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 811-05309
Nuveen Investment Funds, Inc.
(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
Vice President and Secretary
901 Marquette Avenue Minneapolis, Minnesota 55402
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: March 31
Date of reporting period: September 30, 2017
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
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Mutual Funds |
Nuveen Municipal
Bond Funds |
It’s not what you earn, it’s what you keep.® |
| Semi-Annual Report September 30, 2017 |
Class / Ticker Symbol | ||||||||||||||||
Fund Name | Class A | Class C | Class C2 | Class R6 | Class I | |||||||||||
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Nuveen All-American Municipal Bond Fund | FLAAX | FACCX | FAACX | FAAWX | FAARX | |||||||||||
Nuveen Inflation Protected Municipal Bond Fund | NITAX | NAADX | NIPCX | — | NIPIX | |||||||||||
Nuveen Intermediate Duration Municipal Bond Fund | NMBAX | NNCCX | NNSCX | — | NUVBX | |||||||||||
Nuveen Limited Term Municipal Bond Fund | FLTDX | FAFJX | FLTCX | — | FLTRX | |||||||||||
Nuveen Short Term Municipal Bond Fund | FSHAX | NAAEX | NSVCX | — | FSHYX |
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NUVEEN | 3 |
to Shareholders
Dear Shareholders,
Asset prices have steadily climbed this year, propelled by a “Goldilocks” economic scenario that enabled markets to sidestep geopolitical tensions, natural disasters, terrorism events and political noise. The U.S. economy continued to run not too hot, not too cold, with steady growth and low levels of unemployment, inflation and interest rates. Corporate earnings have been healthy and recession risk appeared low. At the same time, growth across the rest of the world has improved as well, leading to upward revisions in global growth projections.
Yet, a global synchronized recovery also brings the prospect of higher inflation. Central banks have to manage the delicate balance between too-loose financial conditions, which risks economies overheating, and too-tight conditions, which could trigger recession. The nominee for Chairman of the U.S. Federal Reserve (Fed), Jerome Powell, is largely expected to maintain the course set by Chair Janet Yellen after her term expires in February 2018. However, uncertainties about fiscal policy remain, particularly as Congress is currently working on a tax overhaul plan. Depending on the details of a tax bill and whether it passes, the Fed’s job of managing interest rates could become more complicated in the years ahead.
Meanwhile, politics will remain in the forefront. The U.S. debt ceiling debate resumes in December 2017 when the current extension of the debt limit expires, and rebuilding continues in the wake of Hurricanes Harvey, Irma and Maria. The ongoing “Brexit” negotiations and the North American Free Trade Agreement (NAFTA) talks may impact key trade and political partnerships. Tensions with North Korea may continue to flare.
The magnitude of the market’s bullishness this year has been somewhat surprising. But gains may not be so easy in the coming years. Nobody can predict market shifts, which is why Nuveen encourages you to talk to your financial advisor to ensure your investment portfolio is appropriately diversified for your objectives, time horizon and risk tolerance. 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
November 22, 2017
4 | NUVEEN |
Comments
Nuveen All-American Municipal Bond Fund
Nuveen Inflation Protected Municipal Bond Fund
Nuveen Intermediate Duration Municipal Bond Fund
Nuveen Limited Term Municipal Bond Fund
Nuveen Short Term Municipal Bond Fund
These Funds feature management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC. Portfolio managers John V. Miller, CFA, and Timothy T. Ryan, CFA, have managed the Nuveen All-American Municipal Bond Fund since 2010 and 2016, respectively. Daniel J. Close, CFA, and Douglas M. Baker, CFA, have managed the Nuveen Inflation Protected Municipal Bond Fund since its inception in 2011. Paul L. Brennan, CFA, has managed the Nuveen Intermediate Duration Municipal Bond Fund since 2007 and the Nuveen Limited Term Municipal Bond Fund since 2006. Christopher L. Drahn, CFA, has managed the Nuveen Short Term Municipal Bond Fund since 2002.
Recently, the portfolio managers reviewed key investment strategies and the Funds’ performance for the six-month reporting period ended September 30, 2017.
How did the Funds perform during the six-month reporting period ended September 30, 2017?
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 six-month, one-year- five-year, ten-year and/or since-inception periods ended September 30, 2017. The returns for each Fund’s Class A Shares at net asset value (NAV) are compared with the performance of their corresponding benchmark and Lipper classification average.
For the reporting period, the Nuveen All-American Municipal Bond Fund, Nuveen Intermediate Duration Municipal Bond Fund and Nuveen Limited Term Municipal Bond Fund outperformed their respective benchmark indexes and Lipper peer group averages, while the Nuveen Inflation Protected Municipal Bond Fund and Nuveen Short Term Municipal Bond Fund lagged their respective benchmarks and Lipper averages.
Nuveen All-American Municipal Bond Fund
For the six-month reporting period ended September 30, 2017, the Nuveen All-American Municipal Bond Fund’s Class A Shares at NAV outperformed the S&P Municipal Bond Index and the Lipper General & Insured Municipal Debt Funds Classification Average.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
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)
The Fund’s duration (interest rate) and yield curve positioning were key drivers of its outperformance of the index. The portfolio had a longer-than-benchmark duration, which positioned it to more fully benefit from the positive effects of stable-to-declining longer-term interest rates. Additionally, the Fund’s overweighting in securities six years and longer added value as bonds in this maturity range outpaced shorter-maturity securities, in which the Fund was underweighted.
Credit quality positioning added to relative performance as well, as the Fund was overweight bonds with more credit risk, particularly in the A and BBB rating categories. These securities, bolstered by strong investor demand for yield and issuers’ mostly stable-to-improving credit fundamentals, generally outpaced higher quality securities, where the Fund had a smaller-than-benchmark exposure. The portfolio’s significant overweighting in non-investment grade securities was another positive performance factor, given that they generally posted higher total returns than their investment grade counterparts.
Adding to the Fund’s favorable results from below investment grade securities was positive security selection. For example, large overweightings in bonds issued by Chicago Board of Education, City of Chicago, Metropolitan Pier & Exposition Authority and State of Illinois posted strong gains after Illinois state lawmakers signed a budget bill ending a two-year legislative standoff.
The Fund’s lack of exposure to Puerto Rico bonds, most of which carry a below investment grade rating, proved beneficial as well. The island’s fiscal and economic woes deepened throughout the reporting period and were exacerbated by the extensive hurricane damage. Owning unrated American Dream bonds, issued for the development of a shopping and entertainment center in New Jersey’s Meadowlands, further boosted results. A modest exposure of FirstEnergy Solutions bonds was additive, as they staged a partial comeback from distressed levels.
In terms of sector selection, overweighting the outperforming health care, industrial development revenue/pollution control revenue (IDR/PCR), and charter school segments contributed to the Fund’s outperformance of the index. In contrast, our larger-than-index exposure to tobacco bonds detracted, as the sector lagged. Similarly, our overweight position in pre-refunded bonds hurt performance, which trailed the benchmark given their high quality and short durations.
Nuveen Inflation Protected Municipal Bond Fund
For the six-month reporting period ended September 30, 2017, the Nuveen Inflation Protected Municipal Bond Fund’s Class A Shares at NAV underperformed the Bloomberg Barclays 1–10 Year Municipal Bond Index, as well as the Lipper Intermediate Municipal Debt Funds Classification Average.
The Fund’s performance is shaped by its two portfolio components: intermediate duration municipal bonds and inflation-linked swaps. The swaps are designed to hedge the Fund against changes in realized inflation and changes in inflation expectations, which can influence municipal bond prices. For the reporting period, the Fund’s municipal bond portfolio substantially outperformed the benchmark, while its inflation-protection component was a meaningful detractor from relative performance.
In the municipal bond portfolio, duration (interest rate) positioning had the biggest positive impact on the Fund’s relative performance. During the reporting period, bonds with longer durations tended to outperform their counterparts with shorter durations. Accordingly, the combination of our underweight in the shortest-duration bonds and overweight in longer-dated bonds added significant value.
A lesser positive impact came from the Fund’s credit quality positioning. Investment grade bonds, lower rated securities generally fared better than those backed by higher credit quality issuers, as investors sought added yield in a still low interest rate environment. The Fund’s overweighting in bonds A and BBB rated, which occupy the two lowest credit tiers in the investment grade bond universe, added value, as did an underweighting in AAA rated bonds, the highest credit tier.
Sector positioning in the Fund was modestly negative during this reporting period, most notably an underweighting in the local general obligation (GO) bond category. In light of the sector’s relative outperformance, our more limited exposure to the group had a modestly negative impact on the Fund.
6 | NUVEEN |
The Fund’s inflation-protection component was a significant negative during the reporting period, as our inflation-linked swaps detracted from relative performance. These securities accomplished their objective of hedging against fluctuations in inflation expectations and realized inflation. However, the value of the swaps fell as the market’s perceived likelihood of future inflation decreased during the reporting period.
Nuveen Intermediate Duration Municipal Bond Fund
During the six-month reporting period ended September 30, 2017, the Nuveen Intermediate Duration Municipal Bond Fund’s Class A shares at NAV outperformed the S&P Municipal Bond Intermediate Index and the Lipper Intermediate Municipal Debt Funds Classification Average.
The Fund’s credit quality positioning aided relative performance. During the reporting period, the market favored higher yielding securities, so the combination of our overweighting in lower quality investment grade securities (A and BBB rated bonds) and underweighting in the top credit quality tiers (AAA and AA rated bonds) was beneficial. We also benefited from favorable security selection in various sectors among A and BBB rated bonds, identifying credits with good fundamentals and more incremental yield than higher rated bonds were providing.
Yield curve positioning was another positive contributor to relative performance. The Fund was overweighted in 13-year and longer securities, which were among the best performers in the intermediate municipal bond universe. This positioning more than compensated for the Fund’s overweighting in bonds maturing in two years or less, which underperformed.
On an individual security basis, holdings in Chicago general obligation (GO) bonds, Illinois state-backed securities and bonds issued by the Chicago Board of Education significantly outperformed the broader municipal market. These securities rallied after the state resolved its budget impasse and restored funding to its cities and school districts.
Sector allocation modestly detracted from performance. The Fund’s overweighting in pre-refunded bonds hurt performance, as these high quality, shorter-term bonds drew less investor interest. An overweighting in the higher education sector proved disadvantageous as well, primarily due to our emphasis of high quality issuers such as Yale University, which tended not to fare as well given that the market environment generally favored lower quality bonds.
Similarly, larger-than-benchmark exposure to the lagging tobacco sector was modestly detrimental. Partially offsetting these disappointments, however, was the Fund’s overweighting in various outperforming sectors, including transportation, health care and industrial development revenue/pollution control revenue (IDR/PCR).
Nuveen Limited Term Municipal Bond Fund
For the six-month reporting period ended September 30, 2017, the Nuveen Limited Term Municipal Bond Fund’s Class A Shares at NAV outperformed the S&P Municipal Bond Short-Intermediate Index and the Lipper Short-Intermediate Municipal Debt Funds Classification Average.
Credit quality exposure boosted the Fund’s results in relative terms. Investors, searching for extra income, favored higher yielding securities in a continued environment of low interest rates. This meant that our overweightings in lower investment grade securities (rated A and BBB) and non-investment grade securities were beneficial. Likewise, our underweighting in the highest quality credit tiers (AAA and AA rated bonds) was helpful in light of these securities’ underperformance during the reporting period.
Favorable security selection across a variety of sectors, but particularly among A and BBB rated bonds also aided relative results. The Fund was rewarded for holding bonds that had attractive amounts of incremental yield compared to higher quality securities, as well as stable to improving fundamentals.
In addition, the Fund benefited from its holdings in certain below investment grade bonds, such as Illinois state-backed bonds, Chicago general obligation (GO) debt and Chicago Board of Education securities, all of which posted appreciable gains that far outpaced the index. These securities rallied strongly in the wake of the state enacting a budget and avoiding credit rating downgrades. We also saw good results with our IDR/PCR holdings in FirstEnergy Solutions, which rebounded somewhat from distressed levels.
NUVEEN | 7 |
Portfolio Managers’ Comments (continued)
Yield curve positioning was another factor behind the Fund’s outperformance of the index. Overweighting bonds with maturities of seven to twelve years was helpful, given that their yields were generally stable or declined slightly during the reporting period. The positive performance effects of owning these securities more than offset the negative performance impact of overweighting bonds due two years or less, which lagged as the Federal Reserve raised interest rates.
Sector positioning produced mixed results. The Fund’s underweighting in pre-refunded bonds added value, as these high quality, shorter-term bonds lagged the index. Larger-than-benchmark exposure to sectors consisting largely of lower investment grade securities, including those in the transportation, health care and industrial development revenue/pollution control revenue (IDR/PCR) categories, were helpful as well.
In contrast, the Fund’s overweighting in the underperforming higher education sector hurt somewhat, especially given our focus on high quality issuers such as Yale University and University of Chicago. Similarly, our overweighting in the lagging tobacco sector proved modestly detrimental for relative performance.
Nuveen Short Term Municipal Bond Fund
For the six-month reporting period ended September 30, 2017, the Nuveen Short-Term Municipal Bond Fund’s Class A Shares at NAV modestly underperformed the S&P Municipal Bond Short Index and the Lipper Short Municipal Debt Funds Classification Average.
During the reporting period, yields on securities from the longer end of the short-maturity universe (two to five years) were generally stable, while yields on the shortest-maturity bonds rose. This flattening of the short-term yield curve resulted in the outperformance of bonds beyond two years. Against this backdrop, with our larger-than-benchmark exposure to bonds four years and longer, the Fund’s yield curve positioning modestly contributed to relative performance. However, the Fund’s overweighting in very short-term securities (under six months, specifically) was a slight drag, as these bonds underperformed.
The Fund’s credit quality positioning worked to its advantage. Our larger-than-index exposure to A and BBB rated securities was beneficial, given these bonds’ outperformance as investors’ appetite for yield remained strong. At the same time, an underweighting in the highest credit quality segments (AA and AAA rated bonds) also helped, since they trailed lower quality securities.
From a sector selection standpoint, the Fund received a modest boost from its underweighting in pre-refunded securities, high quality bonds that underperformed the index due to their relatively lower yields.
What strategies were used to manage the Funds during the reporting period?
All of the Funds continued to employ the same fundamental investment strategies and tactics long relied upon by Nuveen Asset Management (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.
Nuveen All-American Municipal Bond Fund
Throughout the reporting period, the Fund’s duration (interest rate sensitivity) remained longer than the benchmark, even as we gradually allowed it to drift downward by adding shorter-term securities. This gradual shift reflected our expectation that short-term interest rates would move modestly higher along with moderate and gradual interest rate hikes from the Federal Reserve, while longer-term rates could remain stable due to few inflation pressures. Thus, by moving the portfolio a bit shorter on the yield curve, we could take advantage of what we saw as better values among intermediate-dated securities, particularly those in the 15-year maturity range.
Similarly, relative to the benchmark, the Fund remained overweighted in bonds with more credit risk. As the reporting period progressed, however, and as lower rated bonds generally outperformed and experienced credit spread tightening, many of these securities appeared expensive. We began focusing new purchases toward higher quality securities, which, in many cases, offered comparable yields to those of lower quality bonds but with less credit risk.
8 | NUVEEN |
We also continued to increase the Fund’s exposure to New York and California bonds. Due to high demand, securities from these two states tend to be comparatively liquid. As such, our purchases here improved the Fund’s flexibility and, in our opinion, made the portfolio somewhat more defensive in the event of a market sell off.
Bond sales were minimal during the reporting period, given our general preference for maintaining the Fund’s existing credit quality and sector positioning. Shareholder inflows, along with the proceeds of bond calls and maturities, provided our source of new assets to invest.
Nuveen Inflation Protected Municipal Bond Fund
With substantial shareholder inflows coming into the Fund, we were actively purchasing new bonds for the portfolio throughout the six-month reporting period. We generally liked the portfolio’s existing duration and credit quality stance, so, whenever we were adding new securities, we sought to keep this positioning to the extent possible.
Our new purchases, which took place in both the primary and secondary municipal bond markets, included a variety of dedicated-tax bonds. We also added a state appropriation bond, a water/sewer issue, and two health care credits, with a focus on intermediate and longer bonds.
These purchases, which were based on what was available at the time we had assets to invest, involved bonds with credit ratings ranging from high BBB to low AA and intermediate to longer-intermediate maturities. Selling activity was minimal during this reporting period and consisted of a single floating-rate bond issue.
The Fund’s exposure to inflation-linked swaps increased during the reporting period in proportion to the growth in the Fund’s net assets. These inflation-linked swaps continued to be classified as non-exchange-cleared derivatives, a beneficial situation for the Fund, given that it enables us to use the Fund’s municipal bond positions as collateral for the swaps, if necessary.
Nuveen Intermediate Duration Municipal Bond Fund
Throughout the reporting period, we kept the Fund’s basic sector, credit and yield curve positioning intact. However, the Fund’s duration (interest rate sensitivity) drifted downward to reach a more neutral stance relative to the index, based on our view that fewer attractive longer-term bond opportunities were available in the marketplace.
Credit spreads, the difference in yields between bonds with various credit ratings, continued to narrow during the reporting period. Lower quality bond yields continued to decline to the point where, in many cases, taking on additional credit risk seemed unwarranted, in our view. As a result, our purchases tended to skew more toward higher quality bonds. That said, we were comfortable maintaining the Fund’s existing overweightings in lower investment grade and below investment grade securities, given that they still offered healthy amounts of incremental yield relative to new opportunities in the marketplace, especially in light of their issuers’ generally stable to improving credit fundamentals.
In making purchases during the reporting period, we used the proceeds of new investment inflows, as well as bond calls and maturities, to make some swaps to help support the Fund’s dividend. Specifically, we sold some of our existing short-maturity, higher quality positions for bonds available in the marketplace that carried better yields but similar risk characteristics.
Nuveen Limited Term Municipal Bond Fund
Our purchasing activity during the reporting period reflected availability in the marketplace, rather than an intent to alter the Fund’s credit quality, sector or yield curve positioning.
We kept the Fund’s exposure to credit risk roughly stable throughout the six months, maintaining overweightings in lower investment grade and below investment grade securities due to their ability to provide the Fund with income. In light of these segments’ extended period of outperformance, however, we believed that there were fewer compelling new opportunities in this part of the marketplace. Accordingly, when adding new bonds to the Fund, we generally favored higher quality bonds, which increasingly carried yields similar to lower quality alternatives. Our purchases were spread across various sectors, including tax-supported, utilities
NUVEEN | 9 |
Portfolio Managers’ Comments (continued)
and transportation. We also swapped some existing holdings issued when bond yields were lower for newer higher yielding opportunities available in the marketplace, a strategy that helped boost the Fund’s income stream while maintaining a comparable level of risk.
Even as the portfolio’s yield curve exposure remained tilted toward longer-term securities within our investment universe, we were increasingly focused on adding shorter-term bonds, given the lack of new, attractive longer-maturity opportunities we were seeing in the marketplace. This resulted in the Fund’s duration falling slightly to a more neutral stance relative to the index.
Nuveen Short Term Municipal Bond Fund
We added names across the credit spectrum ranging from non-rated to AA rated bonds based on where we identified relative value and the potential for performance opportunity, although our purchases for the Fund during the reporting period had a bit more emphasis on the A and BBB ratings categories, which make up the lower investment grade investment universe.
We were particularly active among health care bonds, especially hospital and senior living issues, and we also purchased utility and transportation bonds. Notable additions included revenue bonds issued by New Jersey Motor Vehicle Surcharge, Clark County (Nevada) Airport, and Metropolitan Washington Airports Authority. In the health care sector, key additions were bonds issued by a California agency on behalf of Kaiser Permanente, a leading health care provider in the state. We also purchased several securities whose income is subject to the alternative minimum tax. We felt the incremental yield from these positions was attractive when viewed in the context of absolute and relative yield levels available elsewhere.
Our purchases were concentrated primarily in three- to five-year maturities. These securities carried incremental yield and we believed they offered the potential to benefit from further spread tightening and therefore, potentially outperform shorter-term securities over time. We maintained the Fund’s duration slightly long relative to the benchmark.
To fund our purchases, we often used the proceeds from bond maturities. We also traded some high quality, shorter-term securities with comparatively low yields for new investments offering higher prevailing yields with similar risk characteristics.
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. Thus, the current net asset value of a Fund’s shares might be impacted, higher or lower, if the Fund were to use a different pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Fund’s then-current municipal bond pricing service was acquired by the parent company of another pricing service, and the combination of the valuation methodologies used by the two organizations took place on October 16, 2017, subsequent to the close of the reporting period of this report. The change of valuation methodologies due to that combination had little or no impact on the net asset value of each Fund’s shares.
10 | NUVEEN |
and Dividend Information
Risk Considerations
Nuveen All-American Municipal Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic 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. In addition, the Fund periodically engages in a moderate amount of portfolio leverage and in doing so, assumes a higher level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility, interest rate risk and credit risk.
Nuveen Inflation Protected Municipal Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund are subject to market risk, credit risk, interest rate risk, non-diversification risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuer’s 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 Fund’s use of derivative instruments may involve a small amount of cash investment relative to the total notional principal amount of the transaction, the magnitude of losses from derivatives may be greater than the amount originally invested. There can be no assurance that the Fund’s inflation hedging strategy will be successful or perform as expected.
Nuveen Intermediate Duration Municipal Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic 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 Fund’s use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk.
Nuveen Limited Term Municipal Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic 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 Fund’s use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk.
Nuveen Short Term Municipal Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic 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 Fund’s use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk.
NUVEEN | 11 |
Risk Considerations and Dividend Information (continued)
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 September 30, 2017, all of 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 the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
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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, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at 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. A Fund 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 | 13 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen All-American 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 September 30, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 4.42% | 1.20% | 3.87% | 5.33% | ||||||||||||
Class A Shares at maximum Offering Price | 0.01% | (3.03)% | 2.98% | 4.88% | ||||||||||||
S&P Municipal Bond Index | 2.82% | 0.84% | 3.08% | 4.45% | ||||||||||||
Lipper General & Insured Municipal Debt Funds Classification Average | 3.07% | 0.49% | 2.80% | 3.99% | ||||||||||||
Class C2 Shares | 4.04% | 0.62% | 3.31% | 4.76% | ||||||||||||
Class I Shares | 4.51% | 1.40% | 4.08% | 5.53% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | 3.93% | 0.39% | 4.71% | |||||||||
Class R6 Shares | 4.51% | 1.40% | 1.06% |
Since inception returns for Class C Shares and Class R6 Shares are from 2/10/14 and 6/30/16, respectively. 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 $250,000 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) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. 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 R6 | Class I | ||||||||||||||||
Expense Ratios | 0.73% | 1.52% | 1.28% | 0.49% | 0.53% |
Effective Leverage Ratio as of September 30, 2017
Effective Leverage Ratio | 3.84% |
14 | NUVEEN |
Nuveen Inflation Protected 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 September 30, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class A Shares at NAV | 1.72% | 2.10% | 1.36% | 3.60% | ||||||||||||
Class A Shares at maximum Offering Price | (1.33)% | (0.97)% | 0.75% | 3.12% | ||||||||||||
Bloomberg Barclays 1-10 Year Municipal Bond Index | 2.13% | 1.00% | 2.12% | 3.13% | ||||||||||||
Lipper Intermediate Municipal Debt Funds Classification Average | 2.58% | 0.42% | 2.06% | 3.57% | ||||||||||||
Class C2 Shares | 1.44% | 1.52% | 0.81% | 3.03% | ||||||||||||
Class I Shares | 1.81% | 2.26% | 1.59% | 3.81% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | 1.33% | 1.27% | 1.81% |
Since inception returns for Class A, Class C2 and Class I Shares, and the index and Lipper average are from 3/08/11. Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $250,000 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) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. 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 | |||||||||||||
Gross Expense Ratios | 1.07% | 1.87% | 1.63% | 0.86% | ||||||||||||
Net Expense Ratios | 0.76% | 1.56% | 1.31% | 0.56% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2019 so that total annual Fund operating expenses (excluding 12b-1 distribution and 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 0.60% (1.05% after July 31, 2019) of the average daily net assets of any class of Fund shares. The expense limitation expiring July 31, 2019 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of the shareholders of the Fund.
NUVEEN | 15 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Intermediate Duration 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 September 30, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 3.73% | 0.94% | 2.68% | 3.83% | ||||||||||||
Class A Shares at maximum Offering Price | 0.61% | (2.08)% | 2.06% | 3.51% | ||||||||||||
S&P Municipal Bond Intermediate Index | 2.97% | 0.96% | 2.85% | 4.61% | ||||||||||||
Lipper Intermediate Municipal Debt Funds Classification Average | 2.58% | 0.42% | 2.06% | 3.51% | ||||||||||||
Class C2 Shares | 3.46% | 0.30% | 2.13% | 3.26% | ||||||||||||
Class I Shares | 3.83% | 1.02% | 2.88% | 4.03% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | 3.33% | 0.04% | 2.66% |
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 3.00% sales charge (Offering Price). Class A Share purchases of $250,000 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) of 1% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. 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 | 0.69% | 1.49% | 1.24% | 0.49% |
Effective Leverage Ratio as of September 30, 2017
Effective Leverage Ratio | 0.23% |
16 | NUVEEN |
Nuveen Limited Term 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 September 30, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 2.09% | 0.51% | 1.41% | 2.86% | ||||||||||||
Class A Shares at maximum Offering Price | (0.47)% | (2.03)% | 0.89% | 2.60% | ||||||||||||
S&P Municipal Bond Short-Intermediate Index | 1.64% | 1.00% | 1.75% | 3.33% | ||||||||||||
Lipper Short-Intermediate Municipal Debt Funds Classification Average | 1.36% | 0.22% | 1.15% | 2.54% | ||||||||||||
Class C2 Shares | 1.90% | 0.22% | 1.05% | 2.50% | ||||||||||||
Class I Shares | 2.28% | 0.77% | 1.62% | 3.06% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class C Shares | 1.77% | (0.22)% | 0.93% |
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 2.50% sales charge (Offering Price). Class A Share purchases of $250,000 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) of 0.70% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. 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 | 0.63% | 1.43% | 0.98% | 0.43% |
Effective Leverage Ratio as of September 30, 2017
Effective Leverage Ratio | 0.00% |
NUVEEN | 17 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Short Term 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 September 30, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 0.78% | 0.76% | 0.83% | 1.97% | ||||||||||||
Class A Shares at maximum Offering Price | (1.77)% | (1.77)% | 0.32% | 1.71% | ||||||||||||
S&P Municipal Bond Short Index | 0.87% | 1.12% | 1.03% | 2.21% | ||||||||||||
Lipper Short Municipal Debt Funds Classification Average | 0.89% | 0.71% | 0.62% | 1.50% | ||||||||||||
Class I Shares | 0.97% | 0.94% | 1.03% | 2.15% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class C Shares | 0.39% | (0.02)% | N/A | 0.10% | ||||||||||||
Class C2 Shares | 0.60% | 0.40% | 0.47% | 0.78% |
Since inception returns for Class C and Class C2 Shares are from 2/10/14 and 8/31/11, respectively. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 2.50% sales charge (Offering Price). Class A Share purchases of $250,000 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) of 0.70% if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. 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 | 0.71% | 1.51% | 1.06% | 0.51% |
Effective Leverage Ratio as of September 30, 2017
Effective Leverage Ratio | 0.00% |
18 | NUVEEN |
THIS PAGE INTENTIONALLY LEFT BLANK
NUVEEN | 19 |
Yields as of September 30, 2017
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 All-American Municipal Bond Fund
Share Class | ||||||||||||||||||||
Class A1 | Class C | Class C2 | Class R6 | Class I | ||||||||||||||||
Dividend Yield | 3.51% | 2.89% | 3.10% | 3.85% | 3.85% | |||||||||||||||
SEC 30-Day Yield | 2.33% | 1.64% | 1.89% | 2.67% | 2.64% | |||||||||||||||
Taxable-Equivalent Yield (28.0%)2 | 3.24% | 2.28% | 2.63% | 3.71% | 3.67% |
Nuveen Inflation Protected Municipal Bond Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 1.91% | 1.18% | 1.40% | 2.13% | ||||||||||||
SEC 30-Day Yield-Subsidized | 1.55% | 0.80% | 1.05% | 1.80% | ||||||||||||
SEC 30-Day Yield-Unsubsidized | 1.40% | 0.65% | 0.90% | 1.65% | ||||||||||||
Taxable-Equivalent Yield-Subsidized (28.0%)2 | 2.15% | 1.11% | 1.46% | 2.50% | ||||||||||||
Taxable-Equivalent Yield-Unsubsidized (28.0%)2 | 1.94% | 0.90% | 1.25% | 2.29% |
Nuveen Intermediate Duration Municipal Bond Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 2.64% | 1.95% | 2.21% | 2.92% | ||||||||||||
SEC 30-Day Yield-Subsidized | 1.81% | 1.07% | 1.32% | 2.06% | ||||||||||||
SEC 30-Day Yield-Unsubsidized | 1.81% | 1.07% | 1.32% | 2.06% | ||||||||||||
Taxable-Equivalent Yield-Subsidized (28.0%)2 | 2.51% | 1.49% | 1.83% | 2.86% | ||||||||||||
Taxable-Equivalent Yield-Unsubsidized (28.0%)2 | 2.51% | 1.49% | 1.83% | 2.86% |
20 | NUVEEN |
Nuveen Limited Term Municipal Bond Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 1.75% | 0.98% | 1.42% | 1.97% | ||||||||||||
SEC 30-Day Yield | 1.11% | 0.34% | 0.79% | 1.34% | ||||||||||||
Taxable-Equivalent Yield (28.0%)2 | 1.54% | 0.47% | 1.10% | 1.86% |
Nuveen Short Term Municipal Bond Fund
Share Class | ||||||||||||||||
Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 0.91% | 0.18% | 0.60% | 1.13% | ||||||||||||
SEC 30-Day Yield | 0.64% | (0.12)% | 0.32% | 0.87% | ||||||||||||
Taxable-Equivalent Yield (28.0%)2 | 0.89% | (0.17)% | 0.44% | 1.21% |
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 federal income tax rate shown in the respective table above. |
NUVEEN | 21 |
Summaries as of September 30, 2017
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 further definition of the terms used within this section.
Nuveen All-American Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 100.2% | |||
Corporate Bonds | 0.0% | |||
Short-Term Municipal Bonds | 0.8% | |||
Other Assets Less Liabilities | 0.9% | |||
Net Assets Plus Floating Rate Obligations | 101.9% | |||
Floating Rate Obligations | (1.9)% | |||
Net Assets | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 16.5% | |||
AA | 27.7% | |||
A | 20.4% | |||
BBB | 17.9% | |||
BB or Lower | 9.5% | |||
N/R (not rated) | 8.0% | |||
Total | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 16.1% | |||
Health Care | 16.1% | |||
Transportation | 12.7% | |||
Tax Obligation/General | 11.1% | |||
U.S. Guaranteed | 9.3% | |||
Education and Civic Organizations | 8.5% | |||
Utilities | 8.1% | |||
Other | 18.1% | |||
Total | 100% |
States and Territories
(% of total municipal bonds)
California | 17.7% | |||
New York | 13.2% | |||
Illinois | 11.9% | |||
Texas | 7.6% | |||
Florida | 4.7% | |||
Wisconsin | 3.7% | |||
Colorado | 3.5% | |||
Ohio | 2.6% | |||
Pennsylvania | 2.6% | |||
Indiana | 2.2% | |||
Georgia | 2.1% | |||
New Jersey | 2.1% | |||
Arizona | 2.0% | |||
Washington | 1.9% | |||
Missouri | 1.7% | |||
Louisiana | 1.6% | |||
Other | 18.9% | |||
Total | 100% |
22 | NUVEEN |
Nuveen Inflation Protected Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 101.6% | |||
Short-Term Municipal Bonds | 0.9% | |||
Other Assets Less Liabilities | (2.5)% | |||
Net Assets | 100% |
Bond Credit Quality
(% of total investments)
AAA/U.S. Guaranteed | 6.8% | |||
AA | 51.1% | |||
A | 28.7% | |||
BBB | 7.7% | |||
BB or Lower | 0.8% | |||
N/R (not rated) | 4.9% | |||
Total | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 31.4% | |||
Transportation | 14.0% | |||
Tax Obligation/General | 12.3% | |||
Health Care | 11.2% | |||
Water and Sewer | 11.1% | |||
Utilities | 10.7% | |||
Other | 9.3% | |||
Total | 100% |
States and Territories
(% of total municipal bonds)
California | 14.0% | |||
Colorado | 9.1% | |||
Texas | 5.9% | |||
Tennessee | 5.9% | |||
North Carolina | 5.8% | |||
Illinois | 5.3% | |||
Ohio | 4.4% | |||
New York | 4.1% | |||
Georgia | 3.4% | |||
Florida | 3.1% | |||
Louisiana | 3.1% | |||
Nevada | 2.6% | |||
Washington | 2.4% | |||
Pennsylvania | 2.4% | |||
New Jersey | 2.3% | |||
Alaska | 2.2% | |||
Connecticut | 2.1% | |||
Maryland | 2.0% | |||
Oregon | 1.5% | |||
Other | 18.4% | |||
Total | 100% |
NUVEEN | 23 |
Holding Summaries as of September 30, 2017 (continued)
Nuveen Intermediate Duration Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 97.6% | |||
Corporate Bonds | 0.0% | |||
Investment Companies | 0.3% | |||
Short-Term Municipal Bonds | 0.8% | |||
Other Assets Less Liabilities | 1.3% | |||
Net Assets | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 12.5% | |||
AA | 28.9% | |||
A | 31.9% | |||
BBB | 16.8% | |||
BB or Lower | 6.8% | |||
N/R (not rated) | 3.1% | |||
Total | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 19.3% | |||
Health Care | 16.1% | |||
Tax Obligation/General | 15.1% | |||
Transportation | 13.9% | |||
Utilities | 11.4% | |||
U.S. Guaranteed | 7.9% | |||
Other | 16.3% | |||
Total | 100% |
States and Territories
(% of total municipal bonds)
Illinois | 14.9% | |||
Texas | 6.3% | |||
California | 6.1% | |||
New Jersey | 5.9% | |||
Florida | 5.6% | |||
New York | 5.5% | |||
Ohio | 4.6% | |||
Pennsylvania | 4.6% | |||
Indiana | 3.4% | |||
Wisconsin | 3.2% | |||
Louisiana | 2.6% | |||
Arizona | 2.5% | |||
District of Columbia | 2.5% | |||
Nevada | 2.4% | |||
Colorado | 2.3% | |||
Alabama | 2.0% | |||
Michigan | 1.7% | |||
Iowa | 1.7% | |||
Oklahoma | 1.6% | |||
Kentucky | 1.5% | |||
Other | 19.1% | |||
Total | 100% |
24 | NUVEEN |
Nuveen Limited Term Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 98.1% | |||
Corporate Bonds | 0.0% | |||
Investment Companies | 0.7% | |||
Short-Term Municipal Bonds | 0.8% | |||
Other Assets Less Liabilities | 0.4% | |||
Net Assets | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 10.3% | |||
AA | 31.4% | |||
A | 39.0% | |||
BBB | 12.8% | |||
BB or Lower | 4.7% | |||
N/R (not rated) | 1.8% | |||
Total | 100% |
Portfolio Composition
(% of total investments)
Utilities | 20.1% | |||
Tax Obligation/Limited | 19.9% | |||
Tax Obligation/General | 16.8% | |||
Health Care | 13.4% | |||
Transportation | 8.9% | |||
Education and Civic Organizations | 5.7% | |||
Other | 15.2% | |||
Total | 100% |
States and Territories
(% of total municipal bonds)
Illinois | 11.9% | |||
Pennsylvania | 6.8% | |||
New Jersey | 5.4% | |||
Florida | 5.3% | |||
Texas | 5.1% | |||
Louisiana | 5.0% | |||
Ohio | 4.8% | |||
Indiana | 4.2% | |||
New York | 4.1% | |||
California | 3.6% | |||
Washington | 3.1% | |||
Connecticut | 2.8% | |||
Kentucky | 2.6% | |||
Arizona | 2.4% | |||
Oklahoma | 2.4% | |||
New Mexico | 2.3% | |||
Alabama | 2.0% | |||
Maryland | 1.8% | |||
Georgia | 1.8% | |||
Colorado | 1.7% | |||
Michigan | 1.7% | |||
Other | 19.2% | |||
Total | 100% |
NUVEEN | 25 |
Holding Summaries as of September 30, 2017 (continued)
Nuveen Short Term Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 96.2% | |||
Investment Companies | 2.0% | |||
Short-Term Municipal Bonds | 1.8% | |||
Other Assets Less Liabilities | (0.0)% | |||
Net Assets | 100% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 9.0% | |||
AA | 40.1% | |||
A | 31.0% | |||
BBB | 11.8% | |||
BB or Lower | 2.4% | |||
N/R (not rated) | 5.7% | |||
Total | 100% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 18.8% | |||
Health Care | 16.7% | |||
Transportation | 13.3% | |||
Tax Obligation/General | 13.0% | |||
Education and Civic Organizations | 10.1% | |||
Utilities | 9.7% | |||
Water and sewer | 4.0% | |||
Other | 14.4% | |||
Total | 100% |
States and Territories
(% of total municipal bonds)
Minnesota | 9.8% | |||
Texas | 9.4% | |||
New York | 8.7% | |||
New Jersey | 5.3% | |||
Illinois | 5.3% | |||
Colorado | 5.2% | |||
California | 4.7% | |||
Louisiana | 3.9% | |||
Missouri | 3.6% | |||
Nevada | 3.4% | |||
Pennsylvania | 3.4% | |||
Arizona | 3.3% | |||
Indiana | 3.3% | |||
Washington | 2.4% | |||
Nebraska | 2.2% | |||
Kentucky | 2.2% | |||
Florida | 2.1% | |||
Michigan | 1.6% | |||
Wisconsin | 1.6% | |||
Other | 18.6% | |||
Total | 100% |
26 | NUVEEN |
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 do not include the interest and related expenses from inverse floaters that are reflected in the financial statements later within this report, when applicable.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended September 30, 2017.
The beginning of the period is April 1, 2017.
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 All-American Municipal Bond Fund
Share Class | ||||||||||||||||||||
Class A | Class C | Class C2 | Class R6 | Class I | ||||||||||||||||
Actual Performance | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 1,044.20 | $ | 1,039.30 | $ | 1,040.40 | $ | 1,045.10 | $ | 1,045.10 | ||||||||||
Expenses Incurred During Period | $ | 3.54 | $ | 7.62 | $ | 6.34 | $ | 2.36 | $ | 2.51 | ||||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 1,021.61 | $ | 1,017.60 | $ | 1,018.85 | $ | 1,022.76 | $ | 1,022.61 | ||||||||||
Expenses Incurred During Period | $ | 3.50 | $ | 7.54 | $ | 6.28 | $ | 2.33 | $ | 2.48 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.69%, 1.49%, 1.24%, 0.46%, 0.49% for Classes A, C, C2, R6 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 Inflation Protected Municipal Bond Fund
Share Class | ||||||||||||||||
Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,017.20 | $ | 1,013.30 | $ | 1,014.40 | $ | 1,018.10 | ||||||||
Expenses Incurred During Period | $ | 3.84 | $ | 7.87 | $ | 6.62 | $ | 2.83 | ||||||||
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 | $ | 1,021.26 | $ | 1,017.25 | $ | 1,018.50 | $ | 1,022.26 | ||||||||
Expenses Incurred During Period | $ | 3.85 | $ | 7.89 | $ | 6.63 | $ | 2.84 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.76%, 1.56%, 1.31% and 0.56% 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 Intermediate Duration Municipal Bond Fund
Share Class | ||||||||||||||||
Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,037.30 | $ | 1,033.30 | $ | 1,034.60 | $ | 1,038.30 | ||||||||
Expenses Incurred During Period | $ | 3.47 | $ | 7.54 | $ | 6.27 | $ | 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 | $ | 1,021.66 | $ | 1,017.65 | $ | 1,018.90 | $ | 1,022.66 | ||||||||
Expenses Incurred During Period | $ | 3.45 | $ | 7.49 | $ | 6.23 | $ | 2.43 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.68%, 1.48%, 1.23%, and 0.48% 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 Limited Term Municipal Bond Fund
Share Class | ||||||||||||||||
Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,020.90 | $ | 1,017.70 | $ | 1,019.00 | $ | 1,022.80 | ||||||||
Expenses Incurred During Period | $ | 3.14 | $ | 7.18 | $ | 4.91 | $ | 2.13 | ||||||||
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 | $ | 1,021.96 | $ | 1,017.95 | $ | 1,020.21 | $ | 1,022.96 | ||||||||
Expenses Incurred During Period | $ | 3.14 | $ | 7.18 | $ | 4.91 | $ | 2.13 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.62%, 1.42%, 0.97% and 0.42% 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 Short Term Municipal Bond Fund
Share Class | ||||||||||||||||
Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,007.80 | $ | 1,003.90 | $ | 1,006.00 | $ | 1,009.70 | ||||||||
Expenses Incurred During Period | $ | 3.62 | $ | 7.64 | $ | 5.38 | $ | 2.62 | ||||||||
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 | $ | 1,021.46 | $ | 1,017.45 | $ | 1,019.70 | $ | 1,022.46 | ||||||||
Expenses Incurred During Period | $ | 3.65 | $ | 7.69 | $ | 5.42 | $ | 2.64 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.72%, 1.52%, 1.07%, and 0.52% 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 | 29 |
Nuveen All-American Municipal Bond Fund
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
LONG-TERM INVESTMENTS – 100.2% | ||||||||||||||||||||
MUNICIPAL BONDS – 100.2% | ||||||||||||||||||||
Alabama – 0.7% | ||||||||||||||||||||
$ | 4,220 | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health System, Inc., Series 2016A, 5.000%, 2/01/41 | 2/26 at 100.00 | A– | $ | 4,654,913 | ||||||||||||||
14,175 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 | No Opt. Call | A3 | 17,278,900 | ||||||||||||||||
500 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45 | 4/25 at 100.00 | N/R | 519,720 | ||||||||||||||||
2,000 | Pell City, Alabama, Special Care Facilities Financing Authority, Revenue Bonds, Noland Health Services, Series 2007A, 5.250%, 12/01/34 (Pre-refunded 12/01/17) | 12/17 at 100.00 | Aaa | 2,015,620 | ||||||||||||||||
20,895 | Total Alabama | 24,469,153 | ||||||||||||||||||
Alaska – 0.2% | ||||||||||||||||||||
3,855 | Alaska Municipal Bond Bank, General Obligation Bonds, Refunding Three Series 2016, 5.000%, 12/01/27 | No Opt. Call | AA– | 4,687,719 | ||||||||||||||||
2,000 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 | 12/17 at 100.00 | B3 | 1,965,200 | ||||||||||||||||
5,855 | Total Alaska | 6,652,919 | ||||||||||||||||||
Arizona – 2.0% | ||||||||||||||||||||
500 | Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.250%, 9/01/23 (Pre-refunded 9/01/18) | 9/18 at 100.00 | AA– (4) | 519,735 | ||||||||||||||||
200 | Arizona State University Nanotechnology LLC, Lease Revenue Refunding Bonds, Arizona State University Project, Series 2009A, 5.000%, 3/01/34 – AGC Insured | 3/19 at 100.00 | AA | 209,460 | ||||||||||||||||
500 | Gilbert Public Facilities Municipal Property Corporation, Arizona, Revenue Bonds, Series 2009, 5.500%, 7/01/27 | 7/19 at 100.00 | AA+ | 538,000 | ||||||||||||||||
3,430 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2007, 5.000%, 12/01/42 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (4) | 3,455,108 | ||||||||||||||||
245 | Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/25 (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (4) | 278,898 | ||||||||||||||||
465 | Peoria, Arizona, Improvement District 601, Improvement Bonds, Series 2007, 4.250%, 1/01/22 | 1/18 at 101.00 | Aa2 | 473,175 | ||||||||||||||||
4,000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/31 | 7/20 at 100.00 | A+ | 4,396,960 | ||||||||||||||||
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B: | ||||||||||||||||||||
1,650 | 5.500%, 7/01/31 – FGIC Insured | No Opt. Call | AA | 2,092,777 | ||||||||||||||||
6,000 | 5.500%, 7/01/39 – FGIC Insured | No Opt. Call | AA | 7,849,080 | ||||||||||||||||
745 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series 2012, 4.875%, 9/01/22 | No Opt. Call | BB+ | 788,337 | ||||||||||||||||
1,000 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.400%, 7/01/47 (Pre-refunded 7/01/21) | 7/21 at 100.00 | BB+ (4) | 1,184,700 |
30 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Arizona (continued) | ||||||||||||||||||||
Pima County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013: | ||||||||||||||||||||
$ | 2,205 | 6.000%, 7/01/33 | 7/20 at 102.00 | BB | $ | 2,000,795 | ||||||||||||||
2,325 | 6.000%, 7/01/43 | 7/20 at 102.00 | BB | 1,979,249 | ||||||||||||||||
195 | 6.000%, 7/01/48 | 7/20 at 102.00 | BB | 164,184 | ||||||||||||||||
440 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2014A, 7.375%, 7/01/49 | 7/20 at 102.00 | BB | 406,463 | ||||||||||||||||
400 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48 | 2/24 at 100.00 | N/R | 409,740 | ||||||||||||||||
825 | Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.000%, 6/01/40 (Pre-refunded 6/01/19) | 6/19 at 100.00 | BB+ (4) | 891,734 | ||||||||||||||||
3,705 | Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A (4) | 4,257,267 | ||||||||||||||||
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007: | ||||||||||||||||||||
1,000 | 5.250%, 12/01/28 | No Opt. Call | BBB+ | 1,206,920 | ||||||||||||||||
13,155 | 5.000%, 12/01/32 | No Opt. Call | BBB+ | 15,754,560 | ||||||||||||||||
7,675 | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 9,206,162 | ||||||||||||||||
1,000 | Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.000%, 9/01/22 | 9/18 at 100.00 | A2 | 1,033,300 | ||||||||||||||||
4,300 | Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2008A, 5.000%, 7/01/21 (Pre-refunded 7/01/18) | 7/18 at 100.00 | AAA | 4,432,741 | ||||||||||||||||
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A: | ||||||||||||||||||||
2,590 | 6.000%, 12/01/27 | 12/21 at 100.00 | N/R | 2,806,990 | ||||||||||||||||
1,080 | 6.000%, 12/01/32 | 12/21 at 100.00 | N/R | 1,157,458 | ||||||||||||||||
1,100 | 6.250%, 12/01/42 | 12/21 at 100.00 | N/R | 1,178,012 | ||||||||||||||||
1,000 | University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 1,174,520 | ||||||||||||||||
802 | Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 | 12/17 at 100.00 | N/R | 779,319 | ||||||||||||||||
62,532 | Total Arizona | 70,625,644 | ||||||||||||||||||
Arkansas – 0.0% | ||||||||||||||||||||
Benton County Public Facilities Board, Arkansas, Charter School Lease Revenue Bonds, BCCSO Project, Series 2010A: | ||||||||||||||||||||
500 | 5.750%, 6/01/30 (Pre-refunded 6/01/20) | 6/20 at 100.00 | N/R (4) | 560,815 | ||||||||||||||||
1,020 | 6.000%, 6/01/40 (Pre-refunded 6/01/20) | 6/20 at 100.00 | N/R (4) | 1,150,754 | ||||||||||||||||
1,520 | Total Arkansas | 1,711,569 | ||||||||||||||||||
California – 17.9% | ||||||||||||||||||||
ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Windemere Ranch Infrastructure Financing Program, Refunding Subordinate Series 2017A: | ||||||||||||||||||||
1,100 | 5.000%, 9/02/29 – AGM Insured | 9/27 at 100.00 | AA | 1,334,960 | ||||||||||||||||
1,000 | 5.000%, 9/02/30 – AGM Insured | 9/27 at 100.00 | AA | 1,203,550 |
NUVEEN | 31 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
California (continued) | ||||||||||||||||||||
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B: | ||||||||||||||||||||
$ | 14,510 | 5.000%, 10/01/35 | 10/26 at 100.00 | BBB+ | $ | 16,637,311 | ||||||||||||||
4,300 | 5.000%, 10/01/36 | 10/26 at 100.00 | BBB+ | 4,915,889 | ||||||||||||||||
6,045 | 5.000%, 10/01/37 | 10/26 at 100.00 | BBB+ | 6,890,514 | ||||||||||||||||
50 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured | No Opt. Call | BBB+ | 47,315 | ||||||||||||||||
2,350 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured (ETM) | No Opt. Call | Aaa | 2,256,517 | ||||||||||||||||
1,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2015-XF2179, 11.219%, 4/01/34 (Pre-Refunded 4/01/18) (IF) (5) | 4/18 at 100.00 | AA (4) | 1,084,080 | ||||||||||||||||
2,000 | Brentwood Infrastructure Financing Authority, California, Infrastructure Revenue Bonds, Refunding Subordinated Series 2014B, 5.000%, 9/02/36 | 9/24 at 100.00 | N/R | 2,225,040 | ||||||||||||||||
1,715 | California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2008AE, 5.000%, 12/01/21 (Pre-refunded 6/01/18) | 6/18 at 100.00 | AA+ (4) | 1,763,003 | ||||||||||||||||
285 | California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2008AE, 5.000%, 12/01/21 | 6/18 at 100.00 | AAA | 292,892 | ||||||||||||||||
10,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A, 5.000%, 11/15/48 | 11/27 at 100.00 | AA– | 11,545,800 | ||||||||||||||||
4,650 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/41 | 11/25 at 100.00 | AA– | 5,334,294 | ||||||||||||||||
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Refunding Series 2015: | ||||||||||||||||||||
4,000 | 5.000%, 11/15/26 | 11/25 at 100.00 | Aa3 | 4,873,400 | ||||||||||||||||
3,635 | 5.000%, 11/15/28 | 11/25 at 100.00 | Aa3 | 4,375,159 | ||||||||||||||||
1,670 | California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2017A, 5.000%, 8/15/42 | 8/27 at 100.00 | BBB+ | 1,877,614 | ||||||||||||||||
3,015 | California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, Refunding Series 2015A, 5.000%, 2/01/40 | 2/25 at 100.00 | A+ | 3,379,905 | ||||||||||||||||
California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, Series 2017: | ||||||||||||||||||||
1,395 | 5.000%, 2/01/30 | 2/27 at 100.00 | A+ | 1,667,876 | ||||||||||||||||
1,105 | 5.000%, 2/01/31 | 2/27 at 100.00 | A+ | 1,311,502 | ||||||||||||||||
19,730 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Green Series 2017A-1, 5.000%, 11/01/27 | No Opt. Call | AA– | 24,835,335 | ||||||||||||||||
5,100 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 | 10/19 at 100.00 | AA– | 5,489,997 | ||||||||||||||||
485 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44 | 10/24 at 100.00 | AA– | 541,013 | ||||||||||||||||
2,185 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37 | 7/23 at 100.00 | AA– | 2,467,302 | ||||||||||||||||
2,320 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52 | 8/23 at 100.00 | AA– | 2,602,738 | ||||||||||||||||
1,495 | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | BB | 1,554,262 |
32 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
California (continued) | ||||||||||||||||||||
$ | 3,300 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 | 8/20 at 100.00 | BBB | $ | 3,570,963 | ||||||||||||||
California Municipal Finance Authority, Revenue Bonds, Biola University, Refunding Series 2017: | ||||||||||||||||||||
470 | 5.000%, 10/01/29 | 10/27 at 100.00 | Baa1 | 565,828 | ||||||||||||||||
1,165 | 5.000%, 10/01/30 | 10/27 at 100.00 | Baa1 | 1,394,330 | ||||||||||||||||
5,000 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017B, 5.000%, 7/01/42 | 7/27 at 100.00 | Baa2 | 5,615,050 | ||||||||||||||||
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2017A: | ||||||||||||||||||||
7,745 | 5.000%, 7/01/42 | 7/27 at 100.00 | Baa2 | 8,725,052 | ||||||||||||||||
4,480 | 5.000%, 7/01/47 | 7/27 at 100.00 | Baa2 | 5,018,720 | ||||||||||||||||
1,795 | California Municipal Finance Authority, Revenue Bonds, Emerson College Issues, Series 2017B, 5.000%, 1/01/42 | 1/28 at 100.00 | BBB+ | 2,072,094 | ||||||||||||||||
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A: | ||||||||||||||||||||
1,000 | 5.000%, 11/01/30 | 11/26 at 100.00 | BBB– | 1,158,760 | ||||||||||||||||
1,040 | 5.250%, 11/01/31 | 11/26 at 100.00 | BBB– | 1,222,198 | ||||||||||||||||
California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, Series 2017A: | ||||||||||||||||||||
1,750 | 5.000%, 2/01/42 | 2/27 at 100.00 | A– | 1,963,430 | ||||||||||||||||
8,875 | 5.000%, 2/01/47 | 2/27 at 100.00 | A– | 9,904,677 | ||||||||||||||||
1,100 | California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/37 | 10/26 at 100.00 | BBB– | 1,226,962 | ||||||||||||||||
1,000 | California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2011D, 5.000%, 12/01/20 | No Opt. Call | A+ | 1,120,790 | ||||||||||||||||
1,000 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30 (Pre-refunded 3/01/20) | 3/20 at 100.00 | Aaa | 1,113,890 | ||||||||||||||||
California State University, Systemwide Revenue Bonds, Series 2016A: | ||||||||||||||||||||
1,500 | 5.000%, 11/01/24 | No Opt. Call | Aa2 | 1,842,135 | ||||||||||||||||
1,250 | 5.000%, 11/01/25 | No Opt. Call | Aa2 | 1,555,300 | ||||||||||||||||
2,000 | 5.000%, 11/01/26 | 5/26 at 100.00 | Aa2 | 2,490,920 | ||||||||||||||||
2,400 | 5.000%, 11/01/27 | 5/26 at 100.00 | Aa2 | 2,970,528 | ||||||||||||||||
17,795 | California State, General Obligation Bonds, Refunding Various Purpose Series 2016, 5.000%, 9/01/31 | 9/26 at 100.00 | AA– | 21,458,991 | ||||||||||||||||
20,000 | California State, General Obligation Bonds, Refunding Various Purpose Series 2017, 5.000%, 11/01/29 | 11/27 at 100.00 | AA– | 24,694,800 | ||||||||||||||||
700 | California State, General Obligation Bonds, Tender Option Bond Trust 3162, 11.219%, 3/01/40 – AGM Insured (IF) (5) | 3/20 at 100.00 | AA | 983,976 | ||||||||||||||||
7,280 | California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/24 | No Opt. Call | AA– | 8,823,797 | ||||||||||||||||
1,870 | California State, General Obligation Bonds, Various Purpose Series 2008, 5.000%, 4/01/38 | 4/18 at 100.00 | AA– | 1,907,849 | ||||||||||||||||
6,605 | California State, General Obligation Bonds, Various Purpose Series 2008, 5.000%, 4/01/38 (Pre-refunded 4/01/18) | 4/18 at 100.00 | Aa3 (4) | 6,743,837 | ||||||||||||||||
1,400 | California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 3/01/30 | 3/20 at 100.00 | AA– | 1,535,898 | ||||||||||||||||
12,000 | California State, General Obligation Bonds, Various Purpose Series 2017, 5.000%, 8/01/46 | 8/26 at 100.00 | AA– | 13,901,280 |
NUVEEN | 33 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
California (continued) | ||||||||||||||||||||
$ | 1,000 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 | 12/24 at 100.00 | BB+ | $ | 1,101,180 | ||||||||||||||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A: | ||||||||||||||||||||
1,100 | 5.000%, 12/01/36 | 6/26 at 100.00 | BB | 1,220,714 | ||||||||||||||||
1,365 | 5.000%, 12/01/46 | 6/26 at 100.00 | BB | 1,493,433 | ||||||||||||||||
26,380 | 5.250%, 12/01/56 | 6/26 at 100.00 | BB | 29,038,840 | ||||||||||||||||
5,800 | California Statewide Communities Development Authority, Pollution Control Revenue Bonds, Southern California Edison Company, Series 2006C, 2.625%, 11/01/33 (Mandatory put 12/01/23) | No Opt. Call | Aa3 | 5,975,566 | ||||||||||||||||
1,725 | California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25 | 10/19 at 100.00 | BBB+ | 1,855,617 | ||||||||||||||||
600 | California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities and Services Project, Series 2017A, 5.000%, 4/01/47 | 4/27 at 100.00 | A– | 677,418 | ||||||||||||||||
1,575 | California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Tender Option Bond Trust 2016-XG0041, 16.951%, 7/01/47 (Pre-refunded 7/01/18) – AGM Insured (IF) | 7/18 at 100.00 | AA (4) | 1,786,176 | ||||||||||||||||
California Statewide Communities Development Authority, Student Housing Revenue Bonds, University of California, Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC, Series 2017: | ||||||||||||||||||||
4,000 | 5.000%, 5/15/42 | 5/27 at 100.00 | Baa1 | 4,617,480 | ||||||||||||||||
4,000 | 5.000%, 5/15/47 | 5/27 at 100.00 | Baa1 | 4,592,400 | ||||||||||||||||
2,000 | 5.000%, 5/15/50 | 5/27 at 100.00 | Baa1 | 2,281,960 | ||||||||||||||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | ||||||||||||||||||||
825 | 5.750%, 7/01/30 (6) | 12/17 at 100.00 | CCC | 823,441 | ||||||||||||||||
5,300 | 5.750%, 7/01/35 (6) | 12/17 at 100.00 | CCC | 5,206,985 | ||||||||||||||||
2,000 | �� | 5.500%, 7/01/39 (6) | 12/17 at 100.00 | CCC | 1,900,120 | |||||||||||||||
4,955 | California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014A, 5.000%, 8/01/44 | 8/22 at 102.00 | AA– | 5,655,340 | ||||||||||||||||
1,000 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured | 7/18 at 100.00 | AA– (4) | 1,037,280 | ||||||||||||||||
1,050 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007B, 5.450%, 7/01/26 (Pre-refunded 7/01/18) – FGIC Insured | 7/18 at 100.00 | AA– (4) | 1,086,771 | ||||||||||||||||
1,050 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007C, 5.450%, 7/01/26 (Pre-refunded 7/01/18) – FGIC Insured | 7/18 at 100.00 | AA– (4) | 1,086,771 | ||||||||||||||||
2,000 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Election 2004 Series 2004A, 0.000%, 8/01/26 – NPFG Insured | No Opt. Call | AA+ | 1,610,140 | ||||||||||||||||
Contra Costa County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Refunding Series 2017A: | ||||||||||||||||||||
5,000 | 5.000%, 8/01/34 – BAM Insured | 8/27 at 100.00 | AA | 5,893,000 | ||||||||||||||||
2,100 | 5.000%, 8/01/35 – BAM Insured | 8/27 at 100.00 | AA | 2,467,185 | ||||||||||||||||
1,685 | 5.000%, 8/01/36 – BAM Insured | 8/27 at 100.00 | AA | 1,970,220 | ||||||||||||||||
400 | Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36 | 12/21 at 100.00 | A+ | 488,972 | ||||||||||||||||
6,170 | Elk Grove Finance Authority, California, Special Tax Revenue Bonds, Refunding Series 2016, 5.000%, 9/01/46 | 9/26 at 100.00 | N/R | 6,863,816 |
34 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
California (continued) | ||||||||||||||||||||
$ | 510 | Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32 (Pre-refunded 9/01/19) | 9/19 at 100.00 | N/R (4) | $ | 563,677 | ||||||||||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A: | ||||||||||||||||||||
1,695 | 0.000%, 1/15/33 | No Opt. Call | BBB– | 886,909 | ||||||||||||||||
10,000 | 0.000%, 1/15/35 – AGM Insured | No Opt. Call | AA | 5,136,100 | ||||||||||||||||
1,385 | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 3/18 at 100.00 | A | 1,406,800 | ||||||||||||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | ||||||||||||||||||||
3,415 | 5.000%, 6/01/33 | 12/17 at 100.00 | B+ | 3,411,243 | ||||||||||||||||
18,280 | 5.750%, 6/01/47 | 12/17 at 100.00 | B3 | 18,280,000 | ||||||||||||||||
7,750 | 5.125%, 6/01/47 | 12/17 at 100.00 | B– | 7,738,840 | ||||||||||||||||
1,000 | Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Superior Lien Series 2010A, 5.000%, 9/01/33 | 9/20 at 100.00 | AA | 1,091,080 | ||||||||||||||||
1,980 | Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured | No Opt. Call | AA | 1,762,497 | ||||||||||||||||
2,750 | Lammersville Joint Unified School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2014-1 Improvement Area 1 Mountain House School Facilities, Series 2017, 5.000%, 9/01/42 | 9/27 at 100.00 | N/R | 3,068,753 | ||||||||||||||||
1,500 | Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17) | 12/17 at 100.00 | BB (4) | 1,519,170 | ||||||||||||||||
Long Beach, California, Harbor Revenue Bonds, Series 2017: | ||||||||||||||||||||
1,600 | 5.000%, 5/15/36 (Alternative Minimum Tax) | 5/27 at 100.00 | AA | 1,867,264 | ||||||||||||||||
1,400 | 5.000%, 5/15/37 (Alternative Minimum Tax) | 5/27 at 100.00 | AA | 1,627,500 | ||||||||||||||||
1,410 | 5.000%, 5/15/40 (Alternative Minimum Tax) | 5/27 at 100.00 | AA | 1,632,752 | ||||||||||||||||
850 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2013B, 5.000%, 5/15/30 | 5/23 at 100.00 | AA– | 996,515 | ||||||||||||||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016A: | ||||||||||||||||||||
2,500 | 5.000%, 5/15/25 (Alternative Minimum Tax) | No Opt. Call | AA– | 3,014,050 | ||||||||||||||||
3,500 | 5.000%, 5/15/26 (Alternative Minimum Tax) | No Opt. Call | AA– | 4,265,240 | ||||||||||||||||
4,325 | 5.000%, 5/15/28 (Alternative Minimum Tax) | 5/26 at 100.00 | AA– | 5,192,941 | ||||||||||||||||
2,500 | 5.000%, 5/15/29 (Alternative Minimum Tax) | 5/26 at 100.00 | AA– | 2,977,550 | ||||||||||||||||
3,000 | 5.000%, 5/15/30 (Alternative Minimum Tax) | 5/26 at 100.00 | AA– | 3,559,590 | ||||||||||||||||
15,000 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C, 5.000%, 7/01/47 | 7/27 at 100.00 | Aa2 | 17,624,400 | ||||||||||||||||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A: | ||||||||||||||||||||
2,300 | 5.000%, 7/01/34 | 1/27 at 100.00 | AA+ | 2,753,491 | ||||||||||||||||
2,500 | 5.000%, 7/01/35 | 1/27 at 100.00 | AA+ | 2,981,575 | ||||||||||||||||
1,000 | Los Angeles Harbors Department, California, Revenue Bonds, Series 2009B, 5.250%, 8/01/39 (Pre-refunded 8/01/19) | 8/19 at 100.00 | AA (4) | 1,078,860 | ||||||||||||||||
5,000 | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2017A, 5.000%, 7/01/26 | No Opt. Call | AAA | 6,276,900 | ||||||||||||||||
2,500 | Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Subordinate Lien Series 2017B, 5.000%, 6/01/35 | 6/27 at 100.00 | AA | 3,000,650 |
NUVEEN | 35 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
California (continued) | ||||||||||||||||||||
$ | 500 | Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31 | 9/21 at 100.00 | A– | $ | 605,280 | ||||||||||||||
3,000 | Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36 | 3/20 at 100.00 | AA– | 3,223,200 | ||||||||||||||||
1,000 | Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2009, 5.750%, 12/01/36 | 12/19 at 100.00 | AA | 1,092,970 | ||||||||||||||||
8,535 | Marin Healthcare District, Marin County, California, General Obligation Bonds, 2013 Election, Series 2017A, 5.000%, 8/01/41 | 8/27 at 100.00 | AAA | 10,115,511 | ||||||||||||||||
1,000 | Modesto Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A, 5.000%, 7/01/26 | 7/21 at 100.00 | A+ | 1,117,030 | ||||||||||||||||
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A: | ||||||||||||||||||||
2,800 | 7.000%, 11/01/34 | No Opt. Call | A | 4,002,572 | ||||||||||||||||
2,500 | 6.500%, 11/01/39 | No Opt. Call | A | 3,531,025 | ||||||||||||||||
13,750 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.800%, 8/01/23 – NPFG Insured (ETM) | 2/18 at 100.00 | A (4) | 15,455,550 | ||||||||||||||||
Orange County, California, Special Tax Bonds, Community Facilities District 2016-1 Esencia Village, Series 2016A: | ||||||||||||||||||||
1,250 | 5.000%, 8/15/41 | 8/26 at 100.00 | N/R | 1,390,338 | ||||||||||||||||
2,000 | 5.000%, 8/15/46 | 8/26 at 100.00 | N/R | 2,220,700 | ||||||||||||||||
Palm Desert Redevelopment Agency, California, Successor Agency Redevelopment Project Area, Series 2017A: | ||||||||||||||||||||
500 | 5.000%, 10/01/28 – BAM Insured | 4/27 at 100.00 | AA | 607,415 | ||||||||||||||||
500 | 5.000%, 10/01/30 – BAM Insured | 4/27 at 100.00 | AA | 597,815 | ||||||||||||||||
1,075 | Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25 | 12/17 at 100.00 | CCC+ | 1,032,925 | ||||||||||||||||
1,740 | Palmdale, California, Special Tax Bonds, Community Facilities District 2003-1, Anaverde Project, Series 2005A, 5.350%, 9/01/30 | 3/18 at 100.00 | N/R | 1,757,452 | ||||||||||||||||
3,000 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29 (Pre-refunded 11/01/19) | 11/19 at 100.00 | N/R (4) | 3,352,260 | ||||||||||||||||
1,710 | Perris Public Financing Authority, California, Tax Allocation Revenue Bonds, Housing Loan Series 2010A, 6.125%, 10/01/40 | 10/20 at 100.00 | A | 1,940,217 | ||||||||||||||||
3,775 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Election 2008 Series 2009A, 0.000%, 8/01/23 | No Opt. Call | AA– | 3,374,548 | ||||||||||||||||
5,500 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41 | No Opt. Call | AA– | 2,270,510 | ||||||||||||||||
15,000 | Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/41 – AGM Insured (7) | 8/36 at 100.00 | AA | 14,133,150 | ||||||||||||||||
4,000 | Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 | 6/20 at 100.00 | A– | 4,483,160 | ||||||||||||||||
715 | Roseville, California, Special Tax Bonds, Community Facilities District 1 Hewlett Packard Campus Oaks, Series 2016, 5.500%, 9/01/46 | 9/26 at 100.00 | N/R | 791,398 | ||||||||||||||||
890 | Sacramento, California, Special Tax Bonds, Community Facilities District 05-1 College Square, Series 2007, 5.900%, 9/01/37 | 3/18 at 100.00 | N/R | 899,452 |
36 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
California (continued) | ||||||||||||||||||||
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2017A: | ||||||||||||||||||||
$ | 2,000 | 5.000%, 7/01/42 (Alternative Minimum Tax) | 7/27 at 100.00 | A | $ | 2,308,600 | ||||||||||||||
2,500 | 5.000%, 7/01/47 | 7/27 at 100.00 | A | 2,903,650 | ||||||||||||||||
7,075 | 5.000%, 7/01/47 (Alternative Minimum Tax) | 7/27 at 100.00 | A | 8,121,817 | ||||||||||||||||
San Diego Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Refunding Series 2017A: | ||||||||||||||||||||
1,815 | 5.000%, 9/01/36 | 9/26 at 100.00 | AA | 2,123,586 | ||||||||||||||||
6,160 | 5.000%, 9/01/40 | 9/26 at 100.00 | AA | 7,138,886 | ||||||||||||||||
2,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series A of 2009, 4.900%, 5/01/29 | 11/19 at 100.00 | A+ | 2,154,520 | ||||||||||||||||
670 | San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) | 8/19 at 100.00 | A– (4) | 738,065 | ||||||||||||||||
13,300 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 | 1/25 at 100.00 | BBB– | 14,579,859 | ||||||||||||||||
9,745 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/44 | 1/25 at 100.00 | BBB | 10,768,810 | ||||||||||||||||
8,400 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured | 12/17 at 100.00 | A+ | 8,416,632 | ||||||||||||||||
2,000 | San Jose, California, Airport Revenue Bonds, Refunding Series 2017A, 5.000%, 3/01/22 (Alternative Minimum Tax) | No Opt. Call | A2 | 2,296,340 | ||||||||||||||||
440 | Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A (4) | 525,184 | ||||||||||||||||
2,355 | Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 (Pre-refunded 12/01/19) | 12/19 at 100.00 | A+ (4) | 2,559,814 | ||||||||||||||||
4,000 | Southern California Public Power Authority, Transmission Project Revenue Bonds, Southern Transmission Subordinate Lien Refunding Series 2008A, 5.000%, 7/01/20 | 7/18 at 100.00 | AA– | 4,125,800 | ||||||||||||||||
275 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 6.250%, 9/01/47 | 9/27 at 100.00 | N/R | 286,074 | ||||||||||||||||
500 | Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 6.750%, 8/01/31 | 8/21 at 100.00 | BBB+ | 595,735 | ||||||||||||||||
4,750 | Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.125%, 6/01/46 | 12/17 at 100.00 | B+ | 4,749,715 | ||||||||||||||||
920 | Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010, 5.000%, 9/01/30 (Pre-refunded 9/01/20) – AGM Insured | 9/20 at 100.00 | AA (4) | 1,026,370 | ||||||||||||||||
15,000 | University of California, General Revenue Bonds, Limited Project Series 2017M, 5.000%, 5/15/47 | 5/27 at 100.00 | AA– | 17,505,600 | ||||||||||||||||
5,000 | University of California, General Revenue Bonds, Series 2017AV, 5.000%, 5/15/33 | 5/27 at 100.00 | AA | 6,054,050 | ||||||||||||||||
205 | Val Verde Unified School District, Riverside County, California, Certificates of Participation, Series 2009A, 5.125%, 3/01/36 – AGC Insured | 3/19 at 100.00 | AA | 215,100 | ||||||||||||||||
730 | Ventura County Area Housing Authority, California, Multifamily Revenue Bonds, Mira Vista Senior Apartments Project, Series 2006A, 5.000%, 12/01/22 – AMBAC Insured (Alternative Minimum Tax) | 12/17 at 100.00 | N/R | 737,227 |
NUVEEN | 37 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
California (continued) | ||||||||||||||||||||
$ | 5,000 | Victor Valley Union High School District, San Bernardino County, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/31 – AGC Insured (7) | 8/26 at 100.00 | AA | $ | 5,505,350 | ||||||||||||||
1,500 | Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 (Pre-refunded 8/01/19) – AGM Insured | 8/19 at 100.00 | AA (4) | 1,617,990 | ||||||||||||||||
Westminster School District, Orange County, California, General Obligation Bonds, Series 2009-A1: | ||||||||||||||||||||
2,485 | 0.000%, 8/01/26 – AGC Insured | No Opt. Call | AA | 2,004,078 | ||||||||||||||||
1,405 | 0.000%, 8/01/28 – AGC Insured | No Opt. Call | AA | 1,046,008 | ||||||||||||||||
2,920 | 0.000%, 8/01/29 – AGC Insured | No Opt. Call | AA | 2,075,390 | ||||||||||||||||
William S. Hart Union High School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 2015-1, Series 2017: | ||||||||||||||||||||
1,425 | 5.000%, 9/01/42 | 9/26 at 100.00 | N/R | 1,579,498 | ||||||||||||||||
1,205 | 5.000%, 9/01/47 | 9/26 at 100.00 | N/R | 1,323,849 | ||||||||||||||||
572,910 | Total California | 631,612,570 | ||||||||||||||||||
Colorado – 3.6% | ||||||||||||||||||||
1,075 | Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23 | 7/18 at 100.00 | N/R | 1,079,289 | ||||||||||||||||
2,065 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy Project, Series 2008, 6.500%, 7/01/38 | 7/18 at 100.00 | BB | 2,097,007 | ||||||||||||||||
3,040 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43 | 8/23 at 100.00 | BB | 3,518,800 | ||||||||||||||||
1,025 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Crown Pointe Academy of Westminster Project, Chartered Through Adams County School District 50, Series 2009, 5.000%, 7/15/39 | 7/19 at 100.00 | BBB | 1,041,810 | ||||||||||||||||
2,500 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle Charter School, Inc. High School Project, Series 2010, 5.125%, 12/01/39 | 12/19 at 100.00 | BBB– | 2,550,250 | ||||||||||||||||
875 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Pikes Peak School of Expeditionary Learning Charter School, Series 2008, 6.625%, 6/01/38 (Pre-refunded 6/01/18) | 6/18 at 102.00 | N/R (4) | 922,084 | ||||||||||||||||
3,000 | Colorado Health Facilities Authority, Colorado, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003A, 5.500%, 5/15/30 (Pre-refunded 5/15/19) – AGM Insured | 5/19 at 100.00 | AA (4) | 3,216,900 | ||||||||||||||||
1,500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/29 (Pre-refunded 8/01/19) | 8/19 at 100.00 | N/R (4) | 1,679,925 | ||||||||||||||||
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences Project, Series 2012: | ||||||||||||||||||||
1,370 | 7.000%, 6/01/42 (8) | 6/22 at 100.00 | N/R | 1,074,765 | ||||||||||||||||
1,375 | 7.125%, 6/01/47 (8) | 6/22 at 100.00 | N/R | 1,078,688 | ||||||||||||||||
12,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012A, 5.000%, 12/01/33 | 12/22 at 100.00 | BBB+ | 12,838,440 | ||||||||||||||||
6,155 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, 5.000%, 6/01/45 | 6/25 at 100.00 | A– | 6,642,230 | ||||||||||||||||
725 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 | 6/23 at 100.00 | BBB | 816,705 | ||||||||||||||||
3,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Refunding Series 2015B, 4.000%, 9/01/34 | 9/25 at 100.00 | A3 | 3,088,260 |
38 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Colorado (continued) | ||||||||||||||||||||
$ | 100 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005B, 5.250%, 3/01/36 – AGM Insured | 9/18 at 102.00 | AA | $ | 104,614 | ||||||||||||||
3,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, 5.250%, 1/01/25 | 1/20 at 100.00 | AA– | 3,243,630 | ||||||||||||||||
1,100 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-Term Care National Obligated Group Project, Series 2010A, 6.250%, 11/15/40 (Pre-refunded 11/15/20) | 11/20 at 100.00 | N/R (4) | 1,270,841 | ||||||||||||||||
1,590 | Colorado Housing and Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2004, 5.700%, 7/01/18 (Alternative Minimum Tax) | No Opt. Call | A– | 1,644,108 | ||||||||||||||||
540 | Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A, 5.750%, 12/01/27 – RAAI Insured | 12/17 at 100.00 | AA | 541,631 | ||||||||||||||||
1,000 | Compark Business Campus Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2012A, 6.750%, 12/01/39 – RAAI Insured | 12/22 at 100.00 | N/R | 1,062,760 | ||||||||||||||||
1,995 | Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2010, 5.375%, 12/01/40 | 12/20 at 100.00 | BBB+ | 2,132,894 | ||||||||||||||||
165 | Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.250%, 12/01/17 | No Opt. Call | N/R | 164,868 | ||||||||||||||||
1,730 | Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/21 | 11/20 at 100.00 | A+ | 1,926,545 | ||||||||||||||||
5,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A, 5.250%, 11/15/43 (Alternative Minimum Tax) | 11/23 at 100.00 | A | 5,583,750 | ||||||||||||||||
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016: | ||||||||||||||||||||
510 | 5.000%, 12/01/31 | 12/26 at 100.00 | Baa2 | 593,462 | ||||||||||||||||
3,500 | 5.000%, 12/01/32 | 12/26 at 100.00 | Baa2 | 4,051,425 | ||||||||||||||||
1,200 | 5.000%, 12/01/33 | 12/26 at 100.00 | Baa2 | 1,379,724 | ||||||||||||||||
565 | 5.000%, 12/01/34 | 12/26 at 100.00 | Baa2 | 646,710 | ||||||||||||||||
300 | 5.000%, 12/01/35 | 12/26 at 100.00 | Baa2 | 342,618 | ||||||||||||||||
11,555 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/24 – NPFG Insured | No Opt. Call | A | 9,746,874 | ||||||||||||||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | ||||||||||||||||||||
20 | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | A | 13,682 | ||||||||||||||||
395 | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | A | 258,330 | ||||||||||||||||
20 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 11,865 | ||||||||||||||||
25 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | A | 14,143 | ||||||||||||||||
9,890 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured | No Opt. Call | A | 7,355,193 | ||||||||||||||||
1,160 | El Paso County School District 49 Falcon, Colorado, Certificates of Participation, Series 2015, 5.000%, 12/15/28 | 12/25 at 100.00 | Aa3 | 1,386,676 | ||||||||||||||||
1,035 | Erie Farm Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2016A, 5.500%, 12/01/45 | 12/21 at 103.00 | N/R | 1,022,207 | ||||||||||||||||
1,926 | Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40 | 3/20 at 100.00 | N/R | 2,032,835 | ||||||||||||||||
1,365 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38 | 12/24 at 100.00 | N/R | 1,412,229 |
NUVEEN | 39 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Colorado (continued) | ||||||||||||||||||||
$ | 750 | Fossil Ridge Metropolitan District 1, Lakewood, Colorado, Tax-Supported Revenue Bonds, Refunding Series 2010, 7.250%, 12/01/40 | 12/20 at 100.00 | N/R | $ | 799,410 | ||||||||||||||
3,600 | Fossil Ridge Metropolitan District No. 3, In the City of Lakewood, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Series 2014, 5.000%, 12/01/44 | 12/20 at 100.00 | BBB | 3,713,868 | ||||||||||||||||
9,265 | Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A, 5.375%, 12/01/46 | 12/21 at 103.00 | N/R | 8,986,957 | ||||||||||||||||
2,025 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19) – AGC Insured | 12/19 at 100.00 | AA (4) | 2,254,473 | ||||||||||||||||
620 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | 12/25 at 100.00 | N/R | 669,104 | ||||||||||||||||
4,300 | Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 4.500%, 12/01/30 | 12/22 at 100.00 | N/R | 4,375,207 | ||||||||||||||||
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008: | ||||||||||||||||||||
2,170 | 6.250%, 11/15/28 | No Opt. Call | A | 2,743,509 | ||||||||||||||||
3,580 | 6.500%, 11/15/38 | No Opt. Call | A | 5,027,215 | ||||||||||||||||
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010: | ||||||||||||||||||||
1,025 | 5.250%, 7/15/24 | 7/20 at 100.00 | BBB+ | 1,102,746 | ||||||||||||||||
4,265 | 6.000%, 1/15/41 | 7/20 at 100.00 | BBB+ | 4,679,217 | ||||||||||||||||
575 | Sterling Hills West Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Refunding & Improvement Series 2007, 5.000%, 12/01/39 | 12/27 at 100.00 | Baa2 | 635,289 | ||||||||||||||||
815 | Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 | 12/20 at 100.00 | N/R | 851,724 | ||||||||||||||||
122,381 | Total Colorado | 125,427,486 | ||||||||||||||||||
Connecticut – 0.8% | ||||||||||||||||||||
860 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A, 5.000%, 9/01/53 | 9/26 at 100.00 | N/R | 862,425 | ||||||||||||||||
1,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G, 5.625%, 7/01/41 | 7/21 at 100.00 | A | 1,118,570 | ||||||||||||||||
11,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016CT, 5.000%, 12/01/45 | 6/26 at 100.00 | AA– | 12,435,280 | ||||||||||||||||
1,675 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2015A, 5.000%, 8/01/35 | 8/25 at 100.00 | AA | 1,898,646 | ||||||||||||||||
8,785 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2016A, 4.000%, 9/01/34 | 9/26 at 100.00 | AA | 9,228,994 | ||||||||||||||||
663 | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 | 4/20 at 100.00 | N/R | 714,893 | ||||||||||||||||
1,800 | Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21) | 4/21 at 100.00 | N/R (4) | 2,148,444 | ||||||||||||||||
25,783 | Total Connecticut | 28,407,252 | ||||||||||||||||||
Delaware – 0.2% | ||||||||||||||||||||
950 | Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River Power LLC Project, Series 2010, 5.375%, 10/01/45 | 10/20 at 100.00 | Baa3 | 988,285 |
40 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Delaware (continued) | ||||||||||||||||||||
$ | 1,000 | Delaware Economic Development Authority, Revenue Bonds, ASPIRA of Delaware Charter Operations, Inc. Project, Series 2016A, 5.000%, 6/01/46 | 6/26 at 100.00 | BB+ | $ | 1,019,170 | ||||||||||||||
5,000 | Delaware Transportation Authority, Transportation System Revenue Bonds, Senior Lien Series 2008, 5.000%, 7/01/19 | No Opt. Call | AA+ | 5,347,100 | ||||||||||||||||
6,950 | Total Delaware | 7,354,555 | ||||||||||||||||||
Florida – 4.7% | ||||||||||||||||||||
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A: | ||||||||||||||||||||
300 | 5.000%, 11/15/23 | No Opt. Call | BBB | 343,737 | ||||||||||||||||
2,300 | 5.000%, 11/15/28 | 11/23 at 100.00 | BBB | 2,547,365 | ||||||||||||||||
1,250 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40 | 9/20 at 100.00 | BBB– | 1,303,887 | ||||||||||||||||
480 | Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1, 5.750%, 5/01/37 | 12/17 at 100.00 | N/R | 480,082 | ||||||||||||||||
855 | Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19) | 4/19 at 100.00 | A (4) | 931,805 | ||||||||||||||||
6,000 | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured | 10/21 at 100.00 | AA | 6,725,220 | ||||||||||||||||
Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments Project, Series 2015A: | ||||||||||||||||||||
1,500 | 4.750%, 7/04/40 | 7/25 at 100.00 | A | 1,568,190 | ||||||||||||||||
1,380 | 5.000%, 7/04/50 | 7/25 at 100.00 | A | 1,446,751 | ||||||||||||||||
4,710 | Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/19 | No Opt. Call | AA | 5,010,074 | ||||||||||||||||
1,025 | Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26 | No Opt. Call | A | 1,165,066 | ||||||||||||||||
1,000 | Clearwater, Florida, Water and Sewer Revenue Bonds, Series 2009A, 5.250%, 12/01/39 (Pre-refunded 12/01/19) – AGC Insured | 12/19 at 100.00 | AA (4) | 1,091,950 | ||||||||||||||||
1,000 | Coco Palms Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2016, 5.000%, 5/01/46 | 5/27 at 100.00 | N/R | 1,008,300 | ||||||||||||||||
2,885 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Bay Area Charter Foundation, LLC Projects, Series 2011A, 7.750%, 6/15/42 | 12/21 at 101.00 | N/R | 3,173,183 | ||||||||||||||||
1,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2010A, 6.000%, 9/15/30 | 9/20 at 100.00 | BB+ | 1,050,750 | ||||||||||||||||
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A: | ||||||||||||||||||||
1,000 | 5.500%, 6/15/22 | No Opt. Call | N/R | 1,079,800 | ||||||||||||||||
500 | 6.000%, 6/15/32 | 6/22 at 100.00 | N/R | 537,185 | ||||||||||||||||
1,100 | 6.125%, 6/15/43 | 6/22 at 100.00 | N/R | 1,179,860 | ||||||||||||||||
2,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44 | 6/23 at 100.00 | N/R | 2,341,640 | ||||||||||||||||
1,500 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44 | 6/24 at 100.00 | N/R | 1,576,755 | ||||||||||||||||
1,570 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A, 6.125%, 6/15/46 | 6/25 at 100.00 | N/R | 1,652,080 |
NUVEEN | 41 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Florida (continued) | ||||||||||||||||||||
$ | 3,180 | Florida Development Finance Corporation, Revenue Bonds, Learning Gate Community Charter School Project, Series 2007A, 6.000%, 2/15/37 | 12/17 at 100.00 | B+ | $ | 3,019,346 | ||||||||||||||
6,800 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/27 | 4/22 at 100.00 | A– | 7,496,592 | ||||||||||||||||
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Rollins College Project, Series 2012A: | ||||||||||||||||||||
1,210 | 5.000%, 12/01/30 | 12/22 at 100.00 | A2 | 1,366,163 | ||||||||||||||||
1,000 | 5.000%, 12/01/31 | 12/22 at 100.00 | A2 | 1,126,760 | ||||||||||||||||
3,000 | 5.000%, 12/01/37 | 12/22 at 100.00 | A2 | 3,357,030 | ||||||||||||||||
1,000 | Florida Housing Finance Agency, Housing Revenue Bonds, Stoddert Arms Apartments, Series 1996O, 6.300%, 9/01/36 – AMBAC Insured (Alternative Minimum Tax) | 3/18��at 100.00 | N/R | 1,001,490 | ||||||||||||||||
1,000 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 5.000%, 5/01/46 | 5/26 at 100.00 | N/R | 1,015,240 | ||||||||||||||||
3,130 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Senior Lien Series 2015A, 5.000%, 10/01/44 (Alternative Minimum Tax) | 10/24 at 100.00 | AA– | 3,460,403 | ||||||||||||||||
750 | Jacksonville Economic Development Commission, Florida, Industrial Development Revenue Bonds, Gerdau Ameristeel US Inc. Project, Series 2007, 5.300%, 5/01/37 (Alternative Minimum Tax) | 5/18 at 100.00 | BBB– | 746,347 | ||||||||||||||||
840 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A, 5.250%, 6/15/27 | 12/18 at 100.00 | BB | 840,244 | ||||||||||||||||
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A: | ||||||||||||||||||||
875 | 5.500%, 6/15/32 | 6/22 at 100.00 | BB | 890,890 | ||||||||||||||||
1,375 | 5.750%, 6/15/42 | 6/22 at 100.00 | BB | 1,399,228 | ||||||||||||||||
6,875 | Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin Memorial Medical Center, Series 2015, 5.000%, 11/15/45 | 11/24 at 100.00 | A– | 7,439,162 | ||||||||||||||||
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013: | ||||||||||||||||||||
885 | 3.950%, 12/15/21 (Alternative Minimum Tax) | 6/20 at 100.00 | Baa2 | 909,709 | ||||||||||||||||
9,500 | 4.200%, 12/15/25 (Alternative Minimum Tax) | 6/20 at 100.00 | Baa2 | 9,758,875 | ||||||||||||||||
2,000 | Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai Medical Center of Florida Project, Refunding 2012, 5.000%, 11/15/29 | 11/22 at 100.00 | Baa1 | 2,195,480 | ||||||||||||||||
6,340 | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured | 2/24 at 100.00 | AA | 7,188,038 | ||||||||||||||||
860 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus Children’s Hospital, Refunding Series 2017, 5.000%, 8/01/36 | 8/27 at 100.00 | A+ | 988,957 | ||||||||||||||||
1,585 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35 | 10/20 at 100.00 | A | 1,751,774 | ||||||||||||||||
12,195 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/38 (Alternative Minimum Tax) | 10/25 at 100.00 | A | 13,817,301 | ||||||||||||||||
2,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008A, 5.500%, 10/01/27 (Pre-refunded 10/01/18) – AGC Insured (Alternative Minimum Tax) | 10/18 at 100.00 | AA (4) | 2,089,720 | ||||||||||||||||
1,040 | Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2009, 5.625%, 6/01/34 – AGM Insured (UB) (5) | 6/19 at 100.00 | AA | 1,120,246 | ||||||||||||||||
22,160 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 | 10/22 at 100.00 | Aa3 | 24,707,292 |
42 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Florida (continued) | ||||||||||||||||||||
Orange County Health Facilities Authority, Florida, Revenue Bond, Mayflower Retirement Center, Refunding Series 2012: | ||||||||||||||||||||
$ | 550 | 4.500%, 6/01/27 | 6/21 at 100.00 | A– | $ | 582,560 | ||||||||||||||
625 | 5.000%, 6/01/32 | 6/21 at 100.00 | A– | 665,219 | ||||||||||||||||
750 | 5.000%, 6/01/36 | 6/21 at 100.00 | A– | 792,660 | ||||||||||||||||
875 | 5.125%, 6/01/42 | 6/21 at 100.00 | A– | 923,869 | ||||||||||||||||
145 | Orange County, Florida, Sales Tax Revenue Bonds, Series 1989, 6.125%, 1/01/19 – FGIC Insured (ETM) | 1/18 at 100.00 | N/R (4) | 151,392 | ||||||||||||||||
1,010 | Riverbend West Community Development District, Florida, Special Assessment Bonds, Series 2016, 5.000%, 5/01/46 | 5/27 at 100.00 | N/R | 1,014,535 | ||||||||||||||||
830 | Stoneybrook Venice Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007, 6.750%, 5/01/38 (Pre-refunded 5/01/18) | 5/18 at 100.00 | N/R (4) | 857,979 | ||||||||||||||||
500 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.000%, 7/01/29 | 1/24 at 100.00 | A– | 564,540 | ||||||||||||||||
535 | Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured | 10/18 at 100.00 | AA– | 555,453 | ||||||||||||||||
35 | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 | 5/22 at 100.00 | Aa2 | 38,962 | ||||||||||||||||
165 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 | 12/17 at 100.00 | N/R | 165,002 | ||||||||||||||||
290 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (7) | 5/19 at 100.00 | N/R | 226,998 | ||||||||||||||||
210 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (7) | 5/22 at 100.00 | N/R | 131,187 | ||||||||||||||||
170 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (8) | 5/18 at 100.00 | N/R | 2 | ||||||||||||||||
475 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007A-2, 5.250%, 5/01/39 (8) | 5/18 at 100.00 | N/R | 5 | ||||||||||||||||
15 | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 | 5/18 at 100.00 | N/R | 15,064 | ||||||||||||||||
100 | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007A-1. RMKT, 5.250%, 5/01/39 | 5/18 at 100.00 | N/R | 96,560 | ||||||||||||||||
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1: | ||||||||||||||||||||
90 | 5.250%, 5/01/39 | 12/17 at 100.00 | N/R | 86,941 | ||||||||||||||||
295 | 6.650%, 5/01/40 | 5/18 at 100.00 | N/R | 295,080 | ||||||||||||||||
435 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (8) | 5/18 at 100.00 | N/R | 273,624 | ||||||||||||||||
270 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (8) | 5/18 at 100.00 | N/R | 136,766 | ||||||||||||||||
290 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (8) | 5/18 at 100.00 | N/R | 3 | ||||||||||||||||
2,415 | Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 | 12/17 at 100.00 | N/R | 2,415,072 | ||||||||||||||||
250 | Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A1, 6.125%, 5/01/42 | 5/22 at 100.00 | N/R | 260,873 |
NUVEEN | 43 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Florida (continued) | ||||||||||||||||||||
$ | 1,500 | Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2, 5.500%, 5/01/34 | 5/22 at 100.00 | N/R | $ | 1,558,410 | ||||||||||||||
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Refunding Series 2017: | ||||||||||||||||||||
1,330 | 5.000%, 10/15/42 | 10/27 at 100.00 | A3 | 1,535,485 | ||||||||||||||||
3,000 | 5.000%, 10/15/47 | 10/27 at 100.00 | A3 | 3,441,270 | ||||||||||||||||
13,000 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/40 | 6/25 at 100.00 | A– | 14,627,210 | ||||||||||||||||
Wynnmere East Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2016: | ||||||||||||||||||||
500 | 5.125%, 5/01/36 | 5/28 at 100.00 | N/R | 510,345 | ||||||||||||||||
990 | 5.500%, 5/01/46 | 5/28 at 100.00 | N/R | 1,018,047 | ||||||||||||||||
154,600 | Total Florida | 166,841,080 | ||||||||||||||||||
Georgia – 2.1% | ||||||||||||||||||||
615 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19) | 1/19 at 100.00 | A2 (4) | 661,943 | ||||||||||||||||
870 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20 (Pre-refunded 1/01/19) | 1/19 at 100.00 | A2 (4) | 916,345 | ||||||||||||||||
4,565 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 (Pre-refunded 11/01/19) – AGM Insured | 11/19 at 100.00 | Aa2 (4) | 4,977,813 | ||||||||||||||||
2,435 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 – AGM Insured | 11/19 at 100.00 | Aa2 | 2,647,843 | ||||||||||||||||
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2017A: | ||||||||||||||||||||
3,500 | 5.000%, 11/01/28 | 11/27 at 100.00 | Aa2 | 4,354,140 | ||||||||||||||||
5,120 | 5.000%, 11/01/29 | 11/27 at 100.00 | Aa2 | 6,317,517 | ||||||||||||||||
5,175 | 5.000%, 11/01/30 | 11/27 at 100.00 | Aa2 | 6,350,708 | ||||||||||||||||
10,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Athletic Association, Series 2011, 5.750%, 10/01/41 | 4/21 at 100.00 | A+ | 11,283,500 | ||||||||||||||||
1,100 | Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993BB, 5.250%, 1/01/25 – NPFG Insured | No Opt. Call | A1 | 1,272,964 | ||||||||||||||||
1,000 | Lavonia Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Regional Medical Center , Series 2010, 6.000%, 12/01/40 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | AA (4) | 1,151,370 | ||||||||||||||||
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A: | ||||||||||||||||||||
960 | 5.000%, 3/15/22 | No Opt. Call | A+ | 1,088,026 | ||||||||||||||||
1,000 | 5.500%, 9/15/28 | No Opt. Call | A | 1,219,500 | ||||||||||||||||
22,045 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Refunding Series 2015C, 5.000%, 7/01/27 | 7/26 at 100.00 | AA+ | 27,192,948 | ||||||||||||||||
3,000 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2016A, 5.000%, 1/01/28 | 7/26 at 100.00 | A | 3,544,980 | ||||||||||||||||
1,590 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.250%, 10/01/27 | 10/21 at 100.00 | Baa2 | 1,747,871 | ||||||||||||||||
1,000 | Savannah Economic Development Authority, Georgia, Revenue Bonds, Armstrong Atlantic State University, Windward Commons LLC Project, Series 2009, 5.000%, 6/15/39 (Pre-refunded 6/15/19) – AGC Insured | 6/19 at 100.00 | AA (4) | 1,067,030 | ||||||||||||||||
63,975 | Total Georgia | 75,794,498 |
44 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Guam – 0.2% | ||||||||||||||||||||
$ | 1,020 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 | 1/22 at 100.00 | A | $ | 1,077,059 | ||||||||||||||
2,000 | Guam Government Department of Education, Certificates of Participation, John F. Kennedy High School Project, Series 2010A, 6.625%, 12/01/30 | 12/20 at 100.00 | B+ | 2,092,280 | ||||||||||||||||
1,005 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 | 7/20 at 100.00 | A– | 1,066,828 | ||||||||||||||||
1,610 | Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) | 10/23 at 100.00 | BBB | 1,841,888 | ||||||||||||||||
5,635 | Total Guam | 6,078,055 | ||||||||||||||||||
Hawaii – 0.3% | ||||||||||||||||||||
1,500 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43 | 7/23 at 100.00 | A1 | 1,692,570 | ||||||||||||||||
1,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43 | 7/23 at 100.00 | BB | 1,078,170 | ||||||||||||||||
Hawaii Department of Budget and Finance, Special Purpose Senior Living Revenue Bonds, 15 Craigside Project, Series 2009A: | ||||||||||||||||||||
935 | 8.750%, 11/15/29 (Pre-refunded 11/15/19) | 11/19 at 100.00 | N/R (4) | 1,069,818 | ||||||||||||||||
1,250 | 9.000%, 11/15/44 (Pre-refunded 11/15/19) | 11/19 at 100.00 | N/R (4) | 1,456,587 | ||||||||||||||||
4,545 | Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (Alternative Minimum Tax) | 7/25 at 100.00 | A+ | 5,112,716 | ||||||||||||||||
9,230 | Total Hawaii | 10,409,861 | ||||||||||||||||||
Idaho – 0.2% | ||||||||||||||||||||
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016: | ||||||||||||||||||||
2,300 | 3.500%, 9/01/33 | 9/26 at 100.00 | BB+ | 2,103,580 | ||||||||||||||||
205 | 5.000%, 9/01/37 | 9/26 at 100.00 | BB+ | 224,030 | ||||||||||||||||
Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B: | ||||||||||||||||||||
1,000 | 6.000%, 12/01/23 (Pre-refunded 12/01/18) | 12/18 at 100.00 | AA– (4) | 1,056,850 | ||||||||||||||||
760 | 6.250%, 12/01/33 (Pre-refunded 12/01/18) | 12/18 at 100.00 | AA– (4) | 805,418 | ||||||||||||||||
2,000 | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Idaho Arts Charter School, Inc. Project, Refunding Series 2016A, 5.000%, 12/01/38 | 12/26 at 100.00 | BBB– | 2,137,920 | ||||||||||||||||
6,265 | Total Idaho | 6,327,798 | ||||||||||||||||||
Illinois – 12.0% | ||||||||||||||||||||
2,000 | Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured | 12/21 at 100.00 | AA | 2,201,300 | ||||||||||||||||
Champaign, Illinois, General Obligation Sales Tax Bonds, Public Safety Series 1999: | ||||||||||||||||||||
1,140 | 8.250%, 1/01/21 – FGIC Insured | No Opt. Call | A | 1,375,467 | ||||||||||||||||
1,275 | 8.250%, 1/01/22 – FGIC Insured | No Opt. Call | A | 1,594,923 | ||||||||||||||||
67,800 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46 | 4/27 at 100.00 | A | 80,022,306 | ||||||||||||||||
590 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A, 5.000%, 12/01/42 | 12/22 at 100.00 | B+ | 586,613 | ||||||||||||||||
1,215 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Project Series 2015C, 5.250%, 12/01/39 | 12/24 at 100.00 | B+ | 1,213,323 |
NUVEEN | 45 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Illinois (continued) | ||||||||||||||||||||
$ | 35,090 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 | 12/25 at 100.00 | B | $ | 41,056,704 | ||||||||||||||
2,100 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 | 12/21 at 100.00 | AA | 2,256,597 | ||||||||||||||||
3,180 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2015C, 5.000%, 1/01/46 (Alternative Minimum Tax) | 1/25 at 100.00 | A | 3,515,331 | ||||||||||||||||
900 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.000%, 1/01/35 | 1/24 at 100.00 | BBB+ | 950,337 | ||||||||||||||||
8,805 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27 at 100.00 | BBB+ | 10,199,712 | ||||||||||||||||
920 | Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2003B, 5.500%, 1/01/33 | 1/25 at 100.00 | BBB+ | 1,014,079 | ||||||||||||||||
13,760 | Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 5.500%, 1/01/40 | 1/25 at 100.00 | BBB+ | 15,056,880 | ||||||||||||||||
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C: | ||||||||||||||||||||
590 | 5.000%, 1/01/34 | 1/19 at 100.00 | BBB+ | 604,703 | ||||||||||||||||
1,815 | 5.000%, 1/01/40 | 1/19 at 100.00 | BBB+ | 1,860,230 | ||||||||||||||||
Chicago, Illinois, General Obligation Bonds, Project Series 2011A: | ||||||||||||||||||||
400 | 5.250%, 1/01/35 | 1/21 at 100.00 | BBB+ | 417,092 | ||||||||||||||||
1,035 | 5.000%, 1/01/40 | 1/21 at 100.00 | BBB+ | 1,069,145 | ||||||||||||||||
1,000 | Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33 | 1/22 at 100.00 | BBB+ | 1,041,140 | ||||||||||||||||
7,545 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E, 5.500%, 1/01/42 | 1/25 at 100.00 | BBB+ | 8,246,157 | ||||||||||||||||
1,635 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 1/01/22 | 1/20 at 100.00 | BBB+ | 1,732,920 | ||||||||||||||||
1,320 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C, 5.000%, 1/01/25 | 1/22 at 100.00 | BBB+ | 1,421,389 | ||||||||||||||||
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: | ||||||||||||||||||||
2,260 | 5.000%, 1/01/24 | No Opt. Call | BBB+ | 2,528,262 | ||||||||||||||||
935 | 5.000%, 1/01/25 | No Opt. Call | BBB+ | 1,052,184 | ||||||||||||||||
2,150 | 5.000%, 1/01/29 | 1/26 at 100.00 | BBB+ | 2,363,194 | ||||||||||||||||
705 | 5.000%, 1/01/35 | 1/26 at 100.00 | BBB+ | 752,580 | ||||||||||||||||
2,175 | 5.000%, 1/01/38 | 1/26 at 100.00 | BBB+ | 2,317,071 | ||||||||||||||||
2,200 | Chicago, Illinois, General Obligation Bonds, Series 2015A, 5.500%, 1/01/39 | 1/25 at 100.00 | BBB+ | 2,408,802 | ||||||||||||||||
715 | Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Series 2007F, 5.500%, 1/01/42 | 1/25 at 100.00 | BBB+ | 781,445 | ||||||||||||||||
4,440 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 | 11/20 at 100.00 | AA– | 4,763,454 | ||||||||||||||||
2,000 | Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40 | 10/20 at 100.00 | B– | 2,149,960 | ||||||||||||||||
DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District 523, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B: | ||||||||||||||||||||
1,000 | 0.000%, 2/01/35 | 2/21 at 100.00 | AA– | 356,780 | ||||||||||||||||
750 | 0.000%, 2/01/36 | 2/21 at 100.00 | AA– | 248,707 | ||||||||||||||||
1,610 | Harvey, Cook County, Illinois, Tax Increment Allocation Revenue Bonds, Amended Center Street Redevelopment Project Area, Series 2010, 7.500%, 12/01/19 | No Opt. Call | N/R | 1,690,500 | ||||||||||||||||
Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007: | ||||||||||||||||||||
310 | 5.000%, 12/01/26 | 11/17 at 100.00 | BBB | 310,329 | ||||||||||||||||
11,050 | 5.000%, 12/01/36 | 11/17 at 100.00 | BBB | 11,056,409 |
46 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Illinois (continued) | ||||||||||||||||||||
$ | 1,400 | Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A, 7.125%, 10/01/41 | 10/21 at 100.00 | BB+ | $ | 1,536,556 | ||||||||||||||
2,195 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/34 | 9/24 at 100.00 | BBB– | 2,358,088 | ||||||||||||||||
1,255 | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 | 11/19 at 100.00 | AA+ | 1,331,906 | ||||||||||||||||
850 | Illinois Finance Authority, Revenue Bonds, Christian Homes Inc. Obligated Group, Series 2007A, 5.750%, 5/15/31 | 12/17 at 100.00 | BBB– | 851,496 | ||||||||||||||||
1,290 | Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 6.125%, 5/15/27 | 5/20 at 100.00 | BBB– | 1,394,245 | ||||||||||||||||
710 | Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 6.125%, 5/15/27 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (4) | 801,263 | ||||||||||||||||
1,000 | Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 (Pre-refunded 2/01/18) – AMBAC Insured | 2/18 at 100.00 | A (4) | 1,015,250 | ||||||||||||||||
4,050 | Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 7.125%, 2/01/34 | 2/19 at 100.00 | Baa3 | 4,196,974 | ||||||||||||||||
3,895 | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43 | 5/22 at 100.00 | Baa1 | 3,811,413 | ||||||||||||||||
10,810 | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 5.000%, 12/01/40 | 6/26 at 100.00 | A3 | 11,751,875 | ||||||||||||||||
2,000 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 5.375%, 8/15/24 | 8/19 at 100.00 | AA+ | 2,154,420 | ||||||||||||||||
740 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 | 5/20 at 100.00 | A | 808,221 | ||||||||||||||||
1,635 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (4) | 1,837,168 | ||||||||||||||||
500 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17) | 11/17 at 100.00 | A (4) | 503,180 | ||||||||||||||||
10,715 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 | 11/25 at 100.00 | A | 11,708,280 | ||||||||||||||||
1,545 | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 | 5/20 at 100.00 | AA– | 1,636,557 | ||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A: | ||||||||||||||||||||
25 | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 28,095 | ||||||||||||||||
2,875 | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | BBB– (4) | 3,230,896 | ||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A: | ||||||||||||||||||||
895 | 5.500%, 7/01/28 | 7/23 at 100.00 | A– | 1,027,979 | ||||||||||||||||
3,000 | 6.500%, 7/01/34 | 7/18 at 100.00 | A– | 3,104,550 | ||||||||||||||||
3,680 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/30 (Pre-refunded 11/01/18) | 11/18 at 100.00 | Aaa | 3,926,744 | ||||||||||||||||
1,335 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aaa | 1,452,360 | ||||||||||||||||
20 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A, 4.000%, 11/15/39 | 5/25 at 100.00 | A+ | 20,302 | ||||||||||||||||
1,665 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-Refunded 5/01/19) (UB) (5) | 5/19 at 100.00 | Aaa | 1,811,370 |
NUVEEN | 47 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Illinois (continued) | ||||||||||||||||||||
$ | 3,485 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30 | 8/18 at 100.00 | BBB+ | $ | 3,571,707 | ||||||||||||||
1,105 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/35 | 8/25 at 100.00 | Baa1 | 1,207,876 | ||||||||||||||||
9,000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 9,963,630 | ||||||||||||||||
925 | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured | 3/20 at 100.00 | AA (4) | 1,017,047 | ||||||||||||||||
4,000 | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 | 8/21 at 100.00 | AA– | 4,536,400 | ||||||||||||||||
930 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 | 8/20 at 100.00 | AA– | 1,007,023 | ||||||||||||||||
470 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (4) | 521,460 | ||||||||||||||||
1,500 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) | 2/21 at 100.00 | AA– (4) | 1,715,820 | ||||||||||||||||
4,000 | Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, GNMA Collateralized – Lifelink Developments, Series 2006, 4.850%, 4/20/41 (UB) (5) | 12/17 at 100.00 | AA+ | 4,003,040 | ||||||||||||||||
7,335 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/31 – AGM Insured | 6/24 at 100.00 | AA | 8,175,371 | ||||||||||||||||
8,000 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/30 | 1/26 at 100.00 | BBB | 8,656,640 | ||||||||||||||||
5,000 | Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/27 | 5/24 at 100.00 | BBB | 5,455,300 | ||||||||||||||||
5,325 | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/24 | No Opt. Call | BBB | 5,856,808 | ||||||||||||||||
Illinois State, General Obligation Bonds, Series 2012A: | ||||||||||||||||||||
5,520 | 5.000%, 3/01/25 | 3/22 at 100.00 | BBB | 5,969,162 | ||||||||||||||||
5,910 | 5.000%, 3/01/26 | 3/22 at 100.00 | BBB | 6,365,484 | ||||||||||||||||
500 | 5.000%, 3/01/27 | 3/22 at 100.00 | BBB | 536,400 | ||||||||||||||||
1,440 | Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/28 | 7/23 at 100.00 | BBB | 1,574,179 | ||||||||||||||||
5,000 | Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 5.000%, 6/15/28 | 6/21 at 100.00 | AA+ | 5,484,000 | ||||||||||||||||
960 | Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (9) | 12/17 at 100.00 | N/R | 407,616 | ||||||||||||||||
3,000 | Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/30 – ACA Insured (8) | 12/17 at 100.00 | N/R | 2,796,300 | ||||||||||||||||
1,630 | Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36 (10) | 12/17 at 100.00 | D | 472,048 | ||||||||||||||||
875 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012A, 5.000%, 6/15/42 – NPFG Insured | 6/22 at 100.00 | BBB– | 894,075 | ||||||||||||||||
1,280 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/23 | 6/22 at 100.00 | BB+ | 1,382,861 | ||||||||||||||||
5,400 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52 | 12/25 at 100.00 | BB+ | 5,490,504 | ||||||||||||||||
1,225 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.000%, 6/15/53 | 12/25 at 100.00 | BB+ | 1,244,698 |
48 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Illinois (continued) | ||||||||||||||||||||
$ | 8,025 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured | No Opt. Call | A | $ | 7,226,673 | ||||||||||||||
10,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured | No Opt. Call | AA | 4,861,400 | ||||||||||||||||
1,841 | Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured | 3/24 at 100.00 | AA | 2,010,722 | ||||||||||||||||
845 | Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 4.750%, 10/01/29 | 10/22 at 100.00 | Baa1 | 899,300 | ||||||||||||||||
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | ||||||||||||||||||||
3,890 | 5.250%, 6/01/21 | No Opt. Call | A | 4,407,720 | ||||||||||||||||
3,000 | 6.250%, 6/01/24 | 12/17 at 100.00 | A | 3,061,170 | ||||||||||||||||
4,450 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2001A, 6.000%, 7/01/27 – FGIC Insured | No Opt. Call | AA | 5,607,489 | ||||||||||||||||
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | ||||||||||||||||||||
3,485 | 5.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | AA | 3,881,802 | ||||||||||||||||
15,530 | 4.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | AA | 15,961,734 | ||||||||||||||||
1,000 | Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe Ad Valorem Tax Bonds, Series 2010, 7.500%, 3/01/32 | 3/19 at 100.00 | N/R | 1,017,280 | ||||||||||||||||
5,000 | University of Illinois, Auxiliary Facilities System Revenue Bonds, Series 2013A, 4.000%, 4/01/32 | 4/23 at 100.00 | A1 | 5,212,000 | ||||||||||||||||
7,405 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42 | 10/23 at 100.00 | A– | 8,464,507 | ||||||||||||||||
392,786 | Total Illinois | 423,432,459 | ||||||||||||||||||
Indiana – 2.3% | ||||||||||||||||||||
425 | Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/32 (Pre-refunded 10/30/17) | 10/17 at 100.00 | BB (4) | 426,526 | ||||||||||||||||
695 | Chesterton, Indiana, Economic Development Revenue Bonds, Storypoint Chesterton Project, Series 2016, 6.250%, 1/15/43 | 1/24 at 104.00 | N/R | 702,777 | ||||||||||||||||
Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation Guaranteed, Series 2007A: | ||||||||||||||||||||
3,325 | 5.250%, 10/15/18 | No Opt. Call | A+ | 3,467,177 | ||||||||||||||||
5,215 | 5.250%, 10/15/20 | No Opt. Call | A+ | 5,789,902 | ||||||||||||||||
1,400 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29 | 10/19 at 100.00 | B– | 1,398,278 | ||||||||||||||||
Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of Indiana Inc. Project, Series 2016: | ||||||||||||||||||||
2,475 | 7.000%, 12/01/34 | 12/24 at 100.00 | N/R | 2,592,315 | ||||||||||||||||
4,920 | 7.250%, 12/01/44 | 12/24 at 100.00 | N/R | 5,148,288 | ||||||||||||||||
Indiana Finance Authority, Educational Facilities Revenue Bonds, Lighthouse Academies of Northwest Indiana Inc. Project, Series 2016: | ||||||||||||||||||||
3,710 | 7.000%, 12/01/34 | 12/24 at 100.00 | N/R | 3,885,854 | ||||||||||||||||
6,075 | 7.250%, 12/01/44 | 12/24 at 100.00 | N/R | 6,356,880 | ||||||||||||||||
1,000 | Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) | 3/20 at 100.00 | N/R (4) | 1,094,620 | ||||||||||||||||
3,000 | Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, Series 2012A, 5.000%, 7/01/36 | 7/21 at 100.00 | A+ | 3,296,550 |
NUVEEN | 49 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Indiana (continued) | ||||||||||||||||||||
$ | 9,000 | Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/32 – AGM Insured | 6/22 at 100.00 | BBB– | $ | 9,162,900 | ||||||||||||||
9,215 | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax) | 7/23 at 100.00 | A– | 9,930,913 | ||||||||||||||||
685 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured | 1/19 at 100.00 | AA (4) | 724,244 | ||||||||||||||||
2,815 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured | 1/19 at 100.00 | AA | 2,956,257 | ||||||||||||||||
Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A: | ||||||||||||||||||||
1,530 | 5.000%, 4/01/26 | 4/22 at 100.00 | Baa3 | 1,646,540 | ||||||||||||||||
1,400 | 5.000%, 4/01/27 | 4/22 at 100.00 | Baa3 | 1,500,408 | ||||||||||||||||
1,560 | 5.000%, 4/01/29 | 4/22 at 100.00 | Baa3 | 1,659,107 | ||||||||||||||||
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013: | ||||||||||||||||||||
420 | 5.875%, 1/01/24 (Alternative Minimum Tax) | No Opt. Call | N/R | 470,446 | ||||||||||||||||
9,185 | 7.000%, 1/01/44 (Alternative Minimum Tax) | 1/24 at 100.00 | N/R | 11,002,069 | ||||||||||||||||
5,000 | Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41 (Pre-refunded 9/01/21) | 9/21 at 100.00 | N/R (4) | 6,269,550 | ||||||||||||||||
73,050 | Total Indiana | 79,481,601 | ||||||||||||||||||
Iowa – 0.6% | ||||||||||||||||||||
2,275 | Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36 (Pre-refunded 6/15/20) | 6/20 at 100.00 | A2 (4) | 2,523,339 | ||||||||||||||||
500 | Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2008A, 5.250%, 8/15/29 (Pre-refunded 8/15/19) – AGC Insured | 8/19 at 100.00 | AA– (4) | 539,305 | ||||||||||||||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | ||||||||||||||||||||
1,180 | 5.000%, 12/01/19 | No Opt. Call | B | 1,221,017 | ||||||||||||||||
2,750 | 5.500%, 12/01/22 | 12/18 at 100.00 | B | 2,811,105 | ||||||||||||||||
5,375 | 5.250%, 12/01/25 | 12/23 at 100.00 | B | 5,702,123 | ||||||||||||||||
1,015 | 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 | B | 1,082,315 | ||||||||||||||||
1,000 | Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25 | 12/19 at 100.00 | Aaa | 1,059,240 | ||||||||||||||||
2,530 | Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Senior Lien Series 2011A-2, 5.750%, 12/01/28 (Alternative Minimum Tax) | 12/19 at 102.00 | A | 2,702,217 | ||||||||||||||||
2,045 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46 | 12/17 at 100.00 | B+ | 2,045,020 | ||||||||||||||||
18,670 | Total Iowa | 19,685,681 | ||||||||||||||||||
Kansas – 0.3% | ||||||||||||||||||||
Hutchinson, Kansas, Hospital Facilities Revenue Bonds, Hutchinson Regional Medical Center, Inc., Series 2016: | ||||||||||||||||||||
1,500 | 5.000%, 12/01/36 | 12/26 at 100.00 | Baa2 | 1,628,535 | ||||||||||||||||
1,320 | 5.000%, 12/01/41 | 12/26 at 100.00 | Baa2 | 1,421,495 | ||||||||||||||||
500 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2004B, 5.000%, 9/01/22 (Pre-refunded 9/01/18) | 9/18 at 100.00 | AAA | 518,640 |
50 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Kansas (continued) | ||||||||||||||||||||
$ | 4,540 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.500%, 11/15/29 | 11/19 at 100.00 | AA | $ | 4,938,203 | ||||||||||||||
1,875 | Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured | 1/22 at 100.00 | BB+ | 1,876,050 | ||||||||||||||||
965 | Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32 | 12/17 at 100.00 | BBB | 995,639 | ||||||||||||||||
10,700 | Total Kansas | 11,378,562 | ||||||||||||||||||
Kentucky – 0.9% | ||||||||||||||||||||
1,500 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.375%, 8/15/24 | 8/18 at 100.00 | A | 1,554,615 | ||||||||||||||||
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A: | ||||||||||||||||||||
2,500 | 5.750%, 6/01/25 (Pre-refunded 6/01/20) | 6/20 at 100.00 | BBB (4) | 2,801,975 | ||||||||||||||||
2,480 | 6.000%, 6/01/30 (Pre-refunded 6/01/20) | 6/20 at 100.00 | BBB (4) | 2,795,828 | ||||||||||||||||
5,655 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A, 5.000%, 7/01/37 | 7/25 at 100.00 | BBB+ | 6,172,602 | ||||||||||||||||
Louisville/Jefferson County Metro Government, Kentucky, Health System Revenue Bonds, Norton Healthcare Inc., Series 2016A: | ||||||||||||||||||||
5,735 | 5.000%, 10/01/31 | 10/26 at 100.00 | A– | 6,688,444 | ||||||||||||||||
2,785 | 4.000%, 10/01/35 | 10/26 at 100.00 | A– | 2,867,882 | ||||||||||||||||
1,405 | 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 | 1,430,135 | ||||||||||||||||
1,600 | Paducah, Kentucky, Electric Plant Board Revenue Bonds, Series 2009A, 5.250%, 10/01/35 (Pre-refunded 4/01/19) – AGC Insured | 4/19 at 100.00 | AA (4) | 1,700,608 | ||||||||||||||||
5,000 | 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 | 5,596,100 | ||||||||||||||||
28,660 | Total Kentucky | 31,608,189 | ||||||||||||||||||
Louisiana – 1.7% | ||||||||||||||||||||
1,250 | Lake Charles Harbor and Terminal District, Louisiana, Revenue Bonds, Series 2013B, 5.500%, 1/01/24 – AGM Insured (Alternative Minimum Tax) | No Opt. Call | AA | 1,472,200 | ||||||||||||||||
3,055 | Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 (Pre-refunded 11/01/17) | 11/17 at 100.00 | BBB (4) | 3,070,886 | ||||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A: | ||||||||||||||||||||
5,000 | 6.750%, 12/15/37 (8) | 12/17 at 100.00 | N/R | 3,249,500 | ||||||||||||||||
800 | 6.000%, 12/15/37 (8) | 12/17 at 100.00 | N/R | 519,920 | ||||||||||||||||
65 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007B, 9.000%, 12/15/17 (8) | No Opt. Call | N/R | 42,244 | ||||||||||||||||
27,385 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax) | 7/23 at 100.00 | N/R | 30,224,551 | ||||||||||||||||
1,000 | Louisiana Public Facilities Authority, Revenue Bonds, Belle Chasse Educational Foundation Project, Series 2011, 6.750%, 5/01/41 | 5/21 at 100.00 | BBB | 1,104,770 |
NUVEEN | 51 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Louisiana (continued) | ||||||||||||||||||||
$ | 2,000 | Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Refunding Series 2009A, 6.000%, 7/01/29 | 7/19 at 100.00 | A+ | $ | 2,161,140 | ||||||||||||||
240 | Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Series 2008B, 5.750%, 7/01/18 – AGC Insured | No Opt. Call | AA | 246,818 | ||||||||||||||||
2,030 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015, 5.000%, 5/15/47 | 5/25 at 100.00 | A3 | 2,262,415 | ||||||||||||||||
1,050 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 | 6/24 at 100.00 | A | 1,158,056 | ||||||||||||||||
13,120 | St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37 | 12/17 at 100.00 | BBB | 13,152,538 | ||||||||||||||||
56,995 | Total Louisiana | 58,665,038 | ||||||||||||||||||
Maine – 0.5% | ||||||||||||||||||||
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011: | ||||||||||||||||||||
2,000 | 6.750%, 7/01/36 | 7/21 at 100.00 | BB | 2,191,320 | ||||||||||||||||
10,390 | 6.750%, 7/01/41 | 7/21 at 100.00 | BB | 11,327,178 | ||||||||||||||||
1,665 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | AA | 1,802,895 | ||||||||||||||||
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||||
460 | 5.000%, 7/01/26 | 7/23 at 100.00 | BBB+ | 525,789 | ||||||||||||||||
1,000 | 5.000%, 7/01/27 | 7/23 at 100.00 | BBB+ | 1,139,550 | ||||||||||||||||
15,515 | Total Maine | 16,986,732 | ||||||||||||||||||
Maryland – 0.8% | ||||||||||||||||||||
9,445 | Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Second Issue Series 2015, 5.000%, 6/01/22 | No Opt. Call | AAA | 11,015,609 | ||||||||||||||||
14,350 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2015, 5.000%, 8/15/42 (UB) (5) | 2/25 at 100.00 | A | 16,004,986 | ||||||||||||||||
1,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 5.750%, 7/01/30 | 7/19 at 100.00 | BB+ | 1,028,970 | ||||||||||||||||
24,795 | Total Maryland | 28,049,565 | ||||||||||||||||||
Massachusetts – 1.1% | ||||||||||||||||||||
4,350 | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.750%, 10/15/37 | 10/17 at 100.00 | N/R | 4,357,352 | ||||||||||||||||
8,350 | Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012C, 5.250%, 11/01/42 (Alternative Minimum Tax) | 11/17 at 100.00 | BB+ | 8,356,513 | ||||||||||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E: | ||||||||||||||||||||
1,200 | 5.000%, 7/01/35 | 7/26 at 100.00 | BBB | 1,340,424 | ||||||||||||||||
5,065 | 5.000%, 7/01/37 | 7/26 at 100.00 | BBB | 5,621,340 | ||||||||||||||||
1,035 | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 4.875%, 1/01/24 | 1/23 at 100.00 | BBB– | 1,152,079 | ||||||||||||||||
50 | Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23 (Alternative Minimum Tax) | 1/20 at 100.00 | AA | 52,963 |
52 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Massachusetts (continued) | ||||||||||||||||||||
$ | 6,665 | Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Trust 2015-XF0047, 16.988%, 7/01/34 (IF) | 7/19 at 100.00 | AA– | $ | 7,892,493 | ||||||||||||||
1,525 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 5.750%, 7/01/39 | 7/19 at 100.00 | BBB | 1,627,083 | ||||||||||||||||
3,025 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 3,273,262 | ||||||||||||||||
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A: | ||||||||||||||||||||
1,260 | 5.500%, 1/01/22 – AMBAC Insured (Alternative Minimum Tax) | 12/17 at 100.00 | N/R | 1,265,733 | ||||||||||||||||
700 | 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) | 1/18 at 100.00 | N/R | 706,454 | ||||||||||||||||
2,335 | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2015-XF2181. Formerly Tender Option Bond Trust 2989, 11.664%, 8/01/38 (IF) (5) | 8/19 at 100.00 | AAA | 2,815,216 | ||||||||||||||||
35,560 | Total Massachusetts | 38,460,912 | ||||||||||||||||||
Michigan – 1.5% | ||||||||||||||||||||
9,430 | Bay City, Bay County, Michigan, Unlimited Tax General Street Improvement Bonds, Series 1991, 0.000%, 6/01/21 – AMBAC Insured | No Opt. Call | A+ | 8,004,938 | ||||||||||||||||
800 | Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 (Pre-refunded 6/01/20) – AGM Insured | 6/20 at 100.00 | AA (4) | 881,552 | ||||||||||||||||
7,665 | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2003A, 5.000%, 5/15/26 – AGM Insured | 5/18 at 100.00 | AA | 7,835,776 | ||||||||||||||||
10,115 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI, 5.000%, 12/01/45 | 6/26 at 100.00 | AA– | 11,426,612 | ||||||||||||||||
510 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Creative Montessori Academy Project, Series 2011, 6.125%, 5/01/21 | 5/18 at 100.00 | BBB– | 514,651 | ||||||||||||||||
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011: | ||||||||||||||||||||
385 | 6.000%, 10/01/21 | No Opt. Call | BB– | 383,244 | ||||||||||||||||
500 | 7.000%, 10/01/31 | 10/21 at 100.00 | BB– | 499,995 | ||||||||||||||||
1,000 | 7.000%, 10/01/36 | 10/21 at 100.00 | BB– | 983,520 | ||||||||||||||||
1,550 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35 | 10/20 at 100.00 | AA | 1,643,496 | ||||||||||||||||
1,250 | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35 | 12/17 at 100.00 | BBB | 1,252,150 | ||||||||||||||||
1,245 | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, David Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37 | 12/17 at 100.00 | N/R | 1,245,261 | ||||||||||||||||
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A: | ||||||||||||||||||||
750 | 5.375%, 10/15/41 | 10/21 at 100.00 | Aa2 | 848,842 | ||||||||||||||||
2,000 | 5.500%, 10/15/45 | 10/21 at 100.00 | Aa2 | 2,259,940 | ||||||||||||||||
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009: | ||||||||||||||||||||
500 | 5.625%, 11/15/29 (Pre-refunded 11/15/19) | 11/19 at 100.00 | A (4) | 547,810 | ||||||||||||||||
1,480 | 5.750%, 11/15/39 (Pre-refunded 11/15/19) | 11/19 at 100.00 | A (4) | 1,625,395 |
NUVEEN | 53 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Michigan (continued) | ||||||||||||||||||||
$ | 5,000 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39 | 3/24 at 100.00 | A1 | $ | 5,524,750 | ||||||||||||||
6,010 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.000%, 9/01/29 (Pre-refunded 9/01/18) | 9/18 at 100.00 | Aaa | 6,398,246 | ||||||||||||||||
50,190 | Total Michigan | 51,876,178 | ||||||||||||||||||
Minnesota – 1.6% | ||||||||||||||||||||
310 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A, 4.000%, 8/01/41 | 8/26 at 100.00 | BB+ | 279,481 | ||||||||||||||||
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A: | ||||||||||||||||||||
150 | 5.000%, 7/01/36 | 7/24 at 102.00 | N/R | 152,328 | ||||||||||||||||
270 | 5.000%, 7/01/47 | 7/24 at 102.00 | N/R | 271,501 | ||||||||||||||||
4,050 | City of Milaca, Minnesota Refunding Revenue Bonds, Grandview Christian Home Project, Series 2016, 5.000%, 10/01/51 | 10/24 at 102.00 | N/R | 4,054,050 | ||||||||||||||||
Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc., Refunding Series 2015: | ||||||||||||||||||||
250 | 5.250%, 1/01/40 | 1/23 at 100.00 | N/R | 252,033 | ||||||||||||||||
675 | 5.250%, 1/01/46 | 1/23 at 100.00 | N/R | 673,954 | ||||||||||||||||
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A: | ||||||||||||||||||||
1,555 | 5.000%, 8/01/46 | 8/22 at 100.00 | N/R | 1,573,536 | ||||||||||||||||
1,250 | 5.000%, 8/01/51 | 8/22 at 100.00 | N/R | 1,260,588 | ||||||||||||||||
1,000 | Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40 | 11/18 at 102.00 | BB+ | 1,032,210 | ||||||||||||||||
1,000 | Faribault, Minnesota, Housing Revenue Bonds, Faribault Senior Living LLC Project, Series 2010, 7.000%, 5/01/45 | 5/18 at 102.00 | N/R | 1,029,060 | ||||||||||||||||
2,575 | Ham Lake, Minnesota Charter School Lease Revenue Bonds, Parnassus Preparatory School Project, Series 2016A, 5.000%, 11/01/47 | 11/26 at 100.00 | BB | 2,610,406 | ||||||||||||||||
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A: | ||||||||||||||||||||
3,000 | 6.375%, 11/15/23 (Pre-refunded 11/15/18) | 11/18 at 100.00 | A+ (4) | 3,182,010 | ||||||||||||||||
3,000 | 6.625%, 11/15/28 (Pre-refunded 11/15/18) | 11/18 at 100.00 | A+ (4) | 3,190,230 | ||||||||||||||||
3,000 | Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mozaic Parking, LLC Project, Series 2010A, 8.500%, 1/01/41 | 1/21 at 100.00 | N/R | 2,871,810 | ||||||||||||||||
4,700 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B, 5.000%, 11/15/29 | No Opt. Call | AA | 5,921,248 | ||||||||||||||||
500 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2016A, 4.125%, 9/01/47 | 9/24 at 102.00 | BBB– | 496,160 | ||||||||||||||||
16,825 | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax) | 10/22 at 100.00 | BBB– | 15,312,601 | ||||||||||||||||
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | ||||||||||||||||||||
2,500 | 5.000%, 11/15/27 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A+ (4) | 3,085,325 | ||||||||||||||||
2,080 | 5.250%, 11/15/28 (Pre-refunded 11/15/20) | 11/20 at 100.00 | A+ (4) | 2,342,766 | ||||||||||||||||
535 | 5.250%, 11/15/35 (Pre-refunded 11/15/20) | 11/20 at 100.00 | A+ (4) | 602,587 | ||||||||||||||||
235 | 5.000%, 11/15/44 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A+ (4) | 290,021 |
54 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Minnesota (continued) | ||||||||||||||||||||
$ | 2,240 | Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A, 6.000%, 5/01/47 | 5/19 at 102.00 | N/R | $ | 2,377,491 | ||||||||||||||
3,750 | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 | 1/24 at 100.00 | Aa3 | 4,254,787 | ||||||||||||||||
55,450 | Total Minnesota | 57,116,183 | ||||||||||||||||||
Mississippi – 0.2% | ||||||||||||||||||||
5,000 | Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured | No Opt. Call | AA | 5,797,700 | ||||||||||||||||
Missouri – 1.8% | ||||||||||||||||||||
3,185 | Bi-State Development Agency, Bi-State MetroLink District, Missouri, St Clair County Metrolink Extension Project Bonds, Refunding Series 2006, 5.250%, 7/01/27 – AGM Insured | No Opt. Call | AA | 4,003,418 | ||||||||||||||||
2,470 | Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 | 10/19 at 100.00 | A– | 2,638,577 | ||||||||||||||||
8,935 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45 | 1/25 at 100.00 | AA | 9,247,725 | ||||||||||||||||
1,250 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 6.000%, 2/01/41 | 2/21 at 100.00 | BBB | 1,366,987 | ||||||||||||||||
4,455 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Tender Option Bond Trust 2015-XF0046, 15.128%, 11/15/39 (Pre-Refunded 11/15/19) (IF) | 11/19 at 100.00 | AA+ (4) | 5,572,849 | ||||||||||||||||
2,250 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/28 | 1/25 at 100.00 | A | 2,606,490 | ||||||||||||||||
15,100 | 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 | 15,857,869 | ||||||||||||||||
Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2010A: | ||||||||||||||||||||
5,000 | 0.000%, 7/15/31 – AGC Insured | No Opt. Call | AA | 3,052,300 | ||||||||||||||||
7,000 | 0.000%, 7/15/32 – AGC Insured | No Opt. Call | AA | 4,081,350 | ||||||||||||||||
6,250 | 0.000%, 7/15/33 – AGC Insured | No Opt. Call | AA | 3,470,250 | ||||||||||||||||
7,000 | 0.000%, 7/15/34 – AGC Insured | No Opt. Call | AA | 3,707,690 | ||||||||||||||||
6,000 | 0.000%, 7/15/35 – AGC Insured | No Opt. Call | AA | 3,038,700 | ||||||||||||||||
2,000 | 0.000%, 7/15/36 – AGC Insured | No Opt. Call | AA | 965,960 | ||||||||||||||||
1,325 | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26 | 3/18 at 100.00 | N/R | 1,286,178 | ||||||||||||||||
1,437 | Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28 | No Opt. Call | N/R | 934,524 | ||||||||||||||||
73,657 | Total Missouri | 61,830,867 | ||||||||||||||||||
Nebraska – 1.2% | ||||||||||||||||||||
4,000 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 | 9/22 at 100.00 | A | 4,350,480 | ||||||||||||||||
1,740 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 | 11/25 at 100.00 | A– | 1,927,607 | ||||||||||||||||
2,750 | Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/20 (Pre-refunded 1/01/18) | 1/18 at 100.00 | A+ (4) | 2,778,875 |
NUVEEN | 55 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Nebraska (continued) | ||||||||||||||||||||
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2016A: | ||||||||||||||||||||
$ | 18,465 | 5.000%, 2/01/46 (UB) (5) | 2/26 at 100.00 | A+ | $ | 20,880,037 | ||||||||||||||
10,000 | 5.000%, 2/01/49 (UB) (5) | 2/26 at 100.00 | A+ | 11,290,500 | ||||||||||||||||
36,955 | Total Nebraska | 41,227,499 | ||||||||||||||||||
Nevada – 1.2% | ||||||||||||||||||||
2,000 | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30 | 1/20 at 100.00 | Aa3 | 2,164,380 | ||||||||||||||||
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016: | ||||||||||||||||||||
1,125 | 4.000%, 9/01/25 | No Opt. Call | N/R | 1,180,283 | ||||||||||||||||
1,800 | 4.000%, 9/01/35 | 9/26 at 100.00 | N/R | 1,735,362 | ||||||||||||||||
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A: | ||||||||||||||||||||
2,000 | 7.500%, 6/15/23 (Pre-refunded 6/15/19) | 6/19 at 100.00 | BBB+ (4) | 2,216,820 | ||||||||||||||||
1,500 | 8.000%, 6/15/30 (Pre-refunded 6/15/19) | 6/19 at 100.00 | BBB+ (4) | 1,675,020 | ||||||||||||||||
2,500 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 5.000%, 6/01/38 | 6/21 at 100.00 | Aa1 | 2,779,075 | ||||||||||||||||
20,000 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2016A, 5.000%, 6/01/46 (UB) | 6/26 at 100.00 | AA | 23,215,800 | ||||||||||||||||
Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 607 Providence, Refunding Series 2013: | ||||||||||||||||||||
125 | 4.000%, 6/01/19 | No Opt. Call | N/R | 127,254 | ||||||||||||||||
110 | 4.000%, 6/01/20 | No Opt. Call | N/R | 113,155 | ||||||||||||||||
815 | 4.000%, 6/01/21 | No Opt. Call | N/R | 846,166 | ||||||||||||||||
370 | 5.000%, 6/01/23 | No Opt. Call | N/R | 400,170 | ||||||||||||||||
200 | 4.250%, 6/01/24 | 6/23 at 103.00 | N/R | 206,634 | ||||||||||||||||
1,765 | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 812 Summerlin Village 24, Series 2015, 5.000%, 12/01/31 | 12/25 at 100.00 | N/R | 1,827,128 | ||||||||||||||||
Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008: | ||||||||||||||||||||
335 | 6.500%, 9/01/20 (Pre-refunded 9/01/18) | 9/18 at 100.00 | N/R (4) | 350,795 | ||||||||||||||||
1,325 | 6.750%, 9/01/27 (Pre-refunded 9/01/18) | 9/18 at 100.00 | N/R (4) | 1,394,960 | ||||||||||||||||
410 | Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32 | 7/21 at 100.00 | AA | 459,015 | ||||||||||||||||
36,380 | Total Nevada | 40,692,017 | ||||||||||||||||||
New Hampshire – 0.1% | ||||||||||||||||||||
3,305 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 2016-XL0025, 11.803%, 6/01/39 (Pre-Refunded 6/01/19) (IF) (5) | 6/19 at 100.00 | AA+ (4) | 4,005,891 | ||||||||||||||||
New Jersey – 2.1% | ||||||||||||||||||||
4,510 | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 | 2/23 at 100.00 | BBB+ | 5,052,598 | ||||||||||||||||
1,335 | Manalapan-Englishtown Regional Board of Education, New Jersey, General Obligation Bonds, Series 2004, 5.750%, 12/01/21 – FGIC Insured | No Opt. Call | A3 | 1,556,036 | ||||||||||||||||
2,345 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Series 2017A, 3.375%, 7/01/30 | 7/27 at 100.00 | BBB+ | 2,286,633 |
56 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
New Jersey (continued) | ||||||||||||||||||||
$ | 9,090 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2016AAA, 5.500%, 6/15/29 | 12/26 at 100.00 | A– | $ | 10,689,113 | ||||||||||||||
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999: | ||||||||||||||||||||
1,000 | 5.125%, 9/15/23 (Alternative Minimum Tax) | 3/18 at 100.00 | BB– | 1,100,790 | ||||||||||||||||
1,650 | 5.250%, 9/15/29 (Alternative Minimum Tax) | 8/22 at 101.00 | BB– | 1,813,746 | ||||||||||||||||
2,255 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax) | 3/24 at 101.00 | BB– | 2,577,690 | ||||||||||||||||
835 | New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.750%, 6/01/31 | 6/20 at 100.00 | Baa3 | 910,810 | ||||||||||||||||
2,015 | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 6.250%, 12/01/18 (ETM) | No Opt. Call | N/R (4) | 2,140,837 | ||||||||||||||||
600 | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (4) | 664,518 | ||||||||||||||||
1,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A, 5.000%, 7/01/31 | 7/26 at 100.00 | Baa2 | 1,158,800 | ||||||||||||||||
1,460 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | AA | 1,628,542 | ||||||||||||||||
1,335 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 12.530%, 6/01/30 (IF) (5) | 6/19 at 100.00 | AA | 1,672,969 | ||||||||||||||||
3,175 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/26 – AGM Insured | No Opt. Call | AA | 3,918,490 | ||||||||||||||||
1,000 | Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 5.750%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured | 12/19 at 100.00 | A3 (4) | 1,101,910 | ||||||||||||||||
1,760 | North Hudson Sewerage Authority, New Jersey, Gross Revenue Lease Certificates, Senior Lien Series 2012A, 5.000%, 6/01/23 (Pre-refunded 6/01/22) | 6/22 at 100.00 | N/R (4) | 2,046,810 | ||||||||||||||||
2,000 | Passaic Valley Water Commission, New Jersey, Water System Revenue Bonds, Series 2003, 5.000%, 12/15/19 – AGM Insured | No Opt. Call | AA | 2,159,560 | ||||||||||||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | ||||||||||||||||||||
5,805 | 4.625%, 6/01/26 | 12/17 at 100.00 | BBB | 5,810,515 | ||||||||||||||||
1,970 | 5.000%, 6/01/29 | 12/17 at 100.00 | BBB– | 1,970,099 | ||||||||||||||||
6,520 | 4.750%, 6/01/34 | 12/17 at 100.00 | BB– | 6,373,430 | ||||||||||||||||
16,880 | 5.000%, 6/01/41 | 12/17 at 100.00 | B | 16,505,264 | ||||||||||||||||
68,540 | Total New Jersey | 73,139,160 | ||||||||||||||||||
New Mexico – 0.2% | ||||||||||||||||||||
3,000 | New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 5.875%, 7/01/30 | 7/20 at 100.00 | BBB | 3,124,890 | ||||||||||||||||
3,070 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) | 8/19 at 100.00 | A1 | 3,265,252 | ||||||||||||||||
190 | The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008, 7.500%, 10/01/18 | No Opt. Call | N/R | 189,521 | ||||||||||||||||
6,260 | Total New Mexico | 6,579,663 |
NUVEEN | 57 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
New York – 13.0% | ||||||||||||||||||||
$ | 11,125 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 | 1/27 at 100.00 | BBB– | $ | 12,448,096 | ||||||||||||||
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009: | ||||||||||||||||||||
1,100 | 6.000%, 7/15/30 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (4) | 1,225,455 | ||||||||||||||||
7,745 | 6.375%, 7/15/43 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (4) | 8,694,072 | ||||||||||||||||
520 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45 | 7/25 at 100.00 | BBB+ | 520,317 | ||||||||||||||||
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Charter School for Applied Technologies, Series 2017A: | ||||||||||||||||||||
500 | 4.500%, 6/01/27 | 6/24 at 103.00 | BBB– | 542,415 | ||||||||||||||||
250 | 5.000%, 6/01/35 | 6/24 at 103.00 | BBB– | 270,710 | ||||||||||||||||
1,440 | Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, Series 2017, 5.000%, 1/01/47 | 1/27 at 100.00 | A+ | 1,663,632 | ||||||||||||||||
2,500 | Build New York City Resource Corporation, New York, Revenue Bonds, Manhattan College, Series 2017, 5.000%, 8/01/47 | 8/27 at 100.00 | A– | 2,872,600 | ||||||||||||||||
7,500 | Dormitory Authority of the State of New York State Personal Income tax Revenue Bonds (General Purpose), Series 2017A, 5.000%, 2/15/38 | 2/27 at 100.00 | AAA | 8,778,150 | ||||||||||||||||
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2017A: | ||||||||||||||||||||
2,000 | 5.000%, 7/01/30 | 7/27 at 100.00 | Aa3 | 2,427,540 | ||||||||||||||||
2,170 | 5.000%, 7/01/31 | 7/27 at 100.00 | Aa3 | 2,622,358 | ||||||||||||||||
2,500 | 5.000%, 7/01/32 | 7/27 at 100.00 | Aa3 | 3,002,025 | ||||||||||||||||
8,145 | Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | A– | 9,003,076 | ||||||||||||||||
4,955 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 (Pre-refunded 7/01/20) – AGM Insured | 7/20 at 100.00 | AA (4) | 5,545,041 | ||||||||||||||||
2,000 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2017A, 5.000%, 7/01/29 | 7/27 at 100.00 | Aa2 | 2,469,440 | ||||||||||||||||
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017: | ||||||||||||||||||||
100 | 5.000%, 12/01/34 | 6/27 at 100.00 | Baa3 | 109,887 | ||||||||||||||||
300 | 5.000%, 12/01/36 | 6/27 at 100.00 | Baa3 | 327,627 | ||||||||||||||||
Dormitory Authority of the State of New York, Revenue Bonds, Teachers College, Series 2017: | ||||||||||||||||||||
500 | 5.000%, 7/01/29 | 7/27 at 100.00 | A+ | 605,680 | ||||||||||||||||
175 | 5.000%, 7/01/32 | 7/27 at 100.00 | A+ | 208,483 | ||||||||||||||||
5 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2009A, 5.000%, 2/15/39 (Pre-refunded 2/15/19) | 2/19 at 100.00 | N/R (4) | 5,274 | ||||||||||||||||
10 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2009A, 5.000%, 2/15/39 (Pre-refunded 2/15/19) | 2/19 at 100.00 | AAA | 10,547 | ||||||||||||||||
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 2016-XF0525: | ||||||||||||||||||||
1,995 | 11.803%, 2/15/39 (IF) | 2/19 at 100.00 | AAA | 2,322,020 | ||||||||||||||||
2,333 | 11.794%, 2/15/39 (IF) | 2/19 at 100.00 | AAA | 2,714,354 | ||||||||||||||||
10,000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2017A Group A, 5.000%, 3/15/28 | 3/27 at 100.00 | AAA | 12,453,000 |
58 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
New York (continued) | ||||||||||||||||||||
$ | 1,365 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2017A, 6.240%, 2/01/47 | 2/27 at 100.00 | N/R | $ | 1,367,730 | ||||||||||||||
6,975 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A, 5.000%, 2/15/32 | 2/27 at 100.00 | Aa3 | 8,347,122 | ||||||||||||||||
160 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 | 2/21 at 100.00 | AA– | 183,267 | ||||||||||||||||
240 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 (4) | 276,427 | ||||||||||||||||
3,000 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 6.000%, 5/01/33 (Pre-refunded 5/01/19) | 5/19 at 100.00 | A– (4) | 3,238,320 | ||||||||||||||||
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A: | ||||||||||||||||||||
1,000 | 5.000%, 5/01/36 – AGM Insured | 5/21 at 100.00 | AA | 1,110,240 | ||||||||||||||||
1,980 | 5.000%, 5/01/38 | 5/21 at 100.00 | A– | 2,196,810 | ||||||||||||||||
1,000 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Climate Bond Certified, Green Series 2017B-1, 5.000%, 11/15/29 | 11/27 at 100.00 | AA | 1,243,450 | ||||||||||||||||
3,425 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Climate Bond Certified, Refunding Green Series 2017B-2, 5.000%, 11/15/28 | 11/27 at 100.00 | AA | 4,294,436 | ||||||||||||||||
7,100 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2017, 5.000%, 12/01/46 | 12/26 at 100.00 | A– | 7,911,388 | ||||||||||||||||
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2017A: | ||||||||||||||||||||
1,400 | 5.000%, 7/01/34 | 7/27 at 100.00 | AA– | 1,670,508 | ||||||||||||||||
1,000 | 5.000%, 7/01/36 | 7/27 at 100.00 | AA– | 1,180,080 | ||||||||||||||||
1,000 | 5.000%, 7/01/37 | 7/27 at 100.00 | AA– | 1,175,420 | ||||||||||||||||
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014: | ||||||||||||||||||||
235 | 5.000%, 7/01/23 | No Opt. Call | A– | 273,841 | ||||||||||||||||
300 | 5.000%, 7/01/24 | No Opt. Call | A– | 354,939 | ||||||||||||||||
210 | 5.000%, 7/01/26 | 7/24 at 100.00 | A– | 243,363 | ||||||||||||||||
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007: | ||||||||||||||||||||
3,000 | 5.750%, 10/01/37 (8) | 10/17 at 102.00 | N/R | 952,200 | ||||||||||||||||
1,000 | 5.875%, 10/01/46 (8) | 10/17 at 102.00 | N/R | 317,400 | ||||||||||||||||
715 | New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured | 3/19 at 100.00 | AA | 774,452 | ||||||||||||||||
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2017 Series DD: | ||||||||||||||||||||
5,000 | 5.250%, 6/15/47 | 12/26 at 100.00 | AA+ | 6,001,800 | ||||||||||||||||
1,000 | 5.000%, 6/15/47 | 12/26 at 100.00 | AA+ | 1,167,760 | ||||||||||||||||
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2017 Series EE: | ||||||||||||||||||||
5,000 | 5.000%, 6/15/36 | 6/27 at 100.00 | AA+ | 5,962,250 | ||||||||||||||||
5,000 | 5.000%, 6/15/37 | 6/27 at 100.00 | AA+ | 5,938,800 | ||||||||||||||||
1,000 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 12.530%, 6/15/39 (IF) | 6/19 at 100.00 | AA+ | 1,255,960 |
NUVEEN | 59 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
New York (continued) | ||||||||||||||||||||
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2018, Series 2017S-1: | ||||||||||||||||||||
$ | 17,150 | 5.000%, 7/15/31 | 7/27 at 100.00 | AA | $ | 20,754,244 | ||||||||||||||
5,000 | 5.000%, 7/15/35 | 7/27 at 100.00 | AA | 5,931,700 | ||||||||||||||||
10,500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series C, 5.000%, 11/01/30 | 5/27 at 100.00 | AAA | 12,793,830 | ||||||||||||||||
10,750 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1, 5.000%, 2/01/43 | 2/27 at 100.00 | AAA | 12,489,457 | ||||||||||||||||
6,885 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series F-1, 5.000%, 5/01/39 | 5/27 at 100.00 | AAA | 8,075,003 | ||||||||||||||||
11,845 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2018 Series A-2., 5.000%, 8/01/39 | 8/27 at 100.00 | AAA | 13,938,248 | ||||||||||||||||
New York City, New York, General Obligation Bonds, Fiscal 2017 Series C: | ||||||||||||||||||||
10,000 | 5.000%, 8/01/27 | 2/27 at 100.00 | AA | 12,410,700 | ||||||||||||||||
5,000 | 5.000%, 8/01/28 | 2/27 at 100.00 | AA | 6,147,050 | ||||||||||||||||
New York City, New York, General Obligation Bonds, Fiscal 2018 Series A: | ||||||||||||||||||||
7,970 | 5.000%, 8/01/27 | No Opt. Call | AA | 9,983,860 | ||||||||||||||||
4,000 | 5.000%, 8/01/28 | 8/27 at 100.00 | AA | 4,961,560 | ||||||||||||||||
New York City, New York, General Obligation Bonds, Fiscal 2018 Series B-1: | ||||||||||||||||||||
11,000 | 5.250%, 10/01/31 (WI/DD, Settling 10/03/17) | 10/27 at 100.00 | AA | 13,748,900 | ||||||||||||||||
10,315 | 5.000%, 10/01/39 (WI/DD, Settling 10/03/17) | 10/27 at 100.00 | AA | 12,172,938 | ||||||||||||||||
5 | New York City, New York, General Obligation Bonds, Series 1991B, 7.000%, 2/01/18 – AMBAC Insured | 12/17 at 100.00 | AA | 5,025 | ||||||||||||||||
7,000 | New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit Fee Secured, Refunding Series 2015, 5.000%, 11/15/40 | 11/25 at 100.00 | Aa3 | 8,051,890 | ||||||||||||||||
13,730 | 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 | 14,988,904 | ||||||||||||||||
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects-Second Resolution Bonds, Subordinated SRF Series 2017A: | ||||||||||||||||||||
10,000 | 5.000%, 6/15/42 | 6/27 at 100.00 | AAA | 11,868,200 | ||||||||||||||||
15,000 | 5.000%, 6/15/46 | 6/27 at 100.00 | AAA | 17,704,500 | ||||||||||||||||
1,120 | New York State Urban Development Corporation, Special Project Revenue Bonds, University Facilities Grants, Series 1995, 5.500%, 1/01/19 | No Opt. Call | AA | 1,159,178 | ||||||||||||||||
2,495 | 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%, 8/01/20 (Alternative Minimum Tax) | No Opt. Call | BB– | 2,679,306 | ||||||||||||||||
2,660 | 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 (Alternative Minimum Tax) | 8/21 at 100.00 | BB– | 2,845,269 | ||||||||||||||||
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: | ||||||||||||||||||||
8,120 | 4.000%, 7/01/37 – AGM Insured (Alternative Minimum Tax) | 7/24 at 100.00 | AA | 8,426,449 | ||||||||||||||||
14,340 | 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 15,784,612 | ||||||||||||||||
3,500 | Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42 (Alternative Minimum Tax) | 11/17 at 100.00 | BB+ | 3,503,815 |
60 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
New York (continued) | ||||||||||||||||||||
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Second Series 2017: | ||||||||||||||||||||
$ | 6,500 | 5.000%, 10/15/33 (Alternative Minimum Tax) | 4/27 at 100.00 | AA– | $ | 7,636,785 | ||||||||||||||
11,000 | 5.000%, 10/15/36 (Alternative Minimum Tax) | 4/27 at 100.00 | AA– | 12,784,310 | ||||||||||||||||
12,235 | 5.000%, 4/15/37 (Alternative Minimum Tax) | 4/27 at 100.00 | AA– | 14,164,704 | ||||||||||||||||
4,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundredth Series 2017, 5.000%, 11/15/35 | 11/27 at 100.00 | AA– | 4,822,160 | ||||||||||||||||
795 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | Baa1 | 887,824 | ||||||||||||||||
1,170 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30 | 12/20 at 100.00 | BBB– | 1,287,936 | ||||||||||||||||
Suffolk County, New York, General Obligation Bonds, Refunding Series 2017A: | ||||||||||||||||||||
5,000 | 5.000%, 2/01/25 – AGM Insured | No Opt. Call | AA | 6,040,700 | ||||||||||||||||
5,000 | 5.000%, 2/01/26 – AGM Insured | No Opt. Call | AA | 6,104,000 | ||||||||||||||||
3,675 | 5.000%, 2/01/27 – AGM Insured | No Opt. Call | AA | 4,529,327 | ||||||||||||||||
1,360 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2017A2, 5.000%, 11/15/42 | 5/27 at 100.00 | AA– | 1,598,381 | ||||||||||||||||
1,400 | Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010B, 5.000%, 9/01/20 | No Opt. Call | A3 | 1,540,826 | ||||||||||||||||
4,405 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 4,530,631 | ||||||||||||||||
8,000 | TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series A, 5.000%, 6/01/41 | 6/27 at 100.00 | BBB+ | 8,875,120 | ||||||||||||||||
14,885 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Refunding Series 2015, 5.000%, 12/15/37 | 12/25 at 100.00 | AAA | 17,826,723 | ||||||||||||||||
5,200 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46 | 11/25 at 100.00 | BBB | 5,657,288 | ||||||||||||||||
394,983 | Total New York | 456,991,115 | ||||||||||||||||||
North Carolina – 0.4% | ||||||||||||||||||||
1,780 | Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2016-XL0012, 15.358%, 7/01/38 (IF) (5) | 7/20 at 100.00 | AAA | 2,306,720 | ||||||||||||||||
1,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993B, 6.000%, 1/01/22 – FGIC Insured (ETM) | No Opt. Call | A3 (4) | 1,192,570 | ||||||||||||||||
1,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2008C, 6.750%, 1/01/24 (Pre-refunded 1/01/19) | 1/19 at 100.00 | AAA | 1,071,940 | ||||||||||||||||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016: | ||||||||||||||||||||
335 | 5.000%, 10/01/31 | 10/24 at 102.00 | N/R | 353,586 | ||||||||||||||||
890 | 5.000%, 10/01/37 | 10/24 at 102.00 | N/R | 926,659 | ||||||||||||||||
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A: | ||||||||||||||||||||
1,930 | 5.000%, 7/01/47 | 7/26 at 100.00 | BBB– | 2,119,101 | ||||||||||||||||
1,005 | 5.000%, 7/01/51 | 7/26 at 100.00 | BBB– | 1,105,048 | ||||||||||||||||
4,310 | 5.000%, 7/01/54 | 7/26 at 100.00 | BBB– | 4,701,693 | ||||||||||||||||
2,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured | 1/19 at 100.00 | AA (4) | 2,118,200 | ||||||||||||||||
14,250 | Total North Carolina | 15,895,517 |
NUVEEN | 61 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
North Dakota – 0.3% | ||||||||||||||||||||
$ | 2,585 | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R (4) | $ | 3,009,741 | ||||||||||||||
2,060 | Burleigh County, North Dakota, Multi-County Sales Tax Revenue Bonds, Series 2015A, 3.750%, 11/01/34 – AGM Insured | 11/22 at 100.00 | AA | 2,103,054 | ||||||||||||||||
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012: | ||||||||||||||||||||
2,100 | 4.000%, 12/01/27 | 12/21 at 100.00 | A– | 2,197,524 | ||||||||||||||||
3,535 | 5.000%, 12/01/32 | 12/21 at 100.00 | A– | 3,814,512 | ||||||||||||||||
10,280 | Total North Dakota | 11,124,831 | ||||||||||||||||||
Ohio – 2.6% | ||||||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||||||
9,370 | 5.125%, 6/01/24 | 12/17 at 100.00 | B– | 8,906,560 | ||||||||||||||||
12,920 | 5.875%, 6/01/30 | 12/17 at 100.00 | B– | 12,565,992 | ||||||||||||||||
4,060 | 5.750%, 6/01/34 | 12/17 at 100.00 | B– | 3,930,324 | ||||||||||||||||
20,260 | 5.875%, 6/01/47 | 12/17 at 100.00 | B– | 19,488,904 | ||||||||||||||||
3,000 | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29 | 11/20 at 100.00 | A | 3,297,210 | ||||||||||||||||
2,000 | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.750%, 11/01/40 (Pre-refunded 11/01/20) | 11/20 at 100.00 | A (4) | 2,274,460 | ||||||||||||||||
3,040 | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 | 7/20 at 100.00 | BBB– | 3,259,822 | ||||||||||||||||
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C: | ||||||||||||||||||||
2,725 | 5.625%, 8/15/29 (Pre-refunded 8/15/18) | 8/18 at 100.00 | N/R (4) | 2,836,616 | ||||||||||||||||
525 | 5.625%, 8/15/29 | 8/18 at 100.00 | A3 | 543,202 | ||||||||||||||||
5,820 | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 | 11/21 at 100.00 | AA– | 6,682,990 | ||||||||||||||||
1,500 | Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/41 | 8/21 at 100.00 | A2 | 1,610,745 | ||||||||||||||||
3,500 | Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30 | 4/20 at 100.00 | BBB– | 3,745,245 | ||||||||||||||||
1,500 | 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 | Caa1 | 686,250 | ||||||||||||||||
2,730 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 | No Opt. Call | BBB– | 2,825,222 | ||||||||||||||||
1,250 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21) | No Opt. Call | Caa1 | 571,875 | ||||||||||||||||
700 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33 (Mandatory put 4/01/20) | No Opt. Call | Caa1 | 320,250 | ||||||||||||||||
4,000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) (Alternative Minimum Tax) | No Opt. Call | Caa1 | 1,830,000 |
62 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Ohio (continued) | ||||||||||||||||||||
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012: | ||||||||||||||||||||
$ | 2,370 | 5.000%, 12/01/17 | No Opt. Call | BB | $ | 2,380,120 | ||||||||||||||
1,250 | 5.000%, 12/01/22 | No Opt. Call | BB | 1,334,050 | ||||||||||||||||
3,000 | 5.750%, 12/01/32 | 12/22 at 100.00 | BB | 3,284,850 | ||||||||||||||||
2,000 | 6.000%, 12/01/42 | 12/22 at 100.00 | BB | 2,197,840 | ||||||||||||||||
700 | Toledo Lucas County Port Authority, Ohio, Revenue Bonds, Storypoint Waterville Project, Series 2016A-1, 6.125%, 1/15/34 | 1/24 at 104.00 | N/R | 714,077 | ||||||||||||||||
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 | 3,063,990 | ||||||||||||||||
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012: | ||||||||||||||||||||
2,000 | 5.000%, 12/01/27 | 12/22 at 100.00 | Baa3 | 2,183,120 | ||||||||||||||||
2,500 | 5.000%, 12/01/32 | 12/22 at 100.00 | Baa3 | 2,639,550 | ||||||||||||||||
95,720 | Total Ohio | 93,173,264 | ||||||||||||||||||
Oklahoma – 0.6% | ||||||||||||||||||||
Oklahoma Development Finance Authority, Revenue Bonds, Provident Oklahoma Education Resources Inc. – Cross Village Student Housing Project, Series 2017: | ||||||||||||||||||||
7,500 | 5.000%, 8/01/52 | 8/27 at 100.00 | BBB– | 8,168,400 | ||||||||||||||||
2,500 | 5.250%, 8/01/57 | 8/27 at 100.00 | BBB– | 2,751,975 | ||||||||||||||||
9,090 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2015, 5.000%, 6/01/35 (Mandatory put 6/01/25) (Alternative Minimum Tax) | 6/25 at 100.00 | BB– | 9,836,016 | ||||||||||||||||
19,090 | Total Oklahoma | 20,756,391 | ||||||||||||||||||
Oregon – 0.6% | ||||||||||||||||||||
8,500 | Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint Charles Health System, Inc., Series 2016A, 5.000%, 1/01/48 | 1/26 at 100.00 | A+ | 9,385,700 | ||||||||||||||||
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A: | ||||||||||||||||||||
1,855 | 5.400%, 10/01/44 | 10/24 at 100.00 | N/R | 1,989,005 | ||||||||||||||||
1,600 | 5.500%, 10/01/49 | 10/24 at 100.00 | N/R | 1,703,824 | ||||||||||||||||
935 | Oregon Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30 (Pre-refunded 9/01/20) | 9/20 at 100.00 | N/R (4) | 1,067,022 | ||||||||||||||||
885 | Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A, 5.150%, 7/01/42 (Alternative Minimum Tax) | 1/20 at 100.00 | Aaa | 909,957 | ||||||||||||||||
7,155 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2010-20C, 5.000%, 7/01/27 (Alternative Minimum Tax) | 7/20 at 100.00 | AA– | 7,832,435 | ||||||||||||||||
20,930 | Total Oregon | 22,887,943 | ||||||||||||||||||
Pennsylvania – 2.6% | ||||||||||||||||||||
315 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) | 8/22 at 100.00 | B | 310,874 | ||||||||||||||||
1,125 | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carlow University, Series 2011, 6.750%, 11/01/31 | 11/21 at 100.00 | BBB | 1,253,824 | ||||||||||||||||
1,750 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (Mandatory put 7/01/21) | No Opt. Call | Caa1 | 800,625 |
NUVEEN | 63 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Pennsylvania (continued) | ||||||||||||||||||||
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A: | ||||||||||||||||||||
$ | 5,800 | 4.375%, 1/01/35 (Mandatory put 7/01/22) | No Opt. Call | B1 | $ | 5,705,344 | ||||||||||||||
450 | 3.500%, 4/01/41 (Mandatory put 6/01/20) | No Opt. Call | Caa1 | 205,875 | ||||||||||||||||
2,000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20) | No Opt. Call | Caa1 | 915,000 | ||||||||||||||||
100 | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 | 1/19 at 100.00 | BBB+ | 106,065 | ||||||||||||||||
900 | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) | 1/19 at 100.00 | N/R (4) | 957,393 | ||||||||||||||||
1,545 | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, 5.000%, 1/01/38 | 1/25 at 100.00 | BBB+ | 1,663,548 | ||||||||||||||||
2,000 | Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.125%, 10/01/34 (Pre-refunded 10/01/18) | 10/18 at 100.00 | BBB (4) | 2,103,640 | ||||||||||||||||
705 | Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20) | 8/20 at 100.00 | N/R (4) | 789,388 | ||||||||||||||||
910 | Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 2017-XF2454, 15.358%, 8/01/24 (Pre-refunded 8/01/20) (IF) (5) | 8/20 at 100.00 | N/R (4) | 1,305,986 | ||||||||||||||||
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: | ||||||||||||||||||||
1,860 | 5.250%, 1/15/45 | 1/25 at 100.00 | Baa2 | 2,002,067 | ||||||||||||||||
1,310 | 5.250%, 1/15/46 | 1/25 at 100.00 | Baa2 | 1,409,206 | ||||||||||||||||
3,990 | Montgomery County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2007A, 5.250%, 7/01/42 (Alternative Minimum Tax) | 7/18 at 100.00 | AA– | 4,095,017 | ||||||||||||||||
1,650 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) | 11/24 at 100.00 | N/R | 1,772,430 | ||||||||||||||||
1,000 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 | 9/25 at 100.00 | B+ | 1,023,670 | ||||||||||||||||
2,465 | Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19) | 10/19 at 100.00 | N/R (4) | 2,674,278 | ||||||||||||||||
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015: | ||||||||||||||||||||
5,555 | 5.000%, 12/31/38 (Alternative Minimum Tax) | 6/26 at 100.00 | BBB | 6,169,383 | ||||||||||||||||
3,750 | 5.000%, 6/30/42 (Alternative Minimum Tax) | 6/26 at 100.00 | BBB | 4,143,937 | ||||||||||||||||
1,200 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 (Pre-refunded 7/01/20) | 7/20 at 100.00 | N/R (4) | 1,350,204 | ||||||||||||||||
7,405 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 | 6/25 at 100.00 | A1 | 8,412,969 | ||||||||||||||||
15,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured | 6/26 at 100.00 | AA | 19,306,500 | ||||||||||||||||
480 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Global Leadership Academy Project, Series 2010, 5.750%, 11/15/30 | 11/20 at 100.00 | BB | 499,142 |
64 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Pennsylvania (continued) | ||||||||||||||||||||
$ | 2,000 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30 (Pre-refunded 8/01/20) | 8/20 at 100.00 | A (4) | $ | 2,219,660 | ||||||||||||||
260 | Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured | 6/20 at 100.00 | AA | 281,226 | ||||||||||||||||
2,380 | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20) | 8/20 at 100.00 | A+ (4) | 2,738,071 | ||||||||||||||||
8,875 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/28 | 11/22 at 100.00 | A+ | 10,209,534 | ||||||||||||||||
2,400 | Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/30 – AGM Insured | 8/20 at 100.00 | AA | 2,601,384 | ||||||||||||||||
3,000 | Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal Transit Administration Section 5309 Fixed Guideway Modernization Formula Funds, Series 2011, 5.000%, 6/01/28 | 6/21 at 100.00 | AA– | 3,355,470 | ||||||||||||||||
1,600 | State Public School Building Authority, Pennsylvania, College Revenue Bonds, Delaware County Community College, Series 2008, 5.000%, 10/01/24 (Pre-refunded 4/01/18) – AGM Insured | 4/18 at 100.00 | A1 (4) | 1,632,928 | ||||||||||||||||
83,780 | Total Pennsylvania | 92,014,638 | ||||||||||||||||||
South Carolina – 0.4% | ||||||||||||||||||||
480 | Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 1990, 6.000%, 5/01/20 | No Opt. Call | AA– | 510,096 | ||||||||||||||||
5,000 | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 2016B, 5.000%, 12/01/56 | 12/26 at 100.00 | A+ | 5,550,150 | ||||||||||||||||
70 | South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Series 2008A, 5.375%, 1/01/28 (Pre-refunded 1/01/19) | 1/19 at 100.00 | A+ (4) | 73,901 | ||||||||||||||||
1,930 | South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Series 2008A, 5.375%, 1/01/28 (Pre-refunded 1/01/19) | 1/19 at 100.00 | AAA | 2,037,559 | ||||||||||||||||
2,165 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016A, 5.000%, 12/01/31 | 6/26 at 100.00 | A+ | 2,496,959 | ||||||||||||||||
2,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.500%, 12/01/33 | 12/23 at 100.00 | A+ | 2,285,780 | ||||||||||||||||
11,645 | Total South Carolina | 12,954,445 | ||||||||||||||||||
South Dakota – 0.3% | ||||||||||||||||||||
2,500 | Rapid City, South Dakota, Airport Customer Facility Charge Revenue Bonds, Recovery Zone Facility Bond Series 2010B, 7.000%, 12/01/30 | 12/20 at 102.00 | N/R | 2,759,275 | ||||||||||||||||
1,000 | Rapid City, South Dakota, Airport Revenue Bonds, Passenger Facility Charge Supported, Refunding Series 2011A, 7.000%, 12/01/35 | 12/19 at 100.00 | Baa3 | 1,076,450 | ||||||||||||||||
910 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 | 11/25 at 100.00 | A+ | 1,020,392 | ||||||||||||||||
6,750 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured | 8/18 at 100.00 | AA+ (4) | 7,006,770 | ||||||||||||||||
11,160 | Total South Dakota | 11,862,887 | ||||||||||||||||||
Tennessee – 0.6% | ||||||||||||||||||||
3,670 | Blount County Public Building Authority, Tennessee, Local Government Public Improvement Loan Bonds, Washington County, Series 2007B-12-A, 4.375%, 6/01/35 (Pre-refunded 6/01/19) – SYNCORA GTY Insured | 6/19 at 100.00 | AA (4) | 3,873,391 |
NUVEEN | 65 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Tennessee (continued) | ||||||||||||||||||||
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2008D: | ||||||||||||||||||||
$ | 510 | 6.000%, 10/01/23 | 10/18 at 100.00 | BBB+ | $ | 534,633 | ||||||||||||||
1,500 | 6.125%, 10/01/28 | 10/18 at 100.00 | BBB+ | 1,574,010 | ||||||||||||||||
3,000 | Claiborne County, Tennessee, Industrial Development Board, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2009, 6.625%, 10/01/39 | 10/19 at 100.00 | N/R | 3,149,730 | ||||||||||||||||
1,000 | Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006, 5.000%, 12/15/17 – SYNCORA GTY Insured | No Opt. Call | A | 1,008,120 | ||||||||||||||||
1,440 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012, 5.000%, 11/01/26 | 11/21 at 100.00 | A | 1,580,918 | ||||||||||||||||
5,240 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 (UB) (5) | 7/26 at 100.00 | A3 | 5,832,225 | ||||||||||||||||
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2009A: | ||||||||||||||||||||
215 | 5.000%, 10/01/39 (Pre-refunded 10/01/19) | 10/19 at 100.00 | N/R (4) | 231,921 | ||||||||||||||||
785 | 5.000%, 10/01/39 (Pre-refunded 10/01/19) | 10/19 at 100.00 | AA (4) | 846,779 | ||||||||||||||||
635 | South Blount County Utility District, Tennessee, Waterworks Revenue Bonds, Improvement & Refunding Series 2009, 5.250%, 12/01/39 (Pre-refunded 12/01/19) – AGM Insured | 12/19 at 100.00 | AA (4) | 691,947 | ||||||||||||||||
1,365 | South Blount County Utility District, Tennessee, Waterworks Revenue Bonds, Improvement & Refunding Series 2009, 5.250%, 12/01/39 – AGM Insured | 12/19 at 100.00 | AA | 1,456,400 | ||||||||||||||||
1,000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/21 | No Opt. Call | A | 1,128,860 | ||||||||||||||||
20,360 | Total Tennessee | 21,908,934 | ||||||||||||||||||
Texas – 7.7% | ||||||||||||||||||||
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Series 2016A: | ||||||||||||||||||||
125 | 5.000%, 12/01/46 | 12/26 at 100.00 | BBB– | 135,561 | ||||||||||||||||
740 | 5.000%, 12/01/51 | 12/26 at 100.00 | BBB– | 796,307 | ||||||||||||||||
5,280 | Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2010, 5.500%, 8/15/49 – AGM Insured | 8/19 at 100.00 | AA | 5,601,605 | ||||||||||||||||
3,635 | Brazos County Health Facilities Development Corporation, Texas, Franciscan Services Corporation Obligated Group-St Joseph Regional, Revenue Bonds, Series 2008, 5.000%, 1/01/23 (Pre-refunded 7/01/18) | 7/18 at 100.00 | N/R (4) | 3,747,212 | ||||||||||||||||
430 | Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2008, 5.000%, 9/01/27 – AGM Insured | 9/18 at 100.00 | AA | 444,384 | ||||||||||||||||
1,745 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25 (Pre-refunded 1/01/20) | 1/20 at 100.00 | BBB+ (4) | 1,923,182 | ||||||||||||||||
3,400 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46 (Pre-refunded 1/01/21) | 1/21 at 100.00 | BBB+ (4) | 3,942,980 | ||||||||||||||||
2,100 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Tejano Center for Community Concerns, Inc. – Raul Yzaguirre School for Success, Refunding Series 2009A, 8.750%, 2/15/28 | 2/18 at 100.00 | B+ | 2,131,815 | ||||||||||||||||
2,745 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 5.000%, 8/15/32 | 8/22 at 100.00 | BBB+ | 2,975,443 |
66 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Texas (continued) | ||||||||||||||||||||
$ | 1,250 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2013, 6.000%, 8/15/33 | 8/23 at 100.00 | BBB+ | $ | 1,465,350 | ||||||||||||||
2,500 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2014A, 4.250%, 12/01/34 | 12/24 at 100.00 | BBB– | 2,544,775 | ||||||||||||||||
9,700 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A, 5.000%, 12/01/50 | 6/25 at 100.00 | BBB– | 10,341,461 | ||||||||||||||||
12,265 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Series 2016A, 5.000%, 12/01/46 (UB) (5) | 12/25 at 100.00 | AA+ | 14,136,271 | ||||||||||||||||
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2011C: | ||||||||||||||||||||
3,500 | 5.000%, 11/01/24 | 11/20 at 100.00 | A+ | 3,887,765 | ||||||||||||||||
1,500 | 5.000%, 11/01/25 | 11/20 at 100.00 | A+ | 1,665,225 | ||||||||||||||||
20 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B, 5.000%, 11/01/35 | 11/20 at 100.00 | A+ | 22,090 | ||||||||||||||||
5,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax) | 11/21 at 100.00 | A+ | 5,497,200 | ||||||||||||||||
1,760 | Danbury Higher Education Authority Inc., Texas, Golden Rule Charter School Revenue Bonds, Series 2008A, 6.500%, 8/15/38 (Pre-refunded 2/15/18) | 2/18 at 100.00 | BBB– (4) | 1,794,707 | ||||||||||||||||
1,720 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 | 11/22 at 100.00 | Baa3 | 1,769,381 | ||||||||||||||||
1,075 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) | 10/22 at 100.00 | BB | 1,123,880 | ||||||||||||||||
8,585 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/33 | 6/23 at 100.00 | Baa3 | 9,278,582 | ||||||||||||||||
2,000 | Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2008B, 7.250%, 12/01/35 (Pre-refunded 12/01/18) | 12/18 at 100.00 | N/R (4) | 2,145,440 | ||||||||||||||||
3,000 | Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28 | 7/20 at 100.00 | A | 3,145,470 | ||||||||||||||||
1,270 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2011A, 5.000%, 7/01/25 (Alternative Minimum Tax) | 7/21 at 100.00 | A+ | 1,415,936 | ||||||||||||||||
1,135 | 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– | 1,251,837 | ||||||||||||||||
1,500 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal Improvement Project, Refunding Series 2015C, 5.000%, 7/15/20 (Alternative Minimum Tax) | No Opt. Call | BB– | 1,609,380 | ||||||||||||||||
250 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) | 7/24 at 100.00 | BB– | 275,058 | ||||||||||||||||
8,755 | Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 2017B, 5.000%, 11/15/37 | 11/27 at 100.00 | Aa2 | 10,392,010 | ||||||||||||||||
1,955 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011A, 5.250%, 9/01/28 | 9/21 at 100.00 | A2 | 2,178,887 | ||||||||||||||||
335 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34 | 9/24 at 100.00 | A2 | 378,604 | ||||||||||||||||
2,635 | Humble Independent School District, Harris County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/22 (Pre-refunded 2/15/18) – AGC Insured | 2/18 at 100.00 | Aa1 (4) | 2,678,056 |
NUVEEN | 67 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Texas (continued) | ||||||||||||||||||||
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015: | ||||||||||||||||||||
$ | 1,360 | 5.000%, 8/15/30 | 8/25 at 100.00 | BBB+ | $ | 1,515,094 | ||||||||||||||
1,280 | 5.000%, 8/15/35 | 8/25 at 100.00 | BBB+ | 1,395,494 | ||||||||||||||||
6,720 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax) | 11/22 at 100.00 | A3 | 7,499,923 | ||||||||||||||||
Lubbock Educational Facilities Authority, Texas, Revenue Bonds, Lubbock Christian University, Refunding & Improvement Series 2007: | ||||||||||||||||||||
1,000 | 5.125%, 11/01/27 (Pre-refunded 11/01/17) | 11/17 at 100.00 | BBB (4) | 1,003,880 | ||||||||||||||||
2,500 | 5.250%, 11/01/37 (Pre-refunded 11/01/17) | 11/17 at 100.00 | BBB (4) | 2,509,975 | ||||||||||||||||
1,315 | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) | 10/18 at 103.00 | BB– | 1,378,554 | ||||||||||||||||
4,590 | Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (Alternative Minimum Tax) | 1/26 at 102.00 | N/R | 4,122,692 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy at Willow Bend Project, Series 2016: | ||||||||||||||||||||
665 | 5.000%, 11/01/46 | 11/23 at 103.00 | N/R | 682,064 | ||||||||||||||||
805 | 5.000%, 11/01/51 | 11/23 at 103.00 | N/R | 827,451 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Methodist Retirement Communities Crestview Project, Series 2016: | ||||||||||||||||||||
1,100 | 5.000%, 11/15/36 | 11/24 at 102.00 | N/R | 1,142,416 | ||||||||||||||||
1,550 | 5.000%, 11/15/46 | 11/24 at 102.00 | N/R | 1,589,897 | ||||||||||||||||
755 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43 | 1/25 at 100.00 | N/R | 776,744 | ||||||||||||||||
5,505 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Westminster Project, Series 2016, 4.000%, 11/01/36 | 11/24 at 102.00 | N/R | 5,403,818 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C. – Texas A&M University-Corpus Christi Project, Series 2016A: | ||||||||||||||||||||
30 | 5.000%, 4/01/31 | 4/26 at 100.00 | BBB– | 33,356 | ||||||||||||||||
360 | 5.000%,��4/01/36 | 4/26 at 100.00 | BBB– | 393,336 | ||||||||||||||||
65 | 5.000%, 4/01/48 | 4/26 at 100.00 | BBB– | 70,036 | ||||||||||||||||
6,625 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured | 4/24 at 100.00 | AA | 6,856,809 | ||||||||||||||||
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M University – San Antonio Project, Series 2016A: | ||||||||||||||||||||
1,275 | 5.000%, 4/01/31 | 4/26 at 100.00 | BBB– | 1,418,603 | ||||||||||||||||
1,290 | 5.000%, 4/01/36 | 4/26 at 100.00 | BBB– | 1,409,454 | ||||||||||||||||
2,445 | 5.000%, 4/01/48 | 4/26 at 100.00 | BBB– | 2,634,414 | ||||||||||||||||
1,250 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton State University Project, Series 2014A, 5.000%, 4/01/34 | 4/24 at 100.00 | BBB– | 1,353,712 | ||||||||||||||||
3,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, Series 2014A, 5.000%, 4/01/34 | 4/24 at 100.00 | Baa3 | 3,248,910 |
68 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Texas (continued) | ||||||||||||||||||||
$ | 4,500 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series 2015A, 5.000%, 7/01/47 | 7/25 at 100.00 | BBB– | $ | 4,856,400 | ||||||||||||||
2,000 | North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/33 (Pre-refunded 1/01/18) (UB) (5) | 1/18 at 100.00 | A– (4) | 2,024,360 | ||||||||||||||||
10,880 | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, 0.000%, 9/01/45 (7) | 9/31 at 100.00 | AA+ | 12,754,406 | ||||||||||||||||
2,000 | North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 | 9/21 at 100.00 | AA+ | 2,297,280 | ||||||||||||||||
560 | North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.000%, 1/01/28 | 1/19 at 100.00 | A1 | 594,255 | ||||||||||||||||
2,440 | North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.000%, 1/01/28 (Pre-refunded 1/01/19) | 1/19 at 100.00 | N/R (4) | 2,591,792 | ||||||||||||||||
4,410 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/34 | 1/25 at 100.00 | A2 | 5,033,530 | ||||||||||||||||
2,695 | Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010D-1, 5.000%, 10/01/30 | 10/20 at 100.00 | AAA | 2,991,342 | ||||||||||||||||
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A: | ||||||||||||||||||||
655 | 5.000%, 2/01/29 | 2/24 at 100.00 | Ba2 | 685,687 | ||||||||||||||||
1,805 | 5.000%, 2/01/34 | 2/24 at 100.00 | Ba2 | 1,893,752 | ||||||||||||||||
385 | 5.125%, 2/01/39 | 2/24 at 100.00 | Ba2 | 396,088 | ||||||||||||||||
645 | SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27 | No Opt. Call | A | 798,220 | ||||||||||||||||
10,000 | San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 2009A, 5.250%, 2/01/25 (Pre-refunded 2/01/19) | 2/19 at 100.00 | Aa1 (4) | 10,571,000 | ||||||||||||||||
4,000 | San Antonio, Texas, Electric and Gas System Revenue Bonds, Series 2008, 5.000%, 2/01/25 (Pre-refunded 2/01/18) | 2/18 at 100.00 | Aa1 (4) | 4,055,960 | ||||||||||||||||
9,030 | Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist University, Refunding Series 2009, 5.000%, 10/01/36 (Pre-refunded 10/01/19) | 10/19 at 100.00 | AA– (4) | 9,746,350 | ||||||||||||||||
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010: | ||||||||||||||||||||
70 | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (4) | 78,716 | ||||||||||||||||
870 | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | AA– (4) | 978,332 | ||||||||||||||||
3,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 | 8/26 at 100.00 | AA | 3,446,850 | ||||||||||||||||
180 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 5.625%, 12/15/17 | No Opt. Call | BBB+ | 181,469 | ||||||||||||||||
3,670 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/27 | 12/22 at 100.00 | A3 | 4,151,944 | ||||||||||||||||
5,270 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016, 5.000%, 12/31/40 (Alternative Minimum Tax) | 12/25 at 100.00 | Baa3 | 5,789,306 | ||||||||||||||||
845 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39 | 12/19 at 100.00 | Baa2 | 939,648 | ||||||||||||||||
7,800 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 | 6/20 at 100.00 | Baa3 | 8,819,226 |
NUVEEN | 69 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Texas (continued) | ||||||||||||||||||||
$ | 7,300 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 6.750%, 6/30/43 (Alternative Minimum Tax) | 9/23 at 100.00 | BBB– | $ | 8,446,830 | ||||||||||||||
1,750 | Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 2015-XF0075, 16.146%, 8/01/34 (IF) | 8/19 at 100.00 | AAA | 2,226,210 | ||||||||||||||||
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B: | ||||||||||||||||||||
16,500 | 0.000%, 8/15/36 | 8/24 at 59.60 | A– | 7,534,230 | ||||||||||||||||
7,000 | 0.000%, 8/15/37 | 8/24 at 56.94 | A– | 3,045,350 | ||||||||||||||||
11,000 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42 | 8/24 at 100.00 | BBB+ | 12,170,400 | ||||||||||||||||
150 | Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 | 11/20 at 100.00 | N/R | 168,741 | ||||||||||||||||
600 | Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 (Pre-refunded 11/01/20) | 11/20 at 100.00 | N/R (4) | 704,472 | ||||||||||||||||
500 | Uptown Development Authority, Houston, Texas, Tax Increment Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 5.250%, 9/01/24 (Pre-refunded 9/01/19) | 9/19 at 100.00 | BBB (4) | 539,785 | ||||||||||||||||
1,030 | Viridian Municipal Management District, Texas, Reinvest Zone 6 Tax Increment Revenue Bonds, Refunding Road Improvement Series 2015, 6.000%, 12/01/32 – BAM Insured | 12/24 at 100.00 | AA | 1,287,572 | ||||||||||||||||
1,135 | Viridian Municipal Management District, Texas, Reinvest Zone 6 Tax Increment Revenue Bonds, Refunding Utility Improvement Series 2015, 6.000%, 12/01/31 – BAM Insured | 12/24 at 100.00 | AA | 1,424,822 | ||||||||||||||||
262,070 | Total Texas | 271,186,811 | ||||||||||||||||||
Utah – 1.0% | ||||||||||||||||||||
20,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, 5.000%, 7/01/42 (Alternative Minimum Tax) | 7/27 at 100.00 | A+ | 23,013,400 | ||||||||||||||||
Utah State Charter School Finance Authority Charter School Revenue Bonds, Vista at Entrada School of Performing Arts and Technology) Series 2012: | ||||||||||||||||||||
575 | 5.600%, 7/15/22 | No Opt. Call | BB+ | 614,997 | ||||||||||||||||
850 | 6.300%, 7/15/32 | 7/22 at 100.00 | BB+ | 925,259 | ||||||||||||||||
1,000 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, Navigator Pointe Academy Project, Series 2010A, 5.625%, 7/15/40 | 7/20 at 100.00 | BBB | 1,045,460 | ||||||||||||||||
1,250 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.250%, 7/15/30 | 7/20 at 100.00 | BBB– | 1,328,337 | ||||||||||||||||
1,135 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.375%, 7/15/40 | 7/20 at 100.00 | BB | 1,187,017 | ||||||||||||||||
Utah State Charter School Finance Authority, Revenue Bonds, George Washington Academy Project, Series 2011A: | ||||||||||||||||||||
2,035 | 7.750%, 7/15/31 (Pre-refunded 7/15/21) | 7/21 at 100.00 | BBB– (4) | 2,432,578 | ||||||||||||||||
3,520 | 8.000%, 7/15/41 (Pre-refunded 7/15/21) | 7/21 at 100.00 | BBB– (4) | 4,332,416 | ||||||||||||||||
30,365 | Total Utah | 34,879,464 | ||||||||||||||||||
Vermont – 0.1% | ||||||||||||||||||||
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A: | ||||||||||||||||||||
1,815 | 6.125%, 1/01/28 (Pre-refunded 1/01/21) | 1/21 at 100.00 | N/R (4) | 2,094,474 | ||||||||||||||||
1,000 | 6.250%, 1/01/33 (Pre-refunded 1/01/21) | 1/21 at 100.00 | N/R (4) | 1,157,960 | ||||||||||||||||
2,815 | Total Vermont | 3,252,434 |
70 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Virginia – 0.9% | ||||||||||||||||||||
$ | 430 | Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Berkeley Apartments, Series 2000, 5.850%, 12/01/20 (Alternative Minimum Tax) | 11/17 at 100.00 | AA | $ | 431,462 | ||||||||||||||
2,000 | Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2011C, 5.000%, 10/01/26 (Alternative Minimum Tax) | 10/21 at 100.00 | AA– | 2,255,960 | ||||||||||||||||
3,745 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/31 – AGC Insured | No Opt. Call | AA | 2,303,587 | ||||||||||||||||
10,070 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 | 12/17 at 100.00 | B– | 9,812,409 | ||||||||||||||||
1,000 | Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B, 5.000%, 7/01/45 | 7/25 at 100.00 | BB+ | 1,059,210 | ||||||||||||||||
5,500 | 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 | 5,930,650 | ||||||||||||||||
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | ||||||||||||||||||||
3,515 | 5.250%, 1/01/32 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 3,885,903 | ||||||||||||||||
6,515 | 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 7,252,889 | ||||||||||||||||
32,775 | Total Virginia | 32,932,070 | ||||||||||||||||||
Washington – 1.9% | ||||||||||||||||||||
6,220 | Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 1/01/31 (Pre-refunded 1/01/21) | 1/21 at 100.00 | A1 (4) | 7,036,748 | ||||||||||||||||
960 | FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2016-XL0006, 11.794%, 6/01/34 (IF) (5) | 6/19 at 100.00 | AA | 1,213,709 | ||||||||||||||||
2,450 | King County Public Hospital District 4, Washington, General Obligation Bonds, Snoqualmie Valley Hospital, Refunding Improvement Series 2011, 7.000%, 12/01/40 | 12/21 at 100.00 | N/R | 2,612,312 | ||||||||||||||||
695 | Ocean Shores, Washington, Local Improvement District 2007-01 Bonds, 2011, 7.250%, 2/01/31 | No Opt. Call | BBB+ | 875,054 | ||||||||||||||||
Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, Refunding & Improvement Series 2016: | ||||||||||||||||||||
3,825 | 5.000%, 12/01/30 | 12/26 at 100.00 | Baa2 | 4,260,247 | ||||||||||||||||
1,950 | 5.000%, 12/01/31 | 12/26 at 100.00 | Baa2 | 2,156,739 | ||||||||||||||||
4,000 | 5.000%, 12/01/32 | 12/26 at 100.00 | Baa2 | 4,394,600 | ||||||||||||||||
1,120 | 5.000%, 12/01/37 | 12/26 at 100.00 | Baa2 | 1,206,117 | ||||||||||||||||
2,000 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 | 1/21 at 100.00 | A | 2,170,640 | ||||||||||||||||
3,535 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.250%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | | N/ R (4) | 3,984,157 | |||||||||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012: | ||||||||||||||||||||
2,775 | 5.000%, 12/01/27 (Pre-refunded 12/01/21) | 12/21 at 100.00 | | N/ R (4) | 3,201,184 | |||||||||||||||
2,435 | 5.000%, 12/01/42 (Pre-refunded 12/01/21) | 12/21 at 100.00 | | N/ R (4) | 2,808,967 | |||||||||||||||
1,600 | Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/28 | 5/24 at 100.00 | A+ | 1,842,752 |
NUVEEN | 71 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Washington (continued) | ||||||||||||||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Yakima Valley Memorial Hospital Association, Series 2016: | ||||||||||||||||||||
$ | 6,000 | 5.000%, 12/01/41 | 12/26 at 100.00 | Baa3 | $ | 6,552,900 | ||||||||||||||
5,930 | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 6,433,398 | ||||||||||||||||
845 | Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24 | 7/19 at 100.00 | Baa1 | 907,378 | ||||||||||||||||
Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009: | ||||||||||||||||||||
1,155 | 6.250%, 7/01/24 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 1,259,608 | ||||||||||||||||
2,000 | 7.000%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Baa1 (4) | 2,205,300 | ||||||||||||||||
3,000 | Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.375%, 10/01/29 (Pre-refunded 10/01/19) | 10/19 at 100.00 | Baa1 (4) | 3,256,500 | ||||||||||||||||
Washington State Housing Finance Commission, Nonprofit Refunding Revenue Bonds, Wesley Homes at Lea Hill Project, Series 2016: | ||||||||||||||||||||
1,155 | 5.000%, 7/01/41 | 7/26 at 100.00 | N/R | 1,194,640 | ||||||||||||||||
2,000 | 5.000%, 7/01/46 | 7/26 at 100.00 | N/R | 2,032,460 | ||||||||||||||||
3,805 | 5.000%, 7/01/51 | 7/26 at 100.00 | N/R | 3,845,029 | ||||||||||||||||
1,100 | Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013, 5.000%, 7/01/28 | 7/23 at 100.00 | A– | 1,210,869 | ||||||||||||||||
2,340 | Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012, 5.000%, 1/01/48 | 1/23 at 100.00 | BBB– | 2,415,044 | ||||||||||||||||
62,895 | Total Washington | 69,076,352 | ||||||||||||||||||
West Virginia – 0.1% | ||||||||||||||||||||
1,020 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32 | 9/19 at 100.00 | Baa1 | 1,078,844 | ||||||||||||||||
1,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/28 | 10/18 at 100.00 | N/R | 1,022,340 | ||||||||||||||||
1,585 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 4.000%, 6/01/41 | 6/26 at 100.00 | A | 1,635,387 | ||||||||||||||||
3,605 | Total West Virginia | 3,736,571 | ||||||||||||||||||
Wisconsin – 3.7% | ||||||||||||||||||||
5,000 | Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, 2/01/31 | 2/19 at 102.00 | BBB+ | 5,393,850 | ||||||||||||||||
1,250 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A, 5.000%, 2/01/36 | 2/26 at 100.00 | N/R | 1,202,013 | ||||||||||||||||
2,155 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A, 5.000%, 6/15/46 | 6/26 at 100.00 | N/R | 2,072,291 | ||||||||||||||||
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Voyager Foundation Inc. of North Carolina, Series 2012A: | ||||||||||||||||||||
240 | 5.500%, 10/01/22 | No Opt. Call | BB+ | 262,094 | ||||||||||||||||
375 | 6.000%, 10/01/32 | 10/22 at 100.00 | BB+ | 401,869 | ||||||||||||||||
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Voyager Foundation, Inc. of North Carolina Project, Series 2014A: | ||||||||||||||||||||
1,080 | 5.000%, 10/01/34 | 10/22 at 100.00 | BB+ | 1,107,367 | ||||||||||||||||
500 | 5.125%, 10/01/45 | 10/22 at 100.00 | BB+ | 509,490 |
72 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Wisconsin (continued) | ||||||||||||||||||||
Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood Classical Preparatory School in Albuquerque, New Mexico, Series 2012A: | ||||||||||||||||||||
$ | 1,610 | 6.000%, 12/01/32 | 12/22 at 100.00 | N/R | $ | 1,652,939 | ||||||||||||||
5,000 | 6.250%, 12/01/42 | 12/22 at 100.00 | N/R | 5,143,700 | ||||||||||||||||
1,940 | 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 | 2,076,595 | ||||||||||||||||
3,845 | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, 4.000%, 8/01/35 (Alternative Minimum Tax) | 8/26 at 100.00 | N/R | 3,757,949 | ||||||||||||||||
10,000 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017, 6.750%, 12/01/42 | 12/27 at 100.00 | N/R | 11,564,500 | ||||||||||||||||
1,575 | Public Finance Authority of Wisconsin, Revenue Bonds, Carolina International School, Series 2013A, 7.000%, 8/01/43 | 8/23 at 100.00 | BB+ | 1,746,958 | ||||||||||||||||
5,000 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C, 4.300%, 11/01/30 (Alternative Minimum Tax) | 5/26 at 100.00 | BBB– | 5,211,400 | ||||||||||||||||
2,550 | Superior, Wisconsin, Limited Obligation Revenue Refunding Bonds, Midwest Energy Resources Company, Series 1991E, 6.900%, 8/01/21 – FGIC Insured | No Opt. Call | Aa3 | 3,048,882 | ||||||||||||||||
1,455 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.250%, 4/15/24 | 4/20 at 100.00 | A+ | 1,579,650 | ||||||||||||||||
1,225 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.125%, 6/01/39 (Pre-refunded 6/01/20) | 6/20 at 100.00 | Baa2 (4) | 1,386,063 | ||||||||||||||||
625 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2016, 5.000%, 7/01/36 | 7/26 at 100.00 | Baa2 | 673,619 | ||||||||||||||||
2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2017A, 4.000%, 4/01/39 | 4/27 at 100.00 | AA– | 2,059,040 | ||||||||||||||||
13,950 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 | 10/21 at 100.00 | A+ | 15,220,287 | ||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B: | ||||||||||||||||||||
1,000 | 5.000%, 2/15/40 | 2/22 at 100.00 | A– | 1,077,610 | ||||||||||||||||
35 | 4.500%, 2/15/40 | 2/22 at 100.00 | A– | 36,654 | ||||||||||||||||
5,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016A, 5.000%, 2/15/46 | 2/26 at 100.00 | A– | 5,498,400 | ||||||||||||||||
18,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32 | 6/22 at 100.00 | A3 | 19,623,420 | ||||||||||||||||
7,000 | 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 | N/R (4) | 8,199,100 | ||||||||||||||||
435 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 | 8/24 at 100.00 | A+ | 482,132 | ||||||||||||||||
595 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19) | 2/19 at 100.00 | N/R (4) | 640,720 | ||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A: | ||||||||||||||||||||
2,980 | 5.000%, 7/01/34 | 7/24 at 100.00 | A– | 3,256,067 | ||||||||||||||||
2,100 | 4.350%, 7/01/36 | 7/21 at 100.00 | A– | 2,132,466 |
NUVEEN | 73 |
Nuveen All-American Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Wisconsin (continued) | ||||||||||||||||||||
$ | 3,450 | 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 | $ | 3,664,245 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014: | ||||||||||||||||||||
5,000 | 5.000%, 12/01/34 | 12/22 at 102.00 | N/R | 5,216,900 | ||||||||||||||||
4,435 | 5.000%, 12/01/44 | 12/22 at 102.00 | N/R | 4,563,881 | ||||||||||||||||
4,225 | 5.250%, 12/01/49 | 12/22 at 102.00 | N/R | 4,404,224 | ||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014: | ||||||||||||||||||||
1,880 | 5.250%, 10/01/39 | 10/22 at 102.00 | N/R | 1,995,206 | ||||||||||||||||
1,000 | 5.375%, 10/01/44 | 10/22 at 102.00 | N/R | 1,062,880 | ||||||||||||||||
3,500 | 5.500%, 10/01/49 | 10/22 at 102.00 | N/R | 3,734,500 | ||||||||||||||||
122,010 | Total Wisconsin | 131,658,961 | ||||||||||||||||||
Wyoming – 0.4% | ||||||||||||||||||||
2,000 | Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 | 7/19 at 100.00 | A | 2,128,200 | ||||||||||||||||
4,500 | Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011, 6.350%, 9/15/31 (Pre-refunded 3/15/21) | 3/21 at 100.00 | A3 (4) | 5,287,680 | ||||||||||||||||
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B: | ||||||||||||||||||||
800 | 5.500%, 12/01/27 | 12/21 at 100.00 | BBB+ | 889,736 | ||||||||||||||||
2,500 | 6.000%, 12/01/36 | 12/21 at 100.00 | BBB+ | 2,776,400 | ||||||||||||||||
3,650 | West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40 | 6/21 at 100.00 | BBB | 4,085,079 | ||||||||||||||||
13,450 | Total Wyoming | 15,167,095 | ||||||||||||||||||
$ | 3,263,182 | Total Municipal Bonds (cost $3,311,549,470) | 3,533,186,060 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
CORPORATE BONDS – 0.0% | ||||||||||||||||||||
Transportation – 0.0% | ||||||||||||||||||||
$ | 136 | Las Vegas Monorail Company, Senior Interest Bonds (11), (12) | 5.500% | 7/15/19 | N/R | $ | 86,093 | |||||||||||||
37 | Las Vegas Monorail Company, Senior Interest Bonds (11), (12) | 5.500% | 7/15/55 | N/R | 18,747 | |||||||||||||||
$ | 173 | Total Corporate Bonds (cost $13,580) | 104,840 | |||||||||||||||||
Total Long-Term Investments (cost $3,311,563,050) | 3,533,290,900 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provision (2) | Ratings (3) | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 0.8% | ||||||||||||||||||||
MUNICIPAL BONDS – 0.8% | ||||||||||||||||||||
New York – 0.4% | ||||||||||||||||||||
$ | 15,000 | New York State Housing Finance Agency, Variable Rate Demand Obligations, Affordable Housing Revenue Bonds, Series 2015A, 0.900%, 5/01/49 (13) | 11/17 at 100.00 | VMIG-1 | $ | 15,000,000 |
74 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provision (2) | Ratings (3) | Value | ||||||||||||||||
North Carolina – 0.4% | ||||||||||||||||||||
$ | 15,000 | University of North Carolina Chapel Hill, Variable Rate Demand Obligations, Revenue Bonds, University of North Carolina Hospitals at Chapel Hill, Variable Rate Demand Series 2001B, 0.920%, 2/15/31 (13) | 1/18 at 100.00 | A-1 | $ | 15,000,000 | ||||||||||||||
$ | 30,000 | Total Short-Term Investments (cost $30,000,000) | 30,000,000 | |||||||||||||||||
Total Investments (cost $3,341,563,050) – 101.0% | 3,563,290,900 | |||||||||||||||||||
Floating Rate Obligations – (1.9)% | (67,370,000 | ) | ||||||||||||||||||
Other Assets Less Liabilities – 0.9% | 31,381,502 | |||||||||||||||||||
Net Assets – 100% | $ | 3,527,302,402 |
(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. |
(6) | The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016. |
(7) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
(8) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. |
(9) | On January 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 7.125% to 5.700% and again on November 11, 2015, further reduced the security’s interest rate of accrual from 5.700% to 4.275%. |
(10) | On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.250% to 2.100%. |
(11) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. |
(12) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
(13) | Investment has maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
ETM | Escrowed to maturity. |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
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.
NUVEEN | 75 |
Nuveen Inflation Protected Municipal Bond Fund
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 101.6% | ||||||||||||||||
MUNICIPAL BONDS – 101.6% | ||||||||||||||||
Alabama – 1.1% | ||||||||||||||||
$ | 1,000 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/34 | No Opt. Call | A3 | $ | 1,197,410 | ||||||||||
Alaska – 2.2% | ||||||||||||||||
2,000 | Alaska Municipal Bond Bank, General Obligation Bonds, 2016 Master Resolution Series 2017A, 5.000%, 10/01/27 | No Opt. Call | AA– | 2,428,840 | ||||||||||||
Arizona – 0.4% | ||||||||||||||||
390 | Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A, 5.000%, 2/01/19 | No Opt. Call | BBB+ | 407,940 | ||||||||||||
California – 14.4% | ||||||||||||||||
1,000 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 10/01/27 – AGM Insured (4) | 10/23 at 100.00 | AA | 1,190,630 | ||||||||||||
65 | California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2017A, 5.000%, 8/15/32 | 8/27 at 100.00 | BBB+ | 75,317 | ||||||||||||
500 | California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, Series 2017, 5.000%, 2/01/28 | 2/27 at 100.00 | A+ | 606,025 | ||||||||||||
850 | California Municipal Finance Authority, Revenue Bonds, University of San Diego, Refunding Series 2012A, 5.000%, 10/01/31 | 10/22 at 100.00 | A1 | 988,711 | ||||||||||||
1,000 | California State, General Obligation Bonds, Refunding Various Purpose Series 2015, 5.000%, 9/01/25 | No Opt. Call | AA– | 1,228,350 | ||||||||||||
1,025 | Eastern Municipal Water District Financing Authority, California, Water and Wastewater Revenue Bonds, Series 2016B, 5.000%, 7/01/28 | 7/26 at 100.00 | AA+ | 1,263,425 | ||||||||||||
1,665 | Eastern Municipal Water District Financing Authority, California, Water and Wastewater Revenue Bonds, Series 2017D, 5.250%, 7/01/42 | 7/27 at 100.00 | AA+ | 2,023,741 | ||||||||||||
470 | El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/21 | No Opt. Call | Aa1 | 443,906 | ||||||||||||
555 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/21 | No Opt. Call | A+ | 630,214 | ||||||||||||
830 | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 5.000%, 6/01/21 | 12/17 at 100.00 | N/R | 827,991 | ||||||||||||
2,000 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017B, 5.000%, 7/01/28 | 1/27 at 100.00 | Aa2 | 2,473,200 | ||||||||||||
130 | Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 5.000%, 1/01/21 (Alternative Minimum Tax) | No Opt. Call | A | 144,708 | ||||||||||||
1,000 | San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2011A, 5.000%, 11/01/21 | No Opt. Call | AA– | 1,153,320 | ||||||||||||
800 | San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/25 | 8/22 at 100.00 | N/R | 909,032 |
76 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
$ | 1,500 | San Joaquin County Transportation Authority, California, Sales Tax Revenue, Limited Tax Measure K Series 2017, 5.000%, 3/01/31 | 3/27 at 100.00 | AA | $ | 1,825,695 | ||||||||||
13,390 | Total California | 15,784,265 | ||||||||||||||
Colorado – 9.3% | ||||||||||||||||
555 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 5.000%, 11/15/22 (Alternative Minimum Tax) (4) | No Opt. Call | A+ | 642,024 | ||||||||||||
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016: | ||||||||||||||||
1,000 | 5.000%, 12/01/30 | 12/26 at 100.00 | Baa2 | 1,167,510 | ||||||||||||
1,250 | 5.000%, 12/01/35 | 12/26 at 100.00 | Baa2 | 1,427,575 | ||||||||||||
1,000 | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1, 5.000%, 12/01/23 | 12/22 at 100.00 | AA– | 1,150,400 | ||||||||||||
1,000 | Denver West Metropolitan District, Jefferson County, Colorado, General Obligation Refunding Bonds, Series 2012A, 4.000%, 12/01/20 – AGM Insured (4) | No Opt. Call | AA | 1,076,720 | ||||||||||||
525 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured | No Opt. Call | A | 490,628 | ||||||||||||
1,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/20 – NPFG Insured | No Opt. Call | A | 956,620 | ||||||||||||
1,250 | Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 5.000%, 12/01/19 | No Opt. Call | N/R | 1,311,837 | ||||||||||||
1,055 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38 | No Opt. Call | A | 1,481,484 | ||||||||||||
500 | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 5.250%, 7/15/24 | 7/20 at 100.00 | BBB+ | 537,925 | ||||||||||||
9,135 | Total Colorado | 10,242,723 | ||||||||||||||
Connecticut – 2.1% | ||||||||||||||||
500 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2016A, 5.000%, 9/01/26 | No Opt. Call | AA | 602,500 | ||||||||||||
1,500 | University of Connecticut, General Obligation Bonds, Series 2017A, 5.000%, 1/15/36 | 1/27 at 100.00 | AA– | 1,709,055 | ||||||||||||
2,000 | Total Connecticut | 2,311,555 | ||||||||||||||
District of Columbia – 1.4% | ||||||||||||||||
295 | District of Columbia, Revenue Bonds, Association of American Medical Colleges, Series 2011A, 5.000%, 10/01/24 | 10/23 at 100.00 | AA | 345,483 | ||||||||||||
1,000 | District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017, 5.000%, 4/01/31 | 4/27 at 100.00 | A | 1,201,910 | ||||||||||||
1,295 | Total District of Columbia | 1,547,393 | ||||||||||||||
Florida – 3.2% | ||||||||||||||||
1,000 | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 10/01/33 | 10/25 at 100.00 | A1 | 1,159,910 | ||||||||||||
1,000 | Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (Alternative Minimum Tax) | 6/20 at 100.00 | Baa2 | 1,027,920 |
NUVEEN | 77 |
Nuveen Inflation Protected Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Florida (continued) | ||||||||||||||||
$ | 620 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/22 | No Opt. Call | AA | $ | 713,087 | ||||||||||
500 | Tallahassee, Florida, Energy System Revenue Bonds, Refunding Series 2017, 5.000%, 10/01/25 | No Opt. Call | AA | 613,460 | ||||||||||||
3,120 | Total Florida | 3,514,377 | ||||||||||||||
Georgia – 3.5% | ||||||||||||||||
1,350 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D, 5.000%, 1/01/27 | No Opt. Call | A2 | 1,621,107 | ||||||||||||
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: | ||||||||||||||||
188 | 5.500%, 7/15/23 | 7/21 at 100.00 | N/R | 190,032 | ||||||||||||
374 | 5.500%, 7/15/30 | 7/21 at 100.00 | N/R | 377,208 | ||||||||||||
410 | 5.500%, 1/15/36 | 7/21 at 100.00 | N/R | 413,984 | ||||||||||||
1,000 | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/20 | No Opt. Call | A | 1,069,450 | ||||||||||||
110 | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26 | No Opt. Call | A | 131,945 | ||||||||||||
3,432 | Total Georgia | 3,803,726 | ||||||||||||||
Illinois – 5.4% | ||||||||||||||||
305 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 1/01/30 – NPFG Insured | No Opt. Call | A | 358,314 | ||||||||||||
1,000 | Cook County, Illinois, Sales Tax Revenue Bonds, Series 2017, 5.000%, 11/15/33 | 11/27 at 100.00 | AAA | 1,174,490 | ||||||||||||
335 | Illinois Finance Authority, Revenue Bonds, Alexian Brothers Health System, Refunding Series 2005B, 5.250%, 1/01/22 (Pre-refunded 4/14/18) – AGM Insured | 4/18 at 100.00 | A2 (5) | 342,695 | ||||||||||||
325 | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2012A, 5.000%, 3/01/22 | No Opt. Call | AA– | 370,458 | ||||||||||||
330 | Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 5.000%, 10/01/22 | No Opt. Call | BBB– | 346,820 | ||||||||||||
600 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/19 | No Opt. Call | AA– | 649,650 | ||||||||||||
165 | Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and Greene Counties Community College District 536, Illinois, General Obligation Bonds, Lewis & Clark Community College, Refunding Series 2017A, 5.000%, 11/01/32 – AGM Insured | 11/26 at 100.00 | AA | 189,098 | ||||||||||||
535 | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 5.000%, 6/01/19 | No Opt. Call | A | 567,689 | ||||||||||||
915 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2016A, 5.000%, 6/01/21 | No Opt. Call | AA | 1,030,674 | ||||||||||||
1,065 | Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured (4) | No Opt. Call | AA | 921,001 | ||||||||||||
5,575 | Total Illinois | 5,950,889 | ||||||||||||||
Indiana – 1.4% | ||||||||||||||||
500 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/24 | 5/23 at 100.00 | A | 579,615 | ||||||||||||
615 | Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Refunding Series 2012A, 5.000%, 5/01/22 | No Opt. Call | AA– | 708,738 |
78 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Indiana (continued) | ||||||||||||||||
$ | 235 | Indianapolis, Indiana, Gas Utility Distribution System Revenue Bonds, Refunding 2nd Lien Series 2017A, 5.000%, 8/15/26 | No Opt. Call | AA | $ | 287,913 | ||||||||||
1,350 | Total Indiana | 1,576,266 | ||||||||||||||
Iowa – 1.2% | ||||||||||||||||
1,125 | Dubuque, Iowa, General Obligation Bonds, Sales Tax Increment, Second Lien Series 2014, 5.000%, 6/01/25 (4) | 6/24 at 100.00 | Aa3 | 1,329,097 | ||||||||||||
Kansas – 1.1% | ||||||||||||||||
1,025 | Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/23 | 9/22 at 100.00 | A+ | 1,180,913 | ||||||||||||
Kentucky – 0.9% | ||||||||||||||||
65 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 5.500%, 6/01/21 (Pre-refunded 6/01/20) | 6/20 at 100.00 | BBB (5) | 72,425 | ||||||||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1: | ||||||||||||||||
380 | 5.750%, 12/01/28 – AGC Insured | 6/18 at 100.00 | AA | 386,848 | ||||||||||||
525 | 6.000%, 12/01/33 – AGC Insured | 6/18 at 100.00 | AA | 534,319 | ||||||||||||
970 | Total Kentucky | 993,592 | ||||||||||||||
Louisiana – 3.1% | ||||||||||||||||
600 | Louisiana Offshore Terminal Authority, Deepwater Port Revenue Bonds, LOOP Inc. Project, Variable Rate Series 2010B-1A, 2.000%, 10/01/40 (Mandatory put 10/01/22) | No Opt. Call | BBB+ | 600,000 | ||||||||||||
1,000 | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/23 | No Opt. Call | AA– | 1,177,500 | ||||||||||||
500 | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/27 – AGM Insured | 12/22 at 100.00 | AA | 568,030 | ||||||||||||
1,015 | Regional Transit Authority, Louisiana, Sales Tax Revenue Bonds, Series 2010, 5.000%, 12/01/19 – AGM Insured (4) | No Opt. Call | AA | 1,096,220 | ||||||||||||
3,115 | Total Louisiana | 3,441,750 | ||||||||||||||
Maine – 1.1% | ||||||||||||||||
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013: | ||||||||||||||||
185 | 5.000%, 7/01/25 | 7/23 at 100.00 | BBB | 201,663 | ||||||||||||
1,000 | 5.000%, 7/01/33 | 7/23 at 100.00 | BBB | 1,046,710 | ||||||||||||
1,185 | Total Maine | 1,248,373 | ||||||||||||||
Maryland – 2.1% | ||||||||||||||||
2,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2017A, 5.000%, 5/15/42 | 5/27 at 100.00 | A | 2,267,820 | ||||||||||||
Massachusetts – 0.5% | ||||||||||||||||
530 | Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/21 – AMBAC Insured (Alternative Minimum Tax) | 12/17 at 100.00 | N/R | 534,887 | ||||||||||||
Michigan – 0.5% | ||||||||||||||||
45 | Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011, 6.000%, 10/01/21 | No Opt. Call | BB– | 44,795 |
NUVEEN | 79 |
Nuveen Inflation Protected Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Michigan (continued) | ||||||||||||||||
$ | 500 | Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/27 (Pre-refunded 10/01/20) | 10/20 at 100.00 | AAA | $ | 557,730 | ||||||||||
545 | Total Michigan | 602,525 | ||||||||||||||
Minnesota – 0.6% | ||||||||||||||||
550 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/27 | 12/26 at 100.00 | Aa3 | 672,996 | ||||||||||||
Missouri – 1.1% | ||||||||||||||||
1,000 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/24 | No Opt. Call | A | 1,176,190 | ||||||||||||
Nebraska – 1.5% | ||||||||||||||||
500 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 | 9/22 at 100.00 | A | 543,810 | ||||||||||||
935 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Series 2017, 5.000%, 11/15/35 | 5/27 at 100.00 | AA– | 1,085,245 | ||||||||||||
1,435 | Total Nebraska | 1,629,055 | ||||||||||||||
Nevada – 2.6% | ||||||||||||||||
390 | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/23 – AGM Insured | 7/19 at 100.00 | AA | 416,122 | ||||||||||||
1,000 | Clark County, Nevada, Sales & Excise Tax Revenue Bonds, Streets and Highways Series 2016, 5.000%, 7/01/29 | No Opt. Call | AA | 1,245,180 | ||||||||||||
1,000 | Truckee Meadows Water Authority, Nevada, Water Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/27 | No Opt. Call | AA+ | 1,242,630 | ||||||||||||
2,390 | Total Nevada | 2,903,932 | ||||||||||||||
New Jersey – 2.3% | ||||||||||||||||
2,000 | New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25 | No Opt. Call | A | 2,388,660 | ||||||||||||
165 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 4.875%, 9/15/19 (Alternative Minimum Tax) | No Opt. Call | BB– | 170,498 | ||||||||||||
2,165 | Total New Jersey | 2,559,158 | ||||||||||||||
New York – 4.2% | ||||||||||||||||
490 | Dormitory Authority of the State of New York, Revenue Bonds, Teachers College, Series 2017, 5.000%, 7/01/27 | No Opt. Call | A+ | 604,292 | ||||||||||||
1,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014E, 5.000%, 2/15/26 | 2/25 at 100.00 | AAA | 1,208,440 | ||||||||||||
110 | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/30 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 123,930 | ||||||||||||
1,250 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/22 (Alternative Minimum Tax) (4) | No Opt. Call | AA– | 1,457,650 | ||||||||||||
1,000 | TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series A, 5.000%, 6/01/28 | 6/27 at 100.00 | A– | 1,188,040 | ||||||||||||
3,850 | Total New York | 4,582,352 |
80 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
North Carolina – 5.9% | ||||||||||||||||
$ | 1,000 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Refunding Series 2016A, 5.000%, 6/01/28 | No Opt. Call | AA | $ | 1,247,840 | ||||||||||
835 | North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011, 5.000%, 7/01/21 (4) | No Opt. Call | AA | 949,846 | ||||||||||||
590 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/23 | No Opt. Call | BBB– | 679,704 | ||||||||||||
1,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017, 5.000%, 1/01/26 – AGM Insured | No Opt. Call | AA | 1,203,600 | ||||||||||||
2,000 | Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2017A, 5.000%, 5/01/28 (Alternative Minimum Tax) | 5/27 at 100.00 | Aa3 | 2,430,920 | ||||||||||||
5,425 | Total North Carolina | 6,511,910 | ||||||||||||||
North Dakota – 1.0% | ||||||||||||||||
1,000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A, 5.000%, 12/01/37 | 12/27 at 100.00 | A– | 1,126,490 | ||||||||||||
Ohio – 4.5% | ||||||||||||||||
670 | Cleveland, Ohio, Water Revenue Bonds, Series 2017BB, 5.000%, 1/01/26 | No Opt. Call | AA+ | 825,681 | ||||||||||||
190 | Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured | No Opt. Call | Aa1 | 204,356 | ||||||||||||
1,000 | New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/22 | No Opt. Call | Aa3 | 1,143,240 | ||||||||||||
2,000 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2017A, 5.000%, 12/01/28 | 6/27 at 100.00 | AAA | 2,492,500 | ||||||||||||
200 | Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., Series 1992, 6.450%, 12/15/21 | No Opt. Call | Baa1 | 237,332 | ||||||||||||
4,060 | Total Ohio | 4,903,109 | ||||||||||||||
Oklahoma – 0.7% | ||||||||||||||||
630 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A, 5.000%, 1/01/37 | 1/26 at 100.00 | AA– | 729,994 | ||||||||||||
Oregon – 1.5% | ||||||||||||||||
415 | Metro, Oregon, Dedicated Tax Revenue Bonds, Oregon Convention Center Hotel, Series 2017, 5.000%, 6/15/25 | No Opt. Call | Aa3 | 502,773 | ||||||||||||
1,000 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2014-22, 5.000%, 7/01/24 (Alternative Minimum Tax) | No Opt. Call | AA– | 1,186,590 | ||||||||||||
1,415 | Total Oregon | 1,689,363 | ||||||||||||||
Pennsylvania – 2.6% | ||||||||||||||||
840 | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/24 | 1/23 at 100.00 | A– | 942,791 | ||||||||||||
1,500 | Norristown Area School District, Pennsylvania, Installment Purchase Certificates of Participation, Series 2012, 5.000%, 4/01/32 | 4/22 at 100.00 | A3 | 1,600,125 | ||||||||||||
170 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University, Refunding Series 2013, 5.000%, 6/01/21 | No Opt. Call | BBB+ | 187,700 |
NUVEEN | 81 |
Nuveen Inflation Protected Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Pennsylvania (continued) | ||||||||||||||||
$ | 5 | Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/24 – AGM Insured | 9/22 at 100.00 | AA– | $ | 5,778 | ||||||||||
2,515 | Total Pennsylvania | 2,736,394 | ||||||||||||||
Tennessee – 6.0% | ||||||||||||||||
2,000 | Memphis & Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tourism Development Zone Revenue Bonds, Refunding Series 2017B, 5.000%, 11/01/27 | 11/26 at 100.00 | AA– | 2,444,840 | ||||||||||||
1,305 | Sullivan County, Tennessee, General Obligation Bonds, School Series 2017, 5.000%, 5/01/26 | No Opt. Call | Aa2 | 1,618,396 | ||||||||||||
2,000 | Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Series 2017A, 5.000%, 11/01/27 | No Opt. Call | AA+ | 2,527,560 | ||||||||||||
5,305 | Total Tennessee | 6,590,796 | ||||||||||||||
Texas – 6.1% | ||||||||||||||||
1,000 | Aldine Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2017, 5.000%, 2/15/26 | No Opt. Call | AAA | 1,231,640 | ||||||||||||
1,000 | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/41 | 11/26 at 100.00 | AA | 1,166,450 | ||||||||||||
365 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2013, 5.000%, 1/01/23 | No Opt. Call | BBB | 420,933 | ||||||||||||
1,000 | Dallas, Texas, General Obligation Bonds, Refunding & Improvement Series 2014, 5.000%, 2/15/22 | No Opt. Call | AA | 1,135,700 | ||||||||||||
215 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) | 10/22 at 100.00 | BB | 224,776 | ||||||||||||
855 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/23 – NPFG Insured | No Opt. Call | A | 699,253 | ||||||||||||
1,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/28 | 11/24 at 100.00 | A2 | 1,163,600 | ||||||||||||
230 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/31 – NPFG Insured | 11/24 at 66.52 | A | 118,717 | ||||||||||||
500 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 4.000%, 12/01/21 | No Opt. Call | B1 | 512,815 | ||||||||||||
6,165 | Total Texas | 6,673,884 | ||||||||||||||
Utah – 1.0% | ||||||||||||||||
935 | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 6/15/22 | No Opt. Call | AA | 1,077,195 | ||||||||||||
Vermont – 1.0% | ||||||||||||||||
1,000 | Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of Vermont Medical Center Project, Series 2016A, 5.000%, 12/01/35 | 6/26 at 100.00 | A– | 1,131,290 | ||||||||||||
Virginia – 0.2% | ||||||||||||||||
185 | 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 | 204,521 |
82 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Washington – 1.6% | ||||||||||||||||
$ | 500 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/19 (ETM) | No Opt. Call | N/R (5) | $ | 531,125 | ||||||||||
1,000 | Washington State, General Obligation Bonds, Various Purpose Series 2017D, 5.000%, 2/01/29 | 2/27 at 100.00 | AA+ | 1,224,210 | ||||||||||||
1,500 | Total Washington | 1,755,335 | ||||||||||||||
West Virginia – 0.2% | ||||||||||||||||
235 | Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 1.625%, 10/01/22 (Mandatory put 10/01/18) | No Opt. Call | A– | 236,405 | ||||||||||||
Wisconsin – 1.3% | ||||||||||||||||
1,015 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/24 | 7/23 at 100.00 | A | 1,179,745 | ||||||||||||
260 | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.250%, 5/01/20 | 5/19 at 100.00 | Aa2 | 277,446 | ||||||||||||
1,275 | Total Wisconsin | 1,457,191 | ||||||||||||||
Wyoming – 0.8% | ||||||||||||||||
755 | Consolidated Wyoming Municipalities Electric Power System Joint Powers Board, Wyoming, Electric Facilities Improvement Lease Revenue Bonds, Gillette Electrical System Project, Series 2014A, 5.000%, 6/01/24 | No Opt. Call | A+ | 896,925 | ||||||||||||
$ | 96,972 | Total Long-Term Investments (cost $108,163,245) | 111,608,826 | |||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provision (2) | Ratings (3) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 0.9% | ||||||||||||||||
MUNICIPAL BONDS – 0.9% | ||||||||||||||||
Washington – 0.9% | ||||||||||||||||
$ | 1,000 | Washington State Health Care Facilities Authority, Variable Rate Demand Obligations, Revenue Bonds, Catholic Health Initiative, Tender Option Bond Floater 2016-XM0424, 1.290%, 2/01/41 (6) | 2/21 at 100.00 | VMIG-3 | $ | 1,000,000 | ||||||||||
$ | 1,000 | Total Short-Term Investments (cost $1,000,000) | 1,000,000 | |||||||||||||
Total Investments (cost $109,163,245) – 102.5% | 112,608,826 | |||||||||||||||
Other Assets Less Liabilities – (2.5)% (7) | (2,774,607 | ) | ||||||||||||||
Net Assets – 100% | $ | 109,834,219 |
Investments in Derivatives as of September 30, 2017
Consumer Price Index Swaps (OTC Uncleared)
Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Effective Date (8) | Maturity Date | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||
Citigroup Inc. | $4,000,000 | Receive | CPURNSA | 2.120 | % | Annually | 8/22/17 | 8/22/29 | $ | 29,772 | $ | 484 | $ | 29,288 | ||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 5,000,000 | Receive | CPURNSA | 2.600 | Annually | 2/05/13 | 2/05/18 | (346,377 | ) | — | (346,377 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 4,000,000 | Receive | CPURNSA | 2.560 | Annually | 12/28/12 | 12/28/18 | (315,642 | ) | — | (315,642 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 3,500,000 | Receive | CPURNSA | 2.509 | Annually | 2/08/13 | 2/08/19 | (247,782 | ) | — | (247,782 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 4,500,000 | Receive | CPURNSA | 2.645 | Annually | 12/28/12 | 12/28/19 | (413,359 | ) | — | (413,359 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 5,500,000 | Receive | CPURNSA | 2.645 | Annually | 9/30/13 | 9/30/21 | (492,017 | ) | — | (492,017 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 8,000,000 | Receive | CPURNSA | 2.777 | Annually | 2/19/13 | 2/19/22 | (914,064 | ) | — | (914,064 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 4,000,000 | Receive | CPURNSA | 1.953 | Annually | 6/01/17 | 6/01/20 | (3,461 | ) | — | (3,461 | ) |
NUVEEN | 83 |
Nuveen Inflation Protected Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Investments in Derivatives as of September 30, 2017 (continued)
Consumer Price Index Swaps (OTC Uncleared) (continued)
Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Effective Date (8) | Maturity Date | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | $5,000,000 | Receive | CPURNSA | 2.190 | % | Annually | 1/05/17 | 1/05/21 | $ | (53,007 | ) | $ | — | $ | (53,007 | ) | ||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 3,500,000 | Receive | CPURNSA | 1.920 | Annually | 7/07/17 | 7/07/21 | 6,316 | — | 6,316 | ||||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 5,000,000 | Receive | CPURNSA | 2.190 | Annually | 3/02/17 | 3/02/23 | (67,843 | ) | — | (67,843 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 4,750,000 | Receive | CPURNSA | 2.228 | Annually | 2/16/17 | 2/16/24 | (76,516 | ) | — | (76,516 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 2,000,000 | Receive | CPURNSA | 2.195 | Annually | 3/29/17 | 3/29/25 | (32,051 | ) | — | (32,051 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 4,000,000 | Receive | CPURNSA | 2.329 | Annually | 1/30/17 | 1/30/26 | (98,041 | ) | — | (98,041 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 4,000,000 | Receive | CPURNSA | 2.270 | Annually | 3/09/17 | 3/09/26 | (81,949 | ) | — | (81,949 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 5,500,000 | Receive | CPURNSA | 2.265 | Annually | 3/15/17 | 3/15/26 | (112,317 | ) | — | (112,317 | ) | ||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | 2,000,000 | Receive | CPURNSA | 2.320 | Annually | 3/29/17 | 3/29/29 | (48,145 | ) | — | (48,145 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | 3,800,000 | Receive | CPURNSA | 2.595 | Annually | 11/05/13 | 11/05/18 | (248,639 | ) | — | (248,639 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | 3,000,000 | Receive | CPURNSA | 1.970 | Annually | 4/26/17 | 4/26/20 | (15,150 | ) | — | (15,150 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | 3,000,000 | Receive | CPURNSA | 2.283 | Annually | 9/15/14 | 9/15/21 | (161,410 | ) | — | (161,410 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | 5,000,000 | Receive | CPURNSA | 2.178 | Annually | 3/13/17 | 3/13/23 | (68,407 | ) | — | (68,407 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | 5,000,000 | Receive | CPURNSA | 2.205 | Annually | 1/28/17 | 1/28/24 | (69,892 | ) | — | (69,892 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | 3,000,000 | Receive | CPURNSA | 2.650 | Annually | 8/07/13 | 8/07/24 | (324,416 | ) | — | (324,416 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | 3,000,000 | Receive | CPURNSA | 2.108 | Annually | 4/26/17 | 4/26/25 | (25,819 | ) | — | (25,819 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | 3,000,000 | Receive | CPURNSA | 2.310 | Annually | 1/28/17 | 1/28/27 | (67,065 | ) | — | (67,065 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | 4,000,000 | Receive | CPURNSA | 2.233 | Annually | 4/19/17 | 4/19/27 | (68,013 | ) | — | (68,013 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | 3,500,000 | Receive | CPURNSA | 2.350 | Annually | 2/09/17 | 2/09/29 | (88,405 | ) | — | (88,405 | ) | ||||||||||||||||||||||||||
Total | $110,550,000 | $ | (4,403,699 | ) | $ | 484 | $ | (4,404,183 | ) | |||||||||||||||||||||||||||||
Total interest rate swap premiums paid |
| $ | 484 | |||||||||||||||||||||||||||||||||||
Total interest rate swap premiums received |
| $ | — | |||||||||||||||||||||||||||||||||||
Total unrealized appreciation on credit default swaps |
| $ | 35,604 | |||||||||||||||||||||||||||||||||||
Total unrealized depreciation on credit default swaps |
| $ | (4,439,787 | ) |
(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 derivatives. |
(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. |
(6) | Investment has maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
(7) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
(8) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |
ETM | Escrowed to maturity. |
CPURNSA | US CPI Urban Consumers Non-Seasonally Adjusted |
See accompanying notes to financial statements.
84 | NUVEEN |
Nuveen Intermediate Duration Municipal Bond Fund
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
LONG-TERM INVESTMENTS – 97.9% | ||||||||||||||||||||||||
MUNICIPAL BONDS – 97.6% | ||||||||||||||||||||||||
Alabama – 2.0% | ||||||||||||||||||||||||
$ | 7,630 | Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/31 – AGM Insured (Alternative Minimum Tax) | 10/27 at 100.00 | AA | $ | 8,911,840 | ||||||||||||||||||
31,725 | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2016A, 4.000%, 7/01/46 (Mandatory put 6/01/21) | 3/21 at 100.59 | A1 | 34,317,884 | ||||||||||||||||||||
27,715 | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2017A, 4.000%, 8/01/47 | 4/22 at 100.52 | A1 | 30,559,390 | ||||||||||||||||||||
1,130 | Huntsville, Alabama, Electric System Revenue Warrants, Refunding Series 2007, 4.000%, 12/01/18 (Pre-refunded 12/01/17) – AGM Insured | 12/17 at 100.00 | Aa1 (4) | 1,136,260 | ||||||||||||||||||||
2,685 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.000%, 4/15/27 | 4/25 at 100.00 | N/R | 2,801,422 | ||||||||||||||||||||
795 | Mobile, Alabama, General Obligation Warrants, Refunding & Improvement Series 2008B, 5.000%, 2/15/20 | 2/18 at 100.00 | Aa2 | 807,068 | ||||||||||||||||||||
1,205 | Mobile, Alabama, General Obligation Warrants, Refunding & Improvement Series 2008B, 5.000%, 2/15/20 (Pre-refunded 2/15/18) | 2/18 at 100.00 | N/R (4) | 1,223,690 | ||||||||||||||||||||
Montgomery Medical Clinic Board, Alabama, Health Care Facility Revenue Bonds, Jackson Hospital & Clinic, Series 2015: | ||||||||||||||||||||||||
2,080 | 5.000%, 3/01/23 | No Opt. Call | BBB | 2,365,917 | ||||||||||||||||||||
3,555 | 5.000%, 3/01/24 | No Opt. Call | BBB | 4,099,057 | ||||||||||||||||||||
2,235 | 5.000%, 3/01/25 | No Opt. Call | BBB | 2,601,026 | ||||||||||||||||||||
1,725 | 5.000%, 3/01/26 | No Opt. Call | BBB | 2,014,334 | ||||||||||||||||||||
1,000 | The Improvement District of the City of Mobile – McGowin Park Project, Alabama, Sales Tax Revenue Bonds, Series 2016A, 5.000%, 8/01/25 | No Opt. Call | N/R | 1,056,510 | ||||||||||||||||||||
1,500 | University of Alabama, Birmingham, Hospital Revenue Bonds, Birmingham Hospital, Series 2008A, 5.000%, 9/01/18 (ETM) | No Opt. Call | A1 (4) | 1,556,100 | ||||||||||||||||||||
4,000 | University of Alabama, Birmingham, Hospital Revenue Bonds, Birmingham Hospital, Series 2008A, 5.750%, 9/01/22 (Pre-refunded 9/01/18) | 9/18 at 100.00 | A1 (4) | 4,177,120 | ||||||||||||||||||||
8,100 | University of Alabama, Tuscaloosa, General Revenue Bonds, Series 2017B, 3.000%, 7/01/36 | 7/27 at 100.00 | AA | 7,794,549 | ||||||||||||||||||||
97,080 | Total Alabama | 105,422,167 | ||||||||||||||||||||||
Alaska – 0.2% | ||||||||||||||||||||||||
3,000 | Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21 | 4/20 at 100.00 | A1 | 3,283,680 | ||||||||||||||||||||
6,025 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 | 12/17 at 100.00 | B3 | 5,920,165 | ||||||||||||||||||||
5,065 | Valdez, Alaska, Marine Terminal Revenue Bonds, BP Pipelines Inc. Project, Refunding Series 2003B, 5.000%, 1/01/21 | No Opt. Call | A1 | 5,620,985 | ||||||||||||||||||||
14,090 | Total Alaska | 14,824,830 | ||||||||||||||||||||||
Arizona – 2.5% | ||||||||||||||||||||||||
4,120 | Arizona Board of Regents, Certificates of Participation, University of Arizona Projects, Refunding Series 2007B, 4.500%, 6/01/18 – AMBAC Insured | 12/17 at 100.00 | Aa3 | 4,131,577 |
NUVEEN | 85 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Arizona (continued) | ||||||||||||||||||||||||
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A: | ||||||||||||||||||||||||
$ | 1,235 | 5.000%, 2/01/20 | No Opt. Call | BBB+ | $ | 1,329,255 | ||||||||||||||||||
6,255 | 5.000%, 2/01/27 | 2/22 at 100.00 | BBB+ | 6,859,296 | ||||||||||||||||||||
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A: | ||||||||||||||||||||||||
10,270 | 5.000%, 7/01/25 | 7/22 at 100.00 | A1 | 11,428,969 | ||||||||||||||||||||
16,235 | 5.000%, 7/01/26 | 7/22 at 100.00 | A1 | 17,986,107 | ||||||||||||||||||||
16,760 | 5.000%, 7/01/27 | 7/22 at 100.00 | A1 | 18,480,917 | ||||||||||||||||||||
Arizona State, State Lottery Revenue Bonds, Series 2010A: | ||||||||||||||||||||||||
55 | 5.000%, 7/01/18 – AGM Insured | No Opt. Call | AA | 56,668 | ||||||||||||||||||||
5,165 | 5.000%, 7/01/19 – AGM Insured | No Opt. Call | AA | 5,517,924 | ||||||||||||||||||||
5,015 | 5.000%, 7/01/20 – AGM Insured | No Opt. Call | AA | 5,535,707 | ||||||||||||||||||||
6,130 | 5.000%, 7/01/21 – AGM Insured | 1/20 at 100.00 | AA | 6,650,989 | ||||||||||||||||||||
7,500 | 5.000%, 7/01/22 – AGM Insured | 1/20 at 100.00 | AA | 8,135,700 | ||||||||||||||||||||
6,000 | Gilbert Public Facilities Municipal Property Corporation, Arizona, Revenue Bonds, Series 2009, 5.500%, 7/01/27 | 7/19 at 100.00 | AA+ | 6,456,000 | ||||||||||||||||||||
2,000 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/26 | 5/22 at 100.00 | A | 2,226,720 | ||||||||||||||||||||
1,355 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.000%, 5/15/21 | 5/20 at 100.00 | A+ | 1,481,245 | ||||||||||||||||||||
Northern Arizona University, System Revenue Bonds, Refunding Series 2014: | ||||||||||||||||||||||||
385 | 5.000%, 6/01/22 | No Opt. Call | A+ | 441,861 | ||||||||||||||||||||
500 | 5.000%, 6/01/23 | No Opt. Call | A+ | 584,725 | ||||||||||||||||||||
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A: | ||||||||||||||||||||||||
2,045 | 5.000%, 7/01/22 | 7/20 at 100.00 | A+ | 2,248,539 | ||||||||||||||||||||
10,400 | 5.000%, 7/01/40 | 7/20 at 100.00 | A+ | 11,358,152 | ||||||||||||||||||||
520 | Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series 2014A, 5.000%, 7/01/23 | No Opt. Call | AAA | 617,313 | ||||||||||||||||||||
2,650 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company Project, Series 2013A, 4.000%, 9/01/29 | 3/23 at 100.00 | A– | 2,793,868 | ||||||||||||||||||||
2,670 | Pima County, Arizona, Sewer Revenue Bonds, Series 2010, 5.000%, 7/01/24 (Pre-refunded 7/01/20) – AGM Insured | 7/20 at 100.00 | AA (4) | 2,951,044 | ||||||||||||||||||||
645 | Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/23 | No Opt. Call | AA+ | 773,755 | ||||||||||||||||||||
3,000 | Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2009A, 5.000%, 1/01/25 | 1/19 at 100.00 | Aa1 | 3,148,140 | ||||||||||||||||||||
3,925 | Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 2015-XF2192, 11.735%, 12/01/24 (IF) (5) | 12/21 at 100.00 | AA | 5,652,353 | ||||||||||||||||||||
1,000 | Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.000%, 9/01/20 | 9/18 at 100.00 | A2 | 1,035,460 | ||||||||||||||||||||
1,350 | Sedona-Oak Creek Joint Unified School District 9, Coconino and Yavapi Counties, Arizona, General Obligation Bonds, School Improvement Project 2007, Series 2009B, 5.375%, 7/01/28 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aa2 (4) | 1,452,748 |
86 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Arizona (continued) | ||||||||||||||||||||||||
$ | 4,850 | The Industrial Development Authority of the City of Phoenix, Arizona Education Facility Revenue Bonds, Legacy Traditional Schools East Mesa and Cadence (Nevada) Campuses, Series 2017A, 4.000%, 7/01/22 | 7/19 at 101.00 | N/R | $ | 4,791,849 | ||||||||||||||||||
122,035 | Total Arizona | 134,126,881 | ||||||||||||||||||||||
Arkansas – 0.8% | ||||||||||||||||||||||||
1,000 | Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 5.000%, 12/01/33 | 12/23 at 100.00 | A1 | 1,145,210 | ||||||||||||||||||||
1,490 | Conway, Arkansas, Restaurant Gross Receipts Tax Revenue Bonds, Series 2007, 5.000%, 12/01/22 – AGM Insured | 11/17 at 100.00 | AA | 1,494,947 | ||||||||||||||||||||
Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A: | ||||||||||||||||||||||||
6,730 | 5.000%, 11/01/17 – AGM Insured | 10/17 at 100.00 | AA | 6,752,949 | ||||||||||||||||||||
4,965 | 4.500%, 11/01/19 – AGM Insured | 12/17 at 100.00 | AA | 4,979,150 | ||||||||||||||||||||
4,540 | Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light Company Project, Series 2013, 2.375%, 1/01/21 | No Opt. Call | A | 4,678,879 | ||||||||||||||||||||
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014: | ||||||||||||||||||||||||
500 | 5.000%, 7/01/22 | No Opt. Call | A+ | 575,810 | ||||||||||||||||||||
800 | 5.000%, 7/01/23 | No Opt. Call | A+ | 938,408 | ||||||||||||||||||||
1,610 | 5.000%, 7/01/26 | 7/24 at 100.00 | A+ | 1,909,299 | ||||||||||||||||||||
1,485 | 5.000%, 7/01/28 | 7/24 at 100.00 | A+ | 1,742,113 | ||||||||||||||||||||
1,935 | 5.000%, 7/01/29 | 7/24 at 100.00 | A+ | 2,257,487 | ||||||||||||||||||||
1,000 | 5.000%, 7/01/30 | 7/24 at 100.00 | A+ | 1,164,280 | ||||||||||||||||||||
4,585 | 5.000%, 7/01/34 | 7/24 at 100.00 | A+ | 5,293,245 | ||||||||||||||||||||
Magnolia, Arkansas, Sales and Use Tax Revenue Bonds, Series 2007: | ||||||||||||||||||||||||
575 | 5.000%, 8/01/21 – CIFG Insured | 12/17 at 100.00 | AA | 576,541 | ||||||||||||||||||||
1,130 | 5.000%, 8/01/22 – CIFG Insured | 12/17 at 100.00 | AA | 1,132,859 | ||||||||||||||||||||
1,185 | 5.000%, 8/01/23 – CIFG Insured | 12/17 at 100.00 | AA | 1,187,856 | ||||||||||||||||||||
1,245 | 5.000%, 8/01/24 – CIFG Insured | 12/17 at 100.00 | AA | 1,247,888 | ||||||||||||||||||||
1,000 | North Little Rock Health Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 1996B, 5.750%, 12/01/21 (Pre-refunded 12/01/18) | 12/18 at 100.00 | A+ (4) | 1,055,020 | ||||||||||||||||||||
Pulaski County Public Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 2014: | ||||||||||||||||||||||||
2,125 | 5.000%, 12/01/25 | 12/24 at 100.00 | A+ | 2,508,690 | ||||||||||||||||||||
1,780 | 5.000%, 12/01/27 | 12/24 at 100.00 | A+ | 2,063,910 | ||||||||||||||||||||
1,000 | University of Arkansas, Various Facilities Revenue Bonds, UAMS Campus, Series 2014A, 5.000%, 3/01/21 | No Opt. Call | Aa2 | 1,127,880 | ||||||||||||||||||||
40,680 | Total Arkansas | 43,832,421 | ||||||||||||||||||||||
California – 6.0% | ||||||||||||||||||||||||
1,525 | ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Children’s Hospital & Research Center at Oakland, Refunding Series 2007A, 4.500%, 12/01/18 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (4) | 1,534,760 | ||||||||||||||||||||
1,565 | ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2003A, 4.900%, 2/01/20 – NPFG Insured | No Opt. Call | A+ | 1,700,466 | ||||||||||||||||||||
1,860 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 10/01/23 | No Opt. Call | A | 2,215,744 | ||||||||||||||||||||
920 | Apple Valley Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2 Series 2007, 4.500%, 6/01/18 – AMBAC Insured | 12/17 at 100.00 | BBB+ | 922,355 |
NUVEEN | 87 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
California (continued) | ||||||||||||||||||||||||
$ | 1,670 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Subordinate Fixed Rate Series 2017S-7, 3.250%, 4/01/36 | 4/27 at 100.00 | AA | $ | 1,638,053 | ||||||||||||||||||
California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 2008H: | ||||||||||||||||||||||||
1,270 | 5.000%, 5/01/22 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | Aa1 (4) | 1,301,648 | ||||||||||||||||||||
580 | 5.000%, 5/01/22 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | Aa1 (4) | 594,454 | ||||||||||||||||||||
8,105 | California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Refunding Series 2016A, 3.000%, 3/01/39 | 3/26 at 100.00 | A | 7,326,515 | ||||||||||||||||||||
515 | California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Series 2009C, 5.125%, 3/01/20 | 3/19 at 100.00 | A | 543,804 | ||||||||||||||||||||
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2017A: | ||||||||||||||||||||||||
1,200 | 5.000%, 8/15/35 | 8/27 at 100.00 | BBB+ | 1,372,908 | ||||||||||||||||||||
1,845 | 5.000%, 8/15/36 | 8/27 at 100.00 | BBB+ | 2,102,488 | ||||||||||||||||||||
2,330 | California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital of Orange County, Series 2009A, 5.750%, 11/01/18 | No Opt. Call | A+ | 2,389,834 | ||||||||||||||||||||
2,560 | California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2016B-3, 2.000%, 10/01/36 (Mandatory put 10/01/25) | 10/25 at 100.00 | AA– | 2,522,598 | ||||||||||||||||||||
3,530 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2015B-2, 3.125%, 11/01/40 (Mandatory put 11/03/25) (Alternative Minimum Tax) | No Opt. Call | A– | 3,641,583 | ||||||||||||||||||||
16,835 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2015A-1, 3.375%, 7/01/25 (Alternative Minimum Tax) | No Opt. Call | A– | 18,100,992 | ||||||||||||||||||||
12,305 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management, Inc. Project, Refunding Series 2015B-1, 3.000%, 11/01/25 (Alternative Minimum Tax) | No Opt. Call | A– | 12,928,002 | ||||||||||||||||||||
2,245 | California State Public Works Board, Lease Revenue Bonds, California State University Monterey Bay Campus Library Project, Series 2009D, 6.000%, 4/01/25 (Pre-refunded 4/01/19) | 4/19 at 100.00 | Aaa | 2,415,844 | ||||||||||||||||||||
1,400 | California State Public Works Board, Lease Revenue Bonds, California State University, Various University Projects, Series 2010B-1, 5.375%, 3/01/25 | 3/20 at 100.00 | Aa3 | 1,536,710 | ||||||||||||||||||||
5,000 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.250%, 10/01/24 (Pre-refunded 10/01/19) | 10/19 at 100.00 | Aaa | 5,427,650 | ||||||||||||||||||||
California State, Economic Recovery Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||||||||
2,070 | 5.000%, 7/01/20 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 2,217,094 | ||||||||||||||||||||
3,830 | 5.250%, 7/01/21 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 4,118,782 | ||||||||||||||||||||
2,195 | 5.250%, 7/01/21 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 2,360,503 | ||||||||||||||||||||
15 | California State, General Obligation Bonds, Various Purpose Series 2001, 5.000%, 11/01/18 | 12/17 at 100.00 | AA– | 15,053 | ||||||||||||||||||||
1,000 | California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 12/01/23 (Pre-refunded 12/01/17) | 12/17 at 100.00 | Aaa | 1,007,440 | ||||||||||||||||||||
1,450 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/29 | 12/24 at 100.00 | BB+ | 1,642,067 | ||||||||||||||||||||
800 | California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/25 | 7/24 at 100.00 | A– | 950,952 | ||||||||||||||||||||
1,000 | California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Henry Mayo Newhall Memorial Hospital, Series 2007B, 5.200%, 10/01/37 (Pre-refunded 10/01/18) – AMBAC Insured | 10/18 at 100.00 | AA– (4) | 1,043,770 |
88 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
California (continued) | ||||||||||||||||||||||||
$ | 705 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G, 5.000%, 7/01/22 (6) | 12/17 at 100.00 | CCC | $ | 704,062 | ||||||||||||||||||
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Capital Appreciation Series 2011A: | ||||||||||||||||||||||||
7,475 | 0.000%, 11/01/26 | 11/21 at 66.91 | BBB+ | 4,462,425 | ||||||||||||||||||||
4,095 | 0.000%, 11/01/28 | 11/21 at 56.33 | BBB+ | 2,049,752 | ||||||||||||||||||||
Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012: | ||||||||||||||||||||||||
2,725 | 5.000%, 1/01/22 | No Opt. Call | BBB | 2,972,975 | ||||||||||||||||||||
2,860 | 5.000%, 1/01/23 | No Opt. Call | BBB | 3,153,636 | ||||||||||||||||||||
1,635 | 5.000%, 1/01/24 | 1/23 at 100.00 | BBB | 1,792,827 | ||||||||||||||||||||
1,325 | 5.000%, 1/01/25 | 1/23 at 100.00 | BBB | 1,438,804 | ||||||||||||||||||||
Desert Sands Unified School District, Riverside County, California, General Obligation Bonds, Election 2001, Series 2008: | ||||||||||||||||||||||||
510 | 5.250%, 8/01/23 (Pre-refunded 8/01/18) | 8/18 at 100.00 | Aa2 (4) | 528,987 | ||||||||||||||||||||
2,025 | 5.000%, 8/01/24 (Pre-refunded 8/01/18) | 8/18 at 100.00 | Aa2 (4) | 2,096,179 | ||||||||||||||||||||
2,100 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 4.550%, 6/01/22 – AGM Insured | 6/18 at 100.00 | AA | 2,147,943 | ||||||||||||||||||||
19,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33 | 12/17 at 100.00 | B+ | 18,979,100 | ||||||||||||||||||||
1,300 | Grant Joint Union High School District, Sacramento County, California, General Obligation Bonds, Capital Appreciation Election 2006 Series 2008, 0.000%, 8/01/26 – AGM Insured | No Opt. Call | A1 | 1,038,401 | ||||||||||||||||||||
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C: | ||||||||||||||||||||||||
1,000 | 5.000%, 9/01/30 | 9/24 at 100.00 | N/R | 1,128,590 | ||||||||||||||||||||
1,015 | 5.000%, 9/01/32 | 9/24 at 100.00 | N/R | 1,132,943 | ||||||||||||||||||||
465 | 5.000%, 9/01/34 | 9/24 at 100.00 | N/R | 514,969 | ||||||||||||||||||||
5,745 | Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities District 90-2, Series 2007A, 4.500%, 10/01/24 – AGM Insured | 10/17 at 100.00 | AA | 5,760,684 | ||||||||||||||||||||
2,015 | Las Virgenes Unified School District, Los Angeles County, California, General Obligation Bonds, 2006 Election, Series 2009B, 0.000%, 8/01/27 | No Opt. Call | Aa1 | 1,569,121 | ||||||||||||||||||||
845 | Long Beach Financing Authority, California, Revenue Bonds, Series 1992, 6.000%, 11/01/17 – AMBAC Insured | No Opt. Call | N/R | 848,076 | ||||||||||||||||||||
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B: | ||||||||||||||||||||||||
1,015 | 5.000%, 7/01/25 | 1/24 at 100.00 | Aa2 | 1,217,310 | ||||||||||||||||||||
5,000 | 5.000%, 7/01/43 | 1/24 at 100.00 | Aa2 | 5,719,550 | ||||||||||||||||||||
Los Angeles, California, Special Tax Bonds, Community Facilities District 4, Playa Vista Phase I, Series 2014: | ||||||||||||||||||||||||
1,075 | 5.000%, 9/01/24 | No Opt. Call | BBB+ | 1,288,624 | ||||||||||||||||||||
1,250 | 5.000%, 9/01/25 | 9/24 at 100.00 | BBB+ | 1,476,200 | ||||||||||||||||||||
1,000 | 5.000%, 9/01/26 | 9/24 at 100.00 | BBB+ | 1,169,290 | ||||||||||||||||||||
Menifee Union School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2016A: | ||||||||||||||||||||||||
400 | 5.000%, 9/01/29 – BAM Insured | 9/25 at 100.00 | AA | 476,100 | ||||||||||||||||||||
630 | 5.000%, 9/01/30 – BAM Insured | 9/25 at 100.00 | AA | 746,859 | ||||||||||||||||||||
4,770 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28 (7) | 2/28 at 100.00 | Aa1 | 4,590,028 |
NUVEEN | 89 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
California (continued) | ||||||||||||||||||||||||
$ | 12,205 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.125%, 11/01/29 | No Opt. Call | A | $ | 15,506,697 | ||||||||||||||||||
10,265 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.125%, 11/01/29 | No Opt. Call | A | 13,041,888 | ||||||||||||||||||||
2,000 | North Monterey County Unified School District, California, General Obligation Bonds, Election of 2013, Series 2014A, 4.000%, 5/01/44 | 5/24 at 100.00 | A+ | 2,070,260 | ||||||||||||||||||||
855 | Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2010, 6.000%, 12/01/21 | 12/20 at 100.00 | BB | 910,532 | ||||||||||||||||||||
8,000 | Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40 (7) | 8/30 at 100.00 | A | 9,158,160 | ||||||||||||||||||||
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A: | ||||||||||||||||||||||||
1,815 | 0.000%, 8/01/21 – AGC Insured | No Opt. Call | AA | 1,701,327 | ||||||||||||||||||||
2,095 | 0.000%, 8/01/22 – AGC Insured | No Opt. Call | AA | 1,911,667 | ||||||||||||||||||||
4,085 | 0.000%, 8/01/23 – AGC Insured | No Opt. Call | AA | 3,607,913 | ||||||||||||||||||||
7,000 | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 6.000%, 10/01/25 – AGM Insured | 10/21 at 100.00 | AA | 8,223,110 | ||||||||||||||||||||
Port of Oakland, California, Revenue Bonds, Refunding Inter Lien Series 2007B: | ||||||||||||||||||||||||
2,530 | 5.000%, 11/01/18 (Pre-refunded 11/01/17) – NPFG Insured | 11/17 at 100.00 | A (4) | 2,539,538 | ||||||||||||||||||||
1,230 | 5.000%, 11/01/19 (Pre-refunded 11/01/17) – NPFG Insured | 11/17 at 100.00 | A (4) | 1,234,637 | ||||||||||||||||||||
5,350 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/34 | No Opt. Call | AA– | 3,007,502 | ||||||||||||||||||||
2,410 | Riverside County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Refunding Series 2014A, 4.000%, 10/01/37 – AGM Insured | 10/24 at 100.00 | AA | 2,522,426 | ||||||||||||||||||||
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B: | ||||||||||||||||||||||||
2,115 | 0.000%, 10/01/34 | No Opt. Call | A | 1,122,536 | ||||||||||||||||||||
2,000 | 0.000%, 10/01/36 | No Opt. Call | A | 967,080 | ||||||||||||||||||||
5,000 | Sacramento County, California, Airport System Revenue Bonds, Senior Lien Series 2010, 5.000%, 7/01/40 | 7/20 at 100.00 | A | 5,440,800 | ||||||||||||||||||||
1,000 | San Bernardino Community College District, California, General Obligation Bonds, Election 2002 Series 2008A, 6.500%, 8/01/27 (Pre-refunded 8/01/18) | 8/18 at 100.00 | Aa2 (4) | 1,048,180 | ||||||||||||||||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||||||||||||||||||||
5,000 | 5.000%, 1/15/29 | 1/25 at 100.00 | BBB | 5,627,900 | ||||||||||||||||||||
26,000 | 5.000%, 1/15/34 | 1/25 at 100.00 | BBB | 28,843,360 | ||||||||||||||||||||
2,770 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured | 12/17 at 100.00 | A+ | 2,779,252 | ||||||||||||||||||||
2,250 | Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 | No Opt. Call | A | 2,740,095 | ||||||||||||||||||||
2,255 | Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured (ETM) | No Opt. Call | A (4) | 2,729,520 | ||||||||||||||||||||
1,000 | Santa Ana Unified School District, Orange County, California, General Obligation Bonds, Series 2008A, 5.250%, 8/01/28 | 8/18 at 100.00 | Aa3 | 1,035,580 | ||||||||||||||||||||
35 | Santa Monica-Malibu Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2012 Series 2017C, 3.125%, 7/01/42 | 7/27 at 100.00 | AA | 33,796 |
90 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
California (continued) | ||||||||||||||||||||||||
Santa Paula Utility Authority, California, Water Enterprise Revenue Bonds, Refunding Series 2010: | ||||||||||||||||||||||||
$ | 2,510 | 5.000%, 2/01/28 | 2/20 at 100.00 | A+ | $ | 2,710,097 | ||||||||||||||||||
2,630 | 5.000%, 2/01/29 | 2/20 at 100.00 | A+ | 2,834,614 | ||||||||||||||||||||
2,765 | 5.000%, 2/01/30 | 2/20 at 100.00 | A+ | 2,979,453 | ||||||||||||||||||||
South Bayside Waste Management Authority, California, Solida Waste Enterprise Revenue Bonds, Shoreway Environmental Center, Series 2009A: | ||||||||||||||||||||||||
2,500 | 5.250%, 9/01/24 | 9/19 at 100.00 | A1 | 2,691,800 | ||||||||||||||||||||
1,200 | 6.250%, 9/01/29 | 9/19 at 100.00 | A1 | 1,315,920 | ||||||||||||||||||||
Tulare Local Health Care District, California, General Obligation Bonds, Series 2009B-1: | ||||||||||||||||||||||||
1,180 | 6.000%, 8/01/22 | 8/19 at 100.00 | Ba2 | 1,266,069 | ||||||||||||||||||||
1,410 | 6.125%, 8/01/23 | 8/19 at 100.00 | Ba2 | 1,512,338 | ||||||||||||||||||||
1,585 | 6.250%, 8/01/24 | 8/19 at 100.00 | Ba2 | 1,699,960 | ||||||||||||||||||||
1,265 | 6.375%, 8/01/25 | 8/19 at 100.00 | Ba2 | 1,356,738 | ||||||||||||||||||||
500 | 6.500%, 8/01/26 | 8/19 at 100.00 | Ba2 | 536,375 | ||||||||||||||||||||
University of California, General Revenue Bonds, Limited Project Series 2017M: | ||||||||||||||||||||||||
3,000 | 5.000%, 5/15/29 | 5/27 at 100.00 | AA– | 3,711,750 | ||||||||||||||||||||
3,000 | 5.000%, 5/15/30 | 5/27 at 100.00 | AA– | 3,678,150 | ||||||||||||||||||||
5,000 | 5.000%, 5/15/31 | 5/27 at 100.00 | AA– | 6,077,900 | ||||||||||||||||||||
2,030 | Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/23 – FGIC Insured | No Opt. Call | Aa3 | 1,814,658 | ||||||||||||||||||||
3,000 | Victor Valley Union High School District, San Bernardino County, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/31 – AGC Insured (7) | 8/26 at 100.00 | AA | 3,303,210 | ||||||||||||||||||||
Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||||||||||
1,540 | 5.000%, 7/01/24 | No Opt. Call | Baa1 | 1,776,867 | ||||||||||||||||||||
1,415 | 5.000%, 7/01/25 | No Opt. Call | Baa1 | 1,641,343 | ||||||||||||||||||||
1,450 | 3.250%, 7/01/27 | 7/25 at 100.00 | Baa1 | 1,472,896 | ||||||||||||||||||||
1,435 | 3.500%, 7/01/28 | 7/25 at 100.00 | Baa1 | 1,473,759 | ||||||||||||||||||||
1,355 | 3.750%, 7/01/29 | 7/25 at 100.00 | Baa1 | 1,407,682 | ||||||||||||||||||||
2,500 | West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2008B, 6.000%, 8/01/25 | No Opt. Call | AA– | 3,251,650 | ||||||||||||||||||||
995 | Whittier Public Financing Authority, California, Tax Allocation Revenue Bonds, Whittier Redevelopment Agency, Series 2007A, 5.000%, 11/01/21 (Pre-refunded 11/01/17) – AMBAC Insured | 11/17 at 100.00 | A– (4) | 998,781 | ||||||||||||||||||||
305,130 | Total California | 319,891,270 | ||||||||||||||||||||||
Colorado – 2.2% | ||||||||||||||||||||||||
1,125 | Adams and Arapahoe Counties Joint School District 28J, Aurora, Colorado, General Obligation Bonds, Series 2008, 5.500%, 12/01/21 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Aa2 (4) | 1,185,098 | ||||||||||||||||||||
9,355 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/29 | 12/22 at 103.00 | N/R | 10,092,922 | ||||||||||||||||||||
1,705 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Regis University Project, Refunding Series 2016, 3.125%, 10/01/31 | 10/25 at 100.00 | Baa2 | 1,594,857 | ||||||||||||||||||||
1,000 | Colorado Health Facilities Authority, Colorado, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003B, 6.000%, 5/15/26 (Pre-refunded 5/15/19) – AGM Insured | 5/19 at 100.00 | AA (4) | 1,080,350 | ||||||||||||||||||||
16,795 | Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, Parkview Medical Center, Series 2016, 3.125%, 9/01/42 | 9/26 at 100.00 | A3 | 14,634,323 |
NUVEEN | 91 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Colorado (continued) | ||||||||||||||||||||||||
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A: | ||||||||||||||||||||||||
$ | 16,830 | 5.000%, 9/01/26 | 12/17 at 100.00 | BBB+ | $ | 16,883,856 | ||||||||||||||||||
65 | 4.500%, 9/01/38 | 12/17 at 100.00 | BBB+ | 65,179 | ||||||||||||||||||||
725 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-7, 4.350%, 9/01/20 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | AA (4) | 739,667 | ||||||||||||||||||||
1,525 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 5.125%, 10/01/17 | No Opt. Call | BBB+ | 1,525,336 | ||||||||||||||||||||
4,045 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009B-1, 5.000%, 7/01/29 | 11/22 at 100.00 | BBB+ | 4,411,396 | ||||||||||||||||||||
1,920 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/18 | No Opt. Call | BBB+ | 1,943,846 | ||||||||||||||||||||
335 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.500%, 6/01/33 | 6/23 at 100.00 | BBB | 380,614 | ||||||||||||||||||||
1,145 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-Term Care National Obligated Group Project, Series 2010A, 5.250%, 11/15/20 (ETM) | No Opt. Call | N/R (4) | 1,214,066 | ||||||||||||||||||||
10,000 | Colorado Health Facilities Authority, Retirement Facilities Revenue Bonds, Liberty Heights, Series 1990B, 0.000%, 7/15/20 (ETM) | No Opt. Call | AA+ (4) | 9,608,800 | ||||||||||||||||||||
1,510 | Colorado State Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation, Series 2008, 5.250%, 11/01/23 (Pre-refunded 11/01/18) | 11/18 at 100.00 | Aa2 (4) | 1,580,321 | ||||||||||||||||||||
1,500 | Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010, 5.500%, 9/01/25 | 3/20 at 100.00 | BBB– | 1,550,820 | ||||||||||||||||||||
11,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 | 11/22 at 100.00 | A+ | 12,561,560 | ||||||||||||||||||||
10,670 | Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Airlines, Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (Alternative Minimum Tax) | 10/23 at 100.00 | BB– | 11,633,288 | ||||||||||||||||||||
10,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | A | 3,777,400 | ||||||||||||||||||||
El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Refunding Series 2010: | ||||||||||||||||||||||||
1,525 | 5.000%, 12/15/20 | No Opt. Call | Aa2 | 1,707,207 | ||||||||||||||||||||
2,215 | 5.000%, 12/15/21 | No Opt. Call | Aa2 | 2,546,320 | ||||||||||||||||||||
1,530 | 5.000%, 12/15/22 | 12/21 at 100.00 | Aa2 | 1,756,838 | ||||||||||||||||||||
3,670 | Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A, 5.125%, 12/01/31 | 12/21 at 103.00 | N/R | 3,596,600 | ||||||||||||||||||||
760 | Montrose, Colorado, Enterprise Revenue Bonds, Montrose Memorial Hospital, Series 2003, 5.700%, 12/01/17 | 6/17 at 100.00 | BBB– | 762,804 | ||||||||||||||||||||
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||||||||
1,335 | 5.000%, 12/01/19 | No Opt. Call | N/R | 1,401,042 | ||||||||||||||||||||
500 | 5.000%, 12/01/20 | No Opt. Call | N/R | 533,305 | ||||||||||||||||||||
1,000 | Pueblo County School District 60, Pueblo, Colorado, General Obligation Bonds, Refunding Series 2009, 5.000%, 12/15/22 | No Opt. Call | Aa2 | 1,172,890 | ||||||||||||||||||||
1,325 | Rangeview Library District, Adams County, Colorado, Certificates of Participation, Rangeview Library Projects, Series 2008, 4.500%, 12/15/20 (Pre-refunded 12/15/18) – AGC Insured | 12/18 at 100.00 | AA (4) | 1,380,385 |
92 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Colorado (continued) | ||||||||||||||||||||||||
$ | 975 | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41 | 7/20 at 100.00 | BBB+ | $ | 1,069,692 | ||||||||||||||||||
Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2010A: | ||||||||||||||||||||||||
2,190 | 4.250%, 12/01/23 | 12/20 at 100.00 | A | 2,367,346 | ||||||||||||||||||||
2,030 | 4.000%, 12/01/24 | 12/20 at 100.00 | A | 2,169,116 | ||||||||||||||||||||
1,000 | Spring Mesa Metropolitan District, Jefferson County, Colorado, General Obligation Bonds, Refunding Series 2015, 3.750%, 12/01/44 – AGM Insured | 12/25 at 100.00 | AA | 967,920 | ||||||||||||||||||||
1,000 | Walker Field Public Airport Authority, Colorado, Airport Revenue Bonds, Series 2007, 5.000%, 12/01/22 (Pre-refunded 12/01/17) | 12/17 at 100.00 | Baa2 (4) | 1,007,260 | ||||||||||||||||||||
1,240 | Westminster, Colorado, Special Purpose Sales and Use Tax Revenue Bonds, Series 2007D, 5.000%, 12/01/23 (Pre-refunded 12/01/17) – AGM Insured | 12/17 at 100.00 | AA (4) | 1,249,027 | ||||||||||||||||||||
123,545 | Total Colorado | 120,151,451 | ||||||||||||||||||||||
Connecticut – 0.6% | ||||||||||||||||||||||||
500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, TEMPS-50 Series 2016B-2, 2.875%, 9/01/20 | 12/17 at 100.00 | N/R | 497,840 | ||||||||||||||||||||
14,140 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Variable Rate Demand Obligations, Series 1999-U1, 1.000%, 7/01/33 (Mandatory put 2/06/19) | No Opt. Call | AAA | 14,118,366 | ||||||||||||||||||||
12,070 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Variable Rate Demand Obligations, Series 1999-U2, 1.000%, 7/01/33 (Mandatory put 2/06/19) | No Opt. Call | AAA | 12,051,533 | ||||||||||||||||||||
2,070 | Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax) | 1/18 at 100.00 | A– | 2,076,417 | ||||||||||||||||||||
1,000 | New Britain, Connecticut, General Obligation Bonds, Refunding Series 2016A, 5.000%, 3/01/19 – BAM Insured (ETM) | No Opt. Call | AA (4) | 1,056,440 | ||||||||||||||||||||
Stratford, Connecticut, General Obligation Bonds, Series 2014: | ||||||||||||||||||||||||
350 | 5.000%, 12/15/24 | 12/22 at 100.00 | AA | 408,244 | ||||||||||||||||||||
495 | 5.000%, 12/15/26 | 12/22 at 100.00 | AA | 569,062 | ||||||||||||||||||||
30,625 | Total Connecticut | 30,777,902 | ||||||||||||||||||||||
Delaware – 0.1% | ||||||||||||||||||||||||
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013: | ||||||||||||||||||||||||
1,000 | 4.000%, 7/01/22 | No Opt. Call | BBB | 1,057,640 | ||||||||||||||||||||
3,995 | 5.000%, 7/01/28 | 7/23 at 100.00 | BBB | 4,316,637 | ||||||||||||||||||||
4,995 | Total Delaware | 5,374,277 | ||||||||||||||||||||||
District of Columbia – 2.5% | ||||||||||||||||||||||||
3,880 | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/30 | 10/22 at 100.00 | BB+ | 4,011,726 | ||||||||||||||||||||
6,710 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | Baa1 | 7,538,014 | ||||||||||||||||||||
154,565 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 | 12/17 at 100.00 | N/R | 22,568,036 | ||||||||||||||||||||
10,165 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/18 – AGM Insured | No Opt. Call | AAA | 10,627,304 |
NUVEEN | 93 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
District of Columbia (continued) | ||||||||||||||||||||||||
District of Columbia, Hospital Revenue Bonds, Sibley Memorial Hospital, Series 2009: | ||||||||||||||||||||||||
$ | 420 | 6.500%, 10/01/20 (Pre-refunded 10/01/19) | 10/19 at 100.00 | N/R (4) | $ | 465,352 | ||||||||||||||||||
1,715 | 6.500%, 10/01/23 (Pre-refunded 10/01/19) | 10/19 at 100.00 | N/R (4) | 1,900,186 | ||||||||||||||||||||
825 | 6.500%, 10/01/24 (Pre-refunded 10/01/19) | 10/19 at 100.00 | N/R (4) | 914,084 | ||||||||||||||||||||
3,740 | District of Columbia, Revenue Bonds, The Catholic University of America, Series 2010, 5.000%, 10/01/23 | 10/18 at 100.00 | A | 3,884,514 | ||||||||||||||||||||
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||||||||||
44,660 | 5.000%, 10/01/31 (Alternative Minimum Tax) | 10/26 at 100.00 | AA– | 52,627,344 | ||||||||||||||||||||
24,280 | 5.000%, 10/01/32 (Alternative Minimum Tax) | 10/26 at 100.00 | AA– | 28,463,687 | ||||||||||||||||||||
250,960 | Total District of Columbia | 133,000,247 | ||||||||||||||||||||||
Florida – 5.5% | ||||||||||||||||||||||||
12,505 | Broward County School Board, Florida, Certificates of Participation, Series 2015A, 5.000%, 7/01/25 | No Opt. Call | Aa3 | 15,157,686 | ||||||||||||||||||||
Broward County, Florida, Airport System Revenue Bonds, Series 2015A: | ||||||||||||||||||||||||
10,000 | 5.000%, 10/01/34 (Alternative Minimum Tax) | 10/25 at 100.00 | A+ | 11,345,500 | ||||||||||||||||||||
15,135 | 5.000%, 10/01/35 (Alternative Minimum Tax) | 10/25 at 100.00 | A+ | 17,125,555 | ||||||||||||||||||||
Cape Coral, Florida, Utility Improvement Assessment Bonds, Refunding Various Areas Series 2017: | ||||||||||||||||||||||||
990 | 2.250%, 9/01/23 – AGM Insured | No Opt. Call | AA | 1,011,265 | ||||||||||||||||||||
1,490 | 2.500%, 9/01/24 – AGM Insured | No Opt. Call | AA | 1,518,846 | ||||||||||||||||||||
1,425 | 2.750%, 9/01/25 – AGM Insured | No Opt. Call | AA | 1,458,730 | ||||||||||||||||||||
990 | 2.750%, 9/01/26 – AGM Insured | No Opt. Call | AA | 1,000,326 | ||||||||||||||||||||
745 | 3.000%, 9/01/27 – AGM Insured | No Opt. Call | AA | 757,382 | ||||||||||||||||||||
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2015: | ||||||||||||||||||||||||
9,685 | 5.000%, 10/01/32 | 10/25 at 100.00 | A1 | 11,286,705 | ||||||||||||||||||||
7,325 | 5.000%, 10/01/33 | 10/25 at 100.00 | A1 | 8,496,341 | ||||||||||||||||||||
Citizens Property Insurance Corporation, Florida, Coastal Account Senior Secured Bonds, Series 2015A-1: | ||||||||||||||||||||||||
16,445 | 5.000%, 6/01/22 | 12/21 at 100.00 | AA | 18,769,665 | ||||||||||||||||||||
14,635 | 5.000%, 6/01/25 | 12/24 at 100.00 | AA | 17,504,484 | ||||||||||||||||||||
Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1: | ||||||||||||||||||||||||
4,595 | 5.000%, 6/01/18 | No Opt. Call | AA | 4,716,262 | ||||||||||||||||||||
275 | 5.000%, 6/01/19 | No Opt. Call | AA | 292,520 | ||||||||||||||||||||
Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1: | ||||||||||||||||||||||||
85 | 5.000%, 6/01/18 | No Opt. Call | AA | 87,243 | ||||||||||||||||||||
370 | 5.000%, 6/01/19 | No Opt. Call | AA | 393,573 | ||||||||||||||||||||
4,545 | 5.000%, 6/01/20 | No Opt. Call | AA | 4,990,001 | ||||||||||||||||||||
1,600 | 5.000%, 6/01/21 | No Opt. Call | AA | 1,804,832 | ||||||||||||||||||||
City of Orlando, Florida, Senior Tourist Development Tax Refunding Revenue Bonds, 6th Cent Contract Payments, Series 2017A: | ||||||||||||||||||||||||
4,000 | 5.000%, 11/01/32 – AGM Insured | 11/27 at 100.00 | AA | 4,707,120 | ||||||||||||||||||||
2,000 | 5.000%, 11/01/33 – AGM Insured | 11/27 at 100.00 | AA | 2,338,340 |
94 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Florida (continued) | ||||||||||||||||||||||||
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Refunding Series 2013: | ||||||||||||||||||||||||
$ | 2,925 | 4.750%, 11/01/23 | No Opt. Call | BBB– | $ | 3,079,557 | ||||||||||||||||||
1,860 | 6.000%, 11/01/33 | 11/23 at 100.00 | BBB– | 2,097,727 | ||||||||||||||||||||
1,890 | Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A, 5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax) | 3/18 at 100.00 | AA+ | 1,903,721 | ||||||||||||||||||||
1,000 | Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A, 6.000%, 4/01/42 | 4/23 at 100.00 | A– | 1,158,900 | ||||||||||||||||||||
1,000 | Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company, Refunding Series 1997, 2.100%, 7/01/22 (Mandatory put 4/11/19) | No Opt. Call | A2 | 1,009,030 | ||||||||||||||||||||
370 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A, 5.000%, 6/15/27 | 6/26 at 100.00 | N/R | 378,632 | ||||||||||||||||||||
3,275 | Florida Governmental Utility Authority, Utility Revenue Bonds, Lake Aqua Utility System, Series 2013A, 4.250%, 10/01/33 | 10/22 at 100.00 | A– | 3,392,965 | ||||||||||||||||||||
2,700 | Florida Governmental Utility Authority, Utility Revenue Bonds, Pasco Aqua Utility System, Series 2013A, 4.250%, 10/01/33 | 10/22 at 100.00 | A3 | 2,788,479 | ||||||||||||||||||||
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2016: | ||||||||||||||||||||||||
1,250 | 5.000%, 4/01/32 | 4/26 at 100.00 | A– | 1,434,425 | ||||||||||||||||||||
1,750 | 5.000%, 4/01/33 | 4/26 at 100.00 | A– | 1,995,525 | ||||||||||||||||||||
1,500 | 5.000%, 4/01/34 | 4/26 at 100.00 | A– | 1,703,250 | ||||||||||||||||||||
1,500 | 5.000%, 4/01/35 | 4/26 at 100.00 | A– | 1,699,665 | ||||||||||||||||||||
Florida Municipal Power Agency, Power Supply Revenue Bonds, All Requirements Project, Refunding Series 2016A: | ||||||||||||||||||||||||
12,000 | 5.000%, 10/01/30 | 10/26 at 100.00 | A+ | 14,365,680 | ||||||||||||||||||||
8,045 | 5.000%, 10/01/31 | 10/26 at 100.00 | A+ | 9,600,581 | ||||||||||||||||||||
1,500 | Florida State Department of Children and Families, Certificates of Participation, South Florida Evaluation Treatment Project, Series 2005, 5.000%, 10/01/25 | 12/17 at 100.00 | AA+ | 1,504,905 | ||||||||||||||||||||
2,240 | Jacksonville, Florida, Capital Improvement Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/20 | No Opt. Call | AA | 2,486,310 | ||||||||||||||||||||
1,940 | Jacksonville, Florida, Special Revenue Bonds, Series 20120C, 5.000%, 10/01/24 | 10/22 at 100.00 | AA– | 2,255,832 | ||||||||||||||||||||
7,005 | Lee County, Florida, Airport Revenue Bonds, Refunding Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax) | 8/21 at 100.00 | AA | 7,840,416 | ||||||||||||||||||||
6,000 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2015A, 5.000%, 4/01/35 | 4/25 at 100.00 | A– | 6,775,320 | ||||||||||||||||||||
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B: | ||||||||||||||||||||||||
2,415 | 5.000%, 7/01/24 | No Opt. Call | A | 2,867,281 | ||||||||||||||||||||
1,250 | 5.000%, 7/01/27 | 7/24 at 100.00 | A | 1,470,300 | ||||||||||||||||||||
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A: | ||||||||||||||||||||||||
925 | 5.000%, 10/01/20 (Alternative Minimum Tax) | No Opt. Call | A | 1,023,244 | ||||||||||||||||||||
5,015 | 5.000%, 10/01/22 (Alternative Minimum Tax) | No Opt. Call | A | 5,775,976 | ||||||||||||||||||||
6,290 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41 | 10/20 at 100.00 | A | 6,792,319 |
NUVEEN | 95 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Florida (continued) | ||||||||||||||||||||||||
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2010E: | ||||||||||||||||||||||||
$ | 1,975 | 5.000%, 4/01/21 | 4/20 at 100.00 | AA– | $ | 2,155,337 | ||||||||||||||||||
5,015 | 5.250%, 4/01/30 | 4/20 at 100.00 | AA– | 5,457,624 | ||||||||||||||||||||
5,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/29 – AGM Insured | 10/20 at 100.00 | AA | 5,526,400 | ||||||||||||||||||||
605 | North Brevard County Hospital District, Florida, Revenue Bonds, Parrish Medical Center Project, Refunding Series 2008, 5.500%, 10/01/28 | 10/18 at 100.00 | BBB | 627,930 | ||||||||||||||||||||
1,495 | North Brevard County Hospital District, Florida, Revenue Bonds, Parrish Medical Center Project, Refunding Series 2008, 5.500%, 10/01/28 (Pre-refunded 10/01/18) | 10/18 at 100.00 | BBB (4) | 1,563,845 | ||||||||||||||||||||
2,525 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/31 | 12/24 at 100.00 | BBB+ | 2,795,352 | ||||||||||||||||||||
4,235 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2014B, 5.000%, 8/01/22 | No Opt. Call | Aa3 | 4,926,957 | ||||||||||||||||||||
175 | Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/25 (Pre-refunded 10/01/21) | 10/21 at 100.00 | N/R (4) | 200,708 | ||||||||||||||||||||
9,825 | Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/25 | 10/21 at 100.00 | AA+ | 11,167,193 | ||||||||||||||||||||
3,860 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2016, 2.750%, 5/01/31 | 5/26 at 100.00 | AA | 3,563,822 | ||||||||||||||||||||
4,810 | South Florida Water Management District, Certificates of Participation, Series 2015, 5.000%, 10/01/33 | 4/26 at 100.00 | AA | 5,598,070 | ||||||||||||||||||||
23,190 | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007, 5.000%, 8/15/27 | 12/17 at 100.00 | AA– | 23,266,759 | ||||||||||||||||||||
Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A: | ||||||||||||||||||||||||
585 | 5.000%, 9/01/22 | No Opt. Call | A+ | 675,078 | ||||||||||||||||||||
2,600 | 5.000%, 9/01/23 | 9/22 at 100.00 | A+ | 2,982,252 | ||||||||||||||||||||
1,245 | 3.125%, 9/01/24 | 9/22 at 100.00 | A+ | 1,307,736 | ||||||||||||||||||||
1,290 | 5.000%, 9/01/25 | 9/22 at 100.00 | A+ | 1,475,515 | ||||||||||||||||||||
1,500 | 5.000%, 9/01/27 | 9/22 at 100.00 | A+ | 1,699,635 | ||||||||||||||||||||
1,980 | 5.000%, 9/01/28 | 9/22 at 100.00 | A+ | 2,235,598 | ||||||||||||||||||||
5,760 | 4.000%, 9/01/33 | 9/22 at 100.00 | A+ | 5,998,406 | ||||||||||||||||||||
350 | Vero Beach, Florida, Electric Refunding Revenue Bonds, Series 2003A, 4.000%, 12/01/19 – AGM Insured | 12/18 at 100.00 | A1 | 361,057 | ||||||||||||||||||||
262,505 | Total Florida | 293,747,690 | ||||||||||||||||||||||
Georgia – 1.2% | ||||||||||||||||||||||||
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B: | ||||||||||||||||||||||||
2,095 | 5.000%, 1/01/23 | 1/22 at 100.00 | AA– | 2,413,922 | ||||||||||||||||||||
1,500 | 5.000%, 1/01/28 | 1/22 at 100.00 | AA– | 1,697,070 | ||||||||||||||||||||
Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Refunding Subordinate Lien Series 2014A: | ||||||||||||||||||||||||
11,070 | 5.000%, 1/01/27 | 1/24 at 100.00 | AA– | 13,170,975 | ||||||||||||||||||||
4,280 | 5.000%, 1/01/29 | 1/24 at 100.00 | AA– | 5,047,875 | ||||||||||||||||||||
6,750 | 5.000%, 1/01/30 | 1/24 at 100.00 | AA– | 7,965,405 | ||||||||||||||||||||
2,000 | Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2007, 4.375%, 12/01/18 – AGC Insured | 12/17 at 100.00 | AA | 2,009,760 |
96 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Georgia (continued) | ||||||||||||||||||||||||
$ | 1,865 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19) | 1/19 at 100.00 | A2 (4) | $ | 2,007,355 | ||||||||||||||||||
Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Refunding and Improvement Revenue Bonds, Memorial Health University Medical Center, Inc., Series 2012A: | ||||||||||||||||||||||||
2,000 | 5.000%, 1/01/18 | No Opt. Call | AA | 2,020,480 | ||||||||||||||||||||
3,340 | 5.000%, 1/01/23 | 1/22 at 100.00 | AA | 3,851,454 | ||||||||||||||||||||
5,560 | 5.000%, 1/01/24 | 1/22 at 100.00 | AA | 6,361,696 | ||||||||||||||||||||
8,990 | 5.000%, 1/01/25 | 1/22 at 100.00 | AA | 10,230,440 | ||||||||||||||||||||
1,250 | DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 | 9/20 at 100.00 | BB | 1,366,850 | ||||||||||||||||||||
3,050 | Georgia State, General Obligation Bonds, Refunding Series 2009I, 5.000%, 7/01/19 | No Opt. Call | AAA | 3,262,860 | ||||||||||||||||||||
200 | Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health Systems, Anticipation Certificates Series 2008A, 5.250%, 8/01/23 | 8/18 at 100.00 | A2 | 206,550 | ||||||||||||||||||||
1,805 | Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health Systems, Anticipation Certificates Series 2008A, 5.250%, 8/01/23 (Pre-refunded 8/01/18) | 8/18 at 100.00 | N/R (4) | 1,870,323 | ||||||||||||||||||||
2,785 | Municipal Gas Authority of Georgia, Gas Revenue Bonds, Gas Portfolio III Project, Series 2014U, 5.000%, 10/01/21 | No Opt. Call | AA– | 3,164,289 | ||||||||||||||||||||
58,540 | Total Georgia | 66,647,304 | ||||||||||||||||||||||
Guam – 0.1% | ||||||||||||||||||||||||
4,060 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 | 7/23 at 100.00 | A– | 4,490,888 | ||||||||||||||||||||
Hawaii – 1.0% | ||||||||||||||||||||||||
5,005 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.250%, 7/01/30 | 7/20 at 100.00 | A1 | 5,391,987 | ||||||||||||||||||||
1,025 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010B, 5.625%, 7/01/30 | 7/20 at 100.00 | A1 | 1,118,183 | ||||||||||||||||||||
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A: | ||||||||||||||||||||||||
5,500 | 5.000%, 7/01/26 | 7/25 at 100.00 | AA– | 6,579,430 | ||||||||||||||||||||
4,510 | 5.000%, 7/01/27 | 7/25 at 100.00 | AA– | 5,361,578 | ||||||||||||||||||||
7,825 | 5.000%, 7/01/28 | 7/25 at 100.00 | AA– | 9,241,481 | ||||||||||||||||||||
9,180 | 5.000%, 7/01/29 | 7/25 at 100.00 | AA– | 10,774,474 | ||||||||||||||||||||
15,450 | Hawaiian Electric Company Inc. and Its Subsidiaries, Special Purpose Revenue Bonds, Department of Budget and Finance of the State of Hawaii, Series 2015, 3.250%, 1/01/25 (Alternative Minimum Tax) | No Opt. Call | A– | 16,151,430 | ||||||||||||||||||||
48,495 | Total Hawaii | 54,618,563 | ||||||||||||||||||||||
Idaho – 0.4% | ||||||||||||||||||||||||
560 | Boise City, Idaho, Airport Revenue Bonds, Aircraft Maintenance Facilities Project, Subordinate Series 2015, 3.750%, 9/01/32 (Alternative Minimum Tax) | 9/25 at 100.00 | A2 | 577,433 | ||||||||||||||||||||
3,095 | Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B, 6.000%, 12/01/23 (Pre-refunded 12/01/18) | 12/18 at 100.00 | AA– (4) | 3,270,951 |
NUVEEN | 97 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Idaho (continued) | ||||||||||||||||||||||||
Madison County School District 321, Idaho, General Obligation Bonds, Sales Tax and Credit Enhancement Guaranty, Refunding Series 2014BX: | ||||||||||||||||||||||||
$ | 2,595 | 5.000%, 8/15/21 | No Opt. Call | Aaa | $ | 2,969,121 | ||||||||||||||||||
2,710 | 5.000%, 8/15/22 | No Opt. Call | Aaa | 3,173,356 | ||||||||||||||||||||
9,285 | Nez Perce County, Idaho, Pollution Control Revenue Bonds, Potlatch Corporation Project, Refunding Series 2016, 2.750%, 10/01/24 | No Opt. Call | BB+ | 9,005,243 | ||||||||||||||||||||
1,000 | University of Idaho, General Revenue Bonds, Series 2007B, 4.500%, 4/01/41 (Mandatory put 4/01/18) – AGM Insured | No Opt. Call | AA | 1,016,070 | ||||||||||||||||||||
19,245 | Total Idaho | 20,012,174 | ||||||||||||||||||||||
Illinois – 14.6% | ||||||||||||||||||||||||
2,370 | Bartlett, Illinois, Tax Increment Revenue Bonds, Bartlett Quarry Redev Project, Senior Lien Series 2016, 4.000%, 1/01/24 | 1/22 at 100.00 | N/R | 2,322,197 | ||||||||||||||||||||
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A: | ||||||||||||||||||||||||
2,800 | 0.000%, 1/01/30 | 7/23 at 72.73 | A2 | 1,635,032 | ||||||||||||||||||||
2,550 | 0.000%, 1/01/31 | 7/23 at 68.94 | A2 | 1,403,699 | ||||||||||||||||||||
2,750 | 0.000%, 1/01/32 | 7/23 at 65.28 | A2 | 1,427,773 | ||||||||||||||||||||
4,000 | 0.000%, 1/01/33 | 7/23 at 61.69 | A2 | 1,953,520 | ||||||||||||||||||||
Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016: | ||||||||||||||||||||||||
433 | 2.150%, 3/01/23 – BAM Insured | No Opt. Call | AA | 431,350 | ||||||||||||||||||||
448 | 2.350%, 3/01/24 – BAM Insured | No Opt. Call | AA | 445,572 | ||||||||||||||||||||
966 | 2.700%, 3/01/26 – BAM Insured | 3/25 at 100.00 | AA | 952,379 | ||||||||||||||||||||
1,055 | 2.900%, 3/01/28 – BAM Insured | 3/25 at 100.00 | AA | 1,020,691 | ||||||||||||||||||||
973 | 3.050%, 3/01/30 – BAM Insured | 3/25 at 100.00 | AA | 949,356 | ||||||||||||||||||||
Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016: | ||||||||||||||||||||||||
587 | 2.150%, 3/01/23 – BAM Insured | No Opt. Call | AA | 584,764 | ||||||||||||||||||||
612 | 2.350%, 3/01/24 – BAM Insured | No Opt. Call | AA | 608,683 | ||||||||||||||||||||
968 | 2.700%, 3/01/26 – BAM Insured | 3/25 at 100.00 | AA | 954,351 | ||||||||||||||||||||
1,427 | 2.900%, 3/01/28 – BAM Insured | 3/25 at 100.00 | AA | 1,389,227 | ||||||||||||||||||||
1,452 | 3.050%, 3/01/30 – BAM Insured | 3/25 at 100.00 | AA | 1,411,170 | ||||||||||||||||||||
14,340 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Alternative Revenue, Project Series 2015G, 9.000%, 3/01/32 | 12/17 at 100.00 | B | 14,489,566 | ||||||||||||||||||||
29,475 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46 | 4/27 at 100.00 | A | 34,788,458 | ||||||||||||||||||||
10,900 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B, 7.000%, 12/01/42 | 12/27 at 100.00 | N/R | 13,143,329 | ||||||||||||||||||||
16,120 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding SIFMA Index Series 2013A-2, 9.000%, 3/01/35 | 12/17 at 100.00 | B | 16,287,164 | ||||||||||||||||||||
19,585 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46 | 12/27 at 100.00 | N/R | 23,580,144 | ||||||||||||||||||||
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011: | ||||||||||||||||||||||||
3,530 | 5.250%, 12/01/25 | 12/21 at 100.00 | AA | 3,923,313 | ||||||||||||||||||||
3,235 | 5.250%, 12/01/26 | 12/21 at 100.00 | AA | 3,584,606 | ||||||||||||||||||||
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2015A: | ||||||||||||||||||||||||
5,700 | 5.000%, 1/01/33 (Alternative Minimum Tax) | 1/25 at 100.00 | A | 6,426,237 | ||||||||||||||||||||
4,225 | 5.000%, 1/01/34 (Alternative Minimum Tax) | 1/25 at 100.00 | A | 4,745,731 |
98 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Illinois (continued) | ||||||||||||||||||||||||
$ | 17,605 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27 at 100.00 | BBB+ | $ | 20,393,632 | ||||||||||||||||||
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C: | ||||||||||||||||||||||||
1,745 | 5.000%, 1/01/26 | 1/19 at 100.00 | BBB+ | 1,799,409 | ||||||||||||||||||||
2,555 | 5.000%, 1/01/27 | 1/19 at 100.00 | BBB+ | 2,634,665 | ||||||||||||||||||||
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: | ||||||||||||||||||||||||
6,570 | 5.000%, 1/01/23 | No Opt. Call | BBB+ | 7,271,545 | ||||||||||||||||||||
7,600 | 5.000%, 1/01/24 | No Opt. Call | BBB+ | 8,502,120 | ||||||||||||||||||||
4,440 | 5.000%, 1/01/25 | No Opt. Call | BBB+ | 4,996,465 | ||||||||||||||||||||
1,940 | 5.000%, 1/01/26 | No Opt. Call | BBB+ | 2,189,988 | ||||||||||||||||||||
1,525 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.000%, 12/01/24 | 12/23 at 100.00 | A+ | 1,702,053 | ||||||||||||||||||||
1,410 | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Bonds, Refunding Series 2007A, 5.000%, 12/01/26 – AGM Insured | 12/17 at 100.00 | AA+ | 1,419,955 | ||||||||||||||||||||
3,465 | Cook County High School District 205 Thornton Township, Illinois, General Obligation Bonds, Series 2008, 5.250%, 12/01/21 – AGC Insured | 12/18 at 100.00 | AA | 3,626,850 | ||||||||||||||||||||
1,175 | Cook County School District 88, Bellwood, Illinois, General Obligation Bonds, Refunding Series 2004B, 5.000%, 12/01/17 – AGM Insured | 11/17 at 100.00 | A2 | 1,179,089 | ||||||||||||||||||||
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C: | ||||||||||||||||||||||||
2,600 | 5.000%, 11/15/20 | No Opt. Call | AA– | 2,847,104 | ||||||||||||||||||||
2,770 | 5.000%, 11/15/21 | No Opt. Call | AA– | 3,098,494 | ||||||||||||||||||||
2,400 | 5.000%, 11/15/22 | No Opt. Call | AA– | 2,731,944 | ||||||||||||||||||||
Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A: | ||||||||||||||||||||||||
5,250 | 5.000%, 11/15/20 | No Opt. Call | AA– | 5,748,960 | ||||||||||||||||||||
2,250 | 5.000%, 11/15/21 | No Opt. Call | AA– | 2,516,828 | ||||||||||||||||||||
Grundy and Will Counties Community Unit School District 1 Coal City, Illinois, General Obligation Bonds, Series 2008: | ||||||||||||||||||||||||
460 | 5.875%, 2/01/19 | 8/18 at 100.00 | Aa3 | 478,773 | ||||||||||||||||||||
625 | 5.875%, 2/01/22 | 8/18 at 100.00 | Aa3 | 649,938 | ||||||||||||||||||||
760 | 5.875%, 2/01/24 | 8/18 at 100.00 | Aa3 | 790,256 | ||||||||||||||||||||
Grundy and Will Counties Community Unit School District 1 Coal City, Illinois, General Obligation Bonds, Series 2008: | ||||||||||||||||||||||||
1,090 | 5.875%, 2/01/19 (Pre-refunded 8/01/18) | 8/18 at 100.00 | N/R (4) | 1,135,170 | ||||||||||||||||||||
1,475 | 5.875%, 2/01/22 (Pre-refunded 8/01/18) | 8/18 at 100.00 | N/R (4) | 1,536,124 | ||||||||||||||||||||
1,785 | 5.875%, 2/01/24 (Pre-refunded 8/01/18) | 8/18 at 100.00 | N/R (4) | 1,858,970 | ||||||||||||||||||||
500 | Huntley, Illinois, Special Tax Bonds, Special Service Area 10, Refunding Series 2017, 2.800%, 3/01/25 (WI/DD, Settling 10/18/17) – BAM Insured | No Opt. Call | AA | 501,530 | ||||||||||||||||||||
Huntley, Illinois, Special Tax Bonds, Special Service Area 9, Refunding Series 2017: | ||||||||||||||||||||||||
875 | 2.400%, 3/01/23 (WI/DD, Settling 10/18/17) – BAM Insured | No Opt. Call | AA | 877,555 | ||||||||||||||||||||
925 | 2.600%, 3/01/24 (WI/DD, Settling 10/18/17) – BAM Insured | No Opt. Call | AA | 927,831 | ||||||||||||||||||||
1,025 | 3.000%, 3/01/26 (WI/DD, Settling 10/18/17) – BAM Insured | No Opt. Call | AA | 1,030,043 | ||||||||||||||||||||
1,055 | 3.150%, 3/01/27 (WI/DD, Settling 10/18/17) – BAM Insured | 3/26 at 100.00 | AA | 1,058,323 | ||||||||||||||||||||
1,515 | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/18 – AGC Insured | No Opt. Call | Aa3 | 1,509,864 | ||||||||||||||||||||
1,245 | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/18 – AGM Insured (ETM) | No Opt. Call | Aa3 (4) | 1,241,888 |
NUVEEN | 99 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Illinois (continued) | ||||||||||||||||||||||||
$ | 1,035 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2014, 5.000%, 8/01/23 | No Opt. Call | AA+ | $ | 1,217,512 | ||||||||||||||||||
3,000 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42 | 6/22 at 100.00 | AA+ | 3,243,330 | ||||||||||||||||||||
2,000 | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, 5.000%, 3/01/30 | 3/26 at 100.00 | AA– | 2,334,880 | ||||||||||||||||||||
13,685 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27 | 9/22 at 100.00 | BBB– | 14,806,896 | ||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | ||||||||||||||||||||||||
475 | 5.000%, 9/01/26 | 9/24 at 100.00 | BBB– | 530,509 | ||||||||||||||||||||
1,205 | 5.000%, 9/01/27 | 9/24 at 100.00 | BBB– | 1,337,369 | ||||||||||||||||||||
775 | 5.000%, 9/01/29 | 9/24 at 100.00 | BBB– | 851,392 | ||||||||||||||||||||
2,450 | 5.000%, 9/01/34 | 9/24 at 100.00 | BBB– | 2,632,035 | ||||||||||||||||||||
2,480 | 4.625%, 9/01/39 | 9/24 at 100.00 | BBB– | 2,538,925 | ||||||||||||||||||||
7,015 | 5.000%, 9/01/42 | 9/24 at 100.00 | BBB– | 7,387,637 | ||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A: | ||||||||||||||||||||||||
1,200 | 6.000%, 2/01/25 (Pre-refunded 2/01/18) – AMBAC Insured | 2/18 at 100.00 | A (4) | 1,220,328 | ||||||||||||||||||||
1,280 | 6.000%, 2/01/26 (Pre-refunded 2/01/18) – AMBAC Insured | 2/18 at 100.00 | A (4) | 1,301,683 | ||||||||||||||||||||
500 | 6.000%, 2/01/28 (Pre-refunded 2/01/18) – AMBAC Insured | 2/18 at 100.00 | A (4) | 508,470 | ||||||||||||||||||||
1,000 | Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.500%, 2/01/23 | 2/19 at 100.00 | Baa3 | 1,036,980 | ||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013: | ||||||||||||||||||||||||
1,390 | 5.000%, 5/15/23 | 5/22 at 100.00 | Baa1 | 1,543,234 | ||||||||||||||||||||
1,120 | 5.000%, 5/15/25 | 5/22 at 100.00 | Baa1 | 1,228,685 | ||||||||||||||||||||
1,175 | 5.000%, 5/15/26 | 5/22 at 100.00 | Baa1 | 1,281,996 | ||||||||||||||||||||
5,135 | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 5.000%, 12/01/24 | No Opt. Call | A3 | 5,991,877 | ||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A: | ||||||||||||||||||||||||
2,370 | 5.000%, 7/01/33 | 7/26 at 100.00 | A | 2,674,095 | ||||||||||||||||||||
3,170 | 5.000%, 7/01/34 | 7/26 at 100.00 | A | 3,563,904 | ||||||||||||||||||||
5,000 | 5.000%, 7/01/35 | 7/26 at 100.00 | A | 5,605,200 | ||||||||||||||||||||
15 | Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Series 2008A, 5.500%, 7/01/38 (Pre-refunded 7/01/18) | 7/18 at 100.00 | A (4) | 15,507 | ||||||||||||||||||||
4,265 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.000%, 11/15/29 (Pre-refunded 5/15/19) | 5/19 at 100.00 | A2 (4) | 4,673,459 | ||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A: | ||||||||||||||||||||||||
1,000 | 5.000%, 11/15/27 | 11/25 at 100.00 | A | 1,167,020 | ||||||||||||||||||||
1,885 | 5.000%, 11/15/28 | 11/25 at 100.00 | A | 2,185,846 | ||||||||||||||||||||
2,000 | 5.000%, 11/15/29 | 11/25 at 100.00 | A | 2,300,180 | ||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C: | ||||||||||||||||||||||||
2,200 | 3.625%, 2/15/32 | 2/27 at 100.00 | BBB | 2,193,818 | ||||||||||||||||||||
10,000 | 3.750%, 2/15/34 | 2/27 at 100.00 | BBB | 9,951,200 | ||||||||||||||||||||
33,975 | 4.000%, 2/15/41 | 2/27 at 100.00 | BBB | 34,613,390 | ||||||||||||||||||||
4,000 | Illinois Finance Authority, Revenue Bonds, Roosevelt University Project, Refunding Series 2009, 5.750%, 4/01/24 | 10/19 at 100.00 | Ba1 | 4,253,560 |
100 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Illinois (continued) | ||||||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007: | ||||||||||||||||||||||||
$ | 500 | 5.250%, 4/01/22 | 12/17 at 100.00 | Ba2 | $ | 500,205 | ||||||||||||||||||
3,600 | 5.400%, 4/01/27 | 12/17 at 100.00 | Ba2 | 3,600,432 | ||||||||||||||||||||
2,030 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 6.750%, 11/01/24 (Pre-refunded 11/01/18) | 11/18 at 100.00 | Aaa | 2,155,373 | ||||||||||||||||||||
1,525 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aaa | 1,653,207 | ||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C: | ||||||||||||||||||||||||
2,215 | 5.000%, 8/15/35 | 8/25 at 100.00 | Baa1 | 2,421,217 | ||||||||||||||||||||
5,000 | 5.000%, 8/15/44 | 8/25 at 100.00 | Baa1 | 5,313,950 | ||||||||||||||||||||
5,000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 5,535,350 | ||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Refunding Series 2017C: | ||||||||||||||||||||||||
650 | 5.000%, 3/01/32 | 3/27 at 100.00 | A+ | 745,648 | ||||||||||||||||||||
2,750 | 5.000%, 3/01/33 | 3/27 at 100.00 | A+ | 3,135,440 | ||||||||||||||||||||
1,650 | 5.000%, 3/01/34 | 3/27 at 100.00 | A+ | 1,874,087 | ||||||||||||||||||||
1,200 | 4.000%, 3/01/35 | 3/27 at 100.00 | A+ | 1,228,392 | ||||||||||||||||||||
1,870 | Illinois Health Facilities Authority, Revenue Bonds, Advocate Healthcare Network, Series 2003A. Remarketing 07/21/16, 1.375%, 11/15/22 | 7/21 at 101.00 | AA+ | 1,851,188 | ||||||||||||||||||||
Illinois State, General Obligation Bonds, February Series 2014: | ||||||||||||||||||||||||
4,000 | 5.000%, 2/01/23 | No Opt. Call | BBB | 4,369,040 | ||||||||||||||||||||
3,155 | 5.000%, 2/01/24 | No Opt. Call | BBB | 3,464,222 | ||||||||||||||||||||
4,630 | 5.000%, 2/01/25 | 2/24 at 100.00 | BBB | 5,065,590 | ||||||||||||||||||||
4,675 | 5.000%, 2/01/26 | 2/24 at 100.00 | BBB | 5,112,346 | ||||||||||||||||||||
6,000 | 5.000%, 2/01/27 | 2/24 at 100.00 | BBB | 6,536,220 | ||||||||||||||||||||
12,200 | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/26 | No Opt. Call | BBB | 13,480,268 | ||||||||||||||||||||
Illinois State, General Obligation Bonds, Refunding Series 2010: | ||||||||||||||||||||||||
1,865 | 5.000%, 1/01/18 | No Opt. Call | BBB | 1,880,125 | ||||||||||||||||||||
6,040 | 5.000%, 1/01/19 – AGM Insured | No Opt. Call | AA | 6,273,325 | ||||||||||||||||||||
5,060 | 5.000%, 1/01/19 | No Opt. Call | BBB | 5,232,394 | ||||||||||||||||||||
Illinois State, General Obligation Bonds, Refunding Series 2012: | ||||||||||||||||||||||||
7,750 | 5.000%, 8/01/20 | No Opt. Call | BBB | 8,267,235 | ||||||||||||||||||||
6,460 | 5.000%, 8/01/21 | No Opt. Call | BBB | 6,983,777 | ||||||||||||||||||||
15,265 | 5.000%, 8/01/22 | No Opt. Call | BBB | 16,621,753 | ||||||||||||||||||||
2,795 | 5.000%, 8/01/23 | No Opt. Call | BBB | 3,065,584 | ||||||||||||||||||||
270 | 5.000%, 8/01/25 | 8/22 at 100.00 | BBB | 293,890 | ||||||||||||||||||||
10,000 | Illinois State, General Obligation Bonds, Series 2006A, 5.000%, 6/01/18 | No Opt. Call | BBB | 10,207,100 | ||||||||||||||||||||
1,100 | Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34 | 9/18 at 100.00 | BBB | 1,112,122 | ||||||||||||||||||||
Illinois State, General Obligation Bonds, Series 2012A: | ||||||||||||||||||||||||
7,840 | 4.000%, 1/01/20 | No Opt. Call | BBB | 8,103,110 | ||||||||||||||||||||
12,160 | 4.000%, 1/01/22 | No Opt. Call | BBB | 12,696,378 | ||||||||||||||||||||
Illinois State, General Obligation Bonds, Series 2013: | ||||||||||||||||||||||||
4,200 | 5.500%, 7/01/25 | 7/23 at 100.00 | BBB | 4,706,226 | ||||||||||||||||||||
2,760 | 5.500%, 7/01/26 | 7/23 at 100.00 | BBB | 3,091,145 | ||||||||||||||||||||
1,000 | 5.500%, 7/01/27 | 7/23 at 100.00 | BBB | 1,112,200 |
NUVEEN | 101 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Illinois (continued) | ||||||||||||||||||||||||
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||||||||||||||||||||
$ | 1,765 | 5.000%, 12/01/21 | No Opt. Call | AA– | $ | 2,021,719 | ||||||||||||||||||
3,345 | 5.000%, 12/01/22 | No Opt. Call | AA– | 3,902,310 | ||||||||||||||||||||
4,110 | 5.000%, 1/01/33 | 1/23 at 100.00 | AA– | 4,615,078 | ||||||||||||||||||||
6,795 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 12/01/31 | 1/26 at 100.00 | AA– | 7,927,930 | ||||||||||||||||||||
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014B: | ||||||||||||||||||||||||
11,000 | 5.000%, 1/01/36 | 1/24 at 100.00 | AA– | 12,548,800 | ||||||||||||||||||||
6,000 | 5.000%, 1/01/37 | 1/24 at 100.00 | AA– | 6,829,920 | ||||||||||||||||||||
11,560 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014D, 5.000%, 1/01/24 | No Opt. Call | AA– | 13,708,888 | ||||||||||||||||||||
10,550 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/37 | 1/26 at 100.00 | AA– | 12,032,697 | ||||||||||||||||||||
Kane County Community Unit School District 304 Geneva, Illinois, General Obligation Bonds, Series 2007A: | ||||||||||||||||||||||||
8,570 | 9.000%, 1/01/22 – AGM Insured | No Opt. Call | AA+ | 11,102,863 | ||||||||||||||||||||
1,250 | 9.000%, 1/01/23 – AGM Insured | No Opt. Call | AA+ | 1,694,088 | ||||||||||||||||||||
5,150 | 9.000%, 1/01/25 – AGM Insured | No Opt. Call | AA+ | 7,507,927 | ||||||||||||||||||||
Kendall County Forest Preserve District, Illinois, General Obligation Bonds, Series 2007: | ||||||||||||||||||||||||
360 | 5.250%, 1/01/24 (Pre-refunded 1/01/18) – NPFG Insured | 1/18 at 100.00 | A (4) | 363,982 | ||||||||||||||||||||
2,910 | 5.250%, 1/01/24 (Pre-refunded 1/01/18) – NPFG Insured | 1/18 at 100.00 | A (4) | 2,942,272 | ||||||||||||||||||||
Kendall, Kane, and Will Counties Community Unit School District 308 Oswego, Illinois, General Obligation Bonds, Refunding Series 2016: | ||||||||||||||||||||||||
5,000 | 5.000%, 2/01/34 | 2/26 at 100.00 | AA | 5,705,000 | ||||||||||||||||||||
3,465 | 5.000%, 2/01/35 | 2/26 at 100.00 | AA | 3,942,650 | ||||||||||||||||||||
LaSalle and Bureau Counties High School District 120 LaSalle-Peru, Illinois, General Obligation Bonds, School Building Series 2017: | ||||||||||||||||||||||||
1,485 | 5.000%, 12/01/30 – BAM Insured | 12/26 at 100.00 | AA | 1,745,514 | ||||||||||||||||||||
1,065 | 5.000%, 12/01/31 – BAM Insured | 12/26 at 100.00 | AA | 1,246,753 | ||||||||||||||||||||
1,645 | 5.000%, 12/01/32 – BAM Insured | 12/26 at 100.00 | AA | 1,915,635 | ||||||||||||||||||||
1,725 | 5.000%, 12/01/33 – BAM Insured | 12/26 at 100.00 | AA | 1,996,774 | ||||||||||||||||||||
1,815 | 5.000%, 12/01/34 – BAM Insured | 12/26 at 100.00 | AA | 2,091,533 | ||||||||||||||||||||
2,100 | Madison and Jersey Counties Community Unit School District 11, Alton, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/19 – AGM Insured | No Opt. Call | AA | 2,012,241 | ||||||||||||||||||||
1,500 | Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and Greene Counties Community College District 536, Illinois, General Obligation Bonds, Lewis & Clark Community College, Refunding Series 2017A, 5.000%, 11/01/31 – AGM Insured | 11/26 at 100.00 | AA | 1,733,190 | ||||||||||||||||||||
McCook, Cook County, Illinois, General Obligation Bonds, Series 2008: | ||||||||||||||||||||||||
500 | 5.000%, 12/01/26 | 12/18 at 100.00 | A– | 515,920 | ||||||||||||||||||||
1,000 | 5.100%, 12/01/28 | 12/18 at 100.00 | A– | 1,032,990 | ||||||||||||||||||||
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B: | ||||||||||||||||||||||||
3,750 | 5.000%, 12/15/28 | 6/22 at 100.00 | BBB– | 4,015,725 | ||||||||||||||||||||
1,700 | 0.000%, 12/15/51 | No Opt. Call | BBB– | 239,377 | ||||||||||||||||||||
25,375 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/29 – NPFG Insured | No Opt. Call | A | 16,106,274 |
102 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Illinois (continued) | ||||||||||||||||||||||||
$ | 2,270 | Peoria Public Building Commission, Illinois, School District Facility Revenue Bonds, Peoria County School District 150 Project, Series 2011., 0.000%, 12/01/24 | No Opt. Call | A | $ | 1,795,139 | ||||||||||||||||||
1,494 | Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/29 – AGM Insured | 3/24 at 100.00 | AA | 1,663,659 | ||||||||||||||||||||
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012: | ||||||||||||||||||||||||
295 | 5.000%, 10/01/23 | 10/22 at 100.00 | Baa1 | 332,456 | ||||||||||||||||||||
325 | 5.000%, 10/01/24 | 10/22 at 100.00 | Baa1 | 368,566 | ||||||||||||||||||||
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | ||||||||||||||||||||||||
7,635 | 5.250%, 6/01/21 | No Opt. Call | A | 8,651,142 | ||||||||||||||||||||
12,395 | 5.500%, 6/01/23 | 6/21 at 100.00 | A | 13,998,541 | ||||||||||||||||||||
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Areas 1, 3 & 4, Refunding Series 2017: | ||||||||||||||||||||||||
1,285 | 3.700%, 3/01/29 – BAM Insured | 3/27 at 100.00 | AA | 1,322,137 | ||||||||||||||||||||
1,075 | 3.800%, 3/01/30 – BAM Insured | 3/27 at 100.00 | AA | 1,103,799 | ||||||||||||||||||||
1,400 | 4.000%, 3/01/33 – BAM Insured | 3/27 at 100.00 | AA | 1,432,004 | ||||||||||||||||||||
Saint Clair County, Illinois, General Obligation Bonds, Refunding Alternate Revenue Source Series 2009: | ||||||||||||||||||||||||
360 | 4.500%, 10/01/20 | 10/19 at 100.00 | AA | 381,701 | ||||||||||||||||||||
370 | 5.000%, 10/01/22 | 10/19 at 100.00 | AA | 395,204 | ||||||||||||||||||||
Saint Clair County, Illinois, General Obligation Bonds, Refunding Alternate Revenue Source Series 2009: | ||||||||||||||||||||||||
640 | 4.500%, 10/01/20 (Pre-refunded 10/01/19) | 10/19 at 100.00 | N/R (4) | 684,032 | ||||||||||||||||||||
730 | 5.000%, 10/01/22 (Pre-refunded 10/01/19) | 10/19 at 100.00 | N/R (4) | 787,451 | ||||||||||||||||||||
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013: | ||||||||||||||||||||||||
2,565 | 7.125%, 11/01/43 (Pre-refunded 11/01/23) | 11/23 at 100.00 | N/R (4) | 3,388,647 | ||||||||||||||||||||
2,415 | 7.625%, 11/01/48 (Pre-refunded 11/01/23) | 11/23 at 100.00 | N/R (4) | 3,260,322 | ||||||||||||||||||||
2,840 | Southwestern Illinois Development Authority, Local Government Program Revenue Bonds, Southwestern Illinois Flood District Council Project, Series 2016B, 4.000%, 10/15/40 | 10/25 at 100.00 | A | 2,898,760 | ||||||||||||||||||||
1,000 | Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 5.000%, 12/01/17 – AGM Insured | No Opt. Call | AA | 1,006,550 | ||||||||||||||||||||
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | ||||||||||||||||||||||||
7,805 | 5.000%, 3/01/33 | 3/25 at 100.00 | A | 8,836,587 | ||||||||||||||||||||
13,960 | 5.000%, 3/01/34 – AGM Insured | 3/25 at 100.00 | AA | 15,785,270 | ||||||||||||||||||||
10,990 | 5.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | AA | 12,241,321 | ||||||||||||||||||||
Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012: | ||||||||||||||||||||||||
3,205 | 4.000%, 11/01/21 | No Opt. Call | A+ | 3,511,302 | ||||||||||||||||||||
2,830 | 4.000%, 11/01/22 | No Opt. Call | A+ | 3,131,876 | ||||||||||||||||||||
Will and Kendall Counties Community Consolidated School District 202 Plainfield, Illinois, General Obligation Bonds, Series 2016C: | ||||||||||||||||||||||||
9,760 | 5.000%, 1/01/22 | No Opt. Call | Aa2 | 11,085,213 | ||||||||||||||||||||
3,355 | 5.000%, 1/01/23 | No Opt. Call | Aa2 | 3,885,493 | ||||||||||||||||||||
3,295 | 5.000%, 1/01/24 | No Opt. Call | Aa2 | 3,873,437 | ||||||||||||||||||||
4,215 | 5.000%, 1/01/25 | No Opt. Call | Aa2 | 5,017,873 |
NUVEEN | 103 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Illinois (continued) | ||||||||||||||||||||||||
$ | 5,675 | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2013B, 0.000%, 1/01/30 | No Opt. Call | Ba1 | $ | 2,802,088 | ||||||||||||||||||
3,870 | Will County School District 86, Joliet, Illinois, General Obligation Bonds, Series 2002, 0.000%, 11/01/17 - AGM Insured | No Opt. Call | AA | 3,866,556 | ||||||||||||||||||||
13,255 | Will County, Illinois, General Obligation Bonds, Alternate Revenue Source Series 2016, 5.000%, 11/15/41 | 11/25 at 100.00 | AA+ | 15,164,383 | ||||||||||||||||||||
Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008: | ||||||||||||||||||||||||
535 | 6.250%, 6/01/24 | 6/18 at 100.00 | AA | 553,265 | ||||||||||||||||||||
1,005 | 5.750%, 6/01/25 | 6/18 at 100.00 | AA | 1,035,823 | ||||||||||||||||||||
335 | 5.750%, 6/01/26 | 6/18 at 100.00 | AA | 345,228 | ||||||||||||||||||||
Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008: | ||||||||||||||||||||||||
325 | 5.750%, 6/01/25 (Pre-refunded 6/01/18) | 6/18 at 100.00 | N/R (4) | 335,501 | ||||||||||||||||||||
85 | 5.750%, 6/01/26 (Pre-refunded 6/01/18) | 6/18 at 100.00 | N/R (4) | 87,746 | ||||||||||||||||||||
5,915 | Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, Limited Tax General Obligation Lease Certificates, Series 2011, 7.000%, 10/15/22 | 10/19 at 103.00 | BBB+ | 6,422,211 | ||||||||||||||||||||
Winnebago-Boone Counties School District 205 Rockford, Illinois, General Obligation Bonds, Series 2013: | ||||||||||||||||||||||||
4,070 | 0.000%, 2/01/25 | No Opt. Call | A+ | 3,282,455 | ||||||||||||||||||||
3,855 | 0.000%, 2/01/26 | No Opt. Call | A+ | 2,956,322 | ||||||||||||||||||||
736,075 | Total Illinois | 785,781,244 | ||||||||||||||||||||||
Indiana – 3.4% | ||||||||||||||||||||||||
710 | Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/17 (ETM) | 9/17 at 100.00 | BB (4) | 710,163 | ||||||||||||||||||||
540 | Carmel Redevelopment Authority, Indiana, County Option Income Tax Lease Rental Revenue Bonds, Refunding Series 2014A, 4.000%, 1/01/18 | No Opt. Call | AA | 544,174 | ||||||||||||||||||||
Carmel Redevelopment Authority, Indiana, County Option Income Tax Lease Rental Revenue Bonds, Refunding Series 2014B: | ||||||||||||||||||||||||
500 | 4.000%, 1/01/18 | No Opt. Call | AA | 503,865 | ||||||||||||||||||||
1,000 | 4.000%, 1/01/19 | No Opt. Call | AA | 1,036,560 | ||||||||||||||||||||
435 | 5.000%, 1/01/20 | No Opt. Call | AA | 472,075 | ||||||||||||||||||||
1,000 | 5.000%, 7/01/20 | No Opt. Call | AA | 1,102,390 | ||||||||||||||||||||
500 | 5.000%, 1/01/21 | No Opt. Call | AA | 559,115 | ||||||||||||||||||||
3,500 | Indiana Finance Authority, Educational Facilities Revenue Bonds, University of Indianapolis Project, Series 2017, 5.000%, 10/01/43 | 4/27 at 100.00 | BBB+ | 3,826,620 | ||||||||||||||||||||
6,750 | Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Health System Obligated Group, Series 2016A, 5.000%, 3/01/44 | 9/26 at 100.00 | A+ | 7,530,975 | ||||||||||||||||||||
Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A: | ||||||||||||||||||||||||
1,130 | 3.500%, 10/01/26 | 10/23 at 100.00 | BBB+ | 1,168,070 | ||||||||||||||||||||
500 | 5.000%, 10/01/29 | 10/23 at 100.00 | BBB+ | 562,920 | ||||||||||||||||||||
4,000 | Indiana Finance Authority, Lease Appropriation Bonds, Stadium Project, Refunding Series 2015A, 5.250%, 2/01/37 | 8/25 at 100.00 | AA+ | 4,700,680 | ||||||||||||||||||||
5,300 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.250%, 10/01/24 – AGM Insured | 10/21 at 100.00 | AA | 6,095,424 |
104 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Indiana (continued) | ||||||||||||||||||||||||
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A: | ||||||||||||||||||||||||
$ | 715 | 5.000%, 10/01/22 | No Opt. Call | AA | $ | 828,506 | ||||||||||||||||||
620 | 5.000%, 10/01/23 | No Opt. Call | AA | 731,681 | ||||||||||||||||||||
625 | 5.000%, 10/01/24 | No Opt. Call | AA | 748,575 | ||||||||||||||||||||
1,220 | 5.000%, 10/01/25 | 10/24 at 100.00 | AA | 1,455,289 | ||||||||||||||||||||
1,710 | 5.000%, 10/01/26 | 10/24 at 100.00 | AA | 2,032,113 | ||||||||||||||||||||
8,000 | Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First Lien Series 2014A, 2.950%, 10/01/22 | 7/22 at 100.00 | A+ | 8,442,640 | ||||||||||||||||||||
1,275 | Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health Subordinate Credit Group, Series 2005A-8, 1.250%, 11/01/27 (Mandatory put 5/01/20) | No Opt. Call | AA+ | 1,269,403 | ||||||||||||||||||||
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2013A: | ||||||||||||||||||||||||
2,750 | 5.250%, 1/01/33 | 7/23 at 100.00 | A+ | 3,167,285 | ||||||||||||||||||||
2,500 | 5.250%, 1/01/34 | 7/23 at 100.00 | A+ | 2,873,550 | ||||||||||||||||||||
2,800 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006, 5.500%, 7/01/21 – NPFG Insured | No Opt. Call | AA– | 3,207,428 | ||||||||||||||||||||
5,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/23 – NPFG Insured | No Opt. Call | AA– | 5,924,050 | ||||||||||||||||||||
Indianapolis, Indiana, Gas Utility Distribution System Revenue Bonds, Refunding 2nd Lien Series 2013A: | ||||||||||||||||||||||||
7,900 | 5.250%, 8/15/28 | 8/23 at 100.00 | AA | 9,237,233 | ||||||||||||||||||||
10,000 | 5.250%, 8/15/29 | 8/23 at 100.00 | AA | 11,668,600 | ||||||||||||||||||||
Indianapolis, Indiana, Gas Utility Distribution System Revenue Bonds, Refunding 2nd Lien Series 2017A: | ||||||||||||||||||||||||
12,190 | 5.000%, 8/15/26 | No Opt. Call | AA | 14,934,700 | ||||||||||||||||||||
6,430 | 5.000%, 8/15/27 | No Opt. Call | AA | 7,962,655 | ||||||||||||||||||||
Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A: | ||||||||||||||||||||||||
500 | 5.000%, 10/01/27 | 10/24 at 100.00 | A | 581,445 | ||||||||||||||||||||
720 | 5.000%, 10/01/28 | 10/24 at 100.00 | A | 832,889 | ||||||||||||||||||||
1,000 | 5.000%, 10/01/29 | 10/24 at 100.00 | A | 1,151,770 | ||||||||||||||||||||
1,360 | 5.000%, 10/01/31 | 10/24 at 100.00 | A | 1,556,574 | ||||||||||||||||||||
1,215 | 5.000%, 10/01/33 | 10/24 at 100.00 | A | 1,379,001 | ||||||||||||||||||||
2,985 | Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 1994A Remarketed, 5.850%, 4/01/19 – NPFG Insured | No Opt. Call | A | 3,165,921 | ||||||||||||||||||||
Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A: | ||||||||||||||||||||||||
1,675 | 5.000%, 4/01/21 | No Opt. Call | Baa3 | 1,814,427 | ||||||||||||||||||||
940 | 5.000%, 4/01/22 | No Opt. Call | Baa3 | 1,032,618 | ||||||||||||||||||||
2,015 | 5.000%, 4/01/24 | 4/22 at 100.00 | Baa3 | 2,193,851 |
NUVEEN | 105 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Indiana (continued) | ||||||||||||||||||||||||
Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012: | ||||||||||||||||||||||||
$ | 500 | 4.250%, 2/01/18 | No Opt. Call | N/R | $ | 502,625 | ||||||||||||||||||
500 | 4.250%, 8/01/18 | No Opt. Call | N/R | 506,305 | ||||||||||||||||||||
500 | 4.500%, 2/01/19 | No Opt. Call | N/R | 511,100 | ||||||||||||||||||||
500 | 4.500%, 8/01/19 | No Opt. Call | N/R | 514,810 | ||||||||||||||||||||
500 | 4.750%, 2/01/20 | No Opt. Call | N/R | 521,000 | ||||||||||||||||||||
500 | 4.750%, 8/01/20 | No Opt. Call | N/R | 524,715 | ||||||||||||||||||||
250 | 4.750%, 2/01/21 | No Opt. Call | N/R | 263,478 | ||||||||||||||||||||
500 | 4.750%, 8/01/21 | No Opt. Call | N/R | 529,775 | ||||||||||||||||||||
500 | 5.000%, 2/01/22 | No Opt. Call | N/R | 536,305 | ||||||||||||||||||||
500 | 5.000%, 8/01/22 | 2/22 at 100.00 | N/R | 534,640 | ||||||||||||||||||||
500 | 5.000%, 8/01/23 | 2/22 at 100.00 | N/R | 530,670 | ||||||||||||||||||||
500 | 5.000%, 2/01/24 | 2/22 at 100.00 | N/R | 528,530 | ||||||||||||||||||||
960 | Southwind Housing Inc., Evansville, Indiana, First Mortgage Revenue Bonds, Series 1978A, 7.125%, 11/15/21 (ETM) | 11/17 at 100.00 | N/R (4) | 1,084,992 | ||||||||||||||||||||
Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014: | ||||||||||||||||||||||||
1,040 | 5.000%, 2/01/25 | 8/24 at 100.00 | A | 1,231,755 | ||||||||||||||||||||
1,000 | 5.000%, 2/01/26 | 8/24 at 100.00 | A | 1,188,830 | ||||||||||||||||||||
1,805 | 5.000%, 2/01/27 | 8/24 at 100.00 | A | 2,131,940 | ||||||||||||||||||||
1,750 | 5.000%, 2/01/29 | 8/24 at 100.00 | A | 2,044,350 | ||||||||||||||||||||
2,700 | 5.000%, 2/01/31 | 8/24 at 100.00 | A | 3,131,001 | ||||||||||||||||||||
19,905 | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2015, 5.000%, 11/01/45 (Mandatory put 11/01/22) (Alternative Minimum Tax) | No Opt. Call | A1 | 22,706,828 | ||||||||||||||||||||
20,625 | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2016A, 5.000%, 3/01/46 (Mandatory put 3/01/23) | No Opt. Call | A1 | 23,621,606 | ||||||||||||||||||||
157,545 | Total Indiana | 180,150,490 | ||||||||||||||||||||||
Iowa – 1.7% | ||||||||||||||||||||||||
1,000 | Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.500%, 6/15/30 (Pre-refunded 6/15/20) | 6/20 at 100.00 | A2 (4) | 1,115,820 | ||||||||||||||||||||
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011: | ||||||||||||||||||||||||
1,015 | 5.250%, 6/15/25 (Pre-refunded 6/15/20) | 6/20 at 100.00 | A2 (4) | 1,125,797 | ||||||||||||||||||||
2,000 | 5.250%, 6/15/26 (Pre-refunded 6/15/20) | 6/20 at 100.00 | A2 (4) | 2,218,320 | ||||||||||||||||||||
3,135 | 5.250%, 6/15/27 (Pre-refunded 6/15/20) | 6/20 at 100.00 | A2 (4) | 3,477,217 | ||||||||||||||||||||
2,000 | 5.375%, 6/15/28 (Pre-refunded 6/15/20) | 6/20 at 100.00 | A2 (4) | 2,224,980 | ||||||||||||||||||||
2,035 | 5.500%, 6/15/29 (Pre-refunded 6/15/20) | 6/20 at 100.00 | A2 (4) | 2,270,694 | ||||||||||||||||||||
Fort Dodge Community School District, Webster County, Iowa, School Infrastructure Sales, Services, and Use Tax Revenue Bonds, Series 2011: | ||||||||||||||||||||||||
1,830 | 5.000%, 1/01/23 (Pre-refunded 1/01/21) – AGM Insured | 1/21 at 100.00 | AA (4) | 2,054,468 | ||||||||||||||||||||
1,890 | 5.000%, 1/01/24 (Pre-refunded 1/01/21) – AGM Insured | 1/21 at 100.00 | AA (4) | 2,121,827 | ||||||||||||||||||||
1,520 | 5.000%, 1/01/25 (Pre-refunded 1/01/21) – AGM Insured | 1/21 at 100.00 | AA (4) | 1,706,443 | ||||||||||||||||||||
1,000 | 5.000%, 1/01/26 (Pre-refunded 1/01/21) – AGM Insured | 1/21 at 100.00 | AA (4) | 1,122,660 | ||||||||||||||||||||
10,000 | Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44 | 2/23 at 100.00 | AA– | 11,015,400 | ||||||||||||||||||||
Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Health System, Series 2013: | ||||||||||||||||||||||||
8,655 | 5.000%, 7/01/27 | 7/23 at 100.00 | A1 | 9,907,898 | ||||||||||||||||||||
6,820 | 5.000%, 7/01/28 | 7/23 at 100.00 | A1 | 7,769,685 |
106 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Iowa (continued) | ||||||||||||||||||||||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | ||||||||||||||||||||||||
$ | 6,445 | 5.000%, 12/01/19 | No Opt. Call | B | $ | 6,669,028 | ||||||||||||||||||
8,210 | 5.500%, 12/01/22 | 12/18 at 100.00 | B | 8,392,426 | ||||||||||||||||||||
1,925 | 5.250%, 12/01/25 | 12/23 at 100.00 | B | 2,042,155 | ||||||||||||||||||||
4,770 | 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 | B | 5,055,007 | ||||||||||||||||||||
1,250 | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Refunding Series 2010, 5.500%, 9/01/25 (Pre-refunded 9/01/20) | 9/20 at 100.00 | N/R (4) | 1,407,600 | ||||||||||||||||||||
2,000 | Iowa State, Special Obligation Bonds, Prison Infrastructure Fund, Refunding Series 2010, 4.500%, 6/15/22 (Pre-refunded 6/15/20) | 6/20 at 100.00 | AA (4) | 2,183,460 | ||||||||||||||||||||
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | ||||||||||||||||||||||||
12,145 | 5.375%, 6/01/38 | 12/17 at 100.00 | B+ | 12,144,150 | ||||||||||||||||||||
2,315 | 5.500%, 6/01/42 | 12/17 at 100.00 | B+ | 2,314,768 | ||||||||||||||||||||
15 | 5.625%, 6/01/46 | 12/17 at 100.00 | B+ | 15,000 | ||||||||||||||||||||
1,940 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 12/17 at 100.00 | B+ | 1,951,543 | ||||||||||||||||||||
83,915 | Total Iowa | 90,306,346 | ||||||||||||||||||||||
Kansas – 0.9% | ||||||||||||||||||||||||
14,655 | Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company Project, Refunding Series 1993A, 2.950%, 12/01/23 | 4/23 at 101.00 | A | 15,398,302 | ||||||||||||||||||||
10,000 | Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company Project, Refunding Series 1993B, 2.950%, 12/01/23 | 4/23 at 101.00 | A | 10,507,200 | ||||||||||||||||||||
765 | Johnson County Unified School District 512, Shawnee Mission, Kansas, General Obligation Bonds, Refunding Series 1996, 4.875%, 10/01/19 | No Opt. Call | Aaa | 794,430 | ||||||||||||||||||||
2,200 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.500%, 11/15/23 | 11/19 at 100.00 | AA | 2,405,634 | ||||||||||||||||||||
3,175 | 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) | 11/17 at 100.00 | AA (4) | 3,191,859 | ||||||||||||||||||||
1,850 | Kansas Development Finance Authority, Revenue Bonds, Kansas State Projects, Series 2007K, 4.500%, 11/01/19 – NPFG Insured | 11/17 at 100.00 | Aa3 | 1,855,754 | ||||||||||||||||||||
20 | Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-2, 6.700%, 6/01/29 | No Opt. Call | Aaa | 20,159 | ||||||||||||||||||||
10,160 | Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2011A-IV, 5.000%, 11/15/29 (Pre-refunded 11/15/21) | 11/21 at 100.00 | N/R (4) | 11,683,594 | ||||||||||||||||||||
Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A: | ||||||||||||||||||||||||
1,915 | 5.000%, 9/01/21 | No Opt. Call | A+ | 2,175,325 | ||||||||||||||||||||
660 | 5.000%, 9/01/22 | No Opt. Call | A+ | 764,782 | ||||||||||||||||||||
1,505 | 5.000%, 9/01/23 | No Opt. Call | A+ | 1,776,216 | ||||||||||||||||||||
46,905 | Total Kansas | 50,573,255 | ||||||||||||||||||||||
Kentucky – 1.5% | ||||||||||||||||||||||||
2,460 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.625%, 8/15/27 | 8/18 at 100.00 | A | 2,541,918 |
NUVEEN | 107 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Kentucky (continued) | ||||||||||||||||||||||||
$ | 1,795 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2015A, 4.500%, 6/01/46 | 6/25 at 100.00 | BBB | $ | 1,842,962 | ||||||||||||||||||
8,175 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 5.750%, 12/01/28 – AGC Insured | 6/18 at 100.00 | AA | 8,322,313 | ||||||||||||||||||||
20,700 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 83, Series 2004, 5.000%, 10/01/18 – AMBAC Insured | No Opt. Call | A1 | 21,520,962 | ||||||||||||||||||||
7,000 | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/28 | 6/21 at 100.00 | A1 | 7,773,430 | ||||||||||||||||||||
495 | Logan/Todd Regional Water Commission, Kentucky, Revenue Bonds, Refunding Series 2016A, 2.500%, 7/01/30 – AGM Insured | 7/26 at 100.00 | AA | 474,101 | ||||||||||||||||||||
Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A: | ||||||||||||||||||||||||
1,320 | 5.000%, 7/01/26 (Alternative Minimum Tax) | 7/24 at 100.00 | A+ | 1,524,811 | ||||||||||||||||||||
3,280 | 5.000%, 7/01/28 (Alternative Minimum Tax) | 7/24 at 100.00 | A+ | 3,746,154 | ||||||||||||||||||||
3,760 | Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35 | 6/22 at 100.00 | BBB+ | 3,951,309 | ||||||||||||||||||||
10,080 | Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35 (Pre-refunded 6/01/22) | 6/22 at 100.00 | N/R (4) | 11,712,658 | ||||||||||||||||||||
1,135 | Louisville-Jefferson County Metro Government, Kentucky, Revenue Bonds, Bellarmine University Inc. Project, Refunding & Improvement Series 2008A, 6.000%, 5/01/28 | 5/18 at 100.00 | Baa3 | 1,160,594 | ||||||||||||||||||||
2,105 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2005A, 2.200%, 2/01/35 (Mandatory put 8/01/19) | 8/19 at 100.00 | A1 | 2,133,586 | ||||||||||||||||||||
Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray-Calloway County Public Hospital Corporation Project, Refunding Series 2016: | ||||||||||||||||||||||||
1,005 | 5.000%, 8/01/25 | No Opt. Call | Baa3 | 1,134,585 | ||||||||||||||||||||
1,060 | 5.000%, 8/01/26 | No Opt. Call | Baa3 | 1,201,266 | ||||||||||||||||||||
1,110 | 5.000%, 8/01/27 | 8/26 at 100.00 | Baa3 | 1,248,328 | ||||||||||||||||||||
1,165 | 5.000%, 8/01/28 | 8/26 at 100.00 | Baa3 | 1,301,433 | ||||||||||||||||||||
1,230 | 5.000%, 8/01/29 | 8/26 at 100.00 | Baa3 | 1,365,718 | ||||||||||||||||||||
2,935 | 5.000%, 8/01/37 | 8/26 at 100.00 | Baa3 | 3,165,163 | ||||||||||||||||||||
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011: | ||||||||||||||||||||||||
1,255 | 6.000%, 3/01/22 | 3/21 at 100.00 | A3 | 1,427,701 | ||||||||||||||||||||
1,320 | 6.250%, 3/01/23 | 3/21 at 100.00 | A3 | 1,506,556 | ||||||||||||||||||||
1,300 | 6.250%, 3/01/24 | 3/21 at 100.00 | A3 | 1,478,477 | ||||||||||||||||||||
74,685 | Total Kentucky | 80,534,025 | ||||||||||||||||||||||
Louisiana – 2.6% | ||||||||||||||||||||||||
5,035 | De Soto Parrish, Louisiana, Pollution Control Revenue Bonds, Southwestern Electric Power Company Project, Refunding Series 2010, 1.600%, 1/01/19 | No Opt. Call | A– | 5,038,474 | ||||||||||||||||||||
East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B: | ||||||||||||||||||||||||
970 | 5.000%, 2/01/23 | No Opt. Call | AA | 1,129,487 | ||||||||||||||||||||
540 | 5.000%, 2/01/24 | No Opt. Call | AA | 638,739 | ||||||||||||||||||||
800 | 5.000%, 2/01/25 | No Opt. Call | AA | 957,496 | ||||||||||||||||||||
585 | Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 6.250%, 7/01/31 | 7/21 at 100.00 | BB | 624,751 |
108 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Louisiana (continued) | ||||||||||||||||||||||||
$ | 475 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/24 (Pre-refunded 6/01/22) – AGM Insured | 6/22 at 100.00 | AA (4) | $ | 553,104 | ||||||||||||||||||
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||||||||||
17,435 | 5.000%, 6/01/25 | No Opt. Call | A1 | 20,843,717 | ||||||||||||||||||||
16,260 | 5.000%, 6/01/26 | No Opt. Call | A1 | 19,549,561 | ||||||||||||||||||||
245 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006-C1, 5.875%, 6/01/23 (Pre-refunded 6/01/18) | 6/18 at 100.00 | AA (4) | 253,154 | ||||||||||||||||||||
5 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25 (Pre-refunded 6/01/18) – AGC Insured | 6/18 at 100.00 | AA (4) | 5,175 | ||||||||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A: | ||||||||||||||||||||||||
2,280 | 5.000%, 2/01/28 | 2/24 at 100.00 | AA– | 2,657,796 | ||||||||||||||||||||
2,850 | 5.000%, 2/01/29 | 2/24 at 100.00 | AA– | 3,307,767 | ||||||||||||||||||||
2,000 | 5.000%, 2/01/30 | 2/24 at 100.00 | AA– | 2,311,120 | ||||||||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A: | ||||||||||||||||||||||||
2,000 | 6.750%, 12/15/37 (8) | 12/17 at 100.00 | N/R | 1,299,800 | ||||||||||||||||||||
320 | 6.000%, 12/15/37 (8) | 12/17 at 100.00 | N/R | 207,968 | ||||||||||||||||||||
30 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007B, 9.000%, 12/15/17 (8) | No Opt. Call | N/R | 19,497 | ||||||||||||||||||||
1,000 | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017, 5.000%, 7/01/37 | 7/27 at 100.00 | A– | 1,105,590 | ||||||||||||||||||||
2,210 | Louisiana Public Facilities Authority, Revenue Bonds, Entergy Louisiana, LLC Project, Refunding Series 2016A, 3.375%, 9/01/28 | 3/21 at 100.00 | A | 2,246,531 | ||||||||||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016: | ||||||||||||||||||||||||
1,030 | 5.000%, 5/15/30 | 5/26 at 100.00 | A3 | 1,198,426 | ||||||||||||||||||||
2,965 | 5.000%, 5/15/32 | 5/26 at 100.00 | A3 | 3,390,922 | ||||||||||||||||||||
3,660 | 5.000%, 5/15/33 | 5/26 at 100.00 | A3 | 4,153,112 | ||||||||||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016: | ||||||||||||||||||||||||
15 | 5.000%, 5/15/30 (Pre-refunded 5/15/26) | 5/26 at 100.00 | N/R (4) | 18,656 | ||||||||||||||||||||
30 | 5.000%, 5/15/32 (Pre-refunded 5/15/26) | 5/26 at 100.00 | N/R (4) | 37,313 | ||||||||||||||||||||
40 | 5.000%, 5/15/33 (Pre-refunded 5/15/26) | 5/26 at 100.00 | N/R (4) | 49,750 | ||||||||||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017: | ||||||||||||||||||||||||
1,250 | 5.000%, 5/15/28 | 5/27 at 100.00 | A3 | 1,484,588 | ||||||||||||||||||||
1,000 | 5.000%, 5/15/29 | 5/27 at 100.00 | A3 | 1,178,770 | ||||||||||||||||||||
1,155 | 5.000%, 5/15/30 | 5/27 at 100.00 | A3 | 1,353,383 | ||||||||||||||||||||
1,750 | 5.000%, 5/15/31 | 5/27 at 100.00 | A3 | 2,037,560 | ||||||||||||||||||||
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A: | ||||||||||||||||||||||||
1,050 | 5.000%, 7/01/22 | No Opt. Call | AA– | 1,213,096 | ||||||||||||||||||||
2,750 | 5.000%, 7/01/29 | 7/23 at 100.00 | AA– | 3,164,067 | ||||||||||||||||||||
5,000 | 5.000%, 7/01/31 | 7/23 at 100.00 | AA– | 5,720,800 | ||||||||||||||||||||
3,835 | 5.000%, 7/01/32 | 7/23 at 100.00 | AA– | 4,372,322 |
NUVEEN | 109 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Louisiana (continued) | ||||||||||||||||||||||||
Louisiana State, Unclaimed Property Special Revenue Bonds, Interstate 49 North Project, Series 2013: | ||||||||||||||||||||||||
$ | 1,165 | 5.000%, 9/01/29 | 9/23 at 100.00 | A+ | $ | 1,311,837 | ||||||||||||||||||
5,070 | 5.000%, 9/01/31 | 9/23 at 100.00 | A+ | 5,665,877 | ||||||||||||||||||||
4,000 | 5.000%, 9/01/32 | 9/23 at 100.00 | A+ | 4,454,000 | ||||||||||||||||||||
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012: | ||||||||||||||||||||||||
4,140 | 5.000%, 12/01/19 | No Opt. Call | AA– | 4,468,799 | ||||||||||||||||||||
3,940 | 5.000%, 12/01/20 | No Opt. Call | AA– | 4,374,385 | ||||||||||||||||||||
5,400 | 5.000%, 12/01/21 | No Opt. Call | AA– | 6,148,548 | ||||||||||||||||||||
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015: | ||||||||||||||||||||||||
1,000 | 5.000%, 12/01/22 | No Opt. Call | AA– | 1,158,490 | ||||||||||||||||||||
870 | 5.000%, 12/01/23 | No Opt. Call | AA– | 1,021,319 | ||||||||||||||||||||
1,020 | 5.000%, 12/01/24 | No Opt. Call | AA– | 1,213,841 | ||||||||||||||||||||
470 | 5.000%, 12/01/25 | No Opt. Call | AA– | 563,060 | ||||||||||||||||||||
730 | 5.000%, 12/01/27 | 12/25 at 100.00 | AA– | 861,648 | ||||||||||||||||||||
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014: | ||||||||||||||||||||||||
1,200 | 5.000%, 6/01/20 | No Opt. Call | A | 1,313,616 | ||||||||||||||||||||
100 | 5.000%, 6/01/24 | No Opt. Call | A | 118,249 | ||||||||||||||||||||
500 | 5.000%, 6/01/25 | 6/24 at 100.00 | A | 585,250 | ||||||||||||||||||||
500 | 5.000%, 6/01/26 | 6/24 at 100.00 | A | 579,645 | ||||||||||||||||||||
525 | 5.000%, 6/01/27 | 6/24 at 100.00 | A | 603,939 | ||||||||||||||||||||
330 | 5.000%, 6/01/28 | 6/24 at 100.00 | A | 377,240 | ||||||||||||||||||||
570 | 5.000%, 6/01/29 | 6/24 at 100.00 | A | 649,355 | ||||||||||||||||||||
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015: | ||||||||||||||||||||||||
385 | 5.000%, 6/01/30 | 6/25 at 100.00 | A | 445,957 | ||||||||||||||||||||
775 | 5.000%, 6/01/32 | 6/25 at 100.00 | A | 890,219 | ||||||||||||||||||||
1,000 | 5.000%, 6/01/33 | 6/25 at 100.00 | A | 1,144,220 | ||||||||||||||||||||
650 | 5.000%, 6/01/35 | 6/25 at 100.00 | A | 739,434 | ||||||||||||||||||||
500 | Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, Refunding Series 2013B, 5.000%, 4/01/30 (Alternative Minimum Tax) | 4/23 at 100.00 | A– | 547,945 | ||||||||||||||||||||
6,585 | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) | No Opt. Call | BBB | 6,964,691 | ||||||||||||||||||||
121,995 | Total Louisiana | 138,324,056 | ||||||||||||||||||||||
Maine – 0.3% | ||||||||||||||||||||||||
1,100 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 | 7/23 at 100.00 | BBB | 1,133,726 | ||||||||||||||||||||
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A: | ||||||||||||||||||||||||
4,185 | 4.000%, 7/01/41 | 7/26 at 100.00 | BBB | 3,724,190 | ||||||||||||||||||||
5,555 | 4.000%, 7/01/46 | 7/26 at 100.00 | BBB | 4,826,517 | ||||||||||||||||||||
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011: | ||||||||||||||||||||||||
1,000 | 6.750%, 7/01/36 | 7/21 at 100.00 | BB | 1,095,660 | ||||||||||||||||||||
3,850 | 6.750%, 7/01/41 | 7/21 at 100.00 | BB | 4,197,270 | ||||||||||||||||||||
630 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2007B, 4.125%, 7/01/18 – FGIC Insured | 1/18 at 100.00 | AA | 634,807 | ||||||||||||||||||||
110 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2007B, 4.125%, 7/01/18 (Pre-refunded 1/01/18) – FGIC Insured | 1/18 at 100.00 | A1 (4) | 110,889 |
110 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Maine (continued) | ||||||||||||||||||||||||
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||||||||
$ | 500 | 4.000%, 7/01/18 | No Opt. Call | BBB+ | $ | 510,680 | ||||||||||||||||||
225 | 4.000%, 7/01/20 | No Opt. Call | BBB+ | 240,440 | ||||||||||||||||||||
290 | 5.000%, 7/01/22 | No Opt. Call | BBB+ | 332,468 | ||||||||||||||||||||
17,445 | Total Maine | 16,806,647 | ||||||||||||||||||||||
Maryland – 0.9% | ||||||||||||||||||||||||
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016: | ||||||||||||||||||||||||
1,235 | 3.250%, 1/01/31 | 1/26 at 100.00 | N/R | 1,205,002 | ||||||||||||||||||||
3,365 | 5.000%, 1/01/37 | 1/26 at 100.00 | N/R | 3,739,323 | ||||||||||||||||||||
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: | ||||||||||||||||||||||||
1,160 | 5.000%, 9/01/26 | No Opt. Call | BBB– | 1,379,704 | ||||||||||||||||||||
1,760 | 5.000%, 9/01/27 | No Opt. Call | BBB– | 2,110,240 | ||||||||||||||||||||
2,655 | 5.000%, 9/01/29 | 9/27 at 100.00 | BBB– | 3,135,183 | ||||||||||||||||||||
Baltimore, Maryland, Revenue Bonds, Water Projects, Series 2013A: | ||||||||||||||||||||||||
500 | 5.000%, 7/01/21 | No Opt. Call | AA | 569,165 | ||||||||||||||||||||
1,000 | 5.000%, 7/01/26 | 1/24 at 100.00 | AA | 1,181,040 | ||||||||||||||||||||
1,715 | 5.000%, 7/01/27 | 1/24 at 100.00 | AA | 2,018,298 | ||||||||||||||||||||
250 | Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 | 6/20 at 100.00 | Baa3 | 267,550 | ||||||||||||||||||||
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, College Park Project, Refunding Series 2016: | ||||||||||||||||||||||||
520 | 5.000%, 6/01/27 – AGM Insured | 6/26 at 100.00 | AA | 628,820 | ||||||||||||||||||||
1,000 | 5.000%, 6/01/28 – AGM Insured | 6/26 at 100.00 | AA | 1,198,180 | ||||||||||||||||||||
1,000 | 5.000%, 6/01/29 – AGM Insured | 6/26 at 100.00 | AA | 1,188,230 | ||||||||||||||||||||
895 | 5.000%, 6/01/30 – AGM Insured | 6/26 at 100.00 | AA | 1,055,393 | ||||||||||||||||||||
1,870 | 5.000%, 6/01/35 – AGM Insured | 6/26 at 100.00 | AA | 2,159,831 | ||||||||||||||||||||
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A: | ||||||||||||||||||||||||
750 | 5.000%, 7/01/32 | 7/26 at 100.00 | BBB | 841,380 | ||||||||||||||||||||
2,250 | 5.000%, 7/01/33 | 7/26 at 100.00 | BBB | 2,513,295 | ||||||||||||||||||||
1,650 | 5.000%, 7/01/34 | 7/26 at 100.00 | BBB | 1,835,180 | ||||||||||||||||||||
2,000 | 5.000%, 7/01/35 | 7/26 at 100.00 | BBB | 2,218,080 | ||||||||||||||||||||
1,570 | 5.000%, 7/01/36 | 7/26 at 100.00 | BBB | 1,733,735 | ||||||||||||||||||||
1,260 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2010, 5.250%, 7/01/24 | 7/19 at 100.00 | A2 | 1,337,011 | ||||||||||||||||||||
740 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2010, 5.250%, 7/01/24 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 795,123 | ||||||||||||||||||||
7,825 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014, 5.250%, 7/01/25 | 7/24 at 100.00 | BBB | 9,256,271 | ||||||||||||||||||||
2,475 | Maryland State, General Obligation Bonds, State & Local Facilities Loan, First Series 2011A, 5.000%, 3/15/19 | No Opt. Call | AAA | 2,619,639 | ||||||||||||||||||||
2,155 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, TEMPS 45 Series 2017C-3, 2.500%, 11/01/24 (WI/DD, Settling 11/01/17) | 5/20 at 100.00 | BB | 2,160,043 | ||||||||||||||||||||
1,480 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, TEMPS 70 Series 2017C-2, 3.000%, 11/01/25 (WI/DD, Settling 11/01/17) | 5/20 at 100.00 | BB | 1,485,683 |
NUVEEN | 111 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Maryland (continued) | ||||||||||||||||||||||||
$ | 980 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, TEMPS 85 Series 2017C-1, 3.500%, 11/01/26 (WI/DD, Settling 11/01/17) | 5/20 at 100.00 | BB | $ | 983,734 | ||||||||||||||||||
44,060 | Total Maryland | 49,615,133 | ||||||||||||||||||||||
Massachusetts – 0.6% | ||||||||||||||||||||||||
1,685 | Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 – FGIC Insured | No Opt. Call | Aa1 | 1,868,025 | ||||||||||||||||||||
10,000 | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2004B, 5.250%, 7/01/20 | No Opt. Call | AA | 11,120,300 | ||||||||||||||||||||
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A: | ||||||||||||||||||||||||
835 | 5.000%, 7/01/26 | 7/24 at 100.00 | BBB– | 917,381 | ||||||||||||||||||||
680 | 5.000%, 7/01/27 | 7/24 at 100.00 | BBB– | 743,648 | ||||||||||||||||||||
925 | 5.000%, 7/01/28 | 7/24 at 100.00 | BBB– | 1,006,918 | ||||||||||||||||||||
960 | 5.000%, 7/01/29 | 7/24 at 100.00 | BBB– | 1,039,920 | ||||||||||||||||||||
2,500 | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.650%, 10/15/28 | 10/17 at 100.00 | N/R | 2,504,175 | ||||||||||||||||||||
1,530 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E, 3.375%, 7/01/36 | 7/26 at 100.00 | BBB | 1,408,426 | ||||||||||||||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007: | ||||||||||||||||||||||||
360 | 5.000%, 10/01/17 | No Opt. Call | N/R | 360,061 | ||||||||||||||||||||
515 | 5.000%, 10/01/18 | 10/17 at 100.00 | N/R | 515,968 | ||||||||||||||||||||
450 | 5.250%, 10/01/37 | 10/17 at 100.00 | N/R | 450,207 | ||||||||||||||||||||
Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, Series 2010: | ||||||||||||||||||||||||
915 | 4.500%, 7/01/21 | 7/20 at 100.00 | Baa2 | 971,190 | ||||||||||||||||||||
1,765 | 4.500%, 7/01/22 | 7/20 at 100.00 | Baa2 | 1,866,611 | ||||||||||||||||||||
1,705 | 4.625%, 7/01/23 | 7/20 at 100.00 | Baa2 | 1,813,745 | ||||||||||||||||||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010: | ||||||||||||||||||||||||
500 | 5.125%, 10/15/22 (Pre-refunded 10/15/19) | 10/19 at 100.00 | N/R (4) | 541,645 | ||||||||||||||||||||
2,595 | 5.500%, 10/15/26 (Pre-refunded 10/15/19) | 10/19 at 100.00 | N/R (4) | 2,830,782 | ||||||||||||||||||||
1,080 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 6.000%, 7/01/24 | 7/19 at 100.00 | BBB | 1,167,210 | ||||||||||||||||||||
1,940 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 6.000%, 7/01/24 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 2,107,635 | ||||||||||||||||||||
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A: | ||||||||||||||||||||||||
50 | 5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax) | 12/17 at 100.00 | N/R | 50,191 | ||||||||||||||||||||
1,465 | 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) | 1/18 at 100.00 | N/R | 1,478,507 | ||||||||||||||||||||
32,455 | Total Massachusetts | 34,762,545 | ||||||||||||||||||||||
Michigan – 1.7% | ||||||||||||||||||||||||
790 | Algonac Community Schools, Saint Clair County, Michigan, General Obligation Bonds, School Building & Site Series 2008-I, 4.000%, 5/01/19 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | Aa1 (4) | 804,094 |
112 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Michigan (continued) | ||||||||||||||||||||||||
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996B: | ||||||||||||||||||||||||
$ | 3,050 | 0.000%, 7/01/22 | No Opt. Call | BB | $ | 2,430,697 | ||||||||||||||||||
2,650 | 0.000%, 7/01/23 | No Opt. Call | BB | 1,990,998 | ||||||||||||||||||||
2,880 | 0.000%, 7/01/24 | No Opt. Call | BB | 2,022,250 | ||||||||||||||||||||
2,675 | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2003A, 5.000%, 5/15/20 – AGM Insured | 5/18 at 100.00 | AA | 2,742,758 | ||||||||||||||||||||
355 | Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/30 | 7/26 at 100.00 | A | 414,810 | ||||||||||||||||||||
4,850 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C, 5.000%, 7/01/34 | 7/25 at 100.00 | A– | 5,402,851 | ||||||||||||||||||||
3,540 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/23 | 11/19 at 100.00 | AA+ | 3,806,597 | ||||||||||||||||||||
1,850 | Michigan Municipal Bond Authority, AMBAC Insured Bonds, Series 2007B-A, 5.000%, 12/01/18 – AMBAC Insured | 12/17 at 100.00 | N/R | 1,853,441 | ||||||||||||||||||||
5,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.000%, 10/15/28 | 10/21 at 100.00 | Aa2 | 5,634,650 | ||||||||||||||||||||
5,425 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.000%, 10/15/28 | 10/21 at 100.00 | Aa2 | 6,113,595 | ||||||||||||||||||||
1,600 | Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/23 | 11/19 at 100.00 | AA+ | 1,723,024 | ||||||||||||||||||||
4,750 | Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Refunding Series 2013, 5.000%, 5/01/22 | No Opt. Call | Aa1 | 5,394,195 | ||||||||||||||||||||
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D: | ||||||||||||||||||||||||
1,000 | 5.000%, 9/01/26 | 3/24 at 100.00 | A1 | 1,158,600 | ||||||||||||||||||||
2,000 | 5.000%, 9/01/27 | 3/24 at 100.00 | A1 | 2,303,020 | ||||||||||||||||||||
2,555 | 5.000%, 9/01/28 | 3/24 at 100.00 | A1 | 2,919,241 | ||||||||||||||||||||
3,770 | 5.000%, 9/01/29 | 3/24 at 100.00 | A1 | 4,289,167 | ||||||||||||||||||||
5,000 | 5.000%, 9/01/30 | 3/24 at 100.00 | A1 | 5,663,300 | ||||||||||||||||||||
2,270 | 5.000%, 9/01/31 | 3/24 at 100.00 | A1 | 2,561,627 | ||||||||||||||||||||
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2011: | ||||||||||||||||||||||||
4,885 | 5.000%, 5/01/20 | No Opt. Call | Aa1 | 5,341,015 | ||||||||||||||||||||
4,845 | 5.000%, 5/01/21 | 11/20 at 100.00 | Aa1 | 5,383,909 | ||||||||||||||||||||
3,845 | 5.000%, 5/01/22 | 11/20 at 100.00 | Aa1 | 4,258,645 | ||||||||||||||||||||
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Refunding Series 2015F: | ||||||||||||||||||||||||
3,750 | 5.000%, 12/01/32 (Alternative Minimum Tax) | 12/25 at 100.00 | A | 4,295,700 | ||||||||||||||||||||
5,295 | 5.000%, 12/01/33 (Alternative Minimum Tax) | 12/25 at 100.00 | A | 6,032,541 | ||||||||||||||||||||
5,000 | 5.000%, 12/01/34 (Alternative Minimum Tax) | 12/25 at 100.00 | A | 5,669,400 | ||||||||||||||||||||
1,300 | Western Michigan University, General Revenue Bonds, Refunding Series 2008, 5.000%, 11/15/23 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | AA (4) | 1,333,072 | ||||||||||||||||||||
84,930 | Total Michigan | 91,543,197 | ||||||||||||||||||||||
Minnesota – 0.4% | ||||||||||||||||||||||||
1,710 | Cass Lake Independent School District 115, Minnesota, General Obligation Bonds, School Building Refunding Series 2010A, 5.000%, 2/01/27 | 2/20 at 100.00 | AA+ | 1,854,085 |
NUVEEN | 113 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Minnesota (continued) | ||||||||||||||||||||||||
$ | 500 | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 5.000%, 11/01/29 | 11/24 at 100.00 | Baa1 | $ | 565,460 | ||||||||||||||||||
2,155 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.375%, 11/15/23 (Pre-refunded 11/15/18) | 11/18 at 100.00 | A+ (4) | 2,285,744 | ||||||||||||||||||||
2,650 | Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 5.000%, 8/01/18 (ETM) | No Opt. Call | N/R (4) | 2,739,305 | ||||||||||||||||||||
1,270 | Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 4.250%, 8/01/20 (Pre-refunded 8/01/18) | 8/18 at 100.00 | N/R (4) | 1,304,430 | ||||||||||||||||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014A: | ||||||||||||||||||||||||
2,580 | 5.000%, 1/01/25 | 1/24 at 100.00 | A+ | 3,047,883 | ||||||||||||||||||||
2,005 | 5.000%, 1/01/32 | 1/24 at 100.00 | A+ | 2,313,610 | ||||||||||||||||||||
425 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 4.000%, 1/01/28 | 1/23 at 100.00 | A– | 457,504 | ||||||||||||||||||||
650 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2013, 5.000%, 7/01/33 | 7/23 at 100.00 | A | 726,603 | ||||||||||||||||||||
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B: | ||||||||||||||||||||||||
2,060 | 5.000%, 5/01/23 | No Opt. Call | A1 | 2,422,210 | ||||||||||||||||||||
1,510 | 5.000%, 5/01/24 | No Opt. Call | A1 | 1,807,228 | ||||||||||||||||||||
490 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.000%, 11/15/24 | 11/19 at 100.00 | AA– | 529,078 | ||||||||||||||||||||
520 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.000%, 11/15/24 (Pre-refunded 11/15/19) | 11/19 at 100.00 | N/R (4) | 563,363 | ||||||||||||||||||||
385 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/21 | 12/17 at 100.00 | N/R | 385,678 | ||||||||||||||||||||
18,910 | Total Minnesota | 21,002,181 | ||||||||||||||||||||||
Mississippi – 0.8% | ||||||||||||||||||||||||
5,370 | Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 | 10/17 at 100.00 | BBB+ | 5,419,511 | ||||||||||||||||||||
10,000 | Mississippi Business Finance Corporation, Revenue Bonds, Mississippi Power Company Project, First Series 2010, 1.625%, 12/01/40 (Mandatory put 1/12/18) | No Opt. Call | BBB+ | 10,011,600 | ||||||||||||||||||||
15,000 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A, 5.000%, 9/01/46 | 9/26 at 100.00 | BBB+ | 16,386,450 | ||||||||||||||||||||
8,860 | Mississippi State, General Obligation Bonds, Series 2013B, 5.000%, 12/01/28 (Pre-refunded 12/01/23) | 12/23 at 100.00 | AA (4) | 10,657,162 | ||||||||||||||||||||
39,230 | Total Mississippi | 42,474,723 | ||||||||||||||||||||||
Missouri – 0.9% | ||||||||||||||||||||||||
1,515 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 | 3/23 at 103.00 | BBB– | 1,750,461 | ||||||||||||||||||||
Great Rivers Greenway Metropolitan Park & Recreation District, Missouri, Sales Tax Appropriation Bonds, Gateway Arch Project, Series 2014: | ||||||||||||||||||||||||
1,100 | 3.000%, 12/30/24 | 12/23 at 100.00 | A+ | 1,170,356 | ||||||||||||||||||||
2,000 | 4.125%, 12/30/33 | 12/23 at 100.00 | A+ | 2,144,440 |
114 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Missouri (continued) | ||||||||||||||||||||||||
$ | 1,000 | Grundy County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Wright Memorial Hospital, Series 2009, 5.600%, 9/01/21 | 9/19 at 100.00 | BBB– | $ | 1,060,700 | ||||||||||||||||||
505 | Kansas City, Missouri, Special Obligation Bonds, East Village Project, Series 2008B, 5.000%, 4/15/22 (Pre-refunded 4/15/18) – AGC Insured | 4/18 at 100.00 | AA (4) | 516,297 | ||||||||||||||||||||
2,000 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Crackerneck Creek Project, Series 2008B, 5.125%, 3/01/22 (Pre-refunded 3/01/18) | 3/18 at 100.00 | A– (4) | 2,035,720 | ||||||||||||||||||||
1,400 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 | 5/23 at 100.00 | BBB+ | 1,542,002 | ||||||||||||||||||||
220 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2015B, 4.000%, 5/01/32 | 11/23 at 100.00 | BBB | 225,738 | ||||||||||||||||||||
1,390 | Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2014, 4.250%, 10/01/32 | 10/23 at 100.00 | A– | 1,476,194 | ||||||||||||||||||||
430 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 4.400%, 2/01/19 | No Opt. Call | BBB | 447,015 | ||||||||||||||||||||
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Refunding Series 2014A: | ||||||||||||||||||||||||
1,320 | 5.000%, 1/01/25 | 1/24 at 100.00 | A2 | 1,558,537 | ||||||||||||||||||||
2,525 | 5.000%, 1/01/26 | 1/24 at 100.00 | A2 | 2,968,264 | ||||||||||||||||||||
1,000 | 5.000%, 1/01/32 | 1/24 at 100.00 | A2 | 1,150,150 | ||||||||||||||||||||
4,150 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/23 | No Opt. Call | A | 4,799,433 | ||||||||||||||||||||
17,305 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/19 – NPFG Insured | No Opt. Call | A | 18,565,150 | ||||||||||||||||||||
7,370 | Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/18 | No Opt. Call | BBB– | 7,535,530 | ||||||||||||||||||||
385 | St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A, 5.100%, 11/01/19 | 11/17 at 100.00 | N/R | 385,366 | ||||||||||||||||||||
1,195 | Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37 | 3/23 at 103.00 | BBB– | 1,371,047 | ||||||||||||||||||||
46,810 | Total Missouri | 50,702,400 | ||||||||||||||||||||||
Montana – 0.6% | ||||||||||||||||||||||||
28,165 | Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2016, 2.000%, 8/01/23 | No Opt. Call | A2 | 27,912,360 | ||||||||||||||||||||
2,500 | Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Composite Deal Series 2010B, 5.000%, 1/01/24 | 1/20 at 100.00 | AA– | 2,697,925 | ||||||||||||||||||||
30,665 | Total Montana | 30,610,285 | ||||||||||||||||||||||
Nebraska – 0.8% | ||||||||||||||||||||||||
1,130 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.125%, 1/01/23 | 1/20 at 100.00 | AA | 1,198,715 | ||||||||||||||||||||
9,350 | Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/44 | 5/24 at 100.00 | BBB+ | 9,990,194 | ||||||||||||||||||||
655 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2008, 5.750%, 11/01/28 (Pre-refunded 11/01/18) | 11/18 at 100.00 | A– (4) | 689,243 |
NUVEEN | 115 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Nebraska (continued) | ||||||||||||||||||||||||
$ | 665 | Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012, 4.000%, 6/15/23 | 6/22 at 100.00 | AA– | $ | 734,911 | ||||||||||||||||||
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2015: | ||||||||||||||||||||||||
890 | 5.000%, 12/15/21 | No Opt. Call | AA– | 1,021,551 | ||||||||||||||||||||
370 | 5.000%, 12/15/22 | No Opt. Call | AA– | 431,949 | ||||||||||||||||||||
Lancaster County Hospital Authority 1, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010: | ||||||||||||||||||||||||
735 | 4.750%, 1/01/19 | No Opt. Call | AA | 767,031 | ||||||||||||||||||||
1,000 | 5.125%, 1/01/23 | 1/20 at 100.00 | AA | 1,079,150 | ||||||||||||||||||||
5,910 | Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/32 | 11/21 at 100.00 | A– | 6,427,952 | ||||||||||||||||||||
Nebraska Public Power District, General Revenue Bonds, Series 2012A: | ||||||||||||||||||||||||
1,465 | 5.000%, 1/01/23 | 1/22 at 100.00 | A+ | 1,676,238 | ||||||||||||||||||||
1,500 | 5.000%, 1/01/24 | 1/22 at 100.00 | A+ | 1,715,625 | ||||||||||||||||||||
950 | 5.000%, 1/01/25 | 1/22 at 100.00 | A+ | 1,085,717 | ||||||||||||||||||||
645 | Papillion-LaVista School District 27, Sarpy County, Nebraska, General Obligation Bonds, Series 2014, 5.000%, 12/01/22 | No Opt. Call | Aa2 | 756,224 | ||||||||||||||||||||
8,000 | Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/32 | 7/26 at 100.00 | A2 | 9,303,920 | ||||||||||||||||||||
Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project, Refunding & Improvement Series 2016A: | ||||||||||||||||||||||||
3,660 | 5.250%, 2/01/28 | 2/27 at 100.00 | N/R | 4,130,237 | ||||||||||||||||||||
1,355 | 5.250%, 2/01/29 | 2/27 at 100.00 | N/R | 1,521,191 | ||||||||||||||||||||
38,280 | Total Nebraska | 42,529,848 | ||||||||||||||||||||||
Nevada – 2.3% | ||||||||||||||||||||||||
3,230 | Clark County School District, Nevada, General Obligation Bonds, Series 2008A, 5.000%, 6/15/24 (Pre-refunded 6/15/18) | 6/18 at 100.00 | AA– (4) | 3,322,410 | ||||||||||||||||||||
Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A: | ||||||||||||||||||||||||
2,000 | 5.000%, 7/01/22 (Alternative Minimum Tax) | No Opt. Call | A+ | 2,303,740 | ||||||||||||||||||||
1,025 | 5.000%, 7/01/23 (Alternative Minimum Tax) | 1/23 at 100.00 | A+ | 1,189,882 | ||||||||||||||||||||
1,905 | 5.000%, 7/01/24 (Alternative Minimum Tax) | 1/23 at 100.00 | A+ | 2,201,075 | ||||||||||||||||||||
21,050 | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | Aa3 | 23,224,254 | ||||||||||||||||||||
25,495 | Clark County, Nevada, General Obligation Bonds, Limited Tax Bond Bank Additionally Secured by SNWA/Southern Nevada Water Authority Pledged Revenues, Series 2008, 5.000%, 6/01/38 (Pre-refunded 6/01/18) | 6/18 at 100.00 | AA+ (4) | 26,210,645 | ||||||||||||||||||||
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016: | ||||||||||||||||||||||||
1,750 | 4.000%, 9/01/32 | 9/26 at 100.00 | N/R | 1,727,670 | ||||||||||||||||||||
2,275 | 4.000%, 9/01/35 | 9/26 at 100.00 | N/R | 2,193,305 | ||||||||||||||||||||
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C: | ||||||||||||||||||||||||
1,550 | 5.000%, 6/01/23 | 6/21 at 100.00 | Aa1 | 1,751,887 | ||||||||||||||||||||
1,000 | 5.000%, 6/01/24 | 6/21 at 100.00 | Aa1 | 1,129,490 | ||||||||||||||||||||
12,450 | 5.000%, 6/01/25 | 6/21 at 100.00 | Aa1 | 14,052,564 |
116 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Nevada (continued) | ||||||||||||||||||||||||
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B: | ||||||||||||||||||||||||
$ | 2,125 | 5.000%, 6/01/24 | 6/22 at 100.00 | Aa1 | $ | 2,469,696 | ||||||||||||||||||
1,545 | 5.000%, 6/01/25 | 6/22 at 100.00 | Aa1 | 1,792,772 | ||||||||||||||||||||
2,000 | 5.000%, 6/01/26 | 6/22 at 100.00 | Aa1 | 2,319,100 | ||||||||||||||||||||
Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 607 Providence, Refunding Series 2013: | ||||||||||||||||||||||||
90 | 4.000%, 6/01/19 | No Opt. Call | N/R | 91,623 | ||||||||||||||||||||
50 | 4.000%, 6/01/20 | No Opt. Call | N/R | 51,434 | ||||||||||||||||||||
365 | 5.000%, 6/01/22 | No Opt. Call | N/R | 391,010 | ||||||||||||||||||||
4,685 | Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2012B, 5.000%, 8/01/22 | No Opt. Call | AA+ | 5,464,209 | ||||||||||||||||||||
11,150 | Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2013D-1, 5.000%, 3/01/22 | No Opt. Call | AA+ | 12,875,908 | ||||||||||||||||||||
3,100 | Nevada State, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/18 | No Opt. Call | AAA | 3,246,599 | ||||||||||||||||||||
7,010 | Washoe County, Nevada, Gas and Water Facilities Revenue Bonds, Sierra Pacific Power Company, Refunding Series 2016B, 3.000%, 3/01/36 (Mandatory put 6/01/22) | No Opt. Call | A+ | 7,360,079 | ||||||||||||||||||||
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011: | ||||||||||||||||||||||||
3,265 | 5.000%, 7/01/22 | 7/21 at 100.00 | AA | 3,683,312 | ||||||||||||||||||||
4,710 | 5.000%, 7/01/23 | 7/21 at 100.00 | AA | 5,331,814 | ||||||||||||||||||||
1,510 | Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Series 2013, 5.000%, 2/01/43 | 2/19 at 100.00 | A+ | 1,578,916 | ||||||||||||||||||||
115,335 | Total Nevada | 125,963,394 | ||||||||||||||||||||||
New Hampshire – 0.1% | ||||||||||||||||||||||||
895 | Business Finance Authority of the State of New Hampshire, Water Facility Revenue Bonds, Pennichuck Water Works, Inc. Project ,Series 2015A, 4.250%, 1/01/36 (Alternative Minimum Tax) | 1/26 at 100.00 | A+ | 921,984 | ||||||||||||||||||||
5,725 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Refunding Series 2009, 5.250%, 6/01/39 (Pre-refunded 6/01/19) | 6/19 at 100.00 | AA+ (4) | 6,129,872 | ||||||||||||||||||||
1,840 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Elliot Hospital, Series 2016, 5.000%, 10/01/38 | 10/26 at 100.00 | Baa1 | 2,029,189 | ||||||||||||||||||||
1,245 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Southern New Hampshire Medical Center, Series 2016, 3.500%, 10/01/34 | 10/26 at 100.00 | A– | 1,246,905 | ||||||||||||||||||||
9,705 | Total New Hampshire | 10,327,950 | ||||||||||||||||||||||
New Jersey – 5.8% | ||||||||||||||||||||||||
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A: | ||||||||||||||||||||||||
2,500 | 5.000%, 2/15/30 | 2/24 at 100.00 | BBB+ | 2,799,575 | ||||||||||||||||||||
1,045 | 5.000%, 2/15/34 | 2/24 at 100.00 | BBB+ | 1,149,542 | ||||||||||||||||||||
8,535 | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) | No Opt. Call | BBB– | 9,341,558 |
NUVEEN | 117 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
New Jersey (continued) | ||||||||||||||||||||||||
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | ||||||||||||||||||||||||
$ | 5,155 | 5.000%, 6/15/19 | No Opt. Call | BBB+ | $ | 5,423,782 | ||||||||||||||||||
5,905 | 5.000%, 6/15/20 | No Opt. Call | BBB+ | 6,361,988 | ||||||||||||||||||||
13,995 | 5.000%, 6/15/21 | No Opt. Call | BBB+ | 15,391,281 | ||||||||||||||||||||
2,465 | 5.000%, 6/15/22 | No Opt. Call | BBB+ | 2,752,197 | ||||||||||||||||||||
1,100 | 5.000%, 6/15/22 | No Opt. Call | AA | 1,239,953 | ||||||||||||||||||||
7,180 | 5.000%, 6/15/23 | 6/22 at 100.00 | BBB+ | 7,952,640 | ||||||||||||||||||||
2,965 | 5.000%, 6/15/24 | 6/22 at 100.00 | BBB+ | 3,266,926 | ||||||||||||||||||||
7,615 | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB+ | 8,337,511 | ||||||||||||||||||||
4,950 | 5.000%, 6/15/26 | 6/22 at 100.00 | BBB+ | 5,387,085 | ||||||||||||||||||||
925 | 4.250%, 6/15/27 | 6/22 at 100.00 | BBB+ | 958,476 | ||||||||||||||||||||
4,625 | 5.000%, 6/15/28 | 6/22 at 100.00 | BBB+ | 4,988,062 | ||||||||||||||||||||
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013: | ||||||||||||||||||||||||
1,350 | 5.000%, 1/01/28 (Alternative Minimum Tax) | 1/24 at 100.00 | BBB | 1,495,584 | ||||||||||||||||||||
2,215 | 5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | AA | 2,471,209 | ||||||||||||||||||||
7,985 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Series 2017A, 3.375%, 7/01/30 | 7/27 at 100.00 | BBB+ | 7,786,253 | ||||||||||||||||||||
25,000 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015XX, 5.000%, 6/15/27 | 6/25 at 100.00 | A– | 27,808,000 | ||||||||||||||||||||
375 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C, 3.000%, 7/01/41 | 7/26 at 100.00 | A– | 345,368 | ||||||||||||||||||||
4,125 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | A2 | 4,687,196 | ||||||||||||||||||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Refunding Series 2016: | ||||||||||||||||||||||||
1,000 | 5.000%, 7/01/35 | 7/26 at 100.00 | BBB– | 1,105,080 | ||||||||||||||||||||
5,925 | 5.000%, 7/01/41 | 7/26 at 100.00 | BBB– | 6,459,198 | ||||||||||||||||||||
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A: | ||||||||||||||||||||||||
4,330 | 3.500%, 12/01/29 (Alternative Minimum Tax) | 12/26 at 100.00 | Aaa | 4,295,317 | ||||||||||||||||||||
11,705 | 3.750%, 12/01/31 (Alternative Minimum Tax) | 12/26 at 100.00 | Aaa | 11,785,647 | ||||||||||||||||||||
11,975 | 4.000%, 12/01/32 (Alternative Minimum Tax) | 12/26 at 100.00 | Aaa | 12,279,883 | ||||||||||||||||||||
5,000 | 3.750%, 12/01/33 (Alternative Minimum Tax) | 12/26 at 100.00 | Aaa | 4,969,800 | ||||||||||||||||||||
20,000 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-2, 5.000%, 6/15/30 | 6/18 at 100.00 | A+ | 20,454,000 | ||||||||||||||||||||
1,440 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/31 – FGIC Insured | No Opt. Call | A | 823,651 | ||||||||||||||||||||
10,630 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23 | No Opt. Call | A– | 11,958,325 | ||||||||||||||||||||
3,695 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 | 6/21 at 100.00 | A– | 4,052,380 | ||||||||||||||||||||
14,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/22 | No Opt. Call | A– | 15,537,060 | ||||||||||||||||||||
20,200 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013A, 5.000%, 6/15/20 | No Opt. Call | A– | 21,814,586 |
118 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
New Jersey (continued) | ||||||||||||||||||||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: | ||||||||||||||||||||||||
$ | 1,810 | 5.250%, 6/15/33 | 6/25 at 100.00 | A– | $ | 1,997,896 | ||||||||||||||||||
1,850 | 5.250%, 6/15/34 | 6/25 at 100.00 | A– | 2,034,944 | ||||||||||||||||||||
5,615 | Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax) | No Opt. Call | BBB– | 6,089,468 | ||||||||||||||||||||
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Refunding Series 2012Q: | ||||||||||||||||||||||||
4,505 | 3.000%, 1/01/20 | No Opt. Call | Baa1 | 4,602,804 | ||||||||||||||||||||
2,950 | 3.000%, 1/01/21 | No Opt. Call | Baa1 | 3,019,030 | ||||||||||||||||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | ||||||||||||||||||||||||
5,925 | 4.500%, 6/01/23 | 12/17 at 100.00 | BBB+ | 5,930,629 | ||||||||||||||||||||
3,430 | 4.625%, 6/01/26 | 12/17 at 100.00 | BBB | 3,433,258 | ||||||||||||||||||||
20,705 | 5.000%, 6/01/29 | 12/17 at 100.00 | BBB– | 20,706,035 | ||||||||||||||||||||
11,300 | 4.750%, 6/01/34 | 12/17 at 100.00 | BB– | 11,045,976 | ||||||||||||||||||||
18,570 | 5.000%, 6/01/41 | 12/17 at 100.00 | B | 18,157,746 | ||||||||||||||||||||
296,570 | Total New Jersey | 312,496,899 | ||||||||||||||||||||||
New Mexico – 0.2% | ||||||||||||||||||||||||
14,850 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) | 8/19 at 100.00 | A1 | 15,794,460 | ||||||||||||||||||||
New York – 5.0% | ||||||||||||||||||||||||
4,060 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.000%, 7/15/30 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (4) | 4,523,043 | ||||||||||||||||||||
Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, Refunding Series 2014: | ||||||||||||||||||||||||
300 | 5.000%, 1/01/24 | No Opt. Call | A+ | 358,704 | ||||||||||||||||||||
500 | 5.000%, 1/01/25 | No Opt. Call | A+ | 606,465 | ||||||||||||||||||||
5,130 | Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.000%, 7/01/24 | 7/19 at 100.00 | Baa2 | 5,440,314 | ||||||||||||||||||||
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017: | ||||||||||||||||||||||||
1,900 | 5.000%, 12/01/25 | No Opt. Call | Baa3 | 2,175,234 | ||||||||||||||||||||
1,400 | 5.000%, 12/01/27 | 6/27 at 100.00 | Baa3 | 1,607,928 | ||||||||||||||||||||
1,300 | 5.000%, 12/01/29 | 6/27 at 100.00 | Baa3 | 1,467,297 | ||||||||||||||||||||
1,500 | 5.000%, 12/01/32 | 6/27 at 100.00 | Baa3 | 1,668,870 | ||||||||||||||||||||
7,050 | Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.500%, 7/01/20 – FGIC Insured | No Opt. Call | AA | 7,887,469 | ||||||||||||||||||||
6,665 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A, 5.000%, 2/15/21 | No Opt. Call | AAA | 7,495,526 | ||||||||||||||||||||
Dormitory Authority of the State of New York, State University Educational Facilities Revenue Bonds, Third General Resolution, Series 2012A: | ||||||||||||||||||||||||
10,045 | 5.000%, 5/15/24 | 5/22 at 100.00 | AA | 11,615,134 | ||||||||||||||||||||
9,285 | 5.000%, 5/15/25 | 5/22 at 100.00 | AA | 10,727,332 | ||||||||||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: | ||||||||||||||||||||||||
110 | 0.000%, 6/01/22 – AGM Insured | No Opt. Call | AA | 101,089 | ||||||||||||||||||||
1,055 | 0.000%, 6/01/23 – AGM Insured | No Opt. Call | AA | 943,455 |
NUVEEN | 119 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
New York (continued) | ||||||||||||||||||||||||
$ | 5,400 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/34 | 9/24 at 100.00 | A– | $ | 6,182,946 | ||||||||||||||||||
200 | Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 4/01/19 (ETM) | No Opt. Call | A– (4) | 212,048 | ||||||||||||||||||||
415 | Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A, 6.250%, 4/01/33 (Pre-refunded 4/01/19) | 4/19 at 100.00 | A– (4) | 447,802 | ||||||||||||||||||||
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||||||||
135 | 5.250%, 4/01/20 | 4/19 at 100.00 | A– | 142,941 | ||||||||||||||||||||
545 | 5.250%, 4/01/21 | 4/19 at 100.00 | A– | 576,550 | ||||||||||||||||||||
1,745 | 5.500%, 4/01/22 | 4/19 at 100.00 | A– | 1,850,346 | ||||||||||||||||||||
260 | 5.000%, 4/01/23 | 4/19 at 100.00 | A– | 272,771 | ||||||||||||||||||||
90 | Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A, 5.250%, 4/01/20 (Pre-refunded 4/01/19) | 4/19 at 100.00 | N/R (4) | 95,772 | ||||||||||||||||||||
1,235 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012B, 5.000%, 9/01/26 | 9/22 at 100.00 | A– | 1,421,596 | ||||||||||||||||||||
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B: | ||||||||||||||||||||||||
655 | 5.000%, 7/01/30 | 7/24 at 100.00 | A– | 742,469 | ||||||||||||||||||||
2,455 | 5.000%, 7/01/32 | 7/24 at 100.00 | A– | 2,759,518 | ||||||||||||||||||||
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014: | ||||||||||||||||||||||||
1,500 | 5.000%, 7/01/28 | 7/24 at 100.00 | A– | 1,717,170 | ||||||||||||||||||||
1,000 | 5.000%, 7/01/29 | 7/24 at 100.00 | A– | 1,138,480 | ||||||||||||||||||||
10,000 | New York City, New York, General Obligation Bonds, Fiscal 2003 Series C-A. RMKT, 5.000%, 8/01/19 | No Opt. Call | AA | 10,720,200 | ||||||||||||||||||||
20,000 | New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/20 | No Opt. Call | AA | 22,152,200 | ||||||||||||||||||||
15,440 | New York City, New York, General Obligation Bonds, Fiscal 2016 Series C, 5.000%, 8/01/19 | No Opt. Call | AA | 16,551,989 | ||||||||||||||||||||
6,995 | New York City, New York, General Obligation Bonds, Fiscal 2018 Series A, 5.000%, 8/01/19 | No Opt. Call | AA | 7,498,780 | ||||||||||||||||||||
50 | New York City, New York, General Obligation Bonds, Fiscal Series 2007C-1, 5.000%, 10/01/18 | 10/17 at 100.00 | AA | 50,173 | ||||||||||||||||||||
27,690 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19 | No Opt. Call | A– | 29,368,014 | ||||||||||||||||||||
New York Transportation Development Corporation, New York, Special Facility Revenue Refunding Bonds, Terminal One Group Association, L.P. Project, Series 2015: | ||||||||||||||||||||||||
2,005 | 5.000%, 1/01/22 (Alternative Minimum Tax) | No Opt. Call | A– | 2,264,888 | ||||||||||||||||||||
2,065 | 5.000%, 1/01/23 (Alternative Minimum Tax) | No Opt. Call | A– | 2,358,127 | ||||||||||||||||||||
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: | ||||||||||||||||||||||||
1,390 | 5.000%, 7/01/30 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 1,566,030 | ||||||||||||||||||||
2,045 | 4.000%, 7/01/32 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 2,142,342 | ||||||||||||||||||||
8,075 | 4.000%, 7/01/33 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 8,431,350 | ||||||||||||||||||||
7,315 | 5.000%, 7/01/34 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 8,062,154 | ||||||||||||||||||||
6,260 | 4.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax) | 7/24 at 100.00 | AA | 6,530,870 | ||||||||||||||||||||
10,050 | 5.000%, 7/01/41 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 11,102,134 | ||||||||||||||||||||
2,045 | 4.000%, 7/01/41 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 2,063,610 | ||||||||||||||||||||
27,480 | 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 30,248,335 |
120 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
New York (continued) | ||||||||||||||||||||||||
$ | 1,000 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2014A, 5.125%, 7/01/31 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | $ | 1,070,500 | ||||||||||||||||||
10,025 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/25 | 12/23 at 100.00 | AA– | 11,988,396 | ||||||||||||||||||||
795 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | Baa1 | 887,824 | ||||||||||||||||||||
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014: | ||||||||||||||||||||||||
2,435 | 5.000%, 7/01/28 | 7/24 at 100.00 | A– | 2,787,539 | ||||||||||||||||||||
2,695 | 5.000%, 7/01/29 | 7/24 at 100.00 | A– | 3,068,204 | ||||||||||||||||||||
4,200 | 5.000%, 7/01/30 | 7/24 at 100.00 | A– | 4,760,868 | ||||||||||||||||||||
2,100 | 5.000%, 7/01/31 | 7/24 at 100.00 | A– | 2,370,081 | ||||||||||||||||||||
1,335 | 5.000%, 7/01/32 | 7/24 at 100.00 | A– | 1,500,593 | ||||||||||||||||||||
3,080 | 5.000%, 7/01/33 | 7/24 at 100.00 | A– | 3,448,029 | ||||||||||||||||||||
242,505 | Total New York | 267,171,499 | ||||||||||||||||||||||
North Carolina – 0.8% | ||||||||||||||||||||||||
610 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 3.750%, 3/01/24 | 3/22 at 100.00 | BBB | 647,253 | ||||||||||||||||||||
795 | North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 5.250%, 6/01/20 | 6/18 at 100.00 | BBB+ | 815,185 | ||||||||||||||||||||
105 | North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 5.250%, 6/01/20 (Pre-refunded 6/01/18) | 6/18 at 100.00 | N/R (4) | 108,073 | ||||||||||||||||||||
1,700 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 2008A, 5.250%, 1/01/22 (Pre-refunded 1/01/18) – AGC Insured | 1/18 at 100.00 | AAA | 1,718,938 | ||||||||||||||||||||
2,055 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009A, 5.500%, 1/01/26 (Pre-refunded 1/01/19) | 1/19 at 100.00 | AAA | 2,171,128 | ||||||||||||||||||||
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012B: | ||||||||||||||||||||||||
5,020 | 5.000%, 1/01/20 (ETM) | No Opt. Call | AAA | 5,458,397 | ||||||||||||||||||||
10,040 | 5.000%, 1/01/21 (ETM) | No Opt. Call | AAA | 11,288,675 | ||||||||||||||||||||
3,570 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/26 (Pre-refunded 1/01/19) | 1/19 at 100.00 | AAA | 3,748,607 | ||||||||||||||||||||
1,430 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/26 | 1/19 at 100.00 | A | 1,498,039 | ||||||||||||||||||||
11,600 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2015C, 5.000%, 1/01/29 | 1/26 at 100.00 | A | 13,807,828 | ||||||||||||||||||||
200 | University of North Carolina, Greensboro, General Revenue Bonds, Series 2014, 4.000%, 4/01/19 | No Opt. Call | Aa3 | 208,806 | ||||||||||||||||||||
37,125 | Total North Carolina | 41,470,929 |
NUVEEN | 121 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
North Dakota – 0.4% | ||||||||||||||||||||||||
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A: | ||||||||||||||||||||||||
$ | 120 | 5.000%, 7/01/23 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | $ | 136,267 | ||||||||||||||||||
1,240 | 5.000%, 7/01/26 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 1,408,094 | ||||||||||||||||||||
2,835 | 5.000%, 7/01/27 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 3,219,313 | ||||||||||||||||||||
1,485 | 5.000%, 7/01/28 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 1,686,307 | ||||||||||||||||||||
1,000 | 5.000%, 7/01/31 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 1,135,560 | ||||||||||||||||||||
2,955 | 5.000%, 7/01/35 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 3,355,580 | ||||||||||||||||||||
2,750 | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 | 11/21 at 100.00 | A+ | 3,221,982 | ||||||||||||||||||||
North Dakota Board of Higher Education, Housing and Auxiliary Facilities Revenue Bonds, North Dakota State University, Series 2017A: | ||||||||||||||||||||||||
365 | 3.000%, 4/01/33 | 4/27 at 100.00 | AA– | 354,112 | ||||||||||||||||||||
1,705 | 3.125%, 4/01/34 | 4/27 at 100.00 | AA– | 1,658,249 | ||||||||||||||||||||
1,395 | 3.250%, 4/01/35 | 4/27 at 100.00 | AA– | 1,362,664 | ||||||||||||||||||||
1,850 | 3.250%, 4/01/36 | 4/27 at 100.00 | AA– | 1,792,299 | ||||||||||||||||||||
North Dakota Board of Higher Education, Housing and Auxiliary Facilities Revenue Bonds, North Dakota State University, Series 2017B: | ||||||||||||||||||||||||
1,260 | 3.125%, 4/01/34 | 4/27 at 100.00 | AA– | 1,225,451 | ||||||||||||||||||||
1,280 | 3.250%, 4/01/35 | 4/27 at 100.00 | AA– | 1,250,330 | ||||||||||||||||||||
150 | 3.250%, 4/01/36 | 4/27 at 100.00 | AA– | 145,322 | ||||||||||||||||||||
20,390 | Total North Dakota | 21,951,530 | ||||||||||||||||||||||
Ohio – 4.6% | ||||||||||||||||||||||||
1,900 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A, 5.000%, 5/01/33 | 5/22 at 100.00 | AA– | 2,081,355 | ||||||||||||||||||||
1,260 | Barberton City School District, Summit County, Ohio, General Obligation Bonds, School Improvement Series 2008, 4.750%, 12/01/21 (Pre-refunded 6/01/18) | 6/18 at 100.00 | AA (4) | 1,292,710 | ||||||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||||||||||
3,300 | 5.375%, 6/01/24 | 12/17 at 100.00 | B– | 3,217,335 | ||||||||||||||||||||
71,975 | 5.125%, 6/01/24 | 12/17 at 100.00 | B– | 68,415,116 | ||||||||||||||||||||
11,965 | 5.875%, 6/01/30 | 12/17 at 100.00 | B– | 11,637,159 | ||||||||||||||||||||
5,155 | 5.750%, 6/01/34 | 12/17 at 100.00 | B– | 4,990,349 | ||||||||||||||||||||
5,450 | Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding & Improvement Series 2016A, 4.000%, 12/01/19 | No Opt. Call | AA | 5,791,879 | ||||||||||||||||||||
Cleveland, Ohio, Airport System Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||||||||||
1,250 | 5.000%, 1/01/25 – AGM Insured | No Opt. Call | AA | 1,495,525 | ||||||||||||||||||||
1,525 | 5.000%, 1/01/28 – AGM Insured | 1/25 at 100.00 | AA | 1,770,998 | ||||||||||||||||||||
2,230 | 5.000%, 1/01/29 – AGM Insured | 1/25 at 100.00 | AA | 2,573,755 | ||||||||||||||||||||
2,000 | 5.000%, 1/01/30 – AGM Insured | 1/25 at 100.00 | AA | 2,298,340 | ||||||||||||||||||||
1,800 | 5.000%, 1/01/31 – AGM Insured | 1/25 at 100.00 | AA | 2,057,040 | ||||||||||||||||||||
3,240 | Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/21 – AGM Insured | 1/19 at 100.00 | AA | 3,385,022 | ||||||||||||||||||||
Cleveland, Ohio, General Obligation Bonds, Series 2011: | ||||||||||||||||||||||||
1,700 | 5.000%, 12/01/22 (Pre-refunded 12/01/19) | 12/19 at 100.00 | AA+ (4) | 1,844,126 | ||||||||||||||||||||
1,780 | 5.000%, 12/01/23 (Pre-refunded 12/01/19) | 12/19 at 100.00 | AA+ (4) | 1,930,908 | ||||||||||||||||||||
470 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.500%, 8/15/24 | 8/18 at 100.00 | A3 | 487,019 |
122 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Ohio (continued) | ||||||||||||||||||||||||
$ | 2,435 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.500%, 8/15/24 (Pre-refunded 8/15/18) | 8/18 at 100.00 | N/R (4) | $ | 2,532,083 | ||||||||||||||||||
7,450 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/27 | 2/23 at 100.00 | BB+ | 8,027,300 | ||||||||||||||||||||
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C: | ||||||||||||||||||||||||
775 | 4.000%, 10/01/18 | No Opt. Call | Aa3 | 795,166 | ||||||||||||||||||||
870 | 4.000%, 10/01/19 | No Opt. Call | Aa3 | 913,430 | ||||||||||||||||||||
1,150 | 4.000%, 10/01/20 | No Opt. Call | Aa3 | 1,229,442 | ||||||||||||||||||||
1,205 | 5.000%, 10/01/21 | No Opt. Call | Aa3 | 1,353,119 | ||||||||||||||||||||
965 | 5.000%, 10/01/22 | No Opt. Call | Aa3 | 1,103,227 | ||||||||||||||||||||
840 | 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 | Caa1 | 384,300 | ||||||||||||||||||||
4,260 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (Mandatory put 3/01/19) | No Opt. Call | Caa1 | 1,948,950 | ||||||||||||||||||||
11,500 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/18 | No Opt. Call | B1 | 11,427,550 | ||||||||||||||||||||
28,210 | 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 | Caa1 | 12,906,075 | ||||||||||||||||||||
915 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010A, 3.125%, 7/01/33 (Mandatory put 7/02/18) | No Opt. Call | Caa1 | 418,613 | ||||||||||||||||||||
3,440 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.625%, 12/01/33 (Mandatory put 6/01/20) | No Opt. Call | Caa1 | 1,573,800 | ||||||||||||||||||||
240 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) (Alternative Minimum Tax) | No Opt. Call | Caa1 | 109,800 | ||||||||||||||||||||
7,500 | Ohio State, General Obligation Bonds, Highway Capital Improvement Series 2012Q, 5.000%, 5/01/21 | No Opt. Call | AAA | 8,500,950 | ||||||||||||||||||||
7,000 | Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011B, 4.000%, 9/15/21 | No Opt. Call | AA+ | 7,748,860 | ||||||||||||||||||||
24,230 | Ohio State, General Obligation Bonds, Refunding Common Schools Series 2014A, 5.000%, 9/15/19 | No Opt. Call | AA+ | 26,085,291 | ||||||||||||||||||||
8,160 | Ohio State, General Obligation Bonds, Refunding Higher Education Series 2012C, 5.000%, 8/01/21 | No Opt. Call | AA+ | 9,316,435 | ||||||||||||||||||||
5,170 | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Refunding Series 2016A, 5.000%, 1/15/41 | 1/26 at 100.00 | A | 5,731,721 | ||||||||||||||||||||
8,240 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21) | No Opt. Call | Caa1 | 3,769,800 | ||||||||||||||||||||
3,565 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/19 | No Opt. Call | Caa1 | 1,630,988 | ||||||||||||||||||||
2,315 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (Mandatory put 6/03/19) | No Opt. Call | Caa1 | 1,059,113 |
NUVEEN | 123 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Ohio (continued) | ||||||||||||||||||||||||
$ | 8,415 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010A, 3.750%, 7/01/33 (Mandatory put 7/01/20) | No Opt. Call | Caa1 | $ | 3,849,862 | ||||||||||||||||||
12,010 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2014, 5.000%, 6/01/21 | No Opt. Call | AAA | 13,646,843 | ||||||||||||||||||||
500 | Richland County, Ohio, General Obligation Bonds, Correctional Facilities Improvement Refunding Series 2008, 5.875%, 12/01/24 (Pre-refunded 12/01/18) – AGC Insured | 12/18 at 100.00 | A2 (4) | 528,955 | ||||||||||||||||||||
2,935 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 5.375%, 3/01/27 | 3/25 at 100.00 | N/R | 3,077,494 | ||||||||||||||||||||
271,295 | Total Ohio | 244,937,803 | ||||||||||||||||||||||
Oklahoma – 1.6% | ||||||||||||||||||||||||
Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Mustang Public Schools Project, Series 2012: | ||||||||||||||||||||||||
2,290 | 4.500%, 9/01/21 | No Opt. Call | A+ | 2,549,434 | ||||||||||||||||||||
1,415 | 4.000%, 9/01/23 | 9/21 at 100.00 | A+ | 1,529,007 | ||||||||||||||||||||
Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2016: | ||||||||||||||||||||||||
2,940 | 5.000%, 6/01/21 | No Opt. Call | A+ | 3,316,379 | ||||||||||||||||||||
7,450 | 5.000%, 6/01/22 | No Opt. Call | A+ | 8,569,884 | ||||||||||||||||||||
3,030 | 5.000%, 6/01/23 | No Opt. Call | A+ | 3,545,221 | ||||||||||||||||||||
Comanche County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Elgin Public Schools Project, Series 2017A: | ||||||||||||||||||||||||
1,470 | 5.000%, 12/01/28 | 12/27 at 100.00 | A | 1,774,011 | ||||||||||||||||||||
1,410 | 5.000%, 12/01/31 | 12/27 at 100.00 | A | 1,671,893 | ||||||||||||||||||||
Garfield County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Enid Public Schools Project, Series 2016A: | ||||||||||||||||||||||||
3,165 | 5.000%, 9/01/30 | 9/26 at 100.00 | A | 3,721,312 | ||||||||||||||||||||
3,145 | 5.000%, 9/01/31 | 9/26 at 100.00 | A | 3,682,418 | ||||||||||||||||||||
Lincoln County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Stroud Public Schools Project, Series 2016: | ||||||||||||||||||||||||
1,000 | 5.000%, 9/01/20 | No Opt. Call | A | 1,094,670 | ||||||||||||||||||||
2,115 | 5.000%, 9/01/22 | No Opt. Call | A | 2,410,973 | ||||||||||||||||||||
1,000 | 5.000%, 9/01/23 | No Opt. Call | A | 1,157,460 | ||||||||||||||||||||
1,870 | 5.000%, 9/01/24 | No Opt. Call | A | 2,190,032 | ||||||||||||||||||||
2,490 | 5.000%, 9/01/26 | No Opt. Call | A | 2,939,893 | ||||||||||||||||||||
Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2014: | ||||||||||||||||||||||||
750 | 5.000%, 9/01/22 | No Opt. Call | A– | 851,190 | ||||||||||||||||||||
500 | 3.000%, 9/01/23 | No Opt. Call | A– | 520,300 | ||||||||||||||||||||
600 | 5.000%, 9/01/24 | No Opt. Call | A– | 700,182 | ||||||||||||||||||||
1,505 | 5.000%, 9/01/25 | No Opt. Call | A– | 1,773,056 | ||||||||||||||||||||
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A: | ||||||||||||||||||||||||
3,210 | 5.625%, 6/01/38 – BAM Insured (Alternative Minimum Tax) | 6/23 at 100.00 | AA | 3,660,716 | ||||||||||||||||||||
3,070 | 5.625%, 6/01/43 – BAM Insured (Alternative Minimum Tax) | 6/23 at 100.00 | AA | 3,483,897 |
124 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Oklahoma (continued) | ||||||||||||||||||||||||
Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2016: | ||||||||||||||||||||||||
$ | 3,350 | 5.000%, 9/01/25 | 9/23 at 100.00 | AA– | $ | 3,941,342 | ||||||||||||||||||
10,675 | 5.000%, 9/01/26 | 9/23 at 100.00 | AA– | 12,478,755 | ||||||||||||||||||||
Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jenks Public Schools Project, Series 2015: | ||||||||||||||||||||||||
6,150 | 5.000%, 9/01/25 | No Opt. Call | AA– | 7,403,739 | ||||||||||||||||||||
7,845 | 5.000%, 9/01/26 | 9/25 at 100.00 | AA– | 9,431,651 | ||||||||||||||||||||
72,445 | Total Oklahoma | 84,397,415 | ||||||||||||||||||||||
Oregon – 0.8% | ||||||||||||||||||||||||
2,500 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D, 0.000%, 6/15/36 | 6/27 at 100.00 | AA+ | 2,838,550 | ||||||||||||||||||||
1,190 | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2017A, 0.000%, 6/15/40 (7) | 6/27 at 100.00 | Aa1 | 1,226,664 | ||||||||||||||||||||
4,145 | Clackamas Community College District, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/20 – FGIC Insured | No Opt. Call | Aa1 | 4,565,303 | ||||||||||||||||||||
7,500 | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2015D, 5.000%, 4/01/21 | No Opt. Call | AAA | 8,482,425 | ||||||||||||||||||||
4,000 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2009A, 5.000%, 11/15/22 (Pre-refunded 5/15/19) | 5/19 at 100.00 | AAA | 4,259,360 | ||||||||||||||||||||
11,120 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2013A, 5.000%, 11/15/38 | 11/23 at 100.00 | AAA | 13,083,792 | ||||||||||||||||||||
Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A: | ||||||||||||||||||||||||
3,425 | 5.000%, 5/15/32 | 5/26 at 100.00 | A+ | 3,953,443 | ||||||||||||||||||||
1,925 | 5.000%, 5/15/33 | 5/26 at 100.00 | A+ | 2,204,664 | ||||||||||||||||||||
35,805 | Total Oregon | 40,614,201 | ||||||||||||||||||||||
Pennsylvania – 4.5% | ||||||||||||||||||||||||
2,265 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center System, Series 2008B, 5.000%, 6/15/18 | No Opt. Call | AA– | 2,329,575 | ||||||||||||||||||||
1,000 | Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/25 | 12/22 at 100.00 | AA– | 1,159,120 | ||||||||||||||||||||
1,300 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41 (Mandatory put 6/01/20) | No Opt. Call | Caa1 | 594,750 | ||||||||||||||||||||
3,480 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20) | No Opt. Call | Caa1 | 1,592,100 | ||||||||||||||||||||
5,420 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 (Mandatory put 4/02/18) | No Opt. Call | Caa1 | 2,479,650 | ||||||||||||||||||||
1,315 | Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 4.125%, 8/01/20 (Pre-refunded 8/01/19) | 8/19 at 100.00 | Aa2 (4) | 1,388,351 |
NUVEEN | 125 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Pennsylvania (continued) | ||||||||||||||||||||||||
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008: | ||||||||||||||||||||||||
$ | 535 | 5.250%, 10/01/20 (Pre-refunded 10/01/18) | 10/18 at 100.00 | BBB (4) | $ | 558,048 | ||||||||||||||||||
565 | 5.375%, 10/01/21 (Pre-refunded 10/01/18) | 10/18 at 100.00 | BBB (4) | 590,046 | ||||||||||||||||||||
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann University, Series 2010: | ||||||||||||||||||||||||
1,000 | 5.000%, 10/01/21 | 10/20 at 100.00 | BBB | 1,093,670 | ||||||||||||||||||||
1,050 | 5.000%, 10/01/25 | 10/20 at 100.00 | BBB | 1,139,681 | ||||||||||||||||||||
Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A: | ||||||||||||||||||||||||
200 | 4.000%, 6/01/19 | No Opt. Call | Ba1 | 203,294 | ||||||||||||||||||||
410 | 5.000%, 6/01/22 | No Opt. Call | Ba1 | 443,513 | ||||||||||||||||||||
790 | 5.000%, 6/01/24 | 6/23 at 100.00 | Ba1 | 858,619 | ||||||||||||||||||||
520 | 5.000%, 6/01/25 | 6/23 at 100.00 | Ba1 | 561,480 | ||||||||||||||||||||
370 | 5.125%, 6/01/26 | 6/23 at 100.00 | Ba1 | 401,069 | ||||||||||||||||||||
460 | 5.375%, 6/01/28 | 6/23 at 100.00 | Ba1 | 497,361 | ||||||||||||||||||||
8,075 | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2016A, 1.800%, 9/01/29 (Mandatory put 9/01/22) | No Opt. Call | A | 8,037,371 | ||||||||||||||||||||
10,520 | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2016B, 1.800%, 2/15/27 (Mandatory put 8/15/22) | No Opt. Call | A | 10,440,574 | ||||||||||||||||||||
3,140 | Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27 | 12/19 at 100.00 | N/R | 3,267,641 | ||||||||||||||||||||
5,900 | Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, PECO Energy Company Project, Refunding Series 1996A, 2.600%, 3/01/34 (Mandatory put 9/01/20) | No Opt. Call | BBB | 5,950,740 | ||||||||||||||||||||
7,355 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor., Series 2005A, 3.750%, 12/01/40 (Mandatory put 7/01/20) | No Opt. Call | Caa1 | 3,364,913 | ||||||||||||||||||||
3,095 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor., Series 2006A, 2.550%, 11/01/41 (Mandatory put 12/03/18) | No Opt. Call | Caa1 | 1,415,963 | ||||||||||||||||||||
2,625 | Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19) | 10/19 at 100.00 | N/R (4) | 2,847,862 | ||||||||||||||||||||
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Guaranteed Series 2013B: | ||||||||||||||||||||||||
1,975 | 5.500%, 1/01/25 | 1/24 at 100.00 | AA | 2,361,527 | ||||||||||||||||||||
2,265 | 5.500%, 1/01/26 | 1/24 at 100.00 | AA | 2,677,728 | ||||||||||||||||||||
2,260 | 5.500%, 1/01/27 | 1/24 at 100.00 | AA | 2,657,444 | ||||||||||||||||||||
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Insured Series 2013C: | ||||||||||||||||||||||||
500 | 5.500%, 1/01/25 – AGM Insured | 1/24 at 100.00 | AA | 597,855 | ||||||||||||||||||||
1,095 | 5.500%, 1/01/26 – AGM Insured | 1/24 at 100.00 | AA | 1,294,531 | ||||||||||||||||||||
2,505 | 5.500%, 1/01/28 – AGM Insured | 1/24 at 100.00 | AA | 2,929,673 | ||||||||||||||||||||
2,050 | 5.500%, 1/01/29 – AGM Insured | 1/24 at 100.00 | AA | 2,387,245 | ||||||||||||||||||||
1,255 | 5.500%, 1/01/31 – AGM Insured | 1/24 at 100.00 | AA | 1,451,269 | ||||||||||||||||||||
10,500 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2017A, 1.700%, 8/01/37 (Mandatory put 8/03/20) (Alternative Minimum Tax) | No Opt. Call | A– | 10,477,530 |
126 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Pennsylvania (continued) | ||||||||||||||||||||||||
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B: | ||||||||||||||||||||||||
$ | 2,275 | 5.000%, 1/01/21 | 1/19 at 100.00 | Aaa | $ | 2,388,523 | ||||||||||||||||||
9,575 | 5.000%, 7/01/21 | 1/18 at 100.00 | Aaa | 9,830,269 | ||||||||||||||||||||
4,035 | 5.000%, 1/01/22 | 12/17 at 100.00 | Aaa | 4,070,710 | ||||||||||||||||||||
19,820 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 3.100%, 10/01/36 | 10/25 at 100.00 | AA+ | 18,939,001 | ||||||||||||||||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121: | ||||||||||||||||||||||||
7,500 | 2.800%, 10/01/31 | 10/25 at 100.00 | AA+ | 7,290,900 | ||||||||||||||||||||
12,245 | 3.100%, 10/01/36 | 10/25 at 100.00 | AA+ | 11,867,487 | ||||||||||||||||||||
2,000 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/34 (7) | No Opt. Call | AA– | 1,855,620 | ||||||||||||||||||||
16,080 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (7) | 12/27 at 100.00 | A– | 19,909,130 | ||||||||||||||||||||
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2: | ||||||||||||||||||||||||
5,875 | 5.000%, 6/01/25 | No Opt. Call | A3 | 6,987,079 | ||||||||||||||||||||
12,580 | 5.000%, 6/01/29 | 6/26 at 100.00 | A3 | 14,681,741 | ||||||||||||||||||||
11,420 | 5.000%, 6/01/35 | 6/26 at 100.00 | A3 | 12,919,332 | ||||||||||||||||||||
12,005 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/24 | No Opt. Call | A1 | 14,418,965 | ||||||||||||||||||||
1,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1, 5.000%, 12/01/29 | 6/26 at 100.00 | A1 | 1,180,540 | ||||||||||||||||||||
7,445 | Philadelphia Authority For Industrial Development, Pennsylvania, Revenue Bonds, Cultural and Commercial Corridors Program, Refunding Series 2016A, 5.000%, 12/01/29 | 12/25 at 100.00 | A+ | 8,525,418 | ||||||||||||||||||||
3,015 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30 (Pre-refunded 8/01/20) | 8/20 at 100.00 | A (4) | 3,346,137 | ||||||||||||||||||||
2,650 | Quakertown General Authority Health Facilities Revenue USDA Loan Anticipation Notes and Revenue Bonds for LifeQuest Obligated Group, Pennsylvania, Series 2017A, 3.125%, 7/01/21 | 7/19 at 100.00 | N/R | 2,651,272 | ||||||||||||||||||||
11,050 | Sayre Healthcare Facility Authority, Pennsylvania, Revenue Bonds, Guthrie Healthcare System, Series 2007, 1.662%, 12/01/24 (3-Month LIBOR* 67% + 0.78% spread) (13) | 12/17 at 100.00 | AA– | 10,758,170 | ||||||||||||||||||||
2,355 | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016, 3.375%, 6/01/26 | No Opt. Call | BB+ | 2,239,629 | ||||||||||||||||||||
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013: | ||||||||||||||||||||||||
1,400 | 5.000%, 12/01/19 | No Opt. Call | BBB | 1,502,284 | ||||||||||||||||||||
730 | 5.000%, 12/01/20 | No Opt. Call | BBB | 802,328 | ||||||||||||||||||||
1,105 | 5.000%, 12/01/21 | No Opt. Call | BBB | 1,235,688 | ||||||||||||||||||||
1,625 | 5.000%, 12/01/22 | No Opt. Call | BBB | 1,842,116 | ||||||||||||||||||||
1,705 | 5.000%, 12/01/23 | 6/23 at 100.00 | BBB | 1,935,806 | ||||||||||||||||||||
1,795 | 5.000%, 12/01/24 | 6/23 at 100.00 | BBB | 2,018,908 | ||||||||||||||||||||
60 | Trinity Area School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/19 – AGM Insured | No Opt. Call | A2 | 63,204 | ||||||||||||||||||||
105 | Trinity Area School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/19 – AGM Insured (ETM) | No Opt. Call | A2 (4) | 111,262 | ||||||||||||||||||||
237,245 | Total Pennsylvania | 241,421,712 |
NUVEEN | 127 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Rhode Island – 0.3% | ||||||||||||||||||||||||
$ | 4,340 | Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 5.500%, 9/01/28 (Pre-refunded 9/01/23) | 9/23 at 100.00 | BB (4) | $ | 5,252,615 | ||||||||||||||||||
104,145 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 | 12/17 at 100.00 | CCC+ | 10,742,557 | ||||||||||||||||||||
108,485 | Total Rhode Island | 15,995,172 | ||||||||||||||||||||||
South Carolina – 0.9% | ||||||||||||||||||||||||
2,015 | Anderson County School District 5, South Carolina, General Obligation Bonds, Refunding Series 2016, 5.000%, 3/01/20 | No Opt. Call | Aa1 | 2,202,314 | ||||||||||||||||||||
5,770 | Greenville Hospital System Board of Trustees, South Carolina, Hospital Revenue Bonds, Series 2014B, 5.000%, 5/01/34 | 5/24 at 100.00 | AA– | 6,495,520 | ||||||||||||||||||||
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Bon Secours Health System Obligated Group, Series 2012: | ||||||||||||||||||||||||
1,850 | 5.000%, 11/01/20 | No Opt. Call | A | 2,055,554 | ||||||||||||||||||||
7,500 | 5.000%, 11/01/27 | 11/22 at 100.00 | A | 8,531,400 | ||||||||||||||||||||
1,225 | 5.000%, 11/01/29 | 11/22 at 100.00 | A | 1,382,951 | ||||||||||||||||||||
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, FMU Student Housing LLC – Francis Marion University Project, Series 2014A: | ||||||||||||||||||||||||
1,910 | 5.000%, 8/01/27 | 8/24 at 100.00 | Baa3 | 2,079,188 | ||||||||||||||||||||
3,925 | 5.000%, 8/01/32 | 8/24 at 100.00 | Baa3 | 4,191,508 | ||||||||||||||||||||
1,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding & Improvement Series 2009, 5.000%, 8/01/18 | No Opt. Call | BBB+ | 1,030,240 | ||||||||||||||||||||
3,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 5.000%, 12/01/31 | 6/25 at 100.00 | A+ | 3,412,770 | ||||||||||||||||||||
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016A: | ||||||||||||||||||||||||
7,000 | 5.000%, 12/01/29 | 6/26 at 100.00 | A+ | 8,122,590 | ||||||||||||||||||||
3,835 | 5.000%, 12/01/31 | 6/26 at 100.00 | A+ | 4,423,021 | ||||||||||||||||||||
500 | Spartanburg Regional Health Services District Inc., South Carolina, Hospital Revenue Bonds, Refunding Series 2008D, 5.250%, 4/15/20 | 4/18 at 100.00 | AA | 511,540 | ||||||||||||||||||||
1,450 | Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32 | 4/22 at 100.00 | A | 1,606,107 | ||||||||||||||||||||
40,980 | Total South Carolina | 46,044,703 | ||||||||||||||||||||||
South Dakota – 0.1% | ||||||||||||||||||||||||
South Dakota Building Authority, Revenue Bonds, Series 2013B: | ||||||||||||||||||||||||
525 | 5.000%, 6/01/22 | No Opt. Call | AA+ | 608,575 | ||||||||||||||||||||
1,000 | 5.000%, 6/01/24 | 6/23 at 100.00 | AA+ | 1,174,250 | ||||||||||||||||||||
2,410 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017, 5.000%, 9/01/31 | 9/27 at 100.00 | A1 | 2,848,162 | ||||||||||||||||||||
1,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2009, 5.000%, 11/01/24 | 11/19 at 100.00 | A+ | 1,070,690 | ||||||||||||||||||||
1,500 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.125%, 8/01/28 (Pre-refunded 8/01/18) – AGC Insured | 8/18 at 100.00 | AA+ (4) | 1,552,380 | ||||||||||||||||||||
6,435 | Total South Dakota | 7,254,057 |
128 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Tennessee – 1.3% | ||||||||||||||||||||||||
$ | 2,265 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 6.125%, 10/01/28 | 10/18 at 100.00 | BBB+ | $ | 2,376,755 | ||||||||||||||||||
2,265 | Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/28 | 10/24 at 100.00 | BBB+ | 2,555,011 | ||||||||||||||||||||
3,460 | Claiborne County, Tennessee, Industrial Development Board, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2009, 6.125%, 10/01/29 | 10/19 at 100.00 | N/R | 3,616,150 | ||||||||||||||||||||
985 | Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding & Improvement Series 2008, 5.250%, 4/01/23 | 4/18 at 100.00 | A+ | 1,004,956 | ||||||||||||||||||||
2,665 | Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding & Improvement Series 2008, 5.250%, 4/01/23 (Pre-refunded 4/01/18) | 4/18 at 100.00 | N/R (4) | 2,724,509 | ||||||||||||||||||||
Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017: | ||||||||||||||||||||||||
3,160 | 5.000%, 4/01/29 | 4/27 at 100.00 | BBB+ | 3,638,456 | ||||||||||||||||||||
2,500 | 5.000%, 4/01/30 | 4/27 at 100.00 | BBB+ | 2,861,375 | ||||||||||||||||||||
2,725 | 5.000%, 4/01/31 | 4/27 at 100.00 | BBB+ | 3,097,943 | ||||||||||||||||||||
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2012A: | ||||||||||||||||||||||||
1,400 | 4.000%, 1/01/22 | No Opt. Call | A | 1,528,604 | ||||||||||||||||||||
3,180 | 5.000%, 1/01/23 | No Opt. Call | A | 3,670,769 | ||||||||||||||||||||
1,300 | 4.000%, 1/01/23 | No Opt. Call | A | 1,435,902 | ||||||||||||||||||||
1,805 | 5.000%, 1/01/24 | 1/23 at 100.00 | A | 2,075,750 | ||||||||||||||||||||
Memphis and Shelby County Port Commission, Tennessee, Port Development Revenue Bonds, Series 2011: | ||||||||||||||||||||||||
1,480 | 5.250%, 4/01/23 | 4/21 at 100.00 | AA– | 1,667,501 | ||||||||||||||||||||
1,560 | 5.250%, 4/01/24 | 4/21 at 100.00 | AA– | 1,754,501 | ||||||||||||||||||||
1,240 | 5.250%, 4/01/25 | 4/21 at 100.00 | AA– | 1,394,603 | ||||||||||||||||||||
3,175 | Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2007C, 5.000%, 11/01/17 – NPFG Insured | No Opt. Call | AA– | 3,186,367 | ||||||||||||||||||||
4,430 | Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2009A, 5.125%, 11/01/24 | 11/19 at 100.00 | AA– | 4,773,546 | ||||||||||||||||||||
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2009B: | ||||||||||||||||||||||||
1,000 | 5.500%, 11/01/20 | 11/19 at 100.00 | AA– | 1,088,430 | ||||||||||||||||||||
1,860 | 5.250%, 11/01/25 | 11/19 at 100.00 | AA– | 2,012,167 | ||||||||||||||||||||
8,255 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/35 | 7/26 at 100.00 | A3 | 9,374,708 | ||||||||||||||||||||
12,060 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/20 | No Opt. Call | A | 13,322,561 | ||||||||||||||||||||
62,770 | Total Tennessee | 69,160,564 | ||||||||||||||||||||||
Texas – 6.2% | ||||||||||||||||||||||||
1,085 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A, 5.000%, 1/01/30 | 1/27 at 100.00 | BBB+ | 1,268,745 | ||||||||||||||||||||
3,370 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 1/01/33 | 1/23 at 100.00 | BBB+ | 3,707,371 |
NUVEEN | 129 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Texas (continued) | ||||||||||||||||||||||||
$ | 3,405 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46 (Pre-refunded 1/01/21) | 1/21 at 100.00 | BBB+ (4) | $ | 3,948,778 | ||||||||||||||||||
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: | ||||||||||||||||||||||||
1,945 | 5.000%, 1/01/32 | 7/25 at 100.00 | BBB+ | 2,228,231 | ||||||||||||||||||||
1,390 | 5.000%, 1/01/33 | 7/25 at 100.00 | BBB+ | 1,585,156 | ||||||||||||||||||||
1,165 | 5.000%, 1/01/34 | 7/25 at 100.00 | BBB+ | 1,325,106 | ||||||||||||||||||||
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016: | ||||||||||||||||||||||||
2,000 | 5.000%, 1/01/33 | 1/26 at 100.00 | BBB+ | 2,296,800 | ||||||||||||||||||||
2,000 | 5.000%, 1/01/34 | 1/26 at 100.00 | BBB+ | 2,290,500 | ||||||||||||||||||||
1,650 | 5.000%, 1/01/35 | 1/26 at 100.00 | BBB+ | 1,881,891 | ||||||||||||||||||||
1,625 | 5.000%, 1/01/36 | 1/26 at 100.00 | BBB+ | 1,848,291 | ||||||||||||||||||||
1,060 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 3.750%, 8/15/22 | No Opt. Call | BBB+ | 1,106,576 | ||||||||||||||||||||
2,800 | Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Refunding School Building Series 2012, 5.000%, 2/15/26 | 2/21 at 100.00 | AAA | 3,139,024 | ||||||||||||||||||||
5,200 | Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Refunding School Building Series 2012, 5.000%, 2/15/26 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aaa | 5,862,272 | ||||||||||||||||||||
975 | Dallas, Texas, General Obligation Bonds, Refunding & Improvements Series 2007, 4.500%, 2/15/27 – NPFG Insured | 12/17 at 100.00 | AA– | 977,730 | ||||||||||||||||||||
2,440 | El Paso County, Texas, General Obligation Bonds, Refunding Series 2007, 5.000%, 2/15/18 – NPFG Insured (ETM) | No Opt. Call | AA (4) | 2,477,942 | ||||||||||||||||||||
2,000 | Fort Bend Independent School District, Fort Bend County, Texas, General Obligation Bonds, School Building Series 2009, 4.550%, 2/15/25 | 8/19 at 100.00 | AA+ | 2,123,420 | ||||||||||||||||||||
7,400 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53 | 10/23 at 100.00 | AA+ | 8,399,222 | ||||||||||||||||||||
Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist University Project, Improvement and Refunding Series 2010: | ||||||||||||||||||||||||
875 | 4.000%, 3/01/21 | No Opt. Call | A– | 941,938 | ||||||||||||||||||||
550 | 4.000%, 3/01/22 | 3/21 at 100.00 | A– | 588,665 | ||||||||||||||||||||
800 | 4.000%, 3/01/23 | 3/21 at 100.00 | A– | 852,400 | ||||||||||||||||||||
440 | 4.250%, 3/01/25 | 3/21 at 100.00 | A– | 467,491 | ||||||||||||||||||||
1,825 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/23 | 12/22 at 100.00 | A+ | 2,110,174 | ||||||||||||||||||||
Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2014A: | ||||||||||||||||||||||||
5,215 | 5.000%, 12/01/26 | 12/24 at 100.00 | A+ | 6,155,056 | ||||||||||||||||||||
4,025 | 5.000%, 12/01/27 | 12/24 at 100.00 | A+ | 4,718,789 | ||||||||||||||||||||
3,000 | 5.000%, 12/01/28 | 12/24 at 100.00 | A+ | 3,499,350 | ||||||||||||||||||||
6,115 | 5.000%, 12/01/29 | 12/24 at 100.00 | A+ | 7,097,619 | ||||||||||||||||||||
5,035 | Harris County Flood Control District, Texas, General Obligation Bonds, Refunding Contract Tax Series 2014A, 5.000%, 10/01/25 | 10/24 at 100.00 | Aaa | 6,084,546 | ||||||||||||||||||||
1,950 | Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2008B, 7.125%, 12/01/31 (Pre-refunded 12/01/18) | 12/18 at 100.00 | N/R (4) | 2,088,957 | ||||||||||||||||||||
5,650 | Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, St. Luke’s Episcopal Hospital, Series 1991A, 6.750%, 2/15/21 (ETM) | 2/18 at 100.00 | AA+ (4) | 6,025,329 |
130 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Texas (continued) | ||||||||||||||||||||||||
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Series 2009A: | ||||||||||||||||||||||||
$ | 5,120 | 5.000%, 11/01/22 (Pre-refunded 11/01/19) | 11/19 at 100.00 | AA+ (4) | $ | 5,534,106 | ||||||||||||||||||
5,385 | 5.000%, 11/01/23 (Pre-refunded 11/01/19) | 11/19 at 100.00 | AA+ (4) | 5,820,539 | ||||||||||||||||||||
5,660 | 5.000%, 11/01/24 (Pre-refunded 11/01/19) | 11/19 at 100.00 | AA+ (4) | 6,117,781 | ||||||||||||||||||||
2,320 | Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0054, 11.785%, 11/01/41 (IF) (5) | 11/21 at 100.00 | AA+ | 3,170,767 | ||||||||||||||||||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C: | ||||||||||||||||||||||||
285 | 5.000%, 11/15/22 | No Opt. Call | A3 | 326,094 | ||||||||||||||||||||
425 | 5.000%, 11/15/23 | No Opt. Call | A3 | 494,254 | ||||||||||||||||||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||||||||||||||||||||
4,795 | 5.000%, 11/15/24 – AGM Insured | No Opt. Call | AA | 5,781,907 | ||||||||||||||||||||
4,500 | 5.000%, 11/15/25 – AGM Insured | 11/24 at 100.00 | AA | 5,372,820 | ||||||||||||||||||||
4,095 | 5.000%, 11/15/26 – AGM Insured | 11/24 at 100.00 | AA | 4,862,772 | ||||||||||||||||||||
11,540 | 5.000%, 11/15/27 – AGM Insured | 11/24 at 100.00 | AA | 13,646,050 | ||||||||||||||||||||
Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010: | ||||||||||||||||||||||||
2,270 | 5.000%, 7/01/19 | No Opt. Call | A | 2,361,231 | ||||||||||||||||||||
2,380 | 5.000%, 7/01/20 | No Opt. Call | A | 2,524,990 | ||||||||||||||||||||
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2011B: | ||||||||||||||||||||||||
1,900 | 5.000%, 7/01/25 | 7/21 at 100.00 | A+ | 2,144,891 | ||||||||||||||||||||
2,025 | 5.000%, 7/01/26 | 7/21 at 100.00 | A+ | 2,286,002 | ||||||||||||||||||||
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012B: | ||||||||||||||||||||||||
18,675 | 5.000%, 7/01/31 | 7/22 at 100.00 | A+ | 21,231,234 | ||||||||||||||||||||
5,000 | 5.000%, 7/01/32 | 7/22 at 100.00 | A+ | 5,667,350 | ||||||||||||||||||||
1,955 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) | 7/24 at 100.00 | BB– | 2,150,950 | ||||||||||||||||||||
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B: | ||||||||||||||||||||||||
905 | 5.250%, 9/01/24 | 12/17 at 100.00 | A2 | 908,158 | ||||||||||||||||||||
985 | 5.250%, 9/01/25 | 12/17 at 100.00 | A2 | 988,339 | ||||||||||||||||||||
610 | 5.250%, 9/01/26 | 12/17 at 100.00 | A2 | 612,013 | ||||||||||||||||||||
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B: | ||||||||||||||||||||||||
8,000 | 0.000%, 9/01/22 – AMBAC Insured | No Opt. Call | A2 | 7,115,920 | ||||||||||||||||||||
3,815 | 0.000%, 9/01/23 – AMBAC Insured | No Opt. Call | A2 | 3,300,700 | ||||||||||||||||||||
2,000 | Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 2014, 5.000%, 8/01/32 | 8/24 at 100.00 | AA– | 2,326,100 | ||||||||||||||||||||
Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015: | ||||||||||||||||||||||||
1,000 | 5.000%, 11/01/26 (Alternative Minimum Tax) | 11/25 at 100.00 | A1 | 1,184,970 | ||||||||||||||||||||
2,025 | 5.000%, 11/01/27 (Alternative Minimum Tax) | 11/25 at 100.00 | A1 | 2,394,684 | ||||||||||||||||||||
1,570 | 5.000%, 11/01/28 (Alternative Minimum Tax) | 11/25 at 100.00 | A1 | 1,843,431 | ||||||||||||||||||||
2,000 | 5.000%, 11/01/29 (Alternative Minimum Tax) | 11/25 at 100.00 | A1 | 2,336,680 | ||||||||||||||||||||
2,000 | 5.000%, 11/01/30 (Alternative Minimum Tax) | 11/25 at 100.00 | A1 | 2,324,300 |
NUVEEN | 131 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Texas (continued) | ||||||||||||||||||||||||
$ | 2,720 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | 11/20 at 100.00 | A3 | $ | 2,961,019 | ||||||||||||||||||
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: | ||||||||||||||||||||||||
3,045 | 5.000%, 12/01/25 | No Opt. Call | B1 | 3,300,902 | ||||||||||||||||||||
2,720 | 5.250%, 12/01/28 | 12/25 at 100.00 | B1 | 2,971,872 | ||||||||||||||||||||
1,310 | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) | 10/18 at 103.00 | BB– | 1,373,312 | ||||||||||||||||||||
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012: | ||||||||||||||||||||||||
4,360 | 5.000%, 8/15/24 | 8/22 at 100.00 | Aa2 | 5,032,704 | ||||||||||||||||||||
4,710 | 5.000%, 8/15/25 | 8/22 at 100.00 | Aa2 | 5,400,486 | ||||||||||||||||||||
3,930 | 5.000%, 8/15/26 | 8/22 at 100.00 | Aa2 | 4,474,855 | ||||||||||||||||||||
7,025 | 5.000%, 8/15/27 | 8/22 at 100.00 | Aa2 | 7,979,135 | ||||||||||||||||||||
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C: | ||||||||||||||||||||||||
2,370 | 0.000%, 9/01/43 (7) | 9/31 at 100.00 | AA+ | 2,552,869 | ||||||||||||||||||||
9,130 | 0.000%, 9/01/45 (7) | 9/31 at 100.00 | AA+ | 10,702,916 | ||||||||||||||||||||
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D: | ||||||||||||||||||||||||
8,655 | 5.250%, 9/01/25 | 9/21 at 100.00 | AA+ | 9,938,796 | ||||||||||||||||||||
5,040 | 5.250%, 9/01/26 | 9/21 at 100.00 | AA+ | 5,787,583 | ||||||||||||||||||||
305 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 6.000%, 1/01/24 | 1/18 at 100.00 | A1 | 308,907 | ||||||||||||||||||||
2,205 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 6.000%, 1/01/24 (Pre-refunded 1/01/18) | 1/18 at 100.00 | N/R (4) | 2,233,246 | ||||||||||||||||||||
1,000 | Plano Independent School District, Collin County, Texas, General Obligation Bonds, Series 2008A, 5.000%, 2/15/25 (Pre-refunded 2/15/18) | 2/18 at 100.00 | Aaa | 1,015,590 | ||||||||||||||||||||
870 | Sunnyvale School District, Texas, General Obligation Bonds, School Building Series 2007, 4.400%, 2/15/20 | 12/17 at 100.00 | AAA | 872,471 | ||||||||||||||||||||
4,830 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 | 11/21 at 100.00 | AA– | 5,319,859 | ||||||||||||||||||||
1,285 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.125%, 9/01/33 | 9/23 at 100.00 | A | 1,430,655 | ||||||||||||||||||||
50 | Teague Independent School District, Freestone County, Texas, Unlimited Tax General Obligation Bonds, School Building Series 2008, 5.000%, 2/15/19 | 2/18 at 100.00 | AAA | 50,780 | ||||||||||||||||||||
2,160 | Teague Independent School District, Freestone County, Texas, Unlimited Tax General Obligation Bonds, School Building Series 2008, 5.000%, 2/15/19 (Pre-refunded 2/15/18) | 2/18 at 100.00 | N/R (4) | 2,193,588 | ||||||||||||||||||||
5,000 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/21 | No Opt. Call | A3 | 5,680,750 | ||||||||||||||||||||
4,750 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016, 5.000%, 12/31/40 (Alternative Minimum Tax) | 12/25 at 100.00 | Baa3 | 5,218,065 | ||||||||||||||||||||
3,250 | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2014A, 5.000%, 10/01/22 | No Opt. Call | AAA | 3,811,990 | ||||||||||||||||||||
16,250 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/31 | 8/24 at 100.00 | BBB+ | 18,417,587 |
132 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Texas (continued) | ||||||||||||||||||||||||
Val Verde County, Texas, Pass-Through Toll Revenue and Limited Tax Bonds, Series 2011: | ||||||||||||||||||||||||
$ | 2,675 | 3.500%, 8/15/18 | No Opt. Call | A | $ | 2,718,389 | ||||||||||||||||||
2,900 | 4.000%, 8/15/19 | No Opt. Call | A | 3,022,177 | ||||||||||||||||||||
3,015 | 4.000%, 8/15/20 | No Opt. Call | A | 3,192,131 | ||||||||||||||||||||
3,135 | 4.000%, 8/15/21 | No Opt. Call | A | 3,365,673 | ||||||||||||||||||||
1,000 | Victoria, Texas, Utility System Revenue Refunding Bonds, Series 2007, 4.400%, 12/01/19 – AMBAC Insured | 12/17 at 100.00 | AA– | 1,005,730 | ||||||||||||||||||||
8,830 | Williamson County, Texas, General Obligation Bonds, Limited Tax Refunding Series 2012, 5.000%, 2/15/26 | 2/22 at 100.00 | AAA | 10,185,317 | ||||||||||||||||||||
298,755 | Total Texas | 334,445,756 | ||||||||||||||||||||||
Utah – 0.5% | ||||||||||||||||||||||||
6,345 | Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 | 8/19 at 100.00 | AA+ | 6,703,619 | ||||||||||||||||||||
Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project, Series 2012A: | ||||||||||||||||||||||||
3,340 | 5.000%, 9/01/23 | 9/22 at 100.00 | A | 3,795,676 | ||||||||||||||||||||
2,000 | 5.000%, 9/01/25 | 9/22 at 100.00 | A | 2,287,620 | ||||||||||||||||||||
2,265 | 5.000%, 9/01/26 | 9/22 at 100.00 | A | 2,577,796 | ||||||||||||||||||||
10,000 | Utah State, General Obligation Bonds, Series 2009A, 5.000%, 7/01/22 (Pre-refunded 7/01/18) | 7/18 at 100.00 | AAA | 10,309,400 | ||||||||||||||||||||
23,950 | Total Utah | 25,674,111 | ||||||||||||||||||||||
Virginia – 0.6% | ||||||||||||||||||||||||
10,755 | Fairfax County, Virginia, General Obligation Bonds, Refunding Public Improvement Series 2016A, 4.000%, 10/01/19 | No Opt. Call | AAA | 11,389,653 | ||||||||||||||||||||
3,520 | Madison County Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Woodberry Forest School, Refunding Series 2016A, 3.000%, 10/01/46 | 10/25 at 100.00 | Aa1 | 3,309,997 | ||||||||||||||||||||
750 | Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 5.000%, 12/01/32 | 12/22 at 100.00 | N/R | 736,035 | ||||||||||||||||||||
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016: | ||||||||||||||||||||||||
1,000 | 5.000%, 6/15/30 | 6/26 at 100.00 | A– | 1,147,920 | ||||||||||||||||||||
1,185 | 3.125%, 6/15/31 | 6/26 at 100.00 | A– | 1,173,209 | ||||||||||||||||||||
1,000 | 5.000%, 6/15/33 | 6/26 at 100.00 | A– | 1,126,940 | ||||||||||||||||||||
195 | 5.000%, 6/15/34 | 6/26 at 100.00 | A– | 218,969 | ||||||||||||||||||||
710 | Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Refunding Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | BB+ | 752,039 | ||||||||||||||||||||
6,835 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 7,609,132 | ||||||||||||||||||||
3,650 | Wise County Industrial Development Authority, Virginia, Solid Waste and Sewage Disposal Revenue Bonds, Virginia Electric and Power Company, Series 2009A, 2.150%, 10/01/40 (Mandatory put 9/01/20) | No Opt. Call | A2 | 3,715,080 | ||||||||||||||||||||
29,600 | Total Virginia | 31,178,974 | ||||||||||||||||||||||
Washington – 1.1% | ||||||||||||||||||||||||
340 | Douglas County Public Utility District 1, Washington, Revenue Bonds, Wells Hydroelectric, Series 1963, 4.000%, 9/01/18 (ETM) | No Opt. Call | AA (4) | 348,078 |
NUVEEN | 133 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Washington (continued) | ||||||||||||||||||||||||
$ | 10,000 | Energy Northwest, Washington, Electric Revenue Bonds, Nuclear Project 3, Refunding Series 2017A, 5.000%, 7/01/28 | 7/27 at 100.00 | Aa1 | $ | 12,421,200 | ||||||||||||||||||
265 | King County School District 412 Shoreline, Washington, General Obligation Bonds, Series 2008, 5.750%, 12/01/21 (Pre-refunded 12/01/18) | 12/18 at 100.00 | AA+ (4) | 279,927 | ||||||||||||||||||||
2,265 | Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, Refunding & Improvement Series 2016, 5.000%, 12/01/37 | 12/26 at 100.00 | Baa2 | 2,439,156 | ||||||||||||||||||||
6,000 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31 | 1/21 at 100.00 | A | 6,502,620 | ||||||||||||||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2015: | ||||||||||||||||||||||||
1,435 | 5.000%, 1/01/26 | 7/25 at 100.00 | A | 1,710,979 | ||||||||||||||||||||
1,250 | 5.000%, 1/01/27 | 7/25 at 100.00 | A | 1,480,637 | ||||||||||||||||||||
Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A: | ||||||||||||||||||||||||
1,295 | 5.000%, 11/15/22 | No Opt. Call | A+ | 1,505,204 | ||||||||||||||||||||
2,020 | 5.000%, 11/15/24 | 5/24 at 100.00 | A+ | 2,420,566 | ||||||||||||||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017: | ||||||||||||||||||||||||
5,120 | 5.000%, 8/15/29 | 8/27 at 100.00 | BBB | 5,971,866 | ||||||||||||||||||||
1,500 | 5.000%, 8/15/32 | 8/27 at 100.00 | BBB | 1,720,215 | ||||||||||||||||||||
7,000 | 5.000%, 8/15/34 | 8/27 at 100.00 | BBB | 7,951,650 | ||||||||||||||||||||
1,330 | Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24 | 7/19 at 100.00 | Baa1 | 1,428,181 | ||||||||||||||||||||
Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009: | ||||||||||||||||||||||||
1,840 | 6.250%, 7/01/24 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 2,006,649 | ||||||||||||||||||||
2,000 | 6.750%, 7/01/29 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Baa1 (4) | 2,197,000 | ||||||||||||||||||||
3,250 | Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.125%, 10/01/24 (Pre-refunded 10/01/19) | 10/19 at 100.00 | Baa1 (4) | 3,511,787 | ||||||||||||||||||||
4,415 | Whidbey Island Public Hospital District, Island County, Washington, General Obligation Bonds, Whidbey General Hospital, Series 2013, 5.500%, 12/01/33 | 12/22 at 100.00 | Baa2 | 4,712,880 | ||||||||||||||||||||
51,325 | Total Washington | 58,608,595 | ||||||||||||||||||||||
West Virginia – 0.4% | ||||||||||||||||||||||||
5,995 | West Virginia Economic Development Authority, Energy Revenue Bonds, Morgantown Energy Associates Project, Refunding Series 2016, 2.875%, 12/15/26 (Alternative Minimum Tax) | No Opt. Call | Baa3 | 5,873,781 | ||||||||||||||||||||
10,335 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Series 2011A, 1.700%, 1/01/41 (Mandatory put 9/01/20) (Alternative Minimum Tax) | No Opt. Call | A– | 10,272,473 | ||||||||||||||||||||
1,015 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A, 5.000%, 9/01/25 | 9/24 at 100.00 | Baa1 | 1,166,073 | ||||||||||||||||||||
1,525 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding Series 2008E, 5.375%, 6/01/28 (Pre-refunded 12/01/18) | 12/18 at 100.00 | A (4) | 1,602,989 | ||||||||||||||||||||
18,870 | Total West Virginia | 18,915,316 |
134 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Wisconsin – 3.2% | ||||||||||||||||||||||||
$ | 24,400 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017, 6.500%, 12/01/37 | 12/27 at 100.00 | N/R | $ | 27,959,716 | ||||||||||||||||||
5,500 | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-1, 2.625%, 11/01/25 (Alternative Minimum Tax) | No Opt. Call | A– | 5,624,630 | ||||||||||||||||||||
5,400 | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-2, 2.875%, 5/01/27 (Alternative Minimum Tax) | 5/26 at 100.00 | A– | 5,447,142 | ||||||||||||||||||||
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A: | ||||||||||||||||||||||||
335 | 5.000%, 4/01/20 | No Opt. Call | AA– | 366,591 | ||||||||||||||||||||
470 | 5.000%, 4/01/22 | No Opt. Call | AA– | 541,529 | ||||||||||||||||||||
Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A: | ||||||||||||||||||||||||
590 | 5.000%, 12/01/26 | 11/24 at 100.00 | AA– | 697,799 | ||||||||||||||||||||
3,855 | 5.000%, 12/01/27 | 11/24 at 100.00 | AA– | 4,514,976 | ||||||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A: | ||||||||||||||||||||||||
1,020 | 5.000%, 7/15/25 | 7/21 at 100.00 | A+ | 1,133,424 | ||||||||||||||||||||
14,395 | 5.000%, 7/15/27 – AGM Insured | 7/21 at 100.00 | A+ | 15,868,760 | ||||||||||||||||||||
2,060 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) | 6/20 at 100.00 | Baa2 (4) | 2,324,071 | ||||||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children’s Hospital of Wisconsin Inc., Series 2008B: | ||||||||||||||||||||||||
1,455 | 4.350%, 8/15/19 | No Opt. Call | AA | 1,541,864 | ||||||||||||||||||||
8,670 | 5.500%, 8/15/29 | 2/20 at 100.00 | AA | 9,380,506 | ||||||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2017C: | ||||||||||||||||||||||||
1,920 | 3.250%, 2/15/33 | 2/27 at 100.00 | A– | 1,858,790 | ||||||||||||||||||||
1,455 | 3.500%, 2/15/36 | 2/27 at 100.00 | A– | 1,408,847 | ||||||||||||||||||||
5,000 | 5.000%, 2/15/47 | 2/27 at 100.00 | A– | 5,531,600 | ||||||||||||||||||||
835 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19 | No Opt. Call | A3 | 861,996 | ||||||||||||||||||||
3,850 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured | No Opt. Call | A1 | 4,160,233 | ||||||||||||||||||||
1,775 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/24 (Pre-refunded 8/15/22) | 8/22 at 100.00 | N/R (4) | 2,077,229 | ||||||||||||||||||||
4,365 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 | 8/24 at 100.00 | A+ | 4,837,948 | ||||||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc., Series 2015: | ||||||||||||||||||||||||
825 | 5.000%, 12/15/23 | No Opt. Call | AA– | 975,488 | ||||||||||||||||||||
1,225 | 5.000%, 12/15/25 | 12/24 at 100.00 | AA– | 1,451,282 | ||||||||||||||||||||
8,145 | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/27 | 5/19 at 100.00 | Aa2 | 8,776,808 |
NUVEEN | 135 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||
Wisconsin (continued) | ||||||||||||||||||||||||
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||||||||
$ | 855 | 6.000%, 5/01/27 (Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (4) | $ | 922,973 | ||||||||||||||||||
250 | 6.000%, 5/01/33 (Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (4) | 269,875 | ||||||||||||||||||||
1,805 | 6.000%, 5/01/33 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aa2 (4) | 1,948,498 | ||||||||||||||||||||
495 | 5.750%, 5/01/33 (Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (4) | 532,402 | ||||||||||||||||||||
4,740 | 5.750%, 5/01/33 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aa2 (4) | 5,098,154 | ||||||||||||||||||||
35,170 | 6.000%, 5/01/36 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aa2 (4) | 37,966,015 | ||||||||||||||||||||
5,715 | Wisconsin State, General Obligation Bonds, Refunding Series 2014-2, 5.000%, 5/01/24 | 5/22 at 100.00 | Aa1 | 6,627,228 | ||||||||||||||||||||
85 | Wisconsin State, General Obligation Bonds, Refunding Series 2014-2, 5.000%, 5/01/24 (Pre-refunded 5/01/22) | 5/22 at 100.00 | N/R (4) | 98,733 | ||||||||||||||||||||
Wisconsin State, Transportation Revenue Bonds, Series 2014-1: | ||||||||||||||||||||||||
1,110 | 5.000%, 7/01/24 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (4) | 1,186,257 | ||||||||||||||||||||
3,355 | 5.000%, 7/01/25 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (4) | 3,585,489 | ||||||||||||||||||||
4,000 | 5.000%, 7/01/26 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (4) | 4,274,800 | ||||||||||||||||||||
155,125 | Total Wisconsin | 169,851,653 | ||||||||||||||||||||||
Wyoming – 0.1% | ||||||||||||||||||||||||
5,500 | Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/30 | 9/23 at 100.00 | BBB– | 5,930,540 | ||||||||||||||||||||
$ | 5,110,955 | Total Municipal Bonds (cost $5,045,689,362) | 5,242,241,673 | |||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||||||
CORPORATE BONDS – 0.0% | ||||||||||||||||||||||||
Transportation – 0.0% | ||||||||||||||||||||||||
$ | 210 | Las Vegas Monorail Company, Senior Interest Bonds (9), (10) | 5.500% | 7/15/19 | N/R | $ | 132,624 | |||||||||||||||||
57 | Las Vegas Monorail Company, Senior Interest Bonds (9), (10) | 5.500% | 7/15/55 | N/R | 28,880 | |||||||||||||||||||
$ | 267 | Total Corporate Bonds (cost $20,922) | �� | 161,504 | ||||||||||||||||||||
Shares | Description (1), (12) | Value | ||||||||||||||||||||||
INVESTMENTS COMPANIES – 0.3% | ||||||||||||||||||||||||
15,000,000 | Eaton Vance Municipal Income Trust | $ | 15,001,800 | |||||||||||||||||||||
Total Investment Companies (cost $15,000,000) | 15,001,800 | |||||||||||||||||||||||
Total Long-Term Investments (cost $5,060,710,284) | 5,257,404,977 | |||||||||||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provision (2) | Ratings (3) | Value | ||||||||||||||||||||
SHORT-TERM INVESTMENTS – 0.8% | ||||||||||||||||||||||||
MUNICIPAL BONDS – 0.8% | ||||||||||||||||||||||||
Utah – 0.4% | ||||||||||||||||||||||||
$ | 20,000 | Murray City, Utah, Variable Rate Demand Obligations, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2003B, 9.000%, 5/15/36 (11) | 11/17 at 100.00 | A-1+ | $ | 20,000,000 |
136 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provision (2) | Ratings (3) | Value | ||||||||||||||||||||
New York – 0.4% | ||||||||||||||||||||||||
$ | 21,450 | New York City Transitional Finance Authority, New York, Variable Rate Demand Obligations, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2010G-5, 0.950%, 5/01/34 (11) | 12/17 at 100.00 | A-1 | $ | 21,450,000 | ||||||||||||||||||
3,550 | New York City, New York, Variable Rate Demand Obligations, General Obligation Bonds, Fiscal 2008 Series J3, 0.950%, 8/01/23 (11) | 12/17 at 100.00 | A-1 | 3,550,000 | ||||||||||||||||||||
25,000 | Total New York | 25,000,000 | ||||||||||||||||||||||
$ | 45,000 | Total Short-Term Investments (cost $45,000,000) | 45,000,000 | |||||||||||||||||||||
Total Investments (cost $5,105,710,284) – 98.7% | 5,302,404,977 | |||||||||||||||||||||||
Other Assets Less Liabilities – 1.3% | �� | 70,361,491 | ||||||||||||||||||||||
Net Assets – 100% | $ | 5,372,766,468 |
(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. |
(6) | The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016. |
(7) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
(8) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. |
(9) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. |
(10) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
(11) | Investment has maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
(12) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
(13) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
ETM | Escrowed to maturity. |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
LIBOR | London Inter-Bank Offered Rate. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
NUVEEN | 137 |
Nuveen Limited Term Municipal Bond Fund
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
LONG-TERM INVESTMENTS – 98.8% | ||||||||||||||||||||
MUNICIPAL BONDS – 98.1% | ||||||||||||||||||||
Alabama – 2.0% | ||||||||||||||||||||
$ | 58,420 | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2016A, 4.000%, 7/01/46 (Mandatory put 6/01/21) | 3/21 at 100.59 | A1 | $ | 63,194,667 | ||||||||||||||
10,935 | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2017A, 4.000%, 8/01/47 | 4/22 at 100.52 | A1 | 12,057,259 | ||||||||||||||||
6,000 | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, Alabama Power Company Barry Plan, Series 2007A, 1.850%, 6/01/34 (Mandatory put 3/24/20) | No Opt. Call | A+ | 6,048,300 | ||||||||||||||||
11,710 | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, Alabama Power Company Barry Plan, Series 2008, 1.625%, 7/15/34 (Mandatory put 10/02/18) | No Opt. Call | A+ | 11,745,013 | ||||||||||||||||
87,065 | Total Alabama | 93,045,239 | ||||||||||||||||||
Alaska – 0.4% | ||||||||||||||||||||
Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015: | ||||||||||||||||||||
1,655 | 5.000%, 1/01/24 (Alternative Minimum Tax) | No Opt. Call | Baa2 | 1,886,998 | ||||||||||||||||
3,565 | 5.000%, 1/01/26 (Alternative Minimum Tax) | 7/25 at 100.00 | Baa2 | 4,068,164 | ||||||||||||||||
Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011: | ||||||||||||||||||||
2,680 | 5.000%, 4/01/18 | No Opt. Call | A1 | 2,733,922 | ||||||||||||||||
1,360 | 5.000%, 4/01/19 | No Opt. Call | A1 | 1,436,459 | ||||||||||||||||
3,640 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23 | 12/17 at 100.00 | Ba2 | 3,703,700 | ||||||||||||||||
3,635 | Valdez, Alaska, Marine Terminal Revenue Bonds, BP Pipelines Inc. Project, Refunding Series 2003C, 5.000%, 1/01/21 | No Opt. Call | A1 | 4,034,014 | ||||||||||||||||
16,535 | Total Alaska | 17,863,257 | ||||||||||||||||||
Arizona – 2.4% | ||||||||||||||||||||
3,380 | Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2015B, 5.000%, 7/01/20 | No Opt. Call | AA | 3,735,779 | ||||||||||||||||
2,000 | Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A, 5.000%, 2/01/18 | No Opt. Call | BBB+ | 2,024,540 | ||||||||||||||||
810 | Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/17 – AGM Insured | No Opt. Call | AA | 810,186 | ||||||||||||||||
7,785 | Arizona State, Certificates of Participation, Series 2008A, 5.000%, 9/01/21 (Pre-refunded 3/01/18) – AGM Insured | 3/18 at 100.00 | AA (4) | 7,920,926 | ||||||||||||||||
Arizona State, Certificates of Participation, Series 2010A: | ||||||||||||||||||||
11,935 | 5.000%, 10/01/17 – AGM Insured | No Opt. Call | AA | 11,937,745 | ||||||||||||||||
2,975 | 5.000%, 10/01/19 – AGM Insured | No Opt. Call | AA | 3,205,443 | ||||||||||||||||
Arizona State, State Lottery Revenue Bonds, Series 2010A: | ||||||||||||||||||||
5,140 | 5.000%, 7/01/18 – AGM Insured | No Opt. Call | AA | 5,295,896 | ||||||||||||||||
95 | 5.000%, 7/01/20 – AGM Insured | No Opt. Call | AA | 104,864 |
138 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Arizona (continued) | ||||||||||||||||||||
Chandler, Arizona, General Obligation Bonds, Refunding Series 2014: | ||||||||||||||||||||
$ | 4,030 | 5.000%, 7/01/23 | No Opt. Call | AAA | $ | 4,807,427 | ||||||||||||||
1,500 | 5.000%, 7/01/24 | No Opt. Call | AAA | 1,823,175 | ||||||||||||||||
1,200 | Coconino County, Arizona, Pollution Control Revenue Bonds, Nevada Power Company Project, Refunding Series 2017B, 1.600%, 3/01/39 (Mandatory put 5/21/20) | No Opt. Call | A+ | 1,202,820 | ||||||||||||||||
Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation Bonds, Refunding Series 2014: | ||||||||||||||||||||
675 | 5.000%, 7/01/18 | No Opt. Call | AAA | 694,899 | ||||||||||||||||
335 | 5.000%, 7/01/19 | No Opt. Call | AAA | 356,983 | ||||||||||||||||
575 | 5.000%, 7/01/20 | No Opt. Call | AAA | 632,063 | ||||||||||||||||
765 | 5.000%, 7/01/21 | No Opt. Call | AAA | 864,198 | ||||||||||||||||
6,110 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2017C, 5.000%, 1/01/48 (Mandatory put 10/18/24) (WI/DD, Settling 10/18/17) | No Opt. Call | AA– | 7,240,411 | ||||||||||||||||
11,000 | Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Public Service Company of New Mexico Palo Verde Project, Series 2010A, 2.400%, 6/01/43 (Mandatory put 6/01/20) | No Opt. Call | BBB+ | 11,150,370 | ||||||||||||||||
1,090 | Maricopa County School District 33 Buckeye Elementary, Arizona, General Obligation Bonds, Refunding Series 2016, 3.000%, 7/01/20 – BAM Insured | No Opt. Call | AA | 1,136,968 | ||||||||||||||||
Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, Refunding School Improvement Series 2015: | ||||||||||||||||||||
500 | 4.000%, 7/01/19 – AGM Insured | No Opt. Call | AA | 524,150 | ||||||||||||||||
575 | 4.000%, 7/01/20 – AGM Insured | No Opt. Call | AA | 616,555 | ||||||||||||||||
1,565 | 4.000%, 7/01/21 – AGM Insured | No Opt. Call | AA | 1,710,921 | ||||||||||||||||
750 | 4.000%, 7/01/22 – AGC Insured | No Opt. Call | AA | 830,287 | ||||||||||||||||
1,270 | Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School Improvement Project of 2013, Series 2014A, 4.000%, 7/01/24 | No Opt. Call | A+ | 1,431,887 | ||||||||||||||||
800 | Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School Improvement Project of 2013, Series 2016C, 2.000%, 7/01/20 – AGM Insured | No Opt. Call | AA | 814,664 | ||||||||||||||||
1,250 | Maricopa County Unified School District 90 Saddle Mountain, Arizona, General Obligation Bonds, School Improvement Project 2013, Series 2014, 5.000%, 7/01/18 – MAC Insured | No Opt. Call | AA | 1,286,850 | ||||||||||||||||
Mesa, Arizona, General Obligation Bonds, Refunding Series 2012: | ||||||||||||||||||||
1,425 | 4.000%, 7/01/20 | No Opt. Call | Aa2 | 1,532,003 | ||||||||||||||||
2,225 | 4.000%, 7/01/21 | No Opt. Call | Aa2 | 2,445,319 | ||||||||||||||||
2,055 | 4.000%, 7/01/22 | No Opt. Call | Aa2 | 2,296,976 | ||||||||||||||||
Mesa, Arizona, Street and Highway User Revenue Bonds, Refunding Series 2012: | ||||||||||||||||||||
2,415 | 5.000%, 7/01/21 | No Opt. Call | AA | 2,738,586 | ||||||||||||||||
4,030 | 5.000%, 7/01/22 | No Opt. Call | AA | 4,673,027 | ||||||||||||||||
3,615 | Mesa, Arizona, Street and Highway User Revenue Bonds, Refunding Series 2015, 5.000%, 7/01/26 | 7/25 at 100.00 | AA | 4,307,489 | ||||||||||||||||
Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2012: | ||||||||||||||||||||
5,370 | 5.000%, 7/01/20 | No Opt. Call | Aa2 | 5,927,567 | ||||||||||||||||
6,115 | 5.000%, 7/01/21 | No Opt. Call | Aa2 | 6,946,395 | ||||||||||||||||
295 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company Project, Series 2013A, 4.000%, 9/01/29 | 3/23 at 100.00 | A– | 311,016 |
NUVEEN | 139 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Arizona (continued) | ||||||||||||||||||||
Pinal County, Arizona, Pledged Revenue Obligations, Refunding Series 2014: | ||||||||||||||||||||
$ | 1,295 | 5.000%, 8/01/22 | No Opt. Call | AA | $ | 1,491,283 | ||||||||||||||
2,000 | 5.000%, 8/01/23 | No Opt. Call | AA | 2,345,920 | ||||||||||||||||
2,000 | 5.000%, 8/01/24 | No Opt. Call | AA | 2,380,620 | ||||||||||||||||
1,000 | Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/24 | No Opt. Call | AA | 1,190,310 | ||||||||||||||||
435 | Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.500%, 12/01/17 (Alternative Minimum Tax) | No Opt. Call | N/R | 434,900 | ||||||||||||||||
102,385 | Total Arizona | 111,181,418 | ||||||||||||||||||
Arkansas – 0.5% | ||||||||||||||||||||
720 | Bryant School District 25, Saline County, Arkansas, General Obligation Bonds, Refunding & Construction Series 2017A, 3.000%, 2/01/20 | No Opt. Call | Aa2 | 746,827 | ||||||||||||||||
Crittenden County, Arkansas, Sales and Use Tax Revenue Bonds, Series 2017: | ||||||||||||||||||||
1,000 | 5.000%, 3/01/19 (WI/DD, Settling 10/26/17) | No Opt. Call | A | 1,049,930 | ||||||||||||||||
1,200 | 5.000%, 3/01/20 (WI/DD, Settling 10/26/17) | No Opt. Call | A | 1,299,396 | ||||||||||||||||
1,400 | 5.000%, 3/01/21 (WI/DD, Settling 10/26/17) | No Opt. Call | A | 1,558,732 | ||||||||||||||||
3,010 | Jefferson County, Arkansas, Pollution Control Revenue Refunding Bonds, Entergy Arkansas, Inc. Project, Series 2013, 1.550%, 10/01/17 | No Opt. Call | A | 3,010,120 | ||||||||||||||||
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014: | ||||||||||||||||||||
500 | 5.000%, 7/01/19 | No Opt. Call | A+ | 532,900 | ||||||||||||||||
670 | 5.000%, 7/01/21 | No Opt. Call | A+ | 758,192 | ||||||||||||||||
Pulaksi County Public Facilities Board, Arkansas, Health Facilities Revenue Bonds, CARTI Project, Series 2013: | ||||||||||||||||||||
630 | 4.000%, 7/01/18 | No Opt. Call | N/R | 634,694 | ||||||||||||||||
890 | 4.000%, 7/01/19 | No Opt. Call | N/R | 902,024 | ||||||||||||||||
995 | 4.000%, 7/01/20 | No Opt. Call | N/R | 1,011,845 | ||||||||||||||||
1,020 | 4.000%, 7/01/21 | No Opt. Call | N/R | 1,037,758 | ||||||||||||||||
1,075 | 4.000%, 7/01/22 | No Opt. Call | N/R | 1,091,243 | ||||||||||||||||
1,180 | 5.250%, 7/01/27 | 7/23 at 100.00 | N/R | 1,208,544 | ||||||||||||||||
470 | 5.250%, 7/01/28 | 7/23 at 100.00 | N/R | 479,189 | ||||||||||||||||
Pulaski County Public Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 2014: | ||||||||||||||||||||
500 | 5.000%, 12/01/22 | No Opt. Call | A+ | 581,665 | ||||||||||||||||
1,740 | 5.000%, 12/01/23 | No Opt. Call | A+ | 2,056,036 | ||||||||||||||||
2,000 | 5.000%, 12/01/24 | No Opt. Call | A+ | 2,397,720 | ||||||||||||||||
19,000 | Total Arkansas | 20,356,815 | ||||||||||||||||||
California – 3.6% | ||||||||||||||||||||
22,105 | California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Series 2016B-3, 2.000%, 10/01/36 (Mandatory put 10/01/25) | 10/25 at 100.00 | AA– | 21,782,046 | ||||||||||||||||
4,000 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013C, 5.000%, 7/01/43 (Mandatory put 10/15/19) | No Opt. Call | AA– | 4,309,640 | ||||||||||||||||
3,315 | California Infrastructure and Economic Development Bank, Revenue Bonds, Pacific Gas and Electric Company, Refunding Series 2010E, 1.750%, 11/01/26 (Mandatory put 6/01/22) | No Opt. Call | A2 | 3,331,608 | ||||||||||||||||
California Infrastructure and Economic Development Bank, Revenue Bonds, Pacific Gas and Electric Company, Refunding Series 2008: | ||||||||||||||||||||
6,800 | 1.050%, 12/01/18 | No Opt. Call | A2 | 6,809,792 | ||||||||||||||||
3,500 | 1.750%, 11/01/26 (Mandatory put 6/01/22) | No Opt. Call | A2 | 3,520,685 |
140 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
California (continued) | ||||||||||||||||||||
California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, Series 2017A: | ||||||||||||||||||||
$ | 1,565 | 5.000%, 2/01/22 | No Opt. Call | A– | $ | 1,775,054 | ||||||||||||||
2,600 | 5.000%, 2/01/23 | No Opt. Call | A– | 3,001,570 | ||||||||||||||||
1,920 | 5.000%, 2/01/24 | No Opt. Call | A– | 2,248,570 | ||||||||||||||||
1,700 | 5.000%, 2/01/25 | No Opt. Call | A– | 2,009,298 | ||||||||||||||||
2,000 | 5.000%, 2/01/26 | No Opt. Call | A– | 2,384,540 | ||||||||||||||||
1,500 | 5.000%, 2/01/27 | No Opt. Call | A– | 1,805,220 | ||||||||||||||||
3,365 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2015B-2, 3.125%, 11/01/40 (Mandatory put 11/03/25) (Alternative Minimum Tax) | No Opt. Call | A– | 3,471,368 | ||||||||||||||||
5,875 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2015A-1, 3.375%, 7/01/25 (Alternative Minimum Tax) | No Opt. Call | A– | 6,316,800 | ||||||||||||||||
6,490 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management, Inc. Project, Refunding Series 2015B-1, 3.000%, 11/01/25 (Alternative Minimum Tax) | No Opt. Call | A– | 6,818,589 | ||||||||||||||||
3,675 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 5.000%, 11/01/17 | No Opt. Call | A+ | 3,688,855 | ||||||||||||||||
California State, Economic Recovery Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||||
260 | 5.250%, 7/01/21 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 279,604 | ||||||||||||||||
125 | 5.250%, 7/01/21 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 134,425 | ||||||||||||||||
20,655 | California Statewide Communities Development Authority, Health Facility Revenue Bonds, Community Hospital of the Monterey Peninsula, Series 2012A, 1.870%, 6/01/23 | 12/17 at 100.00 | N/R | 20,722,955 | ||||||||||||||||
765 | California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/24 | No Opt. Call | A– | 912,002 | ||||||||||||||||
California Statewide Communities Development Authority, Student Housing Revenue Bonds, University of California, Irvine East Campus Apartments, CHF-Irvine, LLC, Refunding Series 2016: | ||||||||||||||||||||
2,050 | 5.000%, 5/15/18 | No Opt. Call | Baa1 | 2,101,927 | ||||||||||||||||
1,000 | 5.000%, 5/15/19 | No Opt. Call | Baa1 | 1,063,790 | ||||||||||||||||
1,000 | 5.000%, 5/15/20 | No Opt. Call | Baa1 | 1,099,170 | ||||||||||||||||
1,485 | California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014B, 3.000%, 8/01/21 | 12/17 at 100.00 | AA– | 1,487,138 | ||||||||||||||||
Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012: | ||||||||||||||||||||
2,260 | 4.000%, 1/01/18 | No Opt. Call | BBB | 2,272,837 | ||||||||||||||||
2,350 | 5.000%, 1/01/19 | No Opt. Call | BBB | 2,429,195 | ||||||||||||||||
2,470 | 5.000%, 1/01/20 | No Opt. Call | BBB | 2,611,210 | ||||||||||||||||
2,590 | 5.000%, 1/01/21 | No Opt. Call | BBB | 2,791,139 | ||||||||||||||||
3,510 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33 | 12/17 at 100.00 | B+ | 3,506,139 | ||||||||||||||||
500 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C, 5.000%, 9/01/21 | No Opt. Call | N/R | 561,525 | ||||||||||||||||
2,760 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2013B, 5.000%, 7/01/22 | No Opt. Call | AA+ | 3,232,236 | ||||||||||||||||
190 | Los Angeles Harbors Department, California, Revenue Bonds, Series 1988, 7.600%, 10/01/18 (ETM) | No Opt. Call | AA+ (4) | 196,114 |
NUVEEN | 141 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
California (continued) | ||||||||||||||||||||
$ | 15,000 | Los Angeles, California, General Obligation Bonds, Tax & Revenue Anticipation Notes, Series 2017, 5.000%, 6/28/18 | No Opt. Call | SP-1+ | $ | 15,456,600 | ||||||||||||||
13,020 | Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding Series 2014C-2, 3.000%, 7/01/25 (Mandatory put 10/01/20) | 7/20 at 100.00 | AAA | 13,649,517 | ||||||||||||||||
2,700 | New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2014A, 5.000%, 8/01/25 – BAM Insured | 8/24 at 100.00 | AA | 3,257,442 | ||||||||||||||||
4,700 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 | 11/20 at 100.00 | BBB– | 4,956,009 | ||||||||||||||||
110 | San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) | No Opt. Call | Aaa | 129,521 | ||||||||||||||||
3,535 | Southern California Public Power Authority, Transmission Project Revenue Bonds, Southern Transmission Project, Subordinate Refunding Series 2015C, 5.000%, 7/01/24 | No Opt. Call | AA– | 4,319,381 | ||||||||||||||||
Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||||||
565 | 4.000%, 7/01/18 | No Opt. Call | Baa1 | 575,650 | ||||||||||||||||
1,315 | 5.000%, 7/01/19 | No Opt. Call | Baa1 | 1,392,532 | ||||||||||||||||
1,225 | 4.000%, 7/01/20 | No Opt. Call | Baa1 | 1,299,149 | ||||||||||||||||
1,130 | 5.000%, 7/01/22 | No Opt. Call | Baa1 | 1,273,736 | ||||||||||||||||
980 | 5.000%, 7/01/23 | No Opt. Call | Baa1 | 1,120,160 | ||||||||||||||||
158,660 | Total California | 166,104,738 | ||||||||||||||||||
Colorado – 1.7% | ||||||||||||||||||||
2,750 | Broomfield, Colorado, Sewer Activity Enterprise, Sewer and Wastewater Reclamation Revenue Bonds, Refunding Series 2012, 4.000%, 12/01/20 | No Opt. Call | A2 | 2,955,507 | ||||||||||||||||
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017: | ||||||||||||||||||||
765 | 5.000%, 12/01/20 | No Opt. Call | N/R | 825,863 | ||||||||||||||||
1,000 | 5.000%, 12/01/21 | No Opt. Call | N/R | 1,084,380 | ||||||||||||||||
1,425 | 5.000%, 12/01/22 | No Opt. Call | N/R | 1,556,257 | ||||||||||||||||
1,000 | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, 5.000%, 6/01/20 | No Opt. Call | BBB | 1,084,960 | ||||||||||||||||
7,245 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health, Sunbelt Obligated Group, Series 2014E, 5.000%, 11/15/24 | 5/24 at 100.00 | AA | 8,656,688 | ||||||||||||||||
16,975 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008D-3, 5.000%, 10/01/38 (Mandatory put 11/12/21) | No Opt. Call | BBB+ | 18,793,362 | ||||||||||||||||
3,025 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 6.125%, 10/01/28 | 10/18 at 100.00 | BBB+ | 3,171,894 | ||||||||||||||||
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A: | ||||||||||||||||||||
7,575 | 5.000%, 2/01/19 | No Opt. Call | BBB+ | 7,915,193 | ||||||||||||||||
5,205 | 5.000%, 2/01/20 | No Opt. Call | BBB+ | 5,582,362 | ||||||||||||||||
4,830 | 5.000%, 2/01/21 | No Opt. Call | BBB+ | 5,307,349 |
142 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Colorado (continued) | ||||||||||||||||||||
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A: | ||||||||||||||||||||
$ | 300 | 3.000%, 6/01/18 | No Opt. Call | A– | $ | 303,201 | ||||||||||||||
500 | 4.000%, 6/01/19 | No Opt. Call | A– | 519,585 | ||||||||||||||||
1,000 | 4.000%, 6/01/20 | No Opt. Call | A– | 1,056,810 | ||||||||||||||||
2,000 | 5.000%, 6/01/21 | No Opt. Call | A– | 2,217,240 | ||||||||||||||||
2,300 | 5.000%, 6/01/22 | No Opt. Call | A– | 2,592,238 | ||||||||||||||||
500 | 5.000%, 6/01/23 | No Opt. Call | A– | 570,825 | ||||||||||||||||
250 | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 2.000%, 8/01/19 – AGM Insured | No Opt. Call | AA | 253,670 | ||||||||||||||||
Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A: | ||||||||||||||||||||
825 | 3.500%, 12/01/21 | No Opt. Call | N/R | 849,799 | ||||||||||||||||
530 | 4.500%, 12/01/27 | 12/22 at 103.00 | N/R | 555,827 | ||||||||||||||||
1,500 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/19 | No Opt. Call | A | 1,618,545 | ||||||||||||||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||||||
1,060 | 5.000%, 9/01/19 | No Opt. Call | A– | 1,134,274 | ||||||||||||||||
1,175 | 5.000%, 9/01/20 | No Opt. Call | A– | 1,293,428 | ||||||||||||||||
Gardens on Havana Metropolitan District 3, Arapahoe County, Colorado, Special Revenue Bonds, Refunding Series 2017A: | ||||||||||||||||||||
2,950 | 3.625%, 12/01/21 | No Opt. Call | N/R | 3,029,060 | ||||||||||||||||
3,705 | 4.625%, 12/01/27 | 12/22 at 103.00 | N/R | 3,909,812 | ||||||||||||||||
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||||
1,000 | 5.000%, 12/01/17 | No Opt. Call | N/R | 1,004,880 | ||||||||||||||||
1,000 | 5.000%, 12/01/18 | No Opt. Call | N/R | 1,031,730 | ||||||||||||||||
72,390 | Total Colorado | 78,874,739 | ||||||||||||||||||
Connecticut – 2.8% | ||||||||||||||||||||
19,085 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2015A, 1.375%, 7/01/35 (Mandatory put 7/11/18) | No Opt. Call | AAA | 19,135,575 | ||||||||||||||||
19,740 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2016A-1, 1.000%, 7/01/42 (Mandatory put 7/01/19) | No Opt. Call | AAA | 19,695,388 | ||||||||||||||||
4,500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2017A-2, 5.000%, 7/01/42 (Mandatory put 7/01/22) | No Opt. Call | AAA | 5,225,895 | ||||||||||||||||
20,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2017B-2, 5.000%, 7/01/37 (Mandatory put 7/01/20) | No Opt. Call | AAA | 22,082,200 | ||||||||||||||||
25,660 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Variable Rate Demand Obligations, Series 1999-U1, 1.000%, 7/01/33 (Mandatory put 2/06/19) | No Opt. Call | AAA | 25,620,740 | ||||||||||||||||
18,100 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Variable Rate Demand Obligations, Series 1999-U2, 1.000%, 7/01/33 (Mandatory put 2/06/19) | No Opt. Call | AAA | 18,072,307 | ||||||||||||||||
5,000 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2013A, 5.000%, 10/01/20 | No Opt. Call | AA | 5,514,700 |
NUVEEN | 143 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Connecticut (continued) | ||||||||||||||||||||
$ | 655 | Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax) | 1/18 at 100.00 | A– | $ | 657,030 | ||||||||||||||
New Haven, Connecticut, General Obligation Bonds, Refunding Series 2014B: | ||||||||||||||||||||
1,915 | 4.000%, 8/01/19 – AGM Insured | No Opt. Call | AA | 2,001,960 | ||||||||||||||||
2,000 | 5.000%, 8/01/20 – AGM Insured | No Opt. Call | AA | 2,184,740 | ||||||||||||||||
875 | South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twenty-Ninth Series 2014, 5.000%, 8/01/22 | No Opt. Call | AA– | 1,017,082 | ||||||||||||||||
Stratford, Connecticut, General Obligation Bonds, Series 2014: | ||||||||||||||||||||
395 | 3.000%, 12/15/19 | No Opt. Call | AA | 408,489 | ||||||||||||||||
525 | 5.000%, 12/15/21 | No Opt. Call | AA | 592,032 | ||||||||||||||||
West Haven, Connecticut, General Obligation Bonds, Series 2012: | ||||||||||||||||||||
2,095 | 5.000%, 8/01/22 – AGM Insured | No Opt. Call | AA | 2,369,256 | ||||||||||||||||
2,000 | 5.000%, 8/01/23 – AGM Insured | 8/22 at 100.00 | AA | 2,257,640 | ||||||||||||||||
1,000 | 5.000%, 8/01/25 – AGM Insured | 8/22 at 100.00 | AA | 1,137,810 | ||||||||||||||||
123,545 | Total Connecticut | 127,972,844 | ||||||||||||||||||
Delaware – 0.2% | ||||||||||||||||||||
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013: | ||||||||||||||||||||
1,810 | 5.000%, 7/01/18 | No Opt. Call | BBB | 1,847,576 | ||||||||||||||||
1,905 | 5.000%, 7/01/19 | No Opt. Call | BBB | 1,993,278 | ||||||||||||||||
2,000 | 5.000%, 7/01/20 | No Opt. Call | BBB | 2,137,220 | ||||||||||||||||
275 | 5.000%, 7/01/21 | No Opt. Call | BBB | 299,178 | ||||||||||||||||
5,990 | Total Delaware | 6,277,252 | ||||||||||||||||||
District of Columbia – 1.3% | ||||||||||||||||||||
1,115 | District of Columbia, Income Tax Secured Revenue Bonds, Series 2009D, 5.000%, 12/01/17 | No Opt. Call | AAA | 1,123,173 | ||||||||||||||||
10,050 | District of Columbia, Revenue Bonds, Georgetown University, Series 2001C, 5.250%, 4/01/34 (Mandatory put 4/01/23) (Pre-refunded 10/01/18) | 10/18 at 100.00 | A (4) | 10,481,949 | ||||||||||||||||
21,745 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2017, 5.000%, 10/01/18 (Alternative Minimum Tax) | No Opt. Call | AA– | 22,603,058 | ||||||||||||||||
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2016A: | ||||||||||||||||||||
22,365 | 5.000%, 7/01/18 | No Opt. Call | AA– | 23,050,264 | ||||||||||||||||
3,000 | 4.000%, 7/01/19 | 7/18 at 100.00 | AA– | 3,069,600 | ||||||||||||||||
58,275 | Total District of Columbia | 60,328,044 | ||||||||||||||||||
Florida – 4.4% | ||||||||||||||||||||
Broward County School Board, Florida, Certificates of Participation, Series 2015A: | ||||||||||||||||||||
2,535 | 5.000%, 7/01/19 | No Opt. Call | Aa3 | 2,708,217 | ||||||||||||||||
4,000 | 5.000%, 7/01/20 | No Opt. Call | Aa3 | 4,409,560 | ||||||||||||||||
Broward County, Florida, Airport System Revenue Bonds, Series 2015A: | ||||||||||||||||||||
5,000 | 5.000%, 10/01/24 (Alternative Minimum Tax) | No Opt. Call | A+ | 5,899,850 | ||||||||||||||||
5,000 | 5.000%, 10/01/25 (Alternative Minimum Tax) | No Opt. Call | A+ | 5,949,750 | ||||||||||||||||
2,295 | 5.000%, 10/01/26 (Alternative Minimum Tax) | 10/25 at 100.00 | A+ | 2,706,195 | ||||||||||||||||
4,110 | 5.000%, 10/01/27 (Alternative Minimum Tax) | 10/25 at 100.00 | A+ | 4,813,920 |
144 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Florida (continued) | ||||||||||||||||||||
Cape Coral, Florida, Utility Improvement Assessment Bonds, Refunding Various Areas Series 2017: | ||||||||||||||||||||
$ | 740 | 1.400%, 9/01/18 – AGM Insured | No Opt. Call | AA | $ | 741,436 | ||||||||||||||
990 | 1.650%, 9/01/19 – AGM Insured | No Opt. Call | AA | 997,138 | ||||||||||||||||
990 | 1.900%, 9/01/20 – AGM Insured | No Opt. Call | AA | 1,006,305 | ||||||||||||||||
1,005 | 2.000%, 9/01/21 – AGM Insured | No Opt. Call | AA | 1,028,175 | ||||||||||||||||
1,260 | 2.125%, 9/01/22 – AGM Insured | No Opt. Call | AA | 1,286,044 | ||||||||||||||||
Citizens Property Insurance Corporation, Florida, Coastal Account Senior Secured Bonds, Series 2015A-1: | ||||||||||||||||||||
3,250 | 5.000%, 6/01/18 | 12/17 at 100.00 | AA | 3,273,270 | ||||||||||||||||
5,030 | 5.000%, 6/01/20 | 12/19 at 100.00 | AA | 5,437,983 | ||||||||||||||||
18,050 | 5.000%, 6/01/22 | 12/21 at 100.00 | AA | 20,601,548 | ||||||||||||||||
3,775 | 5.000%, 6/01/25 | 12/24 at 100.00 | AA | 4,515,164 | ||||||||||||||||
Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1: | ||||||||||||||||||||
3,840 | 5.000%, 6/01/18 | No Opt. Call | AA | 3,941,338 | ||||||||||||||||
365 | 5.000%, 6/01/19 | No Opt. Call | AA | 388,254 | ||||||||||||||||
City of Orlando, Florida, Senior Tourist Development Tax Refunding Revenue Bonds, 6th Cent Contract Payments, Series 2017A: | ||||||||||||||||||||
2,000 | 5.000%, 11/01/29 – AGM Insured | 11/27 at 100.00 | AA | 2,384,320 | ||||||||||||||||
5,500 | 5.000%, 11/01/30 – AGM Insured | 11/27 at 100.00 | AA | 6,529,435 | ||||||||||||||||
6,600 | Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company Project, Refunding Series 2003, 1.150%, 6/01/23 (Mandatory put 6/21/18) | No Opt. Call | A2 | 6,601,386 | ||||||||||||||||
2,095 | Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company, Refunding Series 1997, 2.100%, 7/01/22 (Mandatory put 4/11/19) | No Opt. Call | A2 | 2,113,918 | ||||||||||||||||
5,880 | Florida Municipal Power Agency, Power Supply Revenue Bonds, All Requirements Project, Refunding Series 2016A, 5.000%, 10/01/20 | No Opt. Call | A+ | 6,532,092 | ||||||||||||||||
2,655 | Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series 2011A, 5.000%, 10/01/20 | No Opt. Call | A2 | 2,949,439 | ||||||||||||||||
2,200 | Hillsborough County School District, Florida, Sales Tax Revenue Refunding Bonds, Series 2015B, 5.000%, 10/01/20 – AGM Insured | No Opt. Call | AA | 2,443,298 | ||||||||||||||||
Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2017: | ||||||||||||||||||||
1,000 | 5.000%, 10/01/21 – AGM Insured | No Opt. Call | AA | 1,140,800 | ||||||||||||||||
3,100 | 5.000%, 10/01/23 – AGM Insured | No Opt. Call | AA | 3,662,278 | ||||||||||||||||
2,525 | 5.000%, 10/01/25 – AGM Insured | No Opt. Call | AA | 3,054,745 | ||||||||||||||||
2,275 | 5.000%, 10/01/26 – AGM Insured | No Opt. Call | AA | 2,773,612 | ||||||||||||||||
2,000 | 5.000%, 10/01/27 – AGM Insured | 4/27 at 100.00 | AA | 2,442,000 | ||||||||||||||||
2,750 | 5.000%, 10/01/28 – AGM Insured | 4/27 at 100.00 | AA | 3,327,802 | ||||||||||||||||
2,300 | 5.000%, 10/01/29 – AGM Insured | 4/27 at 100.00 | AA | 2,765,474 | ||||||||||||||||
2,525 | Manatee County, Florida, Revenue Bonds, Refunding & Improvement Series 2013, 5.000%, 10/01/20 | No Opt. Call | AA+ | 2,805,426 | ||||||||||||||||
355 | Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (Alternative Minimum Tax) | 6/20 at 100.00 | Baa2 | 364,912 |
NUVEEN | 145 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Florida (continued) | ||||||||||||||||||||
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B: | ||||||||||||||||||||
$ | 3,040 | 5.000%, 7/01/20 | No Opt. Call | A | $ | 3,338,224 | ||||||||||||||
2,275 | 5.000%, 7/01/21 | No Opt. Call | A | 2,564,653 | ||||||||||||||||
1,775 | 5.000%, 7/01/22 | No Opt. Call | A | 2,041,498 | ||||||||||||||||
4,000 | 5.000%, 7/01/23 | No Opt. Call | A | 4,682,520 | ||||||||||||||||
Miami-Dade County Industrial Development Authority, Florida, Solid Waste Revenue Bonds, Waste Management Inc. of Florida Projects 1 & 2, Series 2004: | ||||||||||||||||||||
3,725 | 3.750%, 12/01/18 | No Opt. Call | A– | 3,838,203 | ||||||||||||||||
4,000 | 3.750%, 12/01/18 | No Opt. Call | A– | 4,121,560 | ||||||||||||||||
2,770 | Miami-Dade County School Board, Florida, Certificates of Participation, Series 2015D, 5.000%, 2/01/20 | No Opt. Call | A+ | 3,010,658 | ||||||||||||||||
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2010E: | ||||||||||||||||||||
1,705 | 5.000%, 4/01/18 | No Opt. Call | AA– | 1,739,475 | ||||||||||||||||
1,790 | 5.000%, 4/01/19 | No Opt. Call | AA– | 1,894,787 | ||||||||||||||||
1,880 | 5.000%, 4/01/20 | No Opt. Call | AA– | 2,057,528 | ||||||||||||||||
3,675 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/17 – AGM Insured | No Opt. Call | AA | 3,675,919 | ||||||||||||||||
7,730 | North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20 | No Opt. Call | A | 8,197,047 | ||||||||||||||||
10,000 | Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/27 (Mandatory put 10/01/20) | No Opt. Call | AA | 11,093,400 | ||||||||||||||||
915 | Orlando-Orange County Expressway Authority, Florida, Senior Lien Revenue Bonds, Series 1988, 7.625%, 7/01/18 – AMBAC Insured (ETM) | No Opt. Call | A (4) | 956,770 | ||||||||||||||||
85 | Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/25 (Pre-refunded 10/01/21) | 10/21 at 100.00 | N/R (4) | 97,487 | ||||||||||||||||
4,915 | Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/25 | 10/21 at 100.00 | AA+ | 5,586,438 | ||||||||||||||||
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2014: | ||||||||||||||||||||
550 | 5.000%, 9/01/20 | No Opt. Call | A+ | 607,937 | ||||||||||||||||
500 | 5.000%, 9/01/22 | No Opt. Call | A+ | 578,185 | ||||||||||||||||
510 | 5.000%, 9/01/23 | No Opt. Call | A+ | 599,398 | ||||||||||||||||
2,360 | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Series 2007B, 5.350%, 3/15/42 (Mandatory put 5/01/18) – AMBAC Insured | No Opt. Call | A– | 2,416,900 | ||||||||||||||||
3,060 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 5.000%, 5/01/19 | No Opt. Call | AA | 3,244,946 | ||||||||||||||||
1,620 | South Florida Water Management District, Certificates of Participation, Series 2015, 5.000%, 10/01/19 | No Opt. Call | AA | 1,741,792 | ||||||||||||||||
5,730 | Tampa Bay, Florida, Regional Water Supply Authority, Utility System Revenue Bonds, Series 2015A, 5.000%, 10/01/26 | 10/25 at 100.00 | AA+ | 6,991,058 | ||||||||||||||||
Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A: | ||||||||||||||||||||
1,085 | 5.000%, 9/01/18 | No Opt. Call | A+ | 1,124,320 | ||||||||||||||||
3,475 | 5.000%, 9/01/19 | No Opt. Call | A+ | 3,720,995 | ||||||||||||||||
865 | 5.000%, 9/01/20 | No Opt. Call | A+ | 953,931 | ||||||||||||||||
770 | 5.000%, 9/01/21 | No Opt. Call | A+ | 871,840 |
146 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Florida (continued) | ||||||||||||||||||||
$ | 545 | Tampa, Florida, Revenue Bonds, University of Tampa, Refunding Series 2015, 5.000%, 4/01/21 | No Opt. Call | A– | $ | 607,926 | ||||||||||||||
110 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 | 12/17 at 100.00 | N/R | 110,001 | ||||||||||||||||
340 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (5) | 5/19 at 100.00 | N/R | 266,135 | ||||||||||||||||
115 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (5) | 5/22 at 100.00 | N/R | 71,841 | ||||||||||||||||
165 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.375%, 5/01/18 (6) | No Opt. Call | N/R | 2 | ||||||||||||||||
460 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (6) | 5/18 at 100.00 | N/R | 289,349 | ||||||||||||||||
280 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (6) | 5/18 at 100.00 | N/R | 141,831 | ||||||||||||||||
305 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (6) | 5/18 at 100.00 | N/R | 3 | ||||||||||||||||
185,120 | Total Florida | 204,829,641 | ||||||||||||||||||
Georgia – 1.8% | ||||||||||||||||||||
2,780 | Buford, Georgia, General Obligation Bonds, Series 2015, 4.000%, 1/01/19 | No Opt. Call | Aa2 | 2,877,745 | ||||||||||||||||
15,250 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company Vogtle Plant, First Series 2008, 1.650%, 11/01/48 (Mandatory put 6/18/21) | No Opt. Call | A+ | 14,943,475 | ||||||||||||||||
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company Vogtle Plant, First Series 2012: | ||||||||||||||||||||
7,000 | 1.850%, 12/01/49 (Mandatory put 8/22/19) | No Opt. Call | AA– | 7,002,380 | ||||||||||||||||
3,000 | 1.850%, 12/01/49 (Mandatory put 8/22/19) | No Opt. Call | AA– | 3,001,020 | ||||||||||||||||
3,000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Fourth Series 1994, 2.200%, 10/01/32 (Mandatory put 4/02/19) | No Opt. Call | A+ | 3,019,350 | ||||||||||||||||
3,000 | Cobb County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Georgia Waste Management Project, Series 2004B, 1.875%, 4/01/33 (Mandatory put 10/01/19) | No Opt. Call | A– | 3,028,680 | ||||||||||||||||
1,515 | DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Second Resolution Series 2013, 5.000%, 10/01/22 | No Opt. Call | Aa3 | 1,766,399 | ||||||||||||||||
8,000 | Floyd County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company Plant Hammond Project, First Series 2010, 2.350%, 7/01/22 (Mandatory put 12/11/20) | No Opt. Call | A+ | 8,097,280 | ||||||||||||||||
20 | Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1991V, 6.600%, 1/01/18 – NPFG Insured | No Opt. Call | A+ | 20,280 | ||||||||||||||||
2,105 | Georgia State, General Obligation Bonds, Series 2009B, 4.000%, 1/01/21 (Pre-refunded 1/01/19) | 1/19 at 100.00 | AAA | 2,182,759 | ||||||||||||||||
11,440 | Georgia State, General Obligation Bonds, Series 2009D, 5.000%, 5/01/20 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AAA | 12,161,978 | ||||||||||||||||
55 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992N, 6.250%, 7/01/18 – NPFG Insured (ETM) | No Opt. Call | Aa1 (4) | 57,218 | ||||||||||||||||
2,000 | Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Scherer Plant, Series 2009, 2.350%, 10/01/48 (Mandatory put 12/11/20) | No Opt. Call | A+ | 2,024,320 |
NUVEEN | 147 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Georgia (continued) | ||||||||||||||||||||
$ | 3,750 | Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Gulf Power Company – Scherer Project, First Series 2010-1, 1.400%, 6/01/49 (Mandatory put 9/19/19) | No Opt. Call | A2 | $ | 3,752,363 | ||||||||||||||
7,630 | Municipal Electric Authority of Georgia, Project One Subordinate Lien Revenue Bonds, Series 2008A, 5.250%, 1/01/18 | No Opt. Call | A | 7,710,802 | ||||||||||||||||
3,005 | Municipal Gas Authority of Georgia, Gas Revenue Bonds, Gas Portfolio III Project, Series 2014U, 5.000%, 10/01/19 | No Opt. Call | AA– | 3,229,984 | ||||||||||||||||
5,270 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Agnes Scott College, Refunding Series 2015B, 2.500%, 6/01/30 (Mandatory put 6/01/19) | 3/19 at 100.00 | A+ | 5,338,141 | ||||||||||||||||
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C: | ||||||||||||||||||||
500 | 5.000%, 10/01/17 | No Opt. Call | Baa2 | 500,095 | ||||||||||||||||
580 | 5.000%, 10/01/20 | No Opt. Call | Baa2 | 630,953 | ||||||||||||||||
79,900 | Total Georgia | 81,345,222 | ||||||||||||||||||
Hawaii – 1.0% | ||||||||||||||||||||
15,530 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company, Inc. and Subsidiary Projects, Series 2017A, 3.100%, 5/01/26 (Alternative Minimum Tax) | No Opt. Call | A– | 15,816,528 | ||||||||||||||||
Hawaii State, General Obligation Bonds, Series 2011DZ: | ||||||||||||||||||||
6,295 | 5.000%, 12/01/18 | No Opt. Call | AA+ | 6,590,550 | ||||||||||||||||
120 | 5.000%, 12/01/18 (ETM) | No Opt. Call | N/R (4) | 125,713 | ||||||||||||||||
Hawaii State, General Obligation Bonds, Series 2013EH: | ||||||||||||||||||||
3,165 | 5.000%, 8/01/21 | No Opt. Call | AA+ | 3,611,012 | ||||||||||||||||
6,840 | 5.000%, 8/01/21 (ETM) | No Opt. Call | N/R (4) | 7,815,863 | ||||||||||||||||
65 | 5.000%, 8/01/21 (ETM) | No Opt. Call | N/R (4) | 74,274 | ||||||||||||||||
2,600 | Hawaii State, General Obligation Bonds, Series 2016FE, 5.000%, 10/01/20 | No Opt. Call | AA+ | 2,896,088 | ||||||||||||||||
1,490 | Hawaiian Electric Company Inc. and Its Subsidiaries, Special Purpose Revenue Bonds, Department of Budget and Finance of the State of Hawaii, Series 2015, 3.250%, 1/01/25 (Alternative Minimum Tax) | No Opt. Call | A– | 1,557,646 | ||||||||||||||||
5,740 | Honolulu City and County, Hawaii, General Obligation Bonds, Refunding Series 2017D, 5.000%, 9/01/30 | 9/27 at 100.00 | Aa1 | 7,050,614 | ||||||||||||||||
2,150 | Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond Resolution, Refunding Senior Series 2015B, 5.000%, 7/01/26 | 7/25 at 100.00 | Aa2 | 2,614,679 | ||||||||||||||||
43,995 | Total Hawaii | 48,152,967 | ||||||||||||||||||
Idaho – 0.4% | ||||||||||||||||||||
10,470 | Idaho State, Tax Anticipation Notes, Series 2017, 4.000%, 6/29/18 | No Opt. Call | SP-1+ | 10,707,983 | ||||||||||||||||
9,240 | Nez Perce County, Idaho, Pollution Control Revenue Bonds, Potlatch Corporation Project, Refunding Series 2016, 2.750%, 10/01/24 | No Opt. Call | BB+ | 8,961,599 | ||||||||||||||||
19,710 | Total Idaho | 19,669,582 |
148 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Illinois – 11.7% | ||||||||||||||||||||
Adams County School District 172, Quincy, Illinois, General Obligation Bonds, Series 2016: | ||||||||||||||||||||
$ | 600 | 3.000%, 2/01/18 – AGM Insured | No Opt. Call | AA | $ | 603,456 | ||||||||||||||
250 | 4.000%, 2/01/19 – AGM Insured | No Opt. Call | AA | 258,493 | ||||||||||||||||
250 | 4.000%, 2/01/20 – AGM Insured | No Opt. Call | AA | 264,050 | ||||||||||||||||
250 | 4.000%, 2/01/21 – AGM Insured | No Opt. Call | AA | 268,750 | ||||||||||||||||
580 | 4.000%, 2/01/22 – AGM Insured | No Opt. Call | AA | 630,483 | ||||||||||||||||
1,290 | 5.000%, 2/01/25 – AGM Insured | No Opt. Call | AA | 1,518,653 | ||||||||||||||||
1,455 | 5.000%, 2/01/27 – AGM Insured | 2/26 at 100.00 | AA | 1,710,527 | ||||||||||||||||
1,015 | Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 5.000%, 11/01/20 (ETM) | 11/18 at 100.00 | BBB– (4) | 1,077,372 | ||||||||||||||||
2,645 | Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 5.125%, 11/01/25 (Pre-refunded 11/01/20) | 11/20 at 100.00 | BBB– (4) | 2,953,142 | ||||||||||||||||
423 | Cary, Illinois, Special Tax Bonds, Special Service Area 1, Refunding Series 2016, 2.000%, 3/01/22 – BAM Insured | No Opt. Call | AA | 421,257 | ||||||||||||||||
Cary, Illinois, Special Tax Bonds, Special Service Area 2, Refunding Series 2016: | ||||||||||||||||||||
298 | 1.200%, 3/01/18 – BAM Insured | No Opt. Call | AA | 297,836 | ||||||||||||||||
320 | 1.500%, 3/01/19 – BAM Insured | No Opt. Call | AA | 319,722 | ||||||||||||||||
393 | 1.700%, 3/01/20 – BAM Insured | No Opt. Call | AA | 392,568 | ||||||||||||||||
238 | 1.700%, 3/01/20 – BAM Insured | No Opt. Call | AA | 237,738 | ||||||||||||||||
482 | 1.900%, 3/01/21 – BAM Insured | No Opt. Call | AA | 481,470 | ||||||||||||||||
297 | 2.000%, 3/01/22 – BAM Insured | No Opt. Call | AA | 295,776 | ||||||||||||||||
19,250 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B, 6.750%, 12/01/30 | 12/27 at 100.00 | N/R | 23,154,285 | ||||||||||||||||
1,405 | Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/17 – FGIC Insured | No Opt. Call | A | 1,399,478 | ||||||||||||||||
5,000 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2013A, 5.000%, 1/01/21 (Alternative Minimum Tax) | No Opt. Call | A | 5,555,600 | ||||||||||||||||
13,000 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2016B, 5.000%, 1/01/20 | No Opt. Call | A | 14,110,980 | ||||||||||||||||
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2015B: | ||||||||||||||||||||
2,755 | 5.000%, 1/01/20 | No Opt. Call | A | 2,990,442 | ||||||||||||||||
1,875 | 5.000%, 1/01/21 | No Opt. Call | A | 2,096,044 | ||||||||||||||||
3,510 | Chicago, Illinois, General Obligation Bonds, Modern Schools Across Chicago Program, Series 2007J, 5.000%, 12/01/21 – AMBAC Insured | 12/17 at 100.00 | BBB+ | 3,521,653 | ||||||||||||||||
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C: | ||||||||||||||||||||
1,670 | 5.000%, 1/01/26 | 1/19 at 100.00 | BBB+ | 1,722,071 | ||||||||||||||||
2,395 | 5.000%, 1/01/27 | 1/19 at 100.00 | BBB+ | 2,469,676 | ||||||||||||||||
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: | ||||||||||||||||||||
6,230 | 5.000%, 1/01/23 | No Opt. Call | BBB+ | 6,895,239 | ||||||||||||||||
7,230 | 5.000%, 1/01/24 | No Opt. Call | BBB+ | 8,088,201 | ||||||||||||||||
4,205 | 5.000%, 1/01/25 | No Opt. Call | BBB+ | 4,732,013 | ||||||||||||||||
1,840 | 5.000%, 1/01/26 | No Opt. Call | BBB+ | 2,077,102 | ||||||||||||||||
2,025 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.000%, 12/01/20 | No Opt. Call | A+ | 2,193,439 |
NUVEEN | 149 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Illinois (continued) | ||||||||||||||||||||
Cook County High School District 212 Leyden, Illinois, General Obligation Bonds, Limited Tax Series 2016C: | ||||||||||||||||||||
$ | 1,000 | 5.000%, 12/01/23 – BAM Insured | No Opt. Call | AA | $ | 1,169,550 | ||||||||||||||
1,800 | 5.000%, 12/01/25 – BAM Insured | 12/24 at 100.00 | AA | 2,103,372 | ||||||||||||||||
Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds, Series 2016A: | ||||||||||||||||||||
3,905 | 5.000%, 12/01/19 | No Opt. Call | AAA | 4,230,052 | ||||||||||||||||
5,400 | 5.000%, 12/01/20 | No Opt. Call | AAA | 6,033,150 | ||||||||||||||||
3,375 | 5.000%, 12/01/22 | No Opt. Call | AAA | 3,946,016 | ||||||||||||||||
7,195 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 11/15/17 | No Opt. Call | AA– | 7,230,759 | ||||||||||||||||
4,750 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22 | 11/20 at 100.00 | AA– | 5,211,937 | ||||||||||||||||
3,315 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2011A, 5.000%, 11/15/18 | No Opt. Call | AA– | 3,449,622 | ||||||||||||||||
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C: | ||||||||||||||||||||
3,445 | 5.000%, 11/15/27 | 11/22 at 100.00 | AA– | 3,796,390 | ||||||||||||||||
3,000 | 5.000%, 11/15/33 | 11/22 at 100.00 | AA– | 3,238,680 | ||||||||||||||||
Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A: | ||||||||||||||||||||
1,800 | 5.000%, 11/15/18 | No Opt. Call | AA– | 1,873,098 | ||||||||||||||||
2,940 | 5.000%, 11/15/19 | No Opt. Call | AA– | 3,143,918 | ||||||||||||||||
375 | Huntley, Illinois, Special Tax Bonds, Special Service Area 10, Refunding Series 2017, 1.550%, 3/01/19 (WI/DD, Settling 10/18/17) – BAM Insured | No Opt. Call | AA | 375,161 | ||||||||||||||||
Huntley, Illinois, Special Tax Bonds, Special Service Area 9, Refunding Series 2017: | ||||||||||||||||||||
725 | 1.550%, 3/01/19 (WI/DD, Settling 10/18/17) – BAM Insured | No Opt. Call | AA | 725,312 | ||||||||||||||||
760 | 1.800%, 3/01/20 (WI/DD, Settling 10/18/17) – BAM Insured | No Opt. Call | AA | 760,585 | ||||||||||||||||
795 | 2.000%, 3/01/21 (WI/DD, Settling 10/18/17) – BAM Insured | No Opt. Call | AA | 795,087 | ||||||||||||||||
835 | 2.200%, 3/01/22 (WI/DD, Settling 10/18/17) – BAM Insured | No Opt. Call | AA | 835,768 | ||||||||||||||||
10,695 | Illinois Development Finance Authority, Revenue Bonds, St Vincent de Paul Center Project, Series 2000A, 1.875%, 11/15/39 (Mandatory put 3/01/19) | No Opt. Call | AA+ | 10,773,287 | ||||||||||||||||
10,000 | Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Series 1998B, 1.650%, 7/01/25 (Mandatory put 2/01/19) | No Opt. Call | AA+ | 10,048,400 | ||||||||||||||||
13,220 | Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Series 2001B-1, 1.100%, 7/01/36 (Mandatory put 2/15/18) | No Opt. Call | AA+ | 13,229,254 | ||||||||||||||||
19,475 | Illinois Finance Authority, Gas Supply Refunding Revenue Bonds, The Peoples Gas Light and Coke Company Project, Series 2010B, 1.875%, 2/01/33 (Mandatory put 8/01/20) | No Opt. Call | Aa3 | 19,681,630 | ||||||||||||||||
11,300 | Illinois Finance Authority, Midwestern Disaster Area Industrial Development Revenue Bonds, Cargill, Incorporated Project, Series 2012, 1.750%, 11/01/38 (Mandatory put 11/06/17) | No Opt. Call | A | 11,302,712 | ||||||||||||||||
1,010 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2014, 5.000%, 8/01/20 | No Opt. Call | AA+ | 1,114,798 | ||||||||||||||||
1,330 | Illinois Finance Authority, Revenue Bonds, Alexian Brothers Health System, Refunding Series 2005B, 5.000%, 1/01/20 (Pre-refunded 4/14/18) – AGM Insured | 4/18 at 100.00 | A2 (4) | 1,358,755 | ||||||||||||||||
950 | Illinois Finance Authority, Revenue Bonds, Alexian Brothers Health System, Series 2010, 5.000%, 2/15/21 | 2/20 at 100.00 | A2 | 1,026,846 | ||||||||||||||||
10,080 | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2012E-1, 2.250%, 11/15/42 (Mandatory put 4/29/22) | No Opt. Call | AA+ | 10,267,286 |
150 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Illinois (continued) | ||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012: | ||||||||||||||||||||
$ | 1,090 | 5.000%, 9/01/18 | No Opt. Call | BBB– | $ | 1,120,825 | ||||||||||||||
930 | 5.000%, 9/01/19 | No Opt. Call | BBB– | 983,066 | ||||||||||||||||
8,665 | 5.000%, 9/01/27 | 9/22 at 100.00 | BBB– | 9,375,357 | ||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | ||||||||||||||||||||
325 | 5.000%, 9/01/19 | No Opt. Call | BBB– | 343,545 | ||||||||||||||||
770 | 5.000%, 9/01/20 | No Opt. Call | BBB– | 832,801 | ||||||||||||||||
350 | 5.000%, 9/01/21 | No Opt. Call | BBB– | 385,606 | ||||||||||||||||
625 | 5.000%, 9/01/22 | No Opt. Call | BBB– | 697,437 | ||||||||||||||||
620 | 5.000%, 9/01/23 | No Opt. Call | BBB– | 698,994 | ||||||||||||||||
2,240 | 5.000%, 9/01/24 | No Opt. Call | BBB– | 2,543,027 | ||||||||||||||||
865 | 5.000%, 9/01/25 | 9/24 at 100.00 | BBB– | 972,770 | ||||||||||||||||
2,055 | Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008B, 5.500%, 8/15/21 (Pre-refunded 8/15/18) | 8/18 at 100.00 | AA (4) | 2,135,453 | ||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016: | ||||||||||||||||||||
2,500 | 5.000%, 12/01/21 | No Opt. Call | A3 | 2,810,625 | ||||||||||||||||
2,755 | 5.000%, 12/01/22 | No Opt. Call | A3 | 3,144,805 | ||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A: | ||||||||||||||||||||
855 | 5.000%, 7/01/21 | No Opt. Call | A | 958,865 | ||||||||||||||||
1,000 | 5.000%, 7/01/23 | No Opt. Call | A | 1,158,790 | ||||||||||||||||
920 | 5.000%, 7/01/24 | No Opt. Call | A | 1,081,506 | ||||||||||||||||
1,175 | Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Series 2008A, 5.000%, 7/01/18 | No Opt. Call | A | 1,207,924 | ||||||||||||||||
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A: | ||||||||||||||||||||
1,715 | 5.000%, 11/15/20 | No Opt. Call | A | 1,896,053 | ||||||||||||||||
1,100 | 5.000%, 11/15/21 | No Opt. Call | A | 1,245,860 | ||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C: | ||||||||||||||||||||
4,145 | 5.000%, 2/15/20 | No Opt. Call | BBB | 4,444,020 | ||||||||||||||||
5,605 | 5.000%, 2/15/21 | No Opt. Call | BBB | 6,152,889 | ||||||||||||||||
5,395 | 5.000%, 2/15/22 | No Opt. Call | BBB | 6,034,631 | ||||||||||||||||
4,000 | 5.000%, 2/15/23 | No Opt. Call | BBB | 4,544,400 | ||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A: | ||||||||||||||||||||
1,185 | 5.000%, 11/15/17 | No Opt. Call | A+ | 1,191,044 | ||||||||||||||||
1,000 | 5.000%, 11/15/18 | No Opt. Call | A+ | 1,041,910 | ||||||||||||||||
1,190 | 5.000%, 11/15/20 | No Opt. Call | A+ | 1,317,556 | ||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005: | ||||||||||||||||||||
875 | 5.000%, 8/15/18 – AGM Insured (ETM) | No Opt. Call | AA (4) | 905,441 | ||||||||||||||||
405 | 5.250%, 8/15/19 – AGM Insured (ETM) | No Opt. Call | AA (4) | 436,521 | ||||||||||||||||
830 | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Refunding Series 2017C, 5.000%, 3/01/25 | No Opt. Call | A+ | 972,046 | ||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Swedish Covenant Hospital, Series 2016A: | ||||||||||||||||||||
1,000 | 5.000%, 8/15/19 | No Opt. Call | BBB | 1,056,380 | ||||||||||||||||
1,400 | 5.000%, 8/15/21 | No Opt. Call | BBB | 1,539,034 | ||||||||||||||||
1,000 | 5.000%, 8/15/22 | No Opt. Call | BBB | 1,113,280 | ||||||||||||||||
1,000 | 5.000%, 8/15/24 | No Opt. Call | BBB | 1,134,920 | ||||||||||||||||
2,000 | 5.000%, 8/15/25 | No Opt. Call | BBB | 2,280,700 | ||||||||||||||||
3,000 | 5.000%, 8/15/26 | No Opt. Call | BBB | 3,437,850 |
NUVEEN | 151 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Illinois (continued) | ||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2014A: | ||||||||||||||||||||
$ | 1,045 | 5.000%, 10/01/19 | No Opt. Call | AA+ | $ | 1,125,622 | ||||||||||||||
2,200 | 5.000%, 10/01/20 | No Opt. Call | AA+ | 2,444,662 | ||||||||||||||||
5,345 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/20 | No Opt. Call | AA+ | 5,939,417 | ||||||||||||||||
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||||||
3,000 | 5.000%, 2/01/18 | No Opt. Call | A1 | 3,040,350 | ||||||||||||||||
3,000 | 5.000%, 2/01/19 | No Opt. Call | A1 | 3,149,940 | ||||||||||||||||
4,035 | 5.000%, 2/01/20 | No Opt. Call | A1 | 4,369,945 | ||||||||||||||||
10,820 | 5.000%, 2/01/21 | No Opt. Call | A1 | 12,059,106 | ||||||||||||||||
5,035 | 5.000%, 2/01/22 | No Opt. Call | A1 | 5,728,873 | ||||||||||||||||
2,600 | 5.000%, 2/01/25 | No Opt. Call | A1 | 3,098,212 | ||||||||||||||||
Illinois State, General Obligation Bonds, February Series 2014: | ||||||||||||||||||||
655 | 5.000%, 2/01/19 | No Opt. Call | BBB | 678,646 | ||||||||||||||||
1,390 | 5.000%, 2/01/20 | No Opt. Call | BBB | 1,469,286 | ||||||||||||||||
4,175 | 5.000%, 2/01/22 | No Opt. Call | BBB | 4,522,443 | ||||||||||||||||
3,320 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/21 | No Opt. Call | BBB | 3,558,476 | ||||||||||||||||
Illinois State, General Obligation Bonds, October Series 2016: | ||||||||||||||||||||
10,000 | 5.000%, 2/01/20 | No Opt. Call | BBB | 10,570,400 | ||||||||||||||||
8,000 | 5.000%, 2/01/21 | No Opt. Call | BBB | 8,586,000 | ||||||||||||||||
1,290 | Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.250%, 1/01/20 | No Opt. Call | BBB | 1,368,445 | ||||||||||||||||
Illinois State, General Obligation Bonds, Refunding Series 2010: | ||||||||||||||||||||
4,995 | 5.000%, 1/01/18 – AGM Insured | No Opt. Call | AA | 5,038,906 | ||||||||||||||||
22,220 | 5.000%, 1/01/18 | No Opt. Call | BBB | 22,400,204 | ||||||||||||||||
14,720 | 5.000%, 1/01/24 | 1/20 at 100.00 | BBB | 15,409,338 | ||||||||||||||||
4,120 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/20 | No Opt. Call | BBB | 4,394,969 | ||||||||||||||||
1,000 | Illinois State, General Obligation Bonds, Series 2007A, 5.000%, 6/01/22 – AGM Insured | 12/17 at 100.00 | AA | 1,019,800 | ||||||||||||||||
Illinois State, General Obligation Bonds, Series 2013: | ||||||||||||||||||||
4,120 | 5.000%, 7/01/21 | No Opt. Call | BBB | 4,449,971 | ||||||||||||||||
3,075 | 5.500%, 7/01/25 | 7/23 at 100.00 | BBB | 3,445,630 | ||||||||||||||||
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Junior Lien Series 2013: | ||||||||||||||||||||
4,600 | 5.000%, 6/15/18 | No Opt. Call | AA+ | 4,725,258 | ||||||||||||||||
6,220 | 5.000%, 6/15/19 | No Opt. Call | AA+ | 6,594,444 | ||||||||||||||||
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||||||||||||||||
1,615 | 5.000%, 12/01/20 | No Opt. Call | AA– | 1,803,099 | ||||||||||||||||
1,750 | 5.000%, 12/01/21 | No Opt. Call | AA– | 2,004,537 | ||||||||||||||||
2,100 | 5.000%, 12/01/22 | No Opt. Call | AA– | 2,449,881 | ||||||||||||||||
11,910 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014D, 5.000%, 1/01/24 | No Opt. Call | AA– | 14,123,950 | ||||||||||||||||
Kane County Community Unit School District 304 Geneva, Illinois, General Obligation Bonds, Refunding Series 2016: | ||||||||||||||||||||
2,500 | 5.000%, 1/01/26 | No Opt. Call | AA+ | 3,025,725 | ||||||||||||||||
5,030 | 5.000%, 1/01/27 | 1/26 at 100.00 | AA+ | 6,024,783 |
152 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Illinois (continued) | ||||||||||||||||||||
Kane, Cook and DuPage Counties School District 46, Elgin, Illinois, General Obligation Bonds, Refunding Series 2015C: | ||||||||||||||||||||
$ | 1,000 | 4.000%, 1/01/18 | No Opt. Call | AA– | $ | 1,007,670 | ||||||||||||||
1,250 | 5.000%, 1/01/19 | No Opt. Call | AA– | 1,310,113 | ||||||||||||||||
LaSalle and Bureau Counties High School District 120 LaSalle-Peru, Illinois, General Obligation Bonds, School Building Series 2017: | ||||||||||||||||||||
980 | 5.000%, 12/01/21 – BAM Insured | No Opt. Call | AA | 1,114,427 | ||||||||||||||||
1,000 | 5.000%, 12/01/22 – BAM Insured | No Opt. Call | AA | 1,156,930 | ||||||||||||||||
1,035 | 5.000%, 12/01/23 – BAM Insured | No Opt. Call | AA | 1,218,361 | ||||||||||||||||
1,235 | 5.000%, 12/01/26 – BAM Insured | No Opt. Call | AA | 1,496,672 | ||||||||||||||||
1,900 | Peoria Public Building Commission, Illinois, School District Facility Revenue Bonds, Peoria County School District 150 Project, Series 2009A, 0.000%, 12/01/22 – AGC Insured | 12/18 at 79.62 | AA | 1,486,161 | ||||||||||||||||
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | ||||||||||||||||||||
6,455 | 5.000%, 6/01/18 | No Opt. Call | A | 6,620,442 | ||||||||||||||||
10,815 | 5.000%, 6/01/19 | No Opt. Call | A | 11,475,796 | ||||||||||||||||
6,015 | 5.250%, 6/01/20 | No Opt. Call | A | 6,621,553 | ||||||||||||||||
280 | 5.250%, 6/01/21 | No Opt. Call | A | 317,265 | ||||||||||||||||
3,545 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured | No Opt. Call | AA | 3,877,273 | ||||||||||||||||
2,975 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1994D, 7.750%, 6/01/19 – FGIC Insured | No Opt. Call | AA | 3,194,109 | ||||||||||||||||
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Areas 1, 3 & 4, Refunding Series 2017: | ||||||||||||||||||||
1,010 | 2.850%, 3/01/22 – BAM Insured | No Opt. Call | AA | 1,031,250 | ||||||||||||||||
1,135 | 3.200%, 3/01/24 – BAM Insured | No Opt. Call | AA | 1,171,672 | ||||||||||||||||
1,000 | 3.300%, 3/01/25 – BAM Insured | No Opt. Call | AA | 1,033,370 | ||||||||||||||||
1,260 | 3.450%, 3/01/26 – BAM Insured | No Opt. Call | AA | 1,300,106 | ||||||||||||||||
1,210 | 3.600%, 3/01/28 – BAM Insured | 3/27 at 100.00 | AA | 1,245,949 | ||||||||||||||||
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Hospital Sisters Services, Inc. Obligated Group, Series 2017A: | ||||||||||||||||||||
2,365 | 5.000%, 2/15/26 | No Opt. Call | AA– | 2,802,998 | ||||||||||||||||
3,500 | 5.000%, 2/15/27 | No Opt. Call | AA– | 4,166,120 | ||||||||||||||||
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | ||||||||||||||||||||
2,665 | 5.000%, 3/01/19 | No Opt. Call | A | 2,803,367 | ||||||||||||||||
2,495 | 5.000%, 3/01/20 | No Opt. Call | A | 2,706,302 | ||||||||||||||||
2,125 | 5.000%, 3/01/21 | No Opt. Call | A | 2,366,931 | ||||||||||||||||
2,550 | 5.000%, 3/01/22 | No Opt. Call | A | 2,895,397 | ||||||||||||||||
2,415 | Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012, 4.000%, 11/01/19 | No Opt. Call | A+ | 2,548,066 | ||||||||||||||||
Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008: | ||||||||||||||||||||
1,090 | 5.750%, 6/01/26 | 6/18 at 100.00 | AA | 1,123,278 | ||||||||||||||||
1,035 | 5.750%, 6/01/27 | 6/18 at 100.00 | AA | 1,066,454 | ||||||||||||||||
Winnebago-Boone Counties School District 205 Rockford, Illinois, General Obligation Bonds, Series 2013: | ||||||||||||||||||||
1,450 | 0.000%, 2/01/21 | No Opt. Call | A+ | 1,350,588 | ||||||||||||||||
6,220 | 0.000%, 2/01/22 | No Opt. Call | A+ | 5,615,105 | ||||||||||||||||
6,820 | 0.000%, 2/01/23 | No Opt. Call | A+ | 5,950,723 | ||||||||||||||||
505,951 | Total Illinois | 542,349,638 |
NUVEEN | 153 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Indiana – 4.2% | ||||||||||||||||||||
Carmel Local Public Improvement Bond Bank, Indiana, Multipurpose Revenue Bonds, Series 2016: | ||||||||||||||||||||
$ | 700 | 4.000%, 7/15/18 | No Opt. Call | AA+ | $ | 716,492 | ||||||||||||||
750 | 5.000%, 1/15/19 | No Opt. Call | AA+ | 788,250 | ||||||||||||||||
1,215 | 5.000%, 7/15/19 | No Opt. Call | AA+ | 1,299,965 | ||||||||||||||||
1,000 | 5.000%, 1/15/20 | No Opt. Call | AA+ | 1,087,810 | ||||||||||||||||
815 | 5.000%, 7/15/20 | No Opt. Call | AA+ | 901,178 | ||||||||||||||||
Hamilton Southeastern Consolidated School Building Corporation, Hamilton County, Indiana, First Mortgage Bonds, Refunding Series 2015D: | ||||||||||||||||||||
1,190 | 5.000%, 1/15/18 | No Opt. Call | AA+ | 1,204,137 | ||||||||||||||||
1,250 | 5.000%, 7/15/18 | No Opt. Call | AA+ | 1,289,513 | ||||||||||||||||
2,250 | 5.000%, 1/15/19 | No Opt. Call | AA+ | 2,363,850 | ||||||||||||||||
2,000 | 5.000%, 1/15/20 | No Opt. Call | AA+ | 2,174,120 | ||||||||||||||||
1,000 | 5.000%, 7/15/20 | No Opt. Call | AA+ | 1,104,310 | ||||||||||||||||
Hobart Building Corporation, Indiana, First Mortgage Revenue Bonds, Refunding Series 2016: | ||||||||||||||||||||
1,515 | 3.000%, 1/15/18 | No Opt. Call | AA+ | 1,523,984 | ||||||||||||||||
1,655 | 4.000%, 7/15/19 | No Opt. Call | AA+ | 1,735,996 | ||||||||||||||||
1,890 | 3.000%, 1/15/20 | No Opt. Call | AA+ | 1,960,440 | ||||||||||||||||
1,540 | 4.000%, 7/15/20 | No Opt. Call | AA+ | 1,649,263 | ||||||||||||||||
1,590 | 4.000%, 1/15/21 | No Opt. Call | AA+ | 1,720,730 | ||||||||||||||||
2,200 | 5.000%, 1/15/22 | No Opt. Call | AA+ | 2,504,744 | ||||||||||||||||
1,800 | Indiana Development Finance Authority, Solid Waste Disposal Revenue Refunding Bonds, Waste Management Inc. Project, Series 2001, 1.750%, 10/01/31 (Mandatory put 10/01/18) (Alternative Minimum Tax) | No Opt. Call | A– | 1,807,974 | ||||||||||||||||
360 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21 | 10/19 at 100.00 | B– | 359,618 | ||||||||||||||||
635 | Indiana Finance Authority, Hospital Revenue Bonds, Beacon Health System Obligated Group, Series 2013A, 5.000%, 8/15/18 | No Opt. Call | AA– | 656,863 | ||||||||||||||||
Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010: | ||||||||||||||||||||
1,495 | 5.000%, 3/01/19 (ETM) | No Opt. Call | N/R (4) | 1,579,886 | ||||||||||||||||
2,120 | 5.000%, 3/01/20 (ETM) | No Opt. Call | N/R (4) | 2,316,715 | ||||||||||||||||
Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A: | ||||||||||||||||||||
1,075 | 4.000%, 10/01/20 | No Opt. Call | BBB+ | 1,151,067 | ||||||||||||||||
435 | 4.000%, 10/01/21 | No Opt. Call | BBB+ | 473,141 | ||||||||||||||||
130 | 5.000%, 10/01/23 | No Opt. Call | BBB+ | 151,726 | ||||||||||||||||
Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Refunding Series 2012A: | ||||||||||||||||||||
865 | 5.000%, 5/01/19 | No Opt. Call | AA– | 916,710 | ||||||||||||||||
765 | 5.000%, 5/01/20 | No Opt. Call | AA– | 837,369 | ||||||||||||||||
2,000 | 5.000%, 5/01/21 | No Opt. Call | AA– | 2,252,400 | ||||||||||||||||
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A: | ||||||||||||||||||||
370 | 5.000%, 10/01/17 | No Opt. Call | AA | 370,085 | ||||||||||||||||
535 | 5.000%, 10/01/18 | No Opt. Call | AA | 556,357 | ||||||||||||||||
375 | 5.000%, 10/01/19 | No Opt. Call | AA | 403,076 | ||||||||||||||||
785 | 5.000%, 10/01/20 | No Opt. Call | AA | 868,869 |
154 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Indiana (continued) | ||||||||||||||||||||
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2015A: | ||||||||||||||||||||
$ | 1,400 | 5.000%, 10/01/19 | No Opt. Call | AA | $ | 1,504,818 | ||||||||||||||
680 | 5.000%, 10/01/20 | No Opt. Call | AA | 751,590 | ||||||||||||||||
590 | 5.000%, 10/01/23 | No Opt. Call | AA | 694,076 | ||||||||||||||||
1,000 | 5.000%, 10/01/24 | No Opt. Call | AA | 1,191,230 | ||||||||||||||||
1,800 | 5.000%, 10/01/25 | 10/24 at 100.00 | AA | 2,142,936 | ||||||||||||||||
1,240 | 5.000%, 10/01/26 | 10/24 at 100.00 | AA | 1,473,579 | ||||||||||||||||
800 | 5.000%, 10/01/27 | 10/24 at 100.00 | AA | 944,408 | ||||||||||||||||
3,720 | Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2005A-10, 1.500%, 11/01/27 (Mandatory put 5/01/20) | No Opt. Call | AA | 3,715,908 | ||||||||||||||||
3,370 | Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2005A-4, 1.500%, 10/01/27 (Mandatory put 5/01/20) | No Opt. Call | AA+ | 3,366,293 | ||||||||||||||||
260 | Indiana State University Board of Trustees, Indiana State University Housing and Dining System Revenue Bonds, Series 2014, 4.000%, 4/01/22 | No Opt. Call | AA– | 287,027 | ||||||||||||||||
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006: | ||||||||||||||||||||
1,630 | 5.500%, 7/01/19 – NPFG Insured | No Opt. Call | AA– | 1,749,593 | ||||||||||||||||
3,690 | 5.500%, 1/01/20 – NPFG Insured | No Opt. Call | AA– | 4,029,849 | ||||||||||||||||
8,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/24 – NPFG Insured | No Opt. Call | AA– | 9,624,000 | ||||||||||||||||
10,200 | Indianapolis, Indiana, Gas Utility Distribution System Revenue Bonds, Refunding 2nd Lien Series 2017A, 5.000%, 8/15/25 | No Opt. Call | AA | 12,386,064 | ||||||||||||||||
Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A: | ||||||||||||||||||||
250 | 4.000%, 10/01/17 | No Opt. Call | A | 250,043 | ||||||||||||||||
300 | 4.000%, 10/01/18 | No Opt. Call | A | 308,325 | ||||||||||||||||
285 | 5.000%, 10/01/19 | No Opt. Call | A | 305,543 | ||||||||||||||||
350 | 5.000%, 10/01/20 | No Opt. Call | A | 386,194 | ||||||||||||||||
450 | 5.000%, 10/01/21 | No Opt. Call | A | 509,598 | ||||||||||||||||
460 | 5.000%, 10/01/22 | No Opt. Call | A | 531,231 | ||||||||||||||||
610 | 5.000%, 10/01/23 | No Opt. Call | A | 714,109 | ||||||||||||||||
420 | 5.000%, 10/01/24 | No Opt. Call | A | 498,809 | ||||||||||||||||
505 | 5.000%, 10/01/25 | 10/24 at 100.00 | A | 594,723 | ||||||||||||||||
760 | 5.000%, 10/01/26 | 10/24 at 100.00 | A | 889,124 | ||||||||||||||||
Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2016A: | ||||||||||||||||||||
1,910 | 5.000%, 10/01/21 | No Opt. Call | A | 2,162,960 | ||||||||||||||||
4,400 | 5.000%, 10/01/22 | No Opt. Call | A | 5,075,620 | ||||||||||||||||
10,000 | 5.000%, 10/01/23 | No Opt. Call | A | 11,725,200 | ||||||||||||||||
Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A: | ||||||||||||||||||||
400 | 4.000%, 4/01/18 | No Opt. Call | Baa3 | 403,780 | ||||||||||||||||
550 | 3.000%, 4/01/19 | No Opt. Call | Baa3 | 555,869 | ||||||||||||||||
11,500 | Mount Vernon, Indiana, Environmental Improvement Revenue Bonds, Southern Indiana Gas and Electric Company Project, Refunding Series 2015, 2.375%, 9/01/55 (Mandatory put 9/01/20) (Alternative Minimum Tax) | No Opt. Call | Aa3 | 11,666,405 | ||||||||||||||||
1,000 | Richmond Hospital Authority, Indiana, Revenue Bonds, Reid Hospital Project, Refunding Series 2015A, 5.000%, 1/01/22 | No Opt. Call | A | 1,120,470 |
NUVEEN | 155 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Indiana (continued) | ||||||||||||||||||||
$ | 2,665 | Rockport, Indiana, Pollution Control Revenue Refunding Bonds, Indiana Michigan Power Company Project, Series 2008D, 2.050%, 4/01/25 (Mandatory put 6/01/21) | No Opt. Call | A– | $ | 2,680,031 | ||||||||||||||
Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014: | ||||||||||||||||||||
250 | 4.000%, 2/01/18 | No Opt. Call | A | 252,335 | ||||||||||||||||
520 | 4.000%, 2/01/19 | No Opt. Call | A | 538,002 | ||||||||||||||||
800 | 5.000%, 2/01/20 | No Opt. Call | A | 862,752 | ||||||||||||||||
640 | 5.000%, 2/01/21 | No Opt. Call | A | 709,171 | ||||||||||||||||
1,595 | 4.000%, 2/01/24 | No Opt. Call | A | 1,784,821 | ||||||||||||||||
7,500 | Warrick County, Indiana, Environmental Improvement Revenue Bonds, Southern Indiana Gas and Electric Company, Series 2015, 2.375%, 9/01/55 (Mandatory put 9/01/20) (Alternative Minimum Tax) | No Opt. Call | Aa3 | 7,608,525 | ||||||||||||||||
32,285 | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2008, 1.850%, 6/01/44 (Mandatory put 10/01/19) | No Opt. Call | A1 | 32,459,662 | ||||||||||||||||
10,000 | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2015, 5.000%, 11/01/45 (Mandatory put 11/01/22) (Alternative Minimum Tax) | No Opt. Call | A1 | 11,407,600 | ||||||||||||||||
10,320 | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2016A, 5.000%, 3/01/46 (Mandatory put 3/01/23) | No Opt. Call | A1 | 11,819,393 | ||||||||||||||||
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Refunding Series 2014B: | ||||||||||||||||||||
2,020 | 3.000%, 7/15/19 | No Opt. Call | AA– | 2,088,640 | ||||||||||||||||
1,240 | 4.000%, 1/15/20 | No Opt. Call | AA– | 1,320,253 | ||||||||||||||||
178,670 | Total Indiana | 193,817,197 | ||||||||||||||||||
Iowa – 0.8% | ||||||||||||||||||||
Fort Dodge Community School District, Webster County, Iowa, School Infrastructure Sales, Services, and Use Tax Revenue Bonds, Series 2011: | ||||||||||||||||||||
1,150 | 4.000%, 1/01/18 – AGM Insured (ETM) | No Opt. Call | AA (4) | 1,159,039 | ||||||||||||||||
1,330 | 5.000%, 1/01/19 – AGM Insured (ETM) | No Opt. Call | AA (4) | 1,396,540 | ||||||||||||||||
1,380 | 5.000%, 1/01/20 – AGM Insured (ETM) | No Opt. Call | AA (4) | 1,500,198 | ||||||||||||||||
1,245 | Fort Dodge Community School District, Webster County, Iowa, School Infrastructure Sales, Services, and Use Tax Revenue Bonds, Series 2011, 5.000%, 1/01/22 (Pre-refunded 1/01/21) – AGM Insured | 1/21 at 100.00 | AA (4) | 1,397,712 | ||||||||||||||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | ||||||||||||||||||||
9,730 | 5.000%, 12/01/19 | No Opt. Call | B | 10,068,215 | ||||||||||||||||
7,270 | 5.500%, 12/01/22 | 12/18 at 100.00 | B | 7,431,539 | ||||||||||||||||
4,900 | 5.250%, 12/01/25 | 12/23 at 100.00 | B | 5,198,214 | ||||||||||||||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016: | ||||||||||||||||||||
2,000 | 5.875%, 12/01/26 | 6/18 at 105.00 | B | 2,119,500 | ||||||||||||||||
4,775 | 5.875%, 12/01/27 | 6/19 at 105.00 | B | 5,091,678 | ||||||||||||||||
3,330 | Iowa State, Special Obligation Bonds, I-Jobs Program, Series 2009A, 5.000%, 6/01/18 (ETM) | No Opt. Call | AA (4) | 3,422,008 | ||||||||||||||||
37,110 | Total Iowa | 38,784,643 |
156 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Kansas – 0.2% | ||||||||||||||||||||
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A: | ||||||||||||||||||||
$ | 165 | 5.000%, 1/01/20 | No Opt. Call | AA– | $ | 178,947 | ||||||||||||||
200 | 5.000%, 1/01/23 | 1/20 at 100.00 | AA– | 216,672 | ||||||||||||||||
1,080 | Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/20 (ETM) | No Opt. Call | N/R (4) | 1,174,316 | ||||||||||||||||
1,295 | Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/23 (Pre-refunded 1/01/20) | 1/20 at 100.00 | N/R (4) | 1,407,186 | ||||||||||||||||
Topeka Public Building Commission, Kansas, Revenue Bonds, Kansas Department of Administration – 10th and Jackson Projects, Series 2007A: | ||||||||||||||||||||
2,245 | 5.000%, 6/01/25 – NPFG Insured | 6/18 at 102.00 | A+ | 2,346,429 | ||||||||||||||||
2,945 | 5.000%, 6/01/26 – NPFG Insured | 6/18 at 102.00 | A+ | 3,077,525 | ||||||||||||||||
Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A: | ||||||||||||||||||||
625 | 4.000%, 9/01/18 | No Opt. Call | A+ | 641,988 | ||||||||||||||||
2,000 | 5.000%, 9/01/20 | No Opt. Call | A+ | 2,211,280 | ||||||||||||||||
10,555 | Total Kansas | 11,254,343 | ||||||||||||||||||
Kentucky – 2.6% | ||||||||||||||||||||
18,500 | Carroll County, Kentucky, Pollution Control Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2016A, 1.050%, 9/01/42 (Mandatory put 9/01/19) | No Opt. Call | A1 | 18,342,380 | ||||||||||||||||
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A: | ||||||||||||||||||||
1,500 | 5.000%, 6/01/21 | No Opt. Call | BBB | 1,646,130 | ||||||||||||||||
1,375 | 5.000%, 6/01/22 | No Opt. Call | BBB | 1,530,911 | ||||||||||||||||
6,000 | 5.000%, 6/01/24 | No Opt. Call | BBB | 6,814,380 | ||||||||||||||||
4,200 | 5.000%, 6/01/25 | No Opt. Call | BBB | 4,790,814 | ||||||||||||||||
8,705 | Kentucky Economic Development Finance Authority, Revenue Bonds, Catholic Health Initiatives, Refunding Series 2009B, 2.700%, 5/01/39 (Mandatory put 11/10/21) | No Opt. Call | BBB+ | 8,916,444 | ||||||||||||||||
6,000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 112, Refunding Series 2016B, 5.000%, 11/01/19 | No Opt. Call | A1 | 6,450,360 | ||||||||||||||||
3,750 | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.000%, 6/01/18 | No Opt. Call | A1 | 3,846,075 | ||||||||||||||||
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A: | ||||||||||||||||||||
5,025 | 5.000%, 12/01/19 | No Opt. Call | BBB+ | 5,355,344 | ||||||||||||||||
2,100 | 3.500%, 12/01/20 | No Opt. Call | BBB+ | 2,194,206 | ||||||||||||||||
3,025 | 5.000%, 12/01/23 | 6/22 at 100.00 | BBB+ | 3,349,371 | ||||||||||||||||
2,970 | 5.000%, 12/01/24 | 6/22 at 100.00 | BBB+ | 3,268,158 | ||||||||||||||||
4,000 | Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company Project, Refunding Series 2007A, 1.250%, 6/01/33 (Mandatory put 6/03/19) | No Opt. Call | A1 | 4,002,840 | ||||||||||||||||
6,500 | Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company Project, Refunding Series 2007B, 1.250%, 6/01/33 (Mandatory put 6/03/19) | No Opt. Call | A1 | 6,504,615 | ||||||||||||||||
13,500 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2001B, 1.350%, 11/01/27 (Mandatory put 5/01/18) (Alternative Minimum Tax) | No Opt. Call | A1 | 13,507,830 |
NUVEEN | 157 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Kentucky (continued) | ||||||||||||||||||||
$ | 10,000 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2003A, 1.500%, 10/01/33 (Mandatory put 4/01/19) | No Opt. Call | A1 | $ | 10,023,800 | ||||||||||||||
2,015 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2005A, 2.200%, 2/01/35 (Mandatory put 8/01/19) | 8/19 at 100.00 | A1 | 2,042,364 | ||||||||||||||||
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011: | ||||||||||||||||||||
1,025 | 5.000%, 3/01/18 | No Opt. Call | A3 | 1,040,836 | ||||||||||||||||
2,670 | 5.250%, 3/01/19 | No Opt. Call | A3 | 2,811,110 | ||||||||||||||||
1,135 | 6.000%, 3/01/20 | No Opt. Call | A3 | 1,253,846 | ||||||||||||||||
1,205 | 6.000%, 3/01/21 | No Opt. Call | A3 | 1,377,122 | ||||||||||||||||
3,090 | Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2001B, 1.350%, 11/01/27 (Mandatory put 5/01/18) (Alternative Minimum Tax) | No Opt. Call | A1 | 3,091,792 | ||||||||||||||||
3,250 | Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2002A, 1.050%, 9/01/26 (Mandatory put 3/01/18) | No Opt. Call | A1 | 3,249,675 | ||||||||||||||||
3,875 | Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2013, 5.000%, 4/01/23 | No Opt. Call | A+ | 4,385,841 | ||||||||||||||||
115,415 | Total Kentucky | 119,796,244 | ||||||||||||||||||
Louisiana – 4.9% | ||||||||||||||||||||
14,075 | De Soto Parrish, Louisiana, Pollution Control Revenue Bonds, Southwestern Electric Power Company Project, Refunding Series 2010, 1.600%, 1/01/19 | No Opt. Call | A– | 14,084,712 | ||||||||||||||||
2,140 | East Baton Rouge Parish, Louisiana, Sales Tax Revenue Bonds, Road & Street Improvement, Refunding Series 2015, 5.000%, 8/01/22 | No Opt. Call | AA– | 2,464,360 | ||||||||||||||||
9,385 | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Variable Rate Demand Obligation Series 2011A, 1.369%, 2/01/46 (Mandatory put 8/01/18) (1-Month LIBOR* 70% reference rate + 0.50% spread), (11) | 2/18 at 100.00 | AA | 9,381,246 | ||||||||||||||||
Ernest N. Morial-New Orleans Exhibition Hall Authority, Louisiana, Special Tax Bonds, Refunding Series 2014: | ||||||||||||||||||||
2,500 | 5.000%, 7/15/19 | No Opt. Call | AA+ | 2,667,975 | ||||||||||||||||
2,070 | 5.000%, 7/15/20 | No Opt. Call | AA+ | 2,278,697 | ||||||||||||||||
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2015: | ||||||||||||||||||||
1,745 | 5.000%, 6/01/18 | No Opt. Call | A1 | 1,790,335 | ||||||||||||||||
2,350 | 5.000%, 6/01/19 | No Opt. Call | A1 | 2,497,298 | ||||||||||||||||
2,095 | 5.000%, 6/01/20 | No Opt. Call | A1 | 2,296,623 | ||||||||||||||||
2,000 | 5.000%, 6/01/21 – AGM Insured | No Opt. Call | AA | 2,258,340 | ||||||||||||||||
2,100 | 5.000%, 6/01/22 – AGM Insured | No Opt. Call | AA | 2,425,731 | ||||||||||||||||
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||||||
33,375 | 5.000%, 6/01/23 | No Opt. Call | A1 | 39,050,085 | ||||||||||||||||
9,000 | 5.000%, 6/01/24 | No Opt. Call | A1 | 10,689,210 | ||||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Parish Road Improvements Project, Series 2015: | ||||||||||||||||||||
1,545 | 5.000%, 8/01/19 | No Opt. Call | AA | 1,649,488 | ||||||||||||||||
2,245 | 5.000%, 8/01/24 | No Opt. Call | AA | 2,668,429 |
158 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Louisiana (continued) | ||||||||||||||||||||
$ | 350 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Livingston Parish North Park Project, Series 2008, 6.100%, 10/01/19 | 10/18 at 100.00 | A+ | $ | 366,926 | ||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A: | ||||||||||||||||||||
2,700 | 6.500%, 12/15/17 (6) | No Opt. Call | N/R | 1,754,730 | ||||||||||||||||
435 | 6.000%, 12/15/37 (6) | 12/17 at 100.00 | N/R | 282,706 | ||||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Woman’s Hospital Foundation Project, Refunding Series 2017A: | ||||||||||||||||||||
1,000 | 3.000%, 10/01/22 | No Opt. Call | A | 1,054,610 | ||||||||||||||||
1,800 | 5.000%, 10/01/23 | No Opt. Call | A | 2,100,816 | ||||||||||||||||
1,070 | 5.000%, 10/01/24 | No Opt. Call | A | 1,263,135 | ||||||||||||||||
1,500 | 4.000%, 10/01/25 | No Opt. Call | A | 1,674,435 | ||||||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds, Hurricane Recovery Program, Refunding Series 2014: | ||||||||||||||||||||
1,785 | 5.000%, 6/01/19 | No Opt. Call | A1 | 1,895,492 | ||||||||||||||||
5,015 | 5.000%, 6/01/20 | No Opt. Call | A1 | 5,488,165 | ||||||||||||||||
1,040 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017, 5.000%, 5/15/22 | No Opt. Call | A3 | 1,189,032 | ||||||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds, Tulane University, Refunding Series 2016A: | ||||||||||||||||||||
1,180 | 5.000%, 12/15/20 | No Opt. Call | A | 1,305,941 | ||||||||||||||||
1,530 | 5.000%, 12/15/21 | No Opt. Call | A | 1,732,771 | ||||||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology Foundation, Inc. – Student Housing Project, Refunding Series 2014: | ||||||||||||||||||||
585 | 5.000%, 9/01/21 – AGM Insured | No Opt. Call | AA | 662,132 | ||||||||||||||||
580 | 5.000%, 9/01/22 – AGM Insured | No Opt. Call | AA | 669,111 | ||||||||||||||||
1,445 | 5.000%, 9/01/23 – AGM Insured | No Opt. Call | AA | 1,697,413 | ||||||||||||||||
1,565 | 5.000%, 9/01/24 – AGM Insured | No Opt. Call | AA | 1,862,209 | ||||||||||||||||
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A: | ||||||||||||||||||||
620 | 5.000%, 7/01/18 | No Opt. Call | AA– | 638,228 | ||||||||||||||||
1,600 | 5.000%, 7/01/19 | No Opt. Call | AA– | 1,705,856 | ||||||||||||||||
1,115 | 5.000%, 7/01/20 | No Opt. Call | AA– | 1,226,288 | ||||||||||||||||
7,245 | 5.000%, 7/01/26 | 7/23 at 100.00 | AA– | 8,436,006 | ||||||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Second Lien Series 2017C: | ||||||||||||||||||||
2,500 | 5.000%, 5/01/29 | 11/27 at 100.00 | AA | 3,065,950 | ||||||||||||||||
3,000 | 5.000%, 5/01/30 | 11/27 at 100.00 | AA | 3,653,160 | ||||||||||||||||
3,070 | 5.000%, 5/01/31 | 11/27 at 100.00 | AA | 3,714,025 | ||||||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2012A-1: | ||||||||||||||||||||
80 | 5.000%, 5/01/19 | No Opt. Call | AA | 85,005 | ||||||||||||||||
85 | 5.000%, 5/01/20 | No Opt. Call | AA | 93,415 | ||||||||||||||||
3,560 | 5.000%, 5/01/21 | No Opt. Call | AA | 4,028,852 | ||||||||||||||||
7,000 | Louisiana State, General Obligation Bonds, Refunding Series 2014C, 5.000%, 8/01/22 | No Opt. Call | AA– | 8,121,540 | ||||||||||||||||
Louisiana State, General Obligation Bonds, Series 2012A: | ||||||||||||||||||||
10,000 | 5.000%, 8/01/19 | No Opt. Call | Aa3 | 10,709,800 | ||||||||||||||||
900 | 5.000%, 8/01/19 (ETM) | No Opt. Call | N/R (4) | 965,277 | ||||||||||||||||
6,000 | Louisiana State, General Obligation Bonds, Series 2014A, 5.000%, 2/01/20 | No Opt. Call | AA– | 6,530,760 | ||||||||||||||||
6,245 | Louisiana State, General Obligation Bonds, Series 2015A, 5.000%, 5/01/23 | No Opt. Call | AA– | 7,347,867 |
NUVEEN | 159 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Louisiana (continued) | ||||||||||||||||||||
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012: | ||||||||||||||||||||
$ | 2,860 | 5.000%, 12/01/19 | No Opt. Call | AA– | $ | 3,087,141 | ||||||||||||||
2,500 | 5.000%, 12/01/20 | No Opt. Call | AA– | 2,775,625 | ||||||||||||||||
3,600 | 5.000%, 12/01/21 | No Opt. Call | AA– | 4,099,032 | ||||||||||||||||
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015: | ||||||||||||||||||||
750 | 4.000%, 12/01/17 | No Opt. Call | AA– | 754,005 | ||||||||||||||||
885 | 4.000%, 12/01/18 | No Opt. Call | AA– | 914,329 | ||||||||||||||||
1,025 | 4.000%, 12/01/19 | No Opt. Call | AA– | 1,084,522 | ||||||||||||||||
1,500 | 5.000%, 12/01/20 | No Opt. Call | AA– | 1,665,375 | ||||||||||||||||
2,000 | 5.000%, 12/01/21 | No Opt. Call | AA– | 2,277,240 | ||||||||||||||||
7,900 | New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21 – FGIC Insured | No Opt. Call | A+ | 8,752,015 | ||||||||||||||||
1,000 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/18 | No Opt. Call | A | 1,025,620 | ||||||||||||||||
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015: | ||||||||||||||||||||
1,000 | 5.000%, 6/01/24 | No Opt. Call | A | 1,182,490 | ||||||||||||||||
525 | 5.000%, 6/01/26 | 6/25 at 100.00 | A | 620,051 | ||||||||||||||||
1,100 | New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/19 | No Opt. Call | A– | 1,184,414 | ||||||||||||||||
6,410 | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) | No Opt. Call | BBB | 6,779,601 | ||||||||||||||||
2,295 | Shreveport, Louisiana, General Obligation Bonds, Series 2014, 5.000%, 9/01/21 | No Opt. Call | A+ | 2,596,678 | ||||||||||||||||
Shreveport, Louisiana, Revenue Bonds, Independence Stadium Project, Refunding Series 2016: | ||||||||||||||||||||
580 | 5.000%, 3/01/19 – BAM Insured | No Opt. Call | AA | 610,195 | ||||||||||||||||
1,000 | 3.000%, 3/01/21 – BAM Insured | No Opt. Call | AA | 1,046,790 | ||||||||||||||||
1,000 | 5.000%, 3/01/22 – BAM Insured | No Opt. Call | AA | 1,139,560 | ||||||||||||||||
Terrebonne Levee and Conservation District, Louisiana, Public Improvement Sales Tax Bonds, Series 2013: | ||||||||||||||||||||
1,710 | 5.000%, 7/01/21 | No Opt. Call | A+ | 1,909,779 | ||||||||||||||||
1,680 | 5.000%, 7/01/22 | No Opt. Call | A+ | 1,907,119 | ||||||||||||||||
204,545 | Total Louisiana | 226,935,763 | ||||||||||||||||||
Maryland – 1.8% | ||||||||||||||||||||
6,240 | Baltimore County, Maryland, General Obligation Bonds, Refunding Consolidated Public Improvement Series 2009, 5.000%, 8/01/18 | No Opt. Call | AAA | 6,452,909 | ||||||||||||||||
5,000 | Maryland Economic Development Corporation, Revenue Bonds, Constellation Energy Group, Inc. Projects, Adjustable Mode, Refunding Series 2006B, 2.550%, 12/01/25 (Mandatory put 6/01/20) | No Opt. Call | BBB | 4,998,250 | ||||||||||||||||
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, College Park Project, Refunding Series 2016: | ||||||||||||||||||||
835 | 4.000%, 6/01/18 – AGM Insured | No Opt. Call | AA | 851,566 | ||||||||||||||||
675 | 4.000%, 6/01/19 – AGM Insured | No Opt. Call | AA | 706,975 | ||||||||||||||||
660 | 4.000%, 6/01/20 – AGM Insured | No Opt. Call | AA | 707,335 | ||||||||||||||||
725 | 4.000%, 6/01/21 – AGM Insured | No Opt. Call | AA | 792,773 |
160 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Maryland (continued) | ||||||||||||||||||||
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015: | ||||||||||||||||||||
$ | 540 | 5.000%, 7/01/21 | No Opt. Call | BBB | $ | 608,753 | ||||||||||||||
1,000 | 5.000%, 7/01/22 | No Opt. Call | BBB | 1,147,180 | ||||||||||||||||
250 | 5.000%, 7/01/23 | No Opt. Call | BBB | 290,878 | ||||||||||||||||
500 | 5.000%, 7/01/24 | No Opt. Call | BBB | 587,775 | ||||||||||||||||
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014: | ||||||||||||||||||||
6,190 | 5.000%, 7/01/18 | No Opt. Call | BBB | 6,363,877 | ||||||||||||||||
4,000 | 5.000%, 7/01/19 | No Opt. Call | BBB | 4,245,880 | ||||||||||||||||
5,155 | Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2008, 5.000%, 7/15/18 | No Opt. Call | AAA | 5,321,764 | ||||||||||||||||
13,530 | Maryland State, General Obligation Bonds, State & Local Facilities Loan, Third Series 2009C, 5.000%, 11/01/17 | No Opt. Call | AAA | 13,581,008 | ||||||||||||||||
27,740 | Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2015A-2, 5.000%, 8/01/20 | No Opt. Call | AAA | 30,782,523 | ||||||||||||||||
1,845 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, TEMPS 45 Series 2017C-3, 2.500%, 11/01/24 (WI/DD, Settling 11/01/17) | 5/20 at 100.00 | BB | 1,849,317 | ||||||||||||||||
1,270 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, TEMPS 70 Series 2017C-2, 3.000%, 11/01/25 (WI/DD, Settling 11/01/17) | 5/20 at 100.00 | BB | 1,274,877 | ||||||||||||||||
845 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, TEMPS 85 Series 2017C-1, 3.500%, 11/01/26 (WI/DD, Settling 11/01/17) | 5/20 at 100.00 | BB | 848,219 | ||||||||||||||||
77,000 | Total Maryland | 81,411,859 | ||||||||||||||||||
Massachusetts – 1.6% | ||||||||||||||||||||
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A: | ||||||||||||||||||||
595 | 5.000%, 7/01/19 | No Opt. Call | BBB– | 623,096 | ||||||||||||||||
375 | 5.000%, 7/01/20 | No Opt. Call | BBB– | 400,211 | ||||||||||||||||
555 | 5.000%, 7/01/21 | No Opt. Call | BBB– | 601,104 | ||||||||||||||||
690 | 5.000%, 7/01/22 | No Opt. Call | BBB– | 755,847 | ||||||||||||||||
625 | 5.000%, 7/01/23 | No Opt. Call | BBB– | 691,650 | ||||||||||||||||
735 | 5.000%, 7/01/24 | No Opt. Call | BBB– | 819,503 | ||||||||||||||||
795 | 5.000%, 7/01/25 | 7/24 at 100.00 | BBB– | 879,008 | ||||||||||||||||
5,090 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Catholic Health East, Series 2009C, 6.250%, 11/15/32 | 5/19 at 100.00 | AA– | 5,484,984 | ||||||||||||||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Refunding Series 2009A: | ||||||||||||||||||||
760 | 5.000%, 11/15/18 | No Opt. Call | AAA | 794,618 | ||||||||||||||||
310 | 5.000%, 11/15/18 (ETM) | No Opt. Call | N/R (4) | 324,325 | ||||||||||||||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C: | ||||||||||||||||||||
1,815 | 5.000%, 7/01/18 | No Opt. Call | BBB– | 1,864,459 | ||||||||||||||||
1,000 | 5.000%, 7/01/19 | No Opt. Call | BBB– | 1,060,580 | ||||||||||||||||
1,000 | 5.000%, 7/01/20 | No Opt. Call | BBB– | 1,091,270 |
NUVEEN | 161 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Massachusetts (continued) | ||||||||||||||||||||
$ | 4,100 | Massachusetts Health and Educational Facilities Authority, Variable Rate Demand Revenue Bonds, University of Massachusetts Issue, Series 2000A, 1.150%, 11/01/30 (Mandatory put 4/01/19) | No Opt. Call | Aa2 | $ | 4,103,526 | ||||||||||||||
20,105 | Massachusetts State, General Obligation Bonds, Consolidated Loan Series 2014D-1, 1.050%, 8/01/43 (Mandatory put 7/01/20) | No Opt. Call | Aa1 | 19,944,964 | ||||||||||||||||
12,900 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.500%, 11/01/17 – AGM Insured | No Opt. Call | Aa1 | 12,954,567 | ||||||||||||||||
3,200 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, 5.000%, 7/01/19 | No Opt. Call | Aa1 | 3,422,144 | ||||||||||||||||
14,000 | Massachusetts State, General Obligation Bonds, Refunding Series 2015A, 5.000%, 7/01/23 | No Opt. Call | Aa1 | 16,645,440 | ||||||||||||||||
2,420 | Norwood, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2009A, 4.000%, 8/15/18 | No Opt. Call | AA+ | 2,484,130 | ||||||||||||||||
71,070 | Total Massachusetts | 74,945,426 | ||||||||||||||||||
Michigan – 1.7% | ||||||||||||||||||||
1,500 | Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012, 5.000%, 10/01/19 – AGM Insured | No Opt. Call | AA | 1,595,040 | ||||||||||||||||
1,780 | Lake Orion Community School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2012, 4.000%, 5/01/18 | No Opt. Call | AA– | 1,810,705 | ||||||||||||||||
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||||||
1,100 | 5.000%, 7/01/20 | No Opt. Call | A | 1,204,775 | ||||||||||||||||
1,100 | 5.000%, 7/01/21 | No Opt. Call | A | 1,237,907 | ||||||||||||||||
4,575 | Michigan Finance Authority, Revenue Bonds, Ascension Senior Credit Group, Refunding Series 2016E-1, 1.100%, 11/15/46 (Mandatory put 8/15/19) | No Opt. Call | AA+ | 4,564,203 | ||||||||||||||||
8,790 | Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/21 | 7/18 at 100.00 | AAA | 9,061,963 | ||||||||||||||||
3,195 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/17 | No Opt. Call | AA+ | 3,211,934 | ||||||||||||||||
18,555 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding Series 2010F-1, 2.000%, 11/15/47 (Mandatory put 5/30/18) | No Opt. Call | AA+ | 18,659,650 | ||||||||||||||||
185 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009B-2, 4.375%, 10/01/19 | 10/18 at 100.00 | AA | 186,563 | ||||||||||||||||
6,030 | Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/20 | 11/19 at 100.00 | AA+ | 6,513,365 | ||||||||||||||||
1,605 | Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/21 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aa1 (4) | 1,719,003 | ||||||||||||||||
8,000 | Michigan Strategic Fund, Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit Edison Company, Series 1995CC, 1.450%, 9/01/30 (Mandatory put 9/01/21) | No Opt. Call | Aa3 | 7,898,240 | ||||||||||||||||
8,000 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Edison Project, Refunding Series 2008ET-2, 1.450%, 8/01/29 (Mandatory put 9/01/21) | No Opt. Call | Aa3 | 7,898,240 | ||||||||||||||||
Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General Obligation Bonds, Refunding Series 2012A: | ||||||||||||||||||||
1,100 | 4.000%, 5/01/19 | No Opt. Call | Aa1 | 1,148,323 | ||||||||||||||||
1,000 | 5.000%, 5/01/21 | No Opt. Call | Aa1 | 1,125,700 |
162 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Michigan (continued) | ||||||||||||||||||||
Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General Obligation Bonds, School Building & Site Series 2013A: | ||||||||||||||||||||
$ | 765 | 5.000%, 5/01/19 | No Opt. Call | Aa3 | $ | 810,609 | ||||||||||||||
1,000 | 5.000%, 5/01/20 | No Opt. Call | Aa3 | 1,093,350 | ||||||||||||||||
2,500 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/22 | No Opt. Call | A1 | 2,882,400 | ||||||||||||||||
4,975 | Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2011, 5.000%, 5/01/19 | No Opt. Call | Aa1 | 5,271,609 | ||||||||||||||||
75,755 | Total Michigan | 77,893,579 | ||||||||||||||||||
Minnesota – 0.4% | ||||||||||||||||||||
Cass Lake Independent School District 115, Minnesota, General Obligation Bonds, School Building Refunding Series 2010A: | ||||||||||||||||||||
745 | 4.000%, 2/01/23 | 2/20 at 100.00 | AA+ | 793,000 | ||||||||||||||||
1,615 | 5.000%, 2/01/25 | 2/20 at 100.00 | AA+ | 1,751,887 | ||||||||||||||||
1,690 | 5.000%, 2/01/26 | 2/20 at 100.00 | AA+ | 1,832,399 | ||||||||||||||||
1,680 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014A, 5.000%, 1/01/24 | No Opt. Call | A+ | 1,998,847 | ||||||||||||||||
4,000 | Minnesota State, General Obligation Bonds, State Trunk Highway Series 2009E, 4.500%, 8/01/18 | No Opt. Call | AAA | 4,118,080 | ||||||||||||||||
895 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/23 | No Opt. Call | A– | 1,039,444 | ||||||||||||||||
5,000 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2017, 5.000%, 1/01/21 (WI/DD, Settling 10/03/17) | No Opt. Call | A– | 5,579,000 | ||||||||||||||||
2,870 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B, 5.000%, 5/01/22 | No Opt. Call | A1 | 3,307,445 | ||||||||||||||||
18,495 | Total Minnesota | 20,420,102 | ||||||||||||||||||
Mississippi – 0.5% | ||||||||||||||||||||
20,860 | Mississippi Business Finance Corporation, Revenue Bonds, Mississippi Power Company Project, First Series 2010, 1.625%, 12/01/40 (Mandatory put 1/12/18) | No Opt. Call | BBB+ | 20,884,198 | ||||||||||||||||
3,680 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2015A, 5.000%, 9/01/24 | No Opt. Call | BBB+ | 4,278,258 | ||||||||||||||||
24,540 | Total Mississippi | 25,162,456 | ||||||||||||||||||
Missouri – 1.4% | ||||||||||||||||||||
Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson Shoppes Redevelopment Project, Refunding Series 2017A: | ||||||||||||||||||||
745 | 3.000%, 11/01/20 | No Opt. Call | N/R | 753,337 | ||||||||||||||||
765 | 4.000%, 11/01/22 | No Opt. Call | N/R | 798,262 | ||||||||||||||||
755 | 4.000%, 11/01/23 | No Opt. Call | N/R | 783,078 | ||||||||||||||||
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A: | ||||||||||||||||||||
300 | 5.000%, 3/01/19 | No Opt. Call | BBB– | 314,109 | ||||||||||||||||
325 | 5.000%, 3/01/20 | No Opt. Call | BBB– | 348,605 |
NUVEEN | 163 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Missouri (continued) | ||||||||||||||||||||
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2011B: | ||||||||||||||||||||
$ | 2,520 | 4.000%, 5/01/23 | 5/21 at 100.00 | AAA | $ | 2,761,870 | ||||||||||||||
2,695 | 4.000%, 5/01/24 | 5/21 at 100.00 | AAA | 2,941,727 | ||||||||||||||||
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013: | ||||||||||||||||||||
550 | 5.000%, 5/01/19 | No Opt. Call | BBB+ | 579,304 | ||||||||||||||||
440 | 5.000%, 5/01/20 | No Opt. Call | BBB+ | 476,269 | ||||||||||||||||
1,000 | 5.000%, 5/01/21 | No Opt. Call | BBB+ | 1,108,390 | ||||||||||||||||
2,545 | 4.000%, 5/01/22 | No Opt. Call | BBB+ | 2,763,234 | ||||||||||||||||
1,320 | 5.000%, 5/01/23 | No Opt. Call | BBB+ | 1,516,627 | ||||||||||||||||
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A: | ||||||||||||||||||||
2,420 | 5.000%, 1/01/25 | No Opt. Call | A | 2,882,752 | ||||||||||||||||
5,000 | 5.000%, 1/01/26 | 1/25 at 100.00 | A | 5,871,650 | ||||||||||||||||
765 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2013, 5.000%, 7/01/18 | No Opt. Call | A– | 786,963 | ||||||||||||||||
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2015: | ||||||||||||||||||||
1,700 | 5.000%, 7/01/20 | No Opt. Call | A– | 1,861,925 | ||||||||||||||||
1,725 | 5.000%, 7/01/21 | No Opt. Call | A– | 1,937,899 | ||||||||||||||||
1,000 | 5.000%, 7/01/22 | No Opt. Call | A– | 1,144,230 | ||||||||||||||||
1,085 | 5.000%, 7/01/23 | No Opt. Call | A– | 1,261,757 | ||||||||||||||||
12,055 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured | No Opt. Call | A | 12,450,886 | ||||||||||||||||
20,000 | Saint Louis, Missouri, General Fund Revenue Bonds, Tax & Revenue Anticipation Notes Series 2017, 3.000%, 6/01/18 | No Opt. Call | SP-1+ | 20,282,800 | ||||||||||||||||
59,710 | Total Missouri | 63,625,674 | ||||||||||||||||||
Montana – 0.6% | ||||||||||||||||||||
26,700 | Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2016, 2.000%, 8/01/23 | No Opt. Call | A2 | 26,460,501 | ||||||||||||||||
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Refunding Series 2016: | ||||||||||||||||||||
365 | 5.000%, 2/15/19 | No Opt. Call | A– | 383,235 | ||||||||||||||||
1,295 | 5.000%, 2/15/21 | No Opt. Call | A– | 1,443,161 | ||||||||||||||||
28,360 | Total Montana | 28,286,897 | ||||||||||||||||||
Nebraska – 1.1% | ||||||||||||||||||||
4,550 | Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/21 | No Opt. Call | BBB+ | 5,076,526 | ||||||||||||||||
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015: | ||||||||||||||||||||
925 | 4.000%, 11/01/18 | No Opt. Call | A– | 952,010 | ||||||||||||||||
1,000 | 5.000%, 11/01/22 | No Opt. Call | A– | 1,146,180 | ||||||||||||||||
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012: | ||||||||||||||||||||
600 | 4.000%, 6/15/18 | No Opt. Call | AA– | 612,606 | ||||||||||||||||
830 | 5.000%, 6/15/19 | No Opt. Call | AA– | 884,456 |
164 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Nebraska (continued) | ||||||||||||||||||||
Lancaster County School District 1, Lincoln, Nebraska, General Obligation Bonds, Refunding Series 2009: | ||||||||||||||||||||
$ | 3,220 | 3.000%, 1/15/18 | No Opt. Call | AAA | $ | 3,239,964 | ||||||||||||||
2,520 | 3.000%, 1/15/19 | No Opt. Call | AAA | 2,585,873 | ||||||||||||||||
1,000 | Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 3.500%, 11/01/27 | 11/21 at 100.00 | A– | 1,023,600 | ||||||||||||||||
1,720 | Nebraska Public Power District, General Revenue Bonds, Series 2015A-2, 5.000%, 1/01/24 | 1/22 at 100.00 | A+ | 1,967,250 | ||||||||||||||||
1,645 | Papio-Missouri River Natural Resources District, Nebraska, Flood Protection and Water Quality Enhancement Revenue Bonds, Series 2017, 5.000%, 12/15/22 | 6/22 at 100.00 | AA– | 1,902,410 | ||||||||||||||||
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||||||
6,340 | 5.000%, 1/01/18 | No Opt. Call | A2 | 6,402,639 | ||||||||||||||||
2,125 | 5.000%, 1/01/19 | No Opt. Call | A2 | 2,224,471 | ||||||||||||||||
2,500 | 5.000%, 1/01/20 | No Opt. Call | A2 | 2,703,750 | ||||||||||||||||
3,130 | University of Nebraska Facilities Corporation, UNMC Cancer Center Bonds, Series 2014A, 5.000%, 2/15/21 | No Opt. Call | Aa1 | 3,520,311 | ||||||||||||||||
17,560 | Washington County, Nebraska, Wastewater and Solid Waste Disposal Facilities Revenue Bonds, Cargill Inc. Project, Variable Rate Demand Series 2012, 2.375%, 9/01/30 (Mandatory put 9/01/20) (Alternative Minimum Tax) | No Opt. Call | A | 17,986,884 | ||||||||||||||||
49,665 | Total Nebraska | 52,228,930 | ||||||||||||||||||
Nevada – 0.5% | ||||||||||||||||||||
Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A: | ||||||||||||||||||||
1,000 | 5.000%, 7/01/20 (Alternative Minimum Tax) | No Opt. Call | A+ | 1,099,240 | ||||||||||||||||
2,000 | 5.000%, 7/01/21 (Alternative Minimum Tax) | No Opt. Call | A+ | 2,261,700 | ||||||||||||||||
3,750 | Clark County, Nevada, Pollution Control Revenue Bonds, Nevada Power Company Project, Refunding Series 2017, 1.600%, 1/01/36 (Mandatory put 5/21/20) | No Opt. Call | A+ | 3,764,625 | ||||||||||||||||
1,825 | Humboldt County, Nevada, Pollution Control Revenue Bonds, Sierra Pacific Power Company Projects, Refunding Series 2016A, 1.250%, 10/01/29 (Mandatory put 6/03/19) | No Opt. Call | A+ | 1,825,694 | ||||||||||||||||
5,000 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 5.000%, 6/01/24 | 6/21 at 100.00 | Aa1 | 5,647,450 | ||||||||||||||||
155 | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 607 Providence, Refunding Series 2013, 4.000%, 6/01/18 | No Opt. Call | N/R | 156,127 | ||||||||||||||||
10,000 | Washoe County, Nevada, Gas Facilities Revenue Bonds, Sierra Pacific Power Company Projects, Refunding Series 2016A, 1.500%, 8/01/31 (Mandatory put 6/03/19) (Alternative Minimum Tax) | No Opt. Call | A+ | 9,953,000 | ||||||||||||||||
23,730 | Total Nevada | 24,707,836 | ||||||||||||||||||
New Hampshire – 0.2% | ||||||||||||||||||||
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Elliot Hospital, Series 2016: | ||||||||||||||||||||
450 | 5.000%, 10/01/18 | No Opt. Call | Baa1 | 465,291 | ||||||||||||||||
600 | 5.000%, 10/01/19 | No Opt. Call | Baa1 | 638,568 | ||||||||||||||||
1,265 | 5.000%, 10/01/20 | No Opt. Call | Baa1 | 1,381,355 | ||||||||||||||||
1,185 | 5.000%, 10/01/21 | No Opt. Call | Baa1 | 1,320,931 | ||||||||||||||||
3,500 | Total New Hampshire | 3,806,145 |
NUVEEN | 165 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
New Jersey – 5.3% | ||||||||||||||||||||
$ | 3,890 | Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured | 12/17 at 100.00 | A | $ | 3,959,047 | ||||||||||||||
1,950 | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) | No Opt. Call | BBB– | 2,134,275 | ||||||||||||||||
Millville, New Jersey, General Obligation Bonds, Improvement Series 2011: | ||||||||||||||||||||
1,445 | 5.000%, 11/01/19 – AGM Insured | No Opt. Call | AA | 1,556,670 | ||||||||||||||||
920 | 5.000%, 11/01/20 – AGM Insured | No Opt. Call | AA | 1,022,028 | ||||||||||||||||
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | ||||||||||||||||||||
8,510 | 5.000%, 6/15/18 | No Opt. Call | BBB+ | 8,700,369 | ||||||||||||||||
5,000 | 5.000%, 6/15/19 | No Opt. Call | BBB+ | 5,260,700 | ||||||||||||||||
245 | 4.000%, 6/15/19 | No Opt. Call | BBB+ | 253,671 | ||||||||||||||||
10,990 | 5.000%, 6/15/20 | No Opt. Call | BBB+ | 11,840,516 | ||||||||||||||||
2,825 | 5.000%, 6/15/21 | No Opt. Call | BBB+ | 3,106,850 | ||||||||||||||||
1,425 | 5.000%, 6/15/22 | No Opt. Call | BBB+ | 1,591,027 | ||||||||||||||||
520 | 5.000%, 6/15/22 | No Opt. Call | AA | 586,160 | ||||||||||||||||
6,565 | 5.000%, 6/15/23 | 6/22 at 100.00 | BBB+ | 7,271,460 | ||||||||||||||||
4,520 | 5.000%, 6/15/24 | 6/22 at 100.00 | BBB+ | 4,980,272 | ||||||||||||||||
8,570 | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB+ | 9,383,122 | ||||||||||||||||
6,000 | 5.000%, 6/15/26 | 6/22 at 100.00 | BBB+ | 6,529,800 | ||||||||||||||||
775 | 4.250%, 6/15/27 | 6/22 at 100.00 | BBB+ | 803,047 | ||||||||||||||||
3,195 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Series 2017A, 3.375%, 7/01/30 | 7/27 at 100.00 | BBB+ | 3,115,476 | ||||||||||||||||
25,320 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015XX, 5.000%, 6/15/21 | No Opt. Call | A– | 27,791,738 | ||||||||||||||||
17,000 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2016BBB, 5.000%, 6/15/22 | No Opt. Call | A– | 18,858,440 | ||||||||||||||||
New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B: | ||||||||||||||||||||
5,000 | 5.000%, 11/01/20 | No Opt. Call | A– | 5,439,150 | ||||||||||||||||
5,000 | 5.000%, 11/01/21 | No Opt. Call | A– | 5,523,100 | ||||||||||||||||
2,010 | New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University Issue, Series 2007A, 5.250%, 7/01/21 – NPFG Insured | No Opt. Call | AA | 2,132,087 | ||||||||||||||||
350 | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (4) | 387,636 | ||||||||||||||||
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011: | ||||||||||||||||||||
4,060 | 5.000%, 7/01/18 | No Opt. Call | BB+ | 4,140,104 | ||||||||||||||||
4,260 | 5.000%, 7/01/19 | No Opt. Call | BB+ | 4,447,227 | ||||||||||||||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack University Medical Center, Refunding Series 2010B: | ||||||||||||||||||||
1,880 | 5.000%, 1/01/20 (ETM) | No Opt. Call | N/R (4) | 2,047,282 | ||||||||||||||||
1,155 | 5.000%, 1/01/20 (ETM) | No Opt. Call | A+ (4) | 1,257,772 | ||||||||||||||||
410 | New Jersey Highway Authority, Senior Revenue Bonds, Garden State Parkway, Series 1989, 6.000%, 1/01/19 – NPFG Insured (ETM) | No Opt. Call | Aaa | 425,510 | ||||||||||||||||
10,000 | New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A, 5.000%, 9/15/18 | No Opt. Call | A | 10,322,400 |
166 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
New Jersey (continued) | ||||||||||||||||||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-2: | ||||||||||||||||||||
$ | 25,000 | 5.000%, 6/15/21 | 6/18 at 100.00 | A+ | $ | 25,660,750 | ||||||||||||||
7,500 | 5.000%, 6/15/24 | 6/18 at 100.00 | A+ | 7,675,650 | ||||||||||||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D: | ||||||||||||||||||||
5,090 | 5.000%, 12/15/17 | No Opt. Call | A– | 5,130,975 | ||||||||||||||||
9,750 | 5.000%, 12/15/18 | No Opt. Call | A– | 10,146,922 | ||||||||||||||||
6,135 | New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19 | No Opt. Call | A+ | 6,436,351 | ||||||||||||||||
1,125 | Parsippany-Troy Hills Township, New Jersey, General Obligation Bonds, Refunding Series 2012, 4.000%, 7/15/20 | No Opt. Call | AA | 1,212,784 | ||||||||||||||||
1,700 | Passaic Valley Sewer Commissioners, New Jersey, Sewer Revenue Bonds, Series 2010G, 5.750%, 12/01/22 | No Opt. Call | A3 | 2,019,991 | ||||||||||||||||
4,215 | Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax) | No Opt. Call | BBB– | 4,571,167 | ||||||||||||||||
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Refunding Series 2012Q: | ||||||||||||||||||||
3,080 | 3.000%, 1/01/18 | No Opt. Call | Baa1 | 3,091,981 | ||||||||||||||||
4,850 | 3.000%, 1/01/19 | No Opt. Call | Baa1 | 4,916,397 | ||||||||||||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | ||||||||||||||||||||
6,710 | 5.000%, 6/01/18 | 12/17 at 100.00 | Aa1 | 6,793,607 | ||||||||||||||||
4,150 | 4.500%, 6/01/23 | 12/17 at 100.00 | BBB+ | 4,153,942 | ||||||||||||||||
10,475 | 4.625%, 6/01/26 | 12/17 at 100.00 | BBB | 10,484,951 | ||||||||||||||||
233,570 | Total New Jersey | 247,162,404 | ||||||||||||||||||
New Mexico – 2.3% | ||||||||||||||||||||
11,060 | Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan and Four Corners Projects, Refunding Series 2016A, 1.875%, 4/01/33 (Mandatory put 10/01/21) | No Opt. Call | BBB+ | 11,015,428 | ||||||||||||||||
26,000 | Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan and Four Corners Projects, Refunding Series 2016B, 1.875%, 4/01/33 (Mandatory put 10/01/21) | No Opt. Call | BBB+ | 25,895,220 | ||||||||||||||||
3,500 | Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan Project, Refunding Series 2010B, 2.125%, 6/01/40 (Mandatory put 6/01/22) | No Opt. Call | BBB+ | 3,521,245 | ||||||||||||||||
7,285 | Farmington, New Mexico, Pollution Control Revenue Bonds, Southern California Edison Company – Four Corners Project, Refunding Series 2005A, 1.875%, 4/01/29 (Mandatory put 4/01/20) | No Opt. Call | Aa3 | 7,369,870 | ||||||||||||||||
10,100 | Farmington, New Mexico, Pollution Control Revenue Bonds, Southern California Edison Company – Four Corners Project, Refunding Series 2005B, 1.875%, 4/01/29 (Mandatory put 4/01/20) | No Opt. Call | Aa3 | 10,230,189 | ||||||||||||||||
15,355 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) | 8/19 at 100.00 | A1 | 16,331,578 |
NUVEEN | 167 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
New Mexico (continued) | ||||||||||||||||||||
San Juan County, New Mexico, Gross Receipts Tax Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||||||
$ | 845 | 4.000%, 6/15/18 | No Opt. Call | A+ | $ | 862,753 | ||||||||||||||
1,340 | 5.000%, 6/15/19 | No Opt. Call | A+ | 1,424,715 | ||||||||||||||||
1,305 | 5.000%, 6/15/20 | No Opt. Call | A+ | 1,429,719 | ||||||||||||||||
1,455 | 5.000%, 6/15/21 | No Opt. Call | A+ | 1,638,475 | ||||||||||||||||
1,510 | 5.000%, 6/15/22 | No Opt. Call | A+ | 1,734,386 | ||||||||||||||||
1,565 | 5.000%, 6/15/23 | No Opt. Call | A+ | 1,831,488 | ||||||||||||||||
1,625 | 5.000%, 6/15/24 | No Opt. Call | A+ | 1,928,160 | ||||||||||||||||
1,690 | 5.000%, 6/15/25 | No Opt. Call | A+ | 2,028,727 | ||||||||||||||||
1,760 | 5.000%, 6/15/26 | 6/25 at 100.00 | A+ | 2,109,114 | ||||||||||||||||
14,955 | State of New Mexico, State Severance Tax Revenue Bonds, Series 2014A, 5.000%, 7/01/23 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aa2 (4) | 15,995,868 | ||||||||||||||||
101,350 | Total New Mexico | 105,346,935 | ||||||||||||||||||
New York – 4.0% | ||||||||||||||||||||
500 | Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/22 | No Opt. Call | A+ | 574,100 | ||||||||||||||||
Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue Bonds, Series 2010A: | ||||||||||||||||||||
1,620 | 5.000%, 8/15/19 | No Opt. Call | AA | 1,739,054 | ||||||||||||||||
5 | 5.000%, 8/15/19 (ETM) | No Opt. Call | N/R (4) | 5,376 | ||||||||||||||||
1,275 | Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2012-1, 5.000%, 7/01/23 | 1/22 at 100.00 | AA | 1,472,548 | ||||||||||||||||
355 | Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2014, 5.000%, 7/01/23 | No Opt. Call | A– | 416,419 | ||||||||||||||||
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017: | ||||||||||||||||||||
1,500 | 4.000%, 12/01/19 | No Opt. Call | Baa3 | 1,562,610 | ||||||||||||||||
1,000 | 4.000%, 12/01/20 | No Opt. Call | Baa3 | 1,055,410 | ||||||||||||||||
1,200 | 4.000%, 12/01/21 | No Opt. Call | Baa3 | 1,278,828 | ||||||||||||||||
1,000 | 5.000%, 12/01/22 | No Opt. Call | Baa3 | 1,120,120 | ||||||||||||||||
2,000 | 5.000%, 12/01/23 | No Opt. Call | Baa3 | 2,263,480 | ||||||||||||||||
12,280 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012A, 5.000%, 12/15/21 | No Opt. Call | AAA | 14,122,860 | ||||||||||||||||
5 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012A, 5.000%, 12/15/21 (ETM) | No Opt. Call | N/R (4) | 5,787 | ||||||||||||||||
3,335 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A, 5.000%, 2/15/21 | No Opt. Call | AAA | 3,750,574 | ||||||||||||||||
16,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2016D, 5.000%, 2/15/20 | No Opt. Call | AAA | 17,463,360 | ||||||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: | ||||||||||||||||||||
400 | 0.000%, 6/01/19 – AGM Insured | No Opt. Call | AA | 390,668 | ||||||||||||||||
515 | 0.000%, 6/01/21 – AGM Insured | No Opt. Call | AA | 485,166 | ||||||||||||||||
640 | 0.000%, 6/01/22 – AGM Insured | No Opt. Call | AA | 588,154 | ||||||||||||||||
1,315 | 0.000%, 6/01/23 – AGM Insured | No Opt. Call | AA | 1,175,965 |
168 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
New York (continued) | ||||||||||||||||||||
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||||
$ | 610 | 5.000%, 4/01/18 (ETM) | No Opt. Call | A– (4) | $ | 622,633 | ||||||||||||||
3,805 | 5.000%, 4/01/19 (ETM) | No Opt. Call | A– (4) | 4,034,213 | ||||||||||||||||
1,250 | Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A, 5.500%, 4/01/22 | 4/19 at 100.00 | A– | 1,325,462 | ||||||||||||||||
1,000 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012B, 5.000%, 9/01/21 | No Opt. Call | A– | 1,138,410 | ||||||||||||||||
5,135 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H, 5.000%, 11/15/20 | No Opt. Call | AA– | 5,742,265 | ||||||||||||||||
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B: | ||||||||||||||||||||
2,010 | 5.000%, 7/01/23 | No Opt. Call | A– | 2,342,213 | ||||||||||||||||
1,000 | 5.000%, 7/01/24 | No Opt. Call | A– | 1,183,130 | ||||||||||||||||
650 | 5.000%, 7/01/25 | 7/24 at 100.00 | A– | 760,552 | ||||||||||||||||
1,000 | 5.000%, 7/01/26 | 7/24 at 100.00 | A– | 1,158,870 | ||||||||||||||||
1,500 | 5.000%, 7/01/27 | 7/24 at 100.00 | A– | 1,727,715 | ||||||||||||||||
16,875 | New York City, New York, General Obligation Bonds, Fiscal 2014 Series J, 5.000%, 8/01/19 | No Opt. Call | AA | 18,090,337 | ||||||||||||||||
13,980 | New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 2005A, 2.375%, 7/01/26 (Mandatory put 5/01/20) (Alternative Minimum Tax) | No Opt. Call | A | 14,237,512 | ||||||||||||||||
28,580 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19 | No Opt. Call | A– | 30,311,948 | ||||||||||||||||
6,960 | New York State Thruway Authority, Local Highway and Bridge Service Contract Bonds, Series 2009, 5.000%, 4/01/18 | No Opt. Call | AA | 7,103,794 | ||||||||||||||||
8,150 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009C, 5.000%, 12/15/18 | No Opt. Call | AAA | 8,549,757 | ||||||||||||||||
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014: | ||||||||||||||||||||
500 | 5.000%, 7/01/25 | 7/24 at 100.00 | A– | 585,040 | ||||||||||||||||
500 | 5.000%, 7/01/27 | 7/24 at 100.00 | A– | 575,905 | ||||||||||||||||
16,130 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2012B, 4.000%, 11/15/20 | No Opt. Call | AA– | 17,600,733 | ||||||||||||||||
TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series A: | ||||||||||||||||||||
1,285 | 5.000%, 6/01/20 | No Opt. Call | A | 1,398,812 | ||||||||||||||||
3,000 | 5.000%, 6/01/21 | No Opt. Call | A | 3,351,270 | ||||||||||||||||
2,500 | 5.000%, 6/01/22 | No Opt. Call | A | 2,850,875 | ||||||||||||||||
3,335 | 5.000%, 6/01/23 | No Opt. Call | A | 3,855,327 | ||||||||||||||||
1,900 | 5.000%, 6/01/26 | No Opt. Call | A | 2,261,513 | ||||||||||||||||
Yonkers, New York, General Obligation Bonds, Refunding Series 2012C: | ||||||||||||||||||||
2,440 | 3.000%, 8/15/22 | No Opt. Call | A | 2,592,476 | ||||||||||||||||
2,510 | 3.000%, 8/15/23 | No Opt. Call | A | 2,640,721 | ||||||||||||||||
171,550 | Total New York | 185,511,962 | ||||||||||||||||||
North Carolina – 0.6% | ||||||||||||||||||||
2,125 | Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Refunding Series 2009A, 5.000%, 3/01/18 | No Opt. Call | AA | 2,161,975 |
NUVEEN | 169 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
North Carolina (continued) | ||||||||||||||||||||
$ | 3,050 | Mecklenburg County Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Refunding Series 2009, 5.000%, 3/01/18 | No Opt. Call | AA+ | $ | 3,102,155 | ||||||||||||||
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||||||
2,065 | 5.000%, 1/01/25 | No Opt. Call | A | 2,489,130 | ||||||||||||||||
3,005 | 5.000%, 1/01/26 | No Opt. Call | A | 3,654,651 | ||||||||||||||||
2,800 | 5.000%, 1/01/27 | 1/26 at 100.00 | A | 3,381,784 | ||||||||||||||||
615 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015B, 5.000%, 1/01/23 | No Opt. Call | A | 719,980 | ||||||||||||||||
North Carolina State, Capital Improvement Limited Obligation Bonds, Series 2009A: | ||||||||||||||||||||
1,080 | 5.000%, 5/01/19 | No Opt. Call | AA+ | 1,147,748 | ||||||||||||||||
5,205 | 5.000%, 5/01/20 | 5/19 at 100.00 | AA+ | 5,530,365 | ||||||||||||||||
3,605 | North Carolina State, Capital Improvement Limited Obligation Bonds, Series 2009A, 5.000%, 5/01/21 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA+ (4) | 3,831,718 | ||||||||||||||||
235 | Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2014A, 5.000%, 6/01/20 | No Opt. Call | AA+ | 259,001 | ||||||||||||||||
23,785 | Total North Carolina | 26,278,507 | ||||||||||||||||||
North Dakota – 0.8% | ||||||||||||||||||||
1,115 | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/21 (ETM) | No Opt. Call | N/R (4) | 1,266,149 | ||||||||||||||||
100 | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/22 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 113,556 | ||||||||||||||||
2,470 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System, Series 2007, 5.500%, 12/01/17 (ETM) | No Opt. Call | A– (4) | 2,490,056 | ||||||||||||||||
Williston, North Dakota, County-Wide Public Safety Sales Tax Revenue Bonds, Series 2015A: | ||||||||||||||||||||
1,795 | 4.000%, 7/15/18 | No Opt. Call | A | 1,832,803 | ||||||||||||||||
1,000 | 4.000%, 7/15/19 | No Opt. Call | A | 1,045,410 | ||||||||||||||||
2,105 | 4.000%, 7/15/20 | No Opt. Call | A | 2,241,657 | ||||||||||||||||
2,185 | 4.000%, 7/15/21 | No Opt. Call | A | 2,365,896 | ||||||||||||||||
2,275 | 4.000%, 7/15/22 | No Opt. Call | A | 2,486,962 | ||||||||||||||||
2,365 | 5.000%, 7/15/23 | 7/22 at 100.00 | A | 2,677,464 | ||||||||||||||||
2,485 | 5.000%, 7/15/24 | 7/22 at 100.00 | A | 2,794,532 | ||||||||||||||||
5,485 | 5.000%, 7/15/25 | 7/22 at 100.00 | A | 6,117,420 | ||||||||||||||||
Williston, North Dakota, General Obligation Bonds, Refunding Improvement Series 2014: | ||||||||||||||||||||
800 | 4.000%, 5/01/18 | No Opt. Call | A | 811,328 | ||||||||||||||||
725 | 4.000%, 5/01/19 | No Opt. Call | A | 749,868 | ||||||||||||||||
800 | 4.000%, 5/01/20 | No Opt. Call | A | 836,992 | ||||||||||||||||
800 | 4.000%, 5/01/21 | No Opt. Call | A | 850,752 | ||||||||||||||||
6,035 | Williston, North Dakota, Sales Tax Revenue Bonds, Series 2013A, 4.000%, 5/01/20 – AGM Insured | 12/17 at 100.00 | AA | 6,049,484 | ||||||||||||||||
32,540 | Total North Dakota | 34,730,329 |
170 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Ohio – 4.7% | ||||||||||||||||||||
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012: | ||||||||||||||||||||
$ | 2,000 | 5.000%, 11/15/21 | No Opt. Call | AA– | $ | 2,273,760 | ||||||||||||||
2,655 | 5.000%, 11/15/22 | 5/22 at 100.00 | AA– | 3,039,178 | ||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||||||
10,190 | 5.375%, 6/01/24 | 12/17 at 100.00 | B– | 9,934,740 | ||||||||||||||||
72,375 | 5.125%, 6/01/24 | 12/17 at 100.00 | B– | 68,795,332 | ||||||||||||||||
5,875 | 5.875%, 6/01/30 | 12/17 at 100.00 | B– | 5,714,025 | ||||||||||||||||
6,270 | 5.750%, 6/01/34 | 12/17 at 100.00 | B– | 6,069,736 | ||||||||||||||||
Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017: | ||||||||||||||||||||
1,000 | 5.000%, 12/01/21 | No Opt. Call | A– | 1,132,410 | ||||||||||||||||
1,000 | 5.000%, 12/01/22 | No Opt. Call | A– | 1,151,020 | ||||||||||||||||
1,225 | 5.000%, 12/01/24 | No Opt. Call | A– | 1,441,752 | ||||||||||||||||
1,000 | 5.000%, 12/01/25 | No Opt. Call | A– | 1,183,840 | ||||||||||||||||
Cleveland, Ohio, Airport System Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||||||
350 | 5.000%, 1/01/18 – AGM Insured | No Opt. Call | AA | 353,595 | ||||||||||||||||
550 | 5.000%, 1/01/19 – AGM Insured | No Opt. Call | AA | 577,088 | ||||||||||||||||
725 | 5.000%, 1/01/20 – AGM Insured | No Opt. Call | AA | 786,959 | ||||||||||||||||
950 | 5.000%, 1/01/21 – AGM Insured | No Opt. Call | AA | 1,062,965 | ||||||||||||||||
3,220 | Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/18 – AGM Insured | No Opt. Call | AA | 3,253,069 | ||||||||||||||||
Cleveland, Ohio, General Obligation Bonds, Series 2011: | ||||||||||||||||||||
1,470 | 5.000%, 12/01/19 | No Opt. Call | AA+ | 1,590,378 | ||||||||||||||||
1,540 | 5.000%, 12/01/20 | 12/19 at 100.00 | AA+ | 1,660,182 | ||||||||||||||||
1,620 | Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/21 (Pre-refunded 12/01/19) | 12/19 at 100.00 | AA+ (4) | 1,757,344 | ||||||||||||||||
Cuyahoga County, Ohio, Certificates of Participation, Convention Hotel Project, Series 2014: | ||||||||||||||||||||
4,650 | 5.000%, 12/01/17 | No Opt. Call | AA– | 4,682,969 | ||||||||||||||||
5,515 | 5.000%, 12/01/20 | No Opt. Call | AA– | 6,146,412 | ||||||||||||||||
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013: | ||||||||||||||||||||
1,015 | 5.000%, 6/15/19 | No Opt. Call | Baa2 | 1,064,410 | ||||||||||||||||
1,000 | 5.000%, 6/15/21 | No Opt. Call | Baa2 | 1,092,290 | ||||||||||||||||
1,000 | Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014, 5.000%, 12/01/23 | No Opt. Call | Aa1 | 1,184,130 | ||||||||||||||||
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Hospital Medical Center, Refunding Series 2014S: | ||||||||||||||||||||
1,170 | 5.000%, 5/15/21 | No Opt. Call | AA | 1,325,259 | ||||||||||||||||
340 | 5.000%, 5/15/22 | No Opt. Call | AA | 393,309 | ||||||||||||||||
1,040 | 5.000%, 5/15/23 | No Opt. Call | AA | 1,224,850 | ||||||||||||||||
1,600 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2014, 5.000%, 2/01/20 | No Opt. Call | A | 1,729,024 |
NUVEEN | 171 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Ohio (continued) | ||||||||||||||||||||
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A: | ||||||||||||||||||||
$ | 2,590 | 5.000%, 1/01/20 | No Opt. Call | AA | $ | 2,813,776 | ||||||||||||||
1,700 | 5.000%, 1/01/23 | No Opt. Call | AA | 1,979,939 | ||||||||||||||||
2,175 | Marysville, Union County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.000%, 12/01/20 – AMBAC Insured | No Opt. Call | Aa3 | 2,344,476 | ||||||||||||||||
3,035 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 6.125%, 10/01/28 | 10/18 at 100.00 | BBB+ | 3,179,557 | ||||||||||||||||
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013: | ||||||||||||||||||||
1,630 | 5.000%, 2/15/18 | No Opt. Call | BB+ | 1,646,414 | ||||||||||||||||
1,000 | 5.000%, 2/15/19 | No Opt. Call | BB+ | 1,034,910 | ||||||||||||||||
270 | 5.000%, 2/15/20 | No Opt. Call | BB+ | 285,568 | ||||||||||||||||
2,000 | 5.000%, 2/15/21 | No Opt. Call | BB+ | 2,147,060 | ||||||||||||||||
1,100 | New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 4.000%, 10/01/17 | No Opt. Call | Aa3 | 1,100,176 | ||||||||||||||||
4,505 | 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 | Caa1 | 2,061,037 | ||||||||||||||||
8,745 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (Mandatory put 3/01/19) | No Opt. Call | Caa1 | 4,000,838 | ||||||||||||||||
3,235 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/18 | No Opt. Call | B1 | 3,214,619 | ||||||||||||||||
34,830 | 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 | Caa1 | 15,934,725 | ||||||||||||||||
430 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010A, 3.125%, 7/01/33 (Mandatory put 7/02/18) | No Opt. Call | Caa1 | 196,725 | ||||||||||||||||
2,525 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008B, 3.625%, 10/01/33 (Mandatory put 4/01/20) | No Opt. Call | Caa1 | 1,155,188 | ||||||||||||||||
4,000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 | No Opt. Call | BBB– | 4,139,520 | ||||||||||||||||
1,220 | Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 2014, 2.250%, 9/01/33 (Mandatory put 9/01/18) | No Opt. Call | A3 | 1,229,650 | ||||||||||||||||
6,685 | Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2013B, 5.000%, 8/01/21 | No Opt. Call | AA+ | 7,632,398 | ||||||||||||||||
6,450 | Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011A, 5.000%, 9/15/21 | No Opt. Call | AA+ | 7,388,668 | ||||||||||||||||
12,625 | Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011C, 5.000%, 9/15/20 | No Opt. Call | AA+ | 14,051,372 | ||||||||||||||||
515 | Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009B, 5.000%, 1/01/18 | No Opt. Call | AA | 520,289 | ||||||||||||||||
4,730 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21) | No Opt. Call | Caa1 | 2,163,975 |
172 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Ohio (continued) | ||||||||||||||||||||
$ | 960 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/19 | No Opt. Call | Caa1 | $ | 439,200 | ||||||||||||||
1,655 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (Mandatory put 6/03/19) | No Opt. Call | Caa1 | 757,162 | ||||||||||||||||
865 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33 (Mandatory put 4/01/20) | No Opt. Call | Caa1 | 395,737 | ||||||||||||||||
7,085 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010A, 3.750%, 7/01/33 (Mandatory put 7/01/20) | No Opt. Call | Caa1 | 3,241,387 | ||||||||||||||||
2,230 | University of Toledo, Ohio, General Receipts Bonds, Series 2009, 4.000%, 6/01/18 | No Opt. Call | A1 | 2,274,377 | ||||||||||||||||
1,000 | Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.100%, 7/01/18 (Alternative Minimum Tax) (6) | No Opt. Call | N/R | 10 | ||||||||||||||||
251,135 | Total Ohio | 217,948,779 | ||||||||||||||||||
Oklahoma – 2.4% | ||||||||||||||||||||
Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Mustang Public Schools Project, Series 2012: | ||||||||||||||||||||
1,420 | 4.000%, 9/01/18 | No Opt. Call | A+ | 1,458,468 | ||||||||||||||||
1,435 | 4.000%, 9/01/19 | No Opt. Call | A+ | 1,509,333 | ||||||||||||||||
2,685 | 4.500%, 9/01/20 | No Opt. Call | A+ | 2,922,730 | ||||||||||||||||
Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Mustang Public Schools Project, Series 2017: | ||||||||||||||||||||
1,015 | 3.000%, 9/01/19 | No Opt. Call | A+ | 1,048,363 | ||||||||||||||||
3,770 | 4.000%, 9/01/24 | No Opt. Call | A+ | 4,246,377 | ||||||||||||||||
6,440 | Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2013, 5.000%, 6/01/18 | No Opt. Call | A+ | 6,609,952 | ||||||||||||||||
Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2016: | ||||||||||||||||||||
6,015 | 5.000%, 6/01/19 | No Opt. Call | A+ | 6,398,216 | ||||||||||||||||
6,460 | 5.000%, 6/01/23 | No Opt. Call | A+ | 7,558,458 | ||||||||||||||||
Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Noble Public Schools Project, Series 2017: | ||||||||||||||||||||
1,315 | 4.000%, 9/01/20 | No Opt. Call | A | 1,410,061 | ||||||||||||||||
1,000 | 5.000%, 9/01/29 | 9/27 at 100.00 | A | 1,190,370 | ||||||||||||||||
Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2014: | ||||||||||||||||||||
1,870 | 5.000%, 7/01/18 | No Opt. Call | A+ | 1,925,277 | ||||||||||||||||
2,655 | 5.000%, 7/01/19 | No Opt. Call | A+ | 2,832,089 | ||||||||||||||||
1,000 | Comanche County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Elgin Public Schools Project, Series 2017A, 5.000%, 12/01/24 | No Opt. Call | A | 1,192,240 | ||||||||||||||||
Creek County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Sapulpa Public Schools Project, Series 2015: | ||||||||||||||||||||
1,955 | 4.000%, 9/01/18 | No Opt. Call | A+ | 2,007,961 | ||||||||||||||||
2,150 | 5.000%, 9/01/20 | No Opt. Call | A+ | 2,371,041 | ||||||||||||||||
1,000 | 5.000%, 9/01/23 | No Opt. Call | A+ | 1,175,290 |
NUVEEN | 173 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Oklahoma (continued) | ||||||||||||||||||||
$ | 1,735 | Garfield County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Enid Public Schools Project, Series 2016A, 5.000%, 9/01/26 | No Opt. Call | A | $ | 2,104,121 | ||||||||||||||
Kay County Public Buildings Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Ponca City Public Schools Project, Series 2016: | ||||||||||||||||||||
7,860 | 5.000%, 9/01/18 | No Opt. Call | A– | 8,127,083 | ||||||||||||||||
2,500 | 5.000%, 9/01/20 | No Opt. Call | A– | 2,744,200 | ||||||||||||||||
4,395 | 5.000%, 9/01/21 | No Opt. Call | A– | 4,931,673 | ||||||||||||||||
Okarche Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Okarche Public Schools Project, Series 2016: | ||||||||||||||||||||
1,035 | 5.000%, 9/01/21 | No Opt. Call | A– | 1,155,132 | ||||||||||||||||
1,000 | 5.000%, 9/01/27 | 9/26 at 100.00 | A– | 1,180,960 | ||||||||||||||||
1,000 | 5.000%, 9/01/28 | 9/26 at 100.00 | A– | 1,172,310 | ||||||||||||||||
2,920 | Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Midwest City-Del City Public Schools Project, Series 2012, 4.000%, 3/01/18 | No Opt. Call | A+ | 2,956,909 | ||||||||||||||||
1,970 | Oklahoma Development Finance Authority, Solid Waste Disposal Revenue Bonds, Series 2004A, 2.375%, 12/01/21 | No Opt. Call | A– | 2,029,198 | ||||||||||||||||
Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2014: | ||||||||||||||||||||
475 | 4.000%, 9/01/18 | No Opt. Call | A– | 486,495 | ||||||||||||||||
525 | 5.000%, 9/01/19 | No Opt. Call | A– | 559,750 | ||||||||||||||||
685 | 5.000%, 9/01/20 | No Opt. Call | A– | 749,986 | ||||||||||||||||
745 | 5.000%, 9/01/21 | No Opt. Call | A– | 834,370 | ||||||||||||||||
Rogers County Industrial Development Authority, Oklahoma, Capital Improvement Revenue Bonds, Refunding Series 2017: | ||||||||||||||||||||
765 | 3.000%, 4/01/21 | No Opt. Call | A– | 799,639 | ||||||||||||||||
800 | 3.000%, 4/01/22 | No Opt. Call | A– | 839,256 | ||||||||||||||||
825 | 3.000%, 4/01/23 | No Opt. Call | A– | 867,380 | ||||||||||||||||
850 | 3.000%, 4/01/24 | No Opt. Call | A– | 890,749 | ||||||||||||||||
725 | 4.000%, 4/01/25 | No Opt. Call | A– | 801,502 | ||||||||||||||||
770 | 4.000%, 4/01/26 | 4/25 at 100.00 | A– | 842,265 | ||||||||||||||||
715 | 4.000%, 4/01/27 | 4/25 at 100.00 | A– | 777,019 | ||||||||||||||||
Stillwater Utilities Authority, Oklahoma, Utility System and Sales Tax Revenue Bonds, Series 2014A: | ||||||||||||||||||||
225 | 4.000%, 10/01/18 | No Opt. Call | AA– | 231,737 | ||||||||||||||||
175 | 4.000%, 10/01/19 | No Opt. Call | AA– | 185,092 | ||||||||||||||||
570 | 5.000%, 10/01/20 | No Opt. Call | AA– | 633,931 | ||||||||||||||||
645 | 5.000%, 10/01/21 | No Opt. Call | AA– | 737,035 | ||||||||||||||||
7,575 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2011, 5.000%, 9/01/19 | No Opt. Call | AA– | 8,110,780 | ||||||||||||||||
1,555 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2012, 4.000%, 9/01/22 | No Opt. Call | AA– | 1,721,354 | ||||||||||||||||
Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2016: | ||||||||||||||||||||
1,035 | 5.000%, 9/01/22 | No Opt. Call | AA– | 1,194,369 | ||||||||||||||||
6,135 | 5.000%, 9/01/23 | No Opt. Call | AA– | 7,210,404 |
174 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Oklahoma (continued) | ||||||||||||||||||||
Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Glenpool Public Schools Project, Series 2017A: | ||||||||||||||||||||
$ | 570 | 5.000%, 9/01/22 | No Opt. Call | A+ | $ | 657,769 | ||||||||||||||
765 | 5.000%, 9/01/23 | No Opt. Call | A+ | 899,097 | ||||||||||||||||
600 | 5.000%, 9/01/24 | No Opt. Call | A+ | 714,378 | ||||||||||||||||
1,280 | 5.000%, 9/01/25 | No Opt. Call | A+ | 1,540,941 | ||||||||||||||||
Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jenks Public Schools Project, Series 2015: | ||||||||||||||||||||
2,100 | 5.000%, 9/01/21 | No Opt. Call | AA– | 2,377,746 | ||||||||||||||||
2,000 | 5.000%, 9/01/22 | No Opt. Call | AA– | 2,307,960 | ||||||||||||||||
1,650 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Owasso Public Schools Project, Series 2016, 4.000%, 9/01/18 | No Opt. Call | A+ | 1,694,699 | ||||||||||||||||
101,360 | Total Oklahoma | 110,923,515 | ||||||||||||||||||
Oregon – 1.1% | ||||||||||||||||||||
Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds, Refunding Series 2015: | ||||||||||||||||||||
11,045 | 5.000%, 6/15/25 | No Opt. Call | AA+ | 13,490,805 | ||||||||||||||||
5,000 | 5.000%, 6/15/26 | 6/25 at 100.00 | AA+ | 6,073,050 | ||||||||||||||||
Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2017B: | ||||||||||||||||||||
1,200 | 5.000%, 6/15/21 | No Opt. Call | AA+ | 1,363,764 | ||||||||||||||||
2,355 | 5.000%, 6/15/25 | No Opt. Call | AA+ | 2,882,167 | ||||||||||||||||
2,330 | 5.000%, 6/15/27 | No Opt. Call | AA+ | 2,916,950 | ||||||||||||||||
2,000 | 5.000%, 6/15/28 | 6/27 at 100.00 | AA+ | 2,486,820 | ||||||||||||||||
1,770 | Gilliam County, Oregon, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2007, 1.500%, 10/01/18 | No Opt. Call | A– | 1,776,000 | ||||||||||||||||
1,050 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2009A, 5.000%, 11/15/22 (Pre-refunded 5/15/19) | 5/19 at 100.00 | AAA | 1,118,082 | ||||||||||||||||
20,000 | Oregon State, General Obligation Bonds, Full Faith & Credit Tax Anticipation Notes, Series 2017A, 5.000%, 9/28/18 (WI/DD, Settling 10/03/17) | No Opt. Call | SP-1+ | 20,783,400 | ||||||||||||||||
46,750 | Total Oregon | 52,891,038 | ||||||||||||||||||
Pennsylvania – 6.8% | ||||||||||||||||||||
410 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Jefferson Regional Medical Center, Series 2006B, 5.000%, 5/01/18 | 12/17 at 100.00 | Baa3 | 410,763 | ||||||||||||||||
7,600 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center System, Series 2008B, 5.000%, 6/15/18 | No Opt. Call | AA– | 7,816,676 | ||||||||||||||||
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2011: | ||||||||||||||||||||
6,550 | 5.000%, 12/01/17 – AGM Insured | No Opt. Call | AA | 6,596,309 | ||||||||||||||||
4,400 | 5.000%, 12/01/18 – AGM Insured | No Opt. Call | AA | 4,600,552 | ||||||||||||||||
5,965 | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-73, 5.000%, 12/01/19 | No Opt. Call | AA– | 6,442,737 | ||||||||||||||||
Allentown School District, Lehigh County, Pennsylvania, General Obligation Bonds, Refunding Series 2016: | ||||||||||||||||||||
1,750 | 4.000%, 2/15/20 – AGM Insured | No Opt. Call | AA | 1,857,940 | ||||||||||||||||
1,650 | 4.000%, 2/15/21 – AGM Insured | No Opt. Call | AA | 1,788,336 |
NUVEEN | 175 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Pennsylvania (continued) | ||||||||||||||||||||
$ | 6,530 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20) | No Opt. Call | Caa1 | $ | 2,987,475 | ||||||||||||||
4,865 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 (Mandatory put 4/02/18) | No Opt. Call | Caa1 | 2,225,738 | ||||||||||||||||
2,055 | Berks County, Pennsylvania, General Obligation Bonds, Refunding Series 2008, 5.000%, 11/15/21 (Pre-refunded 11/15/18) | 11/18 at 100.00 | Aa1 (4) | 2,149,181 | ||||||||||||||||
1,000 | Bucks County Water and Sewer Authority, Pennsylvania, Sewer System Revenue Bonds, Refunding Series 2016, 4.000%, 6/01/19 – BAM Insured | No Opt. Call | AA | 1,046,910 | ||||||||||||||||
1,080 | Centre County, Pennsylvania, General Obligation Bonds, Series 2012A, 3.000%, 7/01/19 | No Opt. Call | AA | 1,114,992 | ||||||||||||||||
40 | Centre County, Pennsylvania, General Obligation Bonds, Series 2012A, 3.000%, 7/01/19 (ETM) | No Opt. Call | N/R (4) | 41,332 | ||||||||||||||||
7,910 | Coatesville Area School District, Chester County, Pennsylvania, General Obligation Bonds, Series 2014A, 4.000%, 8/15/19 – BAM Insured | No Opt. Call | AA | 8,293,556 | ||||||||||||||||
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014: | ||||||||||||||||||||
450 | 4.000%, 5/01/18 | No Opt. Call | Baa3 | 455,580 | ||||||||||||||||
450 | 5.000%, 5/01/19 | No Opt. Call | Baa3 | 470,714 | ||||||||||||||||
500 | Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2010, 5.000%, 12/01/18 | No Opt. Call | A+ | 522,910 | ||||||||||||||||
3,435 | Lancaster County, Pennsylvania, General Obligation Bonds, Series 2009A, 5.000%, 11/01/18 – AGM Insured | No Opt. Call | A1 | 3,578,033 | ||||||||||||||||
6,925 | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2016A, 1.800%, 9/01/29 (Mandatory put 9/01/22) | No Opt. Call | A1 | 6,892,730 | ||||||||||||||||
9,025 | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2016B, 1.800%, 2/15/27 (Mandatory put 8/15/22) | No Opt. Call | A1 | 8,956,861 | ||||||||||||||||
1,075 | Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.500%, 12/15/19 | No Opt. Call | N/R | 1,103,810 | ||||||||||||||||
1,080 | Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 4.000%, 5/01/19 | No Opt. Call | A | 1,125,587 | ||||||||||||||||
1,400 | Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2016, 5.000%, 7/01/20 | No Opt. Call | A+ | 1,529,374 | ||||||||||||||||
3,450 | Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/23 | 6/22 at 100.00 | A+ | 3,940,866 | ||||||||||||||||
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: | ||||||||||||||||||||
1,665 | 5.000%, 1/15/18 | No Opt. Call | Baa2 | 1,680,551 | ||||||||||||||||
1,310 | 5.000%, 1/15/19 | No Opt. Call | Baa2 | 1,361,955 | ||||||||||||||||
1,235 | 5.000%, 1/15/20 | No Opt. Call | Baa2 | 1,318,116 | ||||||||||||||||
5,000 | Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Exelon Generation Company, LLC Project, Refunding Series 2001B, 2.500%, 10/01/30 (Mandatory put 4/01/20) | No Opt. Call | BBB | 5,029,050 |
176 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Pennsylvania (continued) | ||||||||||||||||||||
$ | 6,250 | Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, PECO Energy Company Project, Refunding Series 1994A, 2.550%, 6/01/29 (Mandatory put 6/01/20) | No Opt. Call | BBB | $ | 6,247,813 | ||||||||||||||
5,000 | Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, PECO Energy Company Project, Refunding Series 1996A, 2.600%, 3/01/34 (Mandatory put 9/01/20) | No Opt. Call | BBB | 5,043,000 | ||||||||||||||||
7,500 | Montgomery County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, PECO Energy Company Project, Refunding Series 1999A, 2.500%, 10/01/30 (Mandatory put 4/01/20) | No Opt. Call | BBB | 7,490,925 | ||||||||||||||||
504 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23, (Cash 5.000%, PIK 5.000%) (6) | 12/17 at 100.00 | N/R | 151,028 | ||||||||||||||||
63 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23, (Cash 5.000%, PIK 5.000%) (12) | 12/17 at 100.00 | N/R | 18,879 | ||||||||||||||||
7,145 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor., Series 2005A, 3.750%, 12/01/40 (Mandatory put 7/01/20) | No Opt. Call | Caa1 | 3,268,838 | ||||||||||||||||
2,495 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor., Series 2006A, 2.550%, 11/01/41 (Mandatory put 12/03/18) | No Opt. Call | CCC+ | 1,141,463 | ||||||||||||||||
37,800 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, 1.550%, 12/01/33 (Mandatory put 12/03/18) | No Opt. Call | A– | 37,791,306 | ||||||||||||||||
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B: | ||||||||||||||||||||
335 | 5.000%, 1/01/20 | 7/19 at 100.00 | Aaa | 358,561 | ||||||||||||||||
365 | 5.000%, 7/01/20 | 7/19 at 100.00 | Aaa | 390,473 | ||||||||||||||||
5,750 | 5.000%, 7/01/21 | 1/18 at 100.00 | Aaa | 5,903,295 | ||||||||||||||||
12,380 | 5.000%, 1/01/22 | 12/17 at 100.00 | Aaa | 12,489,563 | ||||||||||||||||
1,900 | Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2008A, 6.750%, 10/01/18 (Alternative Minimum Tax) | No Opt. Call | AA– | 2,001,840 | ||||||||||||||||
1,600 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Mount Aloysius College Project, Series 2011R-1, 2.000%, 11/01/41 | 5/19 at 100.00 | A– | 1,600,064 | ||||||||||||||||
2,535 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Association of Independent Colleges & Universities of Pennsylvania Financing Program, York College Project, Series 2014T-3, 1.350%, 5/01/34 (Mandatory put 5/01/18) | No Opt. Call | A– | 2,536,470 | ||||||||||||||||
6,800 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Association of Independent Colleges and Universities of Pennsylvania Financing Program-Messiah College Project, Series 2001-14, 1.500%, 11/01/31 (Mandatory put 5/01/18) | 5/18 at 100.00 | A | 6,800,408 | ||||||||||||||||
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2: | ||||||||||||||||||||
2,390 | 5.000%, 6/01/21 | No Opt. Call | A3 | 2,691,092 | ||||||||||||||||
15,000 | 5.000%, 6/01/22 | No Opt. Call | A3 | 17,208,000 | ||||||||||||||||
23,660 | 5.000%, 6/01/23 | No Opt. Call | A3 | 27,536,454 | ||||||||||||||||
12,485 | 5.000%, 6/01/24 | No Opt. Call | A3 | 14,763,388 | ||||||||||||||||
8,095 | 5.000%, 6/01/24 – AGM Insured | No Opt. Call | AA | 9,614,351 | ||||||||||||||||
5,580 | 5.000%, 6/01/25 | No Opt. Call | A3 | 6,636,238 |
NUVEEN | 177 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Pennsylvania (continued) | ||||||||||||||||||||
$ | 17,500 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Series 2016, 5.000%, 6/01/20 | No Opt. Call | A3 | $ | 19,161,625 | ||||||||||||||
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Fourteenth Series 2016: | ||||||||||||||||||||
6,400 | 5.000%, 10/01/19 | No Opt. Call | A | 6,892,416 | ||||||||||||||||
3,475 | 5.000%, 10/01/20 | No Opt. Call | A | 3,854,957 | ||||||||||||||||
4,000 | 5.000%, 10/01/21 | No Opt. Call | A | 4,555,640 | ||||||||||||||||
1,455 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, | No Opt. Call | A (4) | 1,587,856 | ||||||||||||||||
1,525 | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011D, 5.000%, 9/01/18 | No Opt. Call | A+ | 1,569,972 | ||||||||||||||||
Pittsburgh Public Parking Authority, Pennsylvania, Parking System Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||||||
1,120 | 4.000%, 12/01/18 | No Opt. Call | A+ | 1,156,176 | ||||||||||||||||
2,300 | 5.000%, 12/01/19 | No Opt. Call | A+ | 2,477,606 | ||||||||||||||||
3,305 | 5.000%, 12/01/20 | No Opt. Call | A+ | 3,659,626 | ||||||||||||||||
1,675 | 5.000%, 12/01/21 | No Opt. Call | A+ | 1,899,684 | ||||||||||||||||
1,500 | 5.000%, 12/01/22 | No Opt. Call | A+ | 1,731,255 | ||||||||||||||||
2,285 | Quakertown General Authority Health Facilities Revenue USDA Loan Anticipation Notes and Revenue Bonds for LifeQuest Obligated Group, Pennsylvania, Series 2017A, 3.125%, 7/01/21 | 7/19 at 100.00 | N/R | 2,286,097 | ||||||||||||||||
2,035 | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016, 3.375%, 6/01/26 | No Opt. Call | BB+ | 1,935,305 | ||||||||||||||||
2,505 | University of Pittsburgh of the Commonwealth System of Higher Education, Pennsylvania, University Capital Project Bonds, Series 2009B, 5.500%, 9/15/21 (Pre-refunded 3/15/19) | 3/19 at 100.00 | AA+ (4) | 2,669,378 | ||||||||||||||||
305,517 | Total Pennsylvania | 312,459,676 | ||||||||||||||||||
Rhode Island – 0.2% | ||||||||||||||||||||
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2013B: | ||||||||||||||||||||
700 | 5.000%, 7/01/19 | No Opt. Call | BBB+ | 738,647 | ||||||||||||||||
1,165 | 5.000%, 7/01/20 | No Opt. Call | BBB+ | 1,260,169 | ||||||||||||||||
1,360 | 5.000%, 7/01/21 | No Opt. Call | BBB+ | 1,504,269 | ||||||||||||||||
520 | Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, University of Rhode Island Auxiliary Enterprise, Refunding Series 2013C, 4.000%, 9/15/18 | No Opt. Call | A+ | 534,617 | ||||||||||||||||
3,745 | Total Rhode Island | 4,037,702 | ||||||||||||||||||
South Carolina – 0.8% | ||||||||||||||||||||
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Building Equity Sooner Series 2012: | ||||||||||||||||||||
3,375 | 5.000%, 12/01/21 | No Opt. Call | AA | 3,861,472 | ||||||||||||||||
4,910 | 5.000%, 12/01/22 | No Opt. Call | AA | 5,722,752 | ||||||||||||||||
Greenwood Fifty School Facilities, Inc., South Carolina, Installment Purchase Revenue Refunding Bonds, Greenwood School District 50 Project, Series 2016: | ||||||||||||||||||||
1,000 | 4.000%, 12/01/18 – BAM Insured | No Opt. Call | AA | 1,033,140 | ||||||||||||||||
1,745 | 5.000%, 12/01/19 – BAM Insured | No Opt. Call | AA | 1,883,064 |
178 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
South Carolina (continued) | ||||||||||||||||||||
Kershaw County Public Schools Foundation, South Carolina, Installment Purchase Revenue Bonds, Kershaw County School District, Refunding Series 2015: | ||||||||||||||||||||
$ | 925 | 5.000%, 12/01/18 | No Opt. Call | A1 | $ | 967,384 | ||||||||||||||
1,050 | 5.000%, 12/01/19 | No Opt. Call | A1 | 1,130,493 | ||||||||||||||||
600 | 5.000%, 12/01/20 | No Opt. Call | A1 | 663,330 | ||||||||||||||||
960 | McCormick County, South Carolina, Hospital Facilities Revenue Refunding and Improvement Bonds, McCormick Health Care Center Project, Series 2006, 8.000%, 3/01/21 (ETM) | No Opt. Call | N/R (4) | 1,106,794 | ||||||||||||||||
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, FMU Student Housing LLC – Francis Marion University Project, Series 2014A: | ||||||||||||||||||||
1,020 | 5.000%, 8/01/22 | No Opt. Call | Baa3 | 1,112,167 | ||||||||||||||||
1,035 | 5.000%, 8/01/24 | No Opt. Call | Baa3 | 1,146,563 | ||||||||||||||||
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2013A: | ||||||||||||||||||||
1,450 | 5.250%, 8/01/24 | 8/23 at 100.00 | BBB+ | 1,669,443 | ||||||||||||||||
2,850 | 5.250%, 8/01/25 | 8/23 at 100.00 | BBB+ | 3,241,447 | ||||||||||||||||
3,500 | 5.250%, 8/01/26 | 8/23 at 100.00 | BBB+ | 3,940,265 | ||||||||||||||||
2,000 | 5.000%, 8/01/27 | 8/23 at 100.00 | BBB+ | 2,201,640 | ||||||||||||||||
1,100 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/21 | No Opt. Call | A+ | 1,245,178 | ||||||||||||||||
1,240 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016A, 5.000%, 12/01/22 | No Opt. Call | A+ | 1,423,198 | ||||||||||||||||
Sumter Two School Facilities, Inc., South Carolina, Installment Purchase Revenue Refunding Bonds, Sumter County School District 2 Project, Series 2016: | ||||||||||||||||||||
850 | 4.000%, 12/01/17 – BAM Insured | No Opt. Call | AA | 854,344 | ||||||||||||||||
1,500 | 5.000%, 12/01/19 – BAM Insured | No Opt. Call | AA | 1,611,090 | ||||||||||||||||
1,000 | 5.000%, 12/01/20 – BAM Insured | No Opt. Call | AA | 1,102,390 | ||||||||||||||||
32,110 | Total South Carolina | 35,916,154 | ||||||||||||||||||
South Dakota – 0.2% | ||||||||||||||||||||
Deadwood, South Dakota, Certificates of Participation, Refunding Series 2012: | ||||||||||||||||||||
1,580 | 3.000%, 11/01/17 | No Opt. Call | A+ | 1,582,686 | ||||||||||||||||
770 | 3.000%, 11/01/18 | No Opt. Call | A+ | 784,438 | ||||||||||||||||
415 | South Dakota Building Authority, Revenue Bonds, Series 2013B, 5.000%, 6/01/20 | No Opt. Call | AA+ | 456,670 | ||||||||||||||||
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B: | ||||||||||||||||||||
400 | 4.000%, 11/01/19 | No Opt. Call | A+ | 423,288 | ||||||||||||||||
320 | 4.000%, 11/01/20 | No Opt. Call | A+ | 345,802 | ||||||||||||||||
500 | 4.000%, 11/01/21 | No Opt. Call | A+ | 548,410 | ||||||||||||||||
650 | 5.000%, 11/01/24 | No Opt. Call | A+ | 778,414 | ||||||||||||||||
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015: | ||||||||||||||||||||
650 | 5.000%, 11/01/20 | No Opt. Call | A+ | 722,014 | ||||||||||||||||
800 | 5.000%, 11/01/21 | No Opt. Call | A+ | 912,104 | ||||||||||||||||
1,130 | 5.000%, 11/01/22 | No Opt. Call | A+ | 1,312,416 | ||||||||||||||||
7,215 | Total South Dakota | 7,866,242 |
NUVEEN | 179 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Tennessee – 0.6% | ||||||||||||||||||||
First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2012A: | ||||||||||||||||||||
$ | 710 | 4.000%, 12/01/20 | No Opt. Call | AA+ | $ | 772,338 | ||||||||||||||
740 | 4.000%, 12/01/21 | No Opt. Call | AA+ | 818,647 | ||||||||||||||||
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Refunding Series 2015: | ||||||||||||||||||||
2,190 | 4.000%, 9/01/19 | No Opt. Call | AA | 2,305,282 | ||||||||||||||||
1,510 | 4.000%, 9/01/20 | No Opt. Call | AA | 1,625,304 | ||||||||||||||||
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2012A: | ||||||||||||||||||||
1,030 | 5.000%, 1/01/19 | No Opt. Call | A | 1,075,969 | ||||||||||||||||
2,500 | 5.000%, 1/01/20 | No Opt. Call | A | 2,695,025 | ||||||||||||||||
1,500 | 4.000%, 1/01/21 | No Opt. Call | A | 1,614,225 | ||||||||||||||||
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012: | ||||||||||||||||||||
1,335 | 3.000%, 11/01/17 | No Opt. Call | A | 1,337,109 | ||||||||||||||||
250 | 3.000%, 11/01/18 | No Opt. Call | A | 254,078 | ||||||||||||||||
1,070 | 4.000%, 11/01/19 | No Opt. Call | A | 1,122,986 | ||||||||||||||||
810 | 4.000%, 11/01/20 | No Opt. Call | A | 864,975 | ||||||||||||||||
500 | 4.000%, 11/01/21 | No Opt. Call | A | 541,790 | ||||||||||||||||
1,030 | 5.000%, 11/01/22 | 11/21 at 100.00 | A | 1,147,997 | ||||||||||||||||
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue Bonds, Subordinate Lien Refunding Series 2012: | ||||||||||||||||||||
2,615 | 5.000%, 7/01/21 | No Opt. Call | A+ | 2,971,555 | ||||||||||||||||
1,870 | 5.000%, 7/01/22 | No Opt. Call | A+ | 2,171,650 | ||||||||||||||||
2,500 | Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Baptist Memorial Healthcare, Series 2004A, 5.000%, 9/01/18 | No Opt. Call | BBB+ | 2,586,375 | ||||||||||||||||
265 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/18 | No Opt. Call | A | 275,086 | ||||||||||||||||
West Wilson Utility District, Wilson County, Tennessee, Water Revenue Bonds, Refunding & Improvement Series 2015: | ||||||||||||||||||||
1,680 | 3.000%, 6/01/18 | No Opt. Call | AA | 1,701,991 | ||||||||||||||||
1,100 | 4.000%, 6/01/19 | No Opt. Call | AA | 1,152,976 | ||||||||||||||||
1,260 | 4.000%, 6/01/20 | No Opt. Call | AA | 1,352,660 | ||||||||||||||||
26,465 | Total Tennessee | 28,388,018 | ||||||||||||||||||
Texas – 5.1% | ||||||||||||||||||||
20,415 | Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2012A, 5.000%, 8/15/23 | No Opt. Call | AAA | 24,325,902 | ||||||||||||||||
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016: | ||||||||||||||||||||
1,040 | 5.000%, 1/01/21 | No Opt. Call | BBB+ | 1,155,565 | ||||||||||||||||
1,430 | 5.000%, 1/01/22 | No Opt. Call | BBB+ | 1,626,053 | ||||||||||||||||
2,500 | 5.000%, 1/01/23 | No Opt. Call | BBB+ | 2,895,300 | ||||||||||||||||
3,560 | 5.000%, 1/01/24 | No Opt. Call | BBB+ | 4,194,107 | ||||||||||||||||
Corpus Christi Business and Job Development Corporation, Texas, Sales Tax Revenue Bonds, Arena Project, Refunding Series 2014: | ||||||||||||||||||||
1,000 | 5.000%, 9/01/21 | No Opt. Call | AA | 1,131,850 | ||||||||||||||||
650 | 5.000%, 9/01/22 | No Opt. Call | AA | 749,755 |
180 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Texas (continued) | ||||||||||||||||||||
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B: | ||||||||||||||||||||
$ | 2,595 | 5.000%, 11/01/20 | No Opt. Call | A+ | $ | 2,888,365 | ||||||||||||||
5,000 | 5.000%, 11/01/21 | 11/20 at 100.00 | A+ | 5,563,600 | ||||||||||||||||
3,020 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2014A, 5.000%, 12/01/24 | No Opt. Call | A+ | 3,631,761 | ||||||||||||||||
9,000 | Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Refunding Series 2015A, 5.000%, 8/15/19 | No Opt. Call | AA+ | 9,660,150 | ||||||||||||||||
6,105 | Harris County, Texas, General Obligation Bonds, Refunding Road Series 2009A, 5.250%, 10/01/18 | No Opt. Call | AAA | 6,366,782 | ||||||||||||||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C: | ||||||||||||||||||||
700 | 5.000%, 11/15/19 | No Opt. Call | A3 | 751,912 | ||||||||||||||||
575 | 5.000%, 11/15/20 | No Opt. Call | A3 | 633,524 | ||||||||||||||||
480 | 5.000%, 11/15/21 | No Opt. Call | A3 | 539,765 | ||||||||||||||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||||||||||||||||
11,635 | 5.000%, 11/15/22 – AGM Insured | No Opt. Call | AA | 13,596,079 | ||||||||||||||||
8,630 | 5.000%, 11/15/23 – AGM Insured | No Opt. Call | AA | 10,282,645 | ||||||||||||||||
5,205 | 5.000%, 11/15/24 – AGM Insured | No Opt. Call | AA | 6,276,293 | ||||||||||||||||
2,250 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2011B, 5.000%, 7/01/20 | No Opt. Call | A+ | 2,468,160 | ||||||||||||||||
2,915 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2014C, 5.000%, 5/15/20 | No Opt. Call | AA | 3,202,069 | ||||||||||||||||
11,565 | Houston, Texas, General Obligation Bonds, Public Improvement Refunding Series 2009A, 5.000%, 3/01/20 | 3/19 at 100.00 | AA | 12,217,150 | ||||||||||||||||
Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015: | ||||||||||||||||||||
500 | 5.000%, 11/01/18 (Alternative Minimum Tax) | No Opt. Call | A1 | 520,600 | ||||||||||||||||
1,000 | 5.000%, 11/01/19 (Alternative Minimum Tax) | No Opt. Call | A1 | 1,075,700 | ||||||||||||||||
1,000 | 5.000%, 11/01/20 (Alternative Minimum Tax) | No Opt. Call | A1 | 1,107,900 | ||||||||||||||||
1,000 | 5.000%, 11/01/21 (Alternative Minimum Tax) | No Opt. Call | A1 | 1,132,750 | ||||||||||||||||
1,000 | 5.000%, 11/01/22 (Alternative Minimum Tax) | No Opt. Call | A1 | 1,150,790 | ||||||||||||||||
1,455 | 5.000%, 11/01/23 (Alternative Minimum Tax) | No Opt. Call | A1 | 1,698,873 | ||||||||||||||||
1,500 | 5.000%, 11/01/24 (Alternative Minimum Tax) | No Opt. Call | A1 | 1,771,890 | ||||||||||||||||
3,125 | Lubbock Health Facilities Development Corporation, Texas, Revenue Bonds, St. Joseph Health System, Refunding Series 2008B, 5.000%, 7/01/18 | No Opt. Call | AA– | 3,216,625 | ||||||||||||||||
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: | ||||||||||||||||||||
845 | 3.000%, 12/01/18 | No Opt. Call | B1 | 845,211 | ||||||||||||||||
1,510 | 4.000%, 12/01/21 | No Opt. Call | B1 | 1,548,701 | ||||||||||||||||
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012: | ||||||||||||||||||||
1,715 | 5.000%, 8/15/19 | No Opt. Call | Aa2 | 1,837,537 | ||||||||||||||||
2,785 | 5.000%, 8/15/21 | No Opt. Call | Aa2 | 3,169,191 | ||||||||||||||||
2,000 | 5.000%, 8/15/22 | No Opt. Call | Aa2 | 2,326,300 | ||||||||||||||||
5,615 | 5.000%, 8/15/23 | 8/22 at 100.00 | Aa2 | 6,520,980 | ||||||||||||||||
7,650 | North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/24 | 9/21 at 100.00 | AA+ | 8,702,487 |
NUVEEN | 181 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Texas (continued) | ||||||||||||||||||||
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2014A: | ||||||||||||||||||||
$ | 4,020 | 5.000%, 1/01/22 | No Opt. Call | A1 | $ | 4,612,186 | ||||||||||||||
4,945 | 5.000%, 1/01/23 | No Opt. Call | A1 | 5,780,952 | ||||||||||||||||
7,040 | 5.000%, 1/01/24 | No Opt. Call | A1 | 8,376,122 | ||||||||||||||||
15,100 | San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/21 | No Opt. Call | Aa1 | 16,974,816 | ||||||||||||||||
5,500 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/20 | No Opt. Call | A3 | 6,097,520 | ||||||||||||||||
Texas Southmost College District, Texas, General Obligation Bonds, Refunding Limited Tax Series 2014A: | ||||||||||||||||||||
2,485 | 5.000%, 2/15/18 | No Opt. Call | AA– | 2,522,499 | ||||||||||||||||
2,560 | 5.000%, 2/15/19 | No Opt. Call | AA– | 2,692,506 | ||||||||||||||||
2,745 | 5.000%, 2/15/20 | No Opt. Call | AA– | 2,979,670 | ||||||||||||||||
10,000 | Texas State, General Obligation Bonds, Tax & Revenue Anticipation Note Series 2017, 4.000%, 8/30/18 | No Opt. Call | SP-1+ | 10,273,500 | ||||||||||||||||
2,695 | Texas State, Public Financing Authority, General Obligation Bonds, Refunding Series 2009A, 5.000%, 10/01/17 | No Opt. Call | AAA | 2,695,647 | ||||||||||||||||
6,000 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2017A, 5.000%, 4/15/19 (WI/DD, Settling 10/12/17) | No Opt. Call | AAA | 6,359,160 | ||||||||||||||||
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, East Texas Medical Center Regional Healthcare System, Series 2007A: | ||||||||||||||||||||
6,815 | 5.250%, 11/01/18 | 11/17 at 100.00 | B+ | 6,815,341 | ||||||||||||||||
7,550 | 5.250%, 11/01/20 | 11/17 at 100.00 | B+ | 7,550,378 | ||||||||||||||||
210,425 | Total Texas | 234,512,619 | ||||||||||||||||||
Utah – 0.2% | ||||||||||||||||||||
2,000 | Salt Lake County, Utah, Research Facility Revenue Bonds, Huntsman Cancer Foundation, Series 2013A-1, 5.000%, 12/01/33 (Mandatory put 12/15/20) (Pre-refunded 12/17/18) | 12/18 at 100.00 | N/R (4) | 2,046,820 | ||||||||||||||||
Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project, Series 2012A: | ||||||||||||||||||||
515 | 5.000%, 9/01/18 | No Opt. Call | A | 532,665 | ||||||||||||||||
1,250 | 5.000%, 9/01/19 | No Opt. Call | A | 1,336,100 | ||||||||||||||||
1,090 | 5.000%, 9/01/20 | No Opt. Call | A | 1,194,498 | ||||||||||||||||
2,065 | 5.000%, 9/01/21 | No Opt. Call | A | 2,313,832 | ||||||||||||||||
6,920 | Total Utah | 7,423,915 | ||||||||||||||||||
Vermont – 0.0% | ||||||||||||||||||||
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of Vermont Medical Center Project, Series 2016A: | ||||||||||||||||||||
500 | 3.000%, 12/01/17 | No Opt. Call | A– | 501,730 | ||||||||||||||||
700 | 3.000%, 12/01/18 | No Opt. Call | A– | 714,203 | ||||||||||||||||
725 | 4.000%, 12/01/19 | No Opt. Call | A– | 765,578 | ||||||||||||||||
1,925 | Total Vermont | 1,981,511 | ||||||||||||||||||
Virginia – 1.0% | ||||||||||||||||||||
10,550 | Halifax County Industrial Development Authority, Virginia, Recovery Zone Facility Revenue Bonds, Virginia Electric & Power Company Project, Series 2010A, 2.150%, 12/01/41 (Mandatory put 9/01/20) | No Opt. Call | A2 | 10,744,225 |
182 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Virginia (continued) | ||||||||||||||||||||
$ | 1,000 | Hanover County, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2009, 5.000%, 7/15/19 | No Opt. Call | AAA | $ | 1,071,260 | ||||||||||||||
6,480 | Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company, Refunding Series 2008A, 1.750%, 11/01/35 (Mandatory put 5/16/19) | No Opt. Call | A2 | 6,523,222 | ||||||||||||||||
1,680 | Peninsula Ports Authority of Virginia, Coal Terminal Revenue Bonds, Dominion Terminal Associates Project-DETC Issue, Refunding Series 2003, 1.550%, 10/01/33 (Mandatory put 10/01/19) | No Opt. Call | BBB+ | 1,677,194 | ||||||||||||||||
Virginia Small Business Financing Authority, Revenue Bonds, Hampton University, Refunding Series 2014: | ||||||||||||||||||||
1,000 | 5.000%, 10/01/17 | No Opt. Call | A | 1,000,220 | ||||||||||||||||
1,000 | 5.000%, 10/01/18 | No Opt. Call | A | 1,036,940 | ||||||||||||||||
1,000 | 5.000%, 10/01/19 | No Opt. Call | A | 1,071,460 | ||||||||||||||||
10,150 | Wise County Industrial Development Authority, Virginia, Solid Waste and Sewage Disposal Revenue Bonds, Virginia Electric and Power Company, Series 2009A, 2.150%, 10/01/40 (Mandatory put 9/01/20) | No Opt. Call | A2 | 10,330,974 | ||||||||||||||||
11,990 | Wise County Industrial Development Authority, Virginia, Solid Waste and Sewage Disposal Revenue Bonds, Virginia Electric and Power Company, Series 2010A, 1.875%, 11/01/40 (Mandatory put 6/01/20) | No Opt. Call | A2 | 12,105,104 | ||||||||||||||||
2,790 | York County Economic Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company Project, Refunding Series 2009A, 1.875%, 5/01/33 (Mandatory put 5/16/19) | No Opt. Call | A2 | 2,816,003 | ||||||||||||||||
47,640 | Total Virginia | 48,376,602 | ||||||||||||||||||
Washington – 3.1% | ||||||||||||||||||||
10,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2015A, 5.000%, 7/01/23 | No Opt. Call | Aa1 | 11,883,500 | ||||||||||||||||
5,000 | Energy Northwest, Washington, Electric Revenue Bonds, Nuclear Project 1, Refunding Series 2015C, 5.000%, 7/01/25 | No Opt. Call | Aa1 | 6,127,000 | ||||||||||||||||
Energy Northwest, Washington, Electric Revenue Bonds, Nuclear Project 1, Refunding Series 2017A: | ||||||||||||||||||||
4,500 | 5.000%, 7/01/26 | No Opt. Call | Aa1 | 5,575,275 | ||||||||||||||||
9,945 | 5.000%, 7/01/27 | No Opt. Call | Aa1 | 12,427,272 | ||||||||||||||||
King County Public Hospital District 1, Washington, Limited Tax General Obligation Bonds, Refunding Series 2016: | ||||||||||||||||||||
6,485 | 5.000%, 12/01/23 | No Opt. Call | A | 7,539,591 | ||||||||||||||||
7,285 | 5.000%, 12/01/24 | No Opt. Call | A | 8,574,008 | ||||||||||||||||
Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2015B: | ||||||||||||||||||||
2,010 | 5.000%, 3/01/19 | No Opt. Call | AA– | 2,122,862 | ||||||||||||||||
1,005 | 5.000%, 3/01/20 | No Opt. Call | AA– | 1,098,254 | ||||||||||||||||
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Refunding Series 2013B: | ||||||||||||||||||||
1,100 | 5.000%, 12/01/18 | No Opt. Call | A+ | 1,149,742 | ||||||||||||||||
1,520 | 5.000%, 12/01/20 | No Opt. Call | A+ | 1,692,520 | ||||||||||||||||
2,095 | 5.000%, 12/01/21 | No Opt. Call | A+ | 2,391,631 | ||||||||||||||||
3,000 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31 | 1/21 at 100.00 | A | 3,251,310 |
NUVEEN | 183 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Washington (continued) | ||||||||||||||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2015: | ||||||||||||||||||||
$ | 1,500 | 5.000%, 1/01/21 | No Opt. Call | A | $ | 1,666,170 | ||||||||||||||
3,730 | 5.000%, 1/01/22 | No Opt. Call | A | 4,231,498 | ||||||||||||||||
1,950 | 5.000%, 1/01/24 | No Opt. Call | A | 2,289,807 | ||||||||||||||||
1,310 | 5.000%, 1/01/25 | No Opt. Call | A | 1,557,590 | ||||||||||||||||
1,065 | Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/21 | No Opt. Call | A+ | 1,213,067 | ||||||||||||||||
10,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012B, 4.000%, 10/01/42 (Mandatory put 10/01/21) | No Opt. Call | AA– | 10,956,000 | ||||||||||||||||
10,825 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/42 (Mandatory put 10/01/21) | No Opt. Call | AA– | 12,278,906 | ||||||||||||||||
2,600 | Washington State Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005D, 1.250%, 11/01/17 | No Opt. Call | A– | 2,600,650 | ||||||||||||||||
6,000 | Washington State Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2008, 2.125%, 6/01/20 | 6/19 at 100.00 | A– | 6,050,160 | ||||||||||||||||
3,495 | Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Bayview Manor Senior Project, TEMPS 70 Series 2016B, 2.800%, 7/01/21 | 12/17 at 100.00 | N/R | 3,408,605 | ||||||||||||||||
20,135 | Washington State, General Obligation Bonds, Refunding Various Purpose Series 2013R-13C, 5.000%, 7/01/21 | No Opt. Call | AA+ | 22,920,275 | ||||||||||||||||
8,715 | Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008B, 5.000%, 7/01/19 (Pre-refunded 7/01/18) | 7/18 at 100.00 | AA+ (4) | 8,984,642 | ||||||||||||||||
125,270 | Total Washington | 141,990,335 | ||||||||||||||||||
West Virginia – 0.6% | ||||||||||||||||||||
6,210 | Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 1.625%, 10/01/22 (Mandatory put 10/01/18) | No Opt. Call | A– | 6,247,136 | ||||||||||||||||
4,345 | West Virginia Economic Development Authority, Energy Revenue Bonds, Morgantown Energy Associates Project, Refunding Series 2016, 2.875%, 12/15/26 (Alternative Minimum Tax) | No Opt. Call | Baa3 | 4,257,144 | ||||||||||||||||
10,590 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Refunding Series 2015A, 1.900%, 3/01/40 (Mandatory put 4/01/19) | No Opt. Call | A– | 10,620,605 | ||||||||||||||||
6,765 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Series 2011A, 1.700%, 1/01/41 (Mandatory put 9/01/20) (Alternative Minimum Tax) | No Opt. Call | A– | 6,724,072 | ||||||||||||||||
1,030 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A, 5.000%, 9/01/24 | No Opt. Call | Baa1 | 1,193,894 | ||||||||||||||||
135 | West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/18 – AMBAC Insured | No Opt. Call | N/R | 138,324 | ||||||||||||||||
29,075 | Total West Virginia | 29,181,175 | ||||||||||||||||||
Wisconsin – 1.6% | ||||||||||||||||||||
2,100 | Public Finance Authority of Wisconsin, Senior Living Facility Revenue Bonds, Mary’s Woods at Marylhurst Inc., TEMPS 50 Series 2017B-3, 3.000%, 11/15/22 | 11/18 at 100.00 | N/R | 2,125,137 | ||||||||||||||||
980 | Public Finance Authority of Wisconsin, Senior Living Facility Revenue Bonds, Mary’s Woods at Marylhurst Inc., TEMPS 70 Series 2017B-2, 3.500%, 11/15/23 | 5/19 at 100.00 | N/R | 995,827 |
184 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Wisconsin (continued) | ||||||||||||||||||||
$ | 840 | Public Finance Authority of Wisconsin, Senior Living Facility Revenue Bonds, Mary’s Woods at Marylhurst Inc., TEMPS 85 Series 2017B-1, 3.950%, 11/15/24 | 11/19 at 100.00 | N/R | $ | 856,657 | ||||||||||||||
5,165 | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-3, 2.000%, 7/01/29 (Mandatory put 6/01/21) (Alternative Minimum Tax) | No Opt. Call | A– | 5,204,874 | ||||||||||||||||
950 | Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A, 5.000%, 12/01/19 | No Opt. Call | AA– | 1,027,055 | ||||||||||||||||
7,730 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2013B-5, 1.375%, 11/15/38 (Mandatory put 12/03/19) | No Opt. Call | AA+ | 7,728,222 | ||||||||||||||||
3,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2013B-1, 4.000%, 11/15/43 (Mandatory put 3/01/18) | No Opt. Call | AA+ | 3,038,100 | ||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010B: | ||||||||||||||||||||
5,000 | 5.000%, 7/15/18 | No Opt. Call | A+ | 5,141,050 | ||||||||||||||||
5,680 | 5.000%, 7/15/19 | No Opt. Call | A+ | 6,026,139 | ||||||||||||||||
2,845 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/27 – AGM Insured | 7/21 at 100.00 | A+ | 3,136,271 | ||||||||||||||||
1,525 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Hospital Sisters Services, Inc., Refunding Series 2012B, 5.000%, 8/15/18 | No Opt. Call | AA– | 1,577,109 | ||||||||||||||||
6,285 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Hospital Sisters Services, Inc., Refunding Series 2014A, 5.000%, 11/15/22 | No Opt. Call | AA– | 7,338,869 | ||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2010: | ||||||||||||||||||||
1,555 | 5.000%, 12/01/17 | No Opt. Call | AA– | 1,565,279 | ||||||||||||||||
1,635 | 5.000%, 12/01/18 | No Opt. Call | AA– | 1,703,130 | ||||||||||||||||
1,710 | 5.000%, 12/01/19 | No Opt. Call | AA– | 1,837,583 | ||||||||||||||||
1,675 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19 | No Opt. Call | A3 | 1,729,153 | ||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C: | ||||||||||||||||||||
755 | 5.000%, 8/15/18 (ETM) | No Opt. Call | N/R (4) | 782,097 | ||||||||||||||||
420 | 5.000%, 8/15/20 (ETM) | No Opt. Call | N/R (4) | 466,616 | ||||||||||||||||
1,480 | 5.000%, 8/15/21 (ETM) | No Opt. Call | N/R (4) | 1,693,061 | ||||||||||||||||
55 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/23 (Pre-refunded 8/15/22) | 8/22 at 100.00 | N/R (4) | 64,365 | ||||||||||||||||
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||||
7,230 | 5.250%, 5/01/20 | 5/19 at 100.00 | Aa2 | 7,715,133 | ||||||||||||||||
35 | 5.375%, 5/01/25 | 5/19 at 100.00 | Aa2 | 37,412 | ||||||||||||||||
2,550 | 5.750%, 5/01/29 | 5/19 at 100.00 | Aa2 | 2,736,507 | ||||||||||||||||
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||||
5 | 5.375%, 5/01/25 (Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (4) | 5,348 | ||||||||||||||||
290 | 5.750%, 5/01/29 (Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (4) | 311,912 | ||||||||||||||||
Wisconsin State, Transportation Revenue Bonds, Series 2014-1: | ||||||||||||||||||||
5,000 | 5.000%, 7/01/21 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (4) | 5,343,500 | ||||||||||||||||
675 | 5.000%, 7/01/22 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (4) | 721,373 | ||||||||||||||||
1,770 | 5.000%, 7/01/23 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (4) | 1,891,599 |
NUVEEN | 185 |
Nuveen Limited Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
Wisconsin (continued) | ||||||||||||||||||||
WPPI Energy, Wisconsin, Power Supply System Revenue Bonds, Refunding Series 2014A: | ||||||||||||||||||||
$ | 670 | 5.000%, 7/01/25 | 7/24 at 100.00 | A1 | $ | 792,704 | ||||||||||||||
1,000 | 5.000%, 7/01/26 | 7/24 at 100.00 | A1 | 1,183,820 | ||||||||||||||||
725 | 5.000%, 7/01/27 | 7/24 at 100.00 | A1 | 852,774 | ||||||||||||||||
71,335 | Total Wisconsin | 75,628,676 | ||||||||||||||||||
$ | 4,286,323 | Total Municipal Bonds (cost $4,485,986,908) | 4,529,984,584 | |||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
CORPORATE BONDS – 0.0% | ||||||||||||||||||||
Transportation – 0.0% | ||||||||||||||||||||
$ | 130 | Las Vegas Monorail Company, Senior Interest Bonds (7), (8) | 5.500% | 7/15/19 | N/R | $ | 81,792 | |||||||||||||
35 | Las Vegas Monorail Company, Senior Interest Bonds (7), (8) | 5.500% | 7/15/55 | N/R | 17,809 | |||||||||||||||
$ | 165 | Total Corporate Bonds (cost $12,901) | 99,601 | |||||||||||||||||
Shares | Description (1), (10) | Value | ||||||||||||||||||
INVESTMENT COMPANIES – 0.7% | ||||||||||||||||||||
5,150,000 | Eaton Vance Municipal Bond Fund II Institutional Munifund Term Preferred Shares iMTPs | $ | 5,150,051 | |||||||||||||||||
15,000,000 | Eaton Vance Municipal Income Trust | 15,001,800 | ||||||||||||||||||
14,450,000 | Eaton Vance Pennsylvania Municipal Bond Fund Institutional Munifund Term Preferred Shares iMTPs | 14,450,145 | ||||||||||||||||||
Total Investments Companies ($34,600,000) | 34,601,996 | |||||||||||||||||||
Total Long-Term Investments (cost $4,520,599,809) |
| 4,564,686,181 | ||||||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 0.8% | ||||||||||||||||||||
MUNICIPAL BONDS – 0.8% | ||||||||||||||||||||
National – 0.0% | ||||||||||||||||||||
$ | 46 | BB&T Municipal Trust Pool Tax Exempt Lease Certificates Class C, Variable Rate Demand Obligations, Series 2014, 1.640%, 11/15/17 (9) | No Opt. Call | N/R | $ | 46,022 | ||||||||||||||
Florida – 0.8% | ||||||||||||||||||||
37,970 | Miami-Dade County School Board, Florida, Certificates of Participation, Tender Option Bond Floater 2013-005, 1.170%, 5/01/37 (9) | No Opt. Call | A-2 | 37,970,000 | ||||||||||||||||
$ | 38,016 | Total Short-Term Investments (cost $38,016,030) | 38,016,022 | |||||||||||||||||
Total Investments (cost $4,558,615,839) – 99.6% | 4,602,702,203 | |||||||||||||||||||
Other Assets Less Liabilities – 0.4% | 20,579,873 | |||||||||||||||||||
Net Assets – 100% | $ | 4,623,282,076 |
186 | NUVEEN |
(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 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) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
(6) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. |
(7) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. |
(8) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
(9) | Investment has maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
(10) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
(11) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
(12) | On July 1, 2017, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.000% to 2.000%. |
ETM | Escrowed to maturity. |
LIBOR | London Inter-Bank Offered Rate. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
PIK | Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. |
See accompanying notes to financial statements.
NUVEEN | 187 |
Nuveen Short Term Municipal Bond Fund
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 98.2% | ||||||||||||||||
MUNICIPAL BONDS – 96.2% | ||||||||||||||||
Alabama – 0.9% | ||||||||||||||||
$ | 4,000 | Black Belt Energy Gas District, Alabama, Gas Supply Revenue Bonds, Series 2017A, 4.000%, 8/01/47 | 4/22 at 100.52 | A1 | $ | 4,410,520 | ||||||||||
1,000 | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, Alabama Power Company Barry Plan, Series 2008, 1.625%, 7/15/34 (Mandatory put 10/02/18) | No Opt. Call | A1 | 1,002,990 | ||||||||||||
5,000 | Total Alabama | 5,413,510 | ||||||||||||||
Alaska – 1.0% | ||||||||||||||||
Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015: | ||||||||||||||||
2,535 | 5.000%, 1/01/19 (Alternative Minimum Tax) | No Opt. Call | Baa2 | 2,641,647 | ||||||||||||
1,660 | 5.000%, 1/01/20 (Alternative Minimum Tax) | No Opt. Call | Baa2 | 1,779,902 | ||||||||||||
1,350 | Alaska State, International Airport System Revenue Bonds, Refunding Series 2016C, 5.000%, 10/01/20 (Alternative Minimum Tax) | No Opt. Call | A1 | 1,494,234 | ||||||||||||
25 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23 | 12/17 at 100.00 | Ba2 | 25,438 | ||||||||||||
5,570 | Total Alaska | 5,941,221 | ||||||||||||||
Arizona – 3.3% | ||||||||||||||||
2,400 | Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A, 5.000%, 2/01/19 | No Opt. Call | BBB+ | 2,510,400 | ||||||||||||
1,545 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.000%, 5/15/19 | No Opt. Call | A+ | 1,631,226 | ||||||||||||
Kyrene Elementary School District 28, Maricopa County, Arizona, School Improvement Bonds, Project 2010, Series 2013B: | ||||||||||||||||
1,500 | 3.000%, 7/01/18 | No Opt. Call | Aa1 | 1,522,965 | ||||||||||||
1,775 | 4.000%, 7/01/19 | No Opt. Call | Aa1 | 1,865,827 | ||||||||||||
1,500 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, 5.000%, 1/01/20 | No Opt. Call | AA– | 1,628,550 | ||||||||||||
660 | Maricopa County School District 14 Creighton Elementary, Arizona, General Obligation Bonds, Series 2014B, 3.000%, 7/01/18 | No Opt. Call | A1 | 669,451 | ||||||||||||
1,100 | Maricopa County Unified School District 11, Peoria, Arizona, General Obligation Bonds, School Improvement, Series 2014, 2.000%, 7/01/18 | No Opt. Call | AA– | 1,108,756 | ||||||||||||
3,195 | Pinal County, Arizona, Pledged Revenue Obligations, Refunding Series 2014, 3.000%, 8/01/19 | No Opt. Call | AA | 3,297,080 | ||||||||||||
1,200 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.250%, 12/01/20 | No Opt. Call | BBB+ | 1,314,996 | ||||||||||||
1,070 | Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/18 | No Opt. Call | AA– | 1,101,875 | ||||||||||||
1,325 | Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Refunding Series 2015, 4.000%, 7/15/18 | No Opt. Call | A1 | 1,356,535 |
188 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Arizona (continued) | ||||||||||||||||
$ | 455 | Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Refunding Series 2014, 4.000%, 7/01/18 | No Opt. Call | Aa3 | $ | 465,137 | ||||||||||
500 | Yuma County Elementary School District 1, Arizona, General Obligation Bonds, School Improvement Project 2014, Series 2015A, 4.000%, 7/01/18 – BAM Insured | No Opt. Call | AA | 510,795 | ||||||||||||
830 | Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2014A, 5.000%, 8/01/19 | No Opt. Call | A– | 882,871 | ||||||||||||
19,055 | Total Arizona | 19,866,464 | ||||||||||||||
Arkansas – 0.8% | ||||||||||||||||
3,280 | North Little Rock Health Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 1996B, 5.375%, 12/01/19 (Pre-refunded 12/01/18) | 12/18 at 100.00 | A+ (4) | 3,446,165 | ||||||||||||
1,535 | University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/19 | No Opt. Call | Aa2 | 1,660,486 | ||||||||||||
4,815 | Total Arkansas | 5,106,651 | ||||||||||||||
California – 4.6% | ||||||||||||||||
5,605 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017C, 5.000%, 8/01/31 (Mandatory put 11/01/22) | No Opt. Call | AA– | 6,572,588 | ||||||||||||
2,095 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013B, 5.000%, 7/01/43 (Mandatory put 10/17/17) | No Opt. Call | AA– | 2,099,337 | ||||||||||||
685 | California Infrastructure and Economic Development Bank, Revenue Bonds, Pacific Gas and Electric Company, Refunding Series 2010E, 1.750%, 11/01/26 (Mandatory put 6/01/22) | No Opt. Call | A2 | 688,432 | ||||||||||||
California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2016: | ||||||||||||||||
695 | 5.000%, 8/01/19 | No Opt. Call | BBB | 739,466 | ||||||||||||
550 | 5.000%, 8/01/20 | No Opt. Call | BBB | 601,205 | ||||||||||||
2,875 | California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Substance Abuse Treatment Facility & Corcoran II State Prison, Series 2014G, 5.000%, 1/01/20 | No Opt. Call | A+ | 3,129,466 | ||||||||||||
1,365 | Carson Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Refunding Series 2014A, 4.000%, 10/01/17 | No Opt. Call | A | 1,365,246 | ||||||||||||
4,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2017A-1, 5.000%, 6/01/21 | No Opt. Call | BBB+ | 4,495,240 | ||||||||||||
2,990 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Bond Anticipation Notes Series 2017, 0.000%, 4/01/22 | No Opt. Call | Aa1 | 2,807,251 | ||||||||||||
360 | Orange City, California, Special Tax Bonds, Community Facilities District 91-2, Serrano Heights Public Improvements, Refunding Series 2013, 3.000%, 10/01/17 | No Opt. Call | A | 360,043 | ||||||||||||
275 | Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Refunding Series 2014, 4.000%, 9/01/18 | No Opt. Call | N/R | 281,628 | ||||||||||||
510 | Riverside County Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2013A, 5.000%, 6/01/18 | No Opt. Call | AA+ | 524,249 | ||||||||||||
420 | Salinas Valley Solid Waste Authority, California, Revenue Bonds, Refunding Series 2014A, 5.000%, 8/01/18 – AGM Insured (Alternative Minimum Tax) | No Opt. Call | AA | 433,587 | ||||||||||||
350 | San Benito Health Care District, San Benito County, California, Revenue Bonds, Refunding Series 2013, 4.000%, 3/01/18 | No Opt. Call | AA– | 354,340 |
NUVEEN | 189 |
Nuveen Short Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
$ | 1,000 | San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Refunding Series 2016C, 5.000%, 8/01/21 | No Opt. Call | A– | $ | 1,138,830 | ||||||||||
970 | Sulphur Springs Union School District, Los Angeles County, California, General Obligation Bonds, Anticipation Notes Series 2014A, 0.000%, 1/01/18 (ETM) | No Opt. Call | N/R (4) | 967,701 | ||||||||||||
280 | Twin Rivers Unified School District, Sacramento and Placer Counties, California, General Obligation Bonds, Refunding Series 2014A, 4.000%, 8/01/18 – BAM Insured | No Opt. Call | AA | 287,367 | ||||||||||||
985 | Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 5.000%, 12/01/18 (ETM) | No Opt. Call | A+ (4) | 1,032,763 | ||||||||||||
260 | Val Verde Unified School District Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2014, 4.000%, 10/01/18 – BAM Insured | No Opt. Call | AA | 267,917 | ||||||||||||
26,270 | Total California | 28,146,656 | ||||||||||||||
Colorado – 4.8% | ||||||||||||||||
Adams and Arapahoe Counties Joint School District 28J, Aurora, Colorado, General Obligation Bonds, Series 2017A: | ||||||||||||||||
1,100 | 5.000%, 12/01/19 | No Opt. Call | Aa2 | 1,192,554 | ||||||||||||
1,400 | 5.000%, 12/01/20 | No Opt. Call | Aa2 | 1,567,328 | ||||||||||||
710 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 2.700%, 12/01/19 | No Opt. Call | N/R | 716,120 | ||||||||||||
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding & Improvement Series 2014: | ||||||||||||||||
375 | 3.000%, 12/01/17 | No Opt. Call | A | 376,241 | ||||||||||||
250 | 3.000%, 12/01/18 | No Opt. Call | A | 254,828 | ||||||||||||
235 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding Series 2015A, 4.000%, 12/01/18 | No Opt. Call | A | 242,262 | ||||||||||||
470 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Vanguard School Project, Refunding & Improvement Series 2016, 4.000%, 6/15/20 | No Opt. Call | A | 498,863 | ||||||||||||
1,685 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Regis University Project, Refunding Series 2016, 5.000%, 10/01/19 | No Opt. Call | Baa2 | 1,790,902 | ||||||||||||
1,200 | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, 5.000%, 6/01/21 | No Opt. Call | BBB | 1,330,344 | ||||||||||||
625 | Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, Boulder Community Hospital Project, Refunding Series 2010A, 4.000%, 10/01/18 | No Opt. Call | A | 641,550 | ||||||||||||
2,035 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009B-3, 1.875%, 7/01/39 (Mandatory put 11/06/19) | No Opt. Call | BBB+ | 2,040,596 | ||||||||||||
450 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 4.000%, 1/01/19 | No Opt. Call | N/R | 460,868 | ||||||||||||
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A: | ||||||||||||||||
300 | 3.000%, 6/01/18 | No Opt. Call | A– | 303,201 | ||||||||||||
600 | 4.000%, 6/01/19 | No Opt. Call | A– | 623,502 | ||||||||||||
375 | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 2.000%, 8/01/18 – AGM Insured | No Opt. Call | AA | 377,854 | ||||||||||||
75 | Denver City & County Housing Authority, Colorado, Capital Fund Program Revenue Bonds, Three Tower Rehabilitation, Series 2007, 4.550%, 11/01/17 – AGM Insured (Alternative Minimum Tax) (ETM) | No Opt. Call | Aaa | 75,214 |
190 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Colorado (continued) | ||||||||||||||||
$ | 1,730 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2011A, 5.250%, 11/15/18 (Alternative Minimum Tax) | No Opt. Call | A+ | $ | 1,808,127 | ||||||||||
555 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 4.000%, 11/15/17 (Alternative Minimum Tax) | No Opt. Call | A+ | 557,220 | ||||||||||||
375 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/17 | No Opt. Call | A | 376,973 | ||||||||||||
1,000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016, 4.000%, 12/01/21 | No Opt. Call | Baa2 | 1,088,510 | ||||||||||||
Eaton Area Park and Recreation District, Colorado, General Obligation Limited Tax Bonds, Series 2015: | ||||||||||||||||
225 | 5.000%, 12/01/17 | No Opt. Call | N/R | 226,159 | ||||||||||||
100 | 5.000%, 12/01/19 | No Opt. Call | N/R | 105,817 | ||||||||||||
800 | Jefferson County School District R-1, Colorado, Certificates of Participation, Jefferson County School Finance Corporation, Series 2016, 3.000%, 12/15/19 | No Opt. Call | Aa3 | 827,504 | ||||||||||||
4,000 | Moffat County, Colorado, Pollution Control Revenue Bonds, Tri-State Generation and Transmission Association, Inc. Project, Refunding Series 2009, 2.000%, 3/01/36 (Mandatory put 10/03/22) | No Opt. Call | A | 3,989,440 | ||||||||||||
1,060 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 4.000%, 12/01/19 | No Opt. Call | N/R | 1,109,788 | ||||||||||||
Pueblo Urban Renewal Authority, Colorado, State Sales Tax Increment Revenue Bonds, Regional Tourism Project, Series 2017: | ||||||||||||||||
500 | 2.500%, 6/01/19 | No Opt. Call | N/R | 501,625 | ||||||||||||
700 | 2.750%, 6/01/20 | No Opt. Call | N/R | 702,681 | ||||||||||||
2,040 | 3.000%, 6/01/21 | No Opt. Call | N/R | 2,050,547 | ||||||||||||
510 | Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013B, 3.000%, 12/01/17 | No Opt. Call | A | 511,780 | ||||||||||||
1,365 | University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2017C-1, 4.000%, 11/15/47 (Mandatory put 3/01/20) | 9/19 at 100.00 | AA– | 1,436,690 | ||||||||||||
1,530 | Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017, 5.000%, 12/15/20 – AGM Insured | No Opt. Call | AA | 1,707,159 | ||||||||||||
28,375 | Total Colorado | 29,492,247 | ||||||||||||||
Connecticut – 0.3% | ||||||||||||||||
1,795 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2015A, 1.375%, 7/01/35 (Mandatory put 7/11/18) | No Opt. Call | AAA | 1,799,757 | ||||||||||||
District of Columbia – 0.7% | ||||||||||||||||
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2017: | ||||||||||||||||
2,475 | 5.000%, 10/01/20 (Alternative Minimum Tax) | No Opt. Call | AA– | 2,744,057 | ||||||||||||
1,205 | 5.000%, 10/01/21 (Alternative Minimum Tax) | No Opt. Call | AA– | 1,370,868 | ||||||||||||
3,680 | Total District of Columbia | 4,114,925 | ||||||||||||||
Florida – 2.0% | ||||||||||||||||
600 | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A, 4.000%, 11/15/17 | No Opt. Call | BBB | 601,884 | ||||||||||||
425 | Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Refunding Series 2014, 5.000%, 4/01/18 | No Opt. Call | A | 433,020 |
NUVEEN | 191 |
Nuveen Short Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Florida (continued) | ||||||||||||||||
$ | 1,195 | Lee County, Florida, Transportation Facilities Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/18 – AGM Insured | No Opt. Call | AA | $ | 1,243,075 | ||||||||||
1,035 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017, 5.000%, 7/01/22 | No Opt. Call | N/R | 1,140,549 | ||||||||||||
1,000 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH Corporation Obligated Group, Refunding Series 2014, 3.000%, 12/01/17 | No Opt. Call | BBB+ | 1,003,040 | ||||||||||||
3,505 | Saint Johns County School Board, Florida, Certificates of Participation, Master Lease Program, Refunding Series 2015, 5.000%, 7/01/18 | No Opt. Call | Aa3 | 3,610,746 | ||||||||||||
1,000 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 5.000%, 5/01/21 | No Opt. Call | AA | 1,127,700 | ||||||||||||
1,720 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014B, 4.000%, 7/01/18 | No Opt. Call | A– | 1,755,174 | ||||||||||||
1,450 | Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Series 2016A, 5.000%, 12/01/18 | No Opt. Call | Baa1 | 1,506,246 | ||||||||||||
11,930 | Total Florida | 12,421,434 | ||||||||||||||
Georgia – 1.4% | ||||||||||||||||
1,500 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D, 5.000%, 1/01/21 | No Opt. Call | A2 | 1,665,150 | ||||||||||||
515 | La Grange-Troup County Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Inc., Series 2017A, 5.000%, 4/01/20 | No Opt. Call | A | 561,489 | ||||||||||||
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: | ||||||||||||||||
529 | 5.500%, 7/15/23 | 7/21 at 100.00 | N/R | 534,323 | ||||||||||||
1,035 | 5.500%, 7/15/30 | 7/21 at 100.00 | N/R | 1,044,843 | ||||||||||||
1,136 | 5.500%, 1/15/36 | 7/21 at 100.00 | N/R | 1,147,056 | ||||||||||||
225 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012B, 4.000%, 10/01/18 | No Opt. Call | Baa2 | 230,092 | ||||||||||||
3,000 | State Road and Tollway Authority, Georgia, Federal Highway Reimbursement Revenue Bonds, Series 2017B2, 5.000%, 6/01/20 | No Opt. Call | AA | 3,295,110 | ||||||||||||
7,940 | Total Georgia | 8,478,063 | ||||||||||||||
Hawaii – 1.1% | ||||||||||||||||
3,000 | Hawaii State, General Obligation Bonds, Series 2016FE, 5.000%, 10/01/21 | No Opt. Call | AA+ | 3,438,180 | ||||||||||||
3,000 | Honolulu City and County, Hawaii, General Obligation Bonds, Refunding Series 2009A, 5.000%, 4/01/34 (Pre-refunded 4/01/19) | 4/19 at 100.00 | Aa1 (4) | 3,179,340 | ||||||||||||
6,000 | Total Hawaii | 6,617,520 | ||||||||||||||
Idaho – 0.5% | ||||||||||||||||
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016: | ||||||||||||||||
800 | 4.000%, 9/01/19 | No Opt. Call | BB+ | 821,840 | ||||||||||||
1,565 | 4.000%, 9/01/20 | No Opt. Call | BB+ | 1,624,001 | ||||||||||||
630 | 5.000%, 9/01/21 | No Opt. Call | BB+ | 682,347 | ||||||||||||
2,995 | Total Idaho | 3,128,188 | ||||||||||||||
Illinois – 5.2% | ||||||||||||||||
1,390 | Arlington Heights, Illinois, General Obligation Bonds, Series 2014, 3.000%, 12/01/18 | No Opt. Call | Aa1 | 1,422,554 | ||||||||||||
660 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/20 – FGIC Insured | No Opt. Call | A | 599,511 |
192 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Illinois (continued) | ||||||||||||||||
$ | 6,100 | Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2015, 5.000%, 6/01/18 | No Opt. Call | A | $ | 6,249,877 | ||||||||||
2,000 | Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5337 State of Good Repair Formula Funds, Refunding Series 2017, 5.000%, 6/01/20 | No Opt. Call | A+ | 2,184,020 | ||||||||||||
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2015B: | ||||||||||||||||
1,840 | 5.000%, 1/01/19 | No Opt. Call | A | 1,930,620 | ||||||||||||
475 | 5.000%, 1/01/20 | No Opt. Call | A | 515,594 | ||||||||||||
160 | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 4.500%, 12/01/20 | No Opt. Call | N/R | 160,883 | ||||||||||||
Illinois Finance Authority, Revenue Bonds, Benedictine University Project, Series 2013A: | ||||||||||||||||
1,000 | 4.000%, 10/01/17 | No Opt. Call | BBB | 1,000,140 | ||||||||||||
500 | 5.000%, 10/01/19 | No Opt. Call | BBB | 530,615 | ||||||||||||
340 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/19 | No Opt. Call | BBB– | 359,400 | ||||||||||||
220 | Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.250%, 2/01/19 | No Opt. Call | Baa3 | 226,230 | ||||||||||||
1,095 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/20 | No Opt. Call | A | 1,210,599 | ||||||||||||
1,195 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.000%, 7/01/18 | No Opt. Call | A– | 1,227,289 | ||||||||||||
1,000 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A, 5.000%, 11/15/19 | No Opt. Call | A+ | 1,076,020 | ||||||||||||
5,375 | Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/21 | No Opt. Call | BBB | 5,768,719 | ||||||||||||
3,065 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/21 | No Opt. Call | BBB | 3,285,159 | ||||||||||||
2,845 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013B, 5.000%, 12/01/17 | No Opt. Call | AA– | 2,865,626 | ||||||||||||
Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014: | ||||||||||||||||
505 | 3.000%, 3/01/18 – AGM Insured | No Opt. Call | AA | 507,949 | ||||||||||||
535 | 3.000%, 3/01/19 – AGM Insured | No Opt. Call | AA | 544,175 | ||||||||||||
30,300 | Total Illinois | 31,664,980 | ||||||||||||||
Indiana – 3.2% | ||||||||||||||||
1,045 | Greater Clark County School Building Corporation, Jeffersonville, Indiana, First Mortgage Bonds, Refunding Series 2014B, 5.000%, 7/15/18 | No Opt. Call | AA+ | 1,077,531 | ||||||||||||
1,165 | Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.000%, 3/01/18 (ETM) | No Opt. Call | N/R (4) | 1,185,061 | ||||||||||||
920 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding Series 2014A, 4.000%, 12/01/18 | No Opt. Call | AA | 952,347 | ||||||||||||
435 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/18 | No Opt. Call | AA | 452,365 | ||||||||||||
3,000 | Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2011A-2, 4.000%, 11/15/36 (Mandatory put 3/01/19) | No Opt. Call | AA+ | 3,119,250 |
NUVEEN | 193 |
Nuveen Short Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Indiana (continued) | ||||||||||||||||
$ | 5,335 | IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2014, 5.000%, 7/15/18 | No Opt. Call | AA+ | $ | 5,504,120 | ||||||||||
1,335 | Rockport, Indiana, Pollution Control Revenue Refunding Bonds, Indiana Michigan Power Company Project, Series 2008D, 2.050%, 4/01/25 (Mandatory put 6/01/21) | No Opt. Call | A– | 1,342,529 | ||||||||||||
6,000 | Rockport, Indiana, Pollution Control Revenue Refunding Bonds, Indiana Michigan Power Company Project, Series 2009A, 1.750%, 6/01/25 (Mandatory put 6/01/18) | No Opt. Call | A– | 6,015,960 | ||||||||||||
19,235 | Total Indiana | 19,649,163 | ||||||||||||||
Iowa – 1.0% | ||||||||||||||||
2,520 | Iowa Finance Authority, Healthcare Revenue Bonds, Gensisi Health System, Refunding Series 2010, 5.000%, 7/01/20 | No Opt. Call | A1 | 2,775,856 | ||||||||||||
145 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19 | No Opt. Call | B | 150,040 | ||||||||||||
125 | 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 | B | 133,290 | ||||||||||||
1,135 | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Drake University Project, Refunding Series 2016, 3.000%, 4/01/19 | No Opt. Call | A– | 1,164,533 | ||||||||||||
1,130 | Johnston Community School District, Iowa, School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2014, 5.000%, 7/01/19 – AGM Insured | No Opt. Call | AA | 1,203,134 | ||||||||||||
700 | Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note Series 2016, 3.000%, 12/01/19 | No Opt. Call | BBB+ | 720,069 | ||||||||||||
5,755 | Total Iowa | 6,146,922 | ||||||||||||||
Kansas – 0.1% | ||||||||||||||||
500 | Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A, 4.000%, 9/01/18 | No Opt. Call | A+ | 513,590 | ||||||||||||
Kentucky – 2.1% | ||||||||||||||||
10,000 | Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Refunding Series 2016C, 5.000%, 5/15/20 | No Opt. Call | AA | 10,992,994 | ||||||||||||
1,155 | Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/18 | No Opt. Call | BBB+ | 1,197,308 | ||||||||||||
910 | Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2001B, 1.350%, 11/01/27 (Mandatory put 5/01/18) (Alternative Minimum Tax) | No Opt. Call | A1 | 910,528 | ||||||||||||
12,065 | Total Kentucky | 13,100,830 | ||||||||||||||
Louisiana – 2.5% | ||||||||||||||||
700 | De Soto Parrish, Louisiana, Pollution Control Revenue Bonds, Southwestern Electric Power Company Project, Refunding Series 2010, 1.600%, 1/01/19 | No Opt. Call | A– | 700,483 | ||||||||||||
1,940 | Ernest N. Morial-New Orleans Exhibition Hall Authority, Louisiana, Special Tax Bonds, Refunding Series 2014, 5.000%, 7/15/18 | No Opt. Call | AA+ | 2,000,722 | ||||||||||||
500 | Evangeline Parish Road & Drainage Sales Tax District 1, Louisiana, Sales and Use Tax Revenue Bonds, Series 2013, 3.000%, 12/01/17 – AGM Insured | No Opt. Call | AA | 501,770 |
194 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Louisiana (continued) | ||||||||||||||||
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2015: | ||||||||||||||||
$ | 1,295 | 5.000%, 6/01/18 | No Opt. Call | A1 | $ | 1,328,644 | ||||||||||
1,800 | 5.000%, 6/01/19 | No Opt. Call | A1 | 1,912,824 | ||||||||||||
505 | 5.000%, 6/01/20 | No Opt. Call | A1 | 553,601 | ||||||||||||
2,400 | Louisiana Offshore Terminal Authority, Deepwater Port Revenue Bonds, LOOP Inc. Project, Variable Rate Series 2010B-1, 2.000%, 10/01/40 (Mandatory put 10/01/22) | No Opt. Call | BBB+ | 2,400,000 | ||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015: | ||||||||||||||||
360 | 3.000%, 5/15/18 | No Opt. Call | A3 | 364,248 | ||||||||||||
595 | 4.000%, 5/15/19 | No Opt. Call | A3 | 621,257 | ||||||||||||
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A: | ||||||||||||||||
2,275 | 5.000%, 7/01/19 | No Opt. Call | AA– | 2,425,514 | ||||||||||||
2,250 | 5.000%, 7/01/20 | No Opt. Call | AA– | 2,474,573 | ||||||||||||
14,620 | Total Louisiana | 15,283,636 | ||||||||||||||
Maryland – 0.3% | ||||||||||||||||
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015: | ||||||||||||||||
850 | 5.000%, 7/01/18 | No Opt. Call | BBB | 874,863 | ||||||||||||
915 | 5.000%, 7/01/19 | No Opt. Call | BBB | 974,384 | ||||||||||||
1,765 | Total Maryland | 1,849,247 | ||||||||||||||
Massachusetts – 1.1% | ||||||||||||||||
715 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 2016I, 5.000%, 7/01/21 | No Opt. Call | BBB+ | 797,711 | ||||||||||||
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series 2017A: | ||||||||||||||||
375 | 4.000%, 7/01/20 (Alternative Minimum Tax) | No Opt. Call | AA | 398,636 | ||||||||||||
1,000 | 4.000%, 7/01/21 (Alternative Minimum Tax) | No Opt. Call | AA | 1,078,010 | ||||||||||||
1,550 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2016J, 4.000%, 7/01/20 (Alternative Minimum Tax) | No Opt. Call | AA | 1,647,697 | ||||||||||||
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2014: | ||||||||||||||||
1,500 | 4.000%, 1/01/18 (Alternative Minimum Tax) | No Opt. Call | AA | 1,510,740 | ||||||||||||
1,255 | 3.000%, 1/01/19 (Alternative Minimum Tax) | No Opt. Call | AA | 1,280,050 | ||||||||||||
6,395 | Total Massachusetts | 6,712,844 | ||||||||||||||
Michigan – 1.6% | ||||||||||||||||
750 | Brighton Area School District, Livingston County, Michigan, General Obligation Bonds, School Building & Site Series 2013II, 5.000%, 5/01/18 | No Opt. Call | Aa1 | 767,325 | ||||||||||||
1,210 | Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding Series 2015A, 4.000%, 8/01/18 | No Opt. Call | A1 | 1,239,004 | ||||||||||||
2,115 | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/18 | No Opt. Call | AA– | 2,211,402 | ||||||||||||
1,025 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding Series 2010F-3, 1.400%, 11/15/47 (Mandatory put 6/29/18) | No Opt. Call | AA+ | 1,026,835 |
NUVEEN | 195 |
Nuveen Short Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Michigan (continued) | ||||||||||||||||
$ | 1,000 | Michigan State, Grant Anticipation Bonds, Refunding Federal Highway Series 2016, 5.000%, 3/15/21 | No Opt. Call | AA | $ | 1,124,960 | ||||||||||
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A: | ||||||||||||||||
1,325 | 5.000%, 7/01/19 | No Opt. Call | A1 | 1,410,264 | ||||||||||||
1,000 | 5.000%, 7/01/20 | No Opt. Call | A1 | 1,096,390 | ||||||||||||
690 | Western Michigan University, General Revenue Bonds, Refunding Series 2013, 5.000%, 11/15/17 | No Opt. Call | A1 | 693,629 | ||||||||||||
9,115 | Total Michigan | 9,569,809 | ||||||||||||||
Minnesota – 9.7% | ||||||||||||||||
Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A: | ||||||||||||||||
150 | 3.000%, 8/01/18 | No Opt. Call | BB+ | 150,368 | ||||||||||||
240 | 3.000%, 8/01/22 | No Opt. Call | BB+ | 236,270 | ||||||||||||
Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A: | ||||||||||||||||
360 | 3.000%, 12/01/17 | No Opt. Call | AA | 361,152 | ||||||||||||
365 | 3.000%, 12/01/18 | No Opt. Call | AA | 372,161 | ||||||||||||
380 | 3.000%, 12/01/20 – AGM Insured | No Opt. Call | AA | 397,788 | ||||||||||||
Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016: | ||||||||||||||||
635 | 3.000%, 3/01/19 | No Opt. Call | N/R | 642,379 | ||||||||||||
745 | 3.000%, 3/01/20 | No Opt. Call | N/R | 757,829 | ||||||||||||
135 | Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc., Refunding Series 2015, 2.000%, 1/01/18 | No Opt. Call | N/R | 135,014 | ||||||||||||
805 | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 2.500%, 8/01/21 | No Opt. Call | N/R | 791,605 | ||||||||||||
440 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A, 4.000%, 7/01/21 | No Opt. Call | BB+ | 462,374 | ||||||||||||
1,200 | Duluth Independent School District 709, Minnesota, Certificates of Participation, Refunding Series 2016A, 3.000%, 2/01/20 | No Opt. Call | Aa2 | 1,244,712 | ||||||||||||
1,670 | Ham Lake, Minnesota Charter School Lease Revenue Bonds, Parnassus Preparatory School Project, Series 2016A, 3.000%, 11/01/21 | No Opt. Call | BB | 1,657,692 | ||||||||||||
2,090 | Hopkins Independent School District 270, Hennepin County, Minnesota, General Obligation Bonds, Crossover Refunding Series 2015C, 5.000%, 2/01/20 | No Opt. Call | Aa2 | 2,276,909 | ||||||||||||
300 | Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015, 4.000%, 9/01/18 | No Opt. Call | Baa1 | 307,593 | ||||||||||||
2,985 | Minneapolis Special School District 1, Hennepin County, Minnesota, Certificates of Participation, Refunding Series 2013D, 5.000%, 2/01/18 | No Opt. Call | AA+ | 3,025,566 | ||||||||||||
2,055 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long-Term Facilities Maintenance Series 2016B, 5.000%, 2/01/20 | No Opt. Call | AA+ | 2,242,765 | ||||||||||||
2,250 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2016A, 5.000%, 2/01/20 | No Opt. Call | AA+ | 2,455,583 | ||||||||||||
1,145 | Minneapolis, Minnesota, Multi-Family Housing Revenue Bonds, Plymouth Stevens House Limited Partnership Project, Series 2016B, 2.000%, 12/01/17 | 4/17 at 100.00 | N/R | 1,145,321 | ||||||||||||
280 | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015, 2.350%, 3/01/18 | No Opt. Call | N/R | 280,020 |
196 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Minnesota (continued) | ||||||||||||||||
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2015: | ||||||||||||||||
$ | 460 | 2.400%, 3/01/18 | No Opt. Call | N/R | $ | 459,568 | ||||||||||
605 | 3.000%, 3/01/20 | No Opt. Call | N/R | 604,189 | ||||||||||||
600 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014B, 5.000%, 1/01/18 (Alternative Minimum Tax) | No Opt. Call | A+ | 606,036 | ||||||||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C: | ||||||||||||||||
350 | 4.000%, 1/01/20 | No Opt. Call | AA– | 372,950 | ||||||||||||
200 | 4.000%, 1/01/21 | No Opt. Call | AA– | 218,026 | ||||||||||||
300 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2014-8-C, 2.000%, 5/01/18 | No Opt. Call | Baa3 | 299,910 | ||||||||||||
475 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2016-8K, 3.000%, 3/01/20 | No Opt. Call | Baa1 | 491,464 | ||||||||||||
2,055 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B, 5.000%, 10/01/18 (ETM) | No Opt. Call | A3 (4) | 2,138,721 | ||||||||||||
690 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 1.400%, 7/01/18 (Alternative Minimum Tax) | No Opt. Call | AA+ | 690,669 | ||||||||||||
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A: | ||||||||||||||||
500 | 1.400%, 7/01/19 (Alternative Minimum Tax) | No Opt. Call | AA+ | 499,910 | ||||||||||||
1,580 | 1.700%, 1/01/21 (Alternative Minimum Tax) | No Opt. Call | AA+ | 1,577,993 | ||||||||||||
2,210 | Minnesota Public Facilities Authority, State Clean Water Revolving Fund Revenue Bonds, Series 2010C, 5.000%, 3/01/21 (Pre-refunded 3/01/20) | 3/20 at 100.00 | AAA | 2,417,851 | ||||||||||||
2,210 | Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/21 | No Opt. Call | AAA | 2,524,107 | ||||||||||||
Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016: | ||||||||||||||||
1,910 | 5.000%, 12/01/18 | No Opt. Call | Baa1 | 1,982,504 | ||||||||||||
2,020 | 5.000%, 12/01/19 | No Opt. Call | Baa1 | 2,156,067 | ||||||||||||
220 | Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A, 3.000%, 12/01/17 | No Opt. Call | BBB– | 220,150 | ||||||||||||
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011: | ||||||||||||||||
8,945 | 4.500%, 11/15/38 (Mandatory put 11/15/21) | No Opt. Call | AA | 10,076,271 | ||||||||||||
990 | 4.000%, 11/15/38 (Mandatory put 11/15/18) | No Opt. Call | AA | 1,022,819 | ||||||||||||
1,295 | Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Refunding Series 2015C, 5.000%, 2/01/20 | No Opt. Call | Aa2 | 1,412,379 | ||||||||||||
295 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A, 3.000%, 4/01/21 | No Opt. Call | CCC– | 258,039 | ||||||||||||
2,590 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 2,803,053 | ||||||||||||
155 | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Refunding Series 2015A, 2.750%, 12/01/20 | No Opt. Call | BBB– | 156,361 | ||||||||||||
Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017: | ||||||||||||||||
820 | 3.000%, 9/01/20 | No Opt. Call | N/R | 837,458 | ||||||||||||
500 | 3.000%, 9/01/21 | No Opt. Call | N/R | 509,655 | ||||||||||||
500 | 3.000%, 9/01/22 | No Opt. Call | N/R | 505,920 |
NUVEEN | 197 |
Nuveen Short Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Minnesota (continued) | ||||||||||||||||
$ | 500 | Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC Project, Refunding Series 2017, 3.000%, 9/01/22 (WI/DD, Settling 10/12/17) | No Opt. Call | N/R | $ | 499,090 | ||||||||||
1,555 | Sauk Rapids Independent School District 047, Benton County, Minnesota, General Obligation Bonds, Refunding School Building Series 2015A, 5.000%, 2/01/20 | No Opt. Call | AA+ | 1,694,810 | ||||||||||||
120 | Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A, 3.625%, 10/01/21 | No Opt. Call | N/R | 119,000 | ||||||||||||
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | ||||||||||||||||
1,365 | 5.000%, 11/15/18 (ETM) | No Opt. Call | A+ (4) | 1,427,244 | ||||||||||||
1,330 | 5.000%, 11/15/19 (ETM) | No Opt. Call | A+ (4) | 1,438,555 | ||||||||||||
55,575 | Total Minnesota | 58,963,870 | ||||||||||||||
Mississippi – 0.2% | ||||||||||||||||
1,000 | Mississippi Development Bank, Special Obligation Bonds, Municipal Energy Agency of Mississippi, Power Supply Project, Refunding Series 2015A, 5.000%, 3/01/19 – AGM Insured | No Opt. Call | AA | 1,052,700 | ||||||||||||
Missouri – 3.3% | ||||||||||||||||
1,740 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/18 | No Opt. Call | AA+ | 1,810,000 | ||||||||||||
400 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/21 | No Opt. Call | BBB– | 437,324 | ||||||||||||
300 | Cape Girardeau County Reorganized School District R2, Missouri, Certificates of Participation, Refunding Series 2014, 3.000%, 4/01/18 – BAM Insured | No Opt. Call | AA | 302,904 | ||||||||||||
1,020 | Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2015, 3.250%, 5/15/28 | 5/23 at 100.00 | A– | 1,034,596 | ||||||||||||
180 | Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2007A, 5.000%, 11/01/35 (Pre-refunded 11/01/17) | 11/17 at 100.00 | AA+ (4) | 180,682 | ||||||||||||
520 | Hanley/Eager Road Transportation Development District, Missouri, Revenue Bonds, Refunding Series 2016A, 2.375%, 3/01/21 | No Opt. Call | N/R | 510,047 | ||||||||||||
1,000 | Jackson County, Missouri, Special Obligation Bonds, Rirr Right of Way Project, Series 2016, 5.000%, 12/01/20 | No Opt. Call | A1 | 1,113,170 | ||||||||||||
1,245 | Jackson County, Missouri, Special Obligation Bonds, Truman Sports Complex Project, Refunding Series 2014, 5.000%, 12/01/19 | No Opt. Call | A1 | 1,345,459 | ||||||||||||
1,000 | Kansas City Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Plaza Library Project, Refunding Series 2014, 3.000%, 3/01/18 | No Opt. Call | N/R | 1,004,240 | ||||||||||||
1,300 | Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series 2016A, 5.000%, 10/01/20 | No Opt. Call | AA– | 1,436,864 | ||||||||||||
285 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A, 4.000%, 2/01/18 | No Opt. Call | BBB | 287,619 | ||||||||||||
1,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 4.000%, 2/01/20 | No Opt. Call | N/R | 1,052,540 | ||||||||||||
Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015: | ||||||||||||||||
780 | 2.500%, 5/01/18 | No Opt. Call | N/R | 781,942 | ||||||||||||
775 | 2.750%, 5/01/19 | No Opt. Call | N/R | 781,448 | ||||||||||||
500 | 3.000%, 5/01/20 | No Opt. Call | N/R | 507,695 | ||||||||||||
300 | 3.250%, 5/01/21 | No Opt. Call | N/R | 306,267 |
198 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Missouri (continued) | ||||||||||||||||
$ | 1,000 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refunding Series 2016B, 5.000%, 12/01/21 | No Opt. Call | AA | $ | 1,143,190 | ||||||||||
640 | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 4.000%, 11/15/20 | No Opt. Call | N/R | 657,485 | ||||||||||||
170 | Saint Louis Industrial Development Authority, Missouri, Tax Increment Bonds, Southtown Redevelopment Project, Refunding Series 2015, 3.000%, 11/01/22 | No Opt. Call | N/R | 169,942 | ||||||||||||
530 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, City Parks, Series 2014, 4.000%, 6/15/18 – AGM Insured | No Opt. Call | AA | 540,807 | ||||||||||||
1,135 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured | No Opt. Call | A | 1,172,273 | ||||||||||||
1,745 | Springfield, Missouri, Special Obligation Bonds, Refunding Series 2017B, 5.000%, 7/01/21 (Alternative Minimum Tax) | No Opt. Call | Aa2 | 1,961,048 | ||||||||||||
195 | St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A, 5.100%, 11/01/19 | 11/17 at 100.00 | N/R | 195,185 | ||||||||||||
1,525 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 2.850%, 9/01/18 | 3/18 at 100.00 | A– | 1,534,089 | ||||||||||||
19,285 | Total Missouri | 20,266,816 | ||||||||||||||
Montana – 0.3% | ||||||||||||||||
1,740 | Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Composite Deal Series 2010B, 5.000%, 1/01/19 | No Opt. Call | AA– | 1,825,260 | ||||||||||||
Nebraska – 2.2% | ||||||||||||||||
690 | Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 12/01/21 | No Opt. Call | A | 784,358 | ||||||||||||
6,380 | Central Plains Energy Project, Nebraska, Gas Supply Revenue Bonds, Refunding Series 2014, 5.000%, 8/01/39 (Mandatory put 12/01/19) | 12/19 at 100.00 | A1 | 6,870,619 | ||||||||||||
Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Refunding Series 2017A: | ||||||||||||||||
650 | 3.000%, 7/01/18 | No Opt. Call | BBB | 657,833 | ||||||||||||
1,000 | 4.000%, 7/01/20 | No Opt. Call | BBB | 1,061,080 | ||||||||||||
1,555 | 5.000%, 7/01/22 | No Opt. Call | BBB | 1,752,796 | ||||||||||||
1,000 | Nebraska State Colleges Facilities Corporation, Building Bonds, CSC Rangeland Center and WCS U.S. Conn Library Projects, Series 2014, 5.000%, 6/15/18 | No Opt. Call | AA+ | 1,027,570 | ||||||||||||
1,235 | University of Nebraska Facilities Corporation, UNMC Cancer Center Bonds, Series 2014A, 4.000%, 2/15/18 | No Opt. Call | Aa1 | 1,249,462 | ||||||||||||
12,510 | Total Nebraska | 13,403,718 | ||||||||||||||
Nevada – 3.4% | ||||||||||||||||
5,240 | Clark County, Nevada, Airport Revenue Bonds, Junior Lien Series 2014B, 5.000%, 7/01/18 | No Opt. Call | A+ | 5,398,091 | ||||||||||||
3,000 | Clark County, Nevada, Airport Revenue Bonds, Junior Subordinate Lien Notes Series 2017C, 5.000%, 7/01/21 (Alternative Minimum Tax) | No Opt. Call | A+ | 3,385,500 | ||||||||||||
2,000 | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Refunding Series 2017B, 5.000%, 7/01/20 (Alternative Minimum Tax) | No Opt. Call | Aa3 | 2,198,480 |
NUVEEN | 199 |
Nuveen Short Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Nevada (continued) | ||||||||||||||||
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016: | ||||||||||||||||
$ | 1,185 | 3.000%, 9/01/18 | No Opt. Call | N/R | $ | 1,194,753 | ||||||||||
1,890 | 4.000%, 9/01/20 | No Opt. Call | N/R | 1,975,466 | ||||||||||||
795 | 2.000%, 9/01/21 | No Opt. Call | N/R | 776,643 | ||||||||||||
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-4C Green Valley Properties, Refunding Series 2014: | ||||||||||||||||
1,480 | 4.000%, 11/01/17 | No Opt. Call | N/R | 1,483,330 | ||||||||||||
1,035 | 4.000%, 11/01/18 | No Opt. Call | N/R | 1,060,544 | ||||||||||||
1,080 | Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 812 Summerlin Village 24, Series 2015, 3.500%, 12/01/19 | No Opt. Call | N/R | 1,094,202 | ||||||||||||
1,790 | Nevada State, General Obligation Bonds, Capital Improvement & Refunding Series 2015E, 5.000%, 2/01/21 | No Opt. Call | AA+ | 2,011,513 | ||||||||||||
19,495 | Total Nevada | 20,578,522 | ||||||||||||||
New Hampshire – 0.1% | ||||||||||||||||
1,030 | New Hampshire Business Finance Authority, Water Facility Revenue Bonds, Pennichuck Water Works Inc., Refunding Series 2014A, 4.000%, 1/01/18 (Alternative Minimum Tax) | No Opt. Call | A+ | 1,036,355 | ||||||||||||
New Jersey – 5.2% | ||||||||||||||||
1,000 | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/18 | No Opt. Call | BBB+ | 1,013,660 | ||||||||||||
Lacey Township School District, Ocean County, New Jersey, General Obligation Bonds, Refunding Series 2016: | ||||||||||||||||
1,585 | 4.000%, 4/01/19 – BAM Insured | No Opt. Call | AA | 1,650,540 | ||||||||||||
1,665 | 4.000%, 4/01/20 – BAM Insured | No Opt. Call | AA | 1,772,492 | ||||||||||||
1,330 | 5.000%, 4/01/21 – BAM Insured | No Opt. Call | AA | 1,490,092 | ||||||||||||
7,000 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Series 2017A, 5.000%, 7/01/23 – BAM Insured | No Opt. Call | AA | 8,076,527 | ||||||||||||
2,585 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital Corporation, Refunding Series 2016, 5.000%, 7/01/19 | No Opt. Call | AA– | 2,754,628 | ||||||||||||
2,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A, 5.000%, 7/01/19 | No Opt. Call | Baa2 | 2,121,860 | ||||||||||||
2,000 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2014-1A-1, 4.000%, 12/01/17 (Alternative Minimum Tax) | No Opt. Call | Aaa | 2,009,540 | ||||||||||||
2,000 | New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A, 5.000%, 9/15/18 | No Opt. Call | A | 2,064,480 | ||||||||||||
4,365 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1, 5.000%, 6/15/20 | No Opt. Call | A+ | 4,705,121 | ||||||||||||
3,100 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/18 | No Opt. Call | A– | 3,226,201 | ||||||||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | ||||||||||||||||
915 | 4.500%, 6/01/23 | 12/17 at 100.00 | BBB+ | 915,869 | ||||||||||||
110 | 4.625%, 6/01/26 | 12/17 at 100.00 | BBB | 110,105 | ||||||||||||
29,655 | Total New Jersey | 31,911,115 |
200 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
New Mexico – 0.9% | ||||||||||||||||
$ | 5,130 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) | 8/19 at 100.00 | A1 | $ | 5,456,268 | ||||||||||
New York – 8.5% | ||||||||||||||||
1,135 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.000%, 7/01/18 | No Opt. Call | BBB+ | 1,167,143 | ||||||||||||
380 | Build New York City Resource Corporation, New York, Revenue Bonds, Bronx Charter School for Excellence, Series 2013A, 3.000%, 4/01/18 | No Opt. Call | BBB– | 381,634 | ||||||||||||
1,625 | Chautauqua County Capital Resource Corporation, New York, Multi-Mode Revenue Bonds, Jamestown Center City Development Corporation Project, Guaranteed by the Gebbie Foundation, Series 2013, 1.300%, 11/01/31 (Mandatory put 11/01/18) | No Opt. Call | AA– | 1,626,040 | ||||||||||||
1,770 | Chautauqua County Capital Resource Corporation, New York, Multi-Mode Revenue Bonds, Jamestown Center City Development Corporation Project, Guaranteed by the Gebbie Foundation, Series 2013, 1.500%, 11/01/31 (Mandatory put 4/30/20) | No Opt. Call | AA– | 1,788,762 | ||||||||||||
5,000 | Chautauqua County Capital Resource Corporation, New York, Multi-Mode Revenue Bonds, Jamestown Center City Development Corporation Project, Guaranteed by the Gebbie Foundation, Series 2013, 1.700%, 11/01/31 (Mandatory put 11/01/19) | No Opt. Call | AA– | 5,001,200 | ||||||||||||
1,375 | Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2015, 5.000%, 7/01/18 | No Opt. Call | A– | 1,416,484 | ||||||||||||
1,435 | Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2014A, 5.000%, 10/01/18 – AGM Insured | No Opt. Call | AA | 1,493,017 | ||||||||||||
4,015 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A, 5.000%, 2/15/19 | No Opt. Call | AAA | 4,237,712 | ||||||||||||
2,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series B-1, 5.000%, 11/01/18 | No Opt. Call | AAA | 2,086,620 | ||||||||||||
2,000 | New York City, New York, General Obligation Bonds, Fiscal 2014 Series J, 5.000%, 8/01/18 | No Opt. Call | AA | 2,067,240 | ||||||||||||
1,765 | New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 1994B, 2.000%, 2/01/29 (Mandatory put 5/01/20) | No Opt. Call | A– | 1,786,727 | ||||||||||||
1,960 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19 | No Opt. Call | A– | 2,078,776 | ||||||||||||
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 | 5.000%, 8/01/19 (Alternative Minimum Tax) | No Opt. Call | BB– | 5,257,500 | ||||||||||||
1,985 | 5.000%, 8/01/20 (Alternative Minimum Tax) | No Opt. Call | BB– | 2,131,632 | ||||||||||||
620 | Niagara Falls, New York, General Obligation Bonds, Series 2014, 2.000%, 3/01/18 – AGM Insured | No Opt. Call | AA | 621,705 | ||||||||||||
6,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Sixth Series 2014, 5.000%, 10/15/18 (Alternative Minimum Tax) | No Opt. Call | AA– | 6,245,940 | ||||||||||||
5,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Ninety-Seventh Series 2016, 5.000%, 11/15/19 (Alternative Minimum Tax) | No Opt. Call | AA– | 5,405,600 | ||||||||||||
665 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/18 | No Opt. Call | A– | 684,192 | ||||||||||||
1,880 | Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2015, 4.000%, 8/01/19 | No Opt. Call | A3 | 1,971,970 |
NUVEEN | 201 |
Nuveen Short Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
New York (continued) | ||||||||||||||||
TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series A: | ||||||||||||||||
$ | 3,055 | 4.000%, 6/01/19 | No Opt. Call | A | $ | 3,180,102 | ||||||||||
1,225 | 5.000%, 6/01/20 | No Opt. Call | A | 1,333,498 | ||||||||||||
49,890 | Total New York | 51,963,494 | ||||||||||||||
North Carolina – 0.9% | ||||||||||||||||
North Carolina Central University, General Revenue Bonds, Refunding Series 2016: | ||||||||||||||||
2,195 | 4.000%, 10/01/19 | No Opt. Call | A3 | 2,309,030 | ||||||||||||
2,250 | 4.000%, 10/01/20 | No Opt. Call | A3 | 2,412,990 | ||||||||||||
700 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 4.000%, 10/01/19 | No Opt. Call | N/R | 718,613 | ||||||||||||
5,145 | Total North Carolina | 5,440,633 | ||||||||||||||
North Dakota – 0.7% | ||||||||||||||||
3,000 | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 5.250%, 11/01/18 | No Opt. Call | A+ | 3,135,690 | ||||||||||||
815 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A, 5.000%, 12/01/19 | No Opt. Call | A– | 876,720 | ||||||||||||
3,815 | Total North Dakota | 4,012,410 | ||||||||||||||
Ohio – 1.3% | ||||||||||||||||
1,000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016, 5.000%, 11/15/19 | No Opt. Call | A– | 1,066,000 | ||||||||||||
685 | 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 | Caa1 | 313,388 | ||||||||||||
280 | Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 2014, 2.250%, 9/01/33 (Mandatory put 9/01/18) | No Opt. Call | A3 | 282,215 | ||||||||||||
1,000 | Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds, Xavier University 2008C, 5.000%, 5/01/18 (ETM) | No Opt. Call | A3 (4) | 1,024,300 | ||||||||||||
4,000 | Ohio Water Development Authority, Ohio, Solid Waste Revenue Refunding Bonds, Waste Management, Inc. Project, Series 2002, 1.700%, 11/01/22 (Mandatory put 11/01/18) (Alternative Minimum Tax) | No Opt. Call | A– | 4,007,000 | ||||||||||||
1,230 | University of Toledo, Ohio, General Receipts Bonds, Refunding Series 2010, 5.000%, 6/01/18 | No Opt. Call | A1 | 1,262,693 | ||||||||||||
8,195 | Total Ohio | 7,955,596 | ||||||||||||||
Oklahoma – 1.1% | ||||||||||||||||
1,000 | Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Mustang Public Schools Project, Series 2012, 4.000%, 9/01/18 | No Opt. Call | A+ | 1,027,090 | ||||||||||||
1,005 | Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2016, 5.000%, 6/01/20 | No Opt. Call | A+ | 1,102,565 | ||||||||||||
1,070 | Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Refunding Series 2015A, 5.000%, 8/15/18 | No Opt. Call | AA– | 1,108,242 | ||||||||||||
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Refunding Series 2015B: | ||||||||||||||||
860 | 4.000%, 6/01/18 – BAM Insured (Alternative Minimum Tax) | No Opt. Call | AA | 875,764 | ||||||||||||
1,000 | 5.000%, 6/01/20 – BAM Insured | No Opt. Call | AA | 1,087,560 | ||||||||||||
1,200 | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2015A, 4.000%, 6/01/18 – BAM Insured (Alternative Minimum Tax) | No Opt. Call | AA | 1,221,996 | ||||||||||||
6,135 | Total Oklahoma | 6,423,217 |
202 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Oregon – 0.4% | ||||||||||||||||
$ | 2,295 | Multnomah County School District 1J, Portland, Oregon, General Obligation Bonds, Series 2013B, 5.000%, 6/15/20 | No Opt. Call | Aa1 | $ | 2,533,565 | ||||||||||
Pennsylvania – 3.3% | ||||||||||||||||
1,115 | Corry Area School District, Erie County, Pennsylvania, General Obligation Bonds, Refunding Series 2014, 3.000%, 12/15/18 | No Opt. Call | AA | 1,140,311 | ||||||||||||
500 | East Hempfield Township Industrial Development Authority, Pennsylvania, Revenue Bonds, Willow Valley Communities Project, Refunding Series 2016, 4.000%, 12/01/18 | No Opt. Call | N/R | 515,945 | ||||||||||||
500 | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – Student Housing Project at Millersville University, Series 2014, 2.250%, 7/01/18 | No Opt. Call | BBB– | 501,750 | ||||||||||||
350 | Economy Municipal Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2013, 3.000%, 12/15/17 | No Opt. Call | AA | 351,509 | ||||||||||||
250 | Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A, 4.000%, 6/01/18 | No Opt. Call | Ba1 | 251,363 | ||||||||||||
1,000 | Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013, 5.000%, 5/01/18 | No Opt. Call | BBB | 1,015,580 | ||||||||||||
1,000 | Manheim Township School District, Lancaster County, Pennsylvania, General Obligation Bonds, Libor Index Rate Mode, Series 2014A, 1.244%, 5/01/25 (Mandatory put 11/07/17) (Pre-refunded 11/07/17) (1-Month LIBOR reference rate + 0.40% spread) (7) | 11/17 at 100.00 | Aa2 (4) | 998,380 | ||||||||||||
5,045 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Series 2016, 5.000%, 6/01/21 | No Opt. Call | A3 | 5,680,569 | ||||||||||||
Pittsburgh Public Parking Authority, Pennsylvania, Parking System Revenue Bonds, Refunding Series 2015A: | ||||||||||||||||
620 | 4.000%, 12/01/18 | No Opt. Call | A+ | 640,026 | ||||||||||||
1,515 | 5.000%, 12/01/19 | No Opt. Call | A+ | 1,631,988 | ||||||||||||
1,275 | Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014B, 4.000%, 9/01/18 – BAM Insured | No Opt. Call | AA | 1,308,941 | ||||||||||||
2,760 | Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding Bonds, Series 2002A, 5.500%, 9/01/18 – AGM Insured | No Opt. Call | AA | 2,870,317 | ||||||||||||
635 | Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012A, 5.000%, 9/01/19 | No Opt. Call | AA– | 680,663 | ||||||||||||
430 | Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Refunding Series 2014A, 5.000%, 6/01/18 | No Opt. Call | Aa3 | 441,262 | ||||||||||||
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Harrisburg Area Community College Project, Series 2014B2: | ||||||||||||||||
1,105 | 3.000%, 10/01/17 | No Opt. Call | AA | 1,105,122 | ||||||||||||
1,255 | 4.000%, 10/01/18 | No Opt. Call | AA | 1,287,530 | ||||||||||||
19,355 | Total Pennsylvania | 20,421,256 | ||||||||||||||
Rhode Island – 0.7% | ||||||||||||||||
1,535 | Rhode Island Commerce Corporation, Grant Anticipation Bonds, Rhode Island Department of Transportation, Refunding Series 2016A, 5.000%, 6/15/20 | No Opt. Call | AA– | 1,689,007 | ||||||||||||
Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, University of Rhode Island Auxiliary Enterprise, Refunding Series 2016B: | ||||||||||||||||
675 | 5.000%, 9/15/19 | No Opt. Call | A+ | 725,078 | ||||||||||||
375 | 5.000%, 9/15/20 | No Opt. Call | A+ | 415,560 | ||||||||||||
1,525 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/20 | No Opt. Call | BBB+ | 1,657,995 | ||||||||||||
4,110 | Total Rhode Island | 4,487,640 |
NUVEEN | 203 |
Nuveen Short Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
South Dakota – 0.4% | ||||||||||||||||
Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Refunding Series 2016: | ||||||||||||||||
$ | 300 | 2.650%, 11/01/20 | No Opt. Call | N/R | $ | 298,305 | ||||||||||
200 | 3.000%, 11/01/21 | No Opt. Call | N/R | 198,032 | ||||||||||||
585 | Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Series 2017, 3.100%, 11/01/22 | No Opt. Call | N/R | 591,043 | ||||||||||||
485 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/19 | No Opt. Call | A+ | 523,213 | ||||||||||||
1,015 | South Dakota Housing Development Authority, Multiple Purpose Revenue Bonds, Series 2013A, 1.600%, 5/01/18 | No Opt. Call | Aa3 | 1,017,233 | ||||||||||||
2,585 | Total South Dakota | 2,627,826 | ||||||||||||||
Tennessee – 1.0% | ||||||||||||||||
1,000 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2012A, 5.000%, 1/01/21 | No Opt. Call | A | 1,107,750 | ||||||||||||
1,290 | Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2009B, 5.500%, 11/01/20 | 11/19 at 100.00 | AA– | 1,404,075 | ||||||||||||
3,500 | Metropolitan Government of Nashville-Davidson County, Tennessee, Exempt Facilities Revenue Bonds, Waste Management Inc., Series 2001, 1.450%, 8/01/31 (Mandatory put 8/01/18) (Alternative Minimum Tax) | No Opt. Call | A– | 3,499,930 | ||||||||||||
5,790 | Total Tennessee | 6,011,755 | ||||||||||||||
Texas – 9.2% | ||||||||||||||||
1,150 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A, 5.000%, 1/01/21 | No Opt. Call | BBB+ | 1,273,142 | ||||||||||||
5,720 | Brazosport Independent School District, Brazoria County, Texas, General Obligation Bonds, School Building Series 2015, 5.000%, 2/15/20 | No Opt. Call | Aaa | 6,242,408 | ||||||||||||
1,000 | Corpus Christi Business and Job Development Corporation, Texas, Sales Tax Revenue Bonds, Arena Project, Refunding Series 2014, 4.000%, 9/01/18 | No Opt. Call | AA | 1,027,090 | ||||||||||||
1,525 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2014D, 5.000%, 11/01/18 (Alternative Minimum Tax) | No Opt. Call | A+ | 1,587,601 | ||||||||||||
3,000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Refunding Series 2010A, 5.000%, 6/01/19 | No Opt. Call | A+ | 3,188,370 | ||||||||||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C: | ||||||||||||||||
590 | 4.000%, 11/15/17 | No Opt. Call | A3 | 592,266 | ||||||||||||
2,415 | 4.000%, 11/15/18 | No Opt. Call | A3 | 2,488,561 | ||||||||||||
1,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/20 | No Opt. Call | A2 | 1,107,190 | ||||||||||||
2,260 | Houston Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Schoolhouse Series 2016A, 5.000%, 2/15/21 | No Opt. Call | AAA | 2,543,427 | ||||||||||||
5,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2014C, 4.000%, 5/15/21 | No Opt. Call | AA | 5,473,150 | ||||||||||||
410 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/18 | No Opt. Call | A2 | 424,420 | ||||||||||||
500 | Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 2014, 5.000%, 8/01/18 | No Opt. Call | AA– | 516,510 |
204 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Texas (continued) | ||||||||||||||||
Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds, Series 2017: | ||||||||||||||||
$ | 1,000 | 5.000%, 11/01/19 (Alternative Minimum Tax) | No Opt. Call | A1 | $ | 1,075,700 | ||||||||||
1,500 | 5.000%, 11/01/20 (Alternative Minimum Tax) | No Opt. Call | A1 | 1,661,850 | ||||||||||||
4,480 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2011A, 5.000%, 5/15/20 | No Opt. Call | A1 | 4,916,934 | ||||||||||||
1,000 | Lubbock, Texas, General Obligation Bonds, Tax & Waterworks System Surplus Revenue Certificates of Obligation, Series 2015, 5.000%, 2/15/21 | No Opt. Call | AA+ | 1,122,230 | ||||||||||||
4,000 | Matagorda County Navigation District 1, Texas, Pollution Control Revenue Bonds, Central Power & Light Company Project, Refunding Series 1996, 1.750%, 5/01/30 (Mandatory put 9/01/20) (Alternative Minimum Tax) | No Opt. Call | A– | 3,989,400 | ||||||||||||
375 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 3.000%, 12/01/18 | No Opt. Call | B1 | 375,094 | ||||||||||||
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Methodist Retirement Communities Crestview Project, Series 2016: | ||||||||||||||||
345 | 2.000%, 11/15/19 | No Opt. Call | N/R | 339,515 | ||||||||||||
615 | 4.000%, 11/15/21 | No Opt. Call | N/R | 636,058 | ||||||||||||
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A: | ||||||||||||||||
125 | 4.000%, 4/01/18 – AGM Insured | No Opt. Call | AA | 126,638 | ||||||||||||
325 | 4.000%, 4/01/19 – AGM Insured | No Opt. Call | AA | 336,482 | ||||||||||||
1,500 | North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding Senior Lien Series 2016, 5.000%, 12/15/20 | No Opt. Call | AA– | 1,675,140 | ||||||||||||
1,425 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2009A, 4.375%, 9/01/18 – AGC Insured | No Opt. Call | AA | 1,466,083 | ||||||||||||
2,605 | Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/19 | No Opt. Call | AAA | 2,760,727 | ||||||||||||
Texas State University System, Financing Revenue Bonds, Refunding Series 2017A: | ||||||||||||||||
3,000 | 5.000%, 3/15/19 | No Opt. Call | Aa2 | 3,170,820 | ||||||||||||
2,000 | 5.000%, 3/15/20 | No Opt. Call | Aa2 | 2,185,680 | ||||||||||||
2,500 | Texas State, General Obligation Bonds, Public Finance Authority, Refunding Series 2014A, 5.000%, 10/01/20 | No Opt. Call | AAA | 2,786,275 | ||||||||||||
1,000 | Travis County, Texas, General Obligation Bonds, Refunding Limited Tax Series 2016A, 5.000%, 3/01/21 | No Opt. Call | AAA | 1,126,440 | ||||||||||||
52,365 | Total Texas | 56,215,201 | ||||||||||||||
Utah – 0.2% | ||||||||||||||||
West Valley City Municipal Building Authority, Salt Lake County, Utah, Lease Revenue Bonds, Refunding Series 2016: | ||||||||||||||||
660 | 2.000%, 2/01/19 – AGM Insured | No Opt. Call | AA | 667,042 | ||||||||||||
575 | 3.000%, 2/01/20 – AGM Insured | No Opt. Call | AA | 598,115 | ||||||||||||
1,235 | Total Utah | 1,265,157 | ||||||||||||||
Vermont – 0.4% | ||||||||||||||||
2,715 | Vermont Student Assistance Corporation, Education Student Loan Revenue Notes Series 2012A, 2.550%, 6/15/18 (Alternative Minimum Tax) | No Opt. Call | AAA | 2,734,358 |
NUVEEN | 205 |
Nuveen Short Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Virginia – 0.3% | ||||||||||||||||
$ | 425 | Peninsula Ports Authority of Virginia, Coal Terminal Revenue Bonds, Dominion Terminal Associates Project-DETC Issue, Refunding Series 2003, 1.550%, 10/01/33 (Mandatory put 10/01/19) | No Opt. Call | BBB+ | $ | 424,290 | ||||||||||
1,160 | Wise County Industrial Development Authority, Virginia, Solid Waste and Sewage Disposal Revenue Bonds, Virginia Electric and Power Company, Series 2010A, 1.875%, 11/01/40 (Mandatory put 6/01/20) | No Opt. Call | A2 | 1,171,136 | ||||||||||||
1,585 | Total Virginia | 1,595,426 | ||||||||||||||
Washington – 2.3% | ||||||||||||||||
4,185 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2014A, 5.000%, 7/01/18 | No Opt. Call | Aa1 | 4,313,228 | ||||||||||||
Port Everett, Washington, Revenue Bonds, Refunding Series 2016: | ||||||||||||||||
200 | 3.000%, 12/01/19 | No Opt. Call | A1 | 207,416 | ||||||||||||
200 | 4.000%, 12/01/20 | No Opt. Call | A1 | 216,292 | ||||||||||||
225 | 4.000%, 12/01/21 | No Opt. Call | A1 | 247,775 | ||||||||||||
860 | Port of Pasco, Washington, Airport and General Port Revenue Bonds, Series 2014A, 3.000%, 12/01/17 (Alternative Minimum Tax) | No Opt. Call | A– | 862,632 | ||||||||||||
1,500 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, 5.000%, 4/01/19 (Alternative Minimum Tax) | No Opt. Call | AA– | 1,586,760 | ||||||||||||
Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Regional Health, Improvement & Refunding Series 2013A: | ||||||||||||||||
1,425 | 4.000%, 12/01/17 | No Opt. Call | Baa2 | 1,430,515 | ||||||||||||
610 | 5.000%, 12/01/18 | No Opt. Call | Baa2 | 631,118 | ||||||||||||
1,775 | Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, Refunding & Improvement Series 2016, 4.000%, 12/01/21 | No Opt. Call | Baa2 | 1,895,185 | ||||||||||||
470 | Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/18 | No Opt. Call | A+ | 490,130 | ||||||||||||
1,400 | Washington State Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005D, 1.250%, 11/01/17 | No Opt. Call | A– | 1,400,350 | ||||||||||||
500 | Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.000%, 7/01/19 | No Opt. Call | Baa1 | 538,825 | ||||||||||||
500 | Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 5.000%, 1/01/18 (ETM) | No Opt. Call | A (4) | 505,280 | ||||||||||||
13,850 | Total Washington | 14,325,506 | ||||||||||||||
West Virginia – 0.1% | ||||||||||||||||
1,000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Series 2011A, 1.700%, 1/01/41 (Mandatory put 9/01/20) (Alternative Minimum Tax) | No Opt. Call | A– | 993,950 | ||||||||||||
Wisconsin – 1.6% | ||||||||||||||||
2,855 | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-3, 2.000%, 7/01/29 (Mandatory put 6/01/21) (Alternative Minimum Tax) | No Opt. Call | A– | 2,877,041 | ||||||||||||
1,050 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2017, 5.000%, 7/01/21 | No Opt. Call | A | 1,175,927 | ||||||||||||
530 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital, Series 2015, 3.000%, 12/01/18 | No Opt. Call | A+ | 541,565 |
206 | NUVEEN |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||
Wisconsin (continued) | ||||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A: | ||||||||||||||||
$ | 150 | 5.000%, 9/01/19 | No Opt. Call | BBB+ | $ | 159,761 | ||||||||||
330 | 5.000%, 9/01/21 | No Opt. Call | BBB+ | 368,834 | ||||||||||||
820 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Hospital Sisters Services, Inc., Refunding Series 2014A, 5.000%, 11/15/18 | No Opt. Call | AA– | 856,088 | ||||||||||||
100 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 2.750%, 10/01/17 | No Opt. Call | N/R | 100,006 | ||||||||||||
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Fort Healthcare, Series 2014: | ||||||||||||||||
375 | 4.000%, 5/01/18 | No Opt. Call | BBB+ | 380,614 | ||||||||||||
300 | 4.000%, 5/01/19 | No Opt. Call | BBB+ | 310,767 | ||||||||||||
450 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc., Series 2015, 5.000%, 12/15/18 | No Opt. Call | AA– | 470,912 | ||||||||||||
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 2015A: | ||||||||||||||||
1,000 | 1.850%, 3/01/19 (Alternative Minimum Tax) | No Opt. Call | AA | 1,004,910 | ||||||||||||
1,260 | 1.950%, 9/01/19 (Alternative Minimum Tax) | No Opt. Call | AA | 1,270,459 | ||||||||||||
9,220 | Total Wisconsin | 9,516,884 | ||||||||||||||
$ | 557,880 | Total Municipal Bonds (cost $584,421,823) | 588,036,155 | |||||||||||||
Shares | Description (1), (6) | Value | ||||||||||||||
INVESTMENT COMPANIES – 2.0% | ||||||||||||||||
6,525,000 | Eaton Vance Michigan Municipal Bond Fund Institutional Munifund Term Preferred Shares iMTPs | $ | 6,525,065 | |||||||||||||
875,000 | Eaton Vance Municipal Bond Fund II Institutional Munifund Term Preferred Shares iMTPs | 875,009 | ||||||||||||||
5,000,000 | Eaton Vance New York Municipal Bond Fund Institutional Munifund Term Preferred Shares iMTPs | 5,000,600 | ||||||||||||||
Total Investment Companies (cost $12,400,000) | 12,400,674 | |||||||||||||||
Total Long-Term Investments (cost $596,821,823) | 600,436,829 | |||||||||||||||
Principal Amount (000) | Description (1) | Optional Call Provision (2) | Ratings (3) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 1.8% | ||||||||||||||||
MUNICIPAL BONDS – 1.8% | ||||||||||||||||
National – 0.0% | ||||||||||||||||
$ | 46 | BB&T Municipal Trust Pool Tax Exempt Lease Certificates Class C, Variable Rate Demand Obligations, Series 2014, 1.640%, 11/15/17 (SIFMA reference rate + 0.70% spread), (5), (7) | No Opt. Call | N/R | $ | 46,022 | ||||||||||
Colorado – 0.3% | ||||||||||||||||
1,750 | Colorado Health Facilities Authority, Colorado, Variable Rate Demand Obligations, Revenue Bonds, Catholic Health Initiatives, Series 2008-C2, 2.091%, 10/01/39 (1-Month LIBOR reference rate + 1.25% spread), (5), (7) | 5/20 at 100.00 | BBB+ | 1,751,522 | ||||||||||||
Louisiana – 1.3% | ||||||||||||||||
8,000 | St. Bernard Parish, Louisiana, Variable Rate Demand Obligations, Exempt Facility Revenue Bonds, Mobil Oil Corporation, Series 1996, 0.950%, 11/01/26 (5) | 12/17 at 100.00 | A-1+ | 8,000,000 |
NUVEEN | 207 |
Nuveen Short Term Municipal Bond Fund (continued)
Portfolio of Investments | September 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provision (2) | Ratings (3) | Value | ||||||||||||
Missouri – 0.2% | ||||||||||||||||
$ | 1,000 | Missouri Environmental Improvement and Energy Resources Authority, Variable Rate Demand Obligations, Revenue Bonds, Kansas City Power & Light Company Project, Series 2008, 2.875%, 5/01/38 (5) | No Opt. Call | BBB+ | $ | 1,009,100 | ||||||||||
$ | 10,796 | Total Short-Term Investments (cost $10,809,512) | 10,806,644 | |||||||||||||
Total Investments (cost $607,631,335) – 100.0% | 611,243,473 | |||||||||||||||
Other Assets Less Liabilities – (0.0)% | (233,895 | ) | ||||||||||||||
Net Assets – 100% | $ | 611,009,578 |
(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 has maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
(6) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
(7) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
ETM | Escrowed to maturity. |
LIBOR | London Inter-Bank Offered Rate. |
SIFMA | Securities Industry and Financial Markets Association Municipal Swap Index. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
208 | NUVEEN |
Assets and Liabilities | September 30, 2017 (Unaudited) |
All-American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
Assets | ||||||||||||||||||||
Long-term investments, at value (cost $3,311,563,050, $108,163,245, $5,060,710,284, $4,520,599,809 and $596,821,823, respectively) | $ | 3,533,290,900 | $ | 111,608,826 | $ | 5,257,404,977 | $ | 4,564,686,181 | $ | 600,436,829 | ||||||||||
Short-term investments, at value (cost $30,000,000, $1,000,000, $45,000,000, $38,016,030 and $10,809,512, respectively) | 30,000,000 | 1,000,000 | 45,000,000 | 38,016,022 | 10,806,644 | |||||||||||||||
Cash | 3,696,616 | 1,600,110 | — | 13,280,961 | 2,406,400 | |||||||||||||||
Cash collateral at broker for investments in swaps(1) | — | 227,286 | — | — | — | |||||||||||||||
Consumer price index swaps premiums paid | — | 484 | — | — | — | |||||||||||||||
Unrealized appreciation on consumer price index swaps | — | 35,604 | — | — | — | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Interest | 47,972,343 | 1,340,574 | 64,362,198 | 51,007,767 | 6,755,878 | |||||||||||||||
Investments sold | 7,934,378 | 425,000 | 33,236,005 | 5,011,567 | — | |||||||||||||||
Shares sold | 8,947,323 | 333,555 | 10,807,392 | 13,624,116 | 1,119,249 | |||||||||||||||
Other assets | 419,079 | 29,669 | 637,312 | 385,682 | 82,835 | |||||||||||||||
Total assets | 3,632,260,639 | 116,601,108 | 5,411,447,884 | 4,686,012,296 | 621,607,835 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Cash overdraft | — | — | 16,545,455 | — | — | |||||||||||||||
Floating rate obligations | 67,370,000 | — | — | — | — | |||||||||||||||
Unrealized depreciation on consumer price index swaps | — | 4,439,787 | — | — | — | |||||||||||||||
Payable for: | ||||||||||||||||||||
Dividends | 2,873,605 | 14,097 | 4,231,278 | 1,937,244 | 240,539 | |||||||||||||||
Investments purchased | 26,035,072 | 1,783,942 | 8,995,000 | 51,358,843 | 6,899,668 | |||||||||||||||
Shares redeemed | 6,016,495 | 436,204 | 5,286,749 | 6,582,261 | 3,035,594 | |||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Management fees | 1,184,186 | 27,407 | 1,775,111 | 1,332,687 | 206,447 | |||||||||||||||
Directors/Trustees fees | 362,628 | 681 | 600,308 | 351,651 | 34,683 | |||||||||||||||
12b-1 distribution and service fees | 502,091 | 8,934 | 183,344 | 417,151 | 41,494 | |||||||||||||||
Other | 614,160 | 55,837 | 1,064,171 | 750,383 | 139,832 | |||||||||||||||
Total liabilities | 104,958,237 | 6,766,889 | 38,681,416 | 62,730,220 | 10,598,257 | |||||||||||||||
Net assets | $ | 3,527,302,402 | $ | 109,834,219 | $ | 5,372,766,468 | $ | 4,623,282,076 | $ | 611,009,578 | ||||||||||
Class A Shares | ||||||||||||||||||||
Net assets | $ | 1,286,378,330 | $ | 27,450,421 | $ | 549,853,791 | $ | 1,103,326,652 | $ | 170,223,307 | ||||||||||
Shares outstanding | 110,579,688 | 2,567,452 | 59,510,767 | 100,217,852 | 16,897,110 | |||||||||||||||
Net asset value (“NAV”) per share | $ | 11.63 | $ | 10.69 | $ | 9.24 | $ | 11.01 | $ | 10.07 | ||||||||||
Offering price per share (NAV per share plus maximum sales charge of 4.20%, 3.00%, 3.00%, 2.50% and 2.50%, respectively, of offering price) | $ | 12.14 | $ | 11.02 | $ | 9.53 | $ | 11.29 | $ | 10.33 | ||||||||||
Class C Shares | ||||||||||||||||||||
Net assets | $ | 175,313,392 | $ | 1,546,835 | $ | 47,176,336 | $ | 102,063,258 | $ | 9,235,140 | ||||||||||
Shares outstanding | 15,069,019 | 144,739 | 5,104,669 | 9,307,951 | 918,700 | |||||||||||||||
NAV and offering price per share | $ | 11.63 | $ | 10.69 | $ | 9.24 | $ | 10.97 | $ | 10.05 | ||||||||||
Class C2 Shares | ||||||||||||||||||||
Net assets | $ | 237,348,637 | $ | 5,060,453 | $ | 72,591,315 | $ | 326,794,136 | $ | 10,712,822 | ||||||||||
Shares outstanding | 20,400,521 | 473,227 | 7,846,608 | 29,764,548 | 1,064,444 | |||||||||||||||
NAV and offering price per share | $ | 11.63 | $ | 10.69 | $ | 9.25 | $ | 10.98 | $ | 10.06 | ||||||||||
Class R6 Shares | ||||||||||||||||||||
Net assets | $ | 6,212,343 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Shares outstanding | 531,736 | — | — | — | — | |||||||||||||||
NAV and offering price per share | $ | 11.68 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Class I Shares | ||||||||||||||||||||
Net assets | $ | 1,822,049,700 | $ | 75,776,510 | $ | 4,703,145,026 | $ | 3,091,098,030 | $ | 420,838,309 | ||||||||||
Shares outstanding | 155,982,079 | 7,068,711 | 507,655,832 | 281,892,443 | 41,737,886 | |||||||||||||||
NAV and offering price per share | $ | 11.68 | $ | 10.72 | $ | 9.26 | $ | 10.97 | $ | 10.08 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid-in | $ | 3,373,831,658 | $ | 115,714,326 | $ | 5,179,760,834 | $ | 4,588,445,818 | $ | 607,318,278 | ||||||||||
Undistributed (Over-distribution of) net investment income | 6,972,291 | 19,094 | 12,191,832 | 6,625,606 | 741,193 | |||||||||||||||
Accumulated net realized gain (loss) | (75,256,397 | ) | (4,940,599 | ) | (15,880,891 | ) | (15,875,712 | ) | (662,031 | ) | ||||||||||
Net unrealized appreciation (depreciation) | 221,727,850 | (958,602 | ) | 196,694,693 | 44,086,364 | 3,612,138 | ||||||||||||||
Net assets | $ | 3,527,302,402 | $ | 109,834,219 | $ | 5,372,766,468 | $ | 4,623,282,076 | $ | 611,009,578 | ||||||||||
Authorized shares – per class | Unlimited | Unlimited | Unlimited | Unlimited | 2 billion | |||||||||||||||
Par value per share | $ | 0.01 | $ | 0.01 | $ | 0.001 | $ | 0.01 | $ | 0.0001 |
(1) | Cash pledged to collateralize the net payment obligations for investments in swaps is in addition to the Fund’s securities pledged as collateral as noted in the Fund’s Portfolio of Investments. |
See accompanying notes to financial statements.
NUVEEN | 209 |
Operations | Six Months Ended September 30, 2017 (Unaudited) |
All-American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
Investment Income | $ | 76,053,413 | $ | 1,481,818 | $ | 94,110,961 | $ | 57,457,577 | $ | 5,432,125 | ||||||||||
Expenses | ||||||||||||||||||||
Management fees | 6,962,106 | 234,266 | 10,670,530 | 8,090,545 | 1,282,028 | |||||||||||||||
12b-1 service fees – Class A Shares | 1,217,753 | 28,374 | 531,272 | 1,107,950 | 182,222 | |||||||||||||||
12b-1 distribution and service fees – Class C Shares | 846,974 | 7,419 | 232,236 | 541,813 | 49,475 | |||||||||||||||
12b-1 distribution and service fees – Class C2 Shares | 933,098 | 19,290 | 291,955 | 967,447 | 30,913 | |||||||||||||||
Shareholder servicing agent fees | 732,263 | 34,759 | 1,226,531 | 876,605 | 110,511 | |||||||||||||||
Interest expense | 474,107 | — | — | — | — | |||||||||||||||
Custodian fees | 182,937 | 24,703 | 269,826 | 246,501 | 101,862 | |||||||||||||||
Directors/Trustees fees | 51,706 | 1,725 | 79,816 | 70,646 | 9,678 | |||||||||||||||
Professional fees | 85,025 | 20,685 | 93,272 | 85,630 | 28,219 | |||||||||||||||
Shareholder reporting expenses | 95,098 | 9,214 | 180,450 | 127,341 | 18,929 | |||||||||||||||
Federal and state registration fees | 150,235 | 50,352 | 110,706 | 137,000 | 58,732 | |||||||||||||||
Other | 45,700 | 5,750 | 81,598 | 94,164 | 10,104 | |||||||||||||||
Total expenses before fee waiver/expense reimbursement | 11,777,002 | 436,537 | 13,768,192 | 12,345,642 | 1,882,673 | |||||||||||||||
Fee waiver/expense reimbursement | — | (96,119 | ) | — | — | — | ||||||||||||||
Net expenses | 11,777,002 | 340,418 | 13,768,192 | 12,345,642 | 1,882,673 | |||||||||||||||
Net investment income (loss) | 64,276,411 | 1,141,400 | 80,342,769 | 45,111,935 | 3,549,452 | |||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) from investments: | ||||||||||||||||||||
Investments | (907,093 | ) | (21,872 | ) | 1,190,069 | 358,859 | 36,316 | |||||||||||||
Swaps | — | (710 | ) | — | — | — | ||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments | 80,864,175 | 1,939,369 | 115,470,307 | 52,296,575 | 2,161,602 | |||||||||||||||
Swaps | — | (1,324,214 | ) | — | — | — | ||||||||||||||
Net realized and unrealized gain (loss) | 79,957,082 | 592,573 | 116,660,376 | 52,655,434 | 2,197,918 | |||||||||||||||
Net increase (decrease) in net assets from operations | $ | 144,233,493 | $ | 1,733,973 | $ | 197,003,145 | $ | 97,767,369 | $ | 5,747,370 |
See accompanying notes to financial statements.
210 | NUVEEN |
Changes in Net Assets | (Unaudited) |
All-American | Inflation Protected | |||||||||||||||||||||||||||
Six Months Ended 9/30/17 | Eleven Months Ended 3/31/17 | Year Ended 4/30/16 | Six Months Ended 9/30/17 | Eleven Months Ended 3/31/17 | Year Ended 4/30/16 | |||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Net investment income (loss) | $ | 64,276,411 | $ | 109,754,345 | $ | 97,394,761 | $ | 1,141,400 | $ | 1,051,237 | $ | 1,114,018 | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||||
Investments | (907,093 | ) | (18,948,368 | ) | 5,224,271 | (21,872 | ) | (77,951 | ) | 3,608 | ||||||||||||||||||
Futures contracts | — | — | — | — | — | — | ||||||||||||||||||||||
Swaps | — | — | — | (710 | ) | (530,237 | ) | (861,457 | ) | |||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||||||
Investments | 80,864,175 | (122,209,365 | ) | 52,524,525 | 1,939,369 | (803,079 | ) | 1,027,350 | ||||||||||||||||||||
Swaps | — | — | — | (1,324,214 | ) | 1,562,798 | (179,459 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 144,233,493 | (31,403,388 | ) | 155,143,557 | 1,733,973 | 1,202,768 | 1,104,060 | |||||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||||||
Class A Shares | (21,949,940 | ) | (41,647,815 | ) | (39,053,373 | ) | (298,129 | ) | (538,208 | ) | (545,362 | ) | ||||||||||||||||
Class C Shares | (2,395,033 | ) | (3,965,886 | ) | (2,207,822 | ) | (9,694 | ) | (14,007 | ) | (19,201 | ) | ||||||||||||||||
Class C2 Shares | (3,780,055 | ) | (8,241,009 | ) | (10,127,396 | ) | (39,694 | ) | (93,512 | ) | (133,687 | ) | ||||||||||||||||
Class R6 Shares(1) | (128,636 | ) | (186,761 | ) | — | — | — | — | ||||||||||||||||||||
Class I Shares | (32,973,791 | ) | (54,333,898 | ) | (47,715,010 | ) | (753,078 | ) | (489,993 | ) | (443,595 | ) | ||||||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||||||||||
Class A Shares | — | — | — | — | — | — | ||||||||||||||||||||||
Class C Shares | — | — | — | — | — | — | ||||||||||||||||||||||
Class C2 Shares | — | — | — | — | — | — | ||||||||||||||||||||||
Class R6 Shares(1) | — | — | — | — | — | — | ||||||||||||||||||||||
Class I Shares | — | — | — | — | — | — | ||||||||||||||||||||||
Decrease in net assets from distributions to shareholders | (61,227,455 | ) | (108,375,369 | ) | (99,103,601 | ) | (1,100,595 | ) | (1,135,720 | ) | (1,141,845 | ) | ||||||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||||||
Proceeds from sale of shares | 497,739,857 | 1,259,722,294 | 793,145,702 | 27,673,750 | 73,972,211 | 9,670,740 | ||||||||||||||||||||||
Proceeds from shares issued to shareholders due to | 44,591,218 | 76,790,471 | 68,074,039 | 1,016,910 | 1,046,198 | 1,081,857 | ||||||||||||||||||||||
542,331,075 | 1,336,512,765 | 861,219,741 | 28,690,660 | 75,018,409 | 10,752,597 | |||||||||||||||||||||||
Cost of shares redeemed | (323,349,858 | ) | (983,985,170 | ) | (405,292,419 | ) | (12,360,786 | ) | (24,805,289 | ) | (21,552,502 | ) | ||||||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 218,981,217 | 352,527,595 | 455,927,322 | 16,329,874 | 50,213,120 | (10,799,905 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets | 301,987,255 | 212,748,838 | 511,967,278 | 16,963,252 | 50,280,168 | (10,837,690 | ) | |||||||||||||||||||||
Net assets at the beginning of period | 3,225,315,147 | 3,012,566,309 | 2,500,599,031 | 92,870,967 | 42,590,799 | 53,428,489 | ||||||||||||||||||||||
Net assets at the end of period | $ | 3,527,302,402 | $ | 3,225,315,147 | $ | 3,012,566,309 | $ | 109,834,219 | $ | 92,870,967 | $ | 42,590,799 | ||||||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 6,972,291 | $ | 3,923,335 | $ | 2,696,684 | $ | 19,094 | $ | (21,711 | ) | $ | 64,009 |
1 | Class R6 Shares for All-American were established on June 30, 2016. |
See accompanying notes to financial statements.
NUVEEN | 211 |
Statement of Changes in Net Assets (Unaudited) (continued)
Intermediate Duration | Limited Term | |||||||||||||||||||||||||||
Six Months Ended 9/30/17 | Eleven Months Ended 3/31/17 | Year Ended 4/30/16 | Six Months Ended 9/30/17 | Eleven Months Ended 3/31/17 | Year Ended 4/30/16 | |||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Net investment income (loss) | $ | 80,342,769 | $ | 139,562,317 | $ | 134,948,487 | $ | 45,111,935 | $ | 77,526,782 | $ | 79,946,662 | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||||
Investments | 1,190,069 | (8,110,898 | ) | 4,569,565 | 358,859 | (3,931,727 | ) | 2,714,425 | ||||||||||||||||||||
Futures contracts | — | — | 617,735 | — | — | — | ||||||||||||||||||||||
Swaps | — | — | — | — | — | — | ||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||||||
Investments | 115,470,307 | (211,349,065 | ) | 80,907,551 | 52,296,575 | (126,322,479 | ) | 25,392,818 | ||||||||||||||||||||
Swaps | — | — | — | — | — | — | ||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 197,003,145 | (79,897,646 | ) | 221,043,338 | 97,767,369 | (52,727,424 | ) | 108,053,905 | ||||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||||||
Class A Shares | (7,256,184 | ) | (27,985,894 | ) | (20,944,763 | ) | (9,742,001 | ) | (20,535,108 | ) | (21,389,495 | ) | ||||||||||||||||
Class C Shares | (453,012 | ) | (796,069 | ) | (490,682 | ) | (512,658 | ) | (984,833 | ) | (767,472 | ) | ||||||||||||||||
Class C2 Shares | (860,730 | ) | (1,928,864 | ) | (2,384,876 | ) | (2,430,730 | ) | (5,530,934 | ) | (7,246,079 | ) | ||||||||||||||||
Class R6 Shares | — | — | — | — | — | — | ||||||||||||||||||||||
Class I Shares | (67,664,878 | ) | (110,079,083 | ) | (109,851,125 | ) | (29,272,062 | ) | (52,230,761 | ) | (49,746,560 | ) | ||||||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||||||||||
Class A Shares | — | (1,046,205 | ) | — | — | — | — | |||||||||||||||||||||
Class C Shares | — | (41,639 | ) | — | — | — | — | |||||||||||||||||||||
Class C2 Shares | — | (83,316 | ) | — | — | — | — | |||||||||||||||||||||
Class R6 Shares | — | — | — | — | — | — | ||||||||||||||||||||||
Class I Shares | — | (3,689,947 | ) | — | — | — | — | |||||||||||||||||||||
Decrease in net assets from distributions to shareholders | (76,234,804 | ) | (145,651,017 | ) | (133,671,446 | ) | (41,957,451 | ) | (79,281,636 | ) | (79,149,606 | ) | ||||||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||||||
Proceeds from sale of shares | 610,271,720 | 2,121,948,192 | 1,634,898,252 | 653,238,179 | 2,254,821,137 | 1,619,746,263 | ||||||||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 51,198,966 | 96,724,626 | 86,140,928 | 30,327,102 | 55,429,294 | 53,543,471 | ||||||||||||||||||||||
661,470,686 | 2,218,672,818 | 1,721,039,180 | 683,565,281 | 2,310,250,431 | 1,673,289,734 | |||||||||||||||||||||||
Cost of shares redeemed | (531,648,856 | ) | (2,063,831,985 | ) | (1,093,585,011 | ) | (718,420,329 | ) | (2,081,012,574 | ) | (1,167,892,771 | ) | ||||||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 129,821,830 | 154,840,833 | 627,454,169 | (34,855,048 | ) | 229,237,857 | 505,396,963 | |||||||||||||||||||||
Net increase (decrease) in net assets | 250,590,171 | (70,707,830 | ) | 714,826,061 | 20,954,870 | 97,228,797 | 534,301,262 | |||||||||||||||||||||
Net assets at the beginning of period | 5,122,176,297 | 5,192,884,127 | 4,478,058,066 | 4,602,327,206 | 4,505,098,409 | 3,970,797,147 | ||||||||||||||||||||||
Net assets at the end of period | $ | 5,372,766,468 | $ | 5,122,176,297 | $ | 5,192,884,127 | $ | 4,623,282,076 | $ | 4,602,327,206 | $ | 4,505,098,409 | ||||||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 12,191,832 | $ | 8,083,867 | $ | 9,476,392 | $ | 6,625,606 | $ | 3,471,122 | $ | 5,295,771 |
See accompanying notes to financial statements.
212 | NUVEEN |
Short Term | ||||||||||||
Six Months Ended 9/30/17 | Eleven Months Ended | Year Ended | ||||||||||
Operations | ||||||||||||
Net investment income (loss) | $ | 3,549,452 | $ | 6,401,387 | $ | 7,396,872 | ||||||
Net realized gain (loss) from: | ||||||||||||
Investments | 36,316 | (68,245 | ) | (325,327 | ) | |||||||
Futures contracts | — | — | — | |||||||||
Swaps | — | — | — | |||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||
Investments | 2,161,602 | (4,831,090 | ) | 708,617 | ||||||||
Swaps | — | — | — | |||||||||
Net increase (decrease) in net assets from operations | 5,747,370 | 1,502,052 | 7,780,162 | |||||||||
Distributions to Shareholders | ||||||||||||
From net investment income: | ||||||||||||
Class A Shares | (865,138 | ) | (1,658,567 | ) | (1,597,461 | ) | ||||||
Class C Shares | (8,841 | ) | (14,338 | ) | (16,789 | ) | ||||||
Class C2 Shares | (33,424 | ) | (68,591 | ) | (86,239 | ) | ||||||
Class R6 Shares | — | — | — | |||||||||
Class I Shares | (2,392,377 | ) | (4,461,060 | ) | (5,170,312 | ) | ||||||
From accumulated net realized gains: | ||||||||||||
Class A Shares | — | — | — | |||||||||
Class C Shares | — | — | — | |||||||||
Class C2 Shares | — | — | — | |||||||||
Class R6 Shares | — | — | — | |||||||||
Class I Shares | — | — | — | |||||||||
Decrease in net assets from distributions to shareholders | (3,299,780 | ) | (6,202,556 | ) | (6,870,801 | ) | ||||||
Fund Share Transactions | ||||||||||||
Proceeds from sale of shares | 90,417,083 | 433,191,112 | 251,309,993 | |||||||||
Proceeds from shares issued to shareholders due to | 1,791,356 | 3,346,466 | 3,366,594 | |||||||||
92,208,439 | 436,537,578 | 254,676,587 | ||||||||||
Cost of shares redeemed | (123,422,954 | ) | (441,460,355 | ) | (326,957,476 | ) | ||||||
Net increase (decrease) in net assets from Fund share transactions | (31,214,515 | ) | (4,922,777 | ) | (72,280,889 | ) | ||||||
Net increase (decrease) in net assets | (28,766,925 | ) | (9,623,281 | ) | (71,371,528 | ) | ||||||
Net assets at the beginning of period | 639,776,503 | 649,399,784 | 720,771,312 | |||||||||
Net assets at the end of period | $ | 611,009,578 | $ | 639,776,503 | $ | 649,399,784 | ||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 741,193 | $ | 491,521 | $ | 292,690 |
See accompanying notes to financial statements.
NUVEEN | 213 |
Highlights (Unaudited)
All-American
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date) | Beginning NAV | Net Investment Income (Loss)(a) | Net Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (10/88) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | $ | 11.34 | $ | 0.22 | $ | 0.28 | $ | 0.50 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 11.63 | ||||||||||||||||||
2017(h) | 11.80 | 0.39 | (0.46 | ) | (0.07 | ) | (0.39 | ) | — | (0.39 | ) | 11.34 | ||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 11.57 | 0.43 | 0.23 | 0.66 | (0.43 | ) | — | (0.43 | ) | 11.80 | ||||||||||||||||||||||||||
2015 | 11.23 | 0.46 | 0.36 | 0.82 | (0.48 | ) | — | (0.48 | ) | 11.57 | ||||||||||||||||||||||||||
2014 | 11.76 | 0.49 | (0.56 | ) | (0.07 | ) | (0.46 | ) | — | (0.46 | ) | 11.23 | ||||||||||||||||||||||||
2013 | 11.36 | 0.47 | 0.41 | 0.88 | (0.48 | ) | — | (0.48 | ) | 11.76 | ||||||||||||||||||||||||||
2012 | 10.24 | 0.54 | 1.13 | 1.67 | (0.55 | ) | — | (0.55 | ) | 11.36 | ||||||||||||||||||||||||||
Class C (2/14) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 11.35 | 0.17 | 0.27 | 0.44 | (0.16 | ) | — | (0.16 | ) | 11.63 | ||||||||||||||||||||||||||
2017(h) | 11.80 | 0.31 | (0.46 | ) | (0.15 | ) | (0.30 | ) | — | (0.30 | ) | 11.35 | ||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 11.58 | 0.33 | 0.23 | 0.56 | (0.34 | ) | — | (0.34 | ) | 11.80 | ||||||||||||||||||||||||||
2015 | 11.24 | 0.36 | 0.37 | 0.73 | (0.39 | ) | — | (0.39 | ) | 11.58 | ||||||||||||||||||||||||||
2014(e) | 10.99 | 0.02 | 0.32 | 0.34 | (0.09 | ) | — | (0.09 | ) | 11.24 | ||||||||||||||||||||||||||
Class C2 (6/93)(f) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 11.35 | 0.19 | 0.27 | 0.46 | (0.18 | ) | — | (0.18 | ) | 11.63 | ||||||||||||||||||||||||||
2017(h) | 11.80 | 0.33 | (0.45 | ) | (0.12 | ) | (0.33 | ) | — | (0.33 | ) | 11.35 | ||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 11.58 | 0.36 | 0.23 | 0.59 | (0.37 | ) | — | (0.37 | ) | 11.80 | ||||||||||||||||||||||||||
2015 | 11.24 | 0.40 | 0.36 | 0.76 | (0.42 | ) | — | (0.42 | ) | 11.58 | ||||||||||||||||||||||||||
2014 | 11.76 | 0.43 | (0.55 | ) | (0.12 | ) | (0.40 | ) | — | (0.40 | ) | 11.24 | ||||||||||||||||||||||||
2013 | 11.37 | 0.40 | 0.41 | 0.81 | (0.42 | ) | — | (0.42 | ) | 11.76 | ||||||||||||||||||||||||||
2012 | 10.24 | 0.48 | 1.14 | 1.62 | (0.49 | ) | — | (0.49 | ) | 11.37 | ||||||||||||||||||||||||||
Class R6 (6/16) | ||||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 11.39 | 0.23 | 0.28 | 0.51 | (0.22 | ) | — | (0.22 | ) | 11.68 | ||||||||||||||||||||||||||
2017(g) | 12.09 | 0.34 | (0.71 | ) | (0.37 | ) | (0.33 | ) | — | (0.33 | ) | 11.39 | ||||||||||||||||||||||||
Class I (2/97) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 11.39 | 0.23 | 0.28 | 0.51 | (0.22 | ) | — | (0.22 | ) | 11.68 | ||||||||||||||||||||||||||
2017(h) | 11.85 | 0.41 | (0.46 | ) | (0.05 | ) | (0.41 | ) | — | (0.41 | ) | 11.39 | ||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 11.62 | 0.45 | 0.24 | 0.69 | (0.46 | ) | — | (0.46 | ) | 11.85 | ||||||||||||||||||||||||||
2015 | 11.28 | 0.49 | 0.35 | 0.84 | (0.50 | ) | — | (0.50 | ) | 11.62 | ||||||||||||||||||||||||||
2014 | 11.80 | 0.51 | (0.55 | ) | (0.04 | ) | (0.48 | ) | — | (0.48 | ) | 11.28 | ||||||||||||||||||||||||
2013 | 11.40 | 0.49 | 0.41 | 0.90 | (0.50 | ) | — | (0.50 | ) | 11.80 | ||||||||||||||||||||||||||
2012 | 10.28 | 0.55 | 1.14 | 1.69 | (0.57 | ) | — | (0.57 | ) | 11.40 |
214 | 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) | |||||||||||||||||||||||||
4.42 | % | $ | 1,286,378 | 0.72 | %* | 0.69 | %* | 3.78 | %* | 10 | % | |||||||||||||||||||
(0.66 | ) | 1,136,311 | 0.73 | * | 0.70 | * | 3.66 | * | 24 | |||||||||||||||||||||
5.85 | 1,170,705 | 0.70 | 0.70 | 3.68 | 13 | |||||||||||||||||||||||||
7.38 | 989,477 | 0.71 | 0.71 | 4.01 | 18 | |||||||||||||||||||||||||
(0.42 | ) | 907,137 | 0.72 | 0.72 | 4.46 | 13 | ||||||||||||||||||||||||
7.83 | 1,230,356 | 0.72 | 0.72 | 4.01 | 17 | |||||||||||||||||||||||||
16.68 | 969,745 | 0.78 | 0.77 | 4.98 | 18 | |||||||||||||||||||||||||
3.93 | 175,313 | 1.52 | * | 1.49 | * | 2.98 | * | 10 | ||||||||||||||||||||||
(1.38 | ) | 163,496 | 1.52 | * | 1.49 | * | 2.87 | * | 24 | |||||||||||||||||||||
5.04 | 116,024 | 1.50 | 1.50 | 2.86 | 13 | |||||||||||||||||||||||||
6.54 | 48,472 | 1.51 | 1.51 | 3.09 | 18 | |||||||||||||||||||||||||
3.06 | 4,923 | 1.50 | * | 1.50 | * | 3.39 | * | 13 | ||||||||||||||||||||||
4.04 | 237,349 | 1.27 | * | 1.24 | * | 3.24 | * | 10 | ||||||||||||||||||||||
(1.07 | ) | 264,617 | 1.28 | * | 1.25 | * | 3.11 | * | 24 | |||||||||||||||||||||
5.22 | 308,100 | 1.25 | 1.25 | 3.13 | 13 | |||||||||||||||||||||||||
6.82 | 328,649 | 1.26 | 1.26 | 3.47 | 18 | |||||||||||||||||||||||||
(0.90 | ) | 353,220 | 1.27 | 1.27 | 3.91 | 13 | ||||||||||||||||||||||||
7.17 | 494,747 | 1.27 | 1.27 | 3.45 | 17 | |||||||||||||||||||||||||
16.14 | 361,364 | 1.33 | 1.32 | 4.43 | 18 | |||||||||||||||||||||||||
4.51 | 6,212 | 0.49 | * | 0.46 | * | 4.02 | * | 10 | ||||||||||||||||||||||
(3.04 | ) | 6,674 | 0.49 | * | 0.46 | * | 3.95 | * | 24 | |||||||||||||||||||||
4.51 | 1,822,050 | 0.52 | * | 0.49 | * | 3.98 | * | 10 | ||||||||||||||||||||||
(0.47 | ) | 1,654,217 | 0.53 | * | 0.50 | * | 3.86 | * | 24 | |||||||||||||||||||||
6.05 | 1,417,738 | 0.50 | 0.50 | 3.88 | 13 | |||||||||||||||||||||||||
7.57 | 1,134,001 | 0.51 | 0.51 | 4.21 | 18 | |||||||||||||||||||||||||
(0.14 | ) | 962,101 | 0.52 | 0.52 | 4.66 | 13 | ||||||||||||||||||||||||
8.03 | 1,283,660 | 0.52 | 0.52 | 4.22 | 17 | |||||||||||||||||||||||||
16.71 | 1,120,747 | 0.56 | 0.55 | 5.13 | 18 |
(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 April 30, 2014. |
(f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
(g) | For the period June 30, 2016 (commencement of operations) through March 31, 2017. |
(h) | For the eleven months ended March 31, 2017. |
(i) | For the six months ended September 30, 2017. |
* | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 215 |
Financial Highlights (Unaudited) (continued)
Inflation Protected
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
| Beginning NAV | Net Investment Income (Loss)(a) | Net Gain (Loss) | Total | From Net Investment Income | From Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (3/11) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(h) | $ | 10.62 | $ | 0.11 | $ | 0.07 | $ | 0.18 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | $ | 10.69 | ||||||||||||||||||
2017(g) | 10.66 | 0.22 | (0.02 | ) | 0.20 | (0.24 | ) | — | (0.24 | ) | 10.62 | |||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 10.63 | 0.26 | 0.03 | 0.29 | (0.26 | ) | — | (0.26 | ) | 10.66 | ||||||||||||||||||||||||||
2015 | 10.77 | 0.27 | (0.14 | ) | 0.13 | (0.27 | ) | — | (0.27 | ) | 10.63 | |||||||||||||||||||||||||
2014 | 11.31 | 0.26 | (0.55 | ) | (0.29 | ) | (0.25 | ) | — | (0.25 | ) | 10.77 | ||||||||||||||||||||||||
2013 | 11.01 | 0.24 | 0.35 | 0.59 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 11.31 | |||||||||||||||||||||||||
2012 | 10.36 | 0.33 | 0.66 | 0.99 | (0.34 | ) | — | (0.34 | ) | 11.01 | ||||||||||||||||||||||||||
Class C (2/14) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(h) | 10.62 | 0.07 | 0.07 | 0.14 | (0.07 | ) | — | (0.07 | ) | 10.69 | ||||||||||||||||||||||||||
2017(g) | 10.66 | 0.14 | (0.02 | ) | 0.12 | (0.16 | ) | — | (0.16 | ) | 10.62 | |||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 10.62 | 0.17 | 0.04 | 0.21 | (0.17 | ) | — | (0.17 | ) | 10.66 | ||||||||||||||||||||||||||
2015 | 10.76 | 0.18 | (0.14 | ) | 0.04 | (0.18 | ) | — | (0.18 | ) | 10.62 | |||||||||||||||||||||||||
2014(e) | 10.61 | 0.02 | 0.17 | 0.19 | (0.04 | ) | — | (0.04 | ) | 10.76 | ||||||||||||||||||||||||||
Class C2 (3/11)(f) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(h) | 10.62 | 0.09 | 0.06 | 0.15 | (0.08 | ) | — | (0.08 | ) | 10.69 | ||||||||||||||||||||||||||
2017(g) | 10.66 | 0.17 | (0.03 | ) | 0.14 | (0.18 | ) | — | (0.18 | ) | 10.62 | |||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 10.62 | 0.20 | 0.04 | 0.24 | (0.20 | ) | — | (0.20 | ) | 10.66 | ||||||||||||||||||||||||||
2015 | 10.76 | 0.21 | (0.14 | ) | 0.07 | (0.21 | ) | — | (0.21 | ) | 10.62 | |||||||||||||||||||||||||
2014 | 11.30 | 0.21 | (0.57 | ) | (0.36 | ) | (0.18 | ) | — | (0.18 | ) | 10.76 | ||||||||||||||||||||||||
2013 | 11.00 | 0.18 | 0.35 | 0.53 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 11.30 | |||||||||||||||||||||||||
2012 | 10.36 | 0.27 | 0.66 | 0.93 | (0.29 | ) | — | (0.29 | ) | 11.00 | ||||||||||||||||||||||||||
Class I (3/11) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(h) | 10.65 | 0.13 | 0.06 | 0.19 | (0.12 | ) | — | (0.12 | ) | 10.72 | ||||||||||||||||||||||||||
2017(g) | 10.69 | 0.23 | (0.02 | ) | 0.21 | (0.25 | ) | — | (0.25 | ) | 10.65 | |||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 10.64 | 0.28 | 0.05 | 0.33 | (0.28 | ) | — | (0.28 | ) | 10.69 | ||||||||||||||||||||||||||
2015 | 10.78 | 0.29 | (0.15 | ) | 0.14 | (0.28 | ) | — | (0.28 | ) | 10.64 | |||||||||||||||||||||||||
2014 | 11.32 | 0.29 | (0.57 | ) | (0.28 | ) | (0.26 | ) | — | (0.26 | ) | 10.78 | ||||||||||||||||||||||||
2013 | 11.01 | 0.26 | 0.36 | 0.62 | (0.30 | ) | (0.01 | ) | (0.31 | ) | 11.32 | |||||||||||||||||||||||||
2012 | 10.37 | 0.35 | 0.65 | 1.00 | (0.36 | ) | — | (0.36 | ) | 11.01 |
216 | NUVEEN |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||||||
1.72 | % | $ | 27,450 | 0.95 | %* | 1.96 | %* | 0.76 | %* | 2.15 | %* | 2 | % | |||||||||||||||||||||
1.87 | 27,684 | 1.07 | * | 1.94 | * | 0.76 | * | 2.25 | * | 11 | ||||||||||||||||||||||||
2.83 | 21,289 | 1.05 | 2.15 | 0.77 | 2.44 | 1 | ||||||||||||||||||||||||||||
1.14 | 24,104 | 0.99 | 2.26 | 0.77 | 2.48 | 20 | ||||||||||||||||||||||||||||
(2.53 | ) | 28,862 | 0.96 | 2.29 | 0.77 | 2.49 | 19 | |||||||||||||||||||||||||||
5.39 | 61,926 | 1.01 | 1.87 | 0.77 | 2.11 | 9 | ||||||||||||||||||||||||||||
9.74 | 7,339 | 1.46 | 2.44 | 0.78 | 3.13 | 14 | ||||||||||||||||||||||||||||
1.33 | 1,547 | 1.75 | * | 1.16 | * | 1.56 | * | 1.35 | * | 2 | ||||||||||||||||||||||||
1.10 | 1,292 | 1.87 | * | 1.13 | * | 1.56 | * | 1.44 | * | 11 | ||||||||||||||||||||||||
2.05 | 956 | 1.85 | 1.36 | 1.57 | 1.64 | 1 | ||||||||||||||||||||||||||||
0.31 | 1,344 | 1.80 | 1.41 | 1.57 | 1.65 | 20 | ||||||||||||||||||||||||||||
1.79 | 238 | 1.69 | * | 1.66 | * | 1.59 | * | 1.75 | * | 19 | ||||||||||||||||||||||||
1.44 | 5,060 | 1.50 | * | 1.41 | * | 1.31 | * | 1.60 | * | 2 | ||||||||||||||||||||||||
1.35 | 5,179 | 1.63 | * | 1.39 | * | 1.31 | * | 1.71 | * | 11 | ||||||||||||||||||||||||
2.34 | 5,827 | 1.60 | 1.61 | 1.32 | 1.90 | 1 | ||||||||||||||||||||||||||||
0.59 | 7,697 | 1.54 | 1.72 | 1.32 | 1.94 | 20 | ||||||||||||||||||||||||||||
(3.10 | ) | 10,221 | 1.52 | 1.76 | 1.32 | 1.96 | 19 | |||||||||||||||||||||||||||
4.81 | 15,064 | 1.57 | 1.33 | 1.32 | 1.58 | 9 | ||||||||||||||||||||||||||||
9.07 | 4,209 | 2.03 | 1.87 | 1.33 | 2.57 | 14 | ||||||||||||||||||||||||||||
1.81 | 75,777 | 0.75 | * | 2.16 | * | 0.56 | * | 2.35 | * | 2 | ||||||||||||||||||||||||
2.03 | 58,716 | 0.86 | * | 2.11 | * | 0.56 | * | 2.40 | * | 11 | ||||||||||||||||||||||||
3.19 | 14,519 | 0.85 | 2.35 | 0.57 | 2.64 | 1 | ||||||||||||||||||||||||||||
1.31 | 20,284 | 0.78 | 2.46 | 0.57 | 2.68 | 20 | ||||||||||||||||||||||||||||
(2.36 | ) | 24,960 | 0.77 | 2.52 | 0.57 | 2.72 | 19 | |||||||||||||||||||||||||||
5.65 | 35,046 | 0.82 | 2.10 | 0.57 | 2.35 | 9 | ||||||||||||||||||||||||||||
9.82 | 6,704 | 1.22 | 2.64 | 0.58 | 3.28 | 14 |
(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) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(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 April 30, 2014. |
(f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
(g) | For the eleven months ended March 31, 2017. |
(h) | For the six months ended September 30, 2017. |
* | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 217 |
Financial Highlights (Unaudited) (continued)
Intermediate Duration
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date) | 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 (6/95) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | $ | 9.03 | $ | 0.13 | $ | 0.21 | $ | 0.34 | $ | (0.13 | ) | $ | — | $ | (0.13 | ) | $ | 9.24 | ||||||||||||||||||
2017(h) | 9.40 | 0.23 | (0.36 | ) | (0.13 | ) | (0.23 | ) | (0.01 | ) | (0.24 | ) | 9.03 | |||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 9.22 | 0.26 | 0.18 | 0.44 | (0.26 | ) | — | (0.26 | ) | 9.40 | ||||||||||||||||||||||||||
2015 | 9.13 | 0.26 | 0.10 | 0.36 | (0.27 | ) | — | (0.27 | ) | 9.22 | ||||||||||||||||||||||||||
2014 | 9.38 | 0.29 | (0.26 | ) | 0.03 | (0.28 | ) | — | (0.28 | ) | 9.13 | |||||||||||||||||||||||||
2013 | 9.25 | 0.30 | 0.14 | 0.44 | (0.31 | ) | — | (0.31 | ) | 9.38 | ||||||||||||||||||||||||||
2012 | 8.84 | 0.34 | 0.42 | 0.76 | (0.35 | ) | — | (0.35 | ) | 9.25 | ||||||||||||||||||||||||||
Class C (2/14) | ||||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 9.03 | 0.10 | 0.20 | 0.30 | (0.09 | ) | — | (0.09 | ) | 9.24 | ||||||||||||||||||||||||||
2017(h) | 9.40 | 0.16 | (0.35 | ) | (0.19 | ) | (0.17 | ) | (0.01 | ) | (0.18 | ) | 9.03 | |||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 9.23 | 0.18 | 0.18 | 0.36 | (0.19 | ) | — | (0.19 | ) | 9.40 | ||||||||||||||||||||||||||
2015 | 9.14 | 0.19 | 0.10 | 0.29 | (0.20 | ) | — | (0.20 | ) | 9.23 | ||||||||||||||||||||||||||
2014(f) | 9.05 | 0.01 | 0.12 | 0.13 | (0.04 | ) | — | (0.04 | ) | 9.14 | ||||||||||||||||||||||||||
Class C2 (6/95)(g) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 9.04 | 0.11 | 0.20 | 0.31 | (0.10 | ) | — | (0.10 | ) | 9.25 | ||||||||||||||||||||||||||
2017(h) | 9.41 | 0.18 | (0.35 | ) | (0.17 | ) | (0.19 | ) | (0.01 | ) | (0.20 | ) | 9.04 | |||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 9.24 | 0.21 | 0.17 | 0.38 | (0.21 | ) | — | (0.21 | ) | 9.41 | ||||||||||||||||||||||||||
2015 | 9.15 | 0.22 | 0.09 | 0.31 | (0.22 | ) | — | (0.22 | ) | 9.24 | ||||||||||||||||||||||||||
2014 | 9.41 | 0.24 | (0.27 | ) | (0.03 | ) | (0.23 | ) | — | (0.23 | ) | 9.15 | ||||||||||||||||||||||||
2013 | 9.27 | 0.25 | 0.15 | 0.40 | (0.26 | ) | — | (0.26 | ) | 9.41 | ||||||||||||||||||||||||||
2012 | 8.87 | 0.29 | 0.41 | 0.70 | (0.30 | ) | — | (0.30 | ) | 9.27 | ||||||||||||||||||||||||||
Class I (11/76) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 9.05 | 0.14 | 0.21 | 0.35 | (0.14 | ) | — | (0.14 | ) | 9.26 | ||||||||||||||||||||||||||
2017(h) | 9.42 | 0.25 | (0.36 | ) | (0.11 | ) | (0.25 | ) | (0.01 | ) | (0.26 | ) | 9.05 | |||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 9.25 | 0.28 | 0.17 | 0.45 | (0.28 | ) | — | (0.28 | ) | 9.42 | ||||||||||||||||||||||||||
2015 | 9.16 | 0.28 | 0.10 | 0.38 | (0.29 | ) | — | (0.29 | ) | 9.25 | ||||||||||||||||||||||||||
2014 | 9.41 | 0.31 | (0.26 | ) | 0.05 | (0.30 | ) | — | (0.30 | ) | 9.16 | |||||||||||||||||||||||||
2013 | 9.27 | 0.32 | 0.15 | 0.47 | (0.33 | ) | — | (0.33 | ) | 9.41 | ||||||||||||||||||||||||||
2012 | 8.86 | 0.36 | 0.41 | 0.77 | (0.36 | ) | — | (0.36 | ) | 9.27 |
218 | NUVEEN |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets(c) | ||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Income | Portfolio Turnover Rate(e) | |||||||||||||||||||||
3.73 | % | $ | 549,854 | 0.68 | %* | 0.68 | %* | 2.88 | %* | 8 | % | |||||||||||||||
(1.40 | ) | 505,589 | 0.69 | * | 0.69 | * | 2.70 | * | 24 | |||||||||||||||||
4.83 | 1,076,822 | 0.68 | 0.68 | 2.77 | 18 | |||||||||||||||||||||
3.95 | 773,091 | 0.70 | 0.70 | 2.86 | 19 | |||||||||||||||||||||
0.39 | 876,456 | 0.70 | 0.70 | 3.20 | 17 | |||||||||||||||||||||
4.83 | 512,139 | 0.70 | 0.70 | 3.24 | 15 | |||||||||||||||||||||
8.68 | 450,036 | 0.72 | 0.72 | 3.70 | 10 | |||||||||||||||||||||
3.33 | 47,176 | 1.48 | * | 1.48 | * | 2.08 | * | 8 | ||||||||||||||||||
(2.10 | ) | 45,483 | 1.49 | * | 1.49 | * | 1.91 | * | 24 | |||||||||||||||||
3.91 | 35,070 | 1.48 | 1.48 | 1.99 | 18 | |||||||||||||||||||||
3.14 | 17,706 | 1.50 | 1.50 | 2.03 | 19 | |||||||||||||||||||||
1.49 | 2,412 | 1.49 | * | 1.49 | * | 2.17 | * | 17 | ||||||||||||||||||
3.46 | 72,591 | 1.23 | * | 1.23 | * | 2.33 | * | 8 | ||||||||||||||||||
(1.86 | ) | 85,193 | 1.24 | * | 1.24 | * | 2.16 | * | 24 | |||||||||||||||||
4.17 | 101,168 | 1.24 | 1.24 | 2.28 | 18 | |||||||||||||||||||||
3.40 | 112,700 | 1.25 | 1.25 | 2.32 | 19 | |||||||||||||||||||||
(0.25 | ) | 126,951 | 1.25 | 1.25 | 2.65 | 17 | ||||||||||||||||||||
4.39 | 158,004 | 1.25 | 1.25 | 2.69 | 15 | |||||||||||||||||||||
7.96 | 134,478 | 1.27 | 1.27 | 3.14 | 10 | |||||||||||||||||||||
3.83 | 4,703,145 | 0.48 | * | 0.48 | * | 3.08 | * | 8 | ||||||||||||||||||
(1.22 | ) | 4,485,912 | 0.49 | * | 0.49 | * | 2.91 | * | 24 | |||||||||||||||||
4.91 | 3,979,824 | 0.49 | 0.49 | 3.02 | 18 | |||||||||||||||||||||
4.14 | 3,574,561 | 0.50 | 0.50 | 3.07 | 19 | |||||||||||||||||||||
0.59 | 3,210,180 | 0.50 | 0.50 | 3.40 | 17 | |||||||||||||||||||||
5.13 | 3,520,696 | 0.50 | 0.50 | 3.44 | 15 | |||||||||||||||||||||
8.87 | 3,039,743 | 0.52 | 0.52 | 3.91 | 10 |
(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 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. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | 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. |
(e) | 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. |
(f) | For the period February 10, 2014 (commencement of operations) through April 30, 2014. |
(g) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
(h) | For the eleven months ended March 31, 2017. |
(i) | For the six months ended September 30, 2017. |
* | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 219 |
Financial Highlights (Unaudited) (continued)
Limited Term
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date) | 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 (10/87) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | $ | 10.88 | $ | 0.10 | $ | 0.13 | $ | 0.23 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | 11.01 | ||||||||||||||||||
2017(h) | 11.17 | 0.17 | (0.28 | ) | (0.11 | ) | (0.18 | ) | — | (0.18 | ) | 10.88 | ||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 11.10 | 0.20 | 0.08 | 0.28 | (0.21 | ) | — | (0.21 | ) | 11.17 | ||||||||||||||||||||||||||
2015 | 11.12 | 0.21 | (0.02 | ) | 0.19 | (0.21 | ) | — | (0.21 | ) | 11.10 | |||||||||||||||||||||||||
2014 | 11.27 | 0.22 | (0.16 | ) | 0.06 | (0.21 | ) | — | (0.21 | ) | 11.12 | |||||||||||||||||||||||||
2013 | 11.20 | 0.24 | 0.07 | 0.31 | (0.24 | ) | — | (0.24 | ) | 11.27 | ||||||||||||||||||||||||||
2012 | 10.85 | 0.29 | 0.34 | 0.63 | (0.28 | ) | — | (0.28 | ) | 11.20 | ||||||||||||||||||||||||||
Class C (2/14) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 10.83 | 0.06 | 0.13 | 0.19 | (0.05 | ) | — | (0.05 | ) | 10.97 | ||||||||||||||||||||||||||
2017(h) | 11.12 | 0.09 | (0.28 | ) | (0.19 | ) | (0.10 | ) | — | (0.10 | ) | 10.83 | ||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 11.06 | 0.12 | 0.07 | 0.19 | (0.13 | ) | — | (0.13 | ) | 11.12 | ||||||||||||||||||||||||||
2015 | 11.08 | 0.15 | (0.02 | ) | 0.13 | (0.15 | ) | — | (0.15 | ) | 11.06 | |||||||||||||||||||||||||
2014(f) | 11.06 | 0.01 | 0.04 | 0.05 | (0.03 | ) | — | (0.03 | ) | 11.08 | ||||||||||||||||||||||||||
Class C2 (12/95)(g) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 10.85 | 0.08 | 0.13 | 0.21 | (0.08 | ) | — | (0.08 | ) | 10.98 | ||||||||||||||||||||||||||
2017(h) | 11.13 | 0.14 | (0.28 | ) | (0.14 | ) | (0.14 | ) | — | (0.14 | ) | 10.85 | ||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 11.06 | 0.17 | 0.06 | 0.23 | (0.16 | ) | — | (0.16 | ) | 11.13 | ||||||||||||||||||||||||||
2015 | 11.08 | 0.17 | (0.02 | ) | 0.15 | (0.17 | ) | — | (0.17 | ) | 11.06 | |||||||||||||||||||||||||
2014 | 11.23 | 0.18 | (0.16 | ) | 0.02 | (0.17 | ) | — | (0.17 | ) | 11.08 | |||||||||||||||||||||||||
2013 | 11.15 | 0.20 | 0.08 | 0.28 | (0.20 | ) | — | (0.20 | ) | 11.23 | ||||||||||||||||||||||||||
2012 | 10.81 | 0.25 | 0.34 | 0.59 | (0.25 | ) | — | (0.25 | ) | 11.15 | ||||||||||||||||||||||||||
Class I (2/97) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 10.83 | 0.11 | 0.14 | 0.25 | (0.11 | ) | — | (0.11 | ) | 10.97 | ||||||||||||||||||||||||||
2017(h) | 11.12 | 0.19 | (0.28 | ) | (0.09 | ) | (0.20 | ) | — | (0.20 | ) | 10.83 | ||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 11.05 | 0.23 | 0.06 | 0.29 | (0.22 | ) | — | (0.22 | ) | 11.12 | ||||||||||||||||||||||||||
2015 | 11.06 | 0.23 | (0.01 | ) | 0.22 | (0.23 | ) | — | (0.23 | ) | 11.05 | |||||||||||||||||||||||||
2014 | 11.21 | 0.24 | (0.16 | ) | 0.08 | (0.23 | ) | — | (0.23 | ) | 11.06 | |||||||||||||||||||||||||
2013 | 11.13 | 0.26 | 0.08 | 0.34 | (0.26 | ) | — | (0.26 | ) | 11.21 | ||||||||||||||||||||||||||
2012 | 10.79 | 0.31 | 0.33 | 0.64 | (0.30 | ) | — | (0.30 | ) | 11.13 |
220 | NUVEEN |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||
Ratios to Average Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Investment Income (Loss) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||||||||||||
2.09 | % | $ | 1,103,327 | 0.62 | %* | 0.62 | %* | 1.87 | %* | 0.62 | %* | 0.62 | %* | 1.87 | %* | 11 | % | |||||||||||||||||||||||||
(0.99 | ) | 1,094,434 | 0.63 | * | 0.63 | * | 1.72 | * | 0.63 | * | 0.63 | * | 1.72 | * | 26 | |||||||||||||||||||||||||||
2.50 | 1,208,642 | 0.63 | 0.63 | 1.84 | 0.63 | 0.63 | 1.84 | 20 | ||||||||||||||||||||||||||||||||||
1.72 | 1,168,646 | 0.64 | 0.64 | 1.89 | 0.64 | 0.64 | 1.89 | 20 | ||||||||||||||||||||||||||||||||||
0.55 | 1,279,131 | 0.65 | 0.65 | 1.99 | 0.65 | 0.65 | 1.99 | 20 | ||||||||||||||||||||||||||||||||||
2.79 | 1,438,077 | 0.66 | 0.66 | 2.10 | 0.66 | 0.66 | 2.10 | 12 | ||||||||||||||||||||||||||||||||||
5.88 | 1,113,802 | 0.66 | 0.66 | 2.63 | 0.66 | 0.66 | 2.63 | 12 | ||||||||||||||||||||||||||||||||||
1.77 | 102,063 | 1.42 | * | 1.42 | * | 1.08 | * | 1.42 | * | 1.42 | * | 1.08 | * | 11 | ||||||||||||||||||||||||||||
(1.74 | ) | 112,035 | 1.43 | * | 1.43 | * | 0.92 | * | 1.43 | * | 1.43 | * | 0.92 | * | 26 | |||||||||||||||||||||||||||
1.71 | 90,330 | 1.43 | 1.43 | 1.04 | 1.36 | 1.36 | 1.11 | 20 | ||||||||||||||||||||||||||||||||||
1.18 | 51,973 | 1.43 | 1.43 | 1.07 | 1.18 | 1.18 | 1.32 | 20 | ||||||||||||||||||||||||||||||||||
0.49 | 9,695 | 1.43 | * | 1.43 | * | 1.10 | * | 1.18 | * | 1.18 | * | 1.35 | * | 20 | ||||||||||||||||||||||||||||
1.90 | 326,794 | 0.97 | * | 0.97 | * | 1.53 | * | 0.97 | * | 0.97 | * | 1.53 | * | 11 | ||||||||||||||||||||||||||||
(1.25 | ) | 383,282 | 0.98 | * | 0.98 | * | 1.37 | * | 0.98 | * | 0.98 | * | 1.37 | * | 26 | |||||||||||||||||||||||||||
2.12 | 461,558 | 0.98 | 0.98 | 1.50 | 0.98 | 0.98 | 1.50 | 20 | ||||||||||||||||||||||||||||||||||
1.34 | 528,287 | 0.99 | 0.99 | 1.54 | 0.99 | 0.99 | 1.54 | 20 | ||||||||||||||||||||||||||||||||||
0.17 | 623,242 | 1.00 | 1.00 | 1.64 | 1.00 | 1.00 | 1.64 | 20 | ||||||||||||||||||||||||||||||||||
2.51 | 721,302 | 1.01 | 1.01 | 1.76 | 1.01 | 1.01 | 1.76 | 12 | ||||||||||||||||||||||||||||||||||
5.45 | 641,602 | 1.01 | 1.01 | 2.29 | 1.01 | 1.01 | 2.29 | 12 | ||||||||||||||||||||||||||||||||||
2.28 | 3,091,098 | 0.42 | * | 0.42 | * | 2.07 | * | 0.42 | * | 0.42 | * | 2.07 | * | 11 | ||||||||||||||||||||||||||||
(0.85 | ) | 3,012,577 | 0.43 | * | 0.43 | * | 1.92 | * | 0.43 | * | 0.43 | * | 1.92 | * | 26 | |||||||||||||||||||||||||||
2.68 | 2,744,568 | 0.43 | 0.43 | 2.04 | 0.43 | 0.43 | 2.04 | 20 | ||||||||||||||||||||||||||||||||||
1.99 | 2,221,891 | 0.44 | 0.44 | 2.09 | 0.44 | 0.44 | 2.09 | 20 | ||||||||||||||||||||||||||||||||||
0.72 | 1,781,216 | 0.45 | 0.45 | 2.19 | 0.45 | 0.45 | 2.19 | 20 | ||||||||||||||||||||||||||||||||||
3.07 | 1,549,809 | 0.46 | 0.46 | 2.31 | 0.46 | 0.46 | 2.31 | 12 | ||||||||||||||||||||||||||||||||||
6.00 | 1,196,319 | 0.46 | 0.46 | 2.83 | 0.46 | 0.46 | 2.83 | 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) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. During the fiscal years ended April 30, 2014 through April 30, 2016, the Adviser agreed to waive 0.25% of the 12b-1 distribution and/or service fees for Class C Shares through August 31, 2015. After August 31, 2015, the Adviser is no longer waiving fees or reimbursing expenses for Class C Shares. |
(d) | 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. |
(e) | 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. |
(f) | For the period February 10, 2014 (commencement of operations) through April 30, 2014. |
(g) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
(h) | For the eleven months ended March 31, 2017. |
(i) | For the six months ended September 30, 2017. |
* | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 221 |
Financial Highlights (Unaudited) (continued)
Short Term
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date) | 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 (10/02) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | $ | 10.04 | $ | 0.05 | $ | 0.03 | $ | 0.08 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 10.07 | ||||||||||||||||||
2017(h) | 10.12 | 0.09 | (0.08 | ) | 0.01 | (0.09 | ) | — | (0.09 | ) | 10.04 | |||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 10.11 | 0.10 | — | ** | 0.10 | (0.09 | ) | — | (0.09 | ) | 10.12 | |||||||||||||||||||||||||
2015 | 10.15 | 0.10 | (0.04 | ) | 0.06 | (0.10 | ) | — | (0.10 | ) | 10.11 | |||||||||||||||||||||||||
2014 | 10.20 | 0.12 | (0.05 | ) | 0.07 | (0.12 | ) | — | (0.12 | ) | 10.15 | |||||||||||||||||||||||||
2013 | 10.19 | 0.15 | 0.04 | 0.19 | (0.18 | ) | — | (0.18 | ) | 10.20 | ||||||||||||||||||||||||||
2012 | 9.98 | 0.20 | 0.21 | 0.41 | (0.20 | ) | — | (0.20 | ) | 10.19 | ||||||||||||||||||||||||||
Class C (2/14) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 10.02 | 0.01 | 0.03 | 0.04 | (0.01 | ) | — | (0.01 | ) | 10.05 | ||||||||||||||||||||||||||
2017(h) | 10.11 | 0.02 | (0.09 | ) | (0.07 | ) | (0.02 | ) | — | (0.02 | ) | 10.02 | ||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 10.10 | 0.03 | 0.01 | 0.04 | (0.03 | ) | — | (0.03 | ) | 10.11 | ||||||||||||||||||||||||||
2015 | 10.14 | 0.06 | (0.04 | ) | 0.02 | (0.06 | ) | — | (0.06 | ) | 10.10 | |||||||||||||||||||||||||
2014(f) | 10.15 | — | ** | 0.01 | 0.01 | (0.02 | ) | — | (0.02 | ) | 10.14 | |||||||||||||||||||||||||
Class C2 (8/11)(g) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 10.03 | 0.03 | 0.03 | 0.06 | (0.03 | ) | — | (0.03 | ) | 10.06 | ||||||||||||||||||||||||||
2017(h) | 10.11 | 0.06 | (0.08 | ) | (0.02 | ) | (0.06 | ) | — | (0.06 | ) | 10.03 | ||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 10.10 | 0.06 | 0.01 | 0.07 | (0.06 | ) | — | (0.06 | ) | 10.11 | ||||||||||||||||||||||||||
2015 | 10.14 | 0.06 | (0.04 | ) | 0.02 | (0.06 | ) | — | (0.06 | ) | 10.10 | |||||||||||||||||||||||||
2014 | 10.18 | 0.08 | (0.03 | ) | 0.05 | (0.09 | ) | — | (0.09 | ) | 10.14 | |||||||||||||||||||||||||
2013 | 10.18 | 0.11 | 0.03 | 0.14 | (0.14 | ) | — | (0.14 | ) | 10.18 | ||||||||||||||||||||||||||
2012(d) | 10.13 | 0.10 | 0.06 | 0.16 | (0.11 | ) | — | (0.11 | ) | 10.18 | ||||||||||||||||||||||||||
Class I (10/02) |
| |||||||||||||||||||||||||||||||||||
Year Ended 3/31: | ||||||||||||||||||||||||||||||||||||
2018(i) | 10.04 | 0.06 | 0.04 | 0.10 | (0.06 | ) | — | (0.06 | ) | 10.08 | ||||||||||||||||||||||||||
2017(h) | 10.13 | 0.11 | (0.10 | ) | 0.01 | (0.10 | ) | — | (0.10 | ) | 10.04 | |||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||
2016 | 10.11 | 0.12 | 0.01 | 0.13 | (0.11 | ) | — | (0.11 | ) | 10.13 | ||||||||||||||||||||||||||
2015 | 10.15 | 0.12 | (0.04 | ) | 0.08 | (0.12 | ) | — | (0.12 | ) | 10.11 | |||||||||||||||||||||||||
2014 | 10.20 | 0.14 | (0.05 | ) | 0.09 | (0.14 | ) | — | (0.14 | ) | 10.15 | |||||||||||||||||||||||||
2013 | 10.19 | 0.18 | 0.03 | 0.21 | (0.20 | ) | — | (0.20 | ) | 10.20 | ||||||||||||||||||||||||||
2012 | 9.98 | 0.23 | 0.20 | 0.43 | (0.22 | ) | — | (0.22 | ) | 10.19 |
222 | NUVEEN |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||||||
0.78 | % | $ | 170,223 | 0.72 | %* | 1.01 | %* | 0.72 | %* | 1.01 | %* | 14 | % | |||||||||||||||||||||
0.08 | 187,573 | 0.71 | * | 0.97 | * | 0.71 | * | 0.97 | * | 44 | ||||||||||||||||||||||||
1.01 | 174,484 | 0.71 | 0.97 | 0.71 | 0.97 | 24 | ||||||||||||||||||||||||||||
0.57 | 184,317 | 0.71 | 0.97 | 0.71 | 0.97 | 36 | ||||||||||||||||||||||||||||
0.74 | 201,145 | 0.71 | 1.16 | 0.71 | 1.16 | 35 | ||||||||||||||||||||||||||||
1.88 | 101,836 | 0.73 | 1.49 | 0.73 | 1.49 | 30 | ||||||||||||||||||||||||||||
4.15 | 34,793 | 0.73 | 2.01 | 0.73 | 2.01 | 39 | ||||||||||||||||||||||||||||
0.39 | 9,235 | 1.52 | * | 0.22 | * | 1.52 | * | 0.22 | * | 14 | ||||||||||||||||||||||||
(0.73 | ) | 10,069 | 1.51 | * | 0.17 | * | 1.51 | * | 0.17 | * | 44 | |||||||||||||||||||||||
0.41 | 6,971 | 1.51 | 0.17 | 1.38 | 0.30 | 24 | ||||||||||||||||||||||||||||
0.22 | 4,615 | 1.50 | 0.16 | 1.05 | 0.61 | 36 | ||||||||||||||||||||||||||||
0.08 | 822 | 1.57 | * | 0.18 | * | 1.08 | * | 0.63 | * | 35 | ||||||||||||||||||||||||
0.60 | 10,713 | 1.07 | * | 0.66 | * | 1.07 | * | 0.66 | * | 14 | ||||||||||||||||||||||||
(0.25 | ) | 12,097 | 1.06 | * | 0.62 | * | 1.06 | * | 0.62 | * | 44 | |||||||||||||||||||||||
0.65 | 13,325 | 1.06 | 0.62 | 1.06 | 0.62 | 24 | ||||||||||||||||||||||||||||
0.22 | 16,524 | 1.06 | 0.63 | 1.06 | 0.63 | 36 | ||||||||||||||||||||||||||||
0.48 | 28,134 | 1.06 | 0.82 | 1.06 | 0.82 | 35 | ||||||||||||||||||||||||||||
1.42 | 10,618 | 1.08 | 1.10 | 1.08 | 1.10 | 30 | ||||||||||||||||||||||||||||
1.61 | 1,026 | 1.07 | * | 1.49 | * | 1.07 | * | 1.49 | * | 39 | ||||||||||||||||||||||||
0.97 | 420,838 | 0.52 | * | 1.21 | * | 0.52 | * | 1.21 | * | 14 | ||||||||||||||||||||||||
0.14 | 430,038 | 0.51 | * | 1.17 | * | 0.51 | * | 1.17 | * | 44 | ||||||||||||||||||||||||
1.29 | 454,620 | 0.51 | 1.16 | 0.51 | 1.16 | 24 | ||||||||||||||||||||||||||||
0.75 | 515,315 | 0.50 | 1.17 | 0.50 | 1.17 | 36 | ||||||||||||||||||||||||||||
0.92 | 497,363 | 0.51 | 1.37 | 0.51 | 1.37 | 35 | ||||||||||||||||||||||||||||
2.06 | 383,339 | 0.53 | 1.74 | 0.53 | 1.74 | 30 | ||||||||||||||||||||||||||||
4.33 | 304,109 | 0.53 | 2.27 | 0.53 | 2.27 | 39 |
(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) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. During the fiscal years ended April 30, 2014 through April 30, 2016, the Advisor agreed to waive 0.45% of the 12b-1 distribution and/or service fees for Class C Shares through August 31, 2015. After August 31, 2015, the Adviser is no longer waiving fees or reimbursing expenses for Class C Shares. |
(d) | For the period August 31, 2011 (commencement of operations) through April 30, 2012. |
(e) | 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. |
(f) | For the period February 10, 2014 (commencement of operations) through April 30, 2014. |
(g) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
(h) | For the eleven months ended March 31, 2017. |
(i) | For the six months ended September 30, 2017. |
* | Annualized. |
** | Rounds to less than $0.01 per share. |
See accompanying notes to financial statements.
NUVEEN | 223 |
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
Nuveen Municipal Trust and Nuveen Investment Funds, Inc. (each a “Trust” and collectively, the “Trusts”), are open-end management investment companies registered under the Investment Company Act of 1940, as amended. Nuveen Municipal Trust is comprised of Nuveen All-American Municipal Bond Fund (“All-American”), Nuveen Inflation Protected Municipal Bond Fund (“Inflation Protected”), Nuveen Intermediate Duration Municipal Bond Fund (“Intermediate Duration”) and Nuveen Limited Term Municipal Bond Fund (“Limited Term”), among others, and Nuveen Investment Funds, Inc. is comprised of Nuveen Short Term Municipal Bond Fund (“Short Term”), among others, (each a “Fund” and collectively, the “Funds”), as diversified funds. Nuveen Municipal Trust was organized as a Massachusetts business trust on July 1, 1996. Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987. The Funds, with the exception of Inflation Protected, 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 September 30, 2017, and the period covered by these Notes to Financial Statements is the six months ended September 30, 2017 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). 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
All-American’s, Intermediate Duration’s and Limited Term’s investment objective is to provide as high a level of current interest income exempt from regular federal income taxes as is consistent with preservation of capital. Inflation Protected’s investment objective is to provide after-tax total return, protected from inflation, through a combination of federally tax-exempt income and inflation-linked investments. Short Term’s investment objective is to provide current income that is exempt from federal income tax to the extent 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 Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
All-American | Intermediate Duration | Limited Term | Short Term | |||||||||||||
Outstanding when-issued/delayed delivery purchase commitments | $ | 26,035,072 | $ | 8,995,000 | $ | 51,358,843 | $ | 499,535 |
Investment Income
Dividend income is recorded on the ex-dividend date. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Investment Income, is comprised of interest income, which reflects the amortization of premiums and includes accretion of
224 | NUVEEN |
discounts for financial reporting purposes, and is recorded on an accrual basis. Investment Income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared daily and distributed to shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.
Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a 0.20% annual 12b-1 service fee. Class A Share purchases of $250,000 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”) of 1% (0.70% for Limited Term and Short Term) 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 purposes 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% (0.35% for Limited Term and Short Term) annual 12b-1 distribution fee and a 0.20% annual 12b-1 service fee. Class C and C2 Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R6 Shares and 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.
Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative settled shares.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Compensation
Neither Trust pays compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Funds’ Board of Directors/Trustees (the “Board”) has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees 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.
Indemnifications
Under each Trust’s organizational documents, its officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Netting Arrangements
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.
NUVEEN | 225 |
Notes to Financial Statements (Unaudited) (continued)
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.
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 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.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above, and are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on valuation date and are generally classified as Level 1.
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:
All-American | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 3,533,186,060 | $ | — | $ | 3,533,186,060 | ||||||||
Corporate Bonds | — | — | 104,840 | *** | 104,840 | |||||||||||
Short-Term Investments*: | ||||||||||||||||
Municipal Bonds | — | 30,000,000 | — | 30,000,000 | ||||||||||||
Total | $ | — | $ | 3,563,186,060 | $ | 104,840 | $ | 3,563,290,900 |
226 | NUVEEN |
Inflation Protected | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 111,608,826 | $ | — | $ | 111,608,826 | ||||||||
Short-Term Investments*: | ||||||||||||||||
Municipal Bonds | — | 1,000,000 | — | 1,000,000 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Consumer Price Index Swaps** | — | (4,404,183 | ) | — | (4,404,183 | ) | ||||||||||
Total | $ | — | $ | 108,204,643 | $ | — | $ | 108,204,643 | ||||||||
Intermediate Duration | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 5,242,241,673 | $ | — | $ | 5,242,241,673 | ||||||||
Corporate Bonds | — | — | 161,504 | *** | 161,504 | |||||||||||
Investment Companies | 15,001,800 | — | — | 15,001,800 | ||||||||||||
Short-Term Investments*: | ||||||||||||||||
Municipal Bonds | — | 45,000,000 | — | 45,000,000 | ||||||||||||
Total | $ | 15,001,800 | $ | 5,287,241,673 | $ | 161,504 | $ | 5,302,404,977 | ||||||||
Limited Term | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 4,529,984,584 | $ | — | $ | 4,529,984,584 | ||||||||
Corporate Bonds | — | — | 99,601 | *** | 99,601 | |||||||||||
Investment Companies | 34,601,996 | — | — | 34,601,996 | ||||||||||||
Short-Term Investments*: | ||||||||||||||||
Municipal Bonds | — | 38,016,022 | — | 38,016,022 | ||||||||||||
Total | $ | 34,601,996 | $ | 4,568,000,606 | $ | 99,601 | $ | 4,602,702,203 | ||||||||
Short Term | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 588,036,155 | $ | — | $ | 588,036,155 | ||||||||
Investment Companies | 12,400,674 | — | — | 12,400,674 | ||||||||||||
Short-Term Investments*: | ||||||||||||||||
Municipal Bonds | — | 10,806,644 | — | 10,806,644 | ||||||||||||
Total | $ | 12,400,674 | $ | 598,842,799 | $ | — | $ | 611,243,473 |
* | Refer to the Fund’s Portfolio of Investments for state and/or industry classifications, where applicable. |
** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
*** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
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.
NUVEEN | 227 |
Notes to Financial Statements (Unaudited) (continued)
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, other than Inflation Protected, 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 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 | All-American | Intermediate Duration | Limited Term | Short Term | ||||||||||||
Floating rate obligations: self-deposited Inverse Floaters | $ | 67,370,000 | $ | — | $ | — | $ | — | ||||||||
Floating rate obligations: externally-deposited Inverse Floaters | 73,407,500 | 12,490,000 | — | — | ||||||||||||
Total | $ | 140,777,500 | $ | 12,490,000 | $ | — | $ | — |
228 | NUVEEN |
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
Self-Deposited Inverse Floaters | All-American | Intermediate Duration | Limited Term | Short Term | ||||||||||||
Average floating rate obligations outstanding | $ | 67,370,000 | $ | — | $ | — | $ | — | ||||||||
Average annual interest rate and fees | 1.40 | % | — | % | — | % | — | % |
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, All-American had outstanding borrowings under such liquidity facilities in the amount of $10,375,433, which is recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for Intermediate Duration, Limited Term and Short Term as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (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 of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
Floating Rate Obligations-Recourse Trusts | All-American | Intermediate Duration | Limited Term | Short Term | ||||||||||||
Maximum exposure to Recourse Trusts: self-deposted Inverse Floaters | $ | 52,370,000 | $ | — | $ | — | $ | — | ||||||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | 29,525,000 | 12,490,000 | — | — | ||||||||||||
Total | $ | 81,895,000 | $ | 12,490,000 | $ | — | $ | — |
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 certain Funds may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain 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.
NUVEEN | 229 |
Notes to Financial Statements (Unaudited) (continued)
Consumer Price Index Swaps
Inflation Protected seeks to hedge inflation risk by investing in inflation-linked instruments, such as Consumer Price Index (“CPI”) swaps, in amounts sufficient to approximate the duration characteristics of the Fund’s underlying municipal bond portfolio. A CPI swap is a fixed maturity, over-the-counter (“OTC”) derivative in which the Fund pays to the counterparty a predetermined fixed annualized rate over the life of the CPI swap and receives in return the “realized” rate of inflation as measured by the CPI for All Urban Consumers Non-Seasonally Adjusted over the life of the swap. The Fund will benefit from a CPI swap if actual inflation during the swap’s period is greater than the level of inflation expected for that period at the time the swap was entered into, and conversely the Fund will lose money on a CPI swap if actual inflation turns out to be less than expected.
The amount of the payment obligation is based on the notional amount of the CPI swap contract and the termination date of the swap (which is akin to a bond’s maturity). CPI swap contracts are valued daily. The amount recorded on these transactions, is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on consumer price index swaps” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps.”
Upon the termination of a swap contract, a realized gain or loss is recognized. When a CPI swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from swaps.” Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination.
During the current fiscal period, Inflation Protected continued to invest in CPI swap contracts to hedge against fluctuations in inflation expectations, which can influence bond prices, and realized inflation.
The average notional amount of CPI swap contracts outstanding during the current fiscal period, was as follows:
Inflation Protected | ||||
Average notional amount of CPI swap contracts outstanding* | $ | 100,883,333 |
* | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period. |
The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
Location on the Statement of Asset and Liabilities | ||||||||||||||
Asset Derivatives | (Liability) Derivatives | |||||||||||||
Underlying Risk Exposure | Derivative Instrument | Location | Value | Location | Value | |||||||||
Inflation Protected | ||||||||||||||
Inflation | Swaps (OTC Uncleared) | Unrealized appreciation on consumer price index swaps | $ | 35,604 | Unrealized depreciation on consumer price index swaps | $ | (4,439,787 | ) |
The following table presents the Funds’ swap contracts subject to netting agreements and the collateral delivered related to those swap contracts, as of the end of the reporting period.
Fund | Counterparty | Gross Unrealized Appreciation on CPI Swaps** | Gross Unrealized (Depreciation) on CPI Swaps** | Net Unrealized Appreciation (Depreciation) on CPI Swaps | Collateral Pledged to (from) Counterparty | Net Exposure | ||||||||||||||||
Inflation Protected | ||||||||||||||||||||||
Citigroup Inc. | $ | 29,288 | $ | — | $ | 29,288 | $ | — | $ | 29,288 | ||||||||||||
JPMorgan Chase Bank, N.A. | 6,316 | (3,302,571 | ) | (3,296,255 | ) | 3,296,255 | — | |||||||||||||||
Morgan Stanley Capital Services LLC | — | (1,137,216 | ) | (1,137,216 | ) | 1,137,216 | — | |||||||||||||||
$ | 35,604 | $ | (4,439,787 | ) | $ | (4,404,183 | ) | $ | 4,433,471 | $ | 29,288 |
** | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Swaps | Change in Net Unrealized Appreciation (Depreciation) of Swaps | ||||||||
Inflation Protected | Inflation | Swaps | $ | (710 | ) | $ | (1,324,214 | ) |
230 | NUVEEN |
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.
4. Fund Shares
The Funds have an effective registration statement on file with the Securities and Exchange Commission (SEC) to issue Class T Shares, which were not yet available for public offering at the time this report was issued.
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months Ended 9/30/17 | Eleven Months Ended 3/31/17 | Year Ended 4/30/16 | ||||||||||||||||||||||
All-American | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 17,815,527 | $ | 205,959,798 | 37,999,803 | $ | 442,060,802 | 26,189,331 | $ | 303,700,651 | |||||||||||||||
Class C | 2,165,437 | 25,035,294 | 7,259,171 | 85,069,956 | 6,352,698 | 73,700,023 | ||||||||||||||||||
Class C2 | 127,093 | 1,465,463 | 331,347 | 3,809,662 | 330,060 | 3,816,081 | ||||||||||||||||||
Class R61 | 5,943 | 69,525 | 116,958 | 1,400,000 | — | — | ||||||||||||||||||
Class R61 – exchanges | — | — | 495,487 | 5,990,428 | — | — | ||||||||||||||||||
Class I | 22,847,859 | 265,209,777 | 62,111,274 | 721,391,446 | 35,359,487 | 411,928,947 | ||||||||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||||||||||
Class A | 1,597,300 | 18,478,723 | 3,110,684 | 36,106,685 | 2,885,157 | 33,420,518 | ||||||||||||||||||
Class C | 175,009 | 2,024,859 | 285,221 | 3,305,584 | 152,654 | 1,772,587 | ||||||||||||||||||
Class C2 | 249,224 | 2,882,943 | 503,999 | 5,859,456 | 612,128 | 7,088,017 | ||||||||||||||||||
Class R61 | 9,628 | 111,816 | 14,326 | 166,100 | — | — | ||||||||||||||||||
Class I | 1,815,922 | 21,092,877 | 2,690,658 | 31,352,646 | 2,216,983 | 25,792,917 | ||||||||||||||||||
46,808,942 | 542,331,075 | 114,918,928 | 1,336,512,765 | 74,098,498 | 861,219,741 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (8,995,106 | ) | (103,950,257 | ) | (40,166,554 | ) | (458,318,918 | ) | (15,366,035 | ) | (177,885,059 | ) | ||||||||||||
Class C | (1,680,021 | ) | (19,391,013 | ) | (2,966,393 | ) | (33,868,387 | ) | (861,607 | ) | (9,980,363 | ) | ||||||||||||
Class C2 | (3,299,763 | ) | (38,093,542 | ) | (3,621,728 | ) | (41,664,533 | ) | (3,223,474 | ) | (37,255,560 | ) | ||||||||||||
Class R61 | (69,699 | ) | (817,313 | ) | (40,907 | ) | (483,094 | ) | — | — | ||||||||||||||
Class I | (13,898,900 | ) | (161,097,733 | ) | (38,761,129 | ) | (443,659,810 | ) | (15,518,674 | ) | (180,171,437 | ) | ||||||||||||
Class I – exchanges | — | �� | — | (495,487 | ) | (5,990,428 | ) | — | — | |||||||||||||||
(27,943,489 | ) | (323,349,858 | ) | (86,052,198 | ) | (983,985,170 | ) | (34,969,790 | ) | (405,292,419 | ) | |||||||||||||
Net increase (decrease) | 18,865,453 | $ | 218,981,217 | 28,866,730 | $ | 352,527,595 | 39,128,708 | $ | 455,927,322 |
1 | Class R6 Shares were established on June 30, 2016. |
NUVEEN | 231 |
Notes to Financial Statements (Unaudited) (continued)
Six Months Ended 9/30/17 | Eleven Months Ended 3/31/17 | Year Ended 4/30/16 | ||||||||||||||||||||||
Inflation Protected | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 643,792 | $ | 6,859,185 | 2,315,556 | $ | 24,480,823 | 446,907 | $ | 4,685,786 | |||||||||||||||
Class C | 32,562 | 346,163 | 80,018 | 842,887 | 14,811 | 155,125 | ||||||||||||||||||
Class C2 | 3,498 | 37,218 | 31,025 | 325,548 | 2 | 6 | ||||||||||||||||||
Class I | 1,907,691 | 20,431,184 | 4,566,554 | 48,322,953 | 461,989 | 4,829,823 | ||||||||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||||||||||
Class A | 27,344 | 291,841 | 49,301 | 522,551 | 50,564 | 530,547 | ||||||||||||||||||
Class C | 908 | 9,694 | 1,316 | 13,951 | 1,826 | 19,135 | ||||||||||||||||||
Class C2 | 3,603 | 38,460 | 8,557 | 90,731 | 12,313 | 129,111 | ||||||||||||||||||
Class I | 63,263 | 676,915 | 39,434 | 418,965 | 38,368 | 403,064 | ||||||||||||||||||
2,682,661 | 28,690,660 | 7,091,761 | 75,018,409 | 1,026,780 | 10,752,597 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (709,851 | ) | (7,565,036 | ) | (1,754,855 | ) | (18,478,960 | ) | (769,441 | ) | (8,045,793 | ) | ||||||||||||
Class C | (10,399 | ) | (111,115 | ) | (49,345 | ) | (523,974 | ) | (53,564 | ) | (559,729 | ) | ||||||||||||
Class C2 | (21,414 | ) | (228,357 | ) | (98,517 | ) | (1,038,851 | ) | (190,400 | ) | (1,998,117 | ) | ||||||||||||
Class I | (416,313 | ) | (4,456,278 | ) | (450,647 | ) | (4,763,504 | ) | (1,047,187 | ) | (10,948,863 | ) | ||||||||||||
(1,157,977 | ) | (12,360,786 | ) | (2,353,364 | ) | (24,805,289 | ) | (2,060,592 | ) | (21,552,502 | ) | |||||||||||||
Net increase (decrease) | 1,524,684 | $ | 16,329,874 | $ | 4,738,397 | $ | 50,213,120 | (1,033,812 | ) | $ | (10,799,905 | ) | ||||||||||||
Six Months Ended 9/30/17 | Eleven Months Ended 3/31/17 | Year Ended 4/30/16 | ||||||||||||||||||||||
Intermediate Duration | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 8,682,311 | $ | 79,883,722 | 41,376,836 | $ | 384,506,154 | 69,529,013 | $ | 648,344,302 | |||||||||||||||
Class C | 652,262 | 6,005,258 | 2,673,614 | 24,789,149 | 2,228,982 | 20,656,289 | ||||||||||||||||||
Class C2 | 43,762 | 402,055 | 310,995 | 2,852,997 | 167,761 | 1,552,886 | ||||||||||||||||||
Class I | 56,880,938 | 523,980,685 | 186,605,560 | 1,709,799,892 | 104,009,468 | 964,344,775 | ||||||||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||||||||||
Class A | 678,861 | 6,248,097 | 2,960,538 | 27,262,792 | 2,068,713 | 19,160,080 | ||||||||||||||||||
Class C | 42,293 | 389,254 | 76,930 | 707,393 | 45,037 | 417,557 | ||||||||||||||||||
Class C2 | 69,462 | 639,886 | 148,298 | 1,368,438 | 172,693 | 1,599,448 | ||||||||||||||||||
Class I | 4,762,093 | 43,921,729 | 7,300,097 | 67,386,003 | 7,006,982 | 64,963,843 | ||||||||||||||||||
71,811,982 | 661,470,686 | 241,452,868 | 2,218,672,818 | 185,228,649 | 1,721,039,180 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (5,850,549 | ) | (53,791,935 | ) | (102,952,998 | ) | (931,127,729 | ) | (40,835,311 | ) | (376,294,309 | ) | ||||||||||||
Class C | (625,910 | ) | (5,752,684 | ) | (1,443,916 | ) | (13,134,125 | ) | (462,697 | ) | (4,281,899 | ) | ||||||||||||
Class C2 | (1,690,079 | ) | (15,543,539 | ) | (1,782,596 | ) | (16,389,743 | ) | (1,789,899 | ) | (16,530,799 | ) | ||||||||||||
Class I | (49,552,115 | ) | (456,560,698 | ) | (120,729,024 | ) | (1,103,180,388 | ) | (75,263,910 | ) | (696,478,004 | ) | ||||||||||||
(57,718,653 | ) | (531,648,856 | ) | (226,908,534 | ) | (2,063,831,985 | ) | (118,351,817 | ) | (1,093,585,011 | ) | |||||||||||||
Net increase (decrease) | 14,093,329 | $ | 129,821,830 | $ | 14,544,334 | $ | 154,840,833 | 66,876,832 | $ | 627,454,169 |
232 | NUVEEN |
Six Months Ended 9/30/17 | Eleven Months Ended 3/31/17 | Year Ended 4/30/16 | ||||||||||||||||||||||
Limited Term | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 12,288,721 | $ | 135,062,744 | 47,422,509 | $ | 524,377,480 | 32,531,866 | $ | 361,340,996 | |||||||||||||||
Class C | 700,640 | 7,669,289 | 5,265,190 | 58,093,111 | 4,483,492 | 49,594,953 | ||||||||||||||||||
Class C2 | 64,374 | 704,361 | 467,997 | 5,085,379 | 338,009 | 3,733,436 | ||||||||||||||||||
Class I | 46,557,557 | 509,801,785 | 152,428,720 | 1,667,265,167 | 109,078,079 | 1,205,076,878 | ||||||||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||||||||||
Class A | 742,299 | 8,161,696 | 1,615,106 | 17,787,521 | 1,664,294 | 18,481,106 | ||||||||||||||||||
Class C | 39,142 | 428,739 | 75,134 | 823,460 | 56,544 | 625,394 | ||||||||||||||||||
Class C2 | 171,627 | 1,881,862 | 360,817 | 3,964,384 | 463,720 | 5,131,676 | ||||||||||||||||||
Class I | 1,812,554 | 19,854,805 | 2,996,973 | 32,853,929 | 2,650,428 | 29,305,295 | ||||||||||||||||||
62,376,914 | 683,565,281 | 210,632,446 | 2,310,250,431 | 151,266,432 | 1,673,289,734 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (13,429,711 | ) | (147,553,805 | ) | (56,637,874 | ) | (619,794,841 | ) | (31,279,111 | ) | (347,089,036 | ) | ||||||||||||
Class C | (1,773,783 | ) | (19,424,255 | ) | (3,119,390 | ) | (34,010,053 | ) | (1,119,931 | ) | (12,377,432 | ) | ||||||||||||
Class C2 | (5,808,863 | ) | (63,683,775 | ) | (6,943,314 | ) | (75,929,386 | ) | (7,107,002 | ) | (78,576,547 | ) | ||||||||||||
Class I | (44,583,876 | ) | (487,758,494 | ) | (124,123,411 | ) | (1,351,278,294 | ) | (66,050,033 | ) | (729,849,756 | ) | ||||||||||||
(65,596,233 | ) | (718,420,329 | ) | (190,823,989 | ) | (2,081,012,574 | ) | (105,556,077 | ) | (1,167,892,771 | ) | |||||||||||||
Net increase (decrease) | (3,219,319 | ) | $ | (34,855,048 | ) | $ | 19,808,457 | $ | 229,237,857 | 45,710,355 | $ | 505,396,963 | ||||||||||||
Six Months Ended 9/30/17 | Eleven Months Ended 3/31/17 | Year Ended 4/30/16 | ||||||||||||||||||||||
Short Term | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 2,071,018 | $ | 20,858,534 | 18,893,178 | $ | 189,445,892 | 6,266,698 | $ | 63,318,982 | |||||||||||||||
Class C | 145,290 | 1,460,810 | 1,157,740 | 11,573,839 | 559,288 | 5,643,547 | ||||||||||||||||||
Class C2 | 3,976 | 40,000 | 351,135 | 3,513,712 | 210,818 | 2,123,006 | ||||||||||||||||||
Class I | 6,751,840 | 68,057,739 | 22,775,653 | 228,657,669 | 17,816,471 | 180,224,458 | ||||||||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||||||||||
Class A | 75,492 | 760,315 | 142,957 | 1,438,305 | 135,272 | 1,367,482 | ||||||||||||||||||
Class C | 776 | 7,795 | 1,221 | 12,254 | 1,422 | 14,344 | ||||||||||||||||||
Class C2 | 3,275 | 32,949 | 6,744 | 67,827 | 8,423 | 85,048 | ||||||||||||||||||
Class I | 98,241 | 990,297 | 181,416 | 1,828,080 | 187,817 | 1,899,720 | ||||||||||||||||||
9,149,908 | 92,208,439 | 43,510,044 | 436,537,578 | 25,186,209 | 254,676,587 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (3,938,766 | ) | (39,679,521 | ) | (17,580,287 | ) | (176,491,569 | ) | (7,399,275 | ) | (74,778,844 | ) | ||||||||||||
Class C | (232,692 | ) | (2,339,202 | ) | (843,425 | ) | (8,446,447 | ) | (328,066 | ) | (3,310,902 | ) | ||||||||||||
Class C2 | (149,323 | ) | (1,500,671 | ) | (468,855 | ) | (4,713,142 | ) | (537,926 | ) | (5,430,070 | ) | ||||||||||||
Class I | (7,927,922 | ) | (79,903,560 | ) | (25,016,819 | ) | (251,809,197 | ) | (24,080,228 | ) | (243,437,660 | ) | ||||||||||||
(12,248,703 | ) | (123,422,954 | ) | (43,909,386 | ) | (441,460,355 | ) | (32,345,495 | ) | (326,957,476 | ) | |||||||||||||
Net increase (decrease) | (3,098,795 | ) | $ | (31,214,515 | ) | (399,342 | ) | $ | (4,922,777 | ) | (7,159,286 | ) | $ | (72,280,889 | ) |
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
Purchases | $ | 575,885,195 | $ | 21,434,125 | $ | 575,084,705 | $ | 555,567,253 | $ | 109,230,250 | ||||||||||
Sales and maturities | 347,387,309 | 2,248,314 | 423,117,920 | 516,969,269 | 85,082,282 |
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, 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.
NUVEEN | 233 |
Notes to Financial Statements (Unaudited) (continued)
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.
The tables below present the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of September 30, 2017.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.
All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
Tax cost of investments | $ | 3,270,805,662 | $ | 109,139,108 | $ | 5,102,099,163 | $ | 4,556,498,529 | $ | 607,503,644 | ||||||||||
Gross unrealized: | ||||||||||||||||||||
Appreciation | 242,550,016 | 3,598,939 | 240,664,740 | 80,819,640 | 4,436,506 | |||||||||||||||
Depreciation | (17,435,300 | ) | (129,221 | ) | (40,358,926 | ) | (34,615,966 | ) | (696,677 | ) | ||||||||||
Net unrealized appreciation (depreciation) of investments | $ | 225,114,716 | $ | 3,469,718 | $ | 200,305,814 | $ | 46,203,674 | $ | 3,739,829 |
Inflation Protected | ||||
Tax cost of swaps | $ | 484 | ||
Net unrealized appreciation (depreciation) of swaps | $ | (4,404,183 | ) |
Permanent differences, primarily due to treatment of notional principal contracts, taxable market discount and expiration of capital loss carryforwards, resulted in reclassifications among the Funds’ components of net assets as of March 31, 2017, the Funds’ last tax year end, as follows:
All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
Capital paid-in | $ | (22,698,037 | ) | $ | — | $ | (1 | ) | $ | (1,071,726 | ) | $ | (312,109 | ) | ||||||
Undistributed (Over-distribution of) net investment income | (152,325 | ) | (1,237 | ) | (164,932 | ) | (69,795 | ) | — | |||||||||||
Accumulated net realized gain (loss) | 22,850,362 | 1,237 | 164,933 | 1,141,521 | 312,109 |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of March 31, 2017, the Funds’ last tax year end, were as follows:
All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
Undistributed net tax-exempt income1 | $ | 9,577,289 | $ | 99,152 | $ | 16,409,061 | $ | 7,540,671 | $ | 946,157 | ||||||||||
Undistributed net ordinary income2 | 396,013 | — | 168,880 | 180,503 | 3,083 | |||||||||||||||
Undistributed net long-term capital gains | — | — | — | — | — |
1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period March 1, 2017 through March 31, 2017, and paid on April 3, 2017. |
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 years ended March 31, 2017 and April 30, 2016, was designated for purposes of the dividends paid deduction as follows:
2017 | All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | |||||||||||||||
Distributions from net tax-exempt income | $ | 106,997,405 | $ | 1,036,389 | $ | 140,256,245 | $ | 78,601,677 | $ | 6,183,889 | ||||||||||
Distributions from net ordinary income2 | 516,939 | 13,029 | 2,038,150 | 639,919 | 32,272 | |||||||||||||||
Distributions from net long-term capital gains | — | — | 3,122,926 | — | — | |||||||||||||||
2016 | All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | |||||||||||||||
Distributions from net tax-exempt income | $ | 97,888,700 | $ | 1,165,182 | $ | 132,211,966 | $ | 77,997,772 | $ | 6,918,991 | ||||||||||
Distributions from net ordinary income2 | 637,634 | — | 143,197 | 381,557 | 191 | |||||||||||||||
Distributions from net long-term capital gains | — | — | — | — | — |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
234 | NUVEEN |
As of March 31, 2017, 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.
All- American3 | Inflation Protected | Limited Term | Short Term | |||||||||||||
Expiration: | ||||||||||||||||
March 31, 2018 | $ | 14,897,930 | $ | — | $ | 543,730 | $ | — | ||||||||
March 31, 2019 | 881,168 | — | 1,598,268 | — | ||||||||||||
Not subject to expiration | 58,538,462 | 4,918,017 | 13,476,574 | 698,454 | ||||||||||||
Total | $ | 74,317,560 | $ | 4,918,017 | $ | 15,618,572 | $ | 698,454 |
3 | A portion of All-American’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations. |
As of March 31, 2017, the Funds’ last tax year end, the following Funds’ capital loss carryforwards expired as follows:
All- American | Limited Term | Short Term | ||||||||||
Expired capital loss carryforwards | $ | 22,698,037 | $ | 1,071,726 | $ | 312,109 |
During the Funds’ last tax year ended March 31, 2017, Intermediate Duration utilized $3,973,702 of its capital loss carryforwards.
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Fund has elected to defer losses as follows:
Intermediate Duration | ||||
Post-October capital losses4 | $ | 16,027,657 | ||
Late-year ordinary losses5 | — |
4 | Capital losses incurred from November 1, 2016 through March 31, 2017, the Funds’ last tax year end. |
5 | Ordinary losses incurred from January 1, 2017 through March 31, 2017 and/or specified losses incurred from November 1, 2016 through March 31, 2017. |
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for 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.
For the period April 1, 2017 through July 31, 2017, the annual Fund-level fee, payable monthly, for each Fund was calculated according to the following schedule:
Average Daily Net Assets | All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | |||||||||||||||
For the first $125 million | 0.3000 | % | 0.3000 | % | 0.3000 | % | 0.2500 | % | 0.2500 | % | ||||||||||
For the next $125 million | 0.2875 | 0.2875 | 0.2875 | 0.2375 | 0.2375 | |||||||||||||||
For the next $250 million | 0.2750 | 0.2750 | 0.2750 | 0.2250 | 0.2250 | |||||||||||||||
For the next $500 million | 0.2625 | 0.2625 | 0.2625 | 0.2125 | 0.2125 | |||||||||||||||
For the next $1 billion | 0.2500 | 0.2500 | 0.2500 | 0.2000 | 0.2000 | |||||||||||||||
For net assets over $2 billion | — | 0.2250 | — | — | 0.1750 | |||||||||||||||
For the next $3 billion | 0.2250 | — | 0.2250 | 0.1750 | — | |||||||||||||||
For net assets over $5 billion | 0.2125 | — | 0.2125 | 0.1625 | — |
Effective August 1, 2017 the annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
Average Daily Net Assets | All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | |||||||||||||||
For the first $125 million | 0.3000 | % | 0.3000 | % | 0.3000 | % | 0.2500 | % | 0.2500 | % | ||||||||||
For the next $125 million | 0.2875 | 0.2875 | 0.2875 | 0.2375 | 0.2375 | |||||||||||||||
For the next $250 million | 0.2750 | 0.2750 | 0.2750 | 0.2250 | 0.2250 | |||||||||||||||
For the next $500 million | 0.2625 | 0.2625 | 0.2625 | 0.2125 | 0.2125 | |||||||||||||||
For the next $1 billion | 0.2500 | 0.2500 | 0.2500 | 0.2000 | 0.2000 | |||||||||||||||
For the next $3 billion | 0.2250 | 0.2250 | 0.2250 | 0.1750 | 0.1750 | |||||||||||||||
For the next $5 billion | 0.2000 | 0.2000 | 0.2000 | 0.1500 | 0.1500 | |||||||||||||||
For net assets of $10 billion and greater | 0.1875 | 0.1875 | 0.1875 | 0.1375 | 0.1375 |
NUVEEN | 235 |
Notes to Financial Statements (Unaudited) (continued)
The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and for All-American, Intermediate Duration and Short Term, making, as appropriate, an upward adjustment to that rate based upon the percentage of the fund’s assets that are not “eligible assets.” The complex level fee schedule for each Fund is as follows:
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 September 30, 2017, the complex-level fee for each Fund was as follows: |
Fund | Complex-Level Fee | |||
All-American | 0.1646 | % | ||
Inflation Protected | 0.1599 | |||
Intermediate Duration | 0.1650 | |||
Limited Term | 0.1599 | |||
Short Term | 0.1781 |
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the following Funds 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 the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table. The expense limitation expiring July 31, 2019, may be terminated or modified prior to that date only with the approval of the Board. The expense limitations in effect thereafter may be terminated or modified only with the approval of shareholders of the Funds.
Fund | Temporary Expense Cap | Temporary Expense Cap Expiration Date | Permanent Expense Cap | |||||||
Inflation Protected | 0.60 | % | July 31, 2019 | 1.05 | % | |||||
Intermediate Duration | N/A | N/A | 0.75 |
N/A | – Not applicable. |
Other Transactions with Affiliates
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 Fund engaged in inter-fund trades pursuant to these procedures as follows:
Inter-Fund Trades | All- American | |||
Purchases | $ | 5,948,032 | ||
Sales | — |
236 | NUVEEN |
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:
All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
Sales charges collected | $ | 1,223,162 | $ | 8,874 | $ | 304,391 | $ | 301,044 | $ | 43,862 | ||||||||||
Paid to financial intermediaries | 1,160,722 | 8,780 | 293,800 | 289,649 | 42,164 |
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:
All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
Commission advances | $ | 1,267,150 | $ | 16,299 | $ | 372,921 | $ | 465,573 | $ | 51,122 |
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:
All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
12b-1 fees retained | $ | 294,371 | $ | 3,343 | $ | 71,545 | $ | 178,092 | $ | 10,677 |
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:
All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
CDSC retained | $ | 61,445 | $ | 491 | $ | 35,219 | $ | 96,931 | $ | 32,743 |
8. Borrowing 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.
The Unsecured Credit Line was not renewed after its scheduled termination date on July 27, 2017.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $3 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2018 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, the following Fund utilized this facility. The Fund’s maximum oustanding balance during the utilization period was as follows:
Limited Term | ||||
Maximum Outstanding Balance | $ | 13,500,000 |
NUVEEN | 237 |
Notes to Financial Statements (Unaudited) (continued)
During the current fiscal period, and during the Fund’s utilization period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
Limited Term | ||||
Average daily balance outstanding | $ | 11,923,077 | ||
Average annual interest rate | 2.24% |
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable. None of the other Funds utilized this facility during the current fiscal period.
9. New Accounting Pronouncements
Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
During March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
238 | 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
Custodians State Street Bank & Trust One Lincoln Street Boston, MA 02111
U.S. Bank National Association 1555 North RiverCenter Drive Suite 302 Milwaukee, WI 53202 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and Boston Financial Data Services, Inc. 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. | ||||||||||||||
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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 | 239 |
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.
Bloomberg Barclays 1-10 Year Municipal Bond Index: An unmanaged index comprised of investment-grade municipal bonds with maturity dates of more than 1 year and less than 10 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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 directly through certain 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 calculation of the Effective Leverage Ratio reflects borrowings effected on a long-term basis for investment purposes, but excludes borrowings that may occur, on a transient basis, in connection with a Fund’s day-to-day operations primarily in connection with the need to pay cash out to redeeming shareholders or to settle portfolio trades.
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.
Inflation Linked Swap: A contractual agreement between two counterparties under which one party agrees to make periodic interest payments to the other for an agreed period of time based on a fixed rate (alternatively, a floating rate based on an interest rate index), while the other party agrees to make periodic payments based on a floating rate of interest based on the Consumer Price Index.
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 General & Insured Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper General & Insured 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.
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Lipper Intermediate Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Intermediate 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 Short-Intermediate Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Short-Intermediate 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 Short Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Short 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 charges.
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.
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 Intermediate Index: An unleveraged, market value-weighted index containing all bonds in the S&P Municipal Bond Index that mature between 3 and 14.999 years. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Short Index: An unleveraged, market value-weighted index containing all of the bonds in the S&P Municipal Bond Index with maturities between 6 months and 3.999 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Short-Intermediate Index: An unleveraged, market value-weighted index containing all bonds in the S&P Municipal Bond Index that mature between 1 and 7.999 years. 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.
Weighted Average Maturity: The average time to maturity of debt securities held in a Fund.
Weighted Average Portfolio Duration: The weighted average duration, including the effects of leverage, of a fund’s bonds and loans, which is a measure of the fund’s price sensitivity expressed in years.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
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Annual Investment Management Agreement
Approval Process (Unaudited)
The Board of Directors or Trustees (as the case may be) (each, a “Board,” and each Director or Trustee, a “Board Member”) of the Funds, including the Board Members who are not parties to the applicable advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), oversees the management of its respective Fund(s), including the performance of Nuveen Fund Advisors, LLC, the Funds’ investment adviser (the “Adviser”), and Nuveen Asset Management, LLC, the Funds’ sub-adviser (the “Sub-Adviser”). As required by applicable law, after the initial term of the respective Fund following commencement of its operations, the Board is required to consider annually whether to renew the Fund’s management agreement with the Adviser (the “Investment Management Agreement”) and its sub-advisory agreement with the Sub-Adviser (the “Sub-Advisory Agreement” and, together with the Investment Management Agreement, the “Advisory Agreements”). Accordingly, the Board met in person on April 11-12, 2017 (the “April Meeting”) and May 23-25, 2017 (the “May Meeting”) to consider the approval of each Advisory Agreement that was up for renewal for an additional one-year period.
The Board considered its review of the Advisory Agreements as an ongoing process encompassing the information received and the deliberations the Board and its committees have had throughout the year. The Board met regularly during the year and received materials and discussed topics that were relevant to the annual consideration of the renewal of the Advisory Agreements, including, among other things, overall market performance and developments; fund investment performance; investment team review; valuation of securities; compliance, regulatory and risk management matters; payments to intermediaries such as 12b-1 fees, sub-transfer agency fees and other payments; and other developments. The Board had also established several standing committees, including the Open-end Fund Committee and Closed-end Fund Committee, which met regularly throughout the year to permit the Board Members to delve deeper into the topics particularly relevant to the respective product line. The Board further continued its practice of seeking to meet periodically with the Sub-Adviser and its investment team. The accumulated information, knowledge, and experience the Board Members had gained during their tenure on the Board governing the Funds and working with the Fund Advisers (as defined below) were taken into account in their review of the Advisory Agreements.
In addition to the materials received by the Board or its committees throughout the year, the Board reviewed extensive additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including, but not limited to, a description of the services provided by the Adviser and Sub-Adviser (the Adviser and the Sub-Adviser are each a “Fund Adviser”); an analysis of fund performance including comparative industry data and a detailed focus on any performance outliers; an analysis of the Sub-Adviser; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and in comparison to the fees and expenses of peers with a focus on any expense outliers; an assessment of shareholder services for the Nuveen funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters. The materials provided in connection with the annual review included information compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge” or “Lipper”), an independent provider of investment company data, comparing, in relevant part, each Fund’s fees and expenses with those of a comparable universe of funds (the “Peer Universe”) and with a more focused subset of the Peer Universe (the “Peer Group”), as selected by Broadridge (the “Broadridge Report”). The Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
As part of its annual review, the Board met at the April Meeting to review the investment performance of the Funds and to consider the Adviser’s analysis of the Sub-Adviser evaluating, among other things, the Sub-Adviser’s assets under management, investment team, performance, organizational stability, and investment approach. During the review, the Independent Board Members requested and received additional information from management. At the May Meeting, the Board, including the Independent Board Members, continued its review and ultimately approved the continuation of the Advisory Agreements for an additional year. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel and met with counsel separately without management present. In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as determinative, but rather the decision reflected the comprehensive consideration of all the information presented, and each Board Member may have attributed different weights to the various factors and information considered in connection with the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund and the resulting performance of each Fund. The Board recognized the myriad of services the Adviser and its affiliates provided to manage and operate the Nuveen funds, including (a) product management (such as managing distributions, positioning the product in the marketplace, managing the relationships with the distribution platforms, maintaining
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and enhancing shareholder communications and reporting to the Board); (b) investment oversight, risk management and securities valuation (such as overseeing the sub-advisers and other service providers, analyzing investment performance and risks, overseeing risk management and disclosure, executing the daily valuation of securities, and analyzing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters and helping to prepare regulatory filings and shareholder reports); (d) fund board administration (such as preparing board materials and organizing and providing assistance for board meetings); (e) compliance (such as helping to devise and maintain the Nuveen funds’ compliance program and test for adherence); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); (g) with respect to certain closed-end funds, providing leverage, capital and distribution management services; and (h) with respect to certain open-end funds with portfolios that have a leverage component, providing such leverage management services.
The Board further noted the Adviser’s continued dedication to investing in its business to enhance the quality and breadth of the services provided to the Funds. The Board recognized the Adviser’s investment in staffing over recent years to support the services provided to the Nuveen funds in key areas, including in investment services, product management, retail distribution and information technology, closed-end funds and structured products, as well as in fund administration, operations and risk management. The Board further noted the Adviser’s continued commitment to enhancing its compliance program by, among other things, restructuring the compliance organization, developing a unified compliance program, adding compliance staff, and developing and/or revising policies and procedures as well as building further infrastructure to address new regulatory requirements or guidance and the growth of the complex. The Board also considered the enhancements to Nuveen’s cybersecurity capabilities, systems and processes to value securities, stress test reporting and risk and control self-assessments.
In addition, the Independent Board Members considered information highlighting the various initiatives that the Adviser had implemented or continued over recent years to benefit the open-end fund and closed-end fund product lines and/or particular Nuveen funds. The Board noted the Adviser’s continued efforts to rationalize the open-end fund and closed-end fund product lines through, among other things, mergers, liquidations and repositionings in seeking to provide enhanced shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches that are more relevant to current shareholder needs. With respect to open-end Nuveen funds, such initiatives also included, but were not limited to, (a) implementing the multi-class solutions platform through the launch of several multi-asset income funds; (b) creating new share classes on several funds, including Nuveen All-American Municipal Bond Fund (the “All-American Fund”), to potentially attract new clients and respond to regulatory developments; (c) reviewing the pricing of the open-end product line which resulted in the reduction of the management fee and/or temporary expense cap for various funds; (d) lowering the sales load breakpoints on certain municipal open-end funds to make them more competitive in the marketplace; (e) modifying the investment policies of various funds; and (f) creating a new product line of exchange-traded funds (“ETFs”).
With respect to municipal funds, the Independent Board Members also appreciated, in particular, the astute portfolio management of the municipal funds with respect to the Puerto Rico debt crisis.
In its review, the Board recognized that initiatives that attracted assets to the Nuveen family of funds generally benefited the Nuveen funds in the complex as fixed costs would be spread over a larger asset base and, as described below, through the complex-wide fee arrangement which generally provides that the management fees of the Nuveen funds (subject to limited exceptions) are reduced as asset levels in the complex reach certain breakpoints in the fee schedule.
Similarly, the Board considered the sub-advisory services provided by the Sub-Adviser to the Funds. The Sub-Adviser generally provided portfolio advisory services for the Funds. The Board reviewed the Adviser’s analysis of the Sub-Adviser which evaluated, among other things, the investment team and any changes thereto, the stability and history of the organization, the assets under management, the investment approach and the performance of the Nuveen funds it sub-advises. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
As part of its evaluation of the services provided by the Fund Advisers, the Board reviewed Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2016 as well as performance data for the first quarter of 2017 ending March 31, 2017. The Board reviewed performance on an absolute basis and in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). The review and analysis of performance information during the annual review of Advisory Agreements incorporated the discussions and performance information the Board Members have had at each of their quarterly meetings throughout the year.
In evaluating performance data, the Independent Board Members recognized some of the limitations of such data and the difficulty in establishing appropriate peer groups and benchmarks for certain of the Nuveen funds. They recognized that each fund operates pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark. Certain funds may also utilize
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
leverage which may provide benefits or risks to their portfolio compared to an unlevered benchmark. The Independent Board Members had noted that management had classified the Performance Peer Groups as low, medium and high in relevancy to the applicable fund as a result of these differences or other factors. The Independent Board Members recognized that the variations between the Performance Peer Group or benchmark and the applicable Fund will lead to differing performance results and may limit the value of the comparative performance data in assessing the particular Fund’s performance.
In addition, the Independent Board Members recognized that the performance data is a snapshot in time, in this case as of the end of the 2016 calendar year or end of the first quarter of 2017. A different period may generate significantly different results and longer term performance can be adversely affected by even one period of significant underperformance. Further, a shareholder’s experience in a Fund depends on his or her own holding period which may differ from that reviewed by the Independent Board Members. The Independent Board Members also noted that although the open-end funds offer multiple classes and the performance data was based on Class A shares, the performance of the other classes of a fund should be substantially similar on a relative basis because all of the classes would be invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers and the factors contributing to the respective fund’s performance and any efforts to address performance concerns. With respect to any Nuveen funds for which the Board has identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers any steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board, however, acknowledged that shareholders chose to invest or remain invested in a fund knowing that the Adviser and applicable sub-adviser manage the fund, knowing the fund’s investment strategy and seeking exposure to that strategy (even if the strategy was “out of favor” in the marketplace) and knowing the fund’s fee structure.
In reviewing the performance of the Nuveen municipal funds, the Board recognized the challenged and volatile conditions of the municipal market in the fourth quarter of 2016 which impacted the performance of many of the municipal funds. The Board further considered that the municipal market had generally rebounded in the first quarter of 2017. In reviewing the performance of the municipal funds, the Board considered the impact of the market conditions.
For the All-American Fund, the Board noted that the Fund had performed well against its Performance Peer Group, ranking in the second quartile in the one-year period and first quartile in the three- and five-year periods. Although the Fund underperformed its benchmark in the one-year period, the Fund outperformed its benchmark in the three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
For Nuveen Inflation Protected Municipal Bond Fund (the “Inflation Protected Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile in the one-year period, the third quartile in the three-year period and second quartile in the five-year period. The Board also noted that the Fund outperformed its benchmark in these periods. The Board was satisfied with the Fund’s overall performance.
For Nuveen Intermediate Duration Municipal Bond Fund (the “Intermediate Fund”), the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the one-year period and underperformed its benchmark in the one-, three- and five-year periods, the Fund ranked in the second quartile in the three-year period and first quartile in the five-year period. The Board was satisfied with the Fund’s overall performance.
For Nuveen Limited Term Municipal Bond Fund (the “Limited Term Fund”), the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the one-year period and underperformed its benchmark in the one-, three- and five-year periods, the Fund ranked in the third quartile in the three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
For Nuveen Short Term Municipal Bond Fund (the “Short Term Fund”), the Board noted that, although the Fund underperformed its benchmark in the one-, three- and five-year periods, it ranked in its Performance Peer Group in the third quartile in the one-year period, second quartile in the three-year period, and first quartile in the five-year period. The Board was satisfied with the Fund’s overall performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed and considered, among other things, the gross management fees and after taking into effect any expense limitation arrangement and/or fee waivers (to the extent applicable), the net management fees paid by the Funds. The Board further considered the net total expense ratio of each Fund (expressed as a percentage of average net assets) as the expense ratio is most reflective of the investors’ net experience in a Fund as it directly reflected the costs of investing in the respective Fund.
In addition, the Board reviewed the Broadridge Report comparing, in relevant part, each Fund’s gross and net advisory fees and net total expense ratio with those of a Peer Universe and/or Peer Group, as applicable. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group by Broadridge. In reviewing the comparative data, the Board was aware that various factors may limit some of the usefulness of the data, such as differences in size of the peers; the composition of the Peer Universe or Peer
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Group; changes each year of funds comprising the Peer Universe and Peer Group; and levels of expense reimbursements and fee waivers. Nevertheless, in reviewing a fund’s fees and expenses compared to the fees and expenses of its peers, the Board generally considered a fund’s expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. The Board noted that the substantial majority of the Nuveen funds had a net expense ratio that was near or below their respective peer average.
The Independent Board Members noted that the All-American Fund, the Intermediate Fund and the Limited Term Fund each had a net management fee that was in line with its respective peer average and a net expense ratio below its respective peer average, the Inflation Protected Fund had a net management fee and net expense ratio below the peer average, and the Short Term Fund had a net management fee slightly higher than its peer average but a net expense ratio in line with the peer average.
In their evaluation of the management fee schedule, the Independent Board Members also reviewed the fund-level and complex-wide breakpoint schedules, as described in further detail below. In this regard, the Board was aware that as a result of a review of the pricing of the Nuveen open-end funds, the management fees and/or expense caps of various open-end funds had been reduced in 2016. The Independent Board Members also took into account any expense reimbursements and/or fee waivers provided by Nuveen. In addition, the Independent Board Members recognized that the fund-level breakpoint schedules of the Nuveen open-end funds recently were revised resulting in the addition of more breakpoints in the management fee schedules of the funds. The Board recognized that the revised schedules would provide for the potential of additional savings for shareholders if the respective fund’s assets under management grow and actual savings for the Intermediate Fund given its level of assets under management and the applicable revised schedule.
Based on their review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Board also reviewed information regarding the respective Fund Adviser’s fee rates for providing advisory services to other types of clients. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed ETFs sub-advised by the Sub-Adviser but that are offered by another fund complex.
The Board recognized that each Fund had an affiliated sub-adviser. In reviewing the fee rates assessed to other clients, with respect to affiliated sub-advisers, the Board reviewed, among other things, the range of fees and average fee rates assessed for managed accounts.
The Board recognized the inherent differences between the Nuveen funds and the other types of clients. The Board considered information regarding these various differences which included, among other things, the services required, product distribution, average account sizes, types of investors targeted, legal structure and operations, and applicable laws and regulations. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and the Nuveen funds. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. The Board recognized the breadth of services the Adviser provided to support the Nuveen funds as summarized above and noted that many of such administrative services may not be required to the same extent or at all for the institutional clients or other clients. The Board further recognized the passive management of ETFs compared to the active management required of other Nuveen funds would contribute to differing fee levels.
The Independent Board Members noted that the sub-advisory fees paid by the Adviser to the Sub-Adviser, however, were generally for portfolio management services. With respect to affiliated sub-advisers, the Board noted such sub-advisory fees were more comparable to the fees of retail wrap accounts and other external sub-advisory mandates.
Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Board concluded that such facts justify the different levels of fees.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2016 and 2015. In considering profitability, the Independent Board Members considered the level of profitability realized by Nuveen before the imposition of any distribution and marketing expenses incurred by the firm from its own resources. In evaluating the profitability, the Independent Board Members evaluated the analysis employed in developing the profitability figures, including the assumptions and methodology employed in allocating expenses. The Independent Board Members recognized the inherent limitations to any cost allocation methodology as different and reasonable approaches may be used and yet yield differing results. The Independent Board Members further reviewed an analysis of the history of the profitability methodology used explaining any changes to the methodology over the years. The Board has appointed two Independent Board Members, who along with independent legal counsel, helped to review and discuss the methodology employed to develop the profitability analysis each year and any proposed changes thereto and to keep the Board apprised of such changes during the year.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
In their review, the Independent Board Members evaluated, among other things, Nuveen’s adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2016 versus 2015. The Board, however, observed that Nuveen’s operating margins for its advisory activities in 2016 were similar to that of 2015.
In addition to reviewing Nuveen’s profitability in absolute terms, the Independent Board Members also reviewed the adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition). The Independent Board Members, however, noted that the usefulness of the comparative data may be limited as the other firms may have a different business mix and their profitability data may be affected by numerous other factors such as the types of funds managed, the cost allocation methodology used, and their capital structure. Nevertheless, the Board noted that Nuveen’s adjusted operating margins appeared comparable to the adjusted margins of the peers.
Further, the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). To have a fuller picture of the financial condition and strength of the TIAA complex, together with Nuveen, the Board reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2016 and 2015 calendar years.
In addition to the Adviser’s profitability, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2016. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2016.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser for its services to the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
When evaluating the level of the advisory fees, the Independent Board Members considered whether there will be any economies of scale that may be realized by the Fund Adviser as a Fund grows and the extent to which these economies were shared with the Funds and shareholders. The Board recognized that economies of scale are difficult to measure with precision; however, the Board considered that there were several ways the Fund Adviser may share the benefits of economies of scale with the Nuveen funds, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements and the Adviser’s investment in its business which can enhance the services provided to the Nuveen funds. With respect to the fee structure, the Independent Board Members have recognized that economies of scale may be realized when a particular fund grows, but also when the total size of the fund complex grows (even if the assets of a particular fund in the complex have not changed or have decreased). Accordingly, subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component, each of which has a breakpoint schedule. Subject to certain exceptions, the fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds (except for Nuveen ETFs which are subject to a unitary fee) in the Nuveen complex combined grow. As noted, the Board had recently approved revised fund-level breakpoint schedules for the Nuveen open-end funds which resulted in additional breakpoints added to the breakpoint schedules and therefore the potential for additional savings as a fund’s asset level grows and immediate savings for the Intermediate Fund.
The Independent Board Members also noted that additional economies of scale were shared with shareholders of the Inflation Protected Fund and the Intermediate Fund through their temporary and/or permanent expense caps. The Independent Board Members reviewed the breakpoint and complex-wide schedules and any savings achieved from fee waivers and expense reimbursements (if applicable), as well as fee reductions as a result of the fund-level and complex-level breakpoints for the 2016 calendar year. In addition, the Independent Board Members recognized the Adviser’s ongoing investment in its business to expand or enhance the services provided to the benefit of all of the Nuveen funds.
Based on their review, the Board concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds, including compensation paid to affiliates of a Fund Adviser for services rendered to the
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funds and research services received by a Fund Adviser from broker-dealers that execute fund trades. In this regard, the Independent Board Members recognized that an affiliate of the Adviser served as the principal underwriter for the open-end funds providing distribution and shareholder services to the funds for which it may be compensated through sales charges and distribution fees and shareholder services fees pursuant to the funds’ Rule 12b-1 distribution and service plan or otherwise. The Independent Board Members therefore took into account, among other things, the 12b-1 fees retained by Nuveen during the calendar year ending December 31, 2016.
In addition to the above, the Independent Board Members considered that the Funds’ portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received from broker-dealers that execute Fund portfolio transactions. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that the research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
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Nuveen: | ||||||||||||||
Serving Investors for Generations | ||||||||||||||
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Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio. | ||||||||||||||
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Focused on meeting investor needs.
Nuveen is the investment management arm of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future. | ||||||||||||||
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Find out how we can help you. To learn more about how the products and services of Nuveen
Learn more about Nuveen Funds at: www.nuveen.com/mf | ||||||||||||||
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Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |
MSA-NAT-0917D 304535-INV-B-11/18
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 Investment Funds, Inc.
By | (Signature and Title) | /s/ Kathleen L. Prudhomme | ||||
Kathleen L. Prudhomme Vice President and Secretary |
Date: December 7, 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: December 7, 2017
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: December 7, 2017