011A, 5.000%, 9/01/32 | 9/21 at 100.00 | AA– | 1,036,629 | ||||||||||||
| 1,200 | Kansas City Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Plaza Library Project, Refunding Series 2014, 4.250%, 3/01/23 | No Opt. Call | N/R | 1,307,640 | ||||||||||||
| 2,000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/27 – AMBAC Insured | No Opt. Call | AA– | 1,447,860 | ||||||||||||
| 2,525 | Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24 | 6/16 at 100.00 | N/R | 2,529,368 | ||||||||||||
Kansas City, Missouri, Special Obligation Bonds, Downtown Arena Project, Refunding & Improvement Series 2016E: | ||||||||||||||||
| 570 | 3.000%, 4/01/33 | 4/25 at 100.00 | AA– | 568,792 | ||||||||||||
| 2,600 | 3.125%, 4/01/34 | 4/25 at 100.00 | AA– | 2,608,450 | ||||||||||||
| 1,775 | 4.000%, 4/01/36 | 4/25 at 100.00 | AA– | 1,907,504 | ||||||||||||
| 1,500 | 5.000%, 4/01/40 | 4/25 at 100.00 | AA– | 1,741,320 | ||||||||||||
| 1,750 | Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 2014C, 5.000%, 9/01/33 | 9/23 at 100.00 | AA– | 2,045,977 | ||||||||||||
| 1,025 | Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series 2012A, 5.000%, 3/01/26 | 3/22 at 100.00 | AA– | 1,203,094 | ||||||||||||
| 1,097 | Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict A Bonds, Refunding Series 2015A, 5.750%, 4/01/55 | No Opt. Call | N/R | 1,093,555 | ||||||||||||
| 1,159 | Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict B Bonds, Refunding Taxable Series 2015B, 0.000%, 4/01/55 | No Opt. Call | N/R | 173,178 | ||||||||||||
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A: | ||||||||||||||||
| 1,195 | 5.750%, 6/01/35 | 6/25 at 100.00 | N/R | 1,226,476 | ||||||||||||
| 785 | 6.000%, 6/01/46 | 6/25 at 100.00 | N/R | 808,252 | ||||||||||||
| 1,000 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Centerpoint Project, Series 2007E, 5.125%, 4/01/25 | 4/17 at 100.00 | A– | 1,032,880 | ||||||||||||
| 1,000 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Saint Joseph Sewerage System Improvement Project, Series 2011E, 5.375%, 5/01/36 | 5/20 at 100.00 | A+ | 1,136,780 | ||||||||||||
| 1,000 | Missouri Development Finance Board, Missouri, Annual Appropriation Revenue Bonds, Fulton State Hospital Project, Series 2014, 3.000%, 10/01/26 | 10/22 at 100.00 | AA+ | 1,069,340 | ||||||||||||
| 70 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/Limited (continued) | ||||||||||||||||
| $ | 1,000 | Monarch-Chesterfield Levee District, Saint Louis County, Missouri, Levee District Bonds, Refunding Series 2015, 5.000%, 3/01/40 | 3/24 at 100.00 | A | $ | 1,137,340 | ||||||||||
| 110 | Monarch-Chesterfield Levee District, Saint Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 – NPFG Insured | 9/16 at 100.00 | AA– | 110,473 | ||||||||||||
| 1,000 | Oak Grove, Missouri, Refunding and Improvement Certificates of Participation Series 2012, 5.000%, 1/01/33 | 1/22 at 100.00 | Baa1 | 1,056,220 | ||||||||||||
| 3,955 | Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 5.000%, 5/01/23 | 8/16 at 100.00 | N/R | 3,955,079 | ||||||||||||
| 980 | Pevely, Missouri, Neighborhood Improvement District Bonds, Southern Heights Project, Series 2004, 5.250%, 3/01/24 – RAAI Insured | 8/16 at 100.00 | AA | 982,244 | ||||||||||||
| 570 | Poplar Bluff Regional Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2012, 4.750%, 12/01/42 | No Opt. Call | BBB | 603,961 | ||||||||||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: | ||||||||||||||||
| 15,780 | 0.000%, 8/01/41 – NPFG Insured | No Opt. Call | AA– | 3,166,415 | ||||||||||||
| 8,935 | 0.000%, 8/01/42 – FGIC Insured | No Opt. Call | AA– | 1,682,014 | ||||||||||||
| 540 | Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & Improvement Series 2014A, 5.375%, 5/01/28 | 5/23 at 100.00 | N/R | 577,568 | ||||||||||||
| 1,000 | Raytown, Missouri, Annual Appropriation Supported Tax Increment and Sales Tax Revenue Bonds, Raytown Live Redevelopment Project Area 1, Series 2007, 5.125%, 12/01/31 | 6/17 at 100.00 | A+ | 1,037,930 | ||||||||||||
| 1,700 | Riverside Industrial Development Authority, Missouri, Industrial Development Revenue Bonds, Riverside Horizon, Series 2007A, 5.000%, 5/01/27 – ACA Insured | 5/17 at 100.00 | A | 1,758,072 | ||||||||||||
| 250 | Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, 7/01/44 | 7/24 at 100.00 | N/R | 259,810 | ||||||||||||
| 1,030 | Saint Louis County Industrial Development Authority, Missouri, Transportation Development Revenue Bonds, University Place Transportation Development District Project, Refunding Series 2015, 4.000%, 3/01/32 | 3/22 at 100.00 | N/R | 1,047,046 | ||||||||||||
| 1,875 | Saint Louis County Special School District, Missouri, Certificates of Participation Lease, Series 2014B, 4.000%, 4/01/28 | 4/22 at 100.00 | AA | 2,044,819 | ||||||||||||
Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2009A: | ||||||||||||||||
| 1,000 | 0.000%, 7/15/26 – AGC Insured | No Opt. Call | AA | 737,330 | ||||||||||||
| 1,000 | 0.000%, 7/15/27 – AGC Insured | No Opt. Call | AA | 703,500 | ||||||||||||
| 1,000 | 0.000%, 7/15/28 – AGC Insured | No Opt. Call | AA | 670,490 | ||||||||||||
| 1,000 | 0.000%, 7/15/29 – AGC Insured | No Opt. Call | AA | 647,390 | ||||||||||||
| 4,300 | Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, Series 2015, 4.000%, 4/01/35 | 4/25 at 100.00 | Aa2 | 4,683,646 | ||||||||||||
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A: | ||||||||||||||||
| 660 | 5.375%, 11/01/24 | 8/16 at 100.00 | N/R | 660,614 | ||||||||||||
| 1,600 | 5.500%, 11/01/27 | 8/16 at 100.00 | N/R | 1,601,472 | ||||||||||||
| 1,850 | St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%, 11/01/27 | 8/16 at 100.00 | N/R | 1,852,960 | ||||||||||||
| 1,595 | Texas County, Missouri, Certificates of Participation, Justice Center Project, Series 2006, 4.500%, 12/01/25 – AGC Insured | 12/16 at 100.00 | AA | 1,626,437 | ||||||||||||
| NUVEEN | 71 |
Nuveen Missouri Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/Limited (continued) | ||||||||||||||||
Wentzville School District R-04, Saint Charles County, Missouri, Certificates of Participation, Series 2015: | ||||||||||||||||
| $ | 1,700 | 3.375%, 4/01/29 | 4/24 at 100.00 | Aa3 | $ | 1,807,695 | ||||||||||
| 600 | 3.500%, 4/01/32 | 4/24 at 100.00 | Aa3 | 634,104 | ||||||||||||
| 105,291 | Total Tax Obligation/Limited | 88,283,847 | ||||||||||||||
| Transportation – 2.8% | ||||||||||||||||
| 665 | Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 – AGM Insured | 10/23 at 100.00 | AA | 812,849 | ||||||||||||
| 2,000 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Series 2009A-2, 6.125%, 7/01/24 | 7/19 at 100.00 | A– | 2,268,280 | ||||||||||||
| 3,500 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012, 5.000%, 7/01/32 – FGIC Insured (Alternative Minimum Tax) | 7/22 at 100.00 | A– | 3,829,455 | ||||||||||||
| 3,210 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured | No Opt. Call | AA– | 3,511,965 | ||||||||||||
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A: | ||||||||||||||||
| 1,035 | 5.000%, 7/01/20 – AGM Insured | 7/17 at 100.00 | AA | 1,081,679 | ||||||||||||
| 2,000 | 5.000%, 7/01/21 – AGM Insured | 7/17 at 100.00 | AA | 2,087,760 | ||||||||||||
| 12,410 | Total Transportation | 13,591,988 | ||||||||||||||
| U.S. Guaranteed – 8.4% (4) | ||||||||||||||||
| 1,500 | Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 6.000%, 3/01/39 (Pre-refunded 3/01/18) | 3/18 at 100.00 | A– (4) | 1,636,695 | ||||||||||||
Columbia, Missouri, Special Obligation Electric Utility Improvement Bonds, Annual Appropriation Obligation, Series 2008A: | ||||||||||||||||
| 400 | 5.000%, 10/01/21 (Pre-refunded 10/01/17) | 10/17 at 100.00 | AA (4) | 423,004 | ||||||||||||
| 500 | 5.125%, 10/01/30 (Pre-refunded 10/01/17) | 10/17 at 100.00 | AA (4) | 529,580 | ||||||||||||
| 1,000 | Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2007A, 5.000%, 11/01/33 (Pre-refunded 11/01/17) | 11/17 at 100.00 | AA+ (4) | 1,061,020 | ||||||||||||
| 1,840 | Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, Refunding & Improvement Series 2009A, 4.750%, 3/01/26 (Pre-refunded 3/01/19) | 3/19 at 100.00 | N/R (4) | 2,022,896 | ||||||||||||
| 3,000 | Jackson County, Missouri, Special Obligation Bonds, Harry S. Truman Sports Complex, Series 2006, 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AMBAC Insured | 12/16 at 100.00 | Aa3 (4) | 3,066,060 | ||||||||||||
| 1,025 | Kansas City Metropolitan Junior College District Certificates of Participation, Missouri, Series 2008, 4.500%, 7/01/21 (Pre-refunded 7/01/17) | 7/17 at 100.00 | N/R (4) | 1,067,589 | ||||||||||||
| 515 | Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Maincor Project, Series 2007A, 5.250%, 3/01/18 (ETM) | No Opt. Call | N/R (4) | 543,088 | ||||||||||||
| 500 | Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2008A, 5.750%, 5/01/38 (Pre-refunded 5/01/17) | 5/17 at 100.00 | AAA | 523,195 | ||||||||||||
| 1,185 | Missouri Development Finance Board, Research Facility Revenue Bonds, Midwest Research Institute Project, Series 2007, 5.000%, 11/01/17 (ETM) | No Opt. Call | N/R (4) | 1,256,953 | ||||||||||||
| 915 | Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2008A, 5.750%, 1/01/29 (Pre-refunded 1/01/19) | 1/19 at 100.00 | N/R (4) | 1,028,689 | ||||||||||||
| 2,000 | Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, Saint Luke’s Health System, Series 2003B, 5.500%, 11/15/32 (Pre-refunded 11/15/18) – AGM Insured | 11/18 at 100.00 | AA (4) | 2,225,000 | ||||||||||||
| 72 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| U.S. Guaranteed (4) (continued) | ||||||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H: | ||||||||||||||||
| $ | 1,000 | 0.000%, 9/01/17 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | $ | 988,110 | ||||||||||
| 1,800 | 0.000%, 9/01/21 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 1,656,504 | ||||||||||||
| 2,385 | 0.000%, 9/01/22 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 2,147,096 | ||||||||||||
| 5,820 | Missouri Health and Educational Facilities Authority, Revenue Refunding Bonds, CoxHealth Systems Inc., Series 2008A, 5.500%, 11/15/39 (Pre-refunded 11/15/18) | 11/18 at 100.00 | N/R (4) | 6,480,803 | ||||||||||||
| 2,025 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Series 2009A, 6.000%, 1/01/39 (Pre-refunded 1/01/19) | 1/19 at 100.00 | A2 (4) | 2,286,731 | ||||||||||||
Missouri School Boards Association, Lease Participation Certificates, Clay County School District 53 Liberty, Series 2007: | ||||||||||||||||
| 1,015 | 5.250%, 3/01/25 (Pre-refunded 3/01/17) – AGM Insured | 3/17 at 100.00 | AA (4) | 1,050,139 | ||||||||||||
| 1,070 | 5.250%, 3/01/26 (Pre-refunded 3/01/17) – AGM Insured | 3/17 at 100.00 | AA (4) | 1,107,043 | ||||||||||||
| 625 | 5.250%, 3/01/27 (Pre-refunded 3/01/17) – AGM Insured | 3/17 at 100.00 | AA (4) | 646,638 | ||||||||||||
| 2,590 | Missouri State University, Auxiliary Enterprise System Revenue Bonds, Series 2007A, 5.000%, 4/01/24 (Pre-refunded 4/01/17) – SYNCORA GTY Insured | 4/17 at 100.00 | A+ (4) | 2,684,561 | ||||||||||||
Saint Joseph Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Sewerage System Improvements Project, Series 2007: | ||||||||||||||||
| 500 | 4.750%, 4/01/20 (Pre-refunded 4/01/17) | 4/17 at 100.00 | A+ (4) | 517,135 | ||||||||||||
| 390 | 4.750%, 4/01/21 (Pre-refunded 4/01/17) | 4/17 at 100.00 | A+ (4) | 403,365 | ||||||||||||
| 1,945 | Springfield Center City Development Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Exposition Center, Series 2002A, 5.000%, 6/01/27 (Pre-refunded 7/05/16) – AMBAC Insured | 7/16 at 100.00 | Aa3 (4) | 1,953,169 | ||||||||||||
| 1,830 | Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM) | 8/16 at 100.00 | N/R (4) | 2,130,541 | ||||||||||||
| 3,290 | Wentzville School District R-04, Saint Charles County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2009A, 0.000%, 3/01/26 (Pre-refunded 3/01/19) | 3/19 at 66.11 | N/R (4) | 2,103,824 | ||||||||||||
| 40,665 | Total U.S. Guaranteed | 41,539,428 | ||||||||||||||
| Utilities – 5.8% | ||||||||||||||||
| 425 | Missouri Development Finance Board, Infrastructure Facilities Leasehold Revenue Bonds, City of Independence, Missouri, Annual Appropriation Electric System Revenue Bonds – Dogwood Project, Series 2012A, 5.000%, 6/01/26 | 6/22 at 100.00 | AA | 493,842 | ||||||||||||
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Refunding Series 2014A: | ||||||||||||||||
| 3,300 | 5.000%, 1/01/31 | 1/24 at 100.00 | A2 | 3,884,067 | ||||||||||||
| 1,755 | 5.000%, 1/01/32 | 1/24 at 100.00 | A2 | 2,060,317 | ||||||||||||
| 1,125 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Refunding Series 2015A, 5.000%, 12/01/35 | 6/25 at 100.00 | A2 | 1,332,495 | ||||||||||||
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A: | ||||||||||||||||
| 2,885 | 5.000%, 1/01/32 | 1/25 at 100.00 | A | 3,412,089 | ||||||||||||
| 1,450 | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 1,705,171 | ||||||||||||
| 2,500 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2015A, 4.000%, 1/01/35 | 1/26 at 100.00 | A | 2,752,800 | ||||||||||||
| NUVEEN | 73 |
Nuveen Missouri Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Utilities (continued) | ||||||||||||||||
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012: | ||||||||||||||||
| $ | 2,200 | 5.000%, 1/01/32 | 1/21 at 100.00 | A2 | $ | 2,473,262 | ||||||||||
| 2,000 | 5.000%, 1/01/37 | 1/21 at 100.00 | A2 | 2,227,140 | ||||||||||||
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||
| 570 | 4.000%, 12/01/33 – BAM Insured | 6/26 at 100.00 | AA | 637,739 | ||||||||||||
| 245 | 4.000%, 12/01/35 – BAM Insured | 6/26 at 100.00 | AA | 269,814 | ||||||||||||
| 1,415 | 5.000%, 12/01/40 | 6/26 at 100.00 | A2 | 1,678,091 | ||||||||||||
| 3,000 | 4.000%, 12/01/41 | 6/26 at 100.00 | A2 | 3,236,010 | ||||||||||||
| 2,000 | Springfield, Missouri, Public Utility Revenue Bonds, Refunding Series 2015, 4.000%, 8/01/31 | 8/25 at 100.00 | AA+ | 2,253,080 | ||||||||||||
| 24,870 | Total Utilities | 28,415,917 | ||||||||||||||
| Water and Sewer – 7.4% | ||||||||||||||||
| 725 | Cape Girardeau, Missouri, Waterworks System Refunding Revenue Bonds, Series 2012A, 3.375%, 1/01/26 | 1/20 at 100.00 | A+ | 754,826 | ||||||||||||
| 3,000 | Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2014A, 4.000%, 3/01/35 – BAM Insured | 3/23 at 100.00 | AA | 3,270,030 | ||||||||||||
| 1,370 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 | 7/20 at 100.00 | A– | 1,534,044 | ||||||||||||
| 1,660 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A– | 1,923,492 | ||||||||||||
| 745 | Jefferson County Consolidated Public Water Supply District C1, Missouri, Waterworks Revenue Bonds, Refunding Series 2010, 4.125%, 12/01/24 | 12/17 at 100.00 | AA– | 783,420 | ||||||||||||
| 5,000 | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Refunding & Improvement Series 2016A, 4.000%, 1/01/40 | 1/25 at 100.00 | AA | 5,423,100 | ||||||||||||
| 2,000 | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Series 2009A, 5.250%, 1/01/34 | 1/19 at 100.00 | AA | 2,201,640 | ||||||||||||
| 500 | Kansas City, Missouri, Water Revenue Bonds, Refunding & Improvement Series 2009A, 5.250%, 12/01/32 | 12/18 at 100.00 | AA+ | 550,440 | ||||||||||||
| 1,500 | Lincoln County Public Water Supply District 1, Missouri, Certificates of Participation, Refunding Series 2009, 6.750%, 6/15/35 | 6/16 at 100.00 | A– | 1,529,340 | ||||||||||||
| 4,665 | Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2012A, 5.000%, 5/01/42 | 5/22 at 100.00 | AAA | 5,459,216 | ||||||||||||
| 2,965 | Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – BHAC Insured (Alternative Minimum Tax) (UB) (5) | 12/16 at 100.00 | AA+ | 2,996,044 | ||||||||||||
| 2,000 | Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40 | 1/25 at 100.00 | Aa3 | 2,343,600 | ||||||||||||
| 470 | Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2001C, 5.000%, 7/01/23 | 8/16 at 100.00 | Aaa | 471,866 | ||||||||||||
| 45 | Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2005C, 4.750%, 7/01/23 | 8/16 at 100.00 | Aaa | 45,168 | ||||||||||||
| 74 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Water and Sewer (continued) | ||||||||||||||||
| $ | 85 | Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2008A, 5.750%, 1/01/29 | 1/19 at 100.00 | Aaa | $ | 95,131 | ||||||||||
| 2,070 | North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37 | 1/17 at 100.00 | N/R | 2,095,626 | ||||||||||||
| 1,500 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2015, 4.125%, 12/01/38 | 12/21 at 100.00 | AA | 1,599,870 | ||||||||||||
Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2016B: | ||||||||||||||||
| 1,500 | 3.125%, 12/01/33 | 12/22 at 100.00 | AA | 1,534,170 | ||||||||||||
| 1,000 | 3.250%, 12/01/34 | 12/22 at 100.00 | AA | 1,029,340 | ||||||||||||
| 500 | 3.250%, 12/01/36 | 12/22 at 100.00 | AA | 510,595 | ||||||||||||
| 395 | Warrenton, Missouri, Waterworks & Sewer System Revenue Bonds, Series 2014, 3.375%, 7/01/28 – BAM Insured | 7/23 at 100.00 | AA | 415,860 | ||||||||||||
| 33,695 | Total Water and Sewer | 36,566,818 | ||||||||||||||
| $ | 470,411 | Total Long-Term Investments (cost $447,145,739) | 485,348,805 | |||||||||||||
Floating Rate Obligations – (0.5)% | (2,225,000 | ) | ||||||||||||||
Other Assets Less Liabilities – 2.2% | 10,533,856 | |||||||||||||||
Net Assets – 100% | $ | 493,657,661 | ||||||||||||||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (ETM) | Escrowed to maturity. |
| (UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
See accompanying notes to financial statements.
| NUVEEN | 75 |
Nuveen Ohio Municipal Bond Fund
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 98.1% | ||||||||||||||||
MUNICIPAL BONDS – 98.1% | ||||||||||||||||
| Consumer Staples – 3.1% | ||||||||||||||||
| $ | 250 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1, 5.000%, 6/01/16 | No Opt. Call | BBB+ | $ | 250,000 | ||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||
| 17,315 | 5.125%, 6/01/24 | 6/17 at 100.00 | B– | 16,873,121 | ||||||||||||
| 1,000 | 5.875%, 6/01/47 | 6/17 at 100.00 | B– | 979,330 | ||||||||||||
| 18,565 | Total Consumer Staples | 18,102,451 | ||||||||||||||
| Education and Civic Organizations – 7.3% | ||||||||||||||||
Hamilton County, Ohio, Economic Development Revenue Bonds, King Highland Community Urban Redevelopment Corporation – University of Cincinnati, Lessee Project, Refunding Series 2015: | ||||||||||||||||
| 1,320 | 5.000%, 6/01/32 – BAM Insured | 6/25 at 100.00 | AA | 1,561,138 | ||||||||||||
| 2,680 | 5.000%, 6/01/35 – BAM Insured | 6/25 at 100.00 | AA | 3,129,945 | ||||||||||||
| 2,000 | Kent State University, Ohio, University General Receipts Bonds, Series 2016, 5.000%, 5/01/21 | No Opt. Call | Aa3 | 2,352,720 | ||||||||||||
| 2,465 | Miami University of Ohio, General Receipts Bonds, Refunding Series 2014, 5.000%, 9/01/30 | 9/24 at 100.00 | AA | 2,985,805 | ||||||||||||
| 1,925 | Miami University of Ohio, General Receipts Bonds, Series 2011, 5.000%, 9/01/36 | 9/21 at 100.00 | AA | 2,231,864 | ||||||||||||
| 185 | Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 2006, 5.000%, 7/01/41 | 7/16 at 100.00 | A+ | 185,588 | ||||||||||||
| 750 | Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 1990B, 6.500%, 10/01/20 | No Opt. Call | AA– | 833,355 | ||||||||||||
| 1,000 | Ohio Higher Education Facilities Commission, Revenue Bonds, Mount Union College, Series 2006, 5.000%, 10/01/31 | 10/16 at 100.00 | Baa1 | 1,007,560 | ||||||||||||
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, Series 2012: | ||||||||||||||||
| 1,140 | 5.000%, 11/01/27 | 5/22 at 100.00 | AA | 1,366,860 | ||||||||||||
| 1,000 | 5.000%, 11/01/30 | 5/22 at 100.00 | AA | 1,190,570 | ||||||||||||
| 645 | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2009, 5.375%, 12/01/29 | 12/18 at 100.00 | A+ | 704,811 | ||||||||||||
| 1,250 | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Tender Option Bond Trust 1144, 15.992%, 12/01/43 (IF) (4) | 12/22 at 100.00 | A+ | 1,998,850 | ||||||||||||
| 500 | Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, Xavier University Project, Series 2010, 5.000%, 5/01/40 | 5/20 at 100.00 | A3 | 561,120 | ||||||||||||
| 2,500 | Ohio Higher Educational Facility Commission, Revenue Bonds, Kenyon College, Series 2015, 5.000%, 7/01/41 | 7/25 at 100.00 | A+ | 2,920,900 | ||||||||||||
| 1,885 | Ohio State Higher Education Facilities, Revenue Bonds, Case Western Reserve University, Series 2006, 5.000%, 12/01/44 – NPFG Insured | 12/16 at 100.00 | AA– | 1,923,284 | ||||||||||||
Ohio State University, General Receipts Bonds, Series 2014A: | ||||||||||||||||
| 4,820 | 5.000%, 12/01/34 | 12/24 at 100.00 | Aa1 | 5,861,072 | ||||||||||||
| 5,000 | 5.000%, 12/01/39 | 12/24 at 100.00 | Aa1 | 6,007,000 | ||||||||||||
| 76 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Education and Civic Organizations (continued) | ||||||||||||||||
| $ | 500 | Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 2008A, 5.500%, 12/01/28 | 12/18 at 100.00 | A3 | $ | 545,570 | ||||||||||
| 1,000 | Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39 | 12/22 at 100.00 | Aa3 | 1,178,660 | ||||||||||||
| 1,030 | Port of Greater Cincinnati Development Authority, Ohio, Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25 | 10/16 at 100.00 | A+ | 1,043,236 | ||||||||||||
| 1,000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 | 3/25 at 100.00 | N/R | 1,034,260 | ||||||||||||
| 1,740 | University of Cincinnati, Ohio, General Receipts Bonds, Series 2016A, 5.000%, 6/01/30 | 6/26 at 100.00 | AA– | 2,168,127 | ||||||||||||
| 36,335 | Total Education and Civic Organizations | 42,792,295 | ||||||||||||||
| Health Care – 16.3% | ||||||||||||||||
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010A: | ||||||||||||||||
| 250 | 5.000%, 6/01/38 | 6/20 at 100.00 | AA– | 277,575 | ||||||||||||
| 3,050 | 5.250%, 6/01/38 | 6/20 at 100.00 | AA– | 3,429,237 | ||||||||||||
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: | ||||||||||||||||
| 750 | 5.500%, 11/01/22 | 11/20 at 100.00 | A | 877,673 | ||||||||||||
| 4,140 | 5.500%, 11/01/40 | 11/20 at 100.00 | A | 4,838,335 | ||||||||||||
| 850 | Butler County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Obligated Group Project, Series 2011, 5.625%, 4/01/41 | No Opt. Call | A+ | 973,318 | ||||||||||||
| 1,600 | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 | 6/23 at 100.00 | Baa2 | 1,765,888 | ||||||||||||
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2009: | ||||||||||||||||
| 3,000 | 5.000%, 11/01/34 | 11/19 at 100.00 | Aa2 | 3,333,570 | ||||||||||||
| 3,000 | 5.250%, 11/01/40 | 11/19 at 100.00 | Aa2 | 3,347,790 | ||||||||||||
| 3,180 | Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series 2008A, 5.000%, 11/01/40 | 11/18 at 100.00 | Aa2 | 3,415,638 | ||||||||||||
| 10,300 | Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41 | 11/21 at 100.00 | AA+ | 11,622,314 | ||||||||||||
| 470 | Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 2011A, 6.250%, 12/01/34 | 6/21 at 100.00 | A2 | 557,824 | ||||||||||||
| 120 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.625%, 8/15/29 | 8/18 at 100.00 | A3 | 131,149 | ||||||||||||
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D: | ||||||||||||||||
| 400 | 5.000%, 11/15/38 | 11/18 at 100.00 | AA | 430,708 | ||||||||||||
| 305 | 5.125%, 11/15/40 | 11/18 at 100.00 | AA | 328,869 | ||||||||||||
| 3,240 | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 | 11/21 at 100.00 | AA | 3,930,930 | ||||||||||||
| 2,530 | Miami County, Ohio, Hospital Facilities Revenue Bonds, Upper Valley Medical Center Inc., Refunding Series 2006, 5.250%, 5/15/26 | 8/16 at 100.00 | A | 2,538,830 | ||||||||||||
| 930 | Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/41 | 8/21 at 100.00 | A2 | 1,036,727 | ||||||||||||
| NUVEEN | 77 |
Nuveen Ohio Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Health Care (continued) | ||||||||||||||||
| $ | 7,000 | Montgomery County, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Kettering Medical Center, Series 1996, 6.250%, 4/01/20 – NPFG Insured | No Opt. Call | AA– | $ | 7,630,000 | ||||||||||
| 750 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Refunding Series 2009A, 5.000%, 5/01/39 | 5/19 at 100.00 | A+ | 808,230 | ||||||||||||
| 2,270 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/32 | 8/16 at 100.00 | A+ | 2,283,053 | ||||||||||||
| 2,000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/44 | 2/23 at 100.00 | BB+ | 2,087,780 | ||||||||||||
| 2,480 | Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010, 5.250%, 11/15/40 – AGM Insured | 5/20 at 100.00 | AA | 2,775,021 | ||||||||||||
| 6,150 | Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009A, 5.500%, 1/01/39 | 1/19 at 100.00 | Aa2 | 6,877,483 | ||||||||||||
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 2015-XF0105: | ||||||||||||||||
| 5,625 | 18.817%, 1/01/33 (IF) | 1/19 at 100.00 | Aa2 | 8,286,525 | ||||||||||||
| 700 | 18.817%, 7/01/36 (IF) | 1/18 at 100.00 | Aa2 | 905,240 | ||||||||||||
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A: | ||||||||||||||||
| 1,465 | 5.000%, 1/15/28 | 1/23 at 100.00 | A | 1,701,231 | ||||||||||||
| 4,390 | 5.000%, 1/15/29 | 1/23 at 100.00 | A | 5,080,547 | ||||||||||||
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008: | ||||||||||||||||
| 500 | 5.500%, 12/01/28 | 12/18 at 100.00 | A– | 550,590 | ||||||||||||
| 1,305 | 5.750%, 12/01/35 | 12/18 at 100.00 | A– | 1,442,286 | ||||||||||||
| 1,630 | Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, Refunding Series 2016, 5.000%, 2/15/32 | 2/26 at 100.00 | A2 | 1,969,040 | ||||||||||||
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012: | ||||||||||||||||
| 3,500 | 5.000%, 12/01/37 | No Opt. Call | Baa2 | 3,749,270 | ||||||||||||
| 5,500 | 5.000%, 12/01/42 | No Opt. Call | Baa2 | 5,898,255 | ||||||||||||
| 83,380 | Total Health Care | 94,880,926 | ||||||||||||||
| Housing/Multifamily – 1.5% | ||||||||||||||||
| 500 | Bowling Green, Ohio, Student Housing Revenue Bonds, CFP I LLC – Bowling Green State University Project, Series 2010, 5.750%, 6/01/31 | 6/20 at 100.00 | BBB– | 545,620 | ||||||||||||
| 830 | Clark County, Ohio, Multifamily Housing Revenue Bonds, Church of God Retirement Home, Series 1998, 6.250%, 11/01/30 (Alternative Minimum Tax) | 11/16 at 100.00 | N/R | 744,842 | ||||||||||||
| 1,805 | Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax) | 10/18 at 101.00 | Aa1 | 1,903,066 | ||||||||||||
| 2,175 | Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) | 9/17 at 102.00 | Aa1 | 2,264,088 | ||||||||||||
| 3,000 | Trumbull County, Ohio, Multifamily Housing Revenue Bonds, Royal Mall Apartments, Series 2007, 5.000%, 5/20/49 (Alternative Minimum Tax) | 11/17 at 102.00 | Aa1 | 3,120,240 | ||||||||||||
| 8,310 | Total Housing/Multifamily | 8,577,856 | ||||||||||||||
| Housing/Single Family – 0.1% | ||||||||||||||||
| 440 | Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2009C, 5.200%, 9/01/29 | 9/18 at 100.00 | Aaa | 462,216 | ||||||||||||
| 78 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Industrials – 1.6% | ||||||||||||||||
| $ | 485 | Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland Christian Home Project, Series 2002C, 5.950%, 5/15/22 | 11/16 at 100.00 | BBB+ | $ | 489,801 | ||||||||||
| 3,500 | Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40 | 12/20 at 100.00 | B | 3,350,865 | ||||||||||||
Ohio State, Economic Development Revenue Bonds, Ohio Enterprise Bond Fund, Shearer’s Foods Inc. Project, Series 2009-5: | ||||||||||||||||
| 1,455 | 5.000%, 6/01/22 | 12/19 at 100.00 | AA+ | 1,637,908 | ||||||||||||
| 1,645 | 5.000%, 12/01/24 | 12/19 at 100.00 | AA+ | 1,848,783 | ||||||||||||
| 1,600 | Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., Series 1992, 6.450%, 12/15/21 | No Opt. Call | Baa1 | 1,997,648 | ||||||||||||
| 8,685 | Total Industrials | 9,325,005 | ||||||||||||||
| Long-Term Care – 1.1% | ||||||||||||||||
| 800 | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2005A, 5.000%, 7/01/26 | 8/16 at 100.00 | BBB– | 801,640 | ||||||||||||
| 1,505 | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 | 7/21 at 100.00 | BBB– | 1,660,918 | ||||||||||||
| 400 | Hamilton County, Ohio, Health Care Revenue Refunding Bonds, Life Enriching Communities Project, Series 2006A, 5.000%, 1/01/27 | 1/17 at 100.00 | BBB | 406,040 | ||||||||||||
| 3,080 | Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40 | 4/20 at 100.00 | BBB– | 3,441,037 | ||||||||||||
| 5,785 | Total Long-Term Care | 6,309,635 | ||||||||||||||
| Tax Obligation/General – 14.1% | ||||||||||||||||
| 1,180 | Canal Winchester Local School District, Franklin and Fairfield Counties, Ohio, General Obligation Bonds, Series 2005B, 0.000%, 12/01/33 – NPFG Insured | No Opt. Call | Aa3 | 731,010 | ||||||||||||
Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Classroom Facilities Construction and Improvement, Refunding Series 2006: | ||||||||||||||||
| 535 | 5.250%, 12/01/19 – FGIC Insured | No Opt. Call | AA+ | 612,612 | ||||||||||||
| 380 | 5.250%, 12/01/27 – FGIC Insured | No Opt. Call | AA+ | 497,040 | ||||||||||||
| 300 | Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, School Improvement, Refunding Series 2010, 5.250%, 6/01/21 | 6/20 at 100.00 | Aa2 | 347,388 | ||||||||||||
| 1,000 | Clyde-Green Springs Exempt Village School District, Summit County, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/27 – AGM Insured | 6/18 at 100.00 | Aa2 | 1,066,200 | ||||||||||||
| 1,000 | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Refunding Series 2006, 0.000%, 12/01/28 – AGM Insured | No Opt. Call | AA+ | 737,420 | ||||||||||||
| 2,000 | Columbus, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2016-1, 5.000%, 7/01/26 | No Opt. Call | AAA | 2,601,720 | ||||||||||||
| 5,000 | Columbus, Ohio, General Obligation Bonds, Series 2015A, 5.000%, 7/01/25 | No Opt. Call | AAA | 6,431,950 | ||||||||||||
| 2,210 | Columbus, Ohio, General Obligation Bonds, Various Purpose, Series 2014A, 5.000%, 2/15/18 | No Opt. Call | AAA | 2,370,026 | ||||||||||||
| 580 | Cuyahoga County, Ohio, Limited Tax General Obligation Bonds, Series 1993, 5.650%, 5/15/18 | No Opt. Call | AAA | 615,914 | ||||||||||||
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015: | ||||||||||||||||
| 1,000 | 5.000%, 12/01/23 | No Opt. Call | Aaa | 1,257,750 | ||||||||||||
| 450 | 5.000%, 12/01/24 | No Opt. Call | Aaa | 576,450 | ||||||||||||
| NUVEEN | 79 |
Nuveen Ohio Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/General (continued) | ||||||||||||||||
| $ | 6,000 | Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/24 | 12/23 at 100.00 | AAA | $ | 7,599,480 | ||||||||||
| 4,225 | Franklin County, Ohio, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/31 | 12/25 at 100.00 | AAA | 5,275,250 | ||||||||||||
| 1,000 | Gallia County Local School District, Gallia and Jackson Counties, Ohio, General Obligation Bonds, Refunding School Improvement Series 2014, 5.000%, 11/01/32 | 11/24 at 100.00 | Aa2 | 1,198,750 | ||||||||||||
Graham Local School District, Champaign and Shelby Counties, Ohio, General Obligation Bonds, School Improvement Series 2013: | ||||||||||||||||
| 500 | 0.000%, 12/01/29 | No Opt. Call | Aa2 | 318,040 | ||||||||||||
| 850 | 0.000%, 12/01/30 | No Opt. Call | Aa2 | 518,169 | ||||||||||||
| 1,000 | Greenville City School District, Drake County, Ohio, General Obligation Bonds, School Improvement Series 2013, 5.250%, 1/01/38 | 1/22 at 100.00 | AA | 1,152,590 | ||||||||||||
| 1,095 | Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, School improvement Series 2012, 0.000%, 12/01/27 | 6/19 at 100.00 | Aa1 | 813,957 | ||||||||||||
| 755 | Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/19 | No Opt. Call | Aa1 | 851,013 | ||||||||||||
| 1,560 | Kettering City School District, Montgomery County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured | No Opt. Call | AA | 2,027,438 | ||||||||||||
| 285 | Lake County, Ohio, Limited Tax Sewer District Improvement Bonds, Series 2000, 5.600%, 12/01/20 | No Opt. Call | Aa1 | 317,704 | ||||||||||||
| 1,000 | Lorain, Ohio, General Obligation Bonds, Pellet Terminal Improvement Series 2008, 6.750%, 12/01/28 – AMBAC Insured | 12/18 at 100.00 | A3 | 1,136,860 | ||||||||||||
| 2,380 | Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 | 10/18 at 100.00 | AA | 2,585,442 | ||||||||||||
| 1,000 | Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, Refunding Series 2013A, 0.000%, 12/01/22 | No Opt. Call | Aa1 | 882,720 | ||||||||||||
| 1,000 | Maumee City School District, Lucas County, Ohio, General Obligation Bonds, Capital Appreciation Refunding Series 2012, 0.000%, 12/01/23 | No Opt. Call | AA– | 861,880 | ||||||||||||
| 1,265 | Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2002, 5.750%, 12/01/20 – AMBAC Insured | No Opt. Call | Baa1 | 1,471,220 | ||||||||||||
| 275 | Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36 | 6/22 at 100.00 | Aa3 | 315,893 | ||||||||||||
| 1,585 | New Albany, Ohio, General Obligation Bonds, Series 2012, 5.000%, 12/01/29 | 6/22 at 100.00 | Aaa | 1,895,311 | ||||||||||||
| 530 | Newark, Ohio, General Obligation Bonds, Storm Sewer Improvement Series 2009, 5.500%, 12/01/34 | 12/19 at 100.00 | A1 | 597,766 | ||||||||||||
| 1,630 | Northwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation Bonds, School Improvement Series 2015, 5.000%, 12/01/40 | 12/23 at 100.00 | Aa2 | 1,931,583 | ||||||||||||
| 925 | Oakwood City School District, Montgomery County, Ohio, General Obligation Bonds, Series 2012, 0.000%, 12/01/21 | No Opt. Call | Aa2 | 847,448 | ||||||||||||
| 2,000 | Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 5.000%, 5/01/29 | 5/24 at 100.00 | AAA | 2,446,000 | ||||||||||||
| 2,895 | Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2016S, 5.000%, 5/01/19 | No Opt. Call | AAA | 3,240,373 | ||||||||||||
| 5,225 | Ohio State, General Obligation Bonds, Refunding Common Schools Series 2012C, 5.000%, 9/15/16 | No Opt. Call | AA+ | 5,293,552 | ||||||||||||
| 1,000 | Ohio, General Obligation Bonds, Infrastructure Improvements, Refunding Series 2002A, 5.500%, 2/01/20 | No Opt. Call | AA+ | 1,159,170 | ||||||||||||
| 80 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/General (continued) | ||||||||||||||||
| $ | 1,500 | Pettisville Local School District, Fulton County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement Bonds, Series 2009, 5.000%, 12/01/36 | 6/19 at 100.00 | Aa2 | $ | 1,629,945 | ||||||||||
Princeton City School District, Hamilton County, Ohio, Certificates of Participation, Series 2013: | ||||||||||||||||
| 610 | 5.000%, 12/01/33 | 12/22 at 100.00 | AA– | 683,475 | ||||||||||||
| 1,305 | 5.000%, 12/01/42 | 12/22 at 100.00 | AA– | 1,451,578 | ||||||||||||
| 1,710 | South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban Redevelopment, Series 2012, 5.000%, 6/01/32 | 6/22 at 100.00 | Aa2 | 2,032,745 | ||||||||||||
| 3,435 | Summit County, Ohio, General Obligation Bonds, Refunding, Various Purpose Series 2002R, 5.500%, 12/01/21 – FGIC Insured | No Opt. Call | AAA | 4,201,761 | ||||||||||||
| 735 | Symmes Township, Hamilton County, Ohio, General Obligation Bonds, Parkland Acquisition & Improvement Series 2010, 5.250%, 12/01/37 | 12/20 at 100.00 | Aa1 | 849,645 | ||||||||||||
| 500 | Wadsworth City School District, Medina County, Ohio, General Obligation Bonds, School Improvement Series 2009, 5.000%, 12/01/37 – AGC Insured | 12/17 at 100.00 | AA | 524,410 | ||||||||||||
| 2,000 | West Clermont Local School District, Clermont County, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/31 – AGM Insured | 12/18 at 100.00 | AA | 2,180,200 | ||||||||||||
| 4,925 | Willoughby-Eastlake City School District, Ohio, General Obligation Bonds, School Improvement Series 2016, 5.000%, 12/01/46 | 12/25 at 100.00 | Aa3 | 5,814,307 | ||||||||||||
| 72,335 | Total Tax Obligation/General | 81,951,155 | ||||||||||||||
| Tax Obligation/Limited – 20.2% | ||||||||||||||||
Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke Realty Ohio, Series 2006: | ||||||||||||||||
| 730 | 5.000%, 12/01/21 | 12/16 at 102.00 | N/R | 752,477 | ||||||||||||
| 950 | 5.000%, 12/01/25 | 12/16 at 102.00 | N/R | 978,453 | ||||||||||||
| 1,165 | 5.000%, 12/01/30 | 12/16 at 102.00 | N/R | 1,197,841 | ||||||||||||
| 650 | 5.000%, 12/01/35 | 12/16 at 102.00 | N/R | 667,765 | ||||||||||||
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2013A-2: | ||||||||||||||||
| 990 | 5.000%, 10/01/27 | 10/23 at 100.00 | AA | 1,214,710 | ||||||||||||
| 1,150 | 5.000%, 10/01/30 | 10/23 at 100.00 | AA | 1,403,494 | ||||||||||||
| 1,205 | 5.000%, 10/01/31 | 10/23 at 100.00 | AA | 1,468,762 | ||||||||||||
| 3,000 | Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2, 5.000%, 10/01/37 | 10/23 at 100.00 | AA | 3,592,860 | ||||||||||||
| 2,125 | Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, R.I.T.A. Project, Series 2004, 5.000%, 11/15/19 – RAAI Insured | 8/16 at 100.00 | AA | 2,131,184 | ||||||||||||
Columbiana Exempted Village School District, Columbiana County, Ohio, Certificates of Participation, Series 2010: | ||||||||||||||||
| 1,400 | 5.000%, 12/01/26 – AGM Insured | 12/20 at 100.00 | AA | 1,545,110 | ||||||||||||
| 1,645 | 5.000%, 12/01/28 – AGM Insured | 12/20 at 100.00 | AA | 1,808,217 | ||||||||||||
Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard Avenue Parking Facility Project, Series 2012A: | ||||||||||||||||
| 500 | 4.500%, 12/01/27 | 12/19 at 100.00 | BBB | 513,775 | ||||||||||||
| 685 | 5.000%, 12/01/32 | 12/19 at 100.00 | BBB | 736,567 | ||||||||||||
| 555 | 5.000%, 12/01/36 | 12/19 at 100.00 | BBB | 593,528 | ||||||||||||
Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention Center Project, Recovery Zone Facility Series 2010F: | ||||||||||||||||
| 2,710 | 5.250%, 12/01/25 | 12/20 at 100.00 | Aa2 | 3,124,332 | ||||||||||||
| 3,250 | 5.000%, 12/01/27 | 12/20 at 100.00 | Aa2 | 3,702,757 | ||||||||||||
| NUVEEN | 81 |
Nuveen Ohio Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/Limited (continued) | ||||||||||||||||
Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014: | ||||||||||||||||
| $ | 1,000 | 5.000%, 12/01/28 | 12/24 at 100.00 | AAA | $ | 1,236,220 | ||||||||||
| 1,810 | 5.000%, 12/01/32 | 12/24 at 100.00 | AAA | 2,216,671 | ||||||||||||
| 1,585 | 5.000%, 12/01/33 | 12/24 at 100.00 | AAA | 1,934,223 | ||||||||||||
| 1,385 | 5.000%, 12/01/34 | 12/24 at 100.00 | AAA | 1,684,146 | ||||||||||||
| 1,055 | 5.000%, 12/01/35 | 12/24 at 100.00 | AAA | 1,281,055 | ||||||||||||
| 1,700 | Delaware County District Library, Ohio, Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34 | 12/19 at 100.00 | Aa2 | 1,848,733 | ||||||||||||
| 2,940 | Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/38 | 12/25 at 100.00 | Aa1 | 3,519,621 | ||||||||||||
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Refunding Anticipation Bonds, Series 2007: | ||||||||||||||||
| 245 | 5.000%, 12/01/26 | 12/17 at 100.00 | Aaa | 258,950 | ||||||||||||
| 210 | 5.000%, 12/01/27 | 12/17 at 100.00 | Aaa | 221,731 | ||||||||||||
| 10,345 | Franklin County Convention Facilities Authority, Ohio, Tax and Lease Revenue Anticipation and Refunding Bonds, Columbus City & Franklin County Lessees, Series 2014, 5.000%, 12/01/35 | 12/24 at 100.00 | Aaa | 12,561,623 | ||||||||||||
| 1,675 | Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2014A, 5.000%, 12/01/25 | No Opt. Call | AAA | 2,143,782 | ||||||||||||
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2015: | ||||||||||||||||
| 1,050 | 5.000%, 12/01/32 | 12/25 at 100.00 | AAA | 1,291,699 | ||||||||||||
| 1,105 | 5.000%, 12/01/33 | 12/25 at 100.00 | AAA | 1,354,078 | ||||||||||||
| 5,800 | Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 5.000%, 12/01/32 – AMBAC Insured | 12/16 at 100.00 | A+ | 5,914,724 | ||||||||||||
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B: | ||||||||||||||||
| 500 | 0.000%, 12/01/26 – AMBAC Insured | No Opt. Call | A+ | 377,415 | ||||||||||||
| 3,300 | 0.000%, 12/01/28 – AMBAC Insured | No Opt. Call | A+ | 2,324,421 | ||||||||||||
| 1,750 | 0.000%, 12/01/28 – AGM Insured | No Opt. Call | AA | 1,232,648 | ||||||||||||
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A: | ||||||||||||||||
| 1,235 | 5.000%, 12/01/25 | 12/21 at 100.00 | A+ | 1,443,826 | ||||||||||||
| 5,375 | 5.000%, 12/01/31 | 12/21 at 100.00 | A+ | 6,183,669 | ||||||||||||
| 26,700 | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (Mandatory Put 1/01/35) | 1/23 at 100.00 | AA | 30,921,270 | ||||||||||||
Mayfield City School District, Ohio, Certificates of Participation, Middle School Project, Series 2009B: | ||||||||||||||||
| 435 | 0.000%, 9/01/27 | No Opt. Call | Aa2 | 326,681 | ||||||||||||
| 855 | 0.000%, 9/01/28 | No Opt. Call | Aa2 | 619,926 | ||||||||||||
| 2,635 | 5.000%, 9/01/31 | 9/19 at 100.00 | Aa2 | 2,923,164 | ||||||||||||
| 2,015 | Milton Union Exempt Village School District, Ohio, Special Limited Obligation Bonds, Series 2009, 5.000%, 12/01/32 | 12/19 at 100.00 | A+ | 2,198,365 | ||||||||||||
| 1,100 | New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/23 | 10/22 at 100.00 | A1 | 1,288,397 | ||||||||||||
| 2,000 | Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community Facilities Bonds, Series 2015A, 4.000%, 12/01/31 – AGM Insured | No Opt. Call | AA | 2,165,980 | ||||||||||||
| 400 | Riversouth Authority, Ohio, Lazarus Building Redevelopment Bonds, Series 2007A, 5.750%, 12/01/27 | 12/17 at 100.00 | N/R | 421,380 | ||||||||||||
| 82 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/Limited (continued) | ||||||||||||||||
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Refunding Series 2012A: | ||||||||||||||||
| $ | 1,400 | 5.000%, 12/01/23 | 12/22 at 100.00 | AA+ | $ | 1,694,504 | ||||||||||
| 800 | 5.000%, 12/01/24 | 12/22 at 100.00 | AA+ | 964,904 | ||||||||||||
| 105,115 | Total Tax Obligation/Limited | 117,985,638 | ||||||||||||||
| Transportation – 8.1% | ||||||||||||||||
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A: | ||||||||||||||||
| 7,000 | 5.000%, 1/01/29 | No Opt. Call | A– | 7,973,070 | ||||||||||||
| 1,000 | 5.000%, 1/01/30 | 1/22 at 100.00 | A– | 1,135,080 | ||||||||||||
| 3,450 | 5.000%, 1/01/31 – AGM Insured | 1/22 at 100.00 | AA | 3,933,448 | ||||||||||||
| 1,000 | Columbus Regional Airport Authority, Ohio, Revenue Bonds, Refunding Series 2007, 5.000%, 1/01/28 – NPFG Insured | 1/17 at 100.00 | AA– | 1,023,320 | ||||||||||||
Ohio State Treasurer, Tax-Exempt Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth Bypass Project, Series 2015: | ||||||||||||||||
| 3,500 | 5.000%, 12/31/35 – AGM Insured (Alternative Minimum Tax) | 6/25 at 100.00 | AA | 4,046,840 | ||||||||||||
| 3,500 | 5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax) | 6/25 at 100.00 | AA | 4,007,955 | ||||||||||||
| 7,725 | 5.000%, 6/30/53 (Alternative Minimum Tax) | 6/25 at 100.00 | A– | 8,555,978 | ||||||||||||
| 11,000 | Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/24 – FGIC Insured | No Opt. Call | AA | 13,712,270 | ||||||||||||
| 2,450 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/39 | 2/23 at 100.00 | A+ | 2,898,326 | ||||||||||||
| 40,625 | Total Transportation | 47,286,287 | ||||||||||||||
| U.S. Guaranteed – 8.8% (5) | ||||||||||||||||
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A: | ||||||||||||||||
| 945 | 5.000%, 2/15/31 (Pre-refunded 2/15/18) | 2/18 at 100.00 | N/R (5) | 1,012,511 | ||||||||||||
| 4,705 | 5.250%, 2/15/43 (Pre-refunded 2/15/18) | 2/18 at 100.00 | N/R (5) | 5,060,980 | ||||||||||||
| 1,000 | Beavercreek City School District, Ohio, General Obligation Bonds, Series 2009, 5.000%, 12/01/36 (Pre-refunded 6/01/19) | 6/19 at 100.00 | Aa1 (5) | 1,121,350 | ||||||||||||
| 4,355 | Cincinnati, Ohio, Water System Revenue Bonds, Series 2007B, 5.000%, 12/01/32 (Pre-refunded 12/01/17) | 12/17 at 100.00 | AAA | 4,632,022 | ||||||||||||
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Refunding Anticipation Bonds, Series 2007: | ||||||||||||||||
| 1,970 | 5.000%, 12/01/26 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (5) | 2,097,104 | ||||||||||||
| 1,790 | 5.000%, 12/01/27 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (5) | 1,905,491 | ||||||||||||
| 3,160 | Franklin County, Ohio, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 12/01/28 (Pre-refunded 12/01/17) | 12/17 at 100.00 | AAA | 3,363,883 | ||||||||||||
| 400 | Gahanna, Ohio, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 12/01/27 (Pre-refunded 12/01/17) – NPFG Insured | 12/17 at 100.00 | AA+ (5) | 425,808 | ||||||||||||
| 1,000 | Greene County, Ohio, General Obligation Bonds, General Infrastructure Series 2007, 5.250%, 12/01/26 (Pre-refunded 12/01/17) – AMBAC Insured | 12/17 at 100.00 | Aa1 (5) | 1,068,240 | ||||||||||||
| 930 | Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Improvement Series 2006A, 5.000%, 12/01/26 (Pre-refunded 12/01/16) – NPFG Insured | 12/16 at 100.00 | AA+ (5) | 950,804 | ||||||||||||
| 1,000 | Highland Local School District, Morrow and Delaware Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2008, 5.375%, 12/01/33 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Aa2 (5) | 1,112,350 | ||||||||||||
| NUVEEN | 83 |
Nuveen Ohio Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| U.S. Guaranteed (5) (continued) | ||||||||||||||||
| $ | 2,500 | Hubbard Exempt Village School District, Trumbull County, Ohio, General Obligation Bonds, Classroom Facilities Improvements, Series 2007, 5.000%, 12/01/34 (Pre-refunded 6/01/17) – CIFG Insured | 6/17 at 100.00 | A+ (5) | $ | 2,607,700 | ||||||||||
Indian Creek Local School District, Jefferson County, Ohio, General Obligation Bonds, School Facilities Construction and Improvements, Series 2009: | ||||||||||||||||
| 1,750 | 5.000%, 12/01/34 (Pre-refunded 6/01/19) | 6/19 at 100.00 | Aa2 (5) | 1,962,362 | ||||||||||||
| 1,100 | 5.125%, 12/01/36 (Pre-refunded 6/01/19) | 6/19 at 100.00 | Aa2 (5) | 1,237,544 | ||||||||||||
| 630 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.625%, 8/15/29 (Pre-refunded 8/15/18) | 8/18 at 100.00 | NA (5) | 696,465 | ||||||||||||
| 1,725 | Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/30 (Pre-refunded 12/01/17) – FGIC Insured | 12/17 at 100.00 | Aa2 (5) | 1,836,297 | ||||||||||||
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2006: | ||||||||||||||||
| 1,260 | 5.250%, 12/01/25 (Pre-refunded 12/01/16) – SYNCORA GTY Insured | 12/16 at 100.00 | N/R (5) | 1,289,434 | ||||||||||||
| 130 | 4.750%, 12/01/46 (Pre-refunded 12/01/16) – SYNCORA GTY Insured | 12/16 at 100.00 | A (5) | 132,726 | ||||||||||||
| 5,600 | Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2007, 4.750%, 12/01/47 (Pre-refunded 12/01/17) – SYNCORA GTY Insured | 12/17 at 100.00 | A (5) | 5,937,848 | ||||||||||||
| 1,000 | Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, School Improvement Series 2007, 5.000%, 12/01/31 (Pre-refunded 6/01/17) | 6/17 at 100.00 | Aa1 (5) | 1,043,490 | ||||||||||||
| 1,000 | Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 5.250%, 12/01/36 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Aa3 (5) | 1,109,260 | ||||||||||||
| 1,415 | Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 2006, 5.000%, 7/01/41 (Pre-refunded 7/01/16) | 7/16 at 100.00 | N/R (5) | 1,420,207 | ||||||||||||
| 405 | Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM) | No Opt. Call | Aaa | 408,127 | ||||||||||||
| 530 | Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, Series 2008, 5.000%, 6/01/28 (Pre-refunded 6/01/18) – AGM Insured | 6/18 at 100.00 | AAA | 574,430 | ||||||||||||
| 1,000 | Olmsted Falls City School District, Cuyahoga County, Ohio, General Obligation Bonds, Refunding School Improvement Series 2007, 5.000%, 12/01/35 (Pre-refunded 6/01/17) – SYNCORA GTY Insured | 6/17 at 100.00 | A+ (5) | 1,043,490 | ||||||||||||
| 3,235 | Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 5.250%, 11/15/36 (Pre-refunded 11/15/16) | 11/16 at 100.00 | N/R (5) | 3,303,097 | ||||||||||||
| 600 | Saint Marys City School District, Auglaize County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Series 2008, 5.000%, 12/01/28 (Pre-refunded 6/01/18) – AGM Insured | 6/18 at 100.00 | Aa2 (5) | 650,298 | ||||||||||||
| 800 | Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, Refunding Series 2008, 5.750%, 2/15/38 (Pre-refunded 2/15/18) | 2/18 at 100.00 | A2 (5) | 867,296 | ||||||||||||
| 1,300 | Sylvania City School District, Lucas County, Ohio, General Obligation Bonds, School Improvement Series 1995, 5.250%, 12/01/36 (Pre-refunded 6/01/17) – AGC Insured | 6/17 at 100.00 | AA (5) | 1,359,111 | ||||||||||||
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, School Improvement Series 2009: | ||||||||||||||||
| 690 | 5.125%, 12/01/37 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (5) | 776,278 | ||||||||||||
| 310 | 5.125%, 12/01/37 (Pre-refunded 6/01/19) | 6/19 at 100.00 | Aa3 (5) | 348,762 | ||||||||||||
| 48,235 | Total U.S. Guaranteed | 51,354,765 | ||||||||||||||
| 84 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Utilities – 3.2% | ||||||||||||||||
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A: | ||||||||||||||||
| $ | 55 | 5.000%, 2/15/31 | 2/18 at 100.00 | A1 | $ | 58,422 | ||||||||||
| 295 | 5.250%, 2/15/43 | 2/18 at 100.00 | A1 | 314,134 | ||||||||||||
| 1,500 | American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2015A, 5.000%, 2/15/42 | 2/24 at 100.00 | A1 | 1,739,640 | ||||||||||||
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B: | ||||||||||||||||
| 4,740 | 0.000%, 11/15/34 – NPFG Insured | No Opt. Call | AA– | 2,569,743 | ||||||||||||
| 2,000 | 5.000%, 11/15/38 – NPFG Insured | 5/18 at 100.00 | AA– | 2,141,940 | ||||||||||||
| 7,500 | 0.000%, 11/15/38 – NPFG Insured | No Opt. Call | AA– | 3,318,000 | ||||||||||||
| 2,800 | Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009B, 5.800%, 12/01/38 | 12/19 at 100.00 | Baa1 | 3,154,620 | ||||||||||||
| 500 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, FirstEnergy Generation Corp. Project, Series 2009A, 5.700%, 8/01/20 | No Opt. Call | BBB– | 549,500 | ||||||||||||
| 4,420 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 | No Opt. Call | BBB– | 4,899,305 | ||||||||||||
| 23,810 | Total Utilities | 18,745,304 | ||||||||||||||
| Water and Sewer – 12.7% | ||||||||||||||||
| 1,390 | Akron, Ohio, Waterworks System Mortgage Revenue Bonds, Refunding & Improvement Series 2009, 5.000%, 3/01/34 – AGC Insured | 3/19 at 100.00 | A3 | 1,507,302 | ||||||||||||
| 1,730 | Butler County, Ohio, Sewer System Revenue Bonds, Refunding Series 2005, 5.000%, 12/01/23 – AGM Insured | No Opt. Call | Aa3 | 2,037,490 | ||||||||||||
Cleveland, Ohio, Water Revenue Bonds, Refunding Second Lien Series 2012A: | ||||||||||||||||
| 1,500 | 5.000%, 1/01/24 | 1/22 at 100.00 | Aa2 | 1,788,135 | ||||||||||||
| 775 | 5.000%, 1/01/26 | 1/22 at 100.00 | Aa2 | 917,925 | ||||||||||||
| 1,000 | 5.000%, 1/01/27 | 1/22 at 100.00 | Aa2 | 1,176,220 | ||||||||||||
| 8,740 | Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured | No Opt. Call | Aa1 | 9,685,581 | ||||||||||||
| 2,300 | Columbus, Ohio, Sewerage System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/25 | 12/24 at 100.00 | AA+ | 2,921,460 | ||||||||||||
Columbus, Ohio, Sewerage System Revenue Bonds, Refunding Series 2015: | ||||||||||||||||
| 8,065 | 5.000%, 6/01/30 | 6/26 at 100.00 | AA+ | 10,173,030 | ||||||||||||
| 6,750 | 5.000%, 6/01/32 | 6/26 at 100.00 | AA+ | 8,479,620 | ||||||||||||
| 450 | Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – AGM Insured | 12/20 at 100.00 | A2 | 499,324 | ||||||||||||
| 1,745 | Lebanon, Ohio, Waterworks System Revenue Bonds, Improvement and Refunding Series 2012, 5.000%, 12/01/31 | 12/21 at 100.00 | A1 | 2,027,882 | ||||||||||||
| 495 | Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2006, 5.250%, 12/01/25 – SYNCORA GTY Insured | 12/16 at 100.00 | A | 506,766 | ||||||||||||
| 865 | Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 –AMBAC Insured | 12/17 at 100.00 | Aa3 | 915,914 | ||||||||||||
| 8,500 | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2013, 5.000%, 11/15/38 | 5/23 at 100.00 | AA+ | 10,099,530 | ||||||||||||
| 3,125 | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Tender Option Bond Trust 2015-XF0225, 16.805%, 3/01/21 (IF) | No Opt. Call | AA+ | 5,370,750 | ||||||||||||
| NUVEEN | 85 |
Nuveen Ohio Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Water and Sewer (continued) | ||||||||||||||||
Ohio Water Development Authority, Revenue Bonds, Water Development Community Assistance Program, Refunding Series 2009: | ||||||||||||||||
| $ | 1,405 | 5.000%, 12/01/25 | 12/19 at 100.00 | Aa1 | $ | 1,587,805 | ||||||||||
| 1,475 | 5.000%, 12/01/26 | 12/19 at 100.00 | Aa1 | 1,665,290 | ||||||||||||
| 3,010 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/22 | No Opt. Call | AAA | 3,697,424 | ||||||||||||
| 5,000 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2016A, 5.000%, 6/01/26 | No Opt. Call | AAA | 6,464,100 | ||||||||||||
| 2,060 | Springboro, Ohio, Sewer System Mortgage Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/27 | 6/22 at 100.00 | Aa2 | 2,416,071 | ||||||||||||
| 60,380 | Total Water and Sewer | 73,937,619 | ||||||||||||||
| $ | 512,000 | Total Long-Term Investments (cost $523,804,368) | 571,711,152 | |||||||||||||
Other Assets Less Liabilities – 1.9% | 11,114,972 | |||||||||||||||
Net Assets – 100% | $ | 582,826,124 | ||||||||||||||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (ETM) | Escrowed to maturity. |
| (IF) | Inverse floating rate investment. |
See accompanying notes to financial statements.
| 86 | NUVEEN |
Nuveen Wisconsin Municipal Bond Fund
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 98.9% | ||||||||||||||||
MUNICIPAL BONDS – 98.9% | ||||||||||||||||
| Consumer Staples – 1.7% | ||||||||||||||||
| $ | 790 | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32 | 6/17 at 100.00 | CCC | $ | 793,089 | ||||||||||
| 720 | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 4.625%, 6/01/21 | 6/17 at 100.00 | CC | 723,881 | ||||||||||||
| 500 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/16 at 100.00 | B+ | 499,970 | ||||||||||||
| 2,010 | Total Consumer Staples | 2,016,940 | ||||||||||||||
| Education and Civic Organizations – 3.4% | ||||||||||||||||
Madison Community Development Authority, Wisconsin, Revenue Bonds, The Wisconsin Alumni Research Foundation, Series 2009: | ||||||||||||||||
| 300 | 5.000%, 10/01/28 | 10/19 at 100.00 | AAA | 337,347 | ||||||||||||
| 1,000 | 5.000%, 10/01/34 | 10/19 at 100.00 | AAA | 1,132,470 | ||||||||||||
| 1,000 | Milwaukee Redevelopment Authority, Wisconsin, Milwaukee Science Education Consortium, Inc. Project, Series 2013A, 6.000%, 8/01/33 | 8/23 at 100.00 | BB+ | 1,126,810 | ||||||||||||
| 1,300 | Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Milwaukee School of Engineering Project, Series 2012, 4.100%, 4/01/32 – AGM Insured | 4/22 at 100.00 | AA | 1,409,122 | ||||||||||||
| 3,600 | Total Education and Civic Organizations | 4,005,749 | ||||||||||||||
| Health Care – 12.0% | ||||||||||||||||
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009: | ||||||||||||||||
| 1,150 | 5.500%, 2/15/29 | 2/19 at 100.00 | A3 | 1,260,078 | ||||||||||||
| 2,550 | 5.875%, 2/15/39 | 2/19 at 100.00 | A3 | 2,795,438 | ||||||||||||
| 1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aspirus, Inc. Obligated Group, Refunding Series 2015A, 5.000%, 8/15/34 | 2/25 at 100.00 | A+ | 1,148,470 | ||||||||||||
| 810 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beaver Dam Community Hospitals Inc., Series 2013A, 5.250%, 8/15/34 | 8/23 at 100.00 | BBB– | 894,386 | ||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital, Series 2015: | ||||||||||||||||
| 250 | 5.000%, 12/01/23 | No Opt. Call | A+ | 306,135 | ||||||||||||
| 1,500 | 4.000%, 12/01/35 | 6/24 at 100.00 | A+ | 1,598,835 | ||||||||||||
| 1,230 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 | 11/16 at 100.00 | BBB– | 1,233,173 | ||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118: | ||||||||||||||||
| 250 | 12.739%, 10/01/20 (IF) (4) | No Opt. Call | AA– | 306,080 | ||||||||||||
| 1,000 | 16.718%, 4/01/29 (IF) (4) | 4/19 at 100.00 | AA– | 1,330,000 | ||||||||||||
| 890 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40 | 2/22 at 100.00 | A– | 993,293 | ||||||||||||
| 1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ThedaCare, Inc., Series 2009A, 5.500%, 12/15/38 | 12/19 at 100.00 | AA– | 1,109,590 | ||||||||||||
| NUVEEN | 87 |
Nuveen Wisconsin Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Health Care (continued) | ||||||||||||||||
| $ | 1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Fort Healthcare, Series 2014, 5.000%, 5/01/29 | 5/24 at 100.00 | BBB | $ | 1,134,330 | ||||||||||
| 12,630 | Total Health Care | 14,109,808 | ||||||||||||||
| Housing/Multifamily – 9.2% | ||||||||||||||||
| 2,000 | Hudson Housing Authority, Wisconsin, Multifamily Housing Revenue Bonds, Cedar Ridge Apartments Project, Series 2013A, 5.125%, 6/01/30 | 6/23 at 100.00 | N/R | 2,111,820 | ||||||||||||
| 1,750 | Platteville Redevelopment Authority, Wisconsin, Revenue Bonds, University of Wisconsin – Platteville Real Estate Foundation Project, Series 2012A, 5.000%, 7/01/42 | 7/22 at 100.00 | BBB– | 1,837,990 | ||||||||||||
| 1,380 | Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27 | 12/18 at 100.00 | A+ | 1,494,857 | ||||||||||||
| 2,000 | Wisconsin Housing and Economic Development Authority Multi Family Housing Bonds, Western Technical College Student Housing Project, Series 2013B, 4.700%, 4/01/38 | No Opt. Call | A | 2,236,620 | ||||||||||||
| 970 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2006A, 4.550%, 5/01/27 (Alternative Minimum Tax) | 11/16 at 100.00 | AA | 971,145 | ||||||||||||
| 2,125 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2015A, 4.125%, 11/01/46 | 5/25 at 100.00 | AA | 2,232,567 | ||||||||||||
| 10,225 | Total Housing/Multifamily | 10,884,999 | ||||||||||||||
| Industrials – 1.5% | ||||||||||||||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | ||||||||||||||||
| 1,010 | 5.000%, 12/01/19 | No Opt. Call | B+ | 1,042,522 | ||||||||||||
| 420 | 5.500%, 12/01/22 | 12/18 at 100.00 | B+ | 436,044 | ||||||||||||
| 200 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | 11/24 at 100.00 | N/R | 225,378 | ||||||||||||
| 1,630 | Total Industrials | 1,703,944 | ||||||||||||||
| Long-Term Care – 8.2% | ||||||||||||||||
| 1,000 | New Richmond Community Development Authority, Wisconsin, Health Care Facilities Revenue Bonds, PHM/New Richmond Senior Housing, Inc., Series 2011, 6.650%, 9/01/43 | 9/18 at 101.00 | N/R | 1,043,770 | ||||||||||||
| 500 | Winnebago County Housing Authority, Wisconsin, Revenue Bonds, Lutheran Homes of Oshkosh, Inc. Project, Refunding Series 2015A, 4.450%, 3/01/30 | 3/20 at 101.00 | N/R | 514,635 | ||||||||||||
| 1,750 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44 | 7/24 at 100.00 | BBB+ | 1,958,862 | ||||||||||||
| 185 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s Communities Inc., Series 2015B, 5.000%, 9/15/37 | 9/22 at 100.00 | BBB+ | 201,569 | ||||||||||||
| 1,650 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43 | 8/23 at 100.00 | A– | 1,806,882 | ||||||||||||
| 2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014, 5.000%, 12/01/44 | 12/22 at 102.00 | N/R | 2,061,440 | ||||||||||||
| 2,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.375%, 10/01/44 | 10/22 at 102.00 | N/R | 2,093,820 | ||||||||||||
| 9,085 | Total Long-Term Care | 9,680,978 | ||||||||||||||
| 88 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Materials – 2.2% | ||||||||||||||||
| $ | 1,385 | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax) | 11/24 at 100.00 | N/R | $ | 1,541,117 | ||||||||||
| 1,000 | St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37 | 6/17 at 100.00 | BBB | 1,025,400 | ||||||||||||
| 2,385 | Total Materials | 2,566,517 | ||||||||||||||
| Tax Obligation/Limited – 36.2% | ||||||||||||||||
| 650 | Beloit Community Development Authority, Rock County, Wisconsin, Lease Revenue Bonds, Series 2009, 5.000%, 3/01/25 | 3/18 at 100.00 | N/R | 678,360 | ||||||||||||
Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Bonds, Tax Increment District 7, Refunding Series 2011B: | ||||||||||||||||
| 1,000 | 3.850%, 9/01/20 | 9/18 at 100.00 | A1 | 1,051,550 | ||||||||||||
| 500 | 3.700%, 9/01/21 | 9/18 at 100.00 | A1 | 522,270 | ||||||||||||
Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Bonds, Tax Increment District 7, Refunding Series 2012: | ||||||||||||||||
| 100 | 1.850%, 9/01/18 | No Opt. Call | A1 | 101,521 | ||||||||||||
| 500 | 2.750%, 9/01/22 | 9/20 at 100.00 | A1 | 520,660 | ||||||||||||
| 2,500 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/27 | 11/25 at 100.00 | A | 3,013,475 | ||||||||||||
Government of Guam, Business Privilege Tax Bonds, Series 2011A: | ||||||||||||||||
| 1,000 | 5.000%, 1/01/31 | 1/22 at 100.00 | A | 1,125,620 | ||||||||||||
| 350 | 5.250%, 1/01/36 | 1/22 at 100.00 | A | 396,739 | ||||||||||||
| 2,190 | 5.125%, 1/01/42 | 1/22 at 100.00 | A | 2,443,646 | ||||||||||||
| 1,000 | Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23 – AMBAC Insured | No Opt. Call | A | 809,920 | ||||||||||||
| 1,250 | Kaukauna Redevelopment Authority, Outagamie and Calumet Counties, Wisconsin, Redevelopment Lease Revenue Bonds, Series 2015, 4.125%, 6/01/40 | 6/25 at 100.00 | A+ | 1,331,738 | ||||||||||||
| 675 | Milwaukee Redevelopment Authority, Wisconsin, HSI Industrial I LLC Project Revenue Bonds, Series 2008, 5.125%, 6/01/29 (Alternative Minimum Tax) | 6/16 at 100.00 | A1 | 677,693 | ||||||||||||
| 1,300 | Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Neighborhood Public Schools Initiative, Series 2007A, 4.000%, 8/01/23 – AMBAC Insured | 8/17 at 100.00 | A1 | 1,334,333 | ||||||||||||
| 220 | Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2008A, 4.625%, 12/01/28 | 12/18 at 100.00 | A2 | 237,103 | ||||||||||||
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A: | ||||||||||||||||
| 670 | 5.500%, 2/01/21 | No Opt. Call | AA– | 743,224 | ||||||||||||
| 2,500 | 6.500%, 2/01/31 | 2/19 at 102.00 | AA– | 2,850,350 | ||||||||||||
| 500 | Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 5.000%, 7/01/31 – AMBAC Insured | 7/16 at 100.00 | Ca | 498,145 | ||||||||||||
Saint Francis Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2007: | ||||||||||||||||
| 400 | 4.150%, 3/01/20 | 3/17 at 100.00 | A2 | 407,676 | ||||||||||||
| 300 | 4.350%, 3/01/22 | 3/17 at 100.00 | A2 | 305,043 | ||||||||||||
| 280 | 4.500%, 3/01/24 | 3/17 at 100.00 | A2 | 284,539 | ||||||||||||
| 520 | 4.600%, 3/01/27 | 3/17 at 100.00 | A2 | 527,743 | ||||||||||||
| 1,935 | Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/26 – NPFG Insured | No Opt. Call | AA– | 2,419,002 | ||||||||||||
| NUVEEN | 89 |
Nuveen Wisconsin Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| Tax Obligation/Limited (continued) | ||||||||||||||||
| $ | 1,220 | Sturgeon Bay Waterfront Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Series 2006A, 4.500%, 10/01/21 | 10/16 at 100.00 | N/R | $ | 1,231,614 | ||||||||||
| 2,250 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured | No Opt. Call | AA | 2,512,935 | ||||||||||||
| 1,145 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29 | 10/20 at 100.00 | Baa2 | 1,262,122 | ||||||||||||
| 240 | Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37 | 10/19 at 100.00 | Baa3 | 270,734 | ||||||||||||
Weston Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2004A: | ||||||||||||||||
| 1,000 | 5.250%, 10/01/21 | 8/16 at 100.00 | A2 | 1,002,930 | ||||||||||||
| 1,230 | 4.700%, 10/01/21 | 8/16 at 100.00 | A2 | 1,233,850 | ||||||||||||
| 1,000 | Weston Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2005A, 5.000%, 10/01/21 | 8/16 at 100.00 | A2 | 1,002,310 | ||||||||||||
Wisconsin Center District, Junior Dedicated Tax Revenue Bonds, Refunding Series 2013A: | ||||||||||||||||
| 785 | 4.000%, 12/15/25 | 12/22 at 100.00 | A3 | 846,960 | ||||||||||||
| 2,170 | 5.000%, 12/15/28 | 12/22 at 100.00 | A3 | 2,484,476 | ||||||||||||
Wisconsin Center District, Junior Dedicated Tax Revenue Refunding Bonds, Series 1999: | ||||||||||||||||
| 3,985 | 5.250%, 12/15/23 – AGM Insured | No Opt. Call | AA | 4,776,301 | ||||||||||||
| 865 | 5.250%, 12/15/27 – AGM Insured | No Opt. Call | AA | 1,050,378 | ||||||||||||
Wisconsin Center District, Senior Dedicated Tax Revenue Refunding Bonds, Series 2003A: | ||||||||||||||||
| 2,035 | 0.000%, 12/15/28 – AGM Insured | No Opt. Call | AA | 1,484,166 | ||||||||||||
| 1,945 | 0.000%, 12/15/31 | No Opt. Call | AA | 1,271,369 | ||||||||||||
| 40,210 | Total Tax Obligation/Limited | 42,710,495 | ||||||||||||||
| Transportation – 6.8% | ||||||||||||||||
| 1,500 | Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.750%, 10/01/43 – AGM Insured | 10/23 at 100.00 | AA | 1,838,250 | ||||||||||||
| 600 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal Improvement Project, Refunding Series 2015B-1, 5.000%, 7/15/30 (Alternative Minimum Tax) | 7/25 at 100.00 | BB– | 680,574 | ||||||||||||
| 1,100 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, 5.000%, 1/01/41 (WI/DD, Settling 6/16/16) | 7/26 at 100.00 | AA– | 1,308,428 | ||||||||||||
| 500 | Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.500%, 1/01/19 – AMBAC Insured (Alternative Minimum Tax) | 7/16 at 100.00 | N/R | 501,985 | ||||||||||||
| 840 | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.250%, 1/01/50 (Alternative Minimum Tax) (WI/DD, Settling 6/01/16) | 7/24 at 100.00 | BBB | 960,490 | ||||||||||||
| 500 | Public Finance Authority of Wisconsin, Senior Airport Facilities Revenue and Refunding Bonds, Trips Obligated Group, Series 2012B, 5.000%, 7/01/22 (Alternative Minimum Tax) | No Opt. Call | BBB | 556,980 | ||||||||||||
| 610 | Virgin Islands Port Authority, Marine Revenue Bonds, Refunding Series 2014A, 5.000%, 9/01/33 (Alternative Minimum Tax) | 9/24 at 100.00 | BBB+ | 694,247 | ||||||||||||
| 1,000 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) | 1/22 at 100.00 | BBB– | 1,098,310 | ||||||||||||
| 355 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | 405,463 | ||||||||||||
| 7,005 | Total Transportation | 8,044,727 | ||||||||||||||
| 90 | NUVEEN |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
| U.S. Guaranteed – 11.6% (5) | ||||||||||||||||
| $ | 1,000 | Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39 (Pre-refunded 11/15/19) | 11/19 at 100.00 | N/R (5) | $ | 1,205,850 | ||||||||||
Guam Government, General Obligation Bonds, Series 2007A: | ||||||||||||||||
| 1,000 | 5.000%, 11/15/23 (Pre-refunded 11/15/17) | 11/17 at 100.00 | BB– (5) | 1,061,930 | ||||||||||||
| 500 | 5.125%, 11/15/27 (Pre-refunded 11/15/17) | 11/17 at 100.00 | BB– (5) | 531,870 | ||||||||||||
Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2008A: | ||||||||||||||||
| 280 | 4.625%, 12/01/28 (Pre-refunded 12/01/18) | 12/18 at 100.00 | N/R (5) | 306,272 | ||||||||||||
| 1,000 | 4.750%, 12/01/32 (Pre-refunded 12/01/18) | 12/18 at 100.00 | A2 (5) | 1,096,920 | ||||||||||||
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A: | ||||||||||||||||
| 900 | 5.500%, 12/15/18 – NPFG Insured (ETM) | No Opt. Call | AA– (5) | 1,003,446 | ||||||||||||
| 1,220 | 5.500%, 12/15/20 – NPFG Insured (ETM) | No Opt. Call | AA– (5) | 1,449,933 | ||||||||||||
| 1,305 | Sun Prairie Community Development Authority, Wisconsin, Lease Revenue Bonds, Tax Increment District 8, Series 2006, 4.250%, 8/01/25 (Pre-refunded 8/01/16) | 8/16 at 100.00 | A1 (5) | 1,313,039 | ||||||||||||
| 665 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Howard Young Health Care, Inc., Refunding Series 2012, 5.000%, 8/15/22 (ETM) | No Opt. Call | A (5) | 810,575 | ||||||||||||
| 1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21) | 5/21 at 100.00 | N/R (5) | 1,217,410 | ||||||||||||
| 1,350 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) | 8/22 at 100.00 | AA (5) | 1,648,229 | ||||||||||||
| 2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/19 (Pre-refunded 8/15/16) | 8/16 at 100.00 | N/R (5) | 2,019,140 | ||||||||||||
| 12,220 | Total U.S. Guaranteed | 13,664,614 | ||||||||||||||
| Utilities – 4.1% | ||||||||||||||||
| 1,375 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured | 10/22 at 100.00 | AA | 1,637,226 | ||||||||||||
| 370 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | No Opt. Call | BBB+ | 463,026 | ||||||||||||
| 1,200 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/25 | 7/17 at 100.00 | BB+ | 1,200,588 | ||||||||||||
| 1,250 | WPPI Energy, Wisconsin, Power Supply System Revenue Bonds, Series 2016A, 5.000%, 7/01/36 | 7/26 at 100.00 | A1 | 1,507,175 | ||||||||||||
| 4,195 | Total Utilities | 4,808,015 | ||||||||||||||
| Water and Sewer – 2.0% | ||||||||||||||||
| 1,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 | 7/20 at 100.00 | A– | 1,119,740 | ||||||||||||
| 1,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 | 7/23 at 100.00 | A– | 1,172,360 | ||||||||||||
| 2,000 | Total Water and Sewer | 2,292,100 | ||||||||||||||
| $ | 107,195 | Total Long-Term Investments (cost $108,334,301) | 116,488,886 | |||||||||||||
Other Assets Less Liabilities – 1.1% | 1,350,198 | |||||||||||||||
Net Assets – 100% | $ | 117,839,084 | ||||||||||||||
| NUVEEN | 91 |
Nuveen Wisconsin Municipal Bond Fund (continued)
| Portfolio of Investments | May 31, 2016 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (ETM) | Escrowed to maturity. |
| (IF) | Inverse floating rate investment. |
| 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. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
| 92 | NUVEEN |
| Assets and Liabilities | May 31, 2016 |
| Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Long-term investments, at value (cost $220,156,466, $359,447,824, $181,324,881, $447,145,739, $523,804,368 and $108,334,301, respectively) | $ | 237,197,423 | $ | 387,962,987 | $ | 195,778,820 | $ | 485,348,805 | $ | 571,711,152 | $ | 116,488,886 | ||||||||||||
Short-term investments, at value (cost approximates value) | 2,000,000 | — | — | — | — | — | ||||||||||||||||||
Cash | 4,004,350 | — | 2,703,128 | 4,889,118 | 1,632,065 | 3,515,971 | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Interest | 2,758,901 | 5,578,314 | 2,095,787 | 5,509,312 | 9,875,562 | 1,596,683 | ||||||||||||||||||
Investments sold | 4,437,007 | 15,000 | — | 125,016 | — | 190,000 | ||||||||||||||||||
Shares sold | 281,212 | 594,008 | 658,360 | 1,514,642 | 1,250,129 | 468,853 | ||||||||||||||||||
Other assets | 986 | 74,278 | 42,088 | 36,121 | 92,988 | 2,125 | ||||||||||||||||||
Total assets | 250,679,879 | 394,224,587 | 201,278,183 | 497,423,014 | 584,561,896 | 122,262,518 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Cash overdraft | — | 632,709 | — | — | — | — | ||||||||||||||||||
Floating rate obligations | 9,420,000 | 5,650,000 | 4,700,000 | 2,225,000 | — | — | ||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Dividends | 120,699 | 156,080 | 162,705 | 501,209 | 456,169 | 78,725 | ||||||||||||||||||
Investments purchased | 5,569,594 | 1,754,892 | — | — | — | 4,100,562 | ||||||||||||||||||
Shares redeemed | 293,647 | 498,338 | 209,020 | 629,926 | 711,112 | 118,559 | ||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||||||
Management fees | 100,162 | 162,468 | 83,757 | 210,565 | 244,266 | 50,412 | ||||||||||||||||||
Trustees fees | 799 | 75,241 | 45,853 | 37,343 | 94,445 | 389 | ||||||||||||||||||
12b-1 distribution and service fees | 60,167 | 84,860 | 39,644 | 69,115 | 101,047 | 22,310 | ||||||||||||||||||
Other | 68,985 | 89,374 | 62,366 | 92,195 | 128,733 | 52,477 | ||||||||||||||||||
Total liabilities | 15,634,053 | 9,103,962 | 5,303,345 | 3,765,353 | 1,735,772 | 4,423,434 | ||||||||||||||||||
Net assets | $ | 235,045,826 | $ | 385,120,625 | $ | 195,974,838 | $ | 493,657,661 | $ | 582,826,124 | $ | 117,839,084 | ||||||||||||
Class A Shares | ||||||||||||||||||||||||
Net assets | $ | 147,979,623 | $ | 300,287,661 | $ | 114,389,941 | $ | 220,195,074 | $ | 302,097,388 | $ | 57,827,520 | ||||||||||||
Shares outstanding | 13,292,977 | 26,723,112 | 9,650,439 | 18,979,895 | 25,461,407 | 5,251,827 | ||||||||||||||||||
Net asset value (“NAV”) per share | $ | 11.13 | $ | 11.24 | $ | 11.85 | $ | 11.60 | $ | 11.86 | $ | 11.01 | ||||||||||||
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price) | $ | 11.62 | $ | 11.73 | $ | 12.37 | $ | 12.11 | $ | 12.38 | $ | 11.49 | ||||||||||||
Class C Shares | ||||||||||||||||||||||||
Net assets | $ | 11,290,705 | $ | 6,660,351 | $ | 8,697,028 | $ | 15,482,754 | $ | 16,122,021 | $ | 5,565,341 | ||||||||||||
Shares outstanding | 1,016,356 | 593,018 | 735,714 | 1,339,638 | 1,365,972 | 505,389 | ||||||||||||||||||
NAV and offering price per share | $ | 11.11 | $ | 11.23 | $ | 11.82 | $ | 11.56 | $ | 11.80 | $ | 11.01 | ||||||||||||
Class C2 Shares | ||||||||||||||||||||||||
Net assets | $ | 40,611,219 | $ | 44,816,179 | $ | 20,615,233 | $ | 27,929,717 | $ | 57,126,615 | $ | 12,703,914 | ||||||||||||
Shares outstanding | 3,652,940 | 3,989,473 | 1,743,035 | 2,414,474 | 4,831,069 | 1,153,185 | ||||||||||||||||||
NAV and offering price per share | $ | 11.12 | $ | 11.23 | $ | 11.83 | $ | 11.57 | $ | 11.82 | $ | 11.02 | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Net assets | $ | 35,164,279 | $ | 33,356,434 | $ | 52,272,636 | $ | 230,050,116 | $ | 207,480,100 | $ | 41,742,309 | ||||||||||||
Shares outstanding | 3,145,618 | 2,969,166 | 4,414,192 | 19,842,750 | 17,544,669 | 3,781,721 | ||||||||||||||||||
NAV and offering price per share | $ | 11.18 | $ | 11.23 | $ | 11.84 | $ | 11.59 | $ | 11.83 | $ | 11.04 | ||||||||||||
Net assets consist of: | ||||||||||||||||||||||||
Capital paid-in | $ | 221,805,447 | $ | 363,817,343 | $ | 181,335,182 | $ | 459,977,821 | $ | 537,965,524 | $ | 113,844,375 | ||||||||||||
Undistributed (Over-distribution of) net investment income | 858,108 | 623,857 | 135,421 | 1,056,267 | 234,983 | 83,093 | ||||||||||||||||||
Accumulated net realized gain (loss) | (4,658,686 | ) | (7,835,738 | ) | 50,296 | (5,579,493 | ) | (3,281,167 | ) | (4,242,969 | ) | |||||||||||||
Net unrealized appreciation (depreciation) | 17,040,957 | 28,515,163 | 14,453,939 | 38,203,066 | 47,906,784 | 8,154,585 | ||||||||||||||||||
Net assets | $ | 235,045,826 | $ | 385,120,625 | $ | 195,974,838 | $ | 493,657,661 | $ | 582,826,124 | $ | 117,839,084 | ||||||||||||
Authorized shares – per class | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||||||||
Par value per share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||||||
See accompanying notes to financial statements.
| NUVEEN | 93 |
| Operations | Year Ended May 31, 2016 |
| Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
Investment Income | $ | 9,518,005 | $ | 16,538,198 | $ | 7,492,200 | $ | 19,995,209 | $ | 22,935,634 | $ | 4,469,181 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fees | 1,093,140 | 1,880,767 | 903,459 | 2,316,802 | 2,734,015 | 531,583 | ||||||||||||||||||
12b-1 service fees – Class A Shares | 272,566 | 592,843 | 219,573 | 418,110 | 583,414 | 109,210 | ||||||||||||||||||
12b-1 distribution and service fees – Class C Shares | 80,338 | 50,629 | 57,308 | 99,059 | 98,699 | 34,481 | ||||||||||||||||||
12b-1 distribution and service fees – Class C2 Shares | 312,501 | 341,055 | 159,702 | 213,155 | 432,932 | 97,290 | ||||||||||||||||||
Interest expense | 69,557 | 33,268 | 16,982 | 6,203 | — | — | ||||||||||||||||||
Shareholder servicing agent fees | 82,115 | 119,162 | 78,607 | 126,054 | 224,293 | 44,175 | ||||||||||||||||||
Custodian fees | 43,678 | 60,761 | 42,471 | 74,063 | 79,958 | 33,234 | ||||||||||||||||||
Trustees fees | 5,649 | 10,007 | 4,782 | 11,888 | 14,538 | 2,734 | ||||||||||||||||||
Professional fees | 46,117 | 61,070 | 41,607 | 62,860 | 74,432 | 35,213 | ||||||||||||||||||
Shareholder reporting expenses | 28,750 | 38,476 | 27,982 | 34,337 | 59,055 | 16,820 | ||||||||||||||||||
Federal and state registration fees | 8,162 | 8,549 | 11,448 | 12,217 | 9,617 | 14,794 | ||||||||||||||||||
Other | 12,268 | 15,731 | 10,686 | 18,777 | 21,905 | 9,082 | ||||||||||||||||||
Total expenses | 2,054,841 | 3,212,318 | 1,574,607 | 3,393,525 | 4,332,858 | 928,616 | ||||||||||||||||||
Net Investment Income (loss) | 7,463,164 | 13,325,880 | 5,917,593 | 16,601,684 | 18,602,776 | 3,540,565 | ||||||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||
Investments | 708,662 | 614,770 | 1,430 | 460,816 | 811,744 | (275,392 | ) | |||||||||||||||||
Swaps | — | 51,231 | 38,550 | — | 123,332 | — | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||
Investments | 3,011,740 | 4,348,350 | 4,775,601 | 11,580,141 | 16,288,741 | 2,571,902 | ||||||||||||||||||
Swaps | — | (44,037 | ) | (32,917 | ) | — | (105,104 | ) | — | |||||||||||||||
Net realized and unrealized gain (loss) | 3,720,402 | 4,970,314 | 4,782,664 | 12,040,957 | 17,118,713 | 2,296,510 | ||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 11,183,566 | $ | 18,296,194 | $ | 10,700,257 | $ | 28,642,641 | $ | 35,721,489 | $ | 5,837,075 | ||||||||||||
See accompanying notes to financial statements.
| 94 | NUVEEN |
| Changes in Net Assets |
| Kansas | Kentucky | |||||||||||||||||||
Year Ended | Year Ended 5/31/15 | Year Ended | Year Ended 5/31/15 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 7,463,164 | $ | 7,369,583 | $ | 13,325,880 | $ | 13,580,707 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments | 708,662 | 1,113,447 | 614,770 | (22,551 | ) | |||||||||||||||
Swaps | — | — | 51,231 | (46,495 | ) | |||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments | 3,011,740 | 323,835 | 4,348,350 | (1,232,998 | ) | |||||||||||||||
Swaps | — | — | (44,037 | ) | 44,037 | |||||||||||||||
Net increase (decrease) in net assets from operations | 11,183,566 | 8,806,865 | 18,296,194 | 12,322,700 | ||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Class A Shares | (4,972,440 | ) | (4,876,379 | ) | (10,684,975 | ) | (10,846,440 | ) | ||||||||||||
Class C Shares | (231,490 | ) | (91,754 | ) | (141,034 | ) | (63,459 | ) | ||||||||||||
Class C2 Shares | (1,296,566 | ) | (1,470,757 | ) | (1,395,496 | ) | (1,537,020 | ) | ||||||||||||
Class I Shares | (1,109,495 | ) | (826,726 | ) | (1,068,650 | ) | (810,385 | ) | ||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||
Class A Shares | — | — | — | — | ||||||||||||||||
Class C Shares | — | — | — | — | ||||||||||||||||
Class C2 Shares | — | — | — | — | ||||||||||||||||
Class I Shares | — | — | — | — | ||||||||||||||||
Decrease in net assets from distributions to shareholders | (7,609,991 | ) | (7,265,616 | ) | (13,290,155 | ) | (13,257,304 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 41,608,532 | 29,156,960 | 33,625,918 | 32,884,526 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 6,233,063 | 5,730,099 | 11,364,025 | 10,950,542 | ||||||||||||||||
| 47,841,595 | 34,887,059 | 44,989,943 | 43,835,068 | |||||||||||||||||
Cost of shares redeemed | (22,607,747 | ) | (28,181,464 | ) | (38,430,048 | ) | (48,723,472 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 25,233,848 | 6,705,595 | 6,559,895 | (4,888,404 | ) | |||||||||||||||
Net increase (decrease) in net assets | 28,807,423 | 8,246,844 | 11,565,934 | (5,823,008 | ) | |||||||||||||||
Net assets at the beginning of period | 206,238,403 | 197,991,559 | 373,554,691 | 379,377,699 | ||||||||||||||||
Net assets at the end of period | $ | 235,045,826 | $ | 206,238,403 | $ | 385,120,625 | $ | 373,554,691 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 858,108 | $ | 1,006,991 | $ | 623,857 | $ | 609,136 | ||||||||||||
See accompanying notes to financial statements.
| NUVEEN | 95 |
Statement of Changes in Net Assets (continued)
| Michigan | Missouri | |||||||||||||||||||
| Year Ended 5/31/16 | Year Ended 5/31/15 | Year Ended | Year Ended 5/31/15 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 5,917,593 | $ | 5,770,004 | $ | 16,601,684 | $ | 16,203,808 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments | 1,430 | 705,182 | 460,816 | (545,736 | ) | |||||||||||||||
Swaps | 38,550 | (66,392 | ) | — | — | |||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments | 4,775,601 | 303,118 | 11,580,141 | (993,600 | ) | |||||||||||||||
Swaps | (32,917 | ) | 32,917 | — | — | |||||||||||||||
Net increase (decrease) in net assets from operations | 10,700,257 | 6,744,829 | 28,642,641 | 14,664,472 | ||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Class A Shares | (3,737,740 | ) | (4,026,715 | ) | (7,588,548 | ) | (8,204,469 | ) | ||||||||||||
Class C Shares | (149,273 | ) | (42,402 | ) | (279,380 | ) | (105,371 | ) | ||||||||||||
Class C2 Shares | (618,278 | ) | (780,578 | ) | (885,702 | ) | (1,016,234 | ) | ||||||||||||
Class I Shares | (1,447,312 | ) | (1,253,863 | ) | (7,926,099 | ) | (7,044,672 | ) | ||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||
Class A Shares | (320,513 | ) | (613,701 | ) | — | — | ||||||||||||||
Class C Shares | (16,030 | ) | (7,877 | ) | — | — | ||||||||||||||
Class C2 Shares | (62,101 | ) | (139,602 | ) | — | — | ||||||||||||||
Class I Shares | (112,417 | ) | (184,027 | ) | — | — | ||||||||||||||
Decrease in net assets from distributions to shareholders | (6,463,664 | ) | (7,048,765 | ) | (16,679,729 | ) | (16,370,746 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 43,077,124 | 24,686,649 | 94,030,823 | 80,034,779 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 4,599,335 | 4,859,827 | 10,435,462 | 9,990,594 | ||||||||||||||||
| 47,676,459 | 29,546,476 | 104,466,285 | 90,025,373 | |||||||||||||||||
Cost of shares redeemed | (22,953,297 | ) | (23,509,111 | ) | (62,795,813 | ) | (65,770,405 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 24,723,162 | 6,037,365 | 41,670,472 | 24,254,968 | ||||||||||||||||
Net increase (decrease) in net assets | 28,959,755 | 5,733,429 | 53,633,384 | 22,548,694 | ||||||||||||||||
Net assets at the beginning of period | 167,015,083 | 161,281,654 | 440,024,277 | 417,475,583 | ||||||||||||||||
Net assets at the end of period | $ | 195,974,838 | $ | 167,015,083 | $ | 493,657,661 | $ | 440,024,277 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 135,421 | $ | 197,639 | $ | 1,056,267 | $ | 1,175,372 | ||||||||||||
See accompanying notes to financial statements.
| 96 | NUVEEN |
| Ohio | Wisconsin | |||||||||||||||||||
Year Ended | Year Ended 5/31/15 | Year Ended | Year Ended 5/31/15 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 18,602,776 | $ | 18,606,375 | $ | 3,540,565 | $ | 3,371,028 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments | 811,744 | 1,737,140 | (275,392 | ) | (132,459 | ) | ||||||||||||||
Swaps | 123,332 | (213,094 | ) | — | — | |||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments | 16,288,741 | (915,180 | ) | 2,571,902 | 897,715 | |||||||||||||||
Swaps | (105,104 | ) | 105,104 | — | — | |||||||||||||||
Net increase (decrease) in net assets from operations | 35,721,489 | 19,320,345 | 5,837,075 | 4,136,284 | ||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Class A Shares | (10,176,828 | ) | (10,796,760 | ) | (1,931,657 | ) | (1,891,989 | ) | ||||||||||||
Class C Shares | (265,719 | ) | (115,840 | ) | (94,167 | ) | (46,087 | ) | ||||||||||||
Class C2 Shares | (1,694,126 | ) | (2,010,030 | ) | (387,551 | ) | (457,910 | ) | ||||||||||||
Class I Shares | (6,935,792 | ) | (6,715,138 | ) | (1,209,700 | ) | (988,684 | ) | ||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||
Class A Shares | — | — | — | — | ||||||||||||||||
Class C Shares | — | — | — | — | ||||||||||||||||
Class C2 Shares | — | — | — | — | ||||||||||||||||
Class I Shares | — | — | — | — | ||||||||||||||||
Decrease in net assets from distributions to shareholders | (19,072,465 | ) | (19,637,768 | ) | (3,623,075 | ) | (3,384,670 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 83,858,692 | 75,241,687 | 30,940,836 | 23,258,091 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 13,297,112 | 13,367,983 | 2,692,108 | 2,508,630 | ||||||||||||||||
| 97,155,804 | 88,609,670 | 33,632,944 | 25,766,721 | |||||||||||||||||
Cost of shares redeemed | (61,150,080 | ) | (68,702,875 | ) | (15,822,159 | ) | (14,978,184 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 36,005,724 | 19,906,795 | 17,810,785 | 10,788,537 | ||||||||||||||||
Net increase (decrease) in net assets | 52,654,748 | 19,589,372 | 20,024,785 | 11,540,151 | ||||||||||||||||
Net assets at the beginning of period | 530,171,376 | 510,582,004 | 97,814,299 | 86,274,148 | ||||||||||||||||
Net assets at the end of period | $ | 582,826,124 | $ | 530,171,376 | $ | 117,839,084 | $ | 97,814,299 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 234,983 | $ | 763,061 | $ | 83,093 | $ | 182,114 | ||||||||||||
See accompanying notes to financial statements.
| NUVEEN | 97 |
Highlights
Kansas
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (01/92) | ||||||||||||||||||||||||||||||||||||
2016 | $ | 10.95 | $ | 0.39 | $ | 0.19 | $ | 0.58 | $ | (0.40 | ) | $ | — | $ | (0.40 | ) | $ | 11.13 | ||||||||||||||||||
2015 | 10.86 | 0.41 | 0.09 | 0.50 | (0.41 | ) | — | (0.41 | ) | 10.95 | ||||||||||||||||||||||||||
2014 | 11.08 | 0.42 | (0.25 | ) | 0.17 | (0.39 | ) | — | (0.39 | ) | 10.86 | |||||||||||||||||||||||||
2013 | 11.21 | 0.40 | (0.05 | ) | 0.35 | (0.40 | ) | (0.08 | ) | (0.48 | ) | 11.08 | ||||||||||||||||||||||||
2012 | 10.37 | 0.44 | 0.83 | 1.27 | (0.43 | ) | — | (0.43 | ) | 11.21 | ||||||||||||||||||||||||||
Class C (02/14) | ||||||||||||||||||||||||||||||||||||
2016 | 10.93 | 0.31 | 0.19 | 0.50 | (0.32 | ) | — | (0.32 | ) | 11.11 | ||||||||||||||||||||||||||
2015 | 10.85 | 0.32 | 0.08 | 0.40 | (0.32 | ) | — | (0.32 | ) | 10.93 | ||||||||||||||||||||||||||
2014(e) | 10.49 | 0.05 | 0.41 | 0.46 | (0.10 | ) | — | (0.10 | ) | 10.85 | ||||||||||||||||||||||||||
Class C2 (02/97)(f) | ||||||||||||||||||||||||||||||||||||
2016 | 10.94 | 0.33 | 0.19 | 0.52 | (0.34 | ) | — | (0.34 | ) | 11.12 | ||||||||||||||||||||||||||
2015 | 10.85 | 0.35 | 0.09 | 0.44 | (0.35 | ) | — | (0.35 | ) | 10.94 | ||||||||||||||||||||||||||
2014 | 11.06 | 0.36 | (0.24 | ) | 0.12 | (0.33 | ) | — | (0.33 | ) | 10.85 | |||||||||||||||||||||||||
2013 | 11.20 | 0.34 | (0.06 | ) | 0.28 | (0.34 | ) | (0.08 | ) | (0.42 | ) | 11.06 | ||||||||||||||||||||||||
2012 | 10.36 | 0.37 | 0.84 | 1.21 | (0.37 | ) | — | (0.37 | ) | 11.20 | ||||||||||||||||||||||||||
Class I (02/97) | ||||||||||||||||||||||||||||||||||||
2016 | 11.00 | 0.42 | 0.19 | 0.61 | (0.43 | ) | — | (0.43 | ) | 11.18 | ||||||||||||||||||||||||||
2015 | 10.91 | 0.44 | 0.08 | 0.52 | (0.43 | ) | — | (0.43 | ) | 11.00 | ||||||||||||||||||||||||||
2014 | 11.13 | 0.44 | (0.25 | ) | 0.19 | (0.41 | ) | — | (0.41 | ) | 10.91 | |||||||||||||||||||||||||
2013 | 11.26 | 0.42 | (0.04 | ) | 0.38 | (0.43 | ) | (0.08 | ) | (0.51 | ) | 11.13 | ||||||||||||||||||||||||
2012 | 10.42 | 0.46 | 0.83 | 1.29 | (0.45 | ) | — | (0.45 | ) | 11.26 | ||||||||||||||||||||||||||
| 98 | NUVEEN |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||
| Ratios to Average Net Assets | ||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||||||
| 5.40 | % | $ | 147,980 | 0.84 | % | 0.81 | % | 3.58 | % | 11 | % | |||||||||||||||
| 4.63 | 132,391 | 0.84 | 0.81 | 3.77 | 8 | |||||||||||||||||||||
| 1.72 | 132,188 | 0.86 | 0.83 | 4.00 | 15 | |||||||||||||||||||||
| 3.13 | 166,022 | 0.84 | 0.81 | 3.53 | 10 | |||||||||||||||||||||
| 12.43 | 151,334 | 0.86 | 0.83 | 4.03 | 36 | |||||||||||||||||||||
| 4.62 | 11,291 | 1.64 | 1.61 | 2.78 | 11 | |||||||||||||||||||||
| 3.75 | 5,758 | 1.64 | 1.61 | 2.91 | 8 | |||||||||||||||||||||
| 4.37 | 1,177 | 1.66 | * | 1.63 | * | 3.08 | * | 15 | ||||||||||||||||||
| 4.84 | 40,611 | 1.39 | 1.36 | 3.03 | 11 | |||||||||||||||||||||
| 4.07 | 42,760 | 1.39 | 1.36 | 3.23 | 8 | |||||||||||||||||||||
| 1.24 | 48,520 | 1.41 | 1.38 | 3.45 | 15 | |||||||||||||||||||||
| 2.50 | 63,429 | 1.39 | 1.36 | 2.98 | 10 | |||||||||||||||||||||
| 11.86 | 52,451 | 1.40 | 1.37 | 3.47 | 36 | |||||||||||||||||||||
| 5.61 | 35,164 | 0.64 | 0.61 | 3.79 | 11 | |||||||||||||||||||||
| 4.84 | 25,330 | 0.64 | 0.61 | 3.96 | 8 | |||||||||||||||||||||
| 1.95 | 16,106 | 0.66 | 0.63 | 4.19 | 15 | |||||||||||||||||||||
| 3.34 | 20,126 | 0.64 | 0.61 | 3.73 | 10 | |||||||||||||||||||||
| 12.62 | 14,368 | 0.65 | 0.62 | 4.22 | 36 | |||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | The expense ratios reflect, among other things, 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, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014 |
| * | Annualized. |
See accompanying notes to financial statements.
| NUVEEN | 99 |
Financial Highlights (continued)
Kentucky
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (05/87) | ||||||||||||||||||||||||||||||||||||
2016 | $ | 11.09 | $ | 0.40 | $ | 0.15 | $ | 0.55 | $ | (0.40 | ) | $ | — | $ | (0.40 | ) | $ | 11.24 | ||||||||||||||||||
2015 | 11.11 | 0.41 | (0.03 | ) | 0.38 | (0.40 | ) | — | (0.40 | ) | 11.09 | |||||||||||||||||||||||||
2014 | 11.30 | 0.42 | (0.21 | ) | 0.21 | (0.40 | ) | — | (0.40 | ) | 11.11 | |||||||||||||||||||||||||
2013 | 11.40 | 0.42 | (0.09 | ) | 0.33 | (0.43 | ) | — | (0.43 | ) | 11.30 | |||||||||||||||||||||||||
2012 | 10.69 | 0.46 | 0.70 | 1.16 | (0.45 | ) | — | (0.45 | ) | 11.40 | ||||||||||||||||||||||||||
Class C (02/14) | ||||||||||||||||||||||||||||||||||||
2016 | 11.08 | 0.31 | 0.15 | 0.46 | (0.31 | ) | — | (0.31 | ) | 11.23 | ||||||||||||||||||||||||||
2015 | 11.11 | 0.32 | (0.04 | ) | 0.28 | (0.31 | ) | — | (0.31 | ) | 11.08 | |||||||||||||||||||||||||
2014(e) | 10.83 | 0.04 | 0.34 | 0.38 | (0.10 | ) | — | (0.10 | ) | 11.11 | ||||||||||||||||||||||||||
Class C2 (10/93)(f) | ||||||||||||||||||||||||||||||||||||
2016 | 11.08 | 0.34 | 0.15 | 0.49 | (0.34 | ) | — | (0.34 | ) | 11.23 | ||||||||||||||||||||||||||
2015 | 11.11 | 0.35 | (0.04 | ) | 0.31 | (0.34 | ) | — | (0.34 | ) | 11.08 | |||||||||||||||||||||||||
2014 | 11.30 | 0.36 | (0.21 | ) | 0.15 | (0.34 | ) | — | (0.34 | ) | 11.11 | |||||||||||||||||||||||||
2013 | 11.40 | 0.36 | (0.09 | ) | 0.27 | (0.37 | ) | — | (0.37 | ) | 11.30 | |||||||||||||||||||||||||
2012 | 10.70 | 0.39 | 0.71 | 1.10 | (0.40 | ) | — | (0.40 | ) | 11.40 | ||||||||||||||||||||||||||
Class I (02/97) | ||||||||||||||||||||||||||||||||||||
2016 | 11.09 | 0.42 | 0.15 | 0.57 | (0.43 | ) | — | (0.43 | ) | 11.23 | ||||||||||||||||||||||||||
2015 | 11.11 | 0.43 | (0.02 | ) | 0.41 | (0.43 | ) | — | (0.43 | ) | 11.09 | |||||||||||||||||||||||||
2014 | 11.30 | 0.44 | (0.20 | ) | 0.24 | (0.43 | ) | — | (0.43 | ) | 11.11 | |||||||||||||||||||||||||
2013 | 11.40 | 0.45 | (0.10 | ) | 0.35 | (0.45 | ) | — | (0.45 | ) | 11.30 | |||||||||||||||||||||||||
2012 | 10.70 | 0.48 | 0.70 | 1.18 | (0.48 | ) | — | (0.48 | ) | 11.40 | ||||||||||||||||||||||||||
| 100 | NUVEEN |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||
| Ratios to Average Net Assets | ||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||||||
| 5.05 | % | $ | 300,288 | 0.80 | % | 0.79 | % | 3.62 | % | 10 | % | |||||||||||||||
| 3.46 | 297,982 | 0.80 | 0.79 | 3.68 | 7 | |||||||||||||||||||||
| 2.14 | 309,200 | 0.80 | 0.79 | 3.87 | 12 | |||||||||||||||||||||
| 2.78 | 370,392 | 0.78 | 0.77 | 3.71 | 11 | |||||||||||||||||||||
| 11.10 | 360,084 | 0.80 | 0.80 | 4.12 | 16 | |||||||||||||||||||||
| 4.22 | 6,660 | 1.59 | 1.58 | 2.78 | 10 | |||||||||||||||||||||
| 2.57 | 3,916 | 1.59 | 1.58 | 2.82 | 7 | |||||||||||||||||||||
| 3.49 | 814 | 1.60 | * | 1.59 | * | 2.83 | * | 12 | ||||||||||||||||||
| 4.50 | 44,816 | 1.35 | 1.34 | 3.07 | 10 | |||||||||||||||||||||
| 2.82 | 47,090 | 1.35 | 1.34 | 3.14 | 7 | |||||||||||||||||||||
| 1.66 | 53,886 | 1.35 | 1.34 | 3.32 | 12 | |||||||||||||||||||||
| 2.16 | 72,984 | 1.33 | 1.32 | 3.15 | 11 | |||||||||||||||||||||
| 10.44 | 63,378 | 1.35 | 1.35 | 3.56 | 16 | |||||||||||||||||||||
| 5.19 | 33,356 | 0.60 | 0.59 | 3.81 | 10 | |||||||||||||||||||||
| 3.69 | 24,566 | 0.60 | 0.59 | 3.88 | 7 | |||||||||||||||||||||
| 2.36 | 15,477 | 0.60 | 0.59 | 4.07 | 12 | |||||||||||||||||||||
| 3.00 | 20,609 | 0.58 | 0.57 | 3.90 | 11 | |||||||||||||||||||||
| 11.24 | 15,992 | 0.60 | 0.60 | 4.30 | 16 | |||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | The expense ratios reflect, among other things, 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, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014 |
| * | Annualized. |
See accompanying notes to financial statements.
| NUVEEN | 101 |
Financial Highlights (continued)
Michigan
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (06/85) | ||||||||||||||||||||||||||||||||||||
2016 | $ | 11.57 | $ | 0.40 | $ | 0.31 | $ | 0.71 | $ | (0.40 | ) | $ | (0.03 | ) | $ | (0.43 | ) | $ | 11.85 | |||||||||||||||||
2015 | 11.59 | 0.42 | 0.07 | 0.49 | (0.44 | ) | (0.07 | ) | (0.51 | ) | 11.57 | |||||||||||||||||||||||||
2014 | 11.77 | 0.46 | (0.17 | ) | 0.29 | (0.45 | ) | (0.02 | ) | (0.47 | ) | 11.59 | ||||||||||||||||||||||||
2013 | 11.77 | 0.45 | — | ** | 0.45 | (0.45 | ) | — | (0.45 | ) | 11.77 | |||||||||||||||||||||||||
2012 | 11.08 | 0.47 | 0.67 | 1.14 | (0.45 | ) | — | (0.45 | ) | 11.77 | ||||||||||||||||||||||||||
Class C (02/14) | ||||||||||||||||||||||||||||||||||||
2016 | 11.55 | 0.30 | 0.31 | 0.61 | (0.31 | ) | (0.03 | ) | (0.34 | ) | 11.82 | |||||||||||||||||||||||||
2015 | 11.57 | 0.31 | 0.09 | 0.40 | (0.35 | ) | (0.07 | ) | (0.42 | ) | 11.55 | |||||||||||||||||||||||||
2014(e) | 11.22 | 0.03 | 0.43 | 0.46 | (0.11 | ) | — | (0.11 | ) | 11.57 | ||||||||||||||||||||||||||
Class C2 (06/93)(f) | ||||||||||||||||||||||||||||||||||||
2016 | 11.55 | 0.33 | 0.32 | 0.65 | (0.34 | ) | (0.03 | ) | (0.37 | ) | 11.83 | |||||||||||||||||||||||||
2015 | 11.57 | 0.36 | 0.07 | 0.43 | (0.38 | ) | (0.07 | ) | (0.45 | ) | 11.55 | |||||||||||||||||||||||||
2014 | 11.76 | 0.40 | (0.18 | ) | 0.22 | (0.39 | ) | (0.02 | ) | (0.41 | ) | 11.57 | ||||||||||||||||||||||||
2013 | 11.76 | 0.39 | — | ** | 0.39 | (0.39 | ) | — | (0.39 | ) | 11.76 | |||||||||||||||||||||||||
2012 | 11.08 | 0.41 | 0.66 | 1.07 | (0.39 | ) | — | (0.39 | ) | 11.76 | ||||||||||||||||||||||||||
Class I (02/97) | ||||||||||||||||||||||||||||||||||||
2016 | 11.56 | 0.42 | 0.31 | 0.73 | (0.42 | ) | (0.03 | ) | (0.45 | ) | 11.84 | |||||||||||||||||||||||||
2015 | 11.58 | 0.44 | 0.08 | 0.52 | (0.47 | ) | (0.07 | ) | (0.54 | ) | 11.56 | |||||||||||||||||||||||||
2014 | 11.77 | 0.48 | (0.18 | ) | 0.30 | (0.47 | ) | (0.02 | ) | (0.49 | ) | 11.58 | ||||||||||||||||||||||||
2013 | 11.76 | 0.48 | — | ** | 0.48 | (0.47 | ) | — | (0.47 | ) | 11.77 | |||||||||||||||||||||||||
2012 | 11.08 | 0.49 | 0.66 | 1.15 | (0.47 | ) | — | (0.47 | ) | 11.76 | ||||||||||||||||||||||||||
| 102 | NUVEEN |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||||||||||
| 6.26 | % | $ | 114,390 | 0.84 | % | 0.83 | % | 3.39 | % | 5 | % | |||||||||||||||||||
| 4.28 | 106,431 | 0.84 | 0.84 | 3.59 | 19 | |||||||||||||||||||||||||
| 2.70 | 109,053 | 0.84 | 0.84 | 4.11 | 10 | |||||||||||||||||||||||||
| 3.85 | 149,466 | 0.81 | 0.81 | 3.80 | 15 | |||||||||||||||||||||||||
| 10.48 | 153,467 | 0.84 | 0.84 | 4.12 | 12 | |||||||||||||||||||||||||
| 5.38 | 8,697 | 1.64 | 1.63 | 2.55 | 5 | |||||||||||||||||||||||||
| 3.49 | 3,489 | 1.63 | 1.63 | 2.68 | 19 | |||||||||||||||||||||||||
| 4.11 | 388 | 1.64 | * | 1.64 | * | 2.96 | * | 10 | ||||||||||||||||||||||
| 5.73 | 20,615 | 1.39 | 1.38 | 2.85 | 5 | |||||||||||||||||||||||||
| 3.75 | 22,182 | 1.39 | 1.39 | 3.04 | 19 | |||||||||||||||||||||||||
| 2.05 | 24,872 | 1.40 | 1.40 | 3.57 | 10 | |||||||||||||||||||||||||
| 3.33 | 32,084 | 1.36 | 1.36 | 3.25 | 15 | |||||||||||||||||||||||||
| 9.81 | 30,129 | 1.38 | 1.38 | 3.58 | 12 | |||||||||||||||||||||||||
| 6.49 | 52,273 | 0.64 | 0.63 | 3.58 | 5 | |||||||||||||||||||||||||
| 4.49 | 34,913 | 0.64 | 0.64 | 3.78 | 19 | |||||||||||||||||||||||||
| 2.84 | 26,969 | 0.65 | 0.65 | 4.31 | 10 | |||||||||||||||||||||||||
| 4.15 | 30,311 | 0.61 | 0.61 | 4.00 | 15 | |||||||||||||||||||||||||
| 10.59 | 23,887 | 0.63 | 0.63 | 4.32 | 12 | |||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | The expense ratios reflect, among other things, 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, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014 |
| * | Annualized. |
| ** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
| NUVEEN | 103 |
Financial Highlights (continued)
Missouri
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (08/87) | ||||||||||||||||||||||||||||||||||||
2016 | $ | 11.30 | $ | 0.41 | $ | 0.30 | $ | 0.71 | $ | (0.41 | ) | $ | — | $ | (0.41 | ) | $ | 11.60 | ||||||||||||||||||
2015 | 11.34 | 0.43 | (0.04 | ) | 0.39 | (0.43 | ) | — | (0.43 | ) | 11.30 | |||||||||||||||||||||||||
2014 | 11.51 | 0.45 | (0.18 | ) | 0.27 | (0.44 | ) | — | (0.44 | ) | 11.34 | |||||||||||||||||||||||||
2013 | 11.50 | 0.45 | 0.01 | 0.46 | (0.45 | ) | — | (0.45 | ) | 11.51 | ||||||||||||||||||||||||||
2012 | 10.70 | 0.48 | 0.79 | 1.27 | (0.47 | ) | — | (0.47 | ) | 11.50 | ||||||||||||||||||||||||||
Class C (02/14) | ||||||||||||||||||||||||||||||||||||
2016 | 11.26 | 0.32 | 0.30 | 0.62 | (0.32 | ) | — | (0.32 | ) | 11.56 | ||||||||||||||||||||||||||
2015 | 11.31 | 0.33 | (0.04 | ) | 0.29 | (0.34 | ) | — | (0.34 | ) | 11.26 | |||||||||||||||||||||||||
2014(e) | 10.98 | 0.05 | 0.39 | 0.44 | (0.11 | ) | — | (0.11 | ) | 11.31 | ||||||||||||||||||||||||||
Class C2 (02/94)(f) | ||||||||||||||||||||||||||||||||||||
2016 | 11.27 | 0.35 | 0.30 | 0.65 | (0.35 | ) | — | (0.35 | ) | 11.57 | ||||||||||||||||||||||||||
2015 | 11.31 | 0.36 | (0.03 | ) | 0.33 | (0.37 | ) | — | (0.37 | ) | 11.27 | |||||||||||||||||||||||||
2014 | 11.48 | 0.39 | (0.18 | ) | 0.21 | (0.38 | ) | — | (0.38 | ) | 11.31 | |||||||||||||||||||||||||
2013 | 11.48 | 0.38 | 0.01 | 0.39 | (0.39 | ) | — | (0.39 | ) | 11.48 | ||||||||||||||||||||||||||
2012 | 10.68 | 0.41 | 0.80 | 1.21 | (0.41 | ) | — | (0.41 | ) | 11.48 | ||||||||||||||||||||||||||
Class I (02/97) | ||||||||||||||||||||||||||||||||||||
2016 | 11.30 | 0.44 | 0.29 | 0.73 | (0.44 | ) | — | (0.44 | ) | 11.59 | ||||||||||||||||||||||||||
2015 | 11.33 | 0.45 | (0.03 | ) | 0.42 | (0.45 | ) | — | (0.45 | ) | 11.30 | |||||||||||||||||||||||||
2014 | 11.50 | 0.47 | (0.18 | ) | 0.29 | (0.46 | ) | — | (0.46 | ) | 11.33 | |||||||||||||||||||||||||
2013 | 11.50 | 0.47 | — | ** | 0.47 | (0.47 | ) | — | (0.47 | ) | 11.50 | |||||||||||||||||||||||||
2012 | 10.70 | 0.48 | 0.81 | 1.29 | (0.49 | ) | — | (0.49 | ) | 11.50 | ||||||||||||||||||||||||||
| 104 | NUVEEN |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||||||||||
| 6.43 | % | $ | 220,195 | 0.79 | % | 0.79 | % | 3.62 | % | 9 | % | |||||||||||||||||||
| 3.48 | 210,841 | 0.79 | 0.79 | 3.75 | 8 | |||||||||||||||||||||||||
| 2.53 | 226,753 | 0.80 | 0.80 | 4.09 | 16 | |||||||||||||||||||||||||
| 4.01 | 248,317 | 0.79 | 0.79 | 3.87 | 9 | |||||||||||||||||||||||||
| 12.08 | 233,521 | 0.83 | 0.83 | 4.28 | 8 | |||||||||||||||||||||||||
| 5.62 | 15,483 | 1.58 | 1.58 | 2.78 | 9 | |||||||||||||||||||||||||
| 2.59 | 6,025 | 1.59 | 1.59 | 2.90 | 8 | |||||||||||||||||||||||||
| 3.98 | 847 | 1.59 | * | 1.59 | * | 3.07 | * | 16 | ||||||||||||||||||||||
| 5.89 | 27,930 | 1.34 | 1.34 | 3.08 | 9 | |||||||||||||||||||||||||
| 2.94 | 29,534 | 1.34 | 1.34 | 3.20 | 8 | |||||||||||||||||||||||||
| 1.97 | 32,308 | 1.35 | 1.35 | 3.54 | 16 | |||||||||||||||||||||||||
| 3.39 | 37,936 | 1.34 | 1.34 | 3.31 | 9 | |||||||||||||||||||||||||
| 11.50 | 33,690 | 1.38 | 1.38 | 3.73 | 8 | |||||||||||||||||||||||||
| 6.56 | 230,050 | 0.59 | 0.59 | 3.82 | 9 | |||||||||||||||||||||||||
| 3.79 | 193,623 | 0.59 | 0.59 | 3.95 | 8 | |||||||||||||||||||||||||
| 2.75 | 157,568 | 0.60 | 0.60 | 4.28 | 16 | |||||||||||||||||||||||||
| 4.14 | 188,399 | 0.59 | 0.59 | 4.07 | 9 | |||||||||||||||||||||||||
| 12.28 | 187,304 | 0.63 | 0.63 | 4.34 | 8 | |||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | The expense ratios reflect, among other things, 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, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014 |
| * | Annualized. |
| ** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
| NUVEEN | 105 |
Financial Highlights (continued)
Ohio
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (06/85) | ||||||||||||||||||||||||||||||||||||
2016 | $ | 11.51 | $ | 0.40 | $ | 0.36 | $ | 0.76 | $ | (0.41 | ) | $ | — | $ | (0.41 | ) | $ | 11.86 | ||||||||||||||||||
2015 | 11.51 | 0.42 | 0.02 | 0.44 | (0.44 | ) | — | (0.44 | ) | 11.51 | ||||||||||||||||||||||||||
2014 | 11.72 | 0.47 | (0.22 | ) | 0.25 | (0.46 | ) | — | (0.46 | ) | 11.51 | |||||||||||||||||||||||||
2013 | 11.70 | 0.45 | 0.03 | 0.48 | (0.46 | ) | — | (0.46 | ) | 11.72 | ||||||||||||||||||||||||||
2012 | 11.01 | 0.49 | 0.67 | 1.16 | (0.47 | ) | — | (0.47 | ) | 11.70 | ||||||||||||||||||||||||||
Class C (02/14) | ||||||||||||||||||||||||||||||||||||
2016 | 11.46 | 0.30 | 0.36 | 0.66 | (0.32 | ) | — | (0.32 | ) | 11.80 | ||||||||||||||||||||||||||
2015 | 11.46 | 0.31 | 0.04 | 0.35 | (0.35 | ) | — | (0.35 | ) | 11.46 | ||||||||||||||||||||||||||
2014(e) | 11.15 | 0.05 | 0.37 | 0.42 | (0.11 | ) | — | (0.11 | ) | 11.46 | ||||||||||||||||||||||||||
Class C2 (08/93)(f) | ||||||||||||||||||||||||||||||||||||
2016 | 11.47 | 0.33 | 0.36 | 0.69 | (0.34 | ) | — | (0.34 | ) | 11.82 | ||||||||||||||||||||||||||
2015 | 11.47 | 0.35 | 0.02 | 0.37 | (0.37 | ) | — | (0.37 | ) | 11.47 | ||||||||||||||||||||||||||
2014 | 11.67 | 0.40 | (0.21 | ) | 0.19 | (0.39 | ) | — | (0.39 | ) | 11.47 | |||||||||||||||||||||||||
2013 | 11.65 | 0.39 | 0.03 | 0.42 | (0.40 | ) | — | (0.40 | ) | 11.67 | ||||||||||||||||||||||||||
2012 | 10.97 | 0.42 | 0.67 | 1.09 | (0.41 | ) | — | (0.41 | ) | 11.65 | ||||||||||||||||||||||||||
Class I (02/97) | ||||||||||||||||||||||||||||||||||||
2016 | 11.48 | 0.42 | 0.36 | 0.78 | (0.43 | ) | — | (0.43 | ) | 11.83 | ||||||||||||||||||||||||||
2015 | 11.48 | 0.44 | 0.02 | 0.46 | (0.46 | ) | — | (0.46 | ) | 11.48 | ||||||||||||||||||||||||||
2014 | 11.68 | 0.49 | (0.21 | ) | 0.28 | (0.48 | ) | — | (0.48 | ) | 11.48 | |||||||||||||||||||||||||
2013 | 11.66 | 0.48 | 0.03 | 0.51 | (0.49 | ) | — | (0.49 | ) | 11.68 | ||||||||||||||||||||||||||
2012 | 10.98 | 0.51 | 0.67 | 1.18 | (0.50 | ) | — | (0.50 | ) | 11.66 | ||||||||||||||||||||||||||
| 106 | NUVEEN |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||||||||||
| 6.68 | % | $ | 302,097 | 0.79 | % | 0.79 | % | 3.41 | % | 9 | % | |||||||||||||||||||
| 3.84 | 287,392 | 0.80 | 0.80 | 3.59 | 16 | |||||||||||||||||||||||||
| 2.31 | 290,868 | 0.81 | 0.81 | 4.18 | 16 | |||||||||||||||||||||||||
| 4.16 | 339,849 | 0.79 | 0.79 | 3.83 | 9 | |||||||||||||||||||||||||
| 10.77 | 317,442 | 0.82 | 0.82 | 4.28 | 13 | |||||||||||||||||||||||||
| 5.80 | 16,122 | 1.58 | 1.58 | 2.55 | 9 | |||||||||||||||||||||||||
| 3.06 | 6,392 | 1.59 | 1.59 | 2.72 | 16 | |||||||||||||||||||||||||
| 3.79 | 1,648 | 1.59 | * | 1.59 | * | 3.11 | * | 16 | ||||||||||||||||||||||
| 6.10 | 57,127 | 1.34 | 1.34 | 2.87 | 9 | |||||||||||||||||||||||||
| 3.27 | 59,495 | 1.35 | 1.35 | 3.04 | 16 | |||||||||||||||||||||||||
| 1.80 | 65,008 | 1.36 | 1.36 | 3.63 | 16 | |||||||||||||||||||||||||
| 3.60 | 83,753 | 1.34 | 1.34 | 3.27 | 9 | |||||||||||||||||||||||||
| 10.13 | 68,344 | 1.37 | 1.37 | 3.73 | 13 | |||||||||||||||||||||||||
| 6.92 | 207,480 | 0.59 | 0.59 | 3.60 | 9 | |||||||||||||||||||||||||
| 4.07 | 176,893 | 0.60 | 0.60 | 3.78 | 16 | |||||||||||||||||||||||||
| 2.58 | 153,057 | 0.60 | 0.60 | 4.38 | 16 | |||||||||||||||||||||||||
| 4.38 | 188,571 | 0.59 | 0.59 | 4.03 | 9 | |||||||||||||||||||||||||
| 10.94 | 168,949 | 0.62 | 0.62 | 4.48 | 13 | |||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | The expense ratios reflect, among other things, 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, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014 |
| * | Annualized. |
See accompanying notes to financial statements.
| NUVEEN | 107 |
Financial Highlights (continued)
Wisconsin
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (06/94) | ||||||||||||||||||||||||||||||||||||
2016 | $ | 10.78 | $ | 0.38 | $ | 0.23 | $ | 0.61 | $ | (0.38 | ) | $ | — | $ | (0.38 | ) | $ | 11.01 | ||||||||||||||||||
2015 | 10.68 | 0.40 | 0.10 | 0.50 | (0.40 | ) | — | (0.40 | ) | 10.78 | ||||||||||||||||||||||||||
2014 | 11.02 | 0.41 | (0.35 | ) | 0.06 | (0.40 | ) | — | (0.40 | ) | 10.68 | |||||||||||||||||||||||||
2013 | 11.09 | 0.40 | (0.07 | ) | 0.33 | (0.40 | ) | — | (0.40 | ) | 11.02 | |||||||||||||||||||||||||
2012 | 10.28 | 0.43 | 0.78 | 1.21 | (0.40 | ) | — | (0.40 | ) | 11.09 | ||||||||||||||||||||||||||
Class C (02/14) | ||||||||||||||||||||||||||||||||||||
2016 | 10.79 | 0.28 | 0.24 | 0.52 | (0.30 | ) | — | (0.30 | ) | 11.01 | ||||||||||||||||||||||||||
2015 | 10.69 | 0.31 | 0.11 | 0.42 | (0.32 | ) | — | (0.32 | ) | 10.79 | ||||||||||||||||||||||||||
2014(e) | 10.27 | 0.04 | 0.48 | 0.52 | (0.10 | ) | — | (0.10 | ) | 10.69 | ||||||||||||||||||||||||||
Class C2 (02/97)(f) | ||||||||||||||||||||||||||||||||||||
2016 | 10.79 | 0.32 | 0.23 | 0.55 | (0.32 | ) | — | (0.32 | ) | 11.02 | ||||||||||||||||||||||||||
2015 | 10.69 | 0.34 | 0.10 | 0.44 | (0.34 | ) | — | (0.34 | ) | 10.79 | ||||||||||||||||||||||||||
2014 | 11.03 | 0.36 | (0.36 | ) | — | (0.34 | ) | — | (0.34 | ) | 10.69 | |||||||||||||||||||||||||
2013 | 11.10 | 0.34 | (0.07 | ) | 0.27 | (0.34 | ) | — | (0.34 | ) | 11.03 | |||||||||||||||||||||||||
2012 | 10.30 | 0.36 | 0.78 | 1.14 | (0.34 | ) | — | (0.34 | ) | 11.10 | ||||||||||||||||||||||||||
Class I (02/97) | ||||||||||||||||||||||||||||||||||||
2016 | 10.81 | 0.40 | 0.24 | 0.64 | (0.41 | ) | — | (0.41 | ) | 11.04 | ||||||||||||||||||||||||||
2015 | 10.71 | 0.42 | 0.10 | 0.52 | (0.42 | ) | — | (0.42 | ) | 10.81 | ||||||||||||||||||||||||||
2014 | 11.05 | 0.44 | (0.36 | ) | 0.08 | (0.42 | ) | — | (0.42 | ) | 10.71 | |||||||||||||||||||||||||
2013 | 11.12 | 0.43 | (0.08 | ) | 0.35 | (0.42 | ) | — | (0.42 | ) | 11.05 | |||||||||||||||||||||||||
2012 | 10.31 | 0.44 | 0.79 | 1.23 | (0.42 | ) | — | (0.42 | ) | 11.12 | ||||||||||||||||||||||||||
| 108 | NUVEEN |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||
| Ratios to Average Net Assets | ||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||||||
| 5.80 | % | $ | 57,828 | 0.86 | % | 0.86 | % | 3.46 | % | 10 | % | |||||||||||||||
| 4.72 | 53,553 | 0.86 | 0.86 | 3.68 | 5 | |||||||||||||||||||||
| 0.76 | 49,057 | 0.89 | 0.89 | 4.02 | 14 | |||||||||||||||||||||
| 2.94 | 62,029 | 0.84 | 0.84 | 3.60 | 9 | |||||||||||||||||||||
| 11.96 | 51,124 | 0.87 | 0.87 | 3.94 | 19 | |||||||||||||||||||||
| 4.89 | 5,565 | 1.66 | 1.66 | 2.62 | 10 | |||||||||||||||||||||
| 3.91 | 2,575 | 1.66 | 1.66 | 2.84 | 5 | |||||||||||||||||||||
| 5.07 | 656 | 1.68 | * | 1.68 | * | 2.70 | * | 14 | ||||||||||||||||||
| 5.21 | 12,704 | 1.42 | 1.42 | 2.92 | 10 | |||||||||||||||||||||
| 4.18 | 13,574 | 1.41 | 1.41 | 3.14 | 5 | |||||||||||||||||||||
| 0.21 | 15,196 | 1.44 | 1.44 | 3.48 | 14 | |||||||||||||||||||||
| 2.39 | 20,924 | 1.39 | 1.39 | 3.04 | 9 | |||||||||||||||||||||
| 11.27 | 12,542 | 1.41 | 1.41 | 3.38 | 19 | |||||||||||||||||||||
| 6.01 | 41,742 | 0.66 | 0.66 | 3.64 | 10 | |||||||||||||||||||||
| 4.94 | 28,112 | 0.66 | 0.66 | 3.87 | 5 | |||||||||||||||||||||
| 0.99 | 21,365 | 0.68 | 0.68 | 4.21 | 14 | |||||||||||||||||||||
| 3.15 | 36,939 | 0.65 | 0.65 | 3.81 | 9 | |||||||||||||||||||||
| 12.16 | 32,782 | 0.66 | 0.66 | 4.13 | 19 | |||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | The expense ratios reflect, among other things, 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, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014 |
| * | Annualized. |
See accompanying notes to financial statements.
| NUVEEN | 109 |
Financial Statements
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
The Nuveen Multistate Trust IV (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen Kansas Municipal Bond Fund (“Kansas”), Nuveen Kentucky Municipal Bond Fund (“Kentucky”), Nuveen Michigan Municipal Bond Fund (“Michigan”), Nuveen Missouri Municipal Bond Fund (“Missouri”), Nuveen Ohio Municipal Bond Fund (“Ohio”) and Nuveen Wisconsin Municipal Bond Fund (“Wisconsin”) (each a “Fund” and collectively, the “Funds”), as diversified funds. The Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds were each organized as a series of predecessor trusts or corporations prior to that date.
The end of the reporting period for the Funds is May 31, 2016, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2016 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). Nuveen is an operating division of TIAA Global Asset Management. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund’s investment objective is to provide as high a level of current interest income exempt from regular federal, state and, in some cases, local income taxes as is consistent with preservation of capital. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal and its respective state personal income tax. These municipal bonds include obligations issued by its respective state and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal and respective state personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. Each Fund will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity in excess of 10 years.
Under normal market conditions, each Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or if unrated, judged by the Sub-Adviser to be of comparable quality. Each Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds. Each Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. Each Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. Each Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. Each Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.
Each Fund may utilize futures contracts, swap contracts, options on futures contracts and options on swap contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in each Fund’s portfolio.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
| 110 | NUVEEN |
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
| Kansas | Kentucky | Wisconsin | ||||||||||
| Outstanding when-issued/delayed delivery purchase commitments | $ | 3,730,694 | $ | 1,754,892 | $ | 2,261,662 | ||||||
Investment Income
Interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects paydowns gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared daily and distributed to shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.
Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a 0.20% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. The Funds will issue Class C2 Shares upon the exchange of Class C2 Shares from another Nuveen mutual fund or for the purpose of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. Class C2 Shares incur a 0.55% annual 12b-1 distribution fee and a 0.20% annual 12b-1 service fee. Class C and Class C2 Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Indemnifications
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
| NUVEEN | 111 |
Notes to Financial Statements (continued)
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
| Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
| Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Funds’ Board of Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Prices of swap contracts are also provided by an independent pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| Kansas | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 237,197,423 | $ | — | $ | 237,197,423 | ||||||||
| Short-Term Investments: | ||||||||||||||||
Municipal Bonds | — | 2,000,000 | — | 2,000,000 | ||||||||||||
| Total | $ | — | $ | 239,197,423 | $ | — | $ | 239,197,423 | ||||||||
| 112 | NUVEEN |
| Kentucky | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 387,962,987 | $ | — | $ | 387,962,987 | ||||||||
| Michigan | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 195,778,820 | $ | — | $ | 195,778,820 | ||||||||
| Missouri | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 485,348,805 | $ | — | $ | 485,348,805 | ||||||||
| Ohio | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 571,711,152 | $ | — | $ | 571,711,152 | ||||||||
| Wisconsin | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 116,488,886 | $ | — | $ | 116,488,886 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for industry classifications. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an
| NUVEEN | 113 |
Notes to Financial Statements (continued)
“Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| Floating Rate Obligations Outstanding | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | ||||||||||||||||||
| Floating rate obligations: self-deposited Inverse Floaters | $ | 9,420,000 | $ | 5,650,000 | $ | 4,700,000 | $ | 2,225,000 | $ | — | $ | — | ||||||||||||
| Floating rate obligations: externally-deposited Inverse Floaters | 5,250,000 | 29,690,000 | 3,150,000 | — | 32,100,000 | 3,750,000 | ||||||||||||||||||
| Total | $ | 14,670,000 | $ | 35,340,000 | $ | 7,850,000 | $ | 2,225,000 | $ | 32,100,000 | $ | 3,750,000 | ||||||||||||
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
| Self-Deposited Inverse Floaters | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | ||||||||||||||||||
| Average floating rate obligations outstanding | $ | 9,420,000 | $ | 5,650,000 | $ | 2,157,377 | $ | 2,225,000 | $ | — | $ | — | ||||||||||||
| Average annual interest rate and fees | 0.74 | % | 0.59 | % | 0.79 | % | 0.28 | % | — | % | — | % | ||||||||||||
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
| 114 | NUVEEN |
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement” or “credit recovery swap”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the liquidity provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust, plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| Floating Rate Obligations – Recourse Trusts | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | ||||||||||||||||||
| Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $ | 8,285,000 | $ | — | $ | 4,700,000 | $ | — | $ | — | $ | — | ||||||||||||
| Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | — | 22,190,000 | 3,150,000 | — | 3,750,000 | 3,750,000 | ||||||||||||||||||
| Total | $ | 8,285,000 | $ | 22,190,000 | $ | 7,850,000 | $ | — | $ | 3,750,000 | $ | 3,750,000 | ||||||||||||
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Credit Default Swaps
A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either (i) receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or (ii) pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain or loss. Payments received or made at the beginning of the measurement period are recognized as a component of “Credit default swaps premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable.
Credit default swap contracts are valued daily. Changes in the value of a credit default swap during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” and realized gains and losses are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations.
For OTC swaps not cleared through a clearing house (“OTC Uncleared”), the daily change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as components of “Unrealized appreciation or depreciation on credit default swaps (, net)” on the Statement of Assets and Liabilities.
Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to
| NUVEEN | 115 |
Notes to Financial Statements (continued)
cover initial margin requirements on open swap contracts, if any, is recognized as “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to the appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit a Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on credit default swaps (, net)” as described in the preceding paragraph. The maximum potential amount of future payments the Fund could incur as a buyer or seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.
During the current fiscal period, Kentucky, Michigan and Ohio invested in credit default swaps to manage credit risk. By investing in credit default swaps the Funds purchased credit protection.
The average notional amount of credit default swap contracts outstanding during the current fiscal period, was as follows:
| Kentucky | Michigan | Ohio | ||||||||||
| Average notional amount of credit default swap contracts outstanding* | $ | 311,000 | $ | 260,000 | $ | 836,000 | ||||||
| * | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
| Fund | Underlying Risk | Derivative Instrument | Net Realized Gain (Loss) from Swaps | Change in Net Unrealized Appreciation (Depreciation) of Swaps | ||||||||
| Kentucky | Credit | Swaps | $ | 51,231 | $ | (44,037 | ) | |||||
| Michigan | Credit | Swaps | 38,550 | (32,917 | ) | |||||||
| Ohio | Credit | Swaps | 123,332 | (105,104 | ) | |||||||
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
| 116 | NUVEEN |
4. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
| Year Ended 5/31/16 | Year Ended 5/31/15 | |||||||||||||||
| Kansas | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 2,019,690 | $ | 22,294,935 | 1,122,379 | $ | 12,333,289 | ||||||||||
Class C | 528,601 | 5,823,767 | 448,984 | 4,941,079 | ||||||||||||
Class C2 | 10,697 | 117,681 | 55,078 | 601,032 | ||||||||||||
Class I | 1,206,729 | 13,372,149 | 1,023,565 | 11,281,560 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 381,256 | 4,201,830 | 361,787 | 3,974,810 | ||||||||||||
Class C | 19,629 | 216,167 | 7,702 | 84,675 | ||||||||||||
Class C2 | 99,336 | 1,093,079 | 108,988 | 1,195,959 | ||||||||||||
Class I | 65,189 | 721,987 | 42,968 | 474,655 | ||||||||||||
| 4,331,127 | 47,841,595 | 3,171,451 | 34,887,059 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (1,197,911 | ) | (13,172,772 | ) | (1,563,564 | ) | (17,128,885 | ) | ||||||||
Class C | (58,560 | ) | (646,408 | ) | (38,504 | ) | (424,990 | ) | ||||||||
Class C2 | (366,782 | ) | (4,037,898 | ) | (726,460 | ) | (7,981,374 | ) | ||||||||
Class I | (429,745 | ) | (4,750,669 | ) | (239,637 | ) | (2,646,215 | ) | ||||||||
| (2,052,998 | ) | (22,607,747 | ) | (2,568,165 | ) | (28,181,464 | ) | |||||||||
| Net increase (decrease) | 2,278,129 | $ | 25,233,848 | 603,286 | $ | 6,705,595 | ||||||||||
| Year Ended 5/31/16 | Year Ended 5/31/15 | |||||||||||||||
| Kentucky | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 1,617,985 | $ | 18,060,144 | 1,525,823 | $ | 17,066,577 | ||||||||||
Class C | 291,117 | 3,249,504 | 304,367 | 3,403,534 | ||||||||||||
Class C2 | 13,974 | 155,626 | 14,254 | 159,286 | ||||||||||||
Class I | 1,089,150 | 12,160,644 | 1,097,835 | 12,255,129 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 835,194 | 9,319,669 | 812,720 | 9,093,196 | ||||||||||||
Class C | 10,619 | 118,593 | 4,414 | 49,369 | ||||||||||||
Class C2 | 103,965 | 1,159,932 | 113,205 | 1,266,232 | ||||||||||||
Class I | 68,607 | 765,831 | 48,390 | 541,745 | ||||||||||||
| 4,030,611 | 44,989,943 | 3,921,008 | 43,835,068 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (2,607,699 | ) | (29,034,528 | ) | (3,282,385 | ) | (36,680,473 | ) | ||||||||
Class C | (62,158 | ) | (693,362 | ) | (28,609 | ) | (317,680 | ) | ||||||||
Class C2 | (376,694 | ) | (4,190,891 | ) | (728,092 | ) | (8,119,087 | ) | ||||||||
Class I | (404,588 | ) | (4,511,267 | ) | (322,845 | ) | (3,606,232 | ) | ||||||||
| (3,451,139 | ) | (38,430,048 | ) | (4,361,931 | ) | (48,723,472 | ) | |||||||||
| Net increase (decrease) | 579,472 | $ | 6,559,895 | (440,923 | ) | $ | (4,888,404 | ) | ||||||||
| NUVEEN | 117 |
Notes to Financial Statements (continued)
| Year Ended 5/31/16 | Year Ended 5/31/15 | |||||||||||||||
| Michigan | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 1,392,098 | $ | 16,287,926 | 825,659 | $ | 9,652,827 | ||||||||||
Class C | 452,601 | 5,289,642 | 274,280 | 3,202,194 | ||||||||||||
Class C2 | 15,702 | 183,593 | 27,196 | 317,594 | ||||||||||||
Class I | 1,816,661 | 21,315,963 | 987,599 | 11,514,034 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 247,003 | 2,887,893 | 276,412 | 3,230,866 | ||||||||||||
Class C | 11,258 | 131,531 | 3,735 | 43,554 | ||||||||||||
Class C2 | 32,270 | 376,295 | 43,584 | 508,703 | ||||||||||||
Class I | 102,973 | 1,203,616 | 92,157 | 1,076,704 | ||||||||||||
| 4,070,566 | 47,676,459 | 2,530,622 | 29,546,476 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (1,184,043 | ) | (13,862,130 | ) | (1,316,424 | ) | (15,351,762 | ) | ||||||||
Class C | (30,313 | ) | (354,180 | ) | (9,374 | ) | (109,639 | ) | ||||||||
Class C2 | (224,871 | ) | (2,618,409 | ) | (299,929 | ) | (3,495,594 | ) | ||||||||
Class I | (524,438 | ) | (6,118,578 | ) | (389,599 | ) | (4,552,116 | ) | ||||||||
| (1,963,665 | ) | (22,953,297 | ) | (2,015,326 | ) | (23,509,111 | ) | |||||||||
| Net increase (decrease) | 2,106,901 | $ | 24,723,162 | 515,296 | $ | 6,037,365 | ||||||||||
| Year Ended 5/31/16 | Year Ended 5/31/15 | |||||||||||||||
| Missouri | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 2,569,657 | $ | 29,424,695 | 1,942,207 | $ | 22,127,749 | ||||||||||
Class C | 868,052 | 9,892,124 | 473,118 | 5,370,974 | ||||||||||||
Class C2 | 9,207 | 104,810 | 53,863 | 611,615 | ||||||||||||
Class I | 4,775,510 | 54,609,194 | 4,560,256 | 51,924,441 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 573,806 | 6,552,011 | 603,722 | 6,875,756 | ||||||||||||
Class C | 21,740 | 248,044 | 7,894 | 89,711 | ||||||||||||
Class C2 | 62,181 | 707,931 | 68,203 | 774,852 | ||||||||||||
Class I | 256,315 | 2,927,476 | 197,602 | 2,250,275 | ||||||||||||
| 9,136,468 | 104,466,285 | 7,906,865 | 90,025,373 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (2,818,857 | ) | (32,069,247 | ) | (3,887,196 | ) | (44,205,998 | ) | ||||||||
Class C | (85,145 | ) | (969,757 | ) | (20,934 | ) | (237,290 | ) | ||||||||
Class C2 | (276,939 | ) | (3,137,865 | ) | (357,747 | ) | (4,060,502 | ) | ||||||||
Class I | (2,330,377 | ) | (26,618,944 | ) | (1,517,777 | ) | (17,266,615 | ) | ||||||||
| (5,511,318 | ) | (62,795,813 | ) | (5,783,654 | ) | (65,770,405 | ) | |||||||||
| Net increase (decrease) | 3,625,150 | $ | 41,670,472 | 2,123,211 | $ | 24,254,968 | ||||||||||
| 118 | NUVEEN |
| Year Ended 5/31/16 | Year Ended 5/31/15 | |||||||||||||||
| Ohio | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 2,763,518 | $ | 32,211,023 | 2,651,824 | $ | 30,727,563 | ||||||||||
Class C | 858,849 | 9,990,533 | 459,211 | 5,299,264 | ||||||||||||
Class C2 | 29,967 | 347,508 | 42,128 | 486,958 | ||||||||||||
Class I | 3,547,436 | 41,309,628 | 3,351,635 | 38,727,902 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 677,484 | 7,894,352 | 689,568 | 8,002,287 | ||||||||||||
Class C | 18,552 | 215,748 | 7,724 | 89,337 | ||||||||||||
Class C2 | 100,146 | 1,162,537 | 118,988 | 1,376,014 | ||||||||||||
Class I | 346,418 | 4,024,475 | 336,986 | 3,900,345 | ||||||||||||
| 8,342,370 | 97,155,804 | 7,658,064 | 88,609,670 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (2,943,189 | ) | (34,268,217 | ) | (3,638,133 | ) | (42,108,157 | ) | ||||||||
Class C | (69,318 | ) | (802,664 | ) | (52,839 | ) | (610,339 | ) | ||||||||
Class C2 | (484,842 | ) | (5,609,284 | ) | (640,919 | ) | (7,399,588 | ) | ||||||||
Class I | (1,762,497 | ) | (20,469,915 | ) | (1,606,433 | ) | (18,584,791 | ) | ||||||||
| (5,259,846 | ) | (61,150,080 | ) | (5,938,324 | ) | (68,702,875 | ) | |||||||||
| Net increase (decrease) | 3,082,524 | $ | 36,005,724 | 1,719,740 | $ | 19,906,795 | ||||||||||
| Year Ended 5/31/16 | Year Ended 5/31/15 | |||||||||||||||
| Wisconsin | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 951,723 | $ | 10,345,447 | 853,945 | $ | 9,238,876 | ||||||||||
Class C | 278,330 | 3,039,629 | 196,459 | 2,127,804 | ||||||||||||
Class C2 | 7,301 | 79,457 | 14,564 | 158,277 | ||||||||||||
Class I | 1,601,978 | 17,476,303 | 1,079,453 | 11,733,134 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 167,711 | 1,820,629 | 162,714 | 1,761,593 | ||||||||||||
Class C | 8,654 | 94,119 | 4,177 | 45,306 | ||||||||||||
Class C2 | 31,424 | 341,211 | 37,112 | 401,793 | ||||||||||||
Class I | 40,009 | 436,149 | 27,626 | 299,938 | ||||||||||||
| 3,087,130 | 33,632,944 | 2,376,050 | 25,766,721 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (833,925 | ) | (9,045,754 | ) | (643,688 | ) | (6,944,944 | ) | ||||||||
Class C | (20,343 | ) | (220,990 | ) | (23,283 | ) | (252,660 | ) | ||||||||
Class C2 | (143,760 | ) | (1,557,156 | ) | (215,172 | ) | (2,322,423 | ) | ||||||||
Class I | (460,697 | ) | (4,998,259 | ) | (501,909 | ) | (5,458,157 | ) | ||||||||
| (1,458,725 | ) | (15,822,159 | ) | (1,384,052 | ) | (14,978,184 | ) | |||||||||
| Net increase (decrease) | 1,628,405 | $ | 17,810,785 | 991,998 | $ | 10,788,537 | ||||||||||
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
| Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
| Purchases | $ | 45,828,282 | $ | 47,357,919 | $ | 34,309,792 | $ | 77,474,715 | $ | 87,694,777 | $ | 27,489,912 | ||||||||||||
| Sales and maturities | 24,180,368 | 36,863,414 | 9,579,809 | 41,079,211 | 44,605,369 | 9,727,060 | ||||||||||||||||||
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable
| NUVEEN | 119 |
Notes to Financial Statements (continued)
interest from municipal securities, which is exempt from regular federal income tax and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of May 31, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
| Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
| Cost of investments | $ | 212,349,040 | $ | 353,691,816 | $ | 176,389,265 | $ | 443,768,190 | $ | 524,130,109 | $ | 108,305,414 | ||||||||||||
| Gross unrealized: | ||||||||||||||||||||||||
Appreciation | $ | 17,469,876 | $ | 28,626,201 | $ | 14,723,027 | $ | 41,187,104 | $ | 48,845,205 | $ | 8,207,889 | ||||||||||||
Depreciation | (41,073 | ) | (4,879 | ) | (34,366 | ) | (1,831,557 | ) | (1,264,162 | ) | (24,417 | ) | ||||||||||||
| Net unrealized appreciation (depreciation) of investments | $ | 17,428,803 | $ | 28,621,322 | $ | 14,688,661 | $ | 39,355,547 | $ | 47,581,043 | $ | 8,183,472 | ||||||||||||
Permanent differences, primarily due to expiration of capital loss carryforwards, treatment of notional principal contracts and taxable market discount, resulted in reclassifications among the Funds’ components of net assets as of May 31, 2016, the Funds’ tax year end, as follows:
| Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
| Capital paid-in | $ | — | $ | — | $ | — | $ | — | $ | (224,657 | ) | $ | — | |||||||||||
| Undistributed (Over-distribution of) net investment income | (2,056 | ) | (21,004 | ) | (27,208 | ) | (41,060 | ) | (58,389 | ) | (16,511 | ) | ||||||||||||
| Accumulated net realized gain (loss) | 2,056 | 21,004 | 27,208 | 41,060 | 283,046 | 16,511 | ||||||||||||||||||
| The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2016, the Funds’ tax year end, were as follows: | ||||||||||||||||||||||||
| Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
| Undistributed net tax-exempt income1 | $ | 1,057,569 | $ | 1,676,667 | $ | 427,442 | $ | 1,285,722 | $ | 1,069,923 | $ | 360,260 | ||||||||||||
| Undistributed net ordinary income2 | 187,815 | — | 12,450 | 6,143 | — | — | ||||||||||||||||||
| Undistributed net long-term capital gains | — | — | 38,052 | — | — | — | ||||||||||||||||||
1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2016 through May 31, 2016, and paid on June 1, 2016. 2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
| |||||||||||||||||||||||
| The tax character of distributions paid during the Funds’ tax years ended May 31, 2016 and May 31, 2015, was designated for purposes of the dividends paid deduction as follows: | ||||||||||||||||||||||||
| 2016 | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | ||||||||||||||||||
| Distributions from net tax-exempt income3 | $ | 7,538,625 | $ | 13,276,147 | $ | 5,898,392 | $ | 16,564,926 | $ | 19,071,118 | $ | 3,606,005 | ||||||||||||
| Distributions from net ordinary income2 | — | — | 16,377 | 86,153 | 46,533 | — | ||||||||||||||||||
| Distributions from net long-term capital gains4 | — | — | 503,589 | — | — | — | ||||||||||||||||||
| 2015 | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | ||||||||||||||||||
| Distributions from net tax-exempt income | $ | 7,138,183 | $ | 13,272,445 | $ | 6,129,302 | $ | 16,345,772 | $ | 19,706,379 | $ | 3,347,512 | ||||||||||||
| Distributions from net ordinary income2 | 108,545 | — | 41,888 | 23,365 | 53,652 | 13,918 | ||||||||||||||||||
| Distributions from net long-term capital gains | — | — | 910,286 | — | — | — | ||||||||||||||||||
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
| 3 | The Funds hereby designate these amounts paid during the fiscal year ended May 31, 2016, as Exempt Interest Dividends. |
| 4 | The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended May 31, 2016. |
| 120 | NUVEEN |
As of May 31, 2016, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
| Kansas | Kentucky | Missouri5 | Ohio5 | Wisconsin | ||||||||||||||||
| Expiration: | ||||||||||||||||||||
May 31, 2017 | $ | — | $ | — | $ | 9,357 | $ | 204,682 | $ | — | ||||||||||
May 31, 2018 | — | 3,377,319 | 663,355 | 30,607 | 40,757 | |||||||||||||||
May 31, 2019 | — | — | — | 1,552,586 | — | |||||||||||||||
| Not subject to expiration | 4,752,769 | 4,494,875 | 4,906,781 | 491,012 | 4,199,914 | |||||||||||||||
| Total | $ | 4,752,769 | $ | 7,872,194 | $ | 5,579,493 | $ | 2,278,887 | $ | 4,240,671 | ||||||||||
| 5 | A portion of Missouri’s and Ohio’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations |
As of May 31, 2016, the Funds’ tax year end, $224,658 of Ohio’s capital loss carryforward expired.
During the Funds’ tax year ended May 31, 2016, the following Funds utilized capital loss carryforwards as follows:
| Kansas | Kentucky | Missouri | Ohio | |||||||||||||
| Utilized capital loss carryforwards | $ | 713,233 | $ | 687,005 | $ | 501,876 | $ | 993,463 | ||||||||
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| Average Daily Net Assets | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | ||||||||||||||||||
| For the first $125 million | 0.3500 | % | 0.3500 | % | 0.3500 | % | 0.3500 | % | 0.3500 | % | 0.3500 | % | ||||||||||||
| For the next $125 million | 0.3375 | 0.3375 | 0.3375 | 0.3375 | 0.3375 | 0.3375 | ||||||||||||||||||
| For the next $250 million | 0.3250 | 0.3250 | 0.3250 | 0.3250 | 0.3250 | 0.3250 | ||||||||||||||||||
| For the next $500 million | 0.3125 | 0.3125 | 0.3125 | 0.3125 | 0.3125 | 0.3125 | ||||||||||||||||||
| For the next $1 billion | 0.3000 | 0.3000 | 0.3000 | 0.3000 | 0.3000 | 0.3000 | ||||||||||||||||||
| For the next $3 billion | 0.2750 | 0.2750 | 0.2750 | 0.2750 | 0.2750 | 0.2750 | ||||||||||||||||||
| For net assets over $5 billion | 0.2500 | 0.2500 | 0.2500 | 0.2500 | 0.2500 | 0.2500 | ||||||||||||||||||
| NUVEEN | 121 |
Notes to Financial Statements (continued)
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| Complex-Level Asset Breakpoint Level* | Effective 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 | |||
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. 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. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end 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 the 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 eligible assets in certain circumstances. As of May 31, 2016, the complex-level fee for each Fund was as follows: |
| Fund | Complex-Level Fee | |||
Kansas | 0.1621 | % | ||
Kentucky | 0.1621 | |||
Michigan | 0.1621 | |||
Missouri | 0.1731 | |||
Ohio | 0.1658 | |||
Wisconsin | 0.1621 | |||
The Adviser has agreed to waive fees and/or reimburse expenses for Ohio so that total annual Fund operating expenses, (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed .750% of the average daily net assets of any class of Fund shares.
Other Transactions with Affiliates
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the Funds did not engage in inter-fund trades pursuant to these procedures.
During the current fiscal period, Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
| Sales charges collected (Unaudited) | $ | 301,533 | $ | 386,431 | $ | 172,876 | $ | 386,161 | $ | 388,014 | $ | 135,704 | ||||||||||||
| Paid to financial intermediaries (Unaudited) | 264,179 | 329,829 | 149,708 | 333,306 | 328,015 | 117,059 | ||||||||||||||||||
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
| 122 | NUVEEN |
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
| Commission advances (Unaudited) | $ | 105,139 | $ | 38,649 | $ | 63,258 | $ | 136,880 | $ | 129,667 | $ | 32,520 | ||||||||||||
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C and Class C2 Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
| Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
| 12b-1 fees retained (Unaudited) | $ | 48,810 | $ | 28,869 | $ | 42,043 | $ | 63,922 | $ | 62,571 | $ | 19,447 | ||||||||||||
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
| Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
| CDSC retained (Unaudited) | $ | 911 | $ | 2,942 | $ | 843 | $ | 21,551 | $ | — | $ | — | ||||||||||||
8. Borrowings Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2017 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
| NUVEEN | 123 |
Fund Information (Unaudited)
Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 | Independent Registered PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606
Custodian State Street Bank & Trust One Lincoln Street Boston, MA 02111 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and Boston Financial Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787 | |||||||
| ||||||||||||||
| Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation. | ||||||||||||||
| ||||||||||||||
| Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
| ||||||||||||||
| FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. | ||||||||||||||
| 124 | NUVEEN |
Used in this Report (Unaudited)
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 offer 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 or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage (Effective Leverage Ratio): Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
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.
Lipper Ohio Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Ohio Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Other States Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Other States Municipal Debt Funds Classification. Shareholders should note that the performance of the Lipper Other States Municipal Debt Funds Classification Average represents the overall average of returns for funds from multiple states with a wide variety of municipal market conditions, making direct comparisons less meaningful. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
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Glossary of Terms Used in this Report (Unaudited) (continued)
Pre-Refundings: Pre-Refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.
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 financial 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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Annual Investment Management Agreement
Approval Process (Unaudited)
The Board of Trustees of each Fund (the “Board,” and each Trustee a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund’s advisory agreement (the “Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Investment Management Agreement, the “Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Following an initial term with respect to each Fund upon its commencement of operations, the Board reviews the Investment Management Agreement and the Sub-Advisory Agreement on behalf of such Fund and votes to determine whether the respective Advisory Agreement should be renewed. Accordingly, at an in-person meeting held on May 24-26, 2016 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
During the year, the Board and its Committees met regularly to receive materials and discuss a variety of topics impacting the Funds including, among other things, overall market conditions and market performance, Fund investment performance, brokerage execution, valuation of securities, Rule 12b-1 plans and payments, sub-transfer agency and other payments to financial intermediaries, compliance matters, securities lending, risk management and ongoing initiatives. The Board had established several standing Committees, including the Open-end Fund Committee and Closed-end Fund Committee which permit the Board Members to delve further into the topics particularly relevant to the respective product line and enhance the Board’s effectiveness and oversight of the Funds. The Board also seeks to meet with the Sub-Adviser and its investment team at least once over a multiple year rotation through site visits. The information and knowledge the Board gained throughout the year from the Board and Committee meetings, site visits and the related materials were relevant to the Board’s evaluation of the Advisory Agreements, and the Board took such information into account in its review of the Advisory Agreements.
In addition to the materials received throughout the year, the Board received additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including a description of the services provided by the Adviser and the Sub-Adviser (each, a “Fund Adviser”); a review of fund performance with a detailed focus on any performance outliers; an analysis of the investment teams; an analysis of the fees and expense ratios of the Funds, including information comparing such fees and expenses to that of peer groups; an assessment of shareholder services for the Funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters.
As part of its annual review, the Board held a separate meeting on April 12-13, 2016 to review the Funds’ investment performance and consider an analysis by the Adviser of the Sub-Adviser examining, among other things, the team’s assets under management, investment performance, investment approach, and the stability and structure of the Sub-Adviser’s organization and investment team. During the review, the Independent Board Members requested and received additional information from management. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel. The Independent Board Members met separately with independent legal counsel without management present and received a memorandum from such counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Independent Board Members’ review of the Advisory Agreements reflected an ongoing process that incorporated the information and considerations that occurred over the years, including the most recent year, as well as the information specifically furnished for the renewal process. In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as controlling, but rather the decision reflected the comprehensive consideration of all the information presented. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund and the initiatives undertaken during the past year by the Adviser. The Board recognized the comprehensive set of services the Adviser provided to manage and operate the Nuveen funds, including (a) product management (such as setting dividends, positioning the product in the marketplace, managing the relationships with the distribution platforms, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment services (such as overseeing the Sub-Adviser and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
for Board meetings); (e) compliance (such as helping to devise and maintain the funds’ compliance program and related testing); and (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities).
The Board reviewed the continued investment the Adviser had made in its business to continue to strengthen the breadth and quality of its services to the benefit of the Nuveen funds. The Board noted the Adviser’s additional staffing in key areas that support the funds and the Board, including in investment services, operations, fund governance, compliance, fund administration, product management, retail distribution and information technology. Among the enhancements to its services, the Board recognized the Adviser’s (a) expanded activities and support required as a result of regulatory developments, including in areas of compliance and reporting; (b) increased support for dividend management; (c) continued investment in its technical capabilities as the Adviser continued to build out a centralized fund data platform, enhance mobility and remote access capabilities, rationalize and upgrade software platforms, and automate certain regulatory liquidity determinations; (d) continued efforts to rationalize the product line through mergers, liquidations and re-positioning of Nuveen funds with the goal of increasing efficiencies, reducing costs, improving performance and addressing shareholder needs; (e) continued efforts to develop new lines of business designed to enhance the Nuveen product line and meet investor demands; and (f) continued commitment to enhance risk oversight, including the formation of the operational risk group to provide operational risk assessment, the access to platforms which provide better risk reporting to support investment teams, and the development of a new team to initially review new products and major product initiatives. The Board also recognized the Adviser’s efforts to renegotiate certain fees of other service providers which culminated in reduced expenses for all funds for custody and accounting services without diminishing the breadth and quality of the services provided. The Board considered the Chief Compliance Officer’s report regarding the Adviser’s compliance programs, the Adviser’s continued development, execution and management of its compliance program, and the additions to the compliance team to support the continued growth of the Nuveen fund family and address regulatory developments.
The Board also considered information highlighting the various initiatives that the Adviser had implemented or continued during the year to enhance or support the open-end fund product line. With respect to open-end funds, the Board noted the Adviser’s continued initiatives (a) to develop and offer new outcome-oriented funds; (b) to refine the reports to the Board, including enhanced reporting regarding payments to intermediaries, as well as provide presentations to the Board to keep it apprised of various topics that are relevant to the open-end fund product line (such as marketing initiatives, portfolio analytics and sales results); (c) to modify the contingent deferred sales load structure for Class A shares to be more competitive with peers; (d) to launch a new share class to attract institutional clients; and (e) to change portfolio managers on various funds. The Board recognized that initiatives that attract assets to the Nuveen family of funds benefited the funds as fixed costs would be spread over a larger asset base and, as described below, through the complex-wide arrangement which generally would provide that the management fees of the funds (subject to limited exceptions) are reduced as asset levels for the complex increase. The Board also considered the Adviser’s review of the pricing on its entire open-end fund line which resulted in either a reduction in the contractual management fee, a reduction in a temporary expense cap or a combination thereof for numerous funds in the complex helping to better position such funds for future growth.
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. The Board noted that the Adviser recommended the renewal of each Sub-Advisory Agreement.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board considered the long-term and short-term performance history of each Fund. As noted above, the Board reviewed fund performance at its quarterly meetings throughout the year and took into account the information derived from the discussions with representatives of the Adviser about fund performance at these meetings. The Board also considered the Adviser’s analysis of fund performance with particular focus on any performance outliers and the factors contributing to such performance and any steps the investment team had taken to address performance concerns. The Board reviewed, among other things, each Fund’s investment performance both on an absolute basis and in comparison to peer funds (the “Performance Peer Group”) and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2015, as well as performance information reflecting the first quarter of 2016.
In evaluating performance information, the Board recognized the following factors may impact the performance data as well as the consideration to be given to particular performance data:
| • | The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results. |
| • | Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance. |
| • | Shareholders evaluate performance based on their own holding period which may differ from the performance period reviewed by the Board, leading to different performance results. |
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| • | Open-end funds offered multiple classes and the performance data provided for open-end funds was based on Class A shares. The performance of the other classes of a fund, however, should be substantially similar on a relative basis because all of the classes would be invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class. |
| • | The Board recognized the difficulty in establishing appropriate peer groups and benchmarks for certain funds. The Board noted that management classified the Performance Peer Groups as low, medium and high in relevancy and took the relevancy of the Performance Peer Group into account when considering the comparative performance data. If the Performance Peer Group differed somewhat from a fund, the Board recognized that the comparative performance data may be of limited value. The Board also recognized that each fund operated pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark and that these variations lead to differences in performance results. |
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board was aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser and the applicable sub-adviser manage the fund, knowing the fund’s investment strategy and seeking exposure to that strategy (even if the strategy was “out of favor” in the marketplace) and knowing the fund’s fee structure.
For Nuveen Kansas Municipal Bond Fund (the “Kansas Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile in the one-, three- and five-year periods and, although the Fund narrowly underperformed its benchmark in the three-year period, the Fund outperformed its benchmark in the one- and five-year periods. The Board determined that the Fund’s performance had been favorable.
For Nuveen Kentucky Municipal Bond Fund (the “Kentucky Fund”), the Board noted that, although the Fund underperformed its benchmark in the one-, three- and five-year periods, the Fund ranked in its Performance Peer Group in the second quartile in each of such periods. The Board determined that the Fund’s performance had been satisfactory.
For Nuveen Michigan Municipal Bond Fund (the “Michigan Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile and outperformed its benchmark in the one-, three- and five-year periods. The Board determined the Fund’s performance had been favorable.
For Nuveen Missouri Municipal Bond Fund (the “Missouri Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile and outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund’s performance had been favorable.
For Nuveen Ohio Municipal Bond Fund (the “Ohio Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the second quartile in the five-year period and the first quartile in the one- and three-year periods. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund’s performance had been favorable.
For Nuveen Wisconsin Municipal Bond Fund (the “Wisconsin Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile in the one-, three- and five-year periods and, although the Fund underperformed its benchmark in the three- and five-year periods, the Fund outperformed its benchmark in the one-year period. The Board determined the Fund’s performance had been generally favorable.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed, among other things, the gross and net management fees and net total expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and also in comparison to the fee and expense levels of a comparable universe of funds (the “Peer Universe”) and to a more focused subset in the Peer Universe (the “Peer Group”), each selected by an independent third-party fund data provider. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group.
In their evaluation of the management fee schedule, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules, as described in further detail below. The Independent Board Members also took into account any fee waivers and/or expense reimbursements provided by Nuveen. In this regard, as noted above, the Board considered that management recently completed a review of the pricing of its open-end funds which resulted in the reduction of management fees and/or expense caps of various open-end funds. The Independent Board Members considered that the foregoing changes were estimated to result in significant savings to such funds either through a reduction in advisory fees paid or an increase in the fee waivers absorbed by Nuveen.
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; the timing of information used; differences in services provided; and differences in the states reflected in the Peer Universe or Peer Group can impact the
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
usefulness of the comparative data in helping to assess the appropriateness of a fund’s fees and expenses. In addition, in reviewing a fund’s fees and expenses compared to the fees and expenses of its peers, the Board generally considered a fund’s expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. The Board reviewed the net expense ratio in recognition that the net expense ratio generally best represented the net experience of the shareholders of a fund as it directly reflected the costs of investing in the respective fund. The Board noted that the majority of the Nuveen funds had a net expense ratio near or below the average of the respective peers. For funds with a net expense ratio of 6 basis points or higher than their respective peer average, the Independent Board Members reviewed the reasons for the outlier status and were satisfied with the explanation for the difference or with any steps taken to address the difference.
The Board noted that the Ohio Fund had a net management fee and net expense ratio that were in line with the respective peer average; the Kansas Fund, the Michigan Fund and the Wisconsin Fund each had a net management fee slightly higher than its peer average but a net expense ratio in line with the peer average; and the Kentucky Fund and the Missouri Fund each had a net management fee slightly higher than its peer average but a net expense ratio below the peer average.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Board also reviewed information regarding the fee rates for other types of clients advised or sub-advised by the respective Fund Adviser. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs).
The Board recognized that each Fund had an affiliated sub-adviser. With respect to affiliated sub-advisers, including the Sub-Adviser, the Board reviewed, among other things, the range of advisory fee rates and average fee rate assessed for the different types of clients. The Board reviewed information regarding the different types of services provided to the Funds compared to that provided to these other clients which typically did not require the same breadth of day-to-day services required for registered funds. The Board further considered information regarding the differences in, among other things, the distribution systems, investment policies, investor profiles, and account sizes between the Nuveen funds and the other types of clients. In addition, the Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may also vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and funds.
The Board also was aware that, since the Funds had a sub-adviser, each Fund’s management fee reflected two components, the fee retained by the Adviser for its services and the fee the Adviser paid to the Sub-Adviser. The Board noted that many of the administrative services provided to support the Funds by the Adviser may not be required to the same extent or at all for the institutional clients or other clients. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members concluded such facts justify the different levels of fees.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. The Independent Board Members reviewed, among other things, Nuveen’s adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2015. The Independent Board Members also noted that the sub-advisory fees for the Funds are paid by the Adviser, however, the Board recognized that the Sub-Adviser is affiliated with Nuveen. In their review, the Independent Board Members recognized that profitability data is rather subjective as various allocation methodologies may be reasonable to employ but yet yield different results. The Board also reviewed the results of certain alternative methodologies. The Board considered the allocation methodology employed to prepare the profitability data as well as a summary of the refinements to the methodology that had been adopted over the years which may limit some of the comparability of Nuveen’s revenue margins over time. Two Independent Board Members also served as point persons for the Board throughout the year to review and discuss the methodology employed to develop the profitability analysis and any proposed changes thereto and to keep the Board apprised of such changes during the year. In reviewing the profitability data, the Independent Board Members noted that Nuveen’s operating margin as well as its margins for its advisory activities to the Nuveen funds for 2015 were consistent with such margins for 2014.
The Board also considered Nuveen’s adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. The Independent Board Members recognized, however, the limitations of the comparative data as
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the other advisers may have a different business mix, employ different allocation methodologies, have different capital structure and costs, may not be representative of the industry or other factors that limit the comparability of the profitability information. Nevertheless, the Independent Board Members noted that Nuveen’s adjusted operating margins appeared comparable to the adjusted margins of the peers.
Further, as the Adviser is a wholly-owned subsidiary of Nuveen which in turn is an operating division of TIAA Global Asset Management, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA-CREF”), the Board reviewed a balance sheet for TIAA-CREF reflecting its assets, liabilities and capital and contingency reserves for the last two calendar years to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen.
Based on the information provided, the Independent Board Members noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds.
With respect to the Sub-Adviser, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2015. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2015.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
Based on their review, the Independent Board Members determined that the Adviser’s and the Sub-Adviser’s levels of profitability were reasonable in light of the respective services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Independent Board Members recognized that, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds, and the Independent Board Members considered the extent to which these economies are shared with the funds and their shareholders. Although the Independent Board Members recognized that economies of scale are difficult to measure with precision, the Board noted that there were several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements and the Adviser’s investment in its business which can enhance the services provided to the funds. With respect to breakpoints, the Independent Board Members noted that, subject to certain exceptions, the funds in the Nuveen complex, including the Funds, pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component. The fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds in the Nuveen complex combined grow. The complex-wide fee arrangement was designed to capture economies of scale achieved when total fund complex assets increase, even if the assets of a particular fund are unchanged or decrease. The approach reflected the notion that some of Nuveen’s costs were attributable to services provided to all its funds in the complex, and therefore all funds should benefit if these costs were spread over a larger asset base.
The Independent Board Members reviewed the breakpoint and complex-wide schedules and any savings achieved from expense caps (as applicable), fund-level breakpoints and complex-wide fee reductions for the 2015 calendar year for the funds. In this regard, the Independent Board Members noted that additional economies of scale were shared with shareholders of the Ohio Fund through its permanent expense cap.
In addition, the Independent Board Members recognized the Adviser’s ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. The Independent Board Members noted, among other things, the additions to groups who play a key role in supporting the funds including in fund administration, operations, fund governance, investment services, compliance, product management, retail distribution and technology. The Independent Board Members also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance.
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other additional benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Funds, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members recognized that an affiliate of the Adviser served as the Funds’ principal underwriter and may receive compensation therefore from, among other things, sales charges, distribution fees and shareholder services fees (which included fees received pursuant to any 12b-1 plan). The Independent Board Members therefore took into account, among other things, the 12b-1 fees retained by Nuveen during the last calendar year.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
In addition to the above, the Independent Board Members considered that the Funds’ portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received through soft-dollar arrangements. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that any such research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
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and Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of directors of the Funds is set at twelve, effective July 1, 2016. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
The Funds’ Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | ||||
| Independent Trustee: | ||||||||
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Trustee | 1996 | Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of Med-America Health System and WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition. | 184 | ||||
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1999 | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 184 | ||||
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2004 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 184 | ||||
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2005 | Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013); retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016). | 184 | ||||
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Trustees and Officers (Unaudited) (continued)
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by | ||||
Albin F. Moschner(2) 1952 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016). | 184 | ||||
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606 | Trustee | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 184 | ||||
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 184 | ||||
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2007 | Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 184 | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2008 | Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | 184 |
| 134 | NUVEEN |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by | ||||
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 184 | ||||
| Interested Trustee: | ||||||||
William Adams IV(3) 1955 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2013 | Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2016), prior thereto, Executive Vice President, U.S. Structured Products (1999-2010) of Nuveen Investments, Inc.; Co-President of Nuveen Fund Advisors, LLC (since 2011); Co-Chief Executive Officer (since 2016), formerly, Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago. | 184 | ||||
Margo L. Cook(2)(3) 1964 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Co-Chief Executive Officer (since 2015), previously, Executive Vice President (2013-2015) of Nuveen Securities, LLC; Senior Executive Vice President (since 2015) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst. | 184 | ||||
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by | ||||
| Officers of the Funds: | ||||||||
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), and Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. | 185 | ||||
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 1998 | Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004). | 185 | ||||
| NUVEEN | 135 |
Trustees and Officers (Unaudited) (continued)
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by | ||||
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Controller | 1998 | Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant. | 185 | ||||
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Senior Vice President (since 2016), formerly, Vice President (2011-2016) of Nuveen Investments Holdings, Inc.; Chartered Financial Analyst. | 184 | ||||
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc. | 185 | ||||
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC | 185 | ||||
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2007 | Executive Vice President, Secretary and General Counsel (since March 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Executive Vice President (since March 2016), formerly, Managing Director, and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016), and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director, Assistant Secretary (2011-2016), and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Executive Vice President and Secretary of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since March 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Winslow Capital Management, LLC (since 2010) and Tradewinds Global Investors, LLC (since 2016); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC. | 185 | ||||
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2011 | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | 185 | ||||
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2013 | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | 185 | ||||
Jeffery M. Wilson 1956 333 West Wacker Drive Chicago, IL 60606 | Vice President | 2011 | Senior Vice President of Nuveen Investments Holdings, Inc. (since 2011); formerly Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010). | 102 |
| (1) | Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the director was first elected or appointed to any fund in the Nuveen Fund Complex. |
| (2) | On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board Members, effective July 1, 2016. |
| (3) | “Interested persons” of the Trust, as defined in the 1940 Act, by reason of their positions with Nuveen and certain of its subsidiaries. |
| (4) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex. |
| 136 | NUVEEN |
Notes
| NUVEEN | 137 |
Notes
| 138 | NUVEEN |
Notes
| NUVEEN | 139 |
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| Nuveen: | ||||||||||||||
| Serving Investors for Generations | ||||||||||||||
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| Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. | ||||||||||||||
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Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen’s teams of experts align with clients’ specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages more than $239 billion in assets as of June 30, 2016. | ||||||||||||||
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Find out how we can help you. To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf | ||||||||||||||
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| Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com/mf | ||||||||||||||
MAN-MS6-0516D 17345-INV-Y-07/17
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE AUDITOR BILLED TO THE FUND
Fiscal Year Ended May 31, 2016 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 28,215 | 0 | 20 | 218 | ||||||||||||
Nuveen Kentucky Municipal Bond Fund | 28,910 | 0 | 39 | 417 | ||||||||||||
Nuveen Missouri Municipal Bond Fund | 29,314 | 0 | 42 | 28 | ||||||||||||
Nuveen Michigan Municipal Bond Fund | 28,030 | 0 | 16 | 47 | ||||||||||||
Nuveen Ohio Municipal Bond Fund | 29,731 | 0 | 52 | 474 | ||||||||||||
Nuveen Wisconsin Municipal Bond Fund | 27,691 | 0 | 9 | 57 | ||||||||||||
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Total | $ | 171,891 | $ | 0 | $ | 178 | $ | 1,241 | ||||||||
| 1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
| Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Kentucky Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Missouri Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Michigan Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Ohio Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Wisconsin Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
May 31, 2015 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 27,172 | 0 | 0 | 0 | ||||||||||||
Nuveen Kentucky Municipal Bond Fund | 27,857 | 0 | 0 | 0 | ||||||||||||
Nuveen Missouri Municipal Bond Fund | 28,092 | 0 | 0 | 0 | ||||||||||||
Nuveen Michigan Municipal Bond Fund | 27,011 | 0 | 0 | 0 | ||||||||||||
Nuveen Ohio Municipal Bond Fund | 28,466 | 0 | 0 | 0 | ||||||||||||
Nuveen Wisconsin Municipal Bond Fund | 26,740 | 0 | 0 | 0 | ||||||||||||
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Total | $ | 165,338 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| 1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
| Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Kentucky Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Missouri Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Michigan Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Ohio Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Wisconsin Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended May 31, 2016 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen MultiState Trust IV | $ | 0 | $ | 0 | $ | 0 | ||||||
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
| Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
| 0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended May 31, 2015 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen MultiState Trust IV | $ | 0 | $ | 0 | $ | 0 | ||||||
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
| Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
| 0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended May 31, 2016 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 238 | 0 | 0 | 238 | ||||||||||||
Nuveen Kentucky Municipal Bond Fund | 456 | 0 | 0 | 456 | ||||||||||||
Nuveen Missouri Municipal Bond Fund | 70 | 0 | 0 | 70 | ||||||||||||
Nuveen Michigan Municipal Bond Fund | 63 | 0 | 0 | 63 | ||||||||||||
Nuveen Ohio Municipal Bond Fund | 526 | 0 | 0 | 526 | ||||||||||||
Nuveen Wisconsin Municipal Bond Fund | 66 | 0 | 0 | 66 | ||||||||||||
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Total | $ | 1,419 | $ | 0 | $ | 0 | $ | 1,419 | ||||||||
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Fiscal Year Ended May 31, 2015 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Kentucky Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Missouri Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Michigan Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Ohio Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Wisconsin Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
|
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Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
| a) | See Portfolio of Investments in Item 1. |
| b) | Not applicable. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to this registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
| (a)(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.) | |
| (a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto. | |
| (a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant. | |
| (b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Multistate Trust IV
| By (Signature and Title) | /s/ Kevin J. McCarthy | |
| Kevin J. McCarthy | ||
| Vice President and Secretary | ||
Date: August 8, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Gifford R. Zimmerman | |
| Gifford R. Zimmerman | ||
| Chief Administrative Officer | ||
| (principal executive officer) | ||
Date: August 8, 2016
| By (Signature and Title) | /s/ Stephen D. Foy | |
| Stephen D. Foy | ||
| Vice President and Controller | ||
| (principal financial officer) | ||
Date: August 8, 2016