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)
Kathleen L. Prudhomme
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: November 30, 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.
Mutual Funds |
Nuveen Municipal
Bond Funds |
It’s not what you earn, it’s what you keep.® |
| Semi-Annual Report November 30, 2016 |
Share Class / Ticker Symbol | ||||||||||||||
Fund Name | Class A | Class C | Class C2 | Class I | ||||||||||
| ||||||||||||||
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 |
| ||||||||||||
| ||||||||||||
Life is Complex. | ||||||||||||
Nuveen makes things e-simple. | ||||||||||||
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. | ||||||||||||
Free e-Reports right to your e-mail! | ||||||||||||
www.investordelivery.com If you receive your Nuveen Fund distributions and statements from your | ||||||||||||
or | www.nuveen.com/accountaccess If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE | |||||||||||
| ||||||||||||
of Contents
4 | ||||
5 | ||||
10 | ||||
Fund Performance, Expense Ratios and Effective Leverage Ratios | 11 | |||
18 | ||||
20 | ||||
26 | ||||
29 | ||||
81 | ||||
82 | ||||
83 | ||||
86 | ||||
98 | ||||
111 | ||||
112 |
NUVEEN | 3 |
to Shareholders
Dear Shareholders,
After a sluggish first half of 2016, the U.S. economy gained some momentum in the third quarter. In fact, it was the economy’s strongest quarterly acceleration in two years, propelled by healthy consumer spending, a temporary surge in exports and a turnaround in inventories. As the year wound down, 2016 looked on track to deliver the same steady-but-slow growth that has characterized the seven-year recovery.
A year ago, the U.S. Federal Reserve (Fed) took the first step toward policy “normalization” by raising its benchmark interest rate at its December 2015 meeting. Speculation about the Fed’s intentions since then has been a strong influence on the markets throughout 2016. After remaining on hold for a year, the Fed judged that the economy’s modest growth, the return to “full” employment and an uptick in inflation were sufficient to raise the target rate at the December 2016 meeting.
The global economy stayed on a path of low growth overall. Some concerns eased in 2016: China managed a gradual slowdown, stabilizing commodity prices provided some relief to emerging markets and the U.K. and eurozone economies held steady despite the U.K.’s surprise vote to leave the European Union. However, other uncertainties have surfaced. The threat of protectionism and potential trade wars has risen amid the populist sentiment underscoring the Brexit majority and the election of Donald Trump, as well as appearing in campaign rhetoric across Europe as elections loom in 2017. Moreover, there are growing concerns that global central banks’ unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently at or near zero across the developed world and only slightly higher than that in the U.S.; nonetheless, growth has remained subdued.
Since the election, U.S. stocks have rallied strongly on expectations that the Republican controlled Congress and Trump administration will pursue more business friendly policies. But the details have yet to be seen. Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook (not just in the U.S. but also in Europe), we anticipate 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
January 23, 2017
4 | NUVEEN |
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 J. Close, CFA, Steven M. Hlavin, and Christopher L. Drahn, CFA, review 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.
How did the Funds perform during the six-month reporting period ended November 30, 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 six-month, one-year, five-year, ten-year and since-inception periods ended November 30, 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 six-month reporting period, the Class A Shares at NAV of the Kansas, Michigan, Missouri, Ohio and Wisconsin Funds underperformed the S&P Municipal Bond Index as well as their Lipper classification average, while the Kentucky Fund performed in line with both performance measures.
What 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 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.
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.
For financial reporting purposes, the ratings disclosed 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). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while 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.
NUVEEN | 5 |
Portfolio Managers’ Comments (continued)
Nuveen Kansas Municipal Bond Fund
The Nuveen Kansas Municipal Bond Fund’s Class A Shares at NAV underperformed the S&P Municipal Bond Index for the six-month reporting period ended November 30, 2016. Duration and yield curve positioning was a key negative performance factor. Our emphasis on bonds with more interest rate sensitivity hurt relative performance as rates rose.
The Fund’s credit rating positioning also detracted from results. The Fund was modestly overweighted in bonds with credit ratings of BBB and below, as well as non-rated securities. This focus was detrimental in a market environment that favored higher rated bonds.
Sector allocation produced mixed results, influenced in some cases by the unique characteristics of the Kansas municipal bond marketplace. There were few opportunities to own Kansas transportation bonds, resulting in our significant underweighting in the sector relative to the national index. This positioning proved beneficial, because the sector underperformed for the reporting period. We saw a similar situation in the state general obligation (GO) sector, although with the opposite outcome. With a dearth of issuance of Kansas GOs, the Fund was significantly underweighted in the category. This stance posed a challenge for relative performance, given the outperformance of state GOs in the national index.
Our significant overweighting in the health care sector added value in relative terms. Kansas health care bonds outpaced the index. However, our overweightings in dedicated-tax and industrial development revenue bonds, two areas with heavy concentrations of lower rated securities and to which we increased exposure as opportunities emerged, were a source of difficulty.
Security selection was a further challenge. In particular, our choices among corporate-backed industrial development bonds underperformed comparable securities in the index. Here, our holdings in municipal debt affiliated with American Airlines, FirstEnergy Generation Corp. and Iowa Fertilizer Company produced lagging returns. Our choices among tobacco bonds hampered performance as well. Even as security selection was negative overall, we did see good results from bonds affiliated with U.S. Steel, which performed comparatively well as steel prices continued to recover.
With a healthy amount of new investment inflows during this reporting period, we made a number of purchases that helped keep the Fund fully invested. These portfolio additions included a handful of Kansas bonds, notably Overland Park sales tax bonds. However, we increasingly focused on buying higher-yielding out-of-state bonds that we saw as unduly punished later in the reporting period during the municipal market selloff. We believed that the reporting period-end challenges stemmed from technical selling pressures, rather than deteriorating fundamental factors. These purchases represented opportunities for the Fund to diversify, add to sectors in which we had traditional underweightings and invest at greater yields and better relative value than we had seen in some time. Furthermore, we felt these securities had the potential to outperform once market conditions improve. Out-of-state additions included the 3 World Trade Center Project (New York), LaGuardia Airport (New York), Goldman Sachs headquarters (New York), United Airlines Inc. (New York), Iowa Fertilizer and tobacco bonds from a handful of states.
New investment inflows in the Fund, coupled with bond calls and maturities, provided the bulk of the assets we used to finance new purchases. Meanwhile, our sales activity was limited. We sold a portion of the Fund’s exposure to U.S. Virgin Islands debt and took advantage of the reporting period-end conditions to swap some lower yielding bonds with comparable higher rated securities, thus adding yields to the portfolio not seen in the marketplace for some time. We also added to our exposure to the U.S. territorial bonds of Guam. At the end of the reporting period, the Fund’s exposure to Puerto Rico was 1.30% of the portfolio and consisted entirely of insured bonds.
Nuveen Kentucky Municipal Bond Fund
The Nuveen Kentucky Municipal Bond Fund’s Class A Shares at NAV performed in line with the S&P Municipal Bond Index for the six-month reporting period ended November 30, 2016. The Fund’s positive contribution was its duration positioning (meaning its sensitivity to changes in interest rates). Because longer duration bonds tend to be relatively scarce in Kentucky compared to in many other states, the Fund had elevated exposure to short-dated issues and, in corresponding fashion, a lower allocation to longer dated bonds. During the reporting period, shorter bonds held up better than long-term issues as interest rates rose.
The Fund’s credit rating positioning, however, was a damper on performance, owing to our lack of exposure to the lowest rated credit bucket. This credit tier enjoyed particularly strong results, so it was detrimental to our relative performance that we did not maintain a weighting in this category.
6 | NUVEEN |
Sector allocation added value, especially with respect to our underweighting in local general obligation bonds, which lagged the index. In addition, the Fund saw outperformance from its exposure to the health care sector. Meanwhile, security selection had a mixed impact. The Fund’s allocation to shorter duration bonds added value, but our longest duration holdings, including tender option bonds, struggled as long-term rates rose. The increase in rates also created a challenging environment for bonds purchased for the portfolio during this reporting period.
We received new investment inflows into the Kentucky Fund throughout most of the reporting period, but that situation started to shift when market conditions deteriorated later in the reporting period. On balance, we did more buying than selling. Purchases generally consisted of higher rated bonds with intermediate maturities. We were consistently looking to add longer maturity bonds to extend the portfolio’s duration, which was well short of our target. However, the lack of availability of these bonds led to our focus on intermediate-dated issues.
Most of our purchases took place early in the reporting period, when we had more proceeds to invest and saw a variety of opportunities that met our selection criteria. Funding for these purchases came primarily from investment inflows, as well as from the sale of some short-dated securities that helped us keep the Fund’s duration from getting too short.
Nuveen Michigan Municipal Bond Fund
The Nuveen Michigan Municipal Bond Fund’s Class A Shares at NAV underperformed the S&P Municipal Bond Index for the six-month reporting period ended November 30, 2016, due partly to the Fund’s duration positioning. Specifically, overweighting bonds with longer intermediate durations hampered results, given the negative effects of rising long-term interest rates on these issues’ returns. Underweighting shorter-dated bonds, which held up better amid difficult market conditions, also hurt results.
In addition, the Fund’s credit rating positioning hampered performance, due in part to limited exposure to the market’s lowest rated issues, which enjoyed relatively strong results. In addition, we had more exposure to the single-B credit rating tier via tobacco securitization bonds. During the reporting period, these bonds gave back some of their gains of recent years, so our increased weighting in the category was a negative for the Fund.
One notable positive factor, however, was security selection, led by our exposure to short-dated and currently callable bonds. This positive impact was partly offset by exposure to tender option bonds, which struggled in light of their long durations.
The Michigan Fund enjoyed solid investment inflows during the reporting period, which we successfully reinvested in new securities for the portfolio. We also applied the proceeds from bond calls and the sale of a modest number of short dated, higher quality bonds with limited performance prospects. New purchases made during the reporting period consisted of a state general obligation (GO) debt issue, two public higher education bonds, a public utility bond, state appropriation debt, two water and sewer bonds, and one health care issue. In general, these securities had intermediate maturities and credit ratings of A and higher. Our focus on the intermediate portion of the yield curve reflected our view that the risk/reward tradeoff here was superior to that of longer dated issues.
Although we were not active sellers during the reporting period, we did opt to exit the Fund’s position in Detroit-Wayne County Stadium Authority GO bonds, reinvesting the proceeds elsewhere. For several years, we have been underweighting credits in Southeast Michigan because we generally found the bonds unattractively valued relative to their yields.
Nuveen Missouri Municipal Bond Fund
The Nuveen Missouri Municipal Bond Fund’s Class A Shares at NAV lagged the S&P Municipal Bond Index for the six-month reporting period ended November 30, 2016. Duration and yield curve positioning were the primary detractors in relative terms.
Specifically, the portfolio’s duration, which measures its interest rate sensitivity, was longer than that of the index. Thus, the Fund was hurt more from rising interest rates. Furthermore, our overweighting in longer-term bonds hurt, as these securities underperformed.
To a lesser extent, coupon structure was also negative. The Fund had a larger exposure than the index in lower coupon bonds, which underperformed their higher coupon counterparts as interest rates rose.
Relative performance from individual security selection was mixed for the reporting period. In particular, the Fund’s lower rated and non-rated holdings tended to outpace similarly rated securities in the index. We were active purchasers of bonds during the reporting
NUVEEN | 7 |
Portfolio Managers’ Comments (continued)
period, taking advantage of an ample supply of bonds in the primary and secondary Missouri municipal market that afforded us opportunities to purchase at prices we viewed as attractive relative values.
Some of our purchases resulted from opportunities we saw toward the end of the reporting period to replace lower coupon holdings, which tend to be more volatile, with comparable higher coupon bonds, which helped enhance the portfolio’s income stream. We were also active in the health care sector, where we worked to swap or replace holdings that had been called during the reporting period. Notable purchases in the sector included bonds of BJC Health System, St. Luke’s Health System and Children’s Mercy Hospital.
At the end of the reporting period, the Fund’s exposure to Puerto Rico was 1.27% of the portfolio and consisted entirely of insured bonds.
Nuveen Ohio Municipal Bond Fund
The Nuveen Ohio Municipal Bond Fund’s Class A Shares at NAV trailed the S&P Municipal Bond Index for the six-month reporting period ended November 30, 2016. One challenge to relative performance was duration positioning. We were both underweighted in very short duration bonds and overweighted in longer duration securities. Both factors hampered performance on a relative basis given that shorter dated bonds did better than longer issues.
The Fund also struggled with credit positioning, especially underweighting the lowest rating tiers, which outperformed the market as a whole. The Fund’s increased exposure to bonds with a credit rating of B also proved negative, as our tobacco securitization bonds struggled in a difficult market environment during the reporting period.
In contrast, the performance impact of our sector allocation was essentially neutral. On the positive side, underweighting local general obligation debt added value in light of this category’s relative underperformance. Offsetting this factor, however, was an overweighting in the lagging water/sewer bond sector category.
Security selection was negative, partly due to exposure to tender option bonds, which were hampered by their long durations. In addition, in August 2016, we established a position in the bonds of FirstEnergy Generation Corp., an energy producer that unexpectedly announced possible future debt restructuring tied to the company’s financial difficulties. Following this announcement, the bonds lost significant value and had a negative impact on the Fund’s results.
With new investment inflows to put to work, as well as call proceeds, we were active buyers in the Ohio municipal bond market, purchasing bonds across a diversified collection of sectors. We primarily purchased securities with higher credit ratings and intermediate maturities, as we saw better value in this portion of the yield curve than we did among longer-dated issues. Our purchases included three different water/sewer bond deals, two local general obligation bond issues, two state general obligation bonds, two dedicated-tax issues, local appropriation bonds, local utility bonds and public higher education issues.
Nuveen Wisconsin Municipal Bond Fund
The Nuveen Wisconsin Municipal Bond Fund’s Class A Shares at NAV underperformed the S&P Municipal Bond Index for the six-month reporting period ended November 30, 2016.
Credit quality was the chief detractor from relative results. Specifically, we were overweighted in lower investment grade securities and non-rated bonds. Given that investors tended to favor lower yielding, higher quality bonds as interest rates rose during the reporting period, our emphasis on the lower quality and non-rated credit tiers proved detrimental in relative terms. Our allocation to highly rated Wisconsin bonds was helpful, as they proved to be somewhat defensive as rates rose.
Duration positioning also detracted. Our emphasis on bonds with more interest rate sensitivity hurt as interest rates rose.
Sector positioning produced mixed results. Specifically, we were hurt by our significant overweighting in the health care sector, which lagged the index during the reporting period. In contrast, the Fund’s underweighted exposure to tobacco bonds was helpful. 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 weak results, our relatively lower exposure to the entire category modestly boosted relative performance.
8 | NUVEEN |
During the reporting period, our approach to investing in Wisconsin bonds was to use the proceeds of investment inflows, bond calls, bond maturities and the sale of some of our U.S. Virgin Islands holdings to purchase fully tax-exempt Wisconsin bonds with relatively attractive yields.
New in-state purchases were concentrated in the intermediate- and long-maturity range, and spread across a number of sectors including sales tax backed, health care and utilities. 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 with corporate-backed industrial development revenue, transportation and tobacco bonds, we were able to add liquid bonds with attractive yields in sectors where issuance in Wisconsin is relatively infrequent. Investing out of state also helped us to enhance the Fund’s diversification. New out-of-state bond purchases during the reporting period included the 3 World Trade Center Project (New York), industrial development revenue bonds from various states, LaGuardia Airport (New York) and tobacco bonds from various states.
The Fund maintained allocations to U.S. territorial bonds, which may offer exemption from most federal, state and local taxes. During the reporting period, in addition to reducing the Fund’s exposure to U.S. Virgin Islands debt, we added to exposure to Guam credits, whose credit quality we found more attractive. At the end of the reporting period, the Fund’s exposure to Puerto Rico was 1.6% of the portfolio and consisted entirely of insured bonds.
An Update Regarding 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 bankruptcy, which is currently not available by law. On June 30, 2016, 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. On October 4, 2016, the Funds’ current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but may do so in the future. Thus there is an increased risk that the organization acting as each Fund’s pricing service may change, or that the Funds’ pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund’s shares.
NUVEEN | 9 |
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 their 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 November 30, 2016, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
All monthly dividends paid by each Fund 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.
10 | 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. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are not annualized. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit Nuveen.com or call (800) 257-8787.
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.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns 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 its investment capital. The effective leverage ratio shown for each Fund is the amount of investment exposure created either directly 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. The Funds have not borrowed on a longer-term basis for investment purposes, and do not have any plans to do so. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to pay cash out to redeeming shareholders or to settle portfolio trades. Such incidental borrowings, described generally in Notes to Financial Statements, Note 8—Borrowing Arrangements, are excluded from the calculation of a Fund’s effective leverage ratio.
NUVEEN | 11 |
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 November 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (3.50)% | (0.39)% | 3.70% | 4.03% | ||||||||||||
Class A Shares at maximum Offering Price | (7.57)% | (4.56)% | 2.80% | 3.59% | ||||||||||||
S&P Municipal Bond Index | (2.82)% | 0.48% | 3.74% | 4.07% | ||||||||||||
Lipper Other States Municipal Debt Funds Classification Average | (2.82)% | 0.08% | 2.98% | 3.16% | ||||||||||||
Class C2 Shares | (3.85)% | (0.93)% | 3.12% | 3.45% | ||||||||||||
Class I Shares | (3.47)% | (0.18)% | 3.91% | 4.23% |
Cumulative | Average Annual | |||||||||
6-Month | 1-Year | Since Inception | ||||||||
Class C Shares | (3.89)% | (1.16)% | 3.08% |
Average Annual Total Returns as of December 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (4.52)% | (0.49)% | 3.38% | 4.13% | ||||||||||||
Class A Shares at maximum Offering Price | (8.49)% | (4.64)% | 2.51% | 3.68% | ||||||||||||
Class C2 Shares | (4.78)% | (1.03)% | 2.82% | 3.56% | ||||||||||||
Class I Shares | (4.39)% | (0.27)% | 3.59% | 4.34% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (4.91)% | (1.27)% | 3.17% |
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 ($250,000 effective November 1, 2016) 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), equal to 1% if redeemed within eighteen months of purchase. Class C and 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 November 30, 2016
Effective Leverage Ratio | 5.76% |
12 | NUVEEN |
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 November 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (2.81)% | (0.07)% | 3.38% | 3.65% | ||||||||||||
Class A Shares at maximum Offering Price | (6.87)% | (4.29)% | 2.50% | 3.21% | ||||||||||||
S&P Municipal Bond Index | (2.82)% | 0.48% | 3.74% | 4.07% | ||||||||||||
Lipper Other States Municipal Debt Funds Classification Average | (2.82)% | 0.08% | 2.98% | 3.16% | ||||||||||||
Class C2 Shares | (3.07)% | (0.70)% | 2.82% | 3.08% | ||||||||||||
Class I Shares | (2.61)% | 0.14% | 3.61% | 3.87% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (3.20)% | (0.87)% | 2.47% |
Average Annual Total Returns as of December 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (3.37)% | 0.22% | 3.15% | 3.77% | ||||||||||||
Class A Shares at maximum Offering Price | (7.44)% | (4.00)% | 2.27% | 3.32% | ||||||||||||
Class C2 Shares | (3.54)% | (0.31)% | 2.61% | 3.21% | ||||||||||||
Class I Shares | (3.18)% | 0.44% | 3.38% | 3.98% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (3.76)% | (0.67)% | 2.65% |
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 ($250,000 effective November 1, 2016) 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), equal to 1% if redeemed within eighteen months of purchase. Class C and 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 November 30, 2016
Effective Leverage Ratio | 8.54% |
NUVEEN | 13 |
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 November 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (3.56)% | (0.14)% | 3.83% | 3.81% | ||||||||||||
Class A Shares at maximum Offering Price | (7.61)% | (4.32)% | 2.94% | 3.37% | ||||||||||||
S&P Municipal Bond Index | (2.82)% | 0.48% | 3.74% | 4.07% | ||||||||||||
Lipper Other States Municipal Debt Funds Classification Average | (2.82)% | 0.08% | 2.98% | 3.16% | ||||||||||||
Class C2 Shares | (3.91)% | (0.75)% | 3.26% | 3.23% | ||||||||||||
Class I Shares | (3.46)% | 0.06% | 4.05% | 4.01% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (3.95)% | (0.92)% | 3.14% |
Average Annual Total Returns as of December 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (4.08)% | 0.18% | 3.77% | 3.97% | ||||||||||||
Class A Shares at maximum Offering Price | (8.12)% | (4.00)% | 2.89% | 3.52% | ||||||||||||
Class C2 Shares | (4.43)% | (0.35)% | 3.20% | 3.40% | ||||||||||||
Class I Shares | (3.98)% | 0.38% | 3.98% | 4.18% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (4.47)% | (0.61)% | 3.46% |
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 ($250,000 effective November 1, 2016) 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), equal to 1% if redeemed within eighteen months of purchase. Class C and 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 November 30, 2016
Effective Leverage Ratio | 3.70% |
14 | NUVEEN |
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 November 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (3.09)% | 0.66% | 3.98% | 4.03% | ||||||||||||
Class A Shares at maximum Offering Price | (7.17)% | (3.58)% | 3.10% | 3.59% | ||||||||||||
S&P Municipal Bond Index | (2.82)% | 0.48% | 3.74% | 4.07% | ||||||||||||
Lipper Other States Municipal Debt Funds Classification Average | (2.82)% | 0.08% | 2.98% | 3.16% | ||||||||||||
Class C2 Shares | (3.35)% | 0.14% | 3.43% | 3.47% | ||||||||||||
Class I Shares | (2.99)% | 0.79% | 4.18% | 4.24% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (3.47)% | (0.12)% | 3.04% |
Average Annual Total Returns as of December 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (3.64)% | 1.06% | 3.83% | 4.21% | ||||||||||||
Class A Shares at maximum Offering Price | (7.71)% | (3.17)% | 2.94% | 3.76% | ||||||||||||
Class C2 Shares | (3.99)% | 0.45% | 3.26% | 3.63% | ||||||||||||
Class I Shares | (3.54)% | 1.27% | 4.03% | 4.41% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (4.12)% | 0.19% | 3.34% |
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 ($250,000 effective November 1, 2016) 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), equal to 1% if redeemed within eighteen months of purchase. Class C and 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% | 1.58% | 1.34% | 0.59% |
Effective Leverage Ratio as of November 30, 2016
Effective Leverage Ratio | 0.00% |
NUVEEN | 15 |
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 November 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (4.12)% | (0.18)% | 3.76% | 3.90% | ||||||||||||
Class A Shares at maximum Offering Price | (8.14)% | �� | (4.39)% | 2.88% | 3.45% | |||||||||||
S&P Municipal Bond Index | (2.82)% | 0.48% | 3.74% | 4.07% | ||||||||||||
Lipper Ohio Municipal Debt Funds Classification Average | (3.07)% | 0.32% | 3.28% | 3.09% | ||||||||||||
Class C2 Shares | (4.40)% | (0.74)% | 3.19% | 3.33% | ||||||||||||
Class I Shares | (4.11)% | 0.02% | 3.96% | 4.10% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (4.52)% | (0.96)% | 2.80% |
Average Annual Total Returns as of December 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (4.78)% | 0.15% | 3.66% | 4.07% | ||||||||||||
Class A Shares at maximum Offering Price | (8.78)% | (4.05)% | 2.77% | 3.62% | ||||||||||||
Class C2 Shares | (4.98)% | (0.41)% | 3.09% | 3.50% | ||||||||||||
Class I Shares | (4.69)% | 0.35% | 3.86% | 4.28% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (5.11)% | (0.64)% | 3.14% |
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 ($250,000 effective November 1, 2016) 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), equal to 1% if redeemed within eighteen months of purchase. Class C and 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% | 1.58% | 1.34% | 0.59% |
Effective Leverage Ratio as of November 30, 2016
Effective Leverage Ratio | 5.26% |
16 | NUVEEN |
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 November 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (4.20)% | (0.82)% | 3.26% | 3.72% | ||||||||||||
Class A Shares at maximum Offering Price | (8.20)% | (4.95)% | 2.39% | 3.27% | ||||||||||||
S&P Municipal Bond Index | (2.82)% | 0.48% | 3.74% | 4.07% | ||||||||||||
Lipper Other States Municipal Debt Funds Classification Average | (2.82)% | 0.08% | 2.98% | 3.16% | ||||||||||||
Class C2 Shares | (4.55)% | (1.37)% | 2.67% | 3.14% | ||||||||||||
Class I Shares | (4.18)% | (0.70)% | 3.46% | 3.94% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (4.57)% | (1.58)% | 3.22% |
Average Annual Total Returns as of December 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (5.33)% | (0.88)% | 2.99% | 3.84% | ||||||||||||
Class A Shares at maximum Offering Price | (9.30)% | (5.07)% | 2.12% | 3.40% | ||||||||||||
Class C2 Shares | (5.68)% | (1.52)% | 2.42% | 3.26% | ||||||||||||
Class I Shares | (5.30)% | (0.76)% | 3.19% | 4.05% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | (5.70)% | (1.64)% | 3.35% |
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 ($250,000 effective November 1, 2016) 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), equal to 1% if redeemed within eighteen months of purchase. Class C and 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 | 0.86% | 1.66% | 1.42% | 0.66% |
Effective Leverage Ratio as of November 30, 2016
Effective Leverage Ratio | 2.87% |
NUVEEN | 17 |
Yields as of November 30, 2016
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 | 3.38% | 2.68% | 2.96% | 3.74% | ||||||||||||
SEC 30-Day Yield | 2.19% | 1.47% | 1.73% | 2.49% | ||||||||||||
Taxable-Equivalent Yield (31.3)%2 | 3.19% | 2.14% | 2.52% | 3.62% |
Nuveen Kentucky Municipal Bond Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.59% | 2.91% | 3.19% | 3.97% | ||||||||||||
SEC 30-Day Yield | 1.67% | 0.94% | 1.19% | 1.95% | ||||||||||||
Taxable-Equivalent Yield (32.3)%2 | 2.47% | 1.39% | 1.76% | 2.88% |
Nuveen Michigan Municipal Bond Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.02% | 2.30% | 2.57% | 3.36% | ||||||||||||
SEC 30-Day Yield | 1.79% | 1.05% | 1.31% | 2.07% | ||||||||||||
Taxable-Equivalent Yield (31.1)%2 | 2.60% | 1.52% | 1.90% | 3.00% |
Nuveen Missouri Municipal Bond Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.22% | 2.56% | 2.83% | 3.58% | ||||||||||||
SEC 30-Day Yield | 2.25% | 1.53% | 1.78% | 2.55% | ||||||||||||
Taxable-Equivalent Yield (32.3)%2 | 3.32% | 2.26% | 2.63% | 3.77% |
18 | NUVEEN |
Nuveen Ohio Municipal Bond Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.03% | 2.32% | 2.58% | 3.39% | ||||||||||||
SEC 30-Day Yield – Subsidized | 1.96% | 1.23% | 1.48% | 2.25% | ||||||||||||
SEC 30-Day Yield – Unsubsidized | 1.96% | 1.23% | 1.48% | 2.25% | ||||||||||||
Taxable-Equivalent Yield – Subsidized (31.5)%2 | 2.86% | 1.80% | 2.16% | 3.28% | ||||||||||||
Taxable-Equivalent Yield – Unsubsidized (31.5)%2 | 2.86% | 1.80% | 2.16% | 3.28% |
Nuveen Wisconsin Municipal Bond Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.10% | 2.43% | 2.66% | 3.46% | ||||||||||||
SEC 30-Day Yield | 2.28% | 1.56% | 1.82% | 2.58% | ||||||||||||
Taxable-Equivalent Yield (32.5)%2 | 3.38% | 2.31% | 2.70% | 3.82% |
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 | 19 |
Summaries as of November 30, 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.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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 | 102.2%1 | |||
Other Assets Less Liabilities | 1.7% | |||
Net Assets Plus Floating Rate Obligations | 103.9% | |||
Floating Rate Obligations | (3.9)% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 24.9% | |||
Health Care | 16.5% | |||
U.S. Guaranteed | 15.9% | |||
Utilities | 9.0% | |||
Tax Obligation/General | 6.9% | |||
Education and Civic Organizations | 5.9% | |||
Transportation | 5.5% | |||
Water and Sewer | 4.6% | |||
Other | 10.8% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 21.1% | |||
AA | 23.4% | |||
A | 27.4% | |||
BBB | 9.0% | |||
BB or Lower | 9.8% | |||
N/R (not rated) | 9.3% | |||
Total | 100% |
1 | Includes 20.3% in U.S. territory bonds, including Puerto Rico, Guam and U.S. Virgin Islands. |
20 | 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 | 22.2% | |||
U.S. Guaranteed | 18.7% | |||
Tax Obligation/Limited | 18.3% | |||
Education and Civic Organizations | 10.9% | |||
Utilities | 10.7% | |||
Transportation | 9.6% | |||
Water and Sewer | 8.0% | |||
Other | 1.6% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 23.9% | |||
AA | 39.3% | |||
A | 25.8% | |||
BBB | 10.1% | |||
BB or Lower | 0.1% | |||
N/R (not rated) | 0.8% | |||
Total | 100% |
NUVEEN | 21 |
Holding Summaries as of November 30, 2016 (continued)
Nuveen Michigan Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 100.5% | |||
Other Assets Less Liabilities | 1.8% | |||
Net Assets Plus Floating Rate Obligations | 102.3% | |||
Floating Rate Obligations | (2.3)% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/General | 20.4% | |||
Education and Civic Organizations | 19.3% | |||
U.S. Guaranteed | 19.2% | |||
Tax Obligation/Limited | 11.5% | |||
Health Care | 8.9% | |||
Utilities | 8.1% | |||
Water and Sewer | 8.1% | |||
Other | 4.5% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 29.0% | |||
AA | 51.9% | |||
A | 14.4% | |||
BBB | 0.8% | |||
BB or Lower | 2.8% | |||
N/R (not rated) | 1.1% | |||
Total | 100% |
22 | NUVEEN |
Nuveen Missouri Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 97.7% | |||
Other Assets Less Liabilities | 2.3% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Health Care | 20.2% | |||
Tax Obligation/Limited | 18.6% | |||
Education and Civic Organizations | 12.3% | |||
U.S. Guaranteed | 11.3% | |||
Tax Obligation/General | 10.5% | |||
Long-Term Care | 7.3% | |||
Water and Sewer | 7.1% | |||
Utilities | 6.0% | |||
Other | 6.7% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 16.1% | |||
AA | 35.1% | |||
A | 27.5% | |||
BBB | 8.7% | |||
BB or Lower | 2.6% | |||
N/R (not rated) | 10.0% | |||
Total | 100% |
NUVEEN | 23 |
Holding Summaries as of November 30, 2016 (continued)
Nuveen Ohio Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 99.1% | |||
Other Assets Less Liabilities | 0.9% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 19.1% | |||
Tax Obligation/General | 15.4% | |||
Water and Sewer | 14.8% | |||
Health Care | 13.6% | |||
U.S. Guaranteed | 11.1% | |||
Transportation | 7.6% | |||
Education and Civic Organizations | 6.8% | |||
Other | 11.6% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 26.4% | |||
AA | 50.8% | |||
A | 12.7% | |||
BBB | 5.0% | |||
BB or Lower | 4.0% | |||
N/R (not rated) | 1.1% | |||
Total | 100% |
24 | NUVEEN |
Nuveen Wisconsin Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 97.9%1 | |||
Other Assets Less Liabilities | 2.1% | |||
Net Assets | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 41.0% | |||
U.S. Guaranteed | 11.0% | |||
Housing/MultiFamily | 8.4% | |||
Health Care | 7.5% | |||
Long-Term Care | 7.4% | |||
Water and Sewer | 5.6% | |||
Transportation | 4.9% | |||
Other | 14.2% | |||
Total | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 11.8% | |||
AA | 24.7% | |||
A | 35.7% | |||
BBB | 11.2% | |||
BB or Lower | 6.3% | |||
N/R (not rated) | 10.3% | |||
Total | 100% |
1 | Includes 23.3% in U.S. territory bonds, including Puerto Rico, Guam and U.S. Virgin Islands. |
NUVEEN | 25 |
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 November 30, 2016.
The beginning of the period is June 1, 2016.
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 | $ | 965.00 | $ | 961.10 | $ | 961.50 | $ | 965.30 | ||||||||
Expenses Incurred During the Period | $ | 3.94 | $ | 7.87 | $ | 6.64 | $ | 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 | $ | 1,021.06 | $ | 1,017.05 | $ | 1,018.30 | $ | 1,022.06 | ||||||||
Expenses Incurred During the Period | $ | 4.05 | $ | 8.09 | $ | 6.83 | $ | 3.04 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.80%, 1.60%, 1.35% and 0.60% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
26 | 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 | $ | 971.90 | $ | 968.00 | $ | 969.30 | $ | 973.90 | ||||||||
Expenses Incurred During the Period | $ | 3.86 | $ | 7.79 | $ | 6.57 | $ | 2.87 | ||||||||
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 | $ | 1,021.16 | $ | 1,017.15 | $ | 1,018.40 | $ | 1,022.16 | ||||||||
Expenses Incurred During the Period | $ | 3.95 | $ | 7.99 | $ | 6.73 | $ | 2.94 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.78%, 1.58%, 1.33% and 0.58% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (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 | $ | 964.40 | $ | 960.50 | $ | 960.90 | $ | 965.40 | ||||||||
Expenses Incurred During the Period | $ | 4.04 | $ | 7.96 | $ | 6.73 | $ | 3.05 | ||||||||
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 | $ | 1,020.96 | $ | 1,016.95 | $ | 1,018.20 | $ | 1,021.96 | ||||||||
Expenses Incurred During the Period | $ | 4.15 | $ | 8.19 | $ | 6.93 | $ | 3.14 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.82%, 1.62%, 1.37% and 0.62% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (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 | $ | 969.10 | $ | 965.30 | $ | 966.50 | $ | 970.10 | ||||||||
Expenses Incurred During the Period | $ | 3.85 | $ | 7.78 | $ | 6.56 | $ | 2.86 | ||||||||
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 | $ | 1,021.16 | $ | 1,017.15 | $ | 1,018.40 | $ | 1,022.16 | ||||||||
Expenses Incurred During the Period | $ | 3.95 | $ | 7.99 | $ | 6.73 | $ | 2.94 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.78%, 1.58%, 1.33% and 0.58% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
NUVEEN | 27 |
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 | $ | 958.80 | $ | 954.80 | $ | 956.00 | $ | 958.90 | ||||||||
Expenses Incurred During the Period | $ | 3.83 | $ | 7.74 | $ | 6.52 | $ | 2.45 | ||||||||
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 | $ | 1,021.16 | $ | 1,017.15 | $ | 1,018.40 | $ | 1,022.16 | ||||||||
Expenses Incurred During the Period | $ | 3.95 | $ | 7.99 | $ | 6.73 | $ | 2.94 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.78%, 1.58%, 1.33% and 0.58% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (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 | $ | 958.00 | $ | 954.30 | $ | 954.50 | $ | 958.20 | ||||||||
Expenses Incurred During the Period | $ | 4.17 | $ | 8.08 | $ | 6.86 | $ | 3.19 | ||||||||
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 | $ | 1,020.81 | $ | 1,016.80 | $ | 1,018.05 | $ | 1,021.81 | ||||||||
Expenses Incurred During the Period | $ | 4.31 | $ | 8.34 | $ | 7.08 | $ | 3.29 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.85%, 1.65%, 1.40% and 0.65% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
28 | NUVEEN |
Nuveen Kansas Municipal Bond Fund
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 102.2% | ||||||||||||||||
MUNICIPAL BONDS – 102.2% | ||||||||||||||||
Consumer Staples – 4.6% | ||||||||||||||||
$ | 520 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24 | 6/17 at 100.00 | B– | $ | 455,510 | ||||||||||
1,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.450%, 6/01/28 | 12/18 at 100.00 | B3 | 1,003,720 | ||||||||||||
205 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33 | 6/17 at 100.00 | B– | 185,968 | ||||||||||||
1,165 | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32 | 6/17 at 100.00 | N/R | 1,155,855 | ||||||||||||
960 | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 4.625%, 6/01/21 | 6/17 at 100.00 | N/R | 960,259 | ||||||||||||
1,500 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/42 at 100.00 | B+ | 1,398,060 | ||||||||||||
750 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 6/17 at 100.00 | B+ | 732,435 | ||||||||||||
625 | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2016A. Including 2016A-1, 2016A-2A and 2016A-2B, 5.000%, 6/01/51 | 6/26 at 100.00 | N/R | 656,594 | ||||||||||||
1,535 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 | 5/39 at 100.00 | BBB– | 1,540,526 | ||||||||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | ||||||||||||||||
130 | 4.625%, 6/01/26 | 6/17 at 100.00 | B+ | 128,877 | ||||||||||||
150 | 5.000%, 6/01/29 | 6/17 at 100.00 | B | 139,005 | ||||||||||||
325 | 4.750%, 6/01/34 | 6/17 at 100.00 | B– | 276,861 | ||||||||||||
2,640 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42 | 6/42 at 100.00 | B– | 2,452,586 | ||||||||||||
11,505 | Total Consumer Staples | 11,086,256 | ||||||||||||||
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 | 728,892 | ||||||||||||
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 | 266,405 | ||||||||||||
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 | 1,868,802 | ||||||||||||
2,000 | 5.250%, 6/01/42 | 6/21 at 100.00 | Aa3 | 2,171,340 | ||||||||||||
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 | 3,326,942 | ||||||||||||
1,000 | New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 (WI/DD, Settling 8/22/06) – AMBAC Insured | 2/17 at 100.00 | BBB | 1,000,230 | ||||||||||||
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 | 1,788,045 |
NUVEEN | 29 |
Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Education and Civic Organizations (continued) | ||||||||||||||||
$ | 3,135 | Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | A1 | $ | 3,413,106 | ||||||||||
13,775 | Total Education and Civic Organizations | 14,563,762 | ||||||||||||||
Financials – 0.5% | ||||||||||||||||
1,020 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | No Opt. Call | A | 1,194,961 | ||||||||||||
Health Care – 16.9% | ||||||||||||||||
875 | Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 5.000%, 2/15/36 | 2/27 at 100.00 | BBB | 896,744 | ||||||||||||
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 | 4,137,744 | ||||||||||||
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– | 5,325,099 | ||||||||||||
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 | 2,051,000 | ||||||||||||
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 | 3,946,222 | ||||||||||||
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 | 2,121,380 | ||||||||||||
8,650 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.750%, 11/15/38 (UB) (4) | 11/19 at 100.00 | AA | 9,532,560 | ||||||||||||
135 | Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/23 | 1/20 at 100.00 | AA– | 147,740 | ||||||||||||
1,750 | Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 2015-XF0063-1, 16.218%, 1/01/18 (IF) | 1/20 at 100.00 | AA– | 2,421,143 | ||||||||||||
197 | Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 (UB) | 1/20 at 100.00 | AA– | 209,182 | ||||||||||||
3,250 | Labette County Medical Center, Kansas, Revenue Bonds, Series 2007A, 5.750%, 9/01/37 | 9/17 at 100.00 | N/R | 3,277,690 | ||||||||||||
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+ | 3,286,740 | ||||||||||||
1,000 | Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2010A, 5.000%, 9/01/30 | 9/19 at 100.00 | A+ | 1,061,680 | ||||||||||||
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– | 2,177,180 | ||||||||||||
37,522 | Total Health Care | 40,592,104 | ||||||||||||||
Housing/Single Family – 0.0% | ||||||||||||||||
15 | 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 | 15,669 | ||||||||||||
Industrials – 1.3% | ||||||||||||||||
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 | 182,164 |
30 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Industrials (continued) | ||||||||||||||||
$ | 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 | $ | 407,171 | ||||||||||
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 | 360,302 | ||||||||||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | ||||||||||||||||
620 | 5.000%, 12/01/19 | No Opt. Call | B | 619,058 | ||||||||||||
205 | 5.500%, 12/01/22 | 12/18 at 100.00 | B | 202,491 | ||||||||||||
355 | 5.250%, 12/01/25 | 12/23 at 100.00 | B | 344,744 | ||||||||||||
530 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26 | 6/18 at 105.00 | N/R | 528,219 | ||||||||||||
435 | 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 | 442,099 | ||||||||||||
3,110 | Total Industrials | 3,086,248 | ||||||||||||||
Long-Term Care – 4.2% | ||||||||||||||||
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 | 3,363,969 | ||||||||||||
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 | 35,161 | ||||||||||||
1,100 | 5.500%, 5/15/39 | 5/17 at 100.00 | N/R | 1,103,597 | ||||||||||||
2,030 | Olathe, Kansas, Senior Living Facility Revenue Bonds, Aberdeen Village Inc, Refunding Series 2005A, 5.600%, 5/15/28 | 5/28 at 100.00 | N/R | 2,030,690 | ||||||||||||
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 | 2,891,855 | ||||||||||||
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 | 696,282 | ||||||||||||
9,670 | Total Long-Term Care | 10,121,554 | ||||||||||||||
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 | 1,000,050 | ||||||||||||
Tax Obligation/General – 7.0% | ||||||||||||||||
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 | 2,125,400 | ||||||||||||
1,500 | Anderson County, Kansas, General Obligation Bonds, Refunding and Improvent Series 2013A, 5.000%, 8/01/33 – AGM Insured | 8/23 at 100.00 | AA | 1,638,330 | ||||||||||||
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 | 2,605,568 | ||||||||||||
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– | 2,302,720 | ||||||||||||
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– | 2,471,106 | ||||||||||||
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– | 1,659,741 |
NUVEEN | 31 |
Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/General (continued) | ||||||||||||||||
$ | 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 | $ | 1,431,250 | ||||||||||
45 | 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 | 47,660 | ||||||||||||
2,000 | Wichita, Kansas, General Obligation Bonds, Airport Series 2015C, 5.000%, 12/01/39 (Alternative Minimum Tax) | 12/25 at 100.00 | AA+ | 2,151,520 | ||||||||||||
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– | 416,481 | ||||||||||||
15,125 | Total Tax Obligation/General | 16,849,776 | ||||||||||||||
Tax Obligation/Limited – 25.5% | ||||||||||||||||
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 | 2,595,370 | ||||||||||||
1,320 | 5.000%, 6/01/31 – AGM Insured | 6/27 at 100.00 | AA | 1,485,858 | ||||||||||||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||||||||||||
1,860 | 5.000%, 11/15/24 | No Opt. Call | A | 2,081,786 | ||||||||||||
3,000 | 5.000%, 11/15/30 | 11/25 at 100.00 | A | 3,261,630 | ||||||||||||
Government of Guam, Business Privilege Tax Bonds, Series 2011A: | ||||||||||||||||
650 | 5.250%, 1/01/36 | 1/22 at 100.00 | A | 683,677 | ||||||||||||
3,375 | 5.125%, 1/01/42 | 1/22 at 100.00 | A | 3,522,791 | ||||||||||||
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1: | ||||||||||||||||
1,495 | 5.000%, 1/01/32 | No Opt. Call | A | 1,563,830 | ||||||||||||
1,910 | 5.000%, 1/01/42 | 1/22 at 100.00 | A | 1,981,033 | ||||||||||||
990 | Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.500%, 11/01/40 | No Opt. Call | A– | 1,146,905 | ||||||||||||
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: | ||||||||||||||||
1,000 | 5.000%, 12/01/23 | No Opt. Call | BBB+ | 1,128,840 | ||||||||||||
3,585 | 5.000%, 12/01/32 | 12/26 at 100.00 | BBB+ | 3,946,476 | ||||||||||||
1,015 | 5.000%, 12/01/33 | 12/26 at 100.00 | BBB+ | 1,112,034 | ||||||||||||
4,250 | 5.000%, 12/01/46 | 12/26 at 100.00 | BBB+ | 4,579,374 | ||||||||||||
1,000 | Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23 – AMBAC Insured | No Opt. Call | BBB | 772,910 | ||||||||||||
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 | 1,411,331 | ||||||||||||
1,020 | 4.000%, 9/01/26 | 9/20 at 100.00 | AAA | 1,089,809 | ||||||||||||
1,000 | 4.000%, 9/01/27 | 9/20 at 100.00 | AAA | 1,068,440 | ||||||||||||
1,220 | 4.125%, 9/01/28 | 9/20 at 100.00 | AAA | 1,308,975 | ||||||||||||
1,270 | 4.250%, 9/01/29 | 9/20 at 100.00 | AAA | 1,369,746 | ||||||||||||
Kansas Department of Transportation, Highway Revenue Bonds, Series 2015B: | ||||||||||||||||
1,500 | 5.000%, 9/01/26 | 9/25 at 100.00 | AAA | 1,787,460 | ||||||||||||
1,500 | 5.000%, 9/01/35 | 9/25 at 100.00 | AAA | 1,719,420 | ||||||||||||
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 | 4/17 at 100.00 | Aa3 | 368,059 | ||||||||||||
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 | 1,796,185 |
32 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 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 | A+ | $ | 1,529,206 | ||||||||||
40 | Kansas Development Finance Authority, Revenue Bonds, State Projects, Series 2001W, 5.000%, 10/01/17 – NPFG Insured | 4/17 at 100.00 | AA– | 40,135 | ||||||||||||
360 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.250%, 6/15/50 | No Opt. Call | BBB | 370,163 | ||||||||||||
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+ | 4,994,599 | ||||||||||||
2,080 | 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 | 2,144,251 | ||||||||||||
Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire Community Improvement District No. 1 Project, Series 2012B: | ||||||||||||||||
200 | 5.250%, 12/15/29 | 12/22 at 100.00 | N/R | 173,542 | ||||||||||||
100 | 6.100%, 12/15/34 | No Opt. Call | N/R | 86,531 | ||||||||||||
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 | 2,458,928 | ||||||||||||
1,500 | Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/27 – AMBAC Insured | No Opt. Call | Ca | 1,588,200 | ||||||||||||
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 | 2,122,320 | ||||||||||||
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+ | 1,574,144 | ||||||||||||
1,260 | 5.000%, 12/01/26 | 12/24 at 100.00 | A+ | 1,434,976 | ||||||||||||
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 | 684,341 | ||||||||||||
57,395 | Total Tax Obligation/Limited | 60,983,275 | ||||||||||||||
Transportation – 5.6% | ||||||||||||||||
505 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 4.750%, 7/01/24 (Alternative Minimum Tax) | No Opt. Call | BB– | 542,855 | ||||||||||||
1,930 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, 5.000%, 1/01/41 | 7/26 at 100.00 | AA– | 2,082,354 | ||||||||||||
100 | Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/46 (Alternative Minimum Tax) | 9/26 at 100.00 | BBB+ | 105,971 | ||||||||||||
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) | 1/19 at 100.00 | N/R | 1,002,330 | ||||||||||||
310 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 5.000%, 8/01/21 (Alternative Minimum Tax) | No Opt. Call | BB– | 336,576 | ||||||||||||
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016: | ||||||||||||||||
1,905 | 5.000%, 8/01/26 (Mandatory put 8/01/21) (Pre-refunded N/A) (Alternative Minimum Tax) | 8/21 at 100.00 | BB | 1,999,964 | ||||||||||||
3,405 | 5.000%, 8/01/31 (Mandatory put 8/01/21) (Pre-refunded N/A) (Alternative Minimum Tax) | 8/21 at 100.00 | BB | 3,460,433 |
NUVEEN | 33 |
Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Transportation (continued) | ||||||||||||||||
$ | 1,515 | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | $ | 1,542,588 | ||||||||||
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+ | 1,333,572 | ||||||||||||
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 | 1,014,826 | ||||||||||||
12,840 | Total Transportation | 13,421,469 | ||||||||||||||
U.S. Guaranteed – 16.2% (5) | ||||||||||||||||
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 (5) | 2,130,780 | ||||||||||||
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 (5) | 1,087,500 | ||||||||||||
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 (5) | 2,514,770 | ||||||||||||
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– (5) | 2,597,825 | ||||||||||||
1,115 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19) | 12/19 at 100.00 | BBB+ (5) | 1,255,256 | ||||||||||||
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 (5) | 3,440,820 | ||||||||||||
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 (5) | 1,791,948 | ||||||||||||
1,855 | 5.000%, 7/01/32 (Pre-refunded 7/01/17) | 7/17 at 100.00 | A1 (5) | 1,899,464 | ||||||||||||
2,400 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009D, 5.000%, 11/15/29 (Pre-refunded 11/15/17) (UB) (4) | 11/17 at 100.00 | AA (5) | 2,493,624 | ||||||||||||
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A1/10/2017 | ||||||||||||||||
865 | 5.000%, 1/01/23 (Pre-refunded 1/01/20) | 1/20 at 100.00 | N/R (5) | 952,106 | ||||||||||||
1,318 | 5.000%, 1/01/40 (Pre-refunded 1/01/20) (UB) | 1/20 at 100.00 | N/R (5) | 1,451,160 | ||||||||||||
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– (5) | 1,163,850 | ||||||||||||
1,955 | Sedgwick County Unified School District 262, Kansas, General Obligation Bonds, Refunding & Improvement Series 2008, 5.000%, 9/01/23 (Pre-refunded 9/01/18) – AGC Insured | 9/18 at 100.00 | AA (5) | 2,079,318 | ||||||||||||
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 (5) | 537,470 | ||||||||||||
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 (5) | 4,582,039 | ||||||||||||
2,500 | Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Series 2009A, 5.000%, 10/01/39 (Pre-refunded 10/01/19) | 10/19 at 100.00 | AA– (5) | 2,746,400 | ||||||||||||
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 (5) | 1,822,956 |
34 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
U.S. Guaranteed (5) (continued) | ||||||||||||||||
Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Series 2009A: | ||||||||||||||||
$ | 1,075 | 5.000%, 9/01/29 (Pre-refunded 3/01/19) – BHAC Insured | 3/19 at 100.00 | AA+ (5) | $ | 1,160,688 | ||||||||||
3,000 | 5.250%, 9/01/34 (Pre-refunded 3/01/19) – BHAC Insured | 3/19 at 100.00 | AA+ (5) | 3,255,690 | ||||||||||||
35,698 | Total U.S. Guaranteed | 38,963,664 | ||||||||||||||
Utilities – 9.2% | ||||||||||||||||
1,255 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 0.000%, 4/01/41 | No Opt. Call | B | 601,597 | ||||||||||||
1,500 | Coffeyville, Kansas, Electric Utility System Revenue Bonds, Series 2015B, 5.000%, 6/01/42 – NPFG Insured | 6/25 at 100.00 | AA– | 1,527,645 | ||||||||||||
1,375 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured | 10/22 at 100.00 | AA | 1,518,853 | ||||||||||||
Guam Power Authority, Revenue Bonds, Series 2014A: | ||||||||||||||||
1,000 | 5.000%, 10/01/32 | 10/24 at 100.00 | AA | 1,101,980 | ||||||||||||
1,000 | 5.000%, 10/01/33 | 10/24 at 100.00 | AA | 1,097,670 | ||||||||||||
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– | 1,686,615 | ||||||||||||
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A: | ||||||||||||||||
1,395 | 5.000%, 12/01/22 | No Opt. Call | A3 | 1,555,802 | ||||||||||||
1,265 | 5.000%, 12/01/23 | 12/22 at 100.00 | A3 | 1,400,836 | ||||||||||||
2,575 | 5.000%, 12/01/31 | 12/20 at 100.00 | A3 | 2,680,137 | ||||||||||||
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) | No Opt. Call | CCC+ | 479,050 | ||||||||||||
515 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor., Series 2005A, 0.000%, 12/01/40 | No Opt. Call | B | 246,876 | ||||||||||||
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– | 1,402,994 | ||||||||||||
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+ | 2,440,598 | ||||||||||||
1,535 | Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2011A, 5.000%, 9/01/28 | 9/21 at 100.00 | A+ | 1,688,300 | ||||||||||||
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+ | 2,744,250 | ||||||||||||
22,260 | Total Utilities | 22,173,203 | ||||||||||||||
Water and Sewer – 4.7% | ||||||||||||||||
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013: | ||||||||||||||||
500 | 5.250%, 7/01/33 | 7/23 at 100.00 | A– | 541,575 | ||||||||||||
2,000 | 5.500%, 7/01/43 | 7/23 at 100.00 | A– | 2,178,160 | ||||||||||||
5,940 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A– | 6,384,426 |
NUVEEN | 35 |
Nuveen Kansas Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer (continued) | ||||||||||||||||
$ | 2,000 | Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Refunding Series 2011A, 5.000%, 10/01/28 | 10/21 at 100.00 | AA– | $ | 2,235,800 | ||||||||||
10,440 | Total Water and Sewer | 11,339,961 | ||||||||||||||
$ | 231,375 | Total Long-Term Investments (cost $241,344,001) | 245,391,952 | |||||||||||||
Floating Rate Obligations – (3.9)% | (9,420,000 | ) | ||||||||||||||
Other Assets Less Liabilities – 1.7% | 4,102,211 | |||||||||||||||
Net Assets – 100% | $ | 240,074,163 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
(WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
(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.
36 | NUVEEN |
Nuveen Kentucky Municipal Bond Fund
Portfolio of Investments | November 30, 2016 (Unaudited) |
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 – 10.9% | ||||||||||||||||
$ | 880 | Eastern Kentucky University, General Receipts Bonds, Refunding Series 2012A, 5.000%, 4/01/20 | No Opt. Call | Aa3 | $ | 967,305 | ||||||||||
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+ | 2,595,825 | ||||||||||||
2,500 | 5.000%, 1/01/45 | 7/25 at 100.00 | BBB+ | 2,584,950 | ||||||||||||
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 | 968,481 | ||||||||||||
700 | 5.000%, 6/01/23 (Alternative Minimum Tax) | No Opt. Call | A | 755,111 | ||||||||||||
400 | 5.000%, 6/01/24 (Alternative Minimum Tax) | No Opt. Call | A | 431,624 | ||||||||||||
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 | 1,562,040 | ||||||||||||
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 | 1,886,714 | ||||||||||||
1,210 | 5.000%, 5/01/40 | 5/25 at 100.00 | Baa3 | 1,226,117 | ||||||||||||
Murray State University, Kentucky, General Receipts Bonds, Series 2015A: | ||||||||||||||||
1,125 | 5.000%, 3/01/26 | 3/25 at 100.00 | Aa3 | 1,285,301 | ||||||||||||
1,075 | 5.000%, 3/01/27 | 3/25 at 100.00 | Aa3 | 1,221,727 | ||||||||||||
2,290 | Northern Kentucky University, General Receipts Bonds, Refunding Series 2016A, 5.000%, 9/01/23 | No Opt. Call | Aa3 | 2,631,325 | ||||||||||||
University of Kentucky, General Receipts Bonds, Refunding Series 2012A: | ||||||||||||||||
1,435 | 5.000%, 5/01/19 | No Opt. Call | AA | 1,554,249 | ||||||||||||
1,185 | 5.000%, 5/01/20 | No Opt. Call | AA | 1,313,940 | ||||||||||||
2,340 | 5.000%, 5/01/21 | No Opt. Call | AA | 2,645,370 | ||||||||||||
4,000 | University of Kentucky, General Receipts Bonds, Refunding Series 2015B, 5.000%, 10/01/27 | 4/25 at 100.00 | AA | 4,624,320 | ||||||||||||
2,000 | University of Kentucky, General Receipts Bonds, Series 2015A, 5.000%, 4/01/29 | 4/25 at 100.00 | AA | 2,291,440 | ||||||||||||
University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2011A: | ||||||||||||||||
150 | 5.000%, 9/01/20 | No Opt. Call | AA– | 166,338 | ||||||||||||
2,005 | 5.000%, 9/01/26 | 9/21 at 100.00 | AA– | 2,238,382 | ||||||||||||
1,910 | University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2012A, 5.000%, 9/01/25 | 9/21 at 100.00 | AA– | 2,142,371 | ||||||||||||
Western Kentucky University, General Receipts Revenue Bonds, Series 2016A: | ||||||||||||||||
2,690 | 5.000%, 9/01/25 | No Opt. Call | Aa3 | 3,053,285 | ||||||||||||
2,820 | 5.000%, 9/01/26 | 9/25 at 100.00 | Aa3 | 3,205,438 | ||||||||||||
37,405 | Total Education and Civic Organizations | 41,351,653 | ||||||||||||||
Health Care – 22.4% | ||||||||||||||||
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 | 3,475,349 |
NUVEEN | 37 |
Nuveen Kentucky Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Health Care (continued) | ||||||||||||||||
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– | $ | 107,401 | ||||||||||
2,000 | 6.375%, 2/01/35 | 8/21 at 100.00 | BBB– | 2,207,520 | ||||||||||||
3,310 | 6.450%, 2/01/41 | 8/21 at 100.00 | BBB– | 3,647,620 | ||||||||||||
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 | 8,820,560 | ||||||||||||
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+ | 4,330,256 | ||||||||||||
165 | 6.375%, 6/01/40 | 6/20 at 100.00 | BBB+ | 181,025 | ||||||||||||
5,150 | 6.500%, 3/01/45 | 6/20 at 100.00 | BBB+ | 5,662,322 | ||||||||||||
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+ | 1,163,448 | ||||||||||||
7,090 | 5.625%, 8/15/27 | 8/19 at 100.00 | A+ | 7,468,535 | ||||||||||||
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+ | 1,554,585 | ||||||||||||
3,000 | 5.250%, 8/15/46 | 8/21 at 100.00 | A+ | 3,140,940 | ||||||||||||
1,295 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Catholic Health Initiatives, Refunding Series 2009A, 5.000%, 5/01/24 | 5/19 at 100.00 | A– | 1,368,336 | ||||||||||||
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– | 10,680,098 | ||||||||||||
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– | 3,604,790 | ||||||||||||
2,000 | Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray-Calloway County Public Hospital Corporation Project, Refunding Series 2016, 5.000%, 8/01/37 | 8/26 at 100.00 | Baa3 | 2,035,180 | ||||||||||||
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 | 8,425,575 | ||||||||||||
8,000 | Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013, 5.000%, 11/01/26 | No Opt. Call | A2 | 8,946,000 | ||||||||||||
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+ | 3,477,078 | ||||||||||||
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+ | 2,106,423 | ||||||||||||
2,000 | 5.000%, 10/01/37 | 10/22 at 100.00 | A+ | 2,119,100 | ||||||||||||
78,045 | Total Health Care | 84,522,141 | ||||||||||||||
Housing/Multifamily – 0.3% | ||||||||||||||||
1,160 | Kentucky Housing Corporation, Conduit Multifamily Mortgage Revenue Bonds, Florence Homes III Apartments Project, Series 2005B, 5.000%, 6/01/35 (Mandatory put 6/01/23) (Alternative Minimum Tax) | 6/17 at 100.00 | N/R | 1,171,090 |
38 | 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 | $ | 155,736 | ||||||||||
485 | 3.000%, 7/01/21 | No Opt. Call | AAA | 504,201 | ||||||||||||
705 | 3.100%, 7/01/22 | 7/21 at 100.00 | AAA | 733,630 | ||||||||||||
360 | 3.300%, 1/01/23 | 7/21 at 100.00 | AAA | 372,877 | ||||||||||||
595 | 3.300%, 7/01/23 | 7/21 at 100.00 | AAA | 619,175 | ||||||||||||
175 | 3.625%, 1/01/25 | 7/21 at 100.00 | AAA | 180,637 | ||||||||||||
2,470 | Total Housing/Single Family | 2,566,256 | ||||||||||||||
Tax Obligation/General – 0.8% | ||||||||||||||||
365 | Crittenden County, Kentucky, General Obligation Bonds, Series 2007, 6.000%, 12/01/27 | 12/17 at 100.00 | N/R | 371,939 | ||||||||||||
2,205 | Louisville and Jefferson County Metropolitan Government, Kentucky, General Obligation Bonds, Center City Project Series 2016, 4.000%, 12/01/30 | 12/25 at 100.00 | AAA | 2,317,345 | ||||||||||||
200 | Louisville and Jefferson County Metropolitan Government, Kentucky, General Obligation Bonds, Series 2010, 4.000%, 11/01/17 | No Opt. Call | AAA | 205,618 | ||||||||||||
2,770 | Total Tax Obligation/General | 2,894,902 | ||||||||||||||
Tax Obligation/Limited – 18.4% | ||||||||||||||||
Barren County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2015: | ||||||||||||||||
1,250 | 5.000%, 8/01/24 | No Opt. Call | Aa3 | 1,439,500 | ||||||||||||
1,760 | 5.000%, 8/01/25 | 2/25 at 100.00 | Aa3 | 2,033,997 | ||||||||||||
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 | 1,103,710 | ||||||||||||
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 | 1,902,360 | ||||||||||||
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 | 2,038,296 | ||||||||||||
3,450 | 6.000%, 12/01/33 – AGC Insured | 6/18 at 100.00 | AA | 3,620,223 | ||||||||||||
4,630 | 6.000%, 12/01/38 – AGC Insured | 6/18 at 100.00 | AA | 4,852,147 | ||||||||||||
9,350 | 6.000%, 12/01/42 – AGC Insured | 6/18 at 100.00 | AA | 9,798,611 | ||||||||||||
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 | 49,998 | ||||||||||||
3,505 | 0.000%, 12/01/22 – AGC Insured | No Opt. Call | AA | 2,795,553 | ||||||||||||
3,750 | 0.000%, 12/01/23 – AGC Insured | No Opt. Call | AA | 2,849,513 | ||||||||||||
5,000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Tender Option Bonds Trust 2016-XG0027, Formerly Tender Option Bonds Trust 11810, 18.696%, 12/01/28 – AGC Insured (IF) | 6/18 at 100.00 | AA | 5,905,600 | ||||||||||||
5,000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 112, Refunding Series 2016B, 5.000%, 11/01/26 | No Opt. Call | Aa3 | 5,731,400 | ||||||||||||
125 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 84, Series 2005, 5.000%, 8/01/19 – NPFG Insured | No Opt. Call | AA– | 135,308 | ||||||||||||
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 | 305,551 | ||||||||||||
285 | 5.250%, 2/01/29 – AGC Insured | 2/19 at 100.00 | AA | 305,551 |
NUVEEN | 39 |
Nuveen Kentucky Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
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 | $ | 2,208,800 | ||||||||||
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 | 2,030,022 | ||||||||||||
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 | 568,000 | ||||||||||||
4,000 | 5.000%, 7/01/30 | 7/22 at 100.00 | Aa2 | 4,449,840 | ||||||||||||
6,740 | 5.000%, 7/01/31 | 7/22 at 100.00 | Aa2 | 7,479,580 | ||||||||||||
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 | 3,298,030 | ||||||||||||
1,000 | 5.000%, 6/01/21 | No Opt. Call | Aa3 | 1,119,030 | ||||||||||||
3,000 | 5.250%, 6/01/29 | 6/21 at 100.00 | Aa3 | 3,303,480 | ||||||||||||
500 | Pendleton County, Kentucky, Leasing Trust Revenue Bonds, Kentucky Association of Counties, Series 1993A, 6.400%, 3/01/19 | No Opt. Call | B | 524,655 | ||||||||||||
65,920 | Total Tax Obligation/Limited | 69,848,755 | ||||||||||||||
Transportation – 9.6% | ||||||||||||||||
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2016: | ||||||||||||||||
1,635 | 5.000%, 1/01/25 | No Opt. Call | A+ | 1,865,682 | ||||||||||||
1,855 | 5.000%, 1/01/30 | 1/26 at 100.00 | A+ | 2,060,757 | ||||||||||||
1,750 | 5.000%, 1/01/31 | 1/26 at 100.00 | A+ | 1,935,518 | ||||||||||||
1,620 | 5.000%, 1/01/32 | 1/26 at 100.00 | A+ | 1,782,518 | ||||||||||||
1,520 | 5.000%, 1/01/33 | 1/26 at 100.00 | A+ | 1,682,382 | ||||||||||||
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 | 1,537,340 | ||||||||||||
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 | 485,593 | ||||||||||||
250 | 5.750%, 7/01/49 | 7/23 at 100.00 | Baa3 | 268,663 | ||||||||||||
10,000 | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 11,067,998 | ||||||||||||
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 | 1,349,330 | ||||||||||||
1,100 | 5.000%, 7/01/31 (Alternative Minimum Tax) | No Opt. Call | AA | 1,208,196 | ||||||||||||
1,000 | 5.000%, 7/01/38 | No Opt. Call | AA | 1,083,400 | ||||||||||||
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+ | 1,392,325 | ||||||||||||
1,625 | 5.000%, 7/01/22 (Alternative Minimum Tax) | No Opt. Call | A+ | 1,831,960 | ||||||||||||
1,555 | 5.000%, 7/01/31 (Alternative Minimum Tax) | 7/24 at 100.00 | A+ | 1,695,121 | ||||||||||||
1,500 | 5.000%, 7/01/32 (Alternative Minimum Tax) | 7/24 at 100.00 | A+ | 1,624,815 | ||||||||||||
River City Inc Parking Authority, Kentucky, First Mortgage Bonds, Refunding Series 2016B: | ||||||||||||||||
1,495 | 5.000%, 12/01/26 | 6/26 at 100.00 | AA | 1,733,587 | ||||||||||||
1,575 | 5.000%, 12/01/27 | 6/26 at 100.00 | AA | 1,818,968 | ||||||||||||
33,420 | Total Transportation | 36,424,153 |
40 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
U.S. Guaranteed – 18.8% (4) | ||||||||||||||||
Campbell & Kenton Counties Sanitation District 1, Kentucky, Revenue Bonds, Series 2007: | ||||||||||||||||
$ | 225 | 5.000%, 8/01/21 (Pre-refunded 8/01/17) – NPFG Insured | 8/17 at 100.00 | AA (4) | $ | 231,248 | ||||||||||
3,795 | 5.000%, 8/01/24 (Pre-refunded 8/01/17) – NPFG Insured | 8/17 at 100.00 | AA (4) | 3,900,387 | ||||||||||||
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) | 756,626 | ||||||||||||
1,605 | 6.250%, 12/01/32 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (4) | 1,690,643 | ||||||||||||
2,190 | 6.500%, 12/01/37 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (4) | 2,312,312 | ||||||||||||
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) | 229,807 | ||||||||||||
5,010 | 5.500%, 5/01/39 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA (4) | 5,497,373 | ||||||||||||
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) | 1,479,126 | ||||||||||||
5,065 | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | AA– (4) | 5,220,749 | ||||||||||||
4,600 | 5.250%, 9/01/42 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | AA– (4) | 4,750,052 | ||||||||||||
7,535 | 5.250%, 9/01/42 (Pre-refunded 9/01/17) – NPFG Insured (UB) | 9/17 at 100.00 | AA+ (4) | 7,780,792 | ||||||||||||
2,500 | Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project, Tender Option Bond Trust 2016-XG0055, 17.213%, 9/01/42 – NPFG Insured (Pre-refunded 9/01/17) (IF) (5) | 9/17 at 100.00 | AA+ (4) | 2,826,100 | ||||||||||||
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) | 2,396,453 | ||||||||||||
2,215 | 5.250%, 2/01/29 (Pre-refunded 2/01/19) – AGC Insured | 2/19 at 100.00 | AA (4) | 2,396,453 | ||||||||||||
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) | 26,508 | ||||||||||||
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) | 3,075,436 | ||||||||||||
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 (4) | 2,175,444 | ||||||||||||
7,000 | Murray Hospital Facilities, Kentucky, Revenue Bonds, Murray-Calloway County Public Hospital, Series 2007, 5.125%, 8/01/37 (Pre-refunded 2/01/17) | 2/17 at 100.00 | Baa3 (4) | 7,050,610 | ||||||||||||
2,000 | Northern Kentucky Water District, Revenue Bonds, Series 2009, 6.500%, 2/01/33 (Pre-refunded 8/01/18) – AGM Insured | 8/18 at 100.00 | Aa3 (4) | 2,176,440 | ||||||||||||
35 | Owensboro, Kentucky, Water Revenue Bonds, Refunding & Improvement Series 2009, 5.000%, 9/15/29 (Pre-refunded 9/15/18) – AGC Insured | 9/18 at 100.00 | A1 (4) | 37,382 | ||||||||||||
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 | A– (4) | 4,318,116 | ||||||||||||
95 | 5.000%, 10/01/28 (Pre-refunded 4/01/19) – AGC Insured | 4/19 at 100.00 | A– (4) | 102,684 | ||||||||||||
8,880 | 5.250%, 10/01/35 (Pre-refunded 4/01/19) – AGC Insured | 4/19 at 100.00 | A3 (4) | 9,649,006 | ||||||||||||
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) | 1,027,840 | ||||||||||||
67,225 | Total U.S. Guaranteed | 71,107,587 |
NUVEEN | 41 |
Nuveen Kentucky Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Utilities – 10.8% | ||||||||||||||||
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 | $ | 325,029 | ||||||||||
155 | 4.000%, 12/01/17 – AGM Insured | No Opt. Call | AA | 159,320 | ||||||||||||
40 | 4.000%, 12/01/18 – AGM Insured | No Opt. Call | AA | 41,958 | ||||||||||||
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 | 5,130,055 | ||||||||||||
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 | 5,701,613 | ||||||||||||
Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B: | ||||||||||||||||
6,400 | 0.000%, 1/01/17 – AMBAC Insured | No Opt. Call | A3 | 6,392,192 | ||||||||||||
13,300 | 0.000%, 1/01/18 – AMBAC Insured | No Opt. Call | A3 | 13,044,371 | ||||||||||||
1,510 | Paducah, Kentucky, Electric Plant Board Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/35 – AGM Insured | 10/26 at 100.00 | AA | 1,658,780 | ||||||||||||
Paducah, Kentucky, Electric Plant Board Revenue Bonds, Series 2009A: | ||||||||||||||||
2,945 | 5.000%, 10/01/20 – AGC Insured | 4/19 at 100.00 | A– | 3,132,714 | ||||||||||||
5 | 5.250%, 10/01/35 – AGC Insured | 4/19 at 100.00 | A– | 5,306 | ||||||||||||
Princeton Electric Plant Board, Kentucky, Revenue Bonds, Refunding Series 2015: | ||||||||||||||||
225 | 5.000%, 11/01/21 – AGM Insured | No Opt. Call | AA | 252,245 | ||||||||||||
1,000 | 5.000%, 11/01/25 – AGM Insured | 5/25 at 100.00 | AA | 1,154,920 | ||||||||||||
1,100 | 5.000%, 11/01/34 – AGM Insured | 5/25 at 100.00 | AA | 1,202,608 | ||||||||||||
1,635 | 5.000%, 11/01/37 – AGM Insured | 5/25 at 100.00 | AA | 1,776,428 | ||||||||||||
Russellville, Kentucky, Electric Plant Board Electric Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||
380 | 5.000%, 8/01/22 – BAM Insured | No Opt. Call | AA | 433,310 | ||||||||||||
405 | 5.000%, 8/01/24 – BAM Insured | No Opt. Call | AA | 464,292 | ||||||||||||
39,480 | Total Utilities | 40,875,141 | ||||||||||||||
Water and Sewer – 8.0% | ||||||||||||||||
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 | 3,082,778 | ||||||||||||
Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Program Revenue Bonds, Series 2015-XF2109: | ||||||||||||||||
1,330 | 16.084%, 2/01/25 (IF) (5) | No Opt. Call | AAA | 2,327,101 | ||||||||||||
1,070 | 16.301%, 2/01/26 (IF) (5) | 2/25 at 100.00 | AAA | 1,808,856 | ||||||||||||
220 | Kentucky Rural Water Finance Corporation, Multimodal Public Projects Revenue Bonds, Flexible Term Program, Series 2001A, 5.375%, 2/01/20 | 2/17 at 100.00 | A+ | 220,810 | ||||||||||||
Logan/Todd Regional Water Commission, Kentucky, Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||
1,005 | 5.000%, 7/01/25 – AGM Insured | No Opt. Call | AA | 1,167,710 | ||||||||||||
1,060 | 5.000%, 7/01/26 – AGM Insured | No Opt. Call | AA | 1,232,123 | ||||||||||||
1,115 | 5.000%, 7/01/27 – AGM Insured | No Opt. Call | AA | 1,288,516 | ||||||||||||
1,175 | 5.000%, 7/01/28 – AGM Insured | No Opt. Call | AA | 1,351,015 | ||||||||||||
1,240 | 5.000%, 7/01/29 – AGM Insured | No Opt. Call | AA | 1,416,936 | ||||||||||||
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 | 8,456,475 | ||||||||||||
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 | 918,702 |
42 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer (continued) | ||||||||||||||||
Northern Kentucky Water District, Revenue Bonds, Series 2012: | ||||||||||||||||
$ | 2,690 | 5.000%, 2/01/22 | No Opt. Call | Aa3 | $ | 3,043,143 | ||||||||||
3,495 | 5.000%, 2/01/26 | 2/22 at 100.00 | Aa3 | 3,879,101 | ||||||||||||
160 | Owensboro, Kentucky, Water Revenue Bonds, Refunding & Improvement Series 2009, 5.000%, 9/15/29 – AGC Insured | 9/18 at 100.00 | A1 | 168,669 | ||||||||||||
25,605 | Total Water and Sewer | 30,361,935 | ||||||||||||||
$ | 353,500 | Total Long-Term Investments (cost $370,692,064) | 381,123,613 | |||||||||||||
Floating Rate Obligations – (1.5)% | (5,650,000 | ) | ||||||||||||||
Other Assets Less Liabilities – 0.8% | 3,179,149 | |||||||||||||||
Net Assets – 100% | $ | 378,652,762 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(4) | 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. |
See accompanying notes to financial statements.
NUVEEN | 43 |
Nuveen Michigan Municipal Bond Fund
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 100.5% | ||||||||||||||||
MUNICIPAL BONDS – 100.5% | ||||||||||||||||
Consumer Staples – 2.5% | ||||||||||||||||
$ | 3,030 | 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– | $ | 2,885,136 | ||||||||||
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 | B2 | 2,225,388 | ||||||||||||
5,245 | Total Consumer Staples | 5,110,524 | ||||||||||||||
Education and Civic Organizations – 19.4% | ||||||||||||||||
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 | 1,620,304 | ||||||||||||
Ferris State University, Michigan, General Revenue Bonds, Refunding Series 2016: | ||||||||||||||||
2,575 | 5.000%, 10/01/33 | 10/26 at 100.00 | A1 | 2,848,774 | ||||||||||||
2,695 | 5.000%, 10/01/34 | 10/26 at 100.00 | A1 | 2,960,538 | ||||||||||||
350 | Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28 | 12/24 at 100.00 | A+ | 393,796 | ||||||||||||
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– | 1,031,070 | ||||||||||||
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– | 549,040 | ||||||||||||
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– | 812,686 | ||||||||||||
1,000 | Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40 | 2/20 at 100.00 | AA+ | 1,077,110 | ||||||||||||
1,060 | Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/20 | No Opt. Call | AA+ | 1,183,660 | ||||||||||||
4,370 | Michigan State University, General Revenue Bonds, Series 2015A, 5.000%, 8/15/40 | 8/25 at 100.00 | AA+ | 4,858,172 | ||||||||||||
1,800 | Michigan Technological University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/45 | 10/25 at 100.00 | A1 | 1,938,330 | ||||||||||||
830 | Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/41 | 3/26 at 100.00 | A1 | 900,301 | ||||||||||||
515 | Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35 | 7/26 at 100.00 | A1 | 562,514 | ||||||||||||
3,000 | University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44 | 4/24 at 100.00 | AAA | 3,323,580 | ||||||||||||
University of Michigan, General Revenue Bonds, Series 2015: | ||||||||||||||||
2,475 | 5.000%, 4/01/30 | 4/26 at 100.00 | AAA | 2,884,142 | ||||||||||||
1,275 | 5.000%, 4/01/40 (UB) (4) | 4/26 at 100.00 | AAA | 1,444,601 | ||||||||||||
1,000 | 5.000%, 4/01/40 (UB) (4) | 4/26 at 100.00 | AAA | 1,133,020 | ||||||||||||
3,600 | 5.000%, 4/01/46 (UB) (4) | 4/26 at 100.00 | AAA | 4,057,308 | ||||||||||||
4,785 | Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/31 | 5/26 at 100.00 | Aa3 | 5,326,036 | ||||||||||||
650 | Western Michigan University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 | 5/25 at 100.00 | A1 | 698,178 | ||||||||||||
35,790 | Total Education and Civic Organizations | 39,603,160 |
44 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Health Care – 8.9% | ||||||||||||||||
$ | 1,000 | Grand Traverse County Hospital Financal Authority, Michigan, Revenue Bonds, Munson Healthcare, Refunding Series 2011A, 5.000%, 7/01/29 | 7/21 at 100.00 | AA– | $ | 1,084,630 | ||||||||||
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 | 2,286,051 | ||||||||||||
365 | 5.000%, 1/15/42 | 1/22 at 100.00 | AA | 384,860 | ||||||||||||
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 | 794,095 | ||||||||||||
2,335 | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 5.000%, 11/15/41 | 11/26 at 100.00 | A | 2,481,801 | ||||||||||||
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+ | 2,019,413 | ||||||||||||
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+ | 1,351,038 | ||||||||||||
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012: | ||||||||||||||||
1,670 | 5.000%, 11/01/25 | 11/22 at 100.00 | A1 | 1,847,788 | ||||||||||||
1,250 | 5.000%, 11/01/42 | 11/22 at 100.00 | A1 | 1,323,375 | ||||||||||||
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– | 2,560,945 | ||||||||||||
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 | 2,110,040 | ||||||||||||
16,895 | Total Health Care | 18,244,036 | ||||||||||||||
Tax Obligation/General – 20.6% | ||||||||||||||||
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 | 774,560 | ||||||||||||
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 | 1,573,614 | ||||||||||||
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 | 690,697 | ||||||||||||
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+ | 835,024 | ||||||||||||
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– | 1,649,926 | ||||||||||||
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+ | 417,208 | ||||||||||||
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 | 4,962,591 | ||||||||||||
1,555 | 5.000%, 5/01/38 – AGM Insured | 5/26 at 100.00 | AA | 1,718,399 | ||||||||||||
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– | 1,129,981 | ||||||||||||
1,450 | Jackson, Jackson County, Michigan, Downtown Development Bonds, Series 2001, 0.000%, 6/01/21 – AGM Insured | No Opt. Call | AA | 1,289,906 |
NUVEEN | 45 |
Nuveen Michigan Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/General (continued) | ||||||||||||||||
$ | 1,075 | Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/35 | 1/25 at 100.00 | AAA | $ | 1,199,700 | ||||||||||
1,500 | Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 5.000%, 1/01/31 | 1/25 at 100.00 | AAA | 1,698,975 | ||||||||||||
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 | 1,179,951 | ||||||||||||
1,000 | Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22 | 12/21 at 100.00 | Aa1 | 1,135,300 | ||||||||||||
2,585 | Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2015A, 5.000%, 12/01/27 | 12/25 at 100.00 | Aa1 | 3,024,321 | ||||||||||||
1,765 | Michigan State, General Obligation Bonds, Environmental Program, Series 2014A, 5.000%, 12/01/28 | 12/24 at 100.00 | Aa1 | 2,032,892 | ||||||||||||
Muskegon County, Michigan, General Obligation Water Supply System Bonds, Refunding Series 2015: | ||||||||||||||||
550 | 5.000%, 11/01/33 | 11/25 at 100.00 | AA | 605,638 | ||||||||||||
1,290 | 5.000%, 11/01/36 | No Opt. Call | AA | 1,401,056 | ||||||||||||
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 | 994,380 | ||||||||||||
1,020 | 0.000%, 5/01/18 – NPFG Insured | No Opt. Call | Aa2 | 994,133 | ||||||||||||
1,100 | Ottawa County, Michigan, General Obligation Bonds, Sewer Disposal System, Series 2010, 5.000%, 5/01/37 | 5/20 at 100.00 | Aaa | 1,199,759 | ||||||||||||
600 | Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/21 | No Opt. Call | Aa2 | 673,788 | ||||||||||||
1,915 | South Haven Public Schools, Van Buren Couty, Michigan, General Obligation Bonds, School Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured | 5/24 at 100.00 | AA | 2,080,360 | ||||||||||||
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 | 162,500 | ||||||||||||
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– | 3,250,347 | ||||||||||||
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 | 5,231,240 | ||||||||||||
38,495 | Total Tax Obligation/General | 41,906,246 | ||||||||||||||
Tax Obligation/Limited – 11.5% | ||||||||||||||||
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– | 3,949,454 | ||||||||||||
3,295 | 0.000%, 6/01/18 – NPFG Insured | No Opt. Call | AA– | 3,187,221 | ||||||||||||
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 | 1,092,940 | ||||||||||||
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– | 894,787 | ||||||||||||
4,070 | 5.000%, 10/01/39 | 10/24 at 100.00 | AA�� | 4,363,894 |
46 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 2,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38 | 10/25 at 100.00 | Aa2 | $ | 2,188,740 | ||||||||||
3,150 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2016-I, 5.000%, 4/15/41 | 10/26 at 100.00 | Aa2 | 3,445,124 | ||||||||||||
Michigan State Trunk Line Fund Bonds, Series 2011: | ||||||||||||||||
1,015 | 5.000%, 11/15/33 | 11/21 at 100.00 | AA+ | 1,128,376 | ||||||||||||
700 | 5.000%, 11/15/36 | 11/21 at 100.00 | AA+ | 774,753 | ||||||||||||
685 | Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22 | No Opt. Call | AA+ | 793,990 | ||||||||||||
1,500 | Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/29 | 11/24 at 100.00 | AA+ | 1,713,825 | ||||||||||||
22,225 | Total Tax Obligation/Limited | 23,533,104 | ||||||||||||||
Transportation – 2.1% | ||||||||||||||||
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 | 1,107,480 | ||||||||||||
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 | 2,111,260 | ||||||||||||
1,000 | 5.000%, 12/01/42 – AGM Insured | 12/22 at 100.00 | AA | 1,058,370 | ||||||||||||
4,000 | Total Transportation | 4,277,110 | ||||||||||||||
U.S. Guaranteed – 19.3% (5) | ||||||||||||||||
1,435 | Bay City, Michigan, General Obligation Bonds, Series 2008B, 5.500%, 4/01/28 (Pre-refunded 4/01/18) – AGM Insured | 4/18 at 100.00 | AA (5) | 1,518,890 | ||||||||||||
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) | 2,703,970 | ||||||||||||
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) | 151,200 | ||||||||||||
3,500 | 5.000%, 1/01/38 (Pre-refunded 1/01/18) | 1/18 at 100.00 | Aa1 (5) | 3,649,660 | ||||||||||||
2,000 | Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured | 1/19 at 100.00 | AA (5) | 2,153,740 | ||||||||||||
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) | 1,704,430 | ||||||||||||
450 | Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20) – AGM Insured | 6/20 at 100.00 | AA (5) | 500,724 | ||||||||||||
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 | 50,182 | ||||||||||||
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) | 854,759 | ||||||||||||
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) | 3,457,770 | ||||||||||||
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) | 11,492 | ||||||||||||
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) | 3,384,920 |
NUVEEN | 47 |
Nuveen Michigan Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
U.S. Guaranteed (5) (continued) | ||||||||||||||||
$ | 500 | Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/30 (Pre-refunded 10/01/20) | 10/20 at 100.00 | AAA | $ | 562,300 | ||||||||||
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) | 894,609 | ||||||||||||
3,300 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) | 11/19 at 100.00 | A (5) | 3,687,024 | ||||||||||||
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) | 1,103,730 | ||||||||||||
350 | Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aa1 (5) | 384,136 | ||||||||||||
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 | 508,785 | ||||||||||||
1,200 | 5.000%, 5/01/36 (Pre-refunded 5/01/17) – AGM Insured | 5/17 at 100.00 | AAA | 1,221,084 | ||||||||||||
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 | 4,111,640 | ||||||||||||
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) | 2,759,879 | ||||||||||||
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) | 1,781,086 | ||||||||||||
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 | 1,347,456 | ||||||||||||
500 | Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 (Pre-refunded 7/01/18) – NPFG Insured | 7/18 at 100.00 | AA– (5) | 532,125 | ||||||||||||
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) | 508,810 | ||||||||||||
37,985 | Total U.S. Guaranteed | 39,544,401 | ||||||||||||||
Utilities – 8.1% | ||||||||||||||||
1,875 | Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A, 5.000%, 7/01/31 | 7/21 at 100.00 | AA | 2,070,900 | ||||||||||||
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– | 183,773 | ||||||||||||
2,130 | 5.000%, 7/01/32 | 7/18 at 100.00 | AA– | 2,224,466 | ||||||||||||
525 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.000%, 7/01/34 | No Opt. Call | AA– | 575,321 | ||||||||||||
Lansing Board of Water and Light, Michigan, Utility System Rvenue Bonds, Tender Option Bond Trust 2016-XF0394: | ||||||||||||||||
250 | 16.555%, 7/01/37 (IF) (4) | 7/01/21 at 100.00 | AA– | 345,850 | ||||||||||||
800 | 16.555%, 7/01/37 (IF) (4) | 7/01/21 at 100.00 | AA– | 1,106,720 | ||||||||||||
Marquettte, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||
1,000 | 5.000%, 7/01/29 | 7/26 at 100.00 | A | 1,142,690 | ||||||||||||
1,230 | 5.000%, 7/01/32 | 7/26 at 100.00 | A | 1,379,113 | ||||||||||||
1,000 | 5.000%, 7/01/33 | 7/26 at 100.00 | A | 1,118,640 |
48 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Utilities (continued) | ||||||||||||||||
$ | 3,000 | Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 | 1/22 at 100.00 | A2 | $ | 3,122,730 | ||||||||||
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 | 2,153,500 | ||||||||||||
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 | 1,238,220 | ||||||||||||
14,985 | Total Utilities | 16,661,923 | ||||||||||||||
Water and Sewer – 8.1% | ||||||||||||||||
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 | 1,661,910 | ||||||||||||
800 | 5.000%, 1/01/39 | 1/24 at 100.00 | Aa1 | 881,040 | ||||||||||||
350 | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement Series 2012, 5.000%, 1/01/32 | 1/23 at 100.00 | Aa1 | 387,230 | ||||||||||||
2,000 | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Refunding Series 2010, 5.000%, 1/01/24 | No Opt. Call | Aa1 | 2,331,280 | ||||||||||||
1,525 | Grand Rapids, Michigan, Water Supply System Revenue Bonds, Refunding & Improvement Series 2016, 5.000%, 1/01/46 | 1/26 at 100.00 | AA | 1,684,180 | ||||||||||||
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Refunding Series 2015: | ||||||||||||||||
1,000 | 5.000%, 1/01/33 | 1/25 at 100.00 | AA | 1,114,500 | ||||||||||||
1,000 | 5.000%, 1/01/35 | 1/25 at 100.00 | AA | 1,108,530 | ||||||||||||
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 | 1,634,130 | ||||||||||||
1,220 | 5.000%, 7/01/37 – AGM Insured | 7/24 at 100.00 | AA | 1,324,029 | ||||||||||||
365 | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/32 | 10/22 at 100.00 | AAA | 408,990 | ||||||||||||
2,685 | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate Refunding Series 2016B, 5.000%, 10/01/25 | No Opt. Call | AAA | 3,186,048 | ||||||||||||
245 | Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/24 | No Opt. Call | AAA | 245,823 | ||||||||||||
135 | Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 5.000%, 10/01/23 | 10/17 at 100.00 | AAA | 139,328 | ||||||||||||
500 | Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2011A, 5.000%, 7/01/31 – AGM Insured | 8/21 at 100.00 | AA | 541,210 | ||||||||||||
14,825 | Total Water and Sewer | 16,648,228 | ||||||||||||||
$ | 190,445 | Total Long-Term Investments (cost $202,531,685) | 205,528,732 | |||||||||||||
Floating Rate Obligations – (2.3)% | (4,700,000 | ) | ||||||||||||||
Other Assets Less Liabilities – 1.8% | 3,681,850 | |||||||||||||||
Net Assets – 100% | $ | 204,510,582 |
NUVEEN | 49 |
Nuveen Michigan Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 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.
50 | NUVEEN |
Nuveen Missouri Municipal Bond Fund
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 97.7% | ||||||||||||||||
MUNICIPAL BONDS – 97.7% | ||||||||||||||||
Consumer Staples – 2.8% | ||||||||||||||||
$ | 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) | 5/17 at 100.00 | AA– | $ | 3,004,980 | ||||||||||
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– | 10,297,535 | ||||||||||||
11,840 | Total Consumer Staples | 13,302,515 | ||||||||||||||
Education and Civic Organizations – 12.0% | ||||||||||||||||
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 | 3,012,900 | ||||||||||||
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+ | 1,243,680 | ||||||||||||
1,000 | Lincoln University, Missouri, Auxiliary System Revenue Bonds, Series 2007, | 6/17 at 100.00 | AA | 1,017,480 | ||||||||||||
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 | 1,102,613 | ||||||||||||
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 | 1,749,735 | ||||||||||||
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+ | 3,196,500 | ||||||||||||
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– | 424,116 | ||||||||||||
575 | 3.500%, 10/01/22 | No Opt. Call | BBB– | 582,797 | ||||||||||||
3,470 | 5.000%, 10/01/33 | 10/22 at 100.00 | BBB– | 3,574,586 | ||||||||||||
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+ | 2,457,544 | ||||||||||||
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– | 4,185,134 | ||||||||||||
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– | 3,917,673 | ||||||||||||
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+ | 1,030,110 | ||||||||||||
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– | 1,624,320 | ||||||||||||
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– | 2,714,225 | ||||||||||||
1,300 | 6.500%, 10/01/35 | 10/18 at 103.00 | BBB– | 1,406,990 |
NUVEEN | 51 |
Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
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– | $ | 1,657,665 | ||||||||||
7,000 | 4.000%, 10/01/42 | 10/25 at 100.00 | AA– | 7,020,368 | ||||||||||||
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 | 7,304,812 | ||||||||||||
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 | 2,537,544 | ||||||||||||
115 | Missouri State University, Auxiliary Enterprise System Revenue Bonds, Refunding Series 2016A, 3.000%, 10/01/32 | 10/24 at 100.00 | A+ | 101,676 | ||||||||||||
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 | 962,610 | ||||||||||||
Southeast Missouri State University, System Facilities Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||
1,175 | 3.000%, 4/01/30 | 4/25 at 100.00 | A | 1,076,958 | ||||||||||||
1,335 | 3.000%, 4/01/31 | 4/25 at 100.00 | A | 1,220,243 | ||||||||||||
Southeast Missouri State University, System Facilities Revenue Bonds, Refunding Series 2016C: | ||||||||||||||||
510 | 3.000%, 4/01/29 – BAM Insured | 4/24 at 100.00 | AA | 480,578 | ||||||||||||
960 | 3.000%, 4/01/30 – BAM Insured | 4/24 at 100.00 | AA | 884,957 | ||||||||||||
860 | Truman State University, Missouri, Housing System Revenue Bonds, Refunding Series 2015, 3.750%, 6/01/33 | 6/23 at 100.00 | A1 | 853,722 | ||||||||||||
54,815 | Total Education and Civic Organizations | 57,341,536 | ||||||||||||||
Health Care – 19.8% | ||||||||||||||||
500 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2016, 4.000%, 8/01/38 | 8/26 at 100.00 | A | 483,075 | ||||||||||||
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– | 531,611 | ||||||||||||
4,000 | 5.000%, 6/01/33 | 6/22 at 100.00 | AA– | 4,260,840 | ||||||||||||
1,000 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2016, 5.000%, 6/01/39 | No Opt. Call | A+ | 1,083,340 | ||||||||||||
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 | BB+ | 1,492,116 | ||||||||||||
3,050 | 5.000%, 6/01/36 | 6/17 at 100.00 | BB+ | 3,012,577 | ||||||||||||
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 | 1,691,234 | ||||||||||||
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 | 1,102,709 | ||||||||||||
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 | 1,250,238 | ||||||||||||
4,995 | 5.000%, 12/01/37 | 12/17 at 100.00 | N/R | 4,975,719 |
52 | 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– | $ | 1,161,978 | ||||||||||
1,000 | 5.750%, 9/01/23 | 9/19 at 100.00 | BBB– | 1,037,980 | ||||||||||||
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– | 866,624 | ||||||||||||
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– | 1,692,335 | ||||||||||||
Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016: | ||||||||||||||||
1,495 | 4.000%, 11/15/33 | 5/26 at 100.00 | A+ | 1,500,831 | ||||||||||||
4,030 | 5.000%, 11/15/34 | 5/26 at 100.00 | A+ | 4,351,312 | ||||||||||||
480 | 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+ | 517,094 | ||||||||||||
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 | 1,075,190 | ||||||||||||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Variable Rate Demand Obligation Series 2013C: | ||||||||||||||||
3,000 | 3.250%, 1/01/50 (Mandatory Put 1/01/46) | 7/26 at 100.00 | AA | 2,440,110 | ||||||||||||
7,000 | 4.000%, 1/01/50 (Mandatory Put 1/01/46) | 7/26 at 100.00 | AA | 6,788,878 | ||||||||||||
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 | 2,332,001 | ||||||||||||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A: | ||||||||||||||||
1,450 | 5.000%, 11/15/44 | 11/23 at 100.00 | A2 | 1,551,834 | ||||||||||||
2,970 | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 3,167,357 | ||||||||||||
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 | 2,428,712 | ||||||||||||
1,500 | 5.000%, 11/15/39 | 11/25 at 100.00 | A2 | 1,621,365 | ||||||||||||
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 | 3,267,845 | ||||||||||||
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– | 53,346 | ||||||||||||
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– | 1,062,050 | ||||||||||||
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+ | 2,218,760 | ||||||||||||
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+ | 486,825 | ||||||||||||
2,000 | 5.000%, 12/01/33 | No Opt. Call | A+ | 2,239,280 | ||||||||||||
500 | 3.625%, 12/01/34 | No Opt. Call | A+ | 483,275 | ||||||||||||
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– | 2,231,380 |
NUVEEN | 53 |
Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Health Care (continued) | ||||||||||||||||
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+ | $ | 606,744 | ||||||||||
2,540 | 5.000%, 11/15/30 | 11/20 at 100.00 | A+ | 2,731,186 | ||||||||||||
1,000 | 5.000%, 11/15/40 | 11/20 at 100.00 | A+ | 1,061,440 | ||||||||||||
3,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy Hospital, Series 2016, 4.000%, 5/15/34 | 5/26 at 100.00 | A+ | 2,973,900 | ||||||||||||
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– | 1,821,144 | ||||||||||||
3,005 | 0.000%, 9/01/21 – NPFG Insured | No Opt. Call | AA– | 2,635,235 | ||||||||||||
4,025 | 0.000%, 9/01/22 – NPFG Insured | No Opt. Call | AA– | 3,411,550 | ||||||||||||
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– | 1,031,860 | ||||||||||||
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– | 1,600,590 | ||||||||||||
3,040 | 5.000%, 6/01/34 | 6/20 at 100.00 | AA– | 3,228,237 | ||||||||||||
1,460 | Missouri Health and Educational Facilities Authority, Revenue Refunding Bonds, CoxhHealth Systems Inc., , Series 2008A, 5.500%, 11/15/39 | 11/18 at 100.00 | A2 | 1,539,745 | ||||||||||||
500 | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 5.000%, 11/15/46 | 11/25 at 100.00 | N/R | 474,005 | ||||||||||||
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– | 5,165,937 | ||||||||||||
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 | 1,282,403 | ||||||||||||
91,905 | Total Health Care | 94,023,797 | ||||||||||||||
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 | 1,396,825 | ||||||||||||
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+ | 1,031,060 | ||||||||||||
2,290 | Total Housing/Multifamily | 2,427,885 | ||||||||||||||
Housing/Single Family – 0.2% | ||||||||||||||||
75 | 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+ | 75,134 | ||||||||||||
45 | 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+ | 45,303 | ||||||||||||
850 | 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+ | 830,510 | ||||||||||||
970 | Total Housing/Single Family | 950,947 |
54 | 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) | 3/22 at 100.00 | A3 | $ | 1,423,019 | ||||||||||
500 | 4.250%, 3/01/24 (Alternative Minimum Tax) | 3/24 at 100.00 | A3 | 476,450 | ||||||||||||
1,970 | Total Industrials | 1,899,469 | ||||||||||||||
Long-Term Care – 7.2% | ||||||||||||||||
3,110 | Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016, 4.000%, 5/01/33 | 5/25 at 100.00 | N/R | 2,881,228 | ||||||||||||
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 | 742,710 | ||||||||||||
Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F: | ||||||||||||||||
220 | 5.500%, 5/15/17 | No Opt. Call | BBB– | 222,385 | ||||||||||||
2,000 | 5.750%, 5/15/31 | 5/17 at 100.00 | BBB– | 2,010,300 | ||||||||||||
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 | BB+ | 1,517,835 | ||||||||||||
2,525 | 5.125%, 8/15/32 | 8/17 at 100.00 | BB+ | 2,546,513 | ||||||||||||
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 | BB+ | 2,078,160 | ||||||||||||
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+ | 1,705,178 | ||||||||||||
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+ | 1,127,059 | ||||||||||||
2,750 | 6.000%, 2/01/41 | 2/21 at 100.00 | BBB+ | 3,003,248 | ||||||||||||
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+ | 1,551,945 | ||||||||||||
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 | N/R | 729,225 | ||||||||||||
2,060 | 5.000%, 2/01/46 | 2/26 at 100.00 | N/R | 2,114,734 | ||||||||||||
700 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/34 | 2/26 at 100.00 | N/R | 734,062 | ||||||||||||
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– | 853,732 | ||||||||||||
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– | 581,163 | ||||||||||||
1,690 | 5.000%, 9/01/42 | 9/22 at 100.00 | A– | 1,766,253 | ||||||||||||
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– | 2,846,095 | ||||||||||||
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– | 707,903 | ||||||||||||
4,100 | 5.500%, 9/01/28 | 9/17 at 100.00 | BBB– | 4,130,094 |
NUVEEN | 55 |
Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
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 | $ | 343,777 | ||||||||||
33,275 | Total Long-Term Care | 34,193,599 | ||||||||||||||
Tax Obligation/General – 10.2% | ||||||||||||||||
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+ | 1,034,220 | ||||||||||||
Belton, Missouri, General Obligation Bonds, Refunding & Improvement Series 2011: | ||||||||||||||||
1,120 | 5.000%, 3/01/29 | 3/21 at 100.00 | AA– | 1,235,214 | ||||||||||||
1,245 | 5.000%, 3/01/30 | 3/21 at 100.00 | AA– | 1,355,270 | ||||||||||||
1,010 | 4.750%, 3/01/31 | 3/21 at 100.00 | AA– | 1,069,327 | ||||||||||||
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– | 906,245 | ||||||||||||
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+ | 1,720,083 | ||||||||||||
2,000 | 4.375%, 3/01/32 | 3/22 at 100.00 | A+ | 2,068,640 | ||||||||||||
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– | 1,108,280 | ||||||||||||
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– | 3,800,763 | ||||||||||||
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+ | 1,674,955 | ||||||||||||
1,650 | 4.000%, 3/01/33 | 3/25 at 100.00 | AA+ | 1,689,567 | ||||||||||||
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 | 3,050,550 | ||||||||||||
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+ | 1,561,275 | ||||||||||||
1,000 | 4.000%, 3/01/32 | 3/24 at 100.00 | AA+ | 1,031,090 | ||||||||||||
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+ | 2,215,600 | ||||||||||||
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+ | 1,585,530 | ||||||||||||
1,315 | Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27 | 3/20 at 100.00 | AA+ | 1,439,767 | ||||||||||||
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+ | 1,121,830 | ||||||||||||
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– | 169,914 | ||||||||||||
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– | 548,285 | ||||||||||||
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 | 1,043,580 | ||||||||||||
5,000 | Kansas City, Missouri, General Obligation Bonds, Improvement & Refunding Series 2012A, 4.500%, 2/01/26 | No Opt. Call | AA | 5,521,100 |
56 | 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+ | $ | 519,770 | ||||||||||
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+ | 1,297,871 | ||||||||||||
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– | 1,097,980 | ||||||||||||
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+ | 1,540,035 | ||||||||||||
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– | 207,794 | ||||||||||||
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 | 1,318,392 | ||||||||||||
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+ | 2,653,150 | ||||||||||||
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+ | 1,110,200 | ||||||||||||
1,000 | 5.000%, 3/01/33 | 3/23 at 100.00 | AA+ | 1,107,800 | ||||||||||||
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+ | 1,079,780 | ||||||||||||
46,745 | Total Tax Obligation/General | 48,883,857 | ||||||||||||||
Tax Obligation/Limited – 18.2% | ||||||||||||||||
Belton, Missouri, Certificates of Participation, Series 2007: | ||||||||||||||||
600 | 4.375%, 3/01/19 – NPFG Insured | 3/17 at 100.00 | A3 | 602,988 | ||||||||||||
250 | 4.500%, 3/01/22 – NPFG Insured | 3/17 at 100.00 | A3 | 251,878 | ||||||||||||
375 | Belton, Missouri, Certificates of Participation, Series 2008, 5.250%, 3/01/29 | 3/18 at 100.00 | A+ | 389,535 | ||||||||||||
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+ | 5,391,842 | ||||||||||||
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 | 1,937,400 | ||||||||||||
1,975 | Cass County, Missouri, Certificates of Participation, Refunding Series 2010, 4.000%, 5/01/22 | 5/20 at 100.00 | A | 2,057,654 | ||||||||||||
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 | 380,122 | ||||||||||||
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 | 505,495 | ||||||||||||
1,685 | Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28 | 6/28 at 100.00 | N/R | 1,430,060 | ||||||||||||
530 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 | 1/22 at 100.00 | A | 553,209 | ||||||||||||
1,850 | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 | 1/22 at 100.00 | A | 1,918,802 | ||||||||||||
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+ | 3,896,410 | ||||||||||||
4,090 | 5.000%, 12/30/31 | 12/23 at 100.00 | A+ | 4,517,732 |
NUVEEN | 57 |
Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 1,000 | Hanley/Eager Road Transportation Development District, Missouri, Revenue Bonds, Refunding Series 2016A, 3.625%, 3/01/33 | 3/21 at 100.00 | N/R | $ | 895,890 | ||||||||||
Harrisonville, Missouri, Annual Appropriation-Supported Tax Increment and Sales Tax Revenue Bonds, Harrisonville Towne Center Project, Series 2007: | ||||||||||||||||
340 | 4.375%, 11/01/17 | No Opt. Call | A+ | 340,721 | ||||||||||||
715 | 4.500%, 11/01/22 | No Opt. Call | A+ | 716,981 | ||||||||||||
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– | 1,967,418 | ||||||||||||
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 | BB+ | 818,573 | ||||||||||||
885 | 5.000%, 3/01/38 | 3/23 at 100.00 | BB+ | 889,177 | ||||||||||||
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– | 986,050 | ||||||||||||
1,350 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 4.250%, 4/01/26 | No Opt. Call | N/R | 1,258,092 | ||||||||||||
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 | 1,251,972 | ||||||||||||
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– | 1,378,920 | ||||||||||||
2,365 | Kansas City School District, Missouri, Certificates of Participation, Series 2016, 3.000%, 4/01/32 | 4/26 at 100.00 | A | 2,051,283 | ||||||||||||
2,525 | Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24 | 6/24 at 100.00 | N/R | 2,423,571 | ||||||||||||
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– | 501,720 | ||||||||||||
2,600 | 3.125%, 4/01/34 | 4/25 at 100.00 | AA– | 2,298,712 | ||||||||||||
1,775 | 4.000%, 4/01/36 | 4/25 at 100.00 | AA– | 1,767,811 | ||||||||||||
1,500 | 5.000%, 4/01/40 | 4/25 at 100.00 | AA– | 1,621,935 | ||||||||||||
1,750 | Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 2014C, 5.000%, 9/01/33 | 9/23 at 100.00 | AA– | 1,948,853 | ||||||||||||
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– | 1,139,001 | ||||||||||||
1,152 | Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict A Bonds, Refunding Series 2015A, 5.750%, 4/01/55 | No Opt. Call | NA | 998,262 | ||||||||||||
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 | 170,270 | ||||||||||||
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 | 1,151,036 | ||||||||||||
785 | 6.000%, 6/01/46 | 6/25 at 100.00 | N/R | 755,139 | ||||||||||||
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+ | 1,091,360 | ||||||||||||
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+ | 1,009,740 |
58 | 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 | $ | 1,071,460 | ||||||||||
110 | Monarch-Chesterfield Levee District, Saint Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 – NPFG Insured | 3/17 at 100.00 | AA– | 110,432 | ||||||||||||
1,000 | Oak Grove, Missouri, Refunding and Improvement Certificates of Participation Series 2012, 5.000%, 1/01/33 | 1/22 at 100.00 | Baa1 | 1,010,690 | ||||||||||||
3,955 | Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 5.000%, 5/01/23 | 5/23 at 100.00 | N/R | 3,806,213 | ||||||||||||
970 | Pevely, Missouri, Neighborhood Improvement District Bonds, Southern Heights Project, Series 2004, 5.250%, 3/01/24 – RAAI Insured | 3/24 at 100.00 | AA | 971,610 | ||||||||||||
570 | Poplar Bluff Regional Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2012, 4.750%, 12/01/42 | No Opt. Call | BBB | 575,033 | ||||||||||||
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– | 3,967,881 | ||||||||||||
8,935 | 0.000%, 8/01/42 – FGIC Insured | No Opt. Call | AA– | 2,111,251 | ||||||||||||
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 | 553,446 | ||||||||||||
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+ | 1,015,910 | ||||||||||||
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 | 1,724,327 | ||||||||||||
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 | 245,555 | ||||||||||||
1,030 | Saint Louis County Industrial Development Authority, Missouri, Transporation Development Revenue Bonds, University Place Transportation Development District Project, Refunding Series 2015, 4.000%, 3/01/32 | 3/22 at 100.00 | N/R | 982,641 | ||||||||||||
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 | 1,937,044 | ||||||||||||
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 | 697,560 | ||||||||||||
1,000 | 0.000%, 7/15/27 – AGC Insured | No Opt. Call | AA | 666,690 | ||||||||||||
1,000 | 0.000%, 7/15/28 – AGC Insured | No Opt. Call | AA | 632,660 | ||||||||||||
1,000 | 0.000%, 7/15/29 – AGC Insured | No Opt. Call | AA | 602,650 | ||||||||||||
4,300 | Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, Series 2015, 4.000%, 4/01/35 | 4/25 at 100.00 | Aa2 | 4,321,027 | ||||||||||||
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A: | ||||||||||||||||
660 | 5.375%, 11/01/24 | No Opt. Call | N/R | 660,205 | ||||||||||||
1,600 | 5.500%, 11/01/27 | No Opt. Call | N/R | 1,600,416 | ||||||||||||
1,850 | St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%, 11/01/27 | No Opt. Call | N/R | 1,851,739 | ||||||||||||
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 | 1,678,410 | ||||||||||||
600 | 3.500%, 4/01/32 | 4/24 at 100.00 | Aa3 | 583,290 | ||||||||||||
107,456 | Total Tax Obligation/Limited | 86,643,754 |
NUVEEN | 59 |
Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Transportation – 2.7% | ||||||||||||||||
$ | 665 | Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 – AGM Insured | 10/23 at 100.00 | AA | $ | 755,593 | ||||||||||
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– | 2,209,280 | ||||||||||||
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– | 3,636,255 | ||||||||||||
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– | 3,418,297 | ||||||||||||
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 | 1,057,801 | ||||||||||||
2,000 | 5.000%, 7/01/21 – AGM Insured | 7/17 at 100.00 | AA | 2,043,400 | ||||||||||||
12,410 | Total Transportation | 13,120,626 | ||||||||||||||
U.S. Guaranteed – 11.0% (4) | ||||||||||||||||
2,025 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2008, 5.625%, 8/01/38 (Pre-refunded 8/01/18) | 8/18 at 100.00 | A (4) | 2,173,736 | ||||||||||||
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2009A: | ||||||||||||||||
250 | 5.125%, 6/01/23 (Pre-refunded 6/01/19) | 6/19 at 100.00 | AA– (4) | 272,643 | ||||||||||||
200 | 5.125%, 6/01/24 (Pre-refunded 6/01/19) | 6/19 at 100.00 | AA– (4) | 218,114 | ||||||||||||
500 | 5.500%, 6/01/29 (Pre-refunded 6/01/19) | 6/19 at 100.00 | AA– (4) | 549,875 | ||||||||||||
4,170 | 5.750%, 6/01/39 (Pre-refunded 6/01/19) | 6/19 at 100.00 | AA– (4) | 4,611,520 | ||||||||||||
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) | 1,591,890 | ||||||||||||
Columbia, Misouri, 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) | 413,864 | ||||||||||||
500 | 5.125%, 10/01/30 (Pre-refunded 10/01/17) | 10/17 at 100.00 | AA (4) | 517,850 | ||||||||||||
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) | 1,038,010 | ||||||||||||
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) | 1,968,009 | ||||||||||||
1,025 | Kansas City Metropolitan Junior College District Certificates of Participation, Series 2008, 4.500%, 7/01/21 (Pre-refunded 7/01/17) | 7/17 at 100.00 | N/R (4) | 1,047,130 | ||||||||||||
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) | 532,500 | ||||||||||||
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 | 510,375 | ||||||||||||
1,000 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Centerpoint Project, Series 2007E, 5.125%, 4/01/25 (Pre-refunded 4/01/17) | 4/17 at 100.00 | A– (4) | 1,014,410 | ||||||||||||
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) | 1,229,817 | ||||||||||||
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) | 998,128 |
60 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
U.S. Guaranteed (4) (continued) | ||||||||||||||||
$ | 2,330 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds The Childrens Mercy Hospital, Series 2009, 5.625%, 5/15/39 (Pre-refunded 5/15/19) | 5/19 at 100.00 | N/R (4) | $ | 2,565,749 | ||||||||||
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) | 2,166,460 | ||||||||||||
1,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H, 0.000%, 9/01/17 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 991,370 | ||||||||||||
1,800 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H, 0.000%, 9/01/21 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 1,614,600 | ||||||||||||
2,385 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H, .0.000%, 9/01/22 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 2,077,955 | ||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2007A: | ||||||||||||||||
365 | 4.875%, 2/01/18 (Pre-refunded 2/01/17) | 2/17 at 100.00 | BBB+ (4) | 367,486 | ||||||||||||
2,000 | 4.875%, 2/01/37 (Pre-refunded 2/01/17) | 2/17 at 100.00 | BBB+ (4) | 2,013,620 | ||||||||||||
3,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Seres 2008A, 5.375%, 3/15/39 (Pre-refunded 3/15/18) | 3/18 at 100.00 | AAA | 3,165,180 | ||||||||||||
5,820 | Missouri Health and Educational Facilities Authority, Revenue Refunding Bonds, CoxhHealth Systems Inc., , Series 2008A, 5.500%, 11/15/39 (Pre-refunded 11/15/18) | 11/18 at 100.00 | N/R (4) | 6,306,783 | ||||||||||||
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) | 2,217,152 | ||||||||||||
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) | 1,026,338 | ||||||||||||
1,070 | 5.250%, 3/01/26 (Pre-refunded 3/01/17) – AGM Insured | 3/17 at 100.00 | AA (4) | 1,081,952 | ||||||||||||
625 | 5.250%, 3/01/27 (Pre-refunded 3/01/17) – AGM Insured | 3/17 at 100.00 | AA (4) | 631,981 | ||||||||||||
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) | 2,626,623 | ||||||||||||
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) | 506,620 | ||||||||||||
390 | 4.750%, 4/01/21 (Pre-refunded 4/01/17) | 4/17 at 100.00 | A+ (4) | 395,164 | ||||||||||||
1,830 | Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM) | 2/17 at 100.00 | N/R (4) | 2,072,567 | ||||||||||||
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) | 2,093,855 | ||||||||||||
51,560 | Total U.S. Guaranteed | 52,609,326 | ||||||||||||||
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 | 468,656 | ||||||||||||
1,500 | Missouri Development Finance Board, Infrastructure Facilities Leasehold Revenue Bonds, Independence Electric System Projects, Series 2016D, 4.000%, 6/01/41 | 6/26 at 100.00 | A | 1,449,900 | ||||||||||||
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 | 3,629,901 | ||||||||||||
1,755 | 5.000%, 1/01/32 | 1/24 at 100.00 | A2 | 1,923,515 |
NUVEEN | 61 |
Nuveen Missouri Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Utilities (continued) | ||||||||||||||||
$ | 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 | $ | 1,229,996 | ||||||||||
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 | 3,163,980 | ||||||||||||
1,450 | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 1,577,484 | ||||||||||||
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 | 2,522,725 | ||||||||||||
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 | 2,355,716 | ||||||||||||
2,000 | 5.000%, 1/01/37 | 1/21 at 100.00 | A2 | 2,126,560 | ||||||||||||
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 | 586,359 | ||||||||||||
245 | 4.000%, 12/01/35 – BAM Insured | 6/26 at 100.00 | AA | 250,253 | ||||||||||||
1,415 | 5.000%, 12/01/40 | 6/26 at 100.00 | A2 | 1,544,656 | ||||||||||||
3,000 | 4.000%, 12/01/41 | 6/26 at 100.00 | A2 | 2,962,590 | ||||||||||||
2,000 | Springfield, Missouri, Public Utility Revenue Bonds, Refunding Series 2015, 4.000%, 8/01/31 | 8/25 at 100.00 | AA+ | 2,071,120 | ||||||||||||
26,370 | Total Utilities | 27,863,411 | ||||||||||||||
Water and Sewer – 6.9% | ||||||||||||||||
725 | Cape Girardeau, Missouri, Waterworks System Refunding Revenue Bonds, Series 2012A, 3.375%, 1/01/26 | 1/20 at 100.00 | A+ | 729,002 | ||||||||||||
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 | 3,093,660 | ||||||||||||
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– | 1,447,857 | ||||||||||||
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– | 1,784,201 | ||||||||||||
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– | 763,908 | ||||||||||||
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 | 5,058,500 | ||||||||||||
2,000 | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Series 2009A, 5.250%, 1/01/34 | 1/19 at 100.00 | AA | 2,129,160 | ||||||||||||
500 | Kansas City, Missouri, Water Revenue Bonds, Refunding & Improvement Series 2009A, 5.250%, 12/01/32 | 12/18 at 100.00 | AA+ | 533,070 | ||||||||||||
1,200 | Lincoln County Public Water Supply District 1, Missouri, Certificates of Participation, Series 2016, 4.000%, 7/01/31 | 7/22 at 100.00 | A | 1,211,040 | ||||||||||||
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 | 5,192,518 | ||||||||||||
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 | 2,178,760 | ||||||||||||
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 | 7/23 at 100.00 | Aaa | 471,593 |
62 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer (continued) | ||||||||||||||||
$ | 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 | 7/23 at 100.00 | Aaa | $ | 45,141 | ||||||||||
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 | 91,769 | ||||||||||||
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 | 2,072,194 | ||||||||||||
Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refudning Series 2016B: | ||||||||||||||||
1,210 | 3.125%, 12/01/33 | 12/22 at 100.00 | AA | 1,107,682 | ||||||||||||
1,000 | 3.250%, 12/01/34 | 12/22 at 100.00 | AA | 918,430 | ||||||||||||
500 | 3.250%, 12/01/36 | 12/22 at 100.00 | AA | 452,560 | ||||||||||||
Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refudning Series 2016C: | ||||||||||||||||
285 | 4.000%, 12/01/31 (WI/DD, Settling 12/22/16) | 12/25 at 100.00 | AA | 289,714 | ||||||||||||
1,465 | 5.000%, 12/01/32 (WI/DD, Settling 12/22/16) | 12/25 at 100.00 | AA | 1,624,128 | ||||||||||||
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 | 1,519,965 | ||||||||||||
395 | Warrenton, Missouri, Waterworks & Sewer System Revenue Bonds, Series 2014, 3.375%, 7/01/28 – BAM Insured | 7/23 at 100.00 | AA | 396,039 | ||||||||||||
31,890 | Total Water and Sewer | 33,110,891 | ||||||||||||||
$ | 473,496 | Total Long-Term Investments (cost 453,810,117) | 466,371,613 | |||||||||||||
Other Assets Less Liabilities – 2.3% | 11,047,754 | |||||||||||||||
Net Assets – 100% | $ | 477,419,367 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(4) | 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. |
(WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
(ETM) | Escrowed to maturity. |
See accompanying notes to financial statements.
NUVEEN | 63 |
Nuveen Ohio Municipal Bond Fund
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 99.1% | ||||||||||||||||
MUNICIPAL BONDS – 99.1% | ||||||||||||||||
Consumer Staples – 2.8% | ||||||||||||||||
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– | $ | 15,167,592 | ||||||||||
1,000 | 5.875%, 6/01/47 | 6/17 at 100.00 | B– | 850,400 | ||||||||||||
18,315 | Total Consumer Staples | 16,017,992 | ||||||||||||||
Education and Civic Organizations – 6.7% | ||||||||||||||||
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 | 1,447,235 | ||||||||||||
2,680 | 5.000%, 6/01/35 – BAM Insured | 6/25 at 100.00 | AA | 2,909,783 | ||||||||||||
2,000 | Kent State University, Ohio, University General Receipts Bonds, Series 2016, 5.000%, 5/01/21 | No Opt. Call | Aa3 | 2,248,660 | ||||||||||||
2,465 | Miami University of Ohio, General Receipts Bonds, Refunding Series 2014, 5.000%, 9/01/30 | 9/24 at 100.00 | AA | 2,776,403 | ||||||||||||
1,925 | Miami University of Ohio, General Receipts Bonds, Series 2011, 5.000%, 9/01/36 | 9/21 at 100.00 | AA | 2,126,894 | ||||||||||||
625 | Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 1990B, 6.500%, 10/01/20 | No Opt. Call | AA– | 685,756 | ||||||||||||
1,000 | Ohio Higher Education Facilities Commission, Revenue Bonds, Mount Union College, Series 2006, 5.000%, 10/01/31 | No Opt. Call | Baa1 | 1,001,250 | ||||||||||||
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 | 1,285,635 | ||||||||||||
1,000 | 5.000%, 11/01/30 | 5/22 at 100.00 | AA | 1,118,960 | ||||||||||||
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+ | 687,570 | ||||||||||||
1,250 | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Tender Option Bond Trust 2016-XG0069, 15.312%, 12/01/43 (IF) (4) | 12/01/22 at 100.00 | A+ | 1,675,450 | ||||||||||||
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 | 538,900 | ||||||||||||
2,500 | Ohio Higher Educational Facility Commission, Revenue Bonds, Kenyon College, Series 2015, 5.000%, 7/01/41 | 7/25 at 100.00 | A+ | 2,704,625 | ||||||||||||
Ohio State University, General Receipts Bonds, Series 2014A: | ||||||||||||||||
4,820 | 5.000%, 12/01/34 | 12/24 at 100.00 | Aa1 | 5,413,824 | ||||||||||||
5,000 | 5.000%, 12/01/39 | 12/24 at 100.00 | Aa1 | 5,567,500 | ||||||||||||
1,000 | Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39 | 12/22 at 100.00 | Aa3 | 1,098,690 | ||||||||||||
Shawnee State University, Ohio, General Receipts Bonds, Series 2016: | ||||||||||||||||
1,120 | 5.000%, 6/01/28 – BAM Insured | 6/26 at 100.00 | AA | 1,271,536 | ||||||||||||
1,180 | 5.000%, 6/01/29 – BAM Insured | 6/26 at 100.00 | AA | 1,330,096 |
64 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Education and Civic Organizations (continued) | ||||||||||||||||
$ | 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 | $ | 977,280 | ||||||||||
1,740 | University of Cincinnati, Ohio, General Receipts Bonds, Series 2016A, 5.000%, 6/01/30 | 6/26 at 100.00 | AA– | 1,997,972 | ||||||||||||
34,910 | Total Education and Civic Organizations | 38,864,019 | ||||||||||||||
Health Care – 13.5% | ||||||||||||||||
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010A: | ||||||||||||||||
3,050 | 5.250%, 6/01/38 | 6/20 at 100.00 | AA– | 3,292,384 | ||||||||||||
250 | 5.000%, 6/01/38 | 6/20 at 100.00 | AA– | 266,938 | ||||||||||||
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: | ||||||||||||||||
750 | 5.500%, 11/01/22 | 11/20 at 100.00 | A | 841,688 | ||||||||||||
4,140 | 5.500%, 11/01/40 | 11/20 at 100.00 | A | 4,605,791 | ||||||||||||
850 | Butler County, Ohio, Hospital Faciliteis Revenue Bonds, Kettering Health Network Obligated Group Project, Series 2011, 5.625%, 4/01/41 | No Opt. Call | A+ | 926,322 | ||||||||||||
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 | 1,663,248 | ||||||||||||
10,300 | Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41 | 11/21 at 100.00 | AA+ | 11,099,587 | ||||||||||||
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 | 529,671 | ||||||||||||
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 | 126,910 | ||||||||||||
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D: | ||||||||||||||||
400 | 5.000%, 11/15/38 | 11/18 at 100.00 | AA | 418,052 | ||||||||||||
305 | 5.125%, 11/15/40 | 11/18 at 100.00 | AA | 319,311 | ||||||||||||
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 | 3,733,031 | ||||||||||||
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 | 990,013 | ||||||||||||
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– | 7,467,110 | ||||||||||||
750 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Refunding Series 2009A, 5.000%, 5/01/39 | 5/19 at 100.00 | A– | 779,753 | ||||||||||||
2,270 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/32 | 5/32 at 100.00 | A– | 2,274,200 | ||||||||||||
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+ | 2,067,840 | ||||||||||||
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 | 2,667,885 | ||||||||||||
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 | 6,574,473 | ||||||||||||
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 2015-XF0105: | ||||||||||||||||
5,625 | 18.148%, 1/01/39 (IF) | 1/19 at 100.00 | Aa2 | 7,177,950 | ||||||||||||
700 | 18.148%, 1/01/43 (IF) | 1/18 at 100.00 | Aa2 | 810,572 |
NUVEEN | 65 |
Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Health Care (continued) | ||||||||||||||||
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 | $ | 1,621,491 | ||||||||||
4,390 | 5.000%, 1/15/29 | 1/23 at 100.00 | A | 4,830,844 | ||||||||||||
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008: | ||||||||||||||||
500 | 5.500%, 12/01/28 | 12/18 at 100.00 | A– | 532,190 | ||||||||||||
1,305 | 5.750%, 12/01/35 | 12/18 at 100.00 | A– | 1,390,517 | ||||||||||||
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 | 1,816,896 | ||||||||||||
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 | Baa3 | 3,567,200 | ||||||||||||
5,500 | 5.000%, 12/01/42 | No Opt. Call | Baa3 | 5,582,555 | ||||||||||||
71,670 | Total Health Care | 77,974,422 | ||||||||||||||
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– | 528,545 | ||||||||||||
795 | Clark County, Ohio, Multifamily Housing Revenue Bonds, Church of God Retirement Home, Series 1998, 6.250%, 11/01/30 (Alternative Minimum Tax) | 5/17 at 100.00 | N/R | 720,167 | ||||||||||||
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 | 1,873,211 | ||||||||||||
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 | 2,224,873 | ||||||||||||
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 | 3,052,110 | ||||||||||||
8,275 | Total Housing/Multifamily | 8,398,906 | ||||||||||||||
Housing/Single Family – 0.1% | ||||||||||||||||
430 | 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 | 441,417 | ||||||||||||
Industrials – 1.6% | ||||||||||||||||
465 | Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland Christian Home Project, Series 2002C, 5.950%, 5/15/22 | 5/22 at 100.00 | BBB+ | 468,069 | ||||||||||||
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 | 3,252,935 | ||||||||||||
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+ | 1,587,492 | ||||||||||||
1,645 | 5.000%, 12/01/24 | 12/19 at 100.00 | AA+ | 1,792,770 | ||||||||||||
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 | 1,902,832 | ||||||||||||
8,665 | Total Industrials | 9,004,098 | ||||||||||||||
Long-Term Care – 0.8% | ||||||||||||||||
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– | 1,612,126 |
66 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Long-Term Care (continued) | ||||||||||||||||
$ | 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– | $ | 3,299,635 | ||||||||||
4,585 | Total-Long Term Care | 4,911,761 | ||||||||||||||
Tax Obligation/General – 15.3% | ||||||||||||||||
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 | 644,917 | ||||||||||||
Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Classroom Facilities Construction & Improvement Series 2006: | ||||||||||||||||
535 | 5.250%, 12/01/19 – FGIC Insured | No Opt. Call | Aa2 | 591,362 | ||||||||||||
380 | 5.250%, 12/01/27 – FGIC Insured | No Opt. Call | Aa2 | 460,248 | ||||||||||||
300 | Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Refunding School Improvement Series 2010, 5.250%, 6/01/21 | 6/20 at 100.00 | Aa2 | 334,488 | ||||||||||||
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+ | 666,470 | ||||||||||||
2,000 | Columbus, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2016-1, 5.000%, 7/01/26 | No Opt. Call | AAA | 2,414,380 | ||||||||||||
5,000 | Columbus, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2016-3, 5.000%, 2/15/28 | 2/27 at 100.00 | AAA | 5,995,250 | ||||||||||||
5,000 | Columbus, Ohio, General Obligation Bonds, Series 2015A, 5.000%, 7/01/25 | No Opt. Call | AAA | 5,984,000 | ||||||||||||
2,210 | Columbus, Ohio, General Obligation Bonds, Various Purpose, Series 2014A, 5.000%, 2/15/18 | No Opt. Call | AAA | 2,314,511 | ||||||||||||
580 | Cuyahoga County, Ohio, Limited Tax General Obligation Bonds, Series 1993, 5.650%, 5/15/18 | No Opt. Call | AAA | 603,125 | ||||||||||||
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015: | ||||||||||||||||
1,000 | 5.000%, 12/01/23 | No Opt. Call | Aaa | 1,185,840 | ||||||||||||
450 | 5.000%, 12/01/24 | No Opt. Call | Aaa | 538,736 | ||||||||||||
6,000 | Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/24 | 12/23 at 100.00 | AAA | 7,080,540 | ||||||||||||
4,225 | Franklin County, Ohio, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/31 | 12/25 at 100.00 | AAA | 4,905,436 | ||||||||||||
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 | 1,111,710 | ||||||||||||
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 | 304,685 | ||||||||||||
850 | 0.000%, 12/01/30 | No Opt. Call | Aa2 | 491,530 | ||||||||||||
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 | 1,101,900 | ||||||||||||
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 | 756,722 | ||||||||||||
755 | Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/19 | No Opt. Call | Aa1 | 825,004 | ||||||||||||
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 | 1,881,407 | ||||||||||||
230 | Lake County, Ohio, Limited Tax Sewer District Improvement Bonds, Series 2000, 5.600%, 12/01/20 | No Opt. Call | Aa1 | 250,189 |
NUVEEN | 67 |
Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/General (continued) | ||||||||||||||||
$ | 1,000 | Lorain, Ohio, General Obligation Bonds, Pellet Terminal Improvement Series 2008, 6.750%, 12/01/28 – AMBAC Insured | No Opt. Call | Baa2 | $ | 1,072,680 | ||||||||||
2,380 | Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 | 10/18 at 100.00 | AA | 2,509,805 | ||||||||||||
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 | 855,000 | ||||||||||||
1,000 | Maumee City School District, Lucas County, Ohio, General Obligation Bonds, Capital Apprication Refunding Series 2012, 0.000%, 12/01/23 | No Opt. Call | AA– | 833,940 | ||||||||||||
1,265 | Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2002, 5.750%, 12/01/20 – AMBAC Insured | No Opt. Call | A1 | 1,415,978 | ||||||||||||
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 | 298,062 | ||||||||||||
1,585 | New Albany, Ohio, General Obligation Bonds, Series 2012, 5.000%, 12/01/29 | 6/22 at 100.00 | Aaa | 1,781,746 | ||||||||||||
530 | Newark, Ohio, General Obligation Bonds, Storm Sewer Improvement Series 2009, 5.500%, 12/01/34 | 12/19 at 100.00 | A1 | 572,845 | ||||||||||||
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 | 1,812,772 | ||||||||||||
925 | Oakwood City School District, Montgomery County, Ohio, General Obligation Bonds, Series 2012, 0.000%, 12/01/21 | No Opt. Call | Aa2 | 825,202 | ||||||||||||
2,000 | Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 5.000%, 5/01/29 | 5/24 at 100.00 | AAA | 2,278,060 | ||||||||||||
2,895 | Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2016S, 5.000%, 5/01/19 | No Opt. Call | AAA | 3,139,917 | ||||||||||||
5,000 | Ohio State, General Obligation Bonds, Refunding Common Schools Series 2016A, 5.000%, 12/15/24 | No Opt. Call | AA+ | 5,915,700 | ||||||||||||
5,345 | Ohio State, General Obligation Bonds, Refunding Higher Education Series 2016A, 5.000%, 8/01/25 | No Opt. Call | AA+ | 6,336,337 | ||||||||||||
1,000 | Ohio, General Obligation Bonds, Infrastructure Improvements, Refunding Series 2002A, 5.500%, 2/01/20 | No Opt. Call | AA+ | 1,117,390 | ||||||||||||
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obigation Bonds, School Facilities Construction & Improvement Series 2016: | ||||||||||||||||
1,000 | 5.000%, 12/01/38 | 6/26 at 100.00 | AAA | 1,122,950 | ||||||||||||
1,875 | 5.000%, 12/01/41 | 6/26 at 100.00 | AAA | 2,097,488 | ||||||||||||
Princeton City School District, Hamilton County, Ohio, Certificates of Participation, Series 2013: | ||||||||||||||||
610 | 5.000%, 12/01/33 | 12/22 at 100.00 | AA– | 645,606 | ||||||||||||
1,305 | 5.000%, 12/01/42 | 12/22 at 100.00 | AA– | 1,378,302 | ||||||||||||
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 | 1,906,154 | ||||||||||||
3,435 | Summit County, Ohio, General Obligation Bonds, Refunding, Various Purpose Series 2002R, 5.500%, 12/01/21 – FGIC Insured | No Opt. Call | AAA | 3,991,848 | ||||||||||||
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 | 512,000 | ||||||||||||
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 | 5,383,813 | ||||||||||||
80,040 | Total Tax Obligation/General | 88,246,045 |
68 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited – 18.8% | ||||||||||||||||
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 | $ | 745,469 | ||||||||||
950 | 5.000%, 12/01/25 | 12/16 at 102.00 | N/R | 969,893 | ||||||||||||
1,165 | 5.000%, 12/01/30 | 12/16 at 102.00 | N/R | 1,184,723 | ||||||||||||
1,790 | 5.000%, 12/01/35 | 12/16 at 102.00 | N/R | 1,813,449 | ||||||||||||
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 | 1,129,244 | ||||||||||||
1,150 | 5.000%, 10/01/30 | 10/23 at 100.00 | AA | 1,295,705 | ||||||||||||
1,205 | 5.000%, 10/01/31 | 10/23 at 100.00 | AA | 1,353,697 | ||||||||||||
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 | 3,317,430 | ||||||||||||
1,630 | Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, R.I.T.A. Project, Series 2004, 5.000%, 11/15/19 – RAAI Insured | No Opt. Call | AA | 1,634,124 | ||||||||||||
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 | 1,487,528 | ||||||||||||
1,645 | 5.000%, 12/01/28 – AGM Insured | 12/20 at 100.00 | AA | 1,741,200 | ||||||||||||
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 | 508,365 | ||||||||||||
685 | 5.000%, 12/01/32 | 12/19 at 100.00 | BBB | 711,270 | ||||||||||||
555 | 5.000%, 12/01/36 | 12/19 at 100.00 | BBB | 573,570 | ||||||||||||
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 | 3,051,243 | ||||||||||||
3,250 | 5.000%, 12/01/27 | 12/20 at 100.00 | Aa2 | 3,612,213 | ||||||||||||
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 | 1,153,320 | ||||||||||||
1,810 | 5.000%, 12/01/32 | 12/24 at 100.00 | AAA | 2,063,092 | ||||||||||||
1,585 | 5.000%, 12/01/33 | 12/24 at 100.00 | AAA | 1,798,198 | ||||||||||||
1,385 | 5.000%, 12/01/34 | 12/24 at 100.00 | AAA | 1,566,047 | ||||||||||||
1,055 | 5.000%, 12/01/35 | 12/24 at 100.00 | AAA | 1,190,525 | ||||||||||||
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 | 1,781,974 | ||||||||||||
2,940 | Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/38 | 12/25 at 100.00 | Aa1 | 3,266,046 | ||||||||||||
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 | 253,764 | ||||||||||||
210 | 5.000%, 12/01/27 | 12/17 at 100.00 | Aaa | 217,300 | ||||||||||||
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 | 11,596,226 | ||||||||||||
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 | 1,983,518 | ||||||||||||
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 | 1,191,551 | ||||||||||||
1,105 | 5.000%, 12/01/33 | 12/25 at 100.00 | AAA | 1,247,523 |
NUVEEN | 69 |
Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 2,250 | Hamilton County, Ohio, Sales Tax Bonds, Refunding Series 2016A, 5.000%, 12/01/30 | 12/26 at 100.00 | AA– | $ | 2,549,025 | ||||||||||
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B: | ||||||||||||||||
500 | 0.000%, 12/01/26 – AMBAC Insured | No Opt. Call | A1 | 356,840 | ||||||||||||
3,300 | 0.000%, 12/01/28 – AMBAC Insured | No Opt. Call | A1 | 2,167,803 | ||||||||||||
1,750 | 0.000%, 12/01/28 – AGM Insured | No Opt. Call | AA | 1,149,593 | ||||||||||||
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A: | ||||||||||||||||
1,235 | 5.000%, 12/01/25 | 12/21 at 100.00 | A1 | 1,388,412 | ||||||||||||
5,375 | 5.000%, 12/01/31 | 12/21 at 100.00 | A1 | 5,928,733 | ||||||||||||
26,700 | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (Mandatory put 1/01/23) | 1/23 at 100.00 | AA | 29,183,629 | ||||||||||||
Mayfield City School District, Ohio, Certificates of Participation, Middle School Project, Series 2009B: | ||||||||||||||||
435 | 0.000%, 9/01/27 | No Opt. Call | Aa2 | 307,836 | ||||||||||||
855 | 0.000%, 9/01/28 | No Opt. Call | Aa2 | 581,178 | ||||||||||||
2,635 | 5.000%, 9/01/31 | 9/19 at 100.00 | Aa2 | 2,821,927 | ||||||||||||
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 | 1,226,753 | ||||||||||||
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 | 2,015,060 | ||||||||||||
400 | Riversouth Authority, Ohio, Lazarus Building Redevelopment Bonds, Series 2007A, 5.750%, 12/01/27 | 12/17 at 100.00 | N/R | 410,176 | ||||||||||||
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Payable from City of Columbus, Ohio Annual Rental Appropriations, Refunding Series 2012A: | ||||||||||||||||
1,400 | 5.000%, 12/01/23 | 12/22 at 100.00 | AA+ | 1,597,316 | ||||||||||||
800 | 5.000%, 12/01/24 | 12/22 at 100.00 | AA+ | 904,680 | ||||||||||||
Riversouth Authority, Ohio, Scioto Peninsula Area Redevelopment Bonds, Payable from City of Columbus, Ohio Annual Rental Appropriations, Series 2016: | ||||||||||||||||
1,000 | 5.000%, 12/01/28 | 12/25 at 100.00 | AA+ | 1,151,290 | ||||||||||||
1,000 | 5.000%, 12/01/29 | 12/25 at 100.00 | AA+ | 1,144,390 | ||||||||||||
102,195 | Total Tax Obligation/Limited | 109,322,848 | ||||||||||||||
Transportation – 7.6% | ||||||||||||||||
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A: | ||||||||||||||||
7,000 | 5.000%, 1/01/29 | No Opt. Call | A– | 7,628,040 | ||||||||||||
1,000 | 5.000%, 1/01/30 | 1/22 at 100.00 | A– | 1,083,360 | ||||||||||||
3,450 | 5.000%, 1/01/31 – AGM Insured | 1/22 at 100.00 | AA | 3,742,629 | ||||||||||||
Ohio State, 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 | 3,744,160 | ||||||||||||
3,500 | 5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax) | 6/25 at 100.00 | AA | 3,718,050 | ||||||||||||
7,725 | 5.000%, 6/30/53 (Alternative Minimum Tax) | 6/25 at 100.00 | A– | 8,042,189 | ||||||||||||
11,000 | Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/24 – FGIC Insured | No Opt. Call | AA | 13,039,508 | ||||||||||||
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+ | 2,721,901 | ||||||||||||
39,625 | Total Transportation | 43,719,837 |
70 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
U.S. Guaranteed – 11.0% (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) | $ | 989,746 | ||||||||||
4,705 | 5.250%, 2/15/43 (Pre-refunded 2/15/18) | 2/18 at 100.00 | N/R (5) | 4,941,897 | ||||||||||||
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) | 1,088,790 | ||||||||||||
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 | 4,534,165 | ||||||||||||
1,000 | Clyde-Green Springs Exempt Village School District, Summit County, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/27 (Pre-refunded 6/01/18) – AGM Insured | 6/18 at 100.00 | Aa2 (5) | 1,057,450 | ||||||||||||
1,000 | Columbus Regional Airport Authority, Ohio, Revenue Bonds, Refunding Series 2007, 5.000%, 1/01/28 (Pre-refunded 1/01/17) – NPFG Insured | 1/17 at 100.00 | AA– (5) | 1,003,600 | ||||||||||||
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) | 2,051,460 | ||||||||||||
1,790 | 5.000%, 12/01/27 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (5) | 1,864,017 | ||||||||||||
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 | 3,290,666 | ||||||||||||
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2009: | ||||||||||||||||
3,000 | 5.000%, 11/01/34 (Pre-refunded 11/01/19) | 11/19 at 100.00 | Aa2 (5) | 3,303,600 | ||||||||||||
3,000 | 5.250%, 11/01/40 (Pre-refunded 11/01/19) | 11/19 at 100.00 | Aa2 (5) | 3,324,960 | ||||||||||||
3,180 | Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series 2008A, 5.000%, 11/01/40 (Pre-refunded 11/01/18) | 11/18 at 100.00 | Aa2 (5) | 3,410,232 | ||||||||||||
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) | 416,540 | ||||||||||||
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) | 1,043,840 | ||||||||||||
400 | Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities Project, Refunding Series 2006A, 5.000%, 1/01/27 (Pre-refunded 1/01/17) | 1/17 at 100.00 | BBB (5) | 401,396 | ||||||||||||
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) | 1,083,170 | ||||||||||||
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 | AA (5) | 2,551,875 | ||||||||||||
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) | 1,905,383 | ||||||||||||
1,100 | 5.125%, 12/01/36 (Pre-refunded 6/01/19) | 6/19 at 100.00 | Aa2 (5) | 1,201,046 | ||||||||||||
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) | 1,796,329 | ||||||||||||
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) | 677,741 | ||||||||||||
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) | 5,815,768 |
NUVEEN | 71 |
Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
U.S. Guaranteed (5) (continued) | ||||||||||||||||
$ | 865 | Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 (Pre-refunded 12/01/17) – AMBAC Insured | 12/17 at 100.00 | Aa3 (5) | $ | 900,586 | ||||||||||
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) | 1,021,070 | ||||||||||||
1,000 | Milford Exempted Village School District, Ohio, General Obligation Bonds, School Improvement Series 2008, 5.250%, 12/01/36 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Aa3 (5) | 1,080,700 | ||||||||||||
2,015 | Milton Union Exempt Village School District, Ohio, Special Limited Obligation Bonds, Series 2009, 5.000%, 12/01/32 (Pre-refunded 12/01/19) | 12/19 at 100.00 | A+ (5) | 2,222,968 | ||||||||||||
500 | Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 2008A, 5.500%, 12/01/28 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa1 (5) | 542,400 | ||||||||||||
125 | Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM) | No Opt. Call | Aaa | 125,019 | ||||||||||||
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 | 560,698 | ||||||||||||
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) | 1,021,070 | ||||||||||||
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 (Pre-refunded 6/01/19) | 6/19 at 100.00 | Aa2 (5) | 1,633,185 | ||||||||||||
600 | Saint Marys City School District, Auglaize County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2008, 5.000%, 12/01/28 (Pre-refunded 6/01/18) – AGM Insured | 6/18 at 100.00 | Aa2 (5) | 634,752 | ||||||||||||
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) | 844,768 | ||||||||||||
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) | 1,328,470 | ||||||||||||
735 | Symmes Township, Hamilton County, Ohio, General Obligation Bonds, Parkland Acquisition & Improvement Series 2010, 5.250%, 12/01/37 (Pre-refunded 12/01/20) | 12/20 at 100.00 | Aa1 (5) | 838,459 | ||||||||||||
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) | 753,383 | ||||||||||||
310 | 5.125%, 12/01/37 (Pre-refunded 6/01/19) | 6/19 at 100.00 | Aa3 (5) | 338,477 | ||||||||||||
2,000 | West Clermont Local School District, Clermont County, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/31 (Pre-refunded 12/01/18) – AGM Insured | 12/18 at 100.00 | AA (5) | 2,151,120 | ||||||||||||
60,180 | Total U.S. Guaranteed | 63,750,796 | ||||||||||||||
Utilities – 4.8% | ||||||||||||||||
7,500 | American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Green Series 2016A, 5.000%, 2/15/46 | 2/26 at 100.00 | A | 8,102,550 | ||||||||||||
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 | 57,003 | ||||||||||||
295 | 5.250%, 2/15/43 | 2/18 at 100.00 | A1 | 306,183 | ||||||||||||
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 | 1,611,510 |
72 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Utilities (continued) | ||||||||||||||||
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B: | ||||||||||||||||
$ | 4,740 | 0.000%, 11/15/34 – NPFG Insured | No Opt. Call | AA– | $ | 2,256,904 | ||||||||||
2,000 | 5.000%, 11/15/38 – NPFG Insured | 5/18 at 100.00 | AA– | 2,085,380 | ||||||||||||
7,500 | 0.000%, 11/15/38 – NPFG Insured | No Opt. Call | AA– | 2,862,525 | ||||||||||||
2,800 | Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009B, 5.800%, 12/01/38 (Mandatory put 12/01/19) | 12/19 at 100.00 | BBB+ | 3,035,956 | ||||||||||||
500 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 | No Opt. Call | B | 239,675 | ||||||||||||
5,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) | No Opt. Call | CCC+ | 2,395,250 | ||||||||||||
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– | 4,772,407 | ||||||||||||
36,310 | Total Utilities | 27,725,343 | ||||||||||||||
Water and Sewer – 14.6% | ||||||||||||||||
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 | 1,460,612 | ||||||||||||
1,730 | Butler County, Ohio, Sewer System Revenue Bonds, Refunding Series 2005, 5.000%, 12/01/23 – AGM Insured | No Opt. Call | Aa3 | 1,955,142 | ||||||||||||
4,310 | Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/41 (WI/DD, Settling 12/06/16) | 12/26 at 100.00 | AAA | 4,854,741 | ||||||||||||
Cleveland, Ohio, Water Revenue Bonds, Refunding Second Lien Series 2012A: | ||||||||||||||||
1,500 | 5.000%, 1/01/24 | 1/22 at 100.00 | Aa2 | 1,697,175 | ||||||||||||
775 | 5.000%, 1/01/26 | 1/22 at 100.00 | Aa2 | 870,527 | ||||||||||||
1,000 | 5.000%, 1/01/27 | 1/22 at 100.00 | Aa2 | 1,117,670 | ||||||||||||
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 | 9,456,330 | ||||||||||||
2,300 | Columbus, Ohio, Sewerage System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/25 | 12/24 at 100.00 | AA+ | 2,725,109 | ||||||||||||
Columbus, Ohio, Sewerage System Revenue Bonds, Refunding Series 2015: | ||||||||||||||||
8,065 | 5.000%, 6/01/30 | 6/26 at 100.00 | AA+ | 9,353,948 | ||||||||||||
6,750 | 5.000%, 6/01/32 | 6/26 at 100.00 | AA+ | 7,786,665 | ||||||||||||
450 | Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, | 12/20 at 100.00 | A2 | 478,832 | ||||||||||||
1,745 | Lebanon, Ohio, Waterworks System Revenue Bonds, Improvement and Refunding Series 2012, 5.000%, 12/01/31 | 12/21 at 100.00 | A1 | 1,931,069 | ||||||||||||
1,000 | Marysville, Ohio, Water System Mortgage Revenue Bonds, Refunding Series 2016, 4.000%, 12/01/38 | 12/25 at 100.00 | Aa3 | 1,005,260 | ||||||||||||
8,500 | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2013, 5.000%, 11/15/38 | 5/23 at 100.00 | AA+ | 9,401,850 | ||||||||||||
3,125 | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Tender Option Bond Trust 2015-XF0225, 16.624%, 11/15/43 (IF) | 5/15/23 at 100.00 | AA+ | 4,397,625 | ||||||||||||
2,975 | Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, Series 2016, 5.000%, 6/01/29 | 12/26 at 100.00 | AAA | 3,526,416 |
NUVEEN | 73 |
Nuveen Ohio Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer (continued) | ||||||||||||||||
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2016B: | ||||||||||||||||
$ | 2,780 | 5.000%, 12/01/33 | 12/26 at 100.00 | AAA | $ | 3,220,936 | ||||||||||
3,895 | 5.000%, 12/01/34 | 12/26 at 100.00 | AAA | 4,494,713 | ||||||||||||
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 | 1,538,110 | ||||||||||||
1,475 | 5.000%, 12/01/26 | 12/19 at 100.00 | Aa1 | 1,612,927 | ||||||||||||
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 | 3,508,336 | ||||||||||||
5,000 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2016A, 5.000%, 6/01/26 | No Opt. Call | AAA | 5,977,950 | ||||||||||||
2,060 | Springboro, Ohio, Sewer System Mortgage Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/27 | 6/22 at 100.00 | Aa2 | 2,289,752 | ||||||||||||
73,980 | Total Water and Sewer | 84,661,695 | ||||||||||||||
$ | 539,180 | Total Long-Term Investments (cost $560,201,995) | 573,039,179 | |||||||||||||
Other Assets Less Liabilities – 0.9% | 5,159,773 | |||||||||||||||
Net Assets – 100% | $ | 578,198,952 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
(WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
(ETM) | Escrowed to maturity. |
(IF) | Inverse floating rate investment. |
See accompanying notes to financial statements.
74 | NUVEEN |
Nuveen Wisconsin Municipal Bond Fund
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 97.9% | ||||||||||||||||
MUNICIPAL BONDS – 97.9% | ||||||||||||||||
Consumer Staples – 2.6% | ||||||||||||||||
$ | 785 | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32 | 6/17 at 100.00 | N/R | $ | 778,838 | ||||||||||
720 | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 4.625%, 6/01/21 | 6/17 at 100.00 | N/R | 720,194 | ||||||||||||
500 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/42 at 100.00 | B+ | 466,020 | ||||||||||||
315 | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2016A. Including 2016A-1, 2016A-2A and 2016A-2B, 5.000%, 6/01/51 | 6/26 at 100.00 | N/R | 330,923 | ||||||||||||
1,110 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42 | 6/42 at 100.00 | B– | 1,031,201 | ||||||||||||
3,430 | Total Consumer Staples | 3,327,176 | ||||||||||||||
Education and Civic Organizations – 4.0% | ||||||||||||||||
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 | 326,922 | ||||||||||||
1,000 | 5.000%, 10/01/34 | 10/19 at 100.00 | AAA | 1,088,790 | ||||||||||||
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+ | 1,074,800 | ||||||||||||
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 | 1,331,629 | ||||||||||||
1,000 | New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 (WI/DD, Settling 8/22/16) – AMBAC Insured | 2/17 at 100.00 | BBB | 1,000,230 | ||||||||||||
250 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2016, 5.000%, 7/01/39 | 7/26 at 100.00 | Baa2 | 265,133 | ||||||||||||
4,850 | Total Education and Civic Organizations | 5,087,504 | ||||||||||||||
Health Care – 7.4% | ||||||||||||||||
440 | Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 5.000%, 2/15/36 | 2/27 at 100.00 | BBB | 450,934 | ||||||||||||
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+ | 1,072,940 | ||||||||||||
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– | 843,834 | ||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital, Series 2015: | ||||||||||||||||
250 | 5.000%, 12/01/23 | No Opt. Call | A+ | 289,398 | ||||||||||||
1,500 | 4.000%, 12/01/35 | 6/24 at 100.00 | A+ | 1,511,625 | ||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118: | ||||||||||||||||
1,000 | 16.367%, 4/01/34 (IF) (4) | 4/19 at 100.00 | AA– | 1,182,720 | ||||||||||||
250 | 12.366%, 4/01/42 (IF) (4) | 10/22 at 100.00 | AA– | 240,520 |
NUVEEN | 75 |
Nuveen Wisconsin Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Health Care (continued) | ||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B: | ||||||||||||||||
$ | 585 | 5.000%, 2/15/26 | No Opt. Call | A– | $ | 650,245 | ||||||||||
890 | 5.000%, 2/15/40 | 2/22 at 100.00 | A– | 945,171 | ||||||||||||
10 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., Refunding Series 2016, 5.000%, 2/15/30 | 8/25 at 100.00 | A3 | 11,109 | ||||||||||||
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– | 1,068,240 | ||||||||||||
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+ | 1,071,810 | ||||||||||||
8,735 | Total Health Care | 9,338,546 | ||||||||||||||
Housing/Multifamily – 8.2% | ||||||||||||||||
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 | 2,028,680 | ||||||||||||
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– | 1,787,800 | ||||||||||||
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+ | 1,469,866 | ||||||||||||
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 | 2,104,560 | ||||||||||||
970 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2006A, 4.550%, 5/01/27 (Alternative Minimum Tax) | 5/27 at 100.00 | AA | 970,572 | ||||||||||||
2,125 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2015A, 4.125%, 11/01/46 | 5/25 at 100.00 | AA | 2,080,205 | ||||||||||||
10,225 | Total Housing/Multifamily | 10,441,683 | ||||||||||||||
Industrials – 1.4% | ||||||||||||||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | ||||||||||||||||
545 | 5.000%, 12/01/19 | No Opt. Call | B | 544,172 | ||||||||||||
420 | 5.500%, 12/01/22 | 12/18 at 100.00 | B | 414,859 | ||||||||||||
65 | 5.250%, 12/01/25 | 12/23 at 100.00 | B | 63,122 | ||||||||||||
465 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27 | 6/19 at 105.00 | N/R | 463,326 | ||||||||||||
300 | 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 | 304,896 | ||||||||||||
1,795 | Total Industrials | 1,790,375 | ||||||||||||||
Long-Term Care – 7.3% | ||||||||||||||||
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 | 1,023,820 | ||||||||||||
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 | 491,695 | ||||||||||||
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+ | 1,831,970 |
76 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Long-Term Care (continued) | ||||||||||||||||
$ | 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 | N/R | $ | 191,566 | ||||||||||
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– | 1,724,415 | ||||||||||||
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 | 1,973,280 | ||||||||||||
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 | 2,018,940 | ||||||||||||
9,085 | Total Long-Term Care | 9,255,686 | ||||||||||||||
Materials – 1.1% | ||||||||||||||||
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 | 1,458,225 | ||||||||||||
Tax Obligation/Limited – 40.2% | ||||||||||||||||
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 | 662,968 | ||||||||||||
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 | 1,028,650 | ||||||||||||
500 | 3.700%, 9/01/21 | 9/18 at 100.00 | A1 | 510,730 | ||||||||||||
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 | 100,406 | ||||||||||||
500 | 2.750%, 9/01/22 | 9/20 at 100.00 | A1 | 504,320 | ||||||||||||
2,500 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/27 | 11/25 at 100.00 | A | 2,769,750 | ||||||||||||
Government of Guam, Business Privilege Tax Bonds, Series 2011A: | ||||||||||||||||
1,000 | 5.000%, 1/01/31 | 1/22 at 100.00 | A | 1,049,800 | ||||||||||||
350 | 5.250%, 1/01/36 | 1/22 at 100.00 | A | 368,134 | ||||||||||||
2,190 | 5.125%, 1/01/42 | 1/22 at 100.00 | A | 2,285,900 | ||||||||||||
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: | ||||||||||||||||
1,000 | 5.000%, 12/01/23 | No Opt. Call | BBB+ | 1,128,840 | ||||||||||||
845 | 5.000%, 12/01/34 | 12/26 at 100.00 | BBB+ | 921,380 | ||||||||||||
1,205 | 5.000%, 12/01/46 | 12/26 at 100.00 | BBB+ | 1,298,388 | ||||||||||||
1,000 | Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23 – AMBAC Insured | No Opt. Call | BBB | 772,910 | ||||||||||||
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+ | 1,244,413 | ||||||||||||
675 | Milwaukee Redevelopment Authority, Wisconsin, HSI Industrial I LLC Project Revenue Bonds, Series 2008, 5.125%, 6/01/29 (Alternative Minimum Tax) | 6/29 at 100.00 | A1 | 677,336 | ||||||||||||
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 | 1,312,662 | ||||||||||||
Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2016A: | ||||||||||||||||
800 | 5.000%, 11/15/30 (WI/DD, Settling 12/01/16) | 11/26 at 100.00 | A+ | 890,168 | ||||||||||||
500 | 5.000%, 11/15/31 (WI/DD, Settling 12/01/16) | 11/26 at 100.00 | A+ | 555,470 | ||||||||||||
550 | 5.000%, 11/15/32 (WI/DD, Settling 12/01/16) | 11/26 at 100.00 | A+ | 607,635 |
NUVEEN | 77 |
Nuveen Wisconsin Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 220 | Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2008A, 4.625%, 12/01/28 | 12/18 at 100.00 | A2 | $ | 231,385 | ||||||||||
280 | Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2008A, 4.625%, 12/01/28 (Pre-refunded 12/01/18) | 12/18 at 100.00 | N/R | 299,085 | ||||||||||||
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A: | ||||||||||||||||
670 | 5.500%, 2/01/21 | No Opt. Call | AA– | 725,195 | ||||||||||||
2,500 | 6.500%, 2/01/31 | 2/19 at 102.00 | AA– | 2,752,825 | ||||||||||||
500 | Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 5.000%, 7/01/31 – AMBAC Insured | 7/31 at 100.00 | CC | 494,370 | ||||||||||||
Saint Francis Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2007: | ||||||||||||||||
400 | 4.150%, 3/01/20 | 3/17 at 100.00 | A2 | 402,004 | ||||||||||||
300 | 4.350%, 3/01/22 | 3/17 at 100.00 | A2 | 301,173 | ||||||||||||
280 | 4.500%, 3/01/24 | 3/17 at 100.00 | A2 | 280,997 | ||||||||||||
520 | 4.600%, 3/01/27 | 3/17 at 100.00 | A2 | 521,596 | ||||||||||||
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– | 2,266,814 | ||||||||||||
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 | 2,387,610 | ||||||||||||
Weston Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2004A: | ||||||||||||||||
1,000 | 5.250%, 10/01/21 | No Opt. Call | A2 | 1,002,660 | ||||||||||||
1,230 | 4.700%, 10/01/21 | No Opt. Call | A2 | 1,233,407 | ||||||||||||
1,000 | Weston Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2005A, 5.000%, 10/01/21 | No Opt. Call | A2 | 1,001,730 | ||||||||||||
Wisconsin Center District, Appropiation Revenue Bonds, Milwaukee Arena Project, Series 2016: | ||||||||||||||||
2,500 | 5.000%, 12/15/30 | 6/26 at 100.00 | A1 | 2,819,224 | ||||||||||||
2,500 | 5.000%, 12/15/31 | 6/26 at 100.00 | A1 | 2,806,249 | ||||||||||||
4,000 | Wisconsin Center District, Dedicated Tax Revenue Bonds, Milwaukee Arena Project, Senior Series 2016A, 0.000%, 12/15/39 – AGM Insured | 6/26 at 60.88 | AA | 1,496,400 | ||||||||||||
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Junior Series 1999: | ||||||||||||||||
3,985 | 5.250%, 12/15/23 – AGM Insured | No Opt. Call | AA | 4,581,275 | ||||||||||||
865 | 5.250%, 12/15/27 – AGM Insured | No Opt. Call | AA | 983,929 | ||||||||||||
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Junior Series 2013A: | ||||||||||||||||
785 | 4.000%, 12/15/25 | 12/22 at 100.00 | A3 | 806,815 | ||||||||||||
2,170 | 5.000%, 12/15/28 | 12/22 at 100.00 | A3 | 2,356,164 | ||||||||||||
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A: | ||||||||||||||||
2,035 | 0.000%, 12/15/28 – AGM Insured | No Opt. Call | AA | 1,393,039 | ||||||||||||
1,945 | 0.000%, 12/15/31 | No Opt. Call | AA | 1,148,192 | ||||||||||||
51,785 | Total Tax Obligation/Limited | 50,981,998 | ||||||||||||||
Transportation – 4.8% | ||||||||||||||||
1,500 | Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.750%, 10/01/43 – AGM Insured | 10/23 at 100.00 | AA | 1,706,475 | ||||||||||||
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– | 632,982 |
78 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Transportation (continued) | ||||||||||||||||
$ | 500 | Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.500%, 1/01/19 – AMBAC Insured (Alternative Minimum Tax) | 1/19 at 100.00 | N/R | $ | 501,165 | ||||||||||
580 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 5.000%, 8/01/21 (Alternative Minimum Tax) | No Opt. Call | BB– | 629,723 | ||||||||||||
130 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 5.000%, 8/01/31 (Mandatory put 8/01/21) (Pre-refunded N/A) (Alternative Minimum Tax) | 8/21 at 100.00 | BB | 132,116 | ||||||||||||
435 | 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 | 465,215 | ||||||||||||
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+ | 664,064 | ||||||||||||
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– | 1,015,330 | ||||||||||||
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 | 381,231 | ||||||||||||
5,710 | Total Transportation | 6,128,301 | ||||||||||||||
U.S. Guaranteed – 10.8% (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) | 1,158,880 | ||||||||||||
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) | 1,039,130 | ||||||||||||
500 | 5.125%, 11/15/27 (Pre-refunded 11/15/17) | 11/17 at 100.00 | BB– (5) | 520,160 | ||||||||||||
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009: | ||||||||||||||||
1,150 | 5.500%, 2/15/29 (Pre-refunded 2/15/19) | 2/19 at 100.00 | A3 (5) | 1,252,488 | ||||||||||||
2,550 | 5.875%, 2/15/39 (Pre-refunded 2/15/19) | 2/19 at 100.00 | A3 (5) | 2,797,961 | ||||||||||||
1,000 | Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2008A, 4.750%, 12/01/32 (Pre-refunded 12/01/18) | 12/18 at 100.00 | A2 (5) | 1,070,620 | ||||||||||||
900 | Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/18 – NPFG Insured (ETM) | No Opt. Call | AA– (5) | 977,517 | ||||||||||||
1,220 | Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/20 – NPFG Insured (ETM) | No Opt. Call | AA– (5) | 1,397,888 | ||||||||||||
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) | 772,112 | ||||||||||||
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) | 1,166,920 | ||||||||||||
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) | 1,569,807 | ||||||||||||
12,335 | Total U.S. Guaranteed | 13,723,483 | ||||||||||||||
Utilities – 4.7% | ||||||||||||||||
995 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 0.000%, 4/01/41 | No Opt. Call | B | 476,963 |
NUVEEN | 79 |
Nuveen Wisconsin Municipal Bond Fund (continued)
Portfolio of Investments | November 30, 2016 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Utilities (continued) | ||||||||||||||||
$ | 1,375 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured | 10/22 at 100.00 | AA | $ | 1,518,853 | ||||||||||
860 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 | No Opt. Call | B | 412,241 | ||||||||||||
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) | No Opt. Call | CCC+ | 479,050 | ||||||||||||
265 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor., Series 2005A, 0.000%, 12/01/40 | No Opt. Call | B | 127,033 | ||||||||||||
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+ | 409,938 | ||||||||||||
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– | 1,132,236 | ||||||||||||
1,250 | WPPI Energy, Wisconsin, Power Supply System Revenue Bonds, Series 2016A, 5.000%, 7/01/36 | 7/26 at 100.00 | A1 | 1,376,925 | ||||||||||||
7,315 | Total Utilities | 5,933,239 | ||||||||||||||
Water and Sewer – 5.4% | ||||||||||||||||
1,700 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 | 7/20 at 100.00 | A– | 1,796,611 | ||||||||||||
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– | 1,089,080 | ||||||||||||
3,740 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A– | 4,019,826 | ||||||||||||
6,440 | Total Water and Sewer | 6,905,517 | ||||||||||||||
$ | 123,090 | Total Long-Term Investments (cost $124,076,505) | 124,371,733 | |||||||||||||
Other Assets Less Liabilities – 2.1% | 2,685,040 | |||||||||||||||
Net Assets – 100% | $ | 127,056,773 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
(WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
(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. |
See accompanying notes to financial statements.
80 | NUVEEN |
Assets and Liabilities | November 30, 2016 (Unaudited) |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Long-term investments, at value (cost $241,344,001, $370,692,064, $202,531,685, $453,810,117, $560,201,995 and $124,076,505, respectively) | $ | 245,391,952 | $ | 381,123,613 | $ | 205,528,732 | $ | 466,371,613 | $ | 573,039,179 | $ | 124,371,733 | ||||||||||||
Cash | 2,558,581 | — | 2,430,843 | — | — | 4,249,671 | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Interest | 3,370,390 | 5,706,716 | 2,300,242 | 5,758,651 | 10,333,683 | 1,882,020 | ||||||||||||||||||
Investments sold | 26,461 | 15,000 | — | 8,795,716 | 10,744,574 | 5,000 | ||||||||||||||||||
Shares sold | 261,777 | 209,693 | 377,723 | 664,582 | 1,060,375 | 286,767 | ||||||||||||||||||
Other assets | 6,193 | 79,601 | 50,392 | 44,569 | 98,338 | 11,239 | ||||||||||||||||||
Total assets | 251,615,354 | 387,134,623 | 210,687,932 | 481,635,131 | 595,276,149 | 130,806,430 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Cash overdraft | — | 1,689,889 | — | 171,043 | 7,134,864 | — | ||||||||||||||||||
Floating rate obligations | 9,420,000 | 5,650,000 | 4,700,000 | — | — | — | ||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Dividends | 117,393 | 157,897 | 150,210 | 495,654 | 433,992 | 89,469 | ||||||||||||||||||
Investments purchased | 1,021,389 | — | — | 1,913,842 | 6,090,658 | 3,114,498 | ||||||||||||||||||
Shares redeemed | 741,708 | 563,732 | 1,084,416 | 1,213,534 | 2,820,698 | 414,593 | ||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||||||
Management fees | 101,986 | 158,429 | 87,164 | 205,200 | 243,313 | 54,565 | ||||||||||||||||||
Trustees fees | 2,599 | 77,749 | 41,039 | 42,133 | 98,671 | 1,336 | ||||||||||||||||||
12b-1 distribution and service fees | 60,203 | 81,701 | 39,910 | 68,313 | 102,534 | 23,195 | ||||||||||||||||||
Other | 75,913 | 102,464 | 74,611 | 106,045 | 152,467 | 52,001 | ||||||||||||||||||
Total liabilities | 11,541,191 | 8,481,861 | 6,177,350 | 4,215,764 | 17,077,197 | 3,749,657 | ||||||||||||||||||
Net assets | $ | 240,074,163 | $ | 378,652,762 | $ | 204,510,582 | $ | 477,419,367 | $ | 578,198,952 | $ | 127,056,773 | ||||||||||||
Class A Shares | ||||||||||||||||||||||||
Net assets | $ | 147,642,308 | $ | 287,360,429 | $ | 114,780,448 | $ | 207,211,723 | $ | 298,099,193 | $ | 60,740,382 | ||||||||||||
Shares outstanding | 13,997,179 | 26,783,632 | 10,203,202 | 18,733,556 | 26,616,506 | 5,852,696 | ||||||||||||||||||
Net asset value (“NAV”) per share | $ | 10.55 | $ | 10.73 | $ | 11.25 | $ | 11.06 | $ | 11.20 | $ | 10.38 | ||||||||||||
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price) | $ | 11.01 | $ | 11.20 | $ | 11.74 | $ | 11.54 | $ | 11.69 | $ | 10.84 | ||||||||||||
Class C Shares | ||||||||||||||||||||||||
Net assets | $ | 14,149,778 | $ | 8,419,540 | $ | 9,876,465 | $ | 18,266,170 | $ | 21,795,095 | $ | 6,792,250 | ||||||||||||
Shares outstanding | 1,344,327 | 785,141 | 880,404 | 1,658,041 | 1,956,551 | 654,539 | ||||||||||||||||||
NAV and offering price per share | $ | 10.53 | $ | 10.72 | $ | 11.22 | $ | 11.02 | $ | 11.14 | $ | 10.38 | ||||||||||||
Class C2 Shares | ||||||||||||||||||||||||
Net assets | $ | 37,385,852 | $ | 41,685,833 | $ | 18,943,357 | $ | 25,529,118 | �� | $ | 51,831,172 | $ | 11,270,955 | |||||||||||
Shares outstanding | 3,549,309 | 3,886,862 | 1,687,801 | 2,315,278 | 4,643,605 | 1,085,505 | ||||||||||||||||||
NAV and offering price per share | $ | 10.53 | $ | 10.72 | $ | 11.22 | $ | 11.03 | $ | 11.16 | $ | 10.38 | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Net assets | $ | 40,896,225 | $ | 41,186,960 | $ | 60,910,312 | $ | 226,412,356 | $ | 206,473,492 | $ | 48,253,186 | ||||||||||||
Shares outstanding | 3,860,937 | 3,840,175 | 5,419,813 | 20,484,032 | 18,497,522 | 4,638,291 | ||||||||||||||||||
NAV and offering price per share | $ | 10.59 | $ | 10.73 | $ | 11.24 | $ | 11.05 | $ | 11.16 | $ | 10.40 | ||||||||||||
Net assets consist of: | ||||||||||||||||||||||||
Capital paid-in | $ | 240,148,174 | $ | 375,356,895 | $ | 200,989,452 | $ | 467,384,480 | $ | 568,287,774 | $ | 130,847,973 | ||||||||||||
Undistributed (Over-distribution of) net investment income | 510,199 | 177,340 | 32,779 | 1,481,563 | 346,099 | 18,243 | ||||||||||||||||||
Accumulated net realized gain (loss) | (4,632,161 | ) | (7,313,022 | ) | 491,304 | (4,008,172 | ) | (3,272,105 | ) | (4,104,671 | ) | |||||||||||||
Net unrealized appreciation (depreciation) | 4,047,951 | 10,431,549 | 2,997,047 | 12,561,496 | 12,837,184 | 295,228 | ||||||||||||||||||
Net assets | $ | 240,074,163 | $ | 378,652,762 | $ | 204,510,582 | $ | 477,419,367 | $ | 578,198,952 | $ | 127,056,773 | ||||||||||||
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 | 81 |
Operations | Six Months Ended November 30, 2016 (Unaudited) |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
Investment Income | $ | 5,049,721 | $ | 8,127,433 | $ | 4,030,816 | $ | 10,575,441 | $ | 11,661,971 | $ | 2,489,337 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fees | 616,691 | 976,060 | 525,827 | 1,274,149 | 1,500,632 | 323,377 | ||||||||||||||||||
12b-1 service fees – Class A Shares | 152,119 | 302,302 | 120,086 | 219,898 | 313,506 | 60,834 | ||||||||||||||||||
12b-1 distribution and service fees – Class C Shares | 66,293 | 38,476 | 48,759 | 89,456 | 102,145 | 31,784 | ||||||||||||||||||
12b-1 distribution and service fees – Class C2 Shares | 150,573 | 166,870 | 76,285 | 103,351 | 211,086 | 46,321 | ||||||||||||||||||
Shareholder servicing agent fees | 44,883 | 61,256 | 46,976 | 69,898 | 124,296 | 26,982 | ||||||||||||||||||
Interest expense | 56,428 | 31,213 | 27,585 | 10,155 | — | — | ||||||||||||||||||
Custodian fees | 25,941 | 32,892 | 24,151 | 41,741 | 44,155 | 19,672 | ||||||||||||||||||
Trustees fees | 3,548 | 5,688 | 2,981 | 7,379 | 8,787 | 1,929 | ||||||||||||||||||
Professional fees | 20,032 | 24,333 | 18,990 | 26,846 | 29,614 | 16,849 | ||||||||||||||||||
Shareholder reporting expenses | 14,084 | 18,879 | 13,954 | 15,240 | 25,991 | 8,535 | ||||||||||||||||||
Federal and state registration fees | 4,533 | 4,615 | 6,051 | 6,661 | 5,632 | 8,463 | ||||||||||||||||||
Other | 7,590 | 8,994 | 5,250 | 11,543 | 11,865 | 4,401 | ||||||||||||||||||
Total expenses | 1,162,715 | 1,671,578 | 916,895 | 1,876,317 | 2,377,709 | 549,147 | ||||||||||||||||||
Net Investment Income (loss) | 3,887,006 | 6,455,855 | 3,113,921 | 8,699,124 | 9,284,262 | 1,940,190 | ||||||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||
Net realized gain (loss) from investments | 26,525 | 522,716 | 441,008 | 1,571,321 | 9,062 | 138,298 | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments | (12,993,006 | ) | (18,083,614 | ) | (11,456,892 | ) | (25,641,570 | ) | (35,069,600 | ) | (7,859,357 | ) | ||||||||||||
Net realized and unrealized gain (loss) | (12,966,481 | ) | (17,560,898 | ) | (11,015,884 | ) | (24,070,249 | ) | (35,060,538 | ) | (7,721,059 | ) | ||||||||||||
Net increase (decrease) in net assets from operations | $ | (9,079,475 | ) | $ | (11,105,043 | ) | $ | (7,901,963 | ) | $ | (15,371,125 | ) | $ | (25,776,276 | ) | $ | (5,780,869 | ) |
See accompanying notes to financial statements.
82 | NUVEEN |
Changes in Net Assets | (Unaudited) |
Kansas | Kentucky | |||||||||||||||||||
Six Months Ended 11/30/16 | Year Ended 5/31/16 | Six Months Ended 11/30/16 | Year Ended 5/31/16 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 3,887,006 | $ | 7,463,164 | $ | 6,455,855 | $ | 13,325,880 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments | 26,525 | 708,662 | 522,716 | 614,770 | ||||||||||||||||
Swaps | — | — | — | 51,231 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments | (12,993,006 | ) | 3,011,740 | (18,083,614 | ) | 4,348,350 | ||||||||||||||
Swaps | — | — | — | (44,037 | ) | |||||||||||||||
Net increase (decrease) in net assets from operations | (9,079,475 | ) | 11,183,566 | (11,105,043 | ) | 18,296,194 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Class A Shares | (2,711,222 | ) | (4,972,440 | ) | (5,403,886 | ) | (10,684,975 | ) | ||||||||||||
Class C Shares | (183,714 | ) | (231,490 | ) | (106,620 | ) | (141,034 | ) | ||||||||||||
Class C2 Shares | (608,886 | ) | (1,296,566 | ) | (677,132 | ) | (1,395,496 | ) | ||||||||||||
Class I Shares | (731,093 | ) | (1,109,495 | ) | (714,734 | ) | (1,068,650 | ) | ||||||||||||
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 | (4,234,915 | ) | (7,609,991 | ) | (6,902,372 | ) | (13,290,155 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 27,433,584 | 41,608,532 | 27,377,419 | 33,625,918 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 3,497,411 | 6,233,063 | 5,970,285 | 11,364,025 | ||||||||||||||||
30,930,995 | 47,841,595 | 33,347,704 | 44,989,943 | |||||||||||||||||
Cost of shares redeemed | (12,588,268 | ) | (22,607,747 | ) | (21,808,152 | ) | (38,430,048 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 18,342,727 | 25,233,848 | 11,539,552 | 6,559,895 | ||||||||||||||||
Net increase (decrease) in net assets | 5,028,337 | 28,807,423 | (6,467,863 | ) | 11,565,934 | |||||||||||||||
Net assets at the beginning of period | 235,045,826 | 206,238,403 | 385,120,625 | 373,554,691 | ||||||||||||||||
Net assets at the end of period | $ | 240,074,163 | $ | 235,045,826 | $ | 378,652,762 | $ | 385,120,625 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 510,199 | $ | 858,108 | $ | 177,340 | $ | 623,857 |
See accompanying notes to financial statements.
NUVEEN | 83 |
Statement of Changes in Net Assets (Unaudited) (continued)
Michigan | Missouri | |||||||||||||||||||
Six Months Ended 11/30/16 | Year Ended 5/31/16 | Six Months Ended 11/30/16 | Year Ended 5/31/16 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 3,113,921 | $ | 5,917,593 | $ | 8,699,124 | $ | 16,601,684 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments | 441,008 | 1,430 | 1,571,321 | 460,816 | ||||||||||||||||
Swaps | — | 38,550 | — | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments | (11,456,892 | ) | 4,775,601 | (25,641,570 | ) | 11,580,141 | ||||||||||||||
Swaps | — | (32,917 | ) | — | — | |||||||||||||||
Net increase (decrease) in net assets from operations | (7,901,963 | ) | 10,700,257 | (15,371,125 | ) | 28,642,641 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Class A Shares | (1,877,587 | ) | (3,737,740 | ) | (3,562,094 | ) | (7,588,548 | ) | ||||||||||||
Class C Shares | (113,736 | ) | (149,273 | ) | (220,919 | ) | (279,380 | ) | ||||||||||||
Class C2 Shares | (264,385 | ) | (618,278 | ) | (377,197 | ) | (885,702 | ) | ||||||||||||
Class I Shares | (960,855 | ) | (1,447,312 | ) | (4,113,618 | ) | (7,926,099 | ) | ||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||
Class A Shares | — | (320,513 | ) | — | — | |||||||||||||||
Class C Shares | — | (16,030 | ) | — | — | |||||||||||||||
Class C2 Shares | — | (62,101 | ) | — | — | |||||||||||||||
Class I Shares | — | (112,417 | ) | — | — | |||||||||||||||
Decrease in net assets from distributions to shareholders | (3,216,563 | ) | (6,463,664 | ) | (8,273,828 | ) | (16,679,729 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 29,248,041 | 43,077,124 | 47,597,816 | 94,030,823 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,273,917 | 4,599,335 | 5,238,001 | 10,435,462 | ||||||||||||||||
31,521,958 | 47,676,459 | 52,835,817 | 104,466,285 | |||||||||||||||||
Cost of shares redeemed | (11,867,688 | ) | (22,953,297 | ) | (45,429,158 | ) | (62,795,813 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 19,654,270 | 24,723,162 | 7,406,659 | 41,670,472 | ||||||||||||||||
Net increase (decrease) in net assets | 8,535,744 | 28,959,755 | (16,238,294 | ) | 53,633,384 | |||||||||||||||
Net assets at the beginning of period | 195,974,838 | 167,015,083 | 493,657,661 | 440,024,277 | ||||||||||||||||
Net assets at the end of period | $ | 204,510,582 | $ | 195,974,838 | $ | 477,419,367 | $ | 493,657,661 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 32,779 | $ | 135,421 | $ | 1,481,563 | $ | 1,056,267 |
See accompanying notes to financial statements.
84 | NUVEEN |
Ohio | Wisconsin | |||||||||||||||||||
Six Months Ended 11/30/16 | Year Ended 5/31/16 | Six Months Ended 11/30/16 | Year Ended 5/31/16 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 9,284,262 | $ | 18,602,776 | $ | 1,940,190 | $ | 3,540,565 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments | 9,062 | 811,744 | 138,298 | (275,392 | ) | |||||||||||||||
Swaps | — | 123,332 | — | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments | (35,069,600 | ) | 16,288,741 | (7,859,357 | ) | 2,571,902 | ||||||||||||||
Swaps | — | (105,104 | ) | — | — | |||||||||||||||
Net increase (decrease) in net assets from operations | (25,776,276 | ) | 35,721,489 | (5,780,869 | ) | 5,837,075 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Class A Shares | (4,742,976 | ) | (10,176,828 | ) | (966,533 | ) | (1,931,657 | ) | ||||||||||||
Class C Shares | (228,225 | ) | (265,719 | ) | (76,628 | ) | (94,167 | ) | ||||||||||||
Class C2 Shares | (698,664 | ) | (1,694,126 | ) | (162,945 | ) | (387,551 | ) | ||||||||||||
Class I Shares | (3,503,281 | ) | (6,935,792 | ) | (798,934 | ) | (1,209,700 | ) | ||||||||||||
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 | (9,173,146 | ) | (19,072,465 | ) | (2,005,040 | ) | (3,623,075 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 67,776,744 | 83,858,692 | 23,172,183 | 30,940,836 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 6,492,995 | 13,297,112 | 1,481,274 | 2,692,108 | ||||||||||||||||
74,269,739 | 97,155,804 | 24,653,457 | 33,632,944 | |||||||||||||||||
Cost of shares redeemed | (43,947,489 | ) | (61,150,080 | ) | (7,649,859 | ) | (15,822,159 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 30,322,250 | 36,005,724 | 17,003,598 | 17,810,785 | ||||||||||||||||
Net increase (decrease) in net assets | (4,627,172 | ) | 52,654,748 | 9,217,689 | 20,024,785 | |||||||||||||||
Net assets at the beginning of period | 582,826,124 | 530,171,376 | 117,839,084 | 97,814,299 | ||||||||||||||||
Net assets at the end of period | $ | 578,198,952 | $ | 582,826,124 | $ | 127,056,773 | $ | 117,839,084 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 346,099 | $ | 234,983 | $ | 18,243 | $ | 83,093 |
See accompanying notes to financial statements.
NUVEEN | 85 |
Highlights (Unaudited)
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | $ | 11.13 | $ | 0.18 | $ | (0.56 | ) | $ | (0.38 | ) | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 10.55 | ||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.11 | 0.14 | (0.57 | ) | (0.43 | ) | (0.15 | ) | — | (0.15 | ) | 10.53 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.12 | 0.15 | (0.57 | ) | (0.42 | ) | (0.17 | ) | — | (0.17 | ) | 10.53 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.18 | 0.19 | (0.57 | ) | (0.38 | ) | (0.21 | ) | — | (0.21 | ) | 10.59 | ||||||||||||||||||||||||
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 |
86 | 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) | |||||||||||||||||||||
(3.50 | )% | $ | 147,642 | 0.85 | %* | 0.80 | %* | 3.28 | %* | 10 | % | |||||||||||||||
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 | |||||||||||||||||||||
(3.89 | ) | 14,150 | 1.65 | * | 1.60 | * | 2.47 | * | 10 | |||||||||||||||||
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 | ||||||||||||||||||
(3.85 | ) | 37,386 | 1.40 | * | 1.35 | * | 2.74 | * | 10 | |||||||||||||||||
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 | |||||||||||||||||||||
(3.47 | ) | 40,896 | 0.65 | * | 0.60 | * | 3.48 | * | 10 | |||||||||||||||||
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. |
(g) | For the six months ended November 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 87 |
Financial Highlights (Unaudited) (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) | ||||||||||||||||||||||||||||||||||||
2017(g) | $ | 11.24 | $ | 0.19 | $ | (0.50 | ) | $ | (0.31 | ) | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 10.73 | ||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.23 | 0.14 | (0.49 | ) | (0.35 | ) | (0.16 | ) | — | (0.16 | ) | 10.72 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.23 | 0.16 | (0.50 | ) | (0.34 | ) | (0.17 | ) | — | (0.17 | ) | 10.72 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.23 | 0.20 | (0.49 | ) | (0.29 | ) | (0.21 | ) | — | (0.21 | ) | 10.73 | ||||||||||||||||||||||||
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 |
88 | 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) | |||||||||||||||||||||
(2.81 | )% | $ | 287,360 | 0.80 | %* | 0.78 | %* | 3.35 | %* | 6 | % | |||||||||||||||
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 | |||||||||||||||||||||
(3.20 | ) | 8,420 | 1.60 | * | 1.58 | * | 2.54 | * | 6 | |||||||||||||||||
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 | ||||||||||||||||||
(3.07 | ) | 41,686 | 1.35 | * | 1.33 | * | 2.80 | * | 6 | |||||||||||||||||
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 | |||||||||||||||||||||
(2.61 | ) | 41,187 | 0.60 | * | 0.58 | * | 3.55 | * | 6 | |||||||||||||||||
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. |
(g) | For the six months ended November 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 89 |
Financial Highlights (Unaudited) (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) | ||||||||||||||||||||||||||||||||||||
2017(g) | $ | 11.85 | $ | 0.18 | $ | (0.59 | ) | $ | (0.41 | ) | $ | (0.19 | ) | $ | — | $ | (0.19 | ) | $ | 11.25 | ||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.82 | 0.13 | (0.59 | ) | (0.46 | ) | (0.14 | ) | — | (0.14 | ) | 11.22 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.83 | 0.15 | (0.61 | ) | (0.46 | ) | (0.15 | ) | — | (0.15 | ) | 11.22 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.84 | 0.19 | (0.59 | ) | (0.40 | ) | (0.20 | ) | — | (0.20 | ) | 11.24 | ||||||||||||||||||||||||
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 |
90 | 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) | |||||||||||||||||||||||||
(3.56 | )% | $ | 114,780 | 0.85 | %* | 0.82 | %* | 3.03 | %* | 6 | % | |||||||||||||||||||
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 | |||||||||||||||||||||||||
(3.95 | ) | 9,876 | 1.65 | * | 1.62 | * | 2.22 | * | 6 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
(3.91 | ) | 18,943 | 1.40 | * | 1.37 | * | 2.49 | * | 6 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||
(3.46 | ) | 60,910 | 0.65 | * | 0.62 | * | 3.23 | * | 6 | |||||||||||||||||||||
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. |
(g) | For the six months ended November 30, 2016. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
NUVEEN | 91 |
Financial Highlights (Unaudited) (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) | ||||||||||||||||||||||||||||||||||||
2017(g) | $ | 11.60 | $ | 0.20 | $ | (0.55 | ) | $ | (0.35 | ) | $ | (0.19 | ) | $ | — | $ | (0.19 | ) | $ | 11.06 | ||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.56 | 0.15 | (0.55 | ) | (0.40 | ) | (0.14 | ) | — | (0.14 | ) | 11.02 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.57 | 0.17 | (0.55 | ) | (0.38 | ) | (0.16 | ) | — | (0.16 | ) | 11.03 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.59 | 0.21 | (0.55 | ) | (0.34 | ) | (0.20 | ) | — | (0.20 | ) | 11.05 | ||||||||||||||||||||||||
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 |
92 | 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) | |||||||||||||||||||||||||
(3.09 | )% | $ | 207,212 | 0.78 | %* | 0.78 | %* | 3.41 | %* | 8 | % | |||||||||||||||||||
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 | |||||||||||||||||||||||||
(3.47 | ) | 18,266 | 1.58 | * | 1.58 | * | 2.62 | * | 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 | ||||||||||||||||||||||
(3.35 | ) | 25,529 | 1.33 | * | 1.33 | * | 2.87 | * | 8 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||
(2.99 | ) | 226,412 | 0.58 | * | 0.58 | * | 3.62 | * | 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. |
(g) | For the six months ended November 30, 2016. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
NUVEEN | 93 |
Financial Highlights (Unaudited) (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) | ||||||||||||||||||||||||||||||||||||
2017(g) | $ | 11.86 | $ | 0.18 | $ | (0.66 | ) | $ | (0.48 | ) | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | 11.20 | ||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.80 | 0.13 | (0.66 | ) | (0.53 | ) | (0.13 | ) | — | (0.13 | ) | 11.14 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.82 | 0.15 | (0.66 | ) | (0.51 | ) | (0.15 | ) | — | (0.15 | ) | 11.16 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.83 | 0.19 | (0.67 | ) | (0.48 | ) | (0.19 | ) | — | (0.19 | ) | 11.16 | ||||||||||||||||||||||||
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 |
94 | NUVEEN |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets(h) | ||||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||||||||||
(4.12 | )% | $ | 298,099 | 0.78 | %* | 0.78 | %* | 3.07 | %* | 4 | % | |||||||||||||||||||
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 | |||||||||||||||||||||||||
(4.52 | ) | 21,795 | 1.58 | * | 1.58 | * | 2.26 | * | 4 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
(4.40 | ) | 51,831 | 1.33 | * | 1.33 | * | 2.52 | * | 4 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||
(4.11 | ) | 206,473 | 0.58 | * | 0.58 | * | 3.27 | * | 4 | |||||||||||||||||||||
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. |
(g) | For the six months ended November 30, 2016. |
(h) | The Fund has a fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. |
* | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 95 |
Financial Highlights (Unaudited) (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) | ||||||||||||||||||||||||||||||||||||
2017(g) | $ | 11.01 | $ | 0.17 | $ | (0.62 | ) | $ | (0.45 | ) | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | 10.38 | ||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.01 | 0.12 | (0.62 | ) | (0.50 | ) | (0.13 | ) | — | (0.13 | ) | 10.38 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.02 | 0.14 | (0.63 | ) | (0.49 | ) | (0.15 | ) | — | (0.15 | ) | 10.38 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2017(g) | 11.04 | 0.18 | (0.63 | ) | (0.45 | ) | (0.19 | ) | — | (0.19 | ) | 10.40 | ||||||||||||||||||||||||
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 |
96 | 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) | |||||||||||||||||||||
(4.20 | )% | $ | 60,740 | 0.85 | %* | 0.85 | %* | 3.08 | %* | 10 | % | |||||||||||||||
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 | |||||||||||||||||||||
(4.57 | ) | 6,792 | 1.65 | * | 1.65 | * | 2.27 | * | 10 | |||||||||||||||||
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 | ||||||||||||||||||
(4.55 | ) | 11,271 | 1.40 | * | 1.40 | * | 2.55 | * | 10 | |||||||||||||||||
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 | |||||||||||||||||||||
(4.18 | ) | 48,253 | 0.65 | * | 0.65 | * | 3.28 | * | 10 | |||||||||||||||||
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. |
(g) | For the six months ended November 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 97 |
Financial Statements (Unaudited)
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 November 30, 2016, and the period covered by these Notes to Financial Statements is the six months ended November 30, 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 has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, 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
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.
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”).
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 | Missouri | Ohio | Wisconsin | |||||||||||||
Outstanding when-issued/ delayed delivery purchase commitments | $ | 1,021,389 | $ | 1,913,842 | $ | 4,932,924 | $ | 3,114,498 |
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.
98 | NUVEEN |
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 ($250,000 effective November 1, 2016) 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”) equal to 1% if redeemed within eighteen months of purchase. 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, when applicable, 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.
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 current fiscal 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.
NUVEEN | 99 |
Notes to Financial Statements (Unaudited) (continued)
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 observability of the significant inputs.
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 observability 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 | $ | — | $ | 245,391,952 | $ | — | $ | 245,391,952 | ||||||||
Kentucky | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 381,123,613 | $ | — | $ | 381,123,613 | ||||||||
Michigan | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 205,528,732 | $ | — | $ | 205,528,732 | ||||||||
Missouri | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 466,371,613 | $ | — | $ | 466,371,613 | ||||||||
Ohio | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 573,039,179 | $ | — | $ | 573,039,179 | ||||||||
Wisconsin | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 124,371,733 | $ | — | $ | 124,371,733 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications. |
100 | NUVEEN |
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 “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
NUVEEN | 101 |
Notes to Financial Statements (Unaudited) (continued)
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 | $ | — | $ | — | $ | — | ||||||||||||
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 | $ | — | $ | 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 | $ | 4,700,000 | $ | 1,872,404 | $ | — | $ | — | ||||||||||||
Average annual interest rate and fees | 1.19% | 1.10% | 1.17% | 1.08% | — | % | — | % |
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.
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.
102 | NUVEEN |
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 | $ | 5,650,000 | $ | 4,700,000 | $ | — | $ | — | $ | — | ||||||||||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | — | 29,690,000 | 3,150,000 | — | 3,750,000 | 3,750,000 | ||||||||||||||||||
Total | $ | 8,285,000 | $ | 35,340,000 | $ | 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.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
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.
NUVEEN | 103 |
Notes to Financial Statements (Unaudited) (continued)
4. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months Ended 11/30/16 | Year Ended 5/31/16 | |||||||||||||||
Kansas | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,219,559 | $ | 13,536,248 | 2,019,690 | $ | 22,294,935 | ||||||||||
Class C | 371,719 | 4,119,975 | 528,601 | 5,823,767 | ||||||||||||
Class C2 | 10,669 | 115,254 | 10,697 | 117,681 | ||||||||||||
Class I | 868,620 | 9,662,107 | 1,206,729 | 13,372,149 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 207,621 | 2,294,344 | 381,256 | 4,201,830 | ||||||||||||
Class C | 14,914 | 164,337 | 19,629 | 216,167 | ||||||||||||
Class C2 | 46,601 | 514,589 | 99,336 | 1,093,079 | ||||||||||||
Class I | 47,305 | 524,141 | 65,189 | 721,987 | ||||||||||||
2,787,008 | 30,930,995 | 4,331,127 | 47,841,595 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (722,978 | ) | (7,969,190 | ) | (1,197,911 | ) | (13,172,772 | ) | ||||||||
Class C | (58,662 | ) | (647,022 | ) | (58,560 | ) | (646,408 | ) | ||||||||
Class C2 | (160,901 | ) | (1,770,365 | ) | (366,782 | ) | (4,037,898 | ) | ||||||||
Class I | (200,606 | ) | (2,201,691 | ) | (429,745 | ) | (4,750,669 | ) | ||||||||
(1,143,147 | ) | (12,588,268 | ) | (2,052,998 | ) | (22,607,747 | ) | |||||||||
Net increase (decrease) | 1,643,861 | $ | 18,342,727 | 2,278,129 | $ | 25,233,848 | ||||||||||
Six Months Ended 11/30/16 | Year Ended 5/31/16 | |||||||||||||||
Kentucky | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,147,672 | $ | 12,895,145 | 1,617,985 | $ | 18,060,144 | ||||||||||
Class C | 198,018 | 2,217,799 | 291,117 | 3,249,504 | ||||||||||||
Class C2 | 4,632 | 51,717 | 13,974 | 155,626 | ||||||||||||
Class I | 1,092,322 | 12,212,758 | 1,089,150 | 12,160,644 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 428,614 | 4,784,897 | 835,194 | 9,319,669 | ||||||||||||
Class C | 8,448 | 94,117 | 10,619 | 118,593 | ||||||||||||
Class C2 | 50,613 | 564,896 | 103,965 | 1,159,932 | ||||||||||||
Class I | 47,224 | 526,375 | 68,607 | 765,831 | ||||||||||||
2,977,543 | 33,347,704 | 4,030,611 | 44,989,943 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,515,766 | ) | (16,895,480 | ) | (2,607,699 | ) | (29,034,528 | ) | ||||||||
Class C | (14,343 | ) | (160,317 | ) | (62,158 | ) | (693,362 | ) | ||||||||
Class C2 | (157,856 | ) | (1,757,938 | ) | (376,694 | ) | (4,190,891 | ) | ||||||||
Class I | (268,537 | ) | (2,994,417 | ) | (404,588 | ) | (4,511,267 | ) | ||||||||
(1,956,502 | ) | (21,808,152 | ) | (3,451,139 | ) | (38,430,048 | ) | |||||||||
Net increase (decrease) | 1,021,041 | $ | 11,539,552 | 579,472 | $ | 6,559,895 |
104 | NUVEEN |
Six Months Ended 11/30/16 | Year Ended 5/31/16 | |||||||||||||||
Michigan | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,043,777 | $ | 12,447,183 | 1,392,098 | $ | 16,287,926 | ||||||||||
Class C | 215,309 | 2,542,311 | 452,601 | 5,289,642 | ||||||||||||
Class C2 | 4,502 | 53,055 | 15,702 | 183,593 | ||||||||||||
Class I | 1,202,845 | 14,205,492 | 1,816,661 | 21,315,963 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 106,741 | 1,258,943 | 247,003 | 2,887,893 | ||||||||||||
Class C | 7,773 | 91,409 | 11,258 | 131,531 | ||||||||||||
Class C2 | 12,181 | 143,525 | 32,270 | 376,295 | ||||||||||||
Class I | 66,259 | 780,040 | 102,973 | 1,203,616 | ||||||||||||
2,659,387 | 31,521,958 | 4,070,566 | 47,676,459 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (597,755 | ) | (7,020,474 | ) | (1,184,043 | ) | (13,862,130 | ) | ||||||||
Class C | (78,392 | ) | (907,794 | ) | (30,313 | ) | (354,180 | ) | ||||||||
Class C2 | (71,917 | ) | (846,694 | ) | (224,871 | ) | (2,618,409 | ) | ||||||||
Class I | (263,483 | ) | (3,092,726 | ) | (524,438 | ) | (6,118,578 | ) | ||||||||
(1,011,547 | ) | (11,867,688 | ) | (1,963,665 | ) | (22,953,297 | ) | |||||||||
Net increase (decrease) | 1,647,840 | $ | 19,654,270 | 2,106,901 | $ | 24,723,162 | ||||||||||
Six Months Ended 11/30/16 | Year Ended 5/31/16 | |||||||||||||||
Missouri | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,873,845 | $ | 21,858,360 | 2,569,657 | $ | 29,424,695 | ||||||||||
Class C | 416,931 | 4,839,944 | 868,052 | 9,892,124 | ||||||||||||
Class C2 | 5,014 | 57,815 | 9,207 | 104,810 | ||||||||||||
Class I | 1,787,904 | 20,841,697 | 4,775,510 | 54,609,194 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 269,295 | 3,116,461 | 573,806 | 6,552,011 | ||||||||||||
Class C | 16,945 | 195,217 | 21,740 | 248,044 | ||||||||||||
Class C2 | 26,072 | 301,017 | 62,181 | 707,931 | ||||||||||||
Class I | 140,562 | 1,625,306 | 256,315 | 2,927,476 | ||||||||||||
4,536,568 | 52,835,817 | 9,136,468 | 104,466,285 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,389,479 | ) | (27,793,652 | ) | (2,818,857 | ) | (32,069,247 | ) | ||||||||
Class C | (115,473 | ) | (1,326,696 | ) | (85,145 | ) | (969,757 | ) | ||||||||
Class C2 | (130,282 | ) | (1,500,662 | ) | (276,939 | ) | (3,137,865 | ) | ||||||||
Class I | (1,287,184 | ) | (14,808,148 | ) | (2,330,377 | ) | (26,618,944 | ) | ||||||||
(3,922,418 | ) | (45,429,158 | ) | (5,511,318 | ) | (62,795,813 | ) | |||||||||
Net increase (decrease) | 614,150 | $ | 7,406,659 | 3,625,150 | $ | 41,670,472 |
NUVEEN | 105 |
Notes to Financial Statements (Unaudited) (continued)
Six Months Ended 11/30/16 | Year Ended 5/31/16 | |||||||||||||||
Ohio | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 3,083,076 | $ | 36,583,789 | 2,763,518 | $ | 32,211,023 | ||||||||||
Class C | 679,716 | 8,050,174 | 858,849 | 9,990,533 | ||||||||||||
Class C2 | 11,980 | 141,048 | 29,967 | 347,508 | ||||||||||||
Class I | 1,948,059 | 23,001,733 | 3,547,436 | 41,309,628 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 318,021 | 3,750,674 | 677,484 | 7,894,352 | ||||||||||||
Class C | 16,420 | 192,285 | 18,552 | 215,748 | ||||||||||||
Class C2 | 40,633 | 477,938 | 100,146 | 1,162,537 | ||||||||||||
Class I | 176,316 | 2,072,098 | 346,418 | 4,024,475 | ||||||||||||
6,274,221 | 74,269,739 | 8,342,370 | 97,155,804 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,245,998 | ) | (26,268,114 | ) | (2,943,189 | ) | (34,268,217 | ) | ||||||||
Class C | (105,557 | ) | (1,216,877 | ) | (69,318 | ) | (802,664 | ) | ||||||||
Class C2 | (240,077 | ) | (2,823,500 | ) | (484,842 | ) | (5,609,284 | ) | ||||||||
Class I | (1,171,522 | ) | (13,638,998 | ) | (1,762,497 | ) | (20,469,915 | ) | ||||||||
(3,763,154 | ) | (43,947,489 | ) | (5,259,846 | ) | (61,150,080 | ) | |||||||||
Net increase (decrease) | 2,511,067 | $ | 30,322,250 | 3,082,524 | $ | 36,005,724 | ||||||||||
Six Months Ended 11/30/16 | Year Ended 5/31/16 | |||||||||||||||
Wisconsin | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 849,988 | $ | 9,330,066 | 951,723 | $ | 10,345,447 | ||||||||||
Class C | 187,041 | 2,055,253 | 278,330 | 3,039,629 | ||||||||||||
Class C2 | 11,153 | 121,932 | 7,301 | 79,457 | ||||||||||||
Class I | 1,053,973 | 11,664,932 | 1,601,978 | 17,476,303 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 84,132 | 920,708 | 167,711 | 1,820,629 | ||||||||||||
Class C | 6,937 | 75,817 | 8,654 | 94,119 | ||||||||||||
Class C2 | 13,498 | 147,957 | 31,424 | 341,211 | ||||||||||||
Class I | 30,721 | 336,792 | 40,009 | 436,149 | ||||||||||||
2,237,443 | 24,653,457 | 3,087,130 | 33,632,944 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (333,251 | ) | (3,653,073 | ) | (833,925 | ) | (9,045,754 | ) | ||||||||
Class C | (44,828 | ) | (482,282 | ) | (20,343 | ) | (220,990 | ) | ||||||||
Class C2 | (92,331 | ) | (1,013,311 | ) | (143,760 | ) | (1,557,156 | ) | ||||||||
Class I | (228,124 | ) | (2,501,193 | ) | (460,697 | ) | (4,998,259 | ) | ||||||||
(698,534 | ) | (7,649,859 | ) | (1,458,725 | ) | (15,822,159 | ) | |||||||||
Net increase (decrease) | 1,538,909 | $ | 17,003,598 | 1,628,405 | $ | 17,810,785 |
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
Purchases | $ | 43,810,230 | $ | 33,439,634 | $ | 33,809,134 | $ | 46,547,963 | $ | 64,507,333 | $ | 27,975,691 | ||||||||||||
Sales and maturities | 23,836,708 | 21,774,383 | 12,810,490 | 41,542,476 | 26,190,000 | 12,099,524 |
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 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.
106 | NUVEEN |
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 November 30, 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 | $ | 231,540,560 | $ | 364,957,473 | $ | 197,640,633 | $ | 452,917,962 | $ | 560,404,769 | $ | 124,058,762 | ||||||||||||
Gross unrealized: | ||||||||||||||||||||||||
Appreciation | $ | 9,594,656 | $ | 15,291,550 | $ | 7,366,515 | $ | 20,884,589 | $ | 23,806,000 | $ | 4,224,467 | ||||||||||||
Depreciation | (5,162,892 | ) | (4,775,323 | ) | (4,178,938 | ) | (7,430,938 | ) | (11,171,590 | ) | (3,911,497 | ) | ||||||||||||
Net unrealized appreciation (depreciation) of investments | $ | 4,431,764 | $ | 10,516,227 | $ | 3,187,577 | $ | 13,453,651 | $ | 12,634,410 | $ | 312,970 |
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’ last 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’ last 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’ last tax year ended May 31, 2016, was designated for purposes of the dividends paid deduction as follows: | ||||||||||||||||||||||||
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
Distributions from net tax-exempt income | $ | 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 gains | — | — | 503,589 | — | — | — |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
As of May 31, 2016, the Funds’ last 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 | Missouri3 | Ohio3 | 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 |
3 | 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’ last tax year end, $224,658 of Ohio’s capital loss carryforward expired.
NUVEEN | 107 |
Notes to Financial Statements (Unaudited) (continued)
During the Funds’ last 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 |
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 November 30, 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 0.75% of the average daily net assets of any class of Fund shares.
108 | NUVEEN |
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 following Funds engaged in inter-fund trades pursuant to these procedures as follows:
Inter-Fund Trades | Missouri | Wisconsin | ||||||
Purchases | $ | 3,455,451 | $ | — | ||||
Sales | — | 1,030,390 |
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 | $ | 304,760 | $ | 312,386 | $ | 203,027 | $ | 340,655 | $ | 408,688 | $ | 155,475 | ||||||||||||
Paid to financial intermediaries | 263,578 | 268,311 | 177,992 | 293,709 | 362,227 | 135,111 |
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.
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 | 56,567 | 36,874 | 63,421 | 85,323 | 163,255 | 47,047 |
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 | 35,749 | 18,598 | 28,691 | 57,190 | 70,249 | 18,810 |
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 | 1,623 | 198 | 7,383 | 1,493 | 3,766 | 2,400 |
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
NUVEEN | 109 |
Notes to Financial Statements (Unaudited) (continued)
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.
9. Subsequent Events
Uncommitted Line of Credit
On December 31, 2016, the following Funds borrowed the following amounts from the Unsecured Credit Line each at an annualized interest rate of 2.02% on their respective outstanding balance.
Kansas | Kentucky | Missouri | Ohio | Wisconsin | ||||||||||||||||
Outstanding balance at December 31, 2016 | $ | 2,862,237 | $ | 4,718,758 | $ | 1,999,328 | $ | 3,809,692 | $ | 3,540,510 |
110 | NUVEEN |
Fund Information
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. |
NUVEEN | 111 |
Used in this Report
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.
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues 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.
112 | NUVEEN |
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.
NUVEEN | 113 |
Notes
114 | NUVEEN |
Notes
NUVEEN | 115 |
| ||||||||||||||
| ||||||||||||||
Nuveen: | ||||||||||||||
Serving Investors for Generations | ||||||||||||||
| ||||||||||||||
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. | ||||||||||||||
| ||||||||||||||
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 $236 billion in assets as of December 31, 2016. | ||||||||||||||
| ||||||||||||||
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 | ||||||||||||||
| ||||||||||||||
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com/mf |
MSA-MS6-1116D 22033-INV-B-01/18
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
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 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 to this filing.
(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/ Kathleen L. Prudhomme | ||||
Kathleen L. Prudhomme Vice President and Secretary |
Date: February 3, 2017
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/ Greg A. Bottjer | ||||
Greg A. Bottjer Chief Administrative Officer (principal executive officer) |
Date: February 3, 2017
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: February 3, 2017