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Table of Contents
| Chairman’s Letter to Shareholders | 4 |
| Portfolio Manager’s Comments | 5 |
| Fund Leverage | 9 |
| Common Share Information | 11 |
| Risk Considerations | 13 |
| Performance Overview and Holding Summaries | 14 |
| Portfolios of Investments | 18 |
| Statement of Assets and Liabilities | 53 |
| Statement of Operations | 54 |
| Statement of Changes in Net Assets | 55 |
| Statement of Cash Flows | 57 |
| Financial Highlights | 58 |
| Notes to Financial Statements | 63 |
| Additional Fund Information | 77 |
| Glossary of Terms Used in this Report | 78 |
| Reinvest Automatically, Easily and Conveniently | 80 |
| Annual Investment Management Agreement Approval Process | 81 |
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NUVEEN
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3
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Chairman’s Letter to Shareholders
Dear Shareholders,
Some of the key assumptions driving the markets higher at the beginning of 2017 have recently come into question. Following the collapse of the health care reform bill in the Senate, investors are concerned about President Trump’s ability to accomplish the remainder of his pro-growth fiscal agenda, including tax reform and large infrastructure projects. Economic growth projections, in turn, have been lowered and with inflation recently waning, the markets are expecting fewer rate hikes from the Federal Reserve (Fed) than the Fed itself had predicted. Yet, asset prices continued to rise.
Investors have largely looked beyond policy disappointments and focused instead on the healthy profits reported by U.S. companies during the first two quarters of 2017. U.S. growth has remained slow and steady, European growth has surprised to the upside and concern that China would decelerate too rapidly has eased, further contributing to an optimistic tone in the markets. Additionally, political risk in Europe has moderated, with the election of mainstream candidates in the Dutch and French elections earlier this year. As expected, German Chancellor Angela Merkel won a fourth term in September 2017. That election also saw a far-right party entering Parliament for the first time in almost 60 years.
The remainder of the year could bring challenges to this benign macro environment. The U.S. government voted to temporarily increase the nation’s debt limit, but the debate will resume again in December when the current extension of the debt limit expires. In addition, the need for disaster relief and recovery following Hurricanes Harvey, Irma, Maria and Nate has further muddied the outlook on the White House’s promised agenda. Markets will be watching the “Brexit” negotiations and the North American Free Trade Agreement (NAFTA) talks while assessing the implications for key trade and political partnerships. A tightening of financial conditions in China or a more aggressive-than-expected policy action from the Fed, European Central Bank or Bank of Japan could also turn into headwinds. On the geopolitical front, tensions with North Korea may continue to flare.
Market volatility readings have been remarkably low lately, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
October 23, 2017
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4
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NUVEEN
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| Portfolio Manager’s Comments |
Nuveen New Jersey Quality Municipal Income Fund (NXJ)
Nuveen New Jersey Municipal Value Fund (NJV)
Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
Nuveen Pennsylvania Municipal Value Fund (NPN)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC. Portfolio manager Paul L. Brennan, CFA, reviews key investment strategies and the six-month performance of the Nuveen New Jersey and Pennsylvania Funds. Paul assumed portfolio management responsibility for these four Funds in 2011.
What key strategies were used to manage these Funds during the six-month reporting period ended August 31, 2017?
The broad municipal bond market produced a positive return in this reporting period. A benign macro environment and easing concerns about the impact of the White House’s proposed tax policy on the municipal market helped credit spreads narrow and yields decline, particularly at the longer end of the yield curve. New Jersey’s municipal market outperformed the national market, propelled by an upgraded “stable” outlook from Standard & Poor’s announced at the end of the reporting period. Pennsylvania’s municipal market also outpaced the national market but by a much narrower margin than New Jersey’s. Both states continue to contend with budget gaps, driven by the states’ lower-than-expected revenues, weaker job growth and lagging economic growth.
Our trading activity continued to focus on pursuing the Funds’ investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Funds’ positioning emphasized intermediate and longer maturities, lower rated credits and sectors offering higher yields. Although the Funds remained positioned with longer duration profiles than their benchmarks, over the course of the reporting period we have sought to marginally reduce the Funds’ interest rate sensitivity. Additionally, with both Pennsylvania and New Jersey facing ongoing fiscal challenges, we continued to limit exposure to state-supported obligations in all four Funds. Although New Jersey’s market is dominated by state-issued and higher quality bonds, which are among the features we’ve tended to deemphasize within the Funds’ positioning, we have found opportunities to invest in bonds offering attractive yields and relative value. The New Jersey Funds added bonds issued for higher education, health care, toll roads and local general obligations (GOs). In the Pennsylvania Funds, we bought credits primarily in the housing, health care, utilities and local GO sectors.
| 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 manager 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; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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5
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Portfolio Manager’s Comments (continued)
To fund these purchases, we reinvested the proceeds primarily from called and maturing bonds. We also selectively sold positions with short maturities such as pre-refunded bonds or positions that could be traded for more attractive relative long-term opportunities. Additionally, we sought to diversify some of the call risk in NPN and NJV, which hold meaningful exposure to bonds with 2019 call dates. These two Funds were launched in 2009 when interest rates were higher, and advance refundings of bonds callable in 2019 is likely to remain elevated in the current environment of still low interest rates.
As of August 31, 2017, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NQP and NXJ also invested in forward interest rates swaps to help reduce price volatility risk to movements in U.S. interest rates relative to the Funds’ benchmark. NQP added another swap position during the reporting period, which increased the amount of hedging. These swaps slightly detracted from performance, as expected in the falling interest rate environment during this reporting period.
How did the Funds perform during the six-month reporting period ended August 31, 2017?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year, ten-year and since inception periods ended August 31, 2017. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes.
For the six-month reporting period ended August 31, 2017, the total returns on common share NAV for these four Funds outperformed that of the national S&P Municipal Bond Index, and NXJ and NQP outpaced their respective state’s S&P Municipal Bond Index while NJV and NPN trailed the returns for their respective state’s S&P Municipal Bond Index.
The factors influencing the Funds’ performance during this reporting period included yield curve and duration positioning, credit rating allocations and sector allocations. The main positive contributor to the Funds’ relative performance was their longer yield curve and duration positioning. In this reporting period, longer duration bonds outperformed those with shorter durations, and all four Funds held overweight exposures to longer duration credits and underweight exposures to shorter duration credits. The Funds’ credit ratings allocations were also advantageous to relative performance. The Funds have continued to emphasize lower rated bonds over AAA and AA rated bonds, which was favorable to performance as lower credit quality bonds (A rated and lower) performed better than higher quality (AAA and AA rated) bonds in this reporting period.
On a sector basis, the New Jersey Funds benefited from holdings in the health care, state-backed appropriation, tobacco settlement, toll roads (including New Jersey Turnpike Authority and two bi-state agencies, Delaware River Joint Toll Bridge and Delaware River and Bay Authority) and higher education (especially Seton Hall University and New Jersey Institute of Technology) sectors. The Pennsylvania Funds saw gains concentrated in the health care, higher education, local GO and housing sectors. NPN also benefited from its tobacco settlement bonds. (Pennsylvania does not offer tobacco bonds. NPN holds District of Columbia tobacco securitization bonds and NQP has no exposure to the tobacco sector.) In addition, First Energy Solutions was the top performing holding in the two Pennsylvania Funds. The energy supplier had performed poorly earlier in 2017 amid credit concerns relating to its parent company’s plan to exit the power generation business, but the credit partially rebounded during the reporting period.
In addition, the use of regulatory leverage was a factor affecting the performance of NXJ and NQP. NJV and NPN do not use regulatory leverage. Leverage is discussed in more detail later in the Fund Leverage section of this report.
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6
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NUVEEN
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An Update Involving Puerto Rico
As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: Puerto Rico’s ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island’s debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.
In June 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation established an independent Financial Oversight and Management Board charged with restructuring Puerto Rico’s financial operations and encouraging economic development. In addition to creating an oversight board, PROMESA also provides a legal framework and court-supervised debt restructuring process that enables Puerto Rico to adjust its debt obligations. In March 2017, the oversight board certified a ten-year fiscal plan projecting revenues, expenditures and a primary fiscal surplus available for debt service over the plan’s horizon. The fiscal plan was considered quite detrimental to creditors, identifying available resources to pay only about 24% of debt service due over the ten year term. In May 2017, the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow. As of September 2017 (subsequent to the close of this reporting period), Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.
In mid-September 2017 Puerto Rico was severely impacted by two hurricanes within the span of just two weeks. The first, Hurricane Irma, did not make direct contact, but caused widespread power outages, initially leaving one million people without power. Before power could be fully restored, Hurricane Maria, a category 4 hurricane, swept diagonally across the island causing massive destruction. Puerto Rico had not been in the direct path of a hurricane for over 85 years. The storm’s 150 mph winds, rain and flooding destroyed the island’s power infrastructure, leaving most residents without power, potable water, or cell service. Rebuilding the island’s power distribution system is expected to take months and some parts of Puerto Rico may need years to fully recover. Although Puerto Rico’s economy is not overly reliant on tourism, the damage will likely dampen visitors for the remainder of the year, could encourage an increase in outmigration to the U.S., and will undoubtedly have a negative economic impact. Assistance from the Federal Emergency Management Agency (FEMA) will help in the short-term, but unbudgeted costs associated with storm recovery efforts will inevitably pressure government finances and liquidity in the near term, which were already stressed.Puerto Rico’s Oversight Board has said it will approve budgetary adjustments up to an amount of $1 billion to fund emergency relief efforts. Though it’s too early to accurately assess the long-term economic impact of the storms, recovering from the tragic damage caused by the hurricanes will likely prolong the restructuring process that was already underway under PROMESA.
In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NQP had limited exposure of 0.68%, which was either insured or investment grade, to Puerto Rico debt, while NXJ, NJV and NPN did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently in default and rated Caa3/D/D by Moody’s, S&P and Fitch, respectively, with negative outlooks.
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7
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Portfolio Manager’s Comments (continued)
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds’ pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. 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.
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| Fund Leverage |
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. NJV and NPN do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. The use of leverage through inverse floating rate securities contributed positively to the performance of NXJ, NQP and NPN while it detracted from the performance of NJV over this reporting period. Leverage had a positive impact on the performance of NXJ and NQP over this reporting period.
As of August 31, 2017, the Funds’ percentages of leverage are as shown in the accompanying table.
| NXJ | NJV | NQP | NPN | ||||||||||
| Effective Leverage* | 38.04 | % | 9.17 | % | 39.77 | % | 4.30 | % | |||||
| Regulatory Leverage* | 31.81 | % | 0.00 | % | 34.67 | % | 0.00 | % |
| * | Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
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9
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Fund Leverage (continued)
THE FUND’S REGULATORY LEVERAGE
As of August 31, 2017, the following Funds have issued and outstanding preferred shares as shown in the accompanying table. As mentioned previously, NNY and NYV do not use regulatory leverage.
| Variable Rate Preferred* |
Variable Rate Remarketed Preferred** |
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| Shares Issued at Liquidation Preference |
Shares Issued at Liquidation Preference |
Total | ||||||||
| NXJ | $ | 313,900,000 | $ | — | $ | 313,900,000 | ||||
| NQP | $ | 304,500,000 | $ | — | $ | 304,500,000 | ||||
| * | Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares iMTP, VMTP, MFP-VRM and VRDP in Special Rate Mode. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details. |
| ** | Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details. |
Refer to Notes to Financial Statements, Note – 4 Fund Shares, Preferred Shares for further details on preferred shares and each Fund’s respective transactions.
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10
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| Common Share Information |
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of August 31, 2017. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
| Per Common Share Amounts | |||||||||||||
| Monthly Distributions (Ex-Dividend Date) | NXJ | NJV | NQP | NPN | |||||||||
| March 2017 | $ | 0.0580 | $ | 0.0475 | $ | 0.0585 | $ | 0.0495 | |||||
| April | 0.0580 | 0.0475 | 0.0585 | 0.0495 | |||||||||
| May | 0.0580 | 0.0475 | 0.0585 | 0.0495 | |||||||||
| June | 0.0580 | 0.0475 | 0.0585 | 0.0495 | |||||||||
| July | 0.0580 | 0.0475 | 0.0585 | 0.0495 | |||||||||
| August 2017 | 0.0580 | 0.0475 | 0.0585 | 0.0495 | |||||||||
| Total Distributions from Net Investment Income | $ | 0.3480 | $ | 0.2850 | $ | 0.3510 | $ | 0.2970 | |||||
| Yields | |||||||||||||
| Market Yield* | 5.00 | % | 3.81 | % | 5.12 | % | 3.87 | % | |||||
| Taxable-Equivalent Yield* | 7.42 | % | 5.65 | % | 7.60 | % | 5.74 | % | |||||
| * | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6% and 30.2% for New Jersey and Pennsylvania, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
Each Fund in this report 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 August 31, 2017, the Funds had positive UNII balances, based upon our best estimate, for tax purposes. NXJ, NJV and NPN had positive UNII balances while NQP had a negative UNII balance 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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Common Share Information (continued)
COMMON SHARE REPURCHASES
During August 2017, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of August 31, 2017, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
| NXJ | NJV | NQP | NPN | ||||||||||
| Common shares cumulatively repurchased and retired | 608,600 | 15,000 | 363,400 | 0 | |||||||||
| Common shares authorized for repurchase | 4,260,000 | 155,000 | 3,775,000 | 120,000 |
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of August 31, 2017, and during the current reporting period, the Funds’ common share prices were trading at a premium/ (discount) to their common share NAVs as shown in the accompanying table.
| NXJ | NJV | NQP | NPN | ||||||||||
| Common share NAV | $ | 15.90 | $ | 15.92 | $ | 15.33 | $ | 15.42 | |||||
| Common share price | $ | 13.92 | $ | 14.95 | $ | 13.70 | $ | 15.35 | |||||
| Premium/(Discount) to NAV | (12.45 | )% | (6.09 | )% | (10.63 | )% | (0.45 | )% | |||||
| 6-month average premium/(discount) to NAV | (12.13 | )% | (7.32 | )% | (11.26 | )% | (6.82 | )% |
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| Risk Considerations |
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen New Jersey Quality Municipal Income Fund (NXJ)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NXJ.
Nuveen New Jersey Municipal Value Fund (NJV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NJV.
Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NQP.
Nuveen Pennsylvania Municipal Value Fund (NPN)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NPN.
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| NXJ | |
| Nuveen New Jersey Quality Municipal Income Fund | |
| Performance Overview and Holding Summaries as of August 31, 2017 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2017
| Cumulative | Average Annual | |||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||
| NXJ at Common Share NAV | 6.89% | 0.18% | 4.75% | 6.29% | ||
| NXJ at Common Share Price | 6.38% | (5.22)% | 3.25% | 6.07% | ||
| S&P Municipal Bond New Jersey Index | 4.83% | 1.24% | 3.60% | 4.91% | ||
| S&P Municipal Bond Index | 3.51% | 0.92% | 3.31% | 4.65% | ||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the 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 Group, 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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 143.2% |
| Short-Term Municipal Bonds | 1.5% |
| Other Assets Less Liabilities | 1.4% |
| Net Assets Plus VRDP Shares,net of deferred offering costs | 146.1% |
| VRDP Shares, net of deferred offering costs | (46.1)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 22.4% |
| Transportation | 18.5% |
| Health Care | 14.1% |
| Education and Civic Organizations | 13.4% |
| US Guaranteed | 6.9% |
| Tax Obligation/General | 4.5% |
| Consumer Staples | 4.0% |
| Housing/Single Family | 3.3% |
| Other | 12.9% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 17.5% |
| AA | 29.8% |
| A | 35.5% |
| BBB | 9.4% |
| BB or Lower | 7.0% |
| N/R | 0.8% |
| Total | 100% |
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| NJV | |
| Nuveen New Jersey Municipal Value Fund | |
| Performance Overview and Holding Summaries as of August 31, 2017 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2017
| Cumulative | Average Annual | |||||
| 6-Month | 1-Year | 5-Year | Since Inception | |||
| NJV at Common Share NAV | 4.18% | 0.64% | 3.75% | 6.38% | ||
| NJV at Common Share Price | (2.37)% | (5.13)% | 3.63% | 5.32% | ||
| S&P Municipal Bond New Jersey Index | 4.83% | 1.24% | 3.60% | 5.36% | ||
| S&P Municipal Bond Index | 3.51% | 0.92% | 3.31% | 5.10% | ||
Since inception returns are from 4/28/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the 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 Group, 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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 105.0% |
| Other Assets Less Liabilities | 1.1% |
| Net Assets Plus Floating Rate Obligations | 106.1% |
| Floating Rate Obligations | (6.1)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 19.3% |
| Education and Civic Organizations | 18.3% |
| Health Care | 17.6% |
| Transportation | 10.8% |
| Tax Obligation/General | 8.8% |
| US Guaranteed | 8.2% |
| Housing/Multifamily | 7.7% |
| Other | 9.3% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 17.7% |
| AA | 30.2% |
| A | 33.5% |
| BBB | 11.4% |
| BB or Lower | 6.1% |
| N/R | 1.1% |
| Total | 100% |
|
NUVEEN
|
15
|
| NQP | |
| Nuveen Pennsylvania Quality Municipal Income Fund | |
| Performance Overview and Holding Summaries as of August 31, 2017 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2017
| Cumulative | Average Annual | |||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||
| NQP at Common Share NAV | 6.08% | (2.02)% | 4.29% | 6.18% | ||
| NQP at Common Share Price | 5.72% | (4.81)% | 2.89% | 6.49% | ||
| S&P Municipal Bond Pennsylvania Index | 3.84% | 1.18% | 3.59% | 4.80% | ||
| S&P Municipal Bond Index | 3.51% | 0.92% | 3.31% | 4.65% | ||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the 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 Group, 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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 158.2% |
| Short-Term Municipal Bonds | 1.6% |
| Other Assets Less Liabilities | 0.9% |
| Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs | 160.7% |
| Floating Rate Obligations | (8.3)% |
| VMTP Shares, net of deferred offering costs | (15.0)% |
| VRDP Shares, net of deferred offering costs | (37.4)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Health Care | 19.7% |
| Tax Obligation/General | 15.8% |
| Education and Civic Organizations | 12.3% |
| US Guaranteed | 11.8% |
| Housing/Single Family | 9.9% |
| Water and Sewer | 6.5% |
| Tax Obligation/Limited | 6.3% |
| Transportation | 6.1% |
| Other | 11.6% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 12.5% |
| AA | 43.1% |
| A | 28.1% |
| BBB | 7.0% |
| BB or Lower | 5.5% |
| N/R | 3.8% |
| Total | 100% |
|
16
|
NUVEEN
|
| NPN | |
| Nuveen Pennsylvania Municipal Value Fund | |
| Performance Overview and Holding Summaries as of August 31, 2017 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2017
| Cumulative | Average Annual | |||||
| 6-Month | 1-Year | 5-Year | Since Inception | |||
| NPN at Common Share NAV | 3.70% | 0.09% | 3.52% | 5.98% | ||
| NPN at Common Share Price | (1.16)% | (2.58)% | 4.95% | 5.51% | ||
| S&P Municipal Bond Pennsylvania Index | 3.84% | 1.18% | 3.59% | 5.15% | ||
| S&P Municipal Bond Index | 3.51% | 0.92% | 3.31% | 5.10% | ||
Since inception returns are from 4/28/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the 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 Group, 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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 100.2% |
| Other Assets Less Liabilities | 1.4% |
| Net Assets Plus Floating Rate Obligations | 101.6% |
| Floating Rate Obligations | (1.6)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| U.S. Guaranteed | 21.9% |
| Health Care | 18.0% |
| Housing/Single Family | 10.1% |
| Tax Obligation/Limited | 8.4% |
| Transportation | 8.3% |
| Housing/Multifamily | 7.0% |
| Tax Obligation/General | 6.8% |
| Education and Civic Organizations | 4.7% |
| Other | 14.8% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 21.3% |
| AA | 42.5% |
| A | 14.8% |
| BBB | 13.7% |
| BB or Lower | 4.9% |
| N/R | 2.8% |
| Total | 100% |
|
NUVEEN
|
17
|
| NXJ | ||
| Nuveen New Jersey Quality Municipal Income Fund | ||
| Portfolio of Investments | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 143.2% (98.9% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 143.2% (98.9% of Total Investments) | |||||||||
| Consumer Discretionary – 0.4% (0.3% of Total Investments) | |||||||||
| Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A: | |||||||||
| $ | 1,720 | 5.000%, 1/01/32 | 11/17 at 100.00 | Caa1 | $ | 1,352,694 | |||
| 1,485 | 5.125%, 1/01/37 | 11/17 at 100.00 | Caa1 | 1,119,007 | |||||
| 3,205 | Total Consumer Discretionary | 2,471,701 | |||||||
| Consumer Staples – 5.9% (4.0% of Total Investments) | |||||||||
| Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | |||||||||
| 3,260 | 4.500%, 6/01/23 | 11/17 at 100.00 | BBB+ | 3,263,749 | |||||
| 32,225 | 4.750%, 6/01/34 | 11/17 at 100.00 | BB– | 31,595,323 | |||||
| 4,890 | 5.000%, 6/01/41 | 11/17 at 100.00 | B | 4,751,271 | |||||
| 40,375 | Total Consumer Staples | 39,610,343 | |||||||
| Education and Civic Organizations – 19.5% (13.4% of Total Investments) | |||||||||
| 1,760 | Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32 | 12/23 at 100.00 | A | 1,999,976 | |||||
| 2,025 | New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25 | No Opt. Call | A | 2,450,432 | |||||
| 2,455 | New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, 15.863%, 6/15/46 (IF) (4) | 6/23 at 100.00 | AA– | 3,815,561 | |||||
| New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey Issue, Series 2013A: | |||||||||
| 2,475 | 5.000%, 7/01/38 | 7/23 at 100.00 | AA– | 2,773,138 | |||||
| 3,250 | 5.000%, 7/01/43 | 7/23 at 100.00 | AA– | 3,617,412 | |||||
| 250 | New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series 2007D, 5.000%, 7/01/27 | 11/17 at 100.00 | BBB– | 250,707 | |||||
| 1,100 | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H, 4.000%, 7/01/39 – AGM Insured | 7/25 at 100.00 | AA | 1,141,943 | |||||
| 5,000 | New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | AA– | 5,623,350 | |||||
| New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2015D: | |||||||||
| 2,395 | 5.000%, 7/01/31 | 7/25 at 100.00 | AA– | 2,745,077 | |||||
| 1,600 | 5.000%, 7/01/33 | 7/25 at 100.00 | AA– | 1,829,056 | |||||
| 1,000 | 5.000%, 7/01/34 | 7/25 at 100.00 | AA– | 1,141,660 | |||||
| 5,955 | New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | AA | 6,683,475 | |||||
| New Jersey Educational Facilities Authority, Revenue Bonds, Passaic County Community College, Series 2010C: | |||||||||
| 1,500 | 5.250%, 7/01/32 | 7/20 at 100.00 | A3 | 1,599,375 | |||||
| 1,000 | 5.375%, 7/01/41 | 7/20 at 100.00 | A3 | 1,065,690 | |||||
| 4,335 | New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 2015-XF0099, 11.960%, 7/01/39 (IF) | 7/21 at 100.00 | AAA | 5,990,016 | |||||
| 4,000 | New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 2015-XF0149, 12.182%, 7/01/44 (IF) (4) | 7/24 at 100.00 | AAA | 5,996,320 |
|
18
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Education and Civic Organizations (continued) | |||||||||
| New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Refunding Series 2012B: | |||||||||
| $ | 550 | 5.000%, 7/01/37 | 7/22 at 100.00 | A | $ | 607,464 | |||
| 1,050 | 5.000%, 7/01/42 | 7/22 at 100.00 | A | 1,154,454 | |||||
| New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: | |||||||||
| 1,140 | 5.000%, 7/01/32 | 7/21 at 100.00 | Baa2 | 1,221,077 | |||||
| 740 | 5.000%, 7/01/37 | 7/21 at 100.00 | Baa2 | 784,918 | |||||
| 1,200 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Refunding Series 2015C, 5.000%, 7/01/35 | 7/25 at 100.00 | A– | 1,365,492 | |||||
| 1,100 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Refunding Series 2017D, 3.500%, 7/01/44 | 7/27 at 100.00 | A– | 1,107,260 | |||||
| New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D: | |||||||||
| 675 | 5.000%, 7/01/38 | 7/23 at 100.00 | A– | 756,310 | |||||
| 1,935 | 5.000%, 7/01/43 | 7/23 at 100.00 | A– | 2,153,752 | |||||
| 1,970 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C, 3.000%, 7/01/46 | 7/26 at 100.00 | A– | 1,833,696 | |||||
| New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology, Series 2017A: | |||||||||
| 1,060 | 5.000%, 7/01/37 | 7/27 at 100.00 | A– | 1,228,561 | |||||
| 2,500 | 5.000%, 7/01/42 | 7/27 at 100.00 | A– | 2,872,425 | |||||
| 1,690 | 5.000%, 7/01/47 | 7/27 at 100.00 | A– | 1,933,867 | |||||
| 1,050 | 4.000%, 7/01/47 | 7/27 at 100.00 | A– | 1,078,213 | |||||
| 2,000 | New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/41 | 7/26 at 100.00 | A | 2,202,220 | |||||
| 975 | New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint Elizabeth, Series 2016D, 5.000%, 7/01/46 | 7/26 at 100.00 | BB | 996,060 | |||||
| 4,560 | New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2015C, 5.000%, 7/01/40 | 7/25 at 100.00 | A2 | 5,054,532 | |||||
| New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2017B: | |||||||||
| 2,000 | 5.000%, 7/01/42 (WI/DD, Settling 9/07/17) – AGM Insured | 7/27 at 100.00 | AA | 2,304,780 | |||||
| 2,420 | 5.000%, 7/01/47 (WI/DD, Settling 9/07/17) – AGM Insured | 7/27 at 100.00 | AA | 2,777,991 | |||||
| New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A: | |||||||||
| 200 | 5.000%, 7/01/18 | No Opt. Call | AA– | 206,620 | |||||
| 1,000 | 5.000%, 7/01/19 | No Opt. Call | AA– | 1,070,200 | |||||
| New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2016-1A: | |||||||||
| 6,180 | 3.500%, 12/01/32 (Alternative Minimum Tax) | 12/25 at 100.00 | Aaa | 6,157,752 | |||||
| 1,430 | 4.000%, 12/01/39 (Alternative Minimum Tax) | 12/25 at 100.00 | Aaa | 1,448,004 | |||||
| 2,175 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax) | 6/18 at 100.00 | Aaa | 2,232,616 | |||||
| 925 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25 | 12/19 at 100.00 | Aaa | 987,937 | |||||
| 960 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30 | 12/20 at 100.00 | Aaa | 1,022,208 | |||||
| 1,090 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.750%, 12/01/27 (Alternative Minimum Tax) | 12/21 at 100.00 | Aaa | 1,208,178 | |||||
| New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A: | |||||||||
| 3,410 | 4.250%, 12/01/25 (Alternative Minimum Tax) | 12/22 at 100.00 | Aaa | 3,683,141 | |||||
| 1,125 | 4.375%, 12/01/26 (Alternative Minimum Tax) | 12/22 at 100.00 | Aaa | 1,215,945 | |||||
| 500 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax) | 12/22 at 100.00 | Aaa | 549,220 |
|
NUVEEN
|
19
|
| NXJ | Nuveen New Jersey Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Education and Civic Organizations (continued) | |||||||||
| $ | 1,210 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2013-1A, 3.750%, 12/01/26 (Alternative Minimum Tax) | 12/22 at 100.00 | Aaa | $ | 1,258,412 | |||
| New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A: | |||||||||
| 5,000 | 4.000%, 12/01/28 (Alternative Minimum Tax) | 12/24 at 100.00 | Aaa | 5,268,650 | |||||
| 2,575 | 4.000%, 12/01/30 (Alternative Minimum Tax) | 12/24 at 100.00 | Aaa | 2,684,231 | |||||
| 6,855 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Subordinate Series 2017-C, 4.250%, 12/01/47 (Alternative Minimum Tax) | 12/26 at 100.00 | Aaa | 7,000,532 | |||||
| New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151: | |||||||||
| 1,135 | 9.579%, 12/01/23 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | AA | 1,395,551 | |||||
| 1,015 | 9.512%, 12/01/24 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | AA | 1,201,395 | |||||
| 690 | 10.077%, 12/01/25 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | AA | 803,326 | |||||
| 205 | 10.502%, 12/01/26 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | AA | 237,607 | |||||
| 2,500 | 11.492%, 12/01/27 (Alternative Minimum Tax) (IF) (4) | 12/23 at 100.00 | AA | 3,065,100 | |||||
| 2,000 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 17.378%, 6/01/30 (IF) (4) | 6/19 at 100.00 | AA | 2,542,400 | |||||
| 400 | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42 | 7/22 at 100.00 | A1 | 446,408 | |||||
| 2,300 | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | A1 | 2,606,889 | |||||
| 2,170 | Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 15.779%, 5/01/43 (IF) (4) | 5/23 at 100.00 | AA– | 3,364,997 | |||||
| 115,765 | Total Education and Civic Organizations | 131,813,579 | |||||||
| Financials – 1.4% (1.0% of Total Investments) | |||||||||
| New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002: | |||||||||
| 7,460 | 5.750%, 10/01/21 | No Opt. Call | Ba2 | 7,870,002 | |||||
| 1,500 | 6.500%, 4/01/28 | No Opt. Call | Ba2 | 1,773,945 | |||||
| 8,960 | Total Financials | 9,643,947 | |||||||
| Health Care – 20.5% (14.1% of Total Investments) | |||||||||
| Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A: | |||||||||
| 175 | 5.000%, 2/15/25 | 2/24 at 100.00 | BBB+ | 203,338 | |||||
| 220 | 5.000%, 2/15/26 | 2/24 at 100.00 | BBB+ | 252,954 | |||||
| 1,320 | 5.000%, 2/15/27 | 2/24 at 100.00 | BBB+ | 1,505,262 | |||||
| 1,385 | 5.000%, 2/15/28 | 2/24 at 100.00 | BBB+ | 1,567,404 | |||||
| 1,385 | 5.000%, 2/15/29 | 2/24 at 100.00 | BBB+ | 1,557,806 | |||||
| 2,500 | 5.000%, 2/15/32 | 2/24 at 100.00 | BBB+ | 2,772,850 | |||||
| 3,040 | 5.000%, 2/15/33 | 2/24 at 100.00 | BBB+ | 3,362,422 | |||||
| 1,000 | 5.000%, 2/15/34 | 2/24 at 100.00 | BBB+ | 1,103,610 | |||||
| 1,950 | 5.000%, 2/15/35 | 2/24 at 100.00 | BBB+ | 2,147,262 | |||||
| 6,100 | 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+ | 6,889,218 | |||||
| 225 | New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27 | 7/18 at 100.00 | AA– | 232,218 | |||||
| 2,500 | New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 2016-XG0047, 16.691%, 7/01/38 – AGC Insured (IF) (4) | 7/19 at 100.00 | AA | 3,258,300 | |||||
| New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011: | |||||||||
| 2,000 | 6.000%, 7/01/26 | 7/21 at 100.00 | BB+ | 2,185,320 | |||||
| 2,500 | 6.250%, 7/01/35 | 7/21 at 100.00 | BB+ | 2,744,200 | |||||
| 2,050 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 7/18 at 100.00 | BB+ | 2,090,754 | |||||
| 1,145 | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24 | 7/22 at 100.00 | A+ | 1,316,155 |
|
20
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Health Care (continued) | |||||||||
| $ | 2,525 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital Corporation, Refunding Series 2016, 4.000%, 7/01/41 | 1/27 at 100.00 | AA– | $ | 2,612,466 | |||
| 10,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | A+ | 11,090,100 | |||||
| 3,765 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, CentraState Medical Center, Series 2006A, 5.000%, 7/01/30 – AGC Insured | 11/17 at 100.00 | AA | 3,773,923 | |||||
| 4,140 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A, 5.000%, 7/01/57 | 7/27 at 100.00 | A+ | 4,734,007 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A: | |||||||||
| 2,055 | 5.000%, 7/01/45 | 7/24 at 100.00 | A+ | 2,277,680 | |||||
| 1,295 | 4.000%, 7/01/45 | 7/24 at 100.00 | A+ | 1,328,450 | |||||
| 10,805 | 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 | 12,424,453 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012: | |||||||||
| 4,155 | 3.750%, 7/01/27 | No Opt. Call | A3 | 4,356,185 | |||||
| 3,375 | 5.000%, 7/01/31 | 7/22 at 100.00 | A3 | 3,713,141 | |||||
| 1,500 | 5.000%, 7/01/37 | 7/22 at 100.00 | A3 | 1,623,450 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011: | |||||||||
| 3,000 | 5.000%, 7/01/25 | 7/22 at 100.00 | AA– | 3,443,970 | |||||
| 3,000 | 5.000%, 7/01/26 | 7/22 at 100.00 | AA– | 3,421,560 | |||||
| 2,500 | 5.000%, 7/01/27 | 7/22 at 100.00 | AA– | 2,836,450 | |||||
| 1,450 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32 | 7/23 at 100.00 | AA– | 1,633,831 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A: | |||||||||
| 830 | 5.000%, 7/01/32 | 7/26 at 100.00 | Baa2 | 964,933 | |||||
| 1,055 | 5.000%, 7/01/33 | 7/26 at 100.00 | Baa2 | 1,217,628 | |||||
| 340 | 5.000%, 7/01/34 | 7/26 at 100.00 | Baa2 | 390,136 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A: | |||||||||
| 4,235 | 5.000%, 7/01/39 | 7/24 at 100.00 | A+ | 4,807,826 | |||||
| 5,955 | 5.000%, 7/01/43 | 7/24 at 100.00 | A+ | 6,728,852 | |||||
| 3,945 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 | 7/23 at 100.00 | A+ | 4,574,267 | |||||
| 780 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | 7/26 at 100.00 | A+ | 887,905 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Refunding Series 2016: | |||||||||
| 1,135 | 4.000%, 7/01/34 | 7/26 at 100.00 | BBB– | 1,150,152 | |||||
| 2,600 | 5.000%, 7/01/35 | 7/26 at 100.00 | BBB– | 2,898,194 | |||||
| 1,700 | 5.000%, 7/01/36 | 7/26 at 100.00 | BBB– | 1,889,516 | |||||
| 3,345 | 5.000%, 7/01/41 | 7/26 at 100.00 | BBB– | 3,685,855 | |||||
| 4,670 | 4.000%, 7/01/48 | 7/26 at 100.00 | BBB– | 4,659,539 | |||||
| 2,345 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37 | 8/23 at 100.00 | A– | 2,396,098 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A: | |||||||||
| 5,055 | 4.125%, 7/01/38 – AGM Insured | 7/25 at 100.00 | AA | 5,335,249 | |||||
| 3,910 | 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | AA | 4,408,525 | |||||
| 124,960 | Total Health Care | 138,453,414 | |||||||
| Housing/Multifamily – 4.7% (3.3% of Total Investments) | |||||||||
| 1,900 | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48 | 1/25 at 100.00 | BBB– | 2,033,342 |
|
NUVEEN
|
21
|
| NXJ | Nuveen New Jersey Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Housing/Multifamily (continued) | |||||||||
| $ | 1,845 | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties LLC – Rowan University Student Housing Project, Series 2017A, 5.000%, 7/01/47 | 1/27 at 100.00 | BBB– | $ | 1,991,917 | |||
| 6,075 | New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC – New Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47 | 7/25 at 100.00 | BBB– | 6,383,792 | |||||
| New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A: | |||||||||
| 3,870 | 5.750%, 6/01/31 | 6/20 at 100.00 | Baa3 | 4,239,933 | |||||
| 2,100 | 5.875%, 6/01/42 | 6/20 at 100.00 | Baa3 | 2,293,284 | |||||
| New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2013-2: | |||||||||
| 2,165 | 4.350%, 11/01/33 (Alternative Minimum Tax) | 11/22 at 100.00 | AA | 2,304,924 | |||||
| 1,235 | 4.600%, 11/01/38 (Alternative Minimum Tax) | 11/22 at 100.00 | AA | 1,298,047 | |||||
| 1,235 | 4.750%, 11/01/46 (Alternative Minimum Tax) | 11/22 at 100.00 | AA | 1,298,380 | |||||
| 2,280 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45 | 11/24 at 100.00 | AA– | 2,337,068 | |||||
| 4,870 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015B, 1.000%, 11/01/17 | No Opt. Call | AA– | 4,870,487 | |||||
| New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2017D: | |||||||||
| 1,125 | 3.900%, 11/01/32 (Alternative Minimum Tax) | 5/26 at 100.00 | AA– | 1,160,899 | |||||
| 1,750 | 4.250%, 11/01/37 (Alternative Minimum Tax) | 5/26 at 100.00 | AA– | 1,805,002 | |||||
| 30,450 | Total Housing/Multifamily | 32,017,075 | |||||||
| Housing/Single Family – 3.2% (2.2% of Total Investments) | |||||||||
| New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A: | |||||||||
| 10,000 | 4.450%, 10/01/25 | 4/21 at 100.00 | Aa2 | 10,776,400 | |||||
| 10,000 | 4.650%, 10/01/29 | 4/21 at 100.00 | Aa2 | 10,615,000 | |||||
| 545 | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2007T, 4.700%, 10/01/37 (Alternative Minimum Tax) | 11/17 at 100.00 | AA | 545,474 | |||||
| 20,545 | Total Housing/Single Family | 21,936,874 | |||||||
| Industrials – 0.2% (0.1% of Total Investments) | |||||||||
| 1,340 | Gloucester County Improvement Authority, New Jersey, Solid Waste Resource Recovery Revenue Refunding Bonds, Waste Management Inc. Project, Series 1999A, 2.125%, 12/01/29 (Mandatory put 12/01/17) | No Opt. Call | A– | 1,343,270 | |||||
| Long-Term Care – 2.3% (1.6% of Total Investments) | |||||||||
| 7,835 | Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38 | 1/18 at 100.00 | N/R | 7,890,080 | |||||
| 510 | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44 | 1/24 at 100.00 | N/R | 533,419 | |||||
| 5,000 | New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34 | 7/23 at 100.00 | BBB– | 5,332,600 | |||||
| 1,410 | New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29 | 7/24 at 100.00 | BBB– | 1,547,842 | |||||
| 14,755 | Total Long-Term Care | 15,303,941 | |||||||
| Tax Obligation/General – 6.5% (4.5% of Total Investments) | |||||||||
| 2,225 | Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue Bonds, Technical High School Project, Series 2014, 5.000%, 9/01/39 – AGM Insured | 9/24 at 100.00 | AA | 2,534,208 | |||||
| Gloucester County, New Jersey, General Obligation Bonds, Series 2017B: | |||||||||
| 550 | 4.000%, 10/15/24 | No Opt. Call | AA | 635,772 | |||||
| 195 | 4.000%, 10/15/25 | No Opt. Call | AA | 226,600 | |||||
| 575 | 4.000%, 10/15/27 | No Opt. Call | AA | 670,099 |
|
22
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Tax Obligation/General (continued) | |||||||||
| Jersey City, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2017A: | |||||||||
| $ | 1,000 | 5.000%, 11/01/29 | 11/27 at 100.00 | AA– | $ | 1,214,320 | |||
| 550 | 5.000%, 11/01/30 | 11/27 at 100.00 | AA– | 663,690 | |||||
| 515 | 5.000%, 11/01/31 | 11/27 at 100.00 | AA– | 621,203 | |||||
| 440 | 5.000%, 11/01/33 | 11/27 at 100.00 | AA– | 526,838 | |||||
| 1,100 | Linden, New Jersey, General Obligation Bonds, Refunding Series 2011, 4.000%, 5/01/23 | 5/21 at 100.00 | AA– | 1,197,207 | |||||
| Middlesex County, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2017: | |||||||||
| 1,770 | 3.000%, 1/15/22 | No Opt. Call | AAA | 1,904,998 | |||||
| 1,380 | 4.000%, 1/15/24 | No Opt. Call | AAA | 1,587,511 | |||||
| 975 | Middlesex County, New Jersey, General Obligation Bonds, Refunding Redevelopment Series 2017, 4.000%, 1/15/23 | No Opt. Call | AAA | 1,110,340 | |||||
| 1,975 | Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27 | 8/20 at 100.00 | AA– | 2,203,725 | |||||
| 2,805 | Monmouth County Improvement Authority, New Jersey, Governmental Pooled Loan Revenue Bonds, Refunding Series 2016B, 4.000%, 8/01/24 | No Opt. Call | AAA | 3,261,710 | |||||
| 2,280 | Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 3/01/38 | 3/25 at 100.00 | AA– | 2,613,883 | |||||
| 760 | Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding Parking Utility Series 2014A, 5.000%, 1/01/37 | 1/24 at 100.00 | AAA | 865,853 | |||||
| New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2012: | |||||||||
| 465 | 5.000%, 9/01/28 | 9/22 at 100.00 | A+ | 524,525 | |||||
| 610 | 5.000%, 9/01/29 | 9/22 at 100.00 | A+ | 685,939 | |||||
| 300 | 5.000%, 9/01/31 | 9/22 at 100.00 | A+ | 335,943 | |||||
| 250 | 3.625%, 9/01/34 | 9/22 at 100.00 | A+ | 255,920 | |||||
| New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016: | |||||||||
| 1,000 | 3.000%, 9/01/32 | 9/25 at 100.00 | AA | 1,005,670 | |||||
| 1,000 | 3.000%, 9/01/33 | 9/25 at 100.00 | AA | 1,000,710 | |||||
| New Brunswick, New Jersey, General Obligation Bonds, Cultural Center Project, Series 2017: | |||||||||
| 250 | 3.250%, 9/15/34 (WI/DD, Settling 9/07/17) – AGM Insured | 9/27 at 100.00 | AA | 247,415 | |||||
| 2,190 | 4.000%, 9/15/44 (WI/DD, Settling 9/07/17) – AGM Insured | 9/27 at 100.00 | AA | 2,300,792 | |||||
| 740 | South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 3.000%, 9/01/17 | No Opt. Call | AA | 740,000 | |||||
| Sparta Township Board of Education, Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2015: | |||||||||
| 1,000 | 5.000%, 2/15/34 | 2/25 at 100.00 | AA– | 1,159,490 | |||||
| 1,395 | 5.000%, 2/15/35 | 2/25 at 100.00 | AA– | 1,613,401 | |||||
| 5,165 | Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Bonds, Covantan Union Inc. Lessee, Refunding Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax) | 12/21 at 100.00 | AA+ | 5,784,490 | |||||
| 2,515 | Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41 | 6/21 at 100.00 | Aaa | 2,813,254 | |||||
| 1,515 | Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/27 – AGM Insured | No Opt. Call | A2 | 1,895,644 | |||||
| 1,435 | West Deptford Township, Gloucester County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 9/01/28 – BAM Insured | 9/24 at 100.00 | AA | 1,569,861 | |||||
| 100 | Woodbridge Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2010, 5.000%, 7/15/19 | No Opt. Call | AA+ | 107,548 | |||||
| 39,025 | Total Tax Obligation/General | 43,878,559 | |||||||
| Tax Obligation/Limited – 32.4% (22.4% of Total Investments) | |||||||||
| 3,775 | Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26 | No Opt. Call | Aaa | 4,782,698 |
|
NUVEEN
|
23
|
| NXJ | Nuveen New Jersey Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Tax Obligation/Limited (continued) | |||||||||
| $ | 4,150 | Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured | No Opt. Call | Aa1 | $ | 4,977,095 | |||
| 3,000 | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2003B, 0.000%, 11/01/25 – AGM Insured | No Opt. Call | AA | 2,410,170 | |||||
| 3,015 | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured | No Opt. Call | AA | 3,703,927 | |||||
| 5,120 | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured | No Opt. Call | AA | 5,363,866 | |||||
| Government of Guam, Business Privilege Tax Bonds, Series 2011A: | |||||||||
| 5,005 | 5.250%, 1/01/36 | 1/22 at 100.00 | A | 5,329,224 | |||||
| 3,020 | 5.125%, 1/01/42 | 1/22 at 100.00 | A | 3,166,651 | |||||
| 500 | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/29 | 1/22 at 100.00 | A | 535,705 | |||||
| 1,110 | Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Plaza Refunding Project, Series 2013, 3.250%, 4/01/35 | 4/22 at 100.00 | Aa3 | 1,119,601 | |||||
| Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Vocational Technical Schools Project, Series 2016: | |||||||||
| 10,310 | 5.000%, 5/01/46 | 5/26 at 100.00 | AA | 11,924,030 | |||||
| 3,745 | 5.250%, 5/01/51 | 5/26 at 100.00 | AA | 4,371,239 | |||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | |||||||||
| 310 | 5.000%, 6/15/21 | No Opt. Call | BBB+ | 341,192 | |||||
| 6,400 | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB+ | 6,992,576 | |||||
| 3,480 | 5.000%, 6/15/26 | 6/22 at 100.00 | BBB+ | 3,778,340 | |||||
| 7,945 | 5.000%, 6/15/28 | 6/22 at 100.00 | BBB+ | 8,556,288 | |||||
| 415 | 5.000%, 6/15/29 | 6/22 at 100.00 | BBB+ | 445,013 | |||||
| New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007: | |||||||||
| 440 | 5.125%, 6/15/27 | 11/17 at 100.00 | Baa3 | 440,862 | |||||
| 740 | 5.125%, 6/15/37 | 11/17 at 100.00 | Baa3 | 741,080 | |||||
| 5,000 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014PP, 5.000%, 6/15/26 | 6/24 at 100.00 | A– | 5,527,550 | |||||
| 6,385 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014UU, 5.000%, 6/15/27 | 6/24 at 100.00 | A– | 7,005,303 | |||||
| 12,000 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015WW, 5.250%, 6/15/40 | 6/25 at 100.00 | A– | 13,213,920 | |||||
| 6,000 | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 | No Opt. Call | A– | 6,785,760 | |||||
| 1,400 | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 | 10/18 at 100.00 | BBB+ | 1,437,226 | |||||
| 3,750 | New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006, 5.000%, 6/15/18 – FGIC Insured | 11/17 at 100.00 | A | 3,762,788 | |||||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1: | |||||||||
| 1,130 | 5.000%, 6/15/29 | 6/26 at 100.00 | A+ | 1,252,074 | |||||
| 655 | 5.000%, 6/15/30 | 6/26 at 100.00 | A+ | 721,319 | |||||
| 32,965 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30 | No Opt. Call | A– | 18,468,312 | |||||
| 8,100 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22 | No Opt. Call | A– | 9,289,971 | |||||
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C: | |||||||||
| 37,565 | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | AA | 20,718,976 | |||||
| 39,090 | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | AA | 20,571,894 | |||||
| 5,160 | 0.000%, 12/15/34 – AGM Insured | No Opt. Call | AA | 2,579,845 |
|
24
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Tax Obligation/Limited (continued) | |||||||||
| $ | 7,500 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured | 12/17 at 100.00 | A– | $ | 7,580,700 | |||
| 7,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24 | No Opt. Call | A– | 7,922,950 | |||||
| 3,860 | Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Refunding Series 2015, 3.750%, 5/01/36 | 5/25 at 100.00 | AA | 4,035,283 | |||||
| Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012: | |||||||||
| 865 | 5.000%, 5/01/21 | No Opt. Call | Aa3 | 983,782 | |||||
| 4,105 | 3.500%, 5/01/35 | 5/22 at 100.00 | Aa3 | 4,166,780 | |||||
| Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019: | |||||||||
| 285 | 21.613%, 5/01/28 (IF) (4) | No Opt. Call | Aaa | 716,792 | |||||
| 285 | 21.684%, 5/01/29 (IF) (4) | No Opt. Call | Aaa | 728,218 | |||||
| 200 | 21.684%, 5/01/30 (IF) (4) | No Opt. Call | Aaa | 520,140 | |||||
| 370 | 21.464%, 5/01/31 (IF) (4) | No Opt. Call | Aaa | 971,265 | |||||
| 385 | 21.579%, 5/01/32 (IF) (4) | No Opt. Call | Aaa | 1,037,209 | |||||
| 400 | 21.583%, 5/01/33 (IF) (4) | No Opt. Call | Aaa | 1,101,792 | |||||
| 415 | 21.684%, 5/01/34 (IF) (4) | No Opt. Call | Aaa | 1,168,121 | |||||
| 3,975 | Union County Improvement Authority, New Jersey, Lease Revenue Bonds, Plainfield – Park Madison Redevelopment Project, Tender Option Trust 2016-XG0057, 15.606%, 3/01/34 (IF) (4) | No Opt. Call | AA+ | 8,445,762 | |||||
| 251,325 | Total Tax Obligation/Limited | 219,693,289 | |||||||
| Transportation – 26.8% (18.5% of Total Investments) | |||||||||
| 5,550 | Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured | 11/17 at 100.00 | A | 5,650,899 | |||||
| 2,400 | Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2012A, 5.000%, 1/01/42 | 1/23 at 100.00 | A1 | 2,697,768 | |||||
| Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A: | |||||||||
| 1,285 | 5.000%, 1/01/34 | 1/24 at 100.00 | A1 | 1,479,356 | |||||
| 5,890 | 4.125%, 1/01/39 | 1/24 at 100.00 | A1 | 6,255,475 | |||||
| 7,800 | 5.000%, 1/01/44 | 1/24 at 100.00 | A1 | 8,808,618 | |||||
| Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2015: | |||||||||
| 1,000 | 4.000%, 7/01/34 – BAM Insured | 7/25 at 100.00 | AA | 1,067,880 | |||||
| 2,820 | 4.000%, 7/01/35 – BAM Insured | 7/25 at 100.00 | AA | 3,001,270 | |||||
| Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017: | |||||||||
| 2,820 | 5.000%, 7/01/42 | 7/27 at 100.00 | A1 | 3,291,871 | |||||
| 10,210 | 5.000%, 7/01/47 | 7/27 at 100.00 | A1 | 11,860,447 | |||||
| Delaware River Joint Toll Bridge Commission, Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2012A: | |||||||||
| 2,150 | 5.000%, 7/01/24 | 7/22 at 100.00 | A1 | 2,507,201 | |||||
| 1,105 | 5.000%, 7/01/25 | 7/22 at 100.00 | A1 | 1,282,143 | |||||
| 650 | 4.000%, 7/01/26 | 7/22 at 100.00 | A1 | 711,802 | |||||
| 625 | 4.000%, 7/01/27 | 7/22 at 100.00 | A1 | 679,150 | |||||
| Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E: | |||||||||
| 1,000 | 5.000%, 1/01/40 – AGM Insured | 1/20 at 100.00 | AA | 1,084,020 | |||||
| 5,005 | 5.000%, 1/01/40 | 1/20 at 100.00 | A | 5,411,106 | |||||
| 7,035 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/40 | 1/24 at 100.00 | A | 8,099,044 |
|
NUVEEN
|
25
|
| NXJ | Nuveen New Jersey Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Transportation (continued) | |||||||||
| Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012: | |||||||||
| $ | 1,800 | 5.000%, 1/01/24 | 1/23 at 100.00 | A– | $ | 2,010,258 | |||
| 1,635 | 5.000%, 1/01/25 | 1/23 at 100.00 | A– | 1,814,131 | |||||
| 1,875 | 5.000%, 1/01/26 | 1/23 at 100.00 | A– | 2,081,306 | |||||
| 3,595 | 5.000%, 1/01/27 | 1/23 at 100.00 | A– | 3,970,102 | |||||
| 5,555 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax) | 1/24 at 100.00 | BBB | 6,256,708 | |||||
| New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999: | |||||||||
| 1,000 | 5.125%, 9/15/23 (Alternative Minimum Tax) | 9/17 at 100.00 | BB– | 1,083,370 | |||||
| 1,800 | 5.250%, 9/15/29 (Alternative Minimum Tax) | 8/22 at 101.00 | BB– | 1,962,234 | |||||
| 2,250 | 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– | 2,545,313 | |||||
| New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A: | |||||||||
| 6,000 | 5.000%, 9/15/20 | No Opt. Call | A | 6,510,540 | |||||
| 5,750 | 5.000%, 9/15/21 | No Opt. Call | A | 6,327,588 | |||||
| 7,780 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 | 1/25 at 100.00 | A+ | 8,940,698 | |||||
| New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2017B: | |||||||||
| 2,470 | 5.000%, 1/01/31 | 1/28 at 100.00 | A+ | 2,999,074 | |||||
| 1,300 | 5.000%, 1/01/33 | 1/28 at 100.00 | A+ | 1,566,695 | |||||
| 3,065 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured | No Opt. Call | AA | 3,913,177 | |||||
| 7,620 | New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28 | 1/23 at 100.00 | A+ | 8,833,485 | |||||
| 3,625 | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.847%, 1/01/43 (IF) (4) | 7/22 at 100.00 | A+ | 5,465,594 | |||||
| 2,100 | Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42 | 5/20 at 100.00 | Aa3 | 2,287,173 | |||||
| 2,750 | Passaic County Improvement Authority, New Jersey, Revenue Bonds, Paterson Parking Deck Facility, Series 2005, 5.000%, 4/15/35 – AGM Insured | 11/17 at 100.00 | A2 | 2,758,388 | |||||
| 7,235 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43 | 12/23 at 100.00 | AA– | 8,325,025 | |||||
| 5,700 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Seventh Series 2013, 4.000%, 1/15/43 (Alternative Minimum Tax) | 1/23 at 100.00 | AA– | 5,886,276 | |||||
| Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997: | |||||||||
| 19,655 | 5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax) | 12/17 at 100.00 | A | 19,885,357 | |||||
| 12,130 | 5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax) | 12/17 at 100.00 | A | 12,272,164 | |||||
| 164,035 | Total Transportation | 181,582,706 | |||||||
| U.S. Guaranteed – 10.0% (6.9% of Total Investments) (5) | |||||||||
| 25 | Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured (ETM) | No Opt. Call | Aa1 (5) | 30,166 | |||||
| 645 | New Jersey Economic Development Authority, Revenue Bonds, Yeshiva Ktana of Passaic, Series 1993, 8.000%, 9/15/18 (ETM) | No Opt. Call | N/R (5) | 668,426 | |||||
| 15 | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 6.000%, 12/01/17 (ETM) | No Opt. Call | N/R (5) | 15,199 | |||||
| New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B: | |||||||||
| 25 | 6.500%, 12/01/19 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (5) | 27,453 | |||||
| 100 | 6.500%, 12/01/20 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (5) | 109,813 | |||||
| 5 | 7.125%, 12/01/23 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (5) | 5,543 | |||||
| 30 | New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31 (Pre-refunded 9/01/21) | 9/21 at 100.00 | N/R (5) | 32,537 |
|
26
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| U.S. Guaranteed (5) (continued) | |||||||||
| $ | 4,885 | New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27 (Pre-refunded 7/01/18) | 7/18 at 100.00 | N/R (5) | $ | 5,054,168 | |||
| New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013: | |||||||||
| 2,570 | 5.250%, 7/01/31 (Pre-refunded 7/01/23) | 7/23 at 100.00 | A– (5) | 3,144,164 | |||||
| 1,285 | 5.500%, 7/01/43 (Pre-refunded 7/01/23) | 7/23 at 100.00 | A– (5) | 1,590,098 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013: | |||||||||
| 555 | 5.250%, 7/01/31 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R (5) | 678,293 | |||||
| 275 | 5.500%, 7/01/43 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R (5) | 339,944 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007: | |||||||||
| 7,520 | 5.000%, 7/01/38 (Pre-refunded 7/01/18) – AGC Insured | 7/18 at 100.00 | AA (5) | 7,782,373 | |||||
| 2,250 | 5.000%, 7/01/38 (Pre-refunded 7/01/18) – AGC Insured | 7/18 at 100.00 | AA (5) | 2,328,503 | |||||
| 7,670 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A+ (5) | 8,966,000 | |||||
| 5,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38 (Pre-refunded 7/01/18) | 7/18 at 100.00 | Baa3 (5) | 5,241,550 | |||||
| 3,805 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare’s Hospital, Series 2004A, 5.250%, 7/01/20 – AGC Insured (ETM) | No Opt. Call | AA (5) | 4,254,447 | |||||
| 410 | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 (Pre-refunded 10/01/18) | 10/18 at 100.00 | N/R (5) | 429,889 | |||||
| 175 | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R (5) | 206,453 | |||||
| 1,555 | New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22 – NPFG Insured (ETM) | No Opt. Call | A (5) | 1,855,504 | |||||
| 7,500 | New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35 (Pre- refunded 1/01/20) | 1/20 at 100.00 | A+ (5) | 8,210,175 | |||||
| 1,650 | Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 (Pre-refunded 12/01/19) – AGC Insured | 12/19 at 100.00 | A3 (5) | 1,865,870 | |||||
| 305 | North Hudson Sewerage Authority, New Jersey, Gross Revenue Lease Certificates, Senior Lien Series 2012A, 5.000%, 6/01/27 (Pre-refunded 6/01/22) | 6/22 at 100.00 | N/R (5) | 359,037 | |||||
| 15,840 | North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2001A, 0.000%, 8/01/23 – NPFG Insured (ETM) | No Opt. Call | A3 (5) | 14,384,462 | |||||
| 64,095 | Total U.S. Guaranteed | 67,580,067 | |||||||
| Utilities – 4.1% (2.9% of Total Investments) | |||||||||
| 13,500 | Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2015, 5.250%, 7/01/45 (Alternative Minimum Tax) | 7/20 at 100.00 | BB– | 13,597,740 | |||||
| 1,510 | Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21 – NPFG Insured | No Opt. Call | A | 1,755,707 | |||||
| New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A: | |||||||||
| 1,000 | 4.750%, 6/15/32 (Alternative Minimum Tax) | 6/22 at 100.00 | Baa3 | 1,033,000 | |||||
| 1,225 | 5.125%, 6/15/43 (Alternative Minimum Tax) | 6/22 at 100.00 | Baa3 | 1,271,734 | |||||
| 5,100 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax) | 5/20 at 100.00 | A+ | 5,558,592 | |||||
| 2,040 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax) | 11/20 at 100.00 | A+ | 2,232,086 | |||||
| 2,300 | 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– | 2,516,959 | |||||
| 26,675 | Total Utilities | 27,965,818 |
|
NUVEEN
|
27
|
| NXJ | Nuveen New Jersey Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Water and Sewer – 5.3% (3.7% of Total Investments) | |||||||||
| New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C: | |||||||||
| $ | 1,460 | 5.000%, 10/01/23 | No Opt. Call | A+ | $ | 1,738,466 | |||
| 15,670 | 4.250%, 10/01/47 (Alternative Minimum Tax) | 10/22 at 100.00 | A+ | 16,159,374 | |||||
| 1,650 | New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31 | 9/21 at 100.00 | AAA | 1,699,401 | |||||
| 6,270 | New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 2016-XF0395, 6.535%, 9/01/21 (IF) (4) | No Opt. Call | AAA | 7,696,488 | |||||
| North Hudson Sewerage Authority, Gross Revenue Lease Certificates, Senior Lien Series 2012A: | |||||||||
| 3,515 | 5.000%, 6/01/27 | 6/22 at 100.00 | A | 3,961,300 | |||||
| 4,000 | 5.000%, 6/01/42 – NPFG Insured | 6/22 at 100.00 | A | 4,420,560 | |||||
| 205 | Wanaque Valley Regional Sewer Authority, Passaic County, New Jersey, Sewer Revenue Refunding Bonds, Series 1993B, 5.750%, 9/01/18 – AMBAC Insured | No Opt. Call | N/R | 208,401 | |||||
| 32,770 | Total Water and Sewer | 35,883,990 | |||||||
| $ | 938,280 | Total Long-Term Investments (cost $896,270,922) | 969,178,573 | ||||||
| SHORT-TERM INVESTMENTS – 1.5% (1.1% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 1.5% (1.1% of Total Investments) | |||||||||
| Housing/Single Family – 1.5% (1.1% of Total Investments) | |||||||||
| 10,400 | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2008Y, Variable Rate Demand Obligations, 0.920%, 10/01/39 (6) | 11/17 at 100.00 | A-1 | 10,400,000 | |||||
| $ | 10,400 | Total Short-Term Investments (cost $10,400,000) | 10,400,000 | ||||||
| Total Investments (cost $906,670,922) – 144.7% | 979,578,573 | ||||||||
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (46.1)% (7) | (312,349,885 | ) | |||||||
| Other Assets Less Liabilities – 1.4% (8) | 9,817,581 | ||||||||
| Net Assets Applicable to Common Shares – 100% | $ | 677,046,269 |
Investments in Derivatives as of August 31, 2017
Interest Rate Swaps (OTC Uncleared)
| Counterparty | Notional Amount |
Fund Pay/Receive Floating Rate |
Floating Rate Index |
Fixed Rate (Annualized) |
Fixed Rate Payment Frequency |
Effective Date (9) |
Maturity Date |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||||||
| JPMorgan Chase Bank, N.A. | $ | 25,750,000 | Receive | USD-BMA | 1.130 | % | Quarterly | 10/30/17 | 10/30/26 | $ | 993,722 | $ | 993,722 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 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 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) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 31.9%. |
| (8) | 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, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
| (9) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |
| 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 rates, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
| USD-BMA | United States Dollar-Bond Market Association |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
|
28
|
NUVEEN
|
| NJV | ||
| Nuveen New Jersey Municipal Value Fund | ||
| Portfolio of Investments | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 105.0% (100.0% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 105.0% (100.0% of Total Investments) | |||||||||
| Consumer Staples – 4.2% (4.0% of Total Investments) | |||||||||
| Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | |||||||||
| $ | 205 | 4.750%, 6/01/34 | 6/34 at 100.00 | BB– | $ | 200,994 | |||
| 870 | 5.000%, 6/01/41 | 6/41 at 100.00 | B | 845,318 | |||||
| 1,075 | Total Consumer Staples | 1,046,312 | |||||||
| Education and Civic Organizations – 19.2% (18.3% of Total Investments) | |||||||||
| 110 | Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32 | 12/23 at 100.00 | A | 124,999 | |||||
| 115 | New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25 | No Opt. Call | A | 139,160 | |||||
| 45 | New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, 15.863%, 6/15/46 (IF) (4) | 6/23 at 100.00 | AA– | 69,939 | |||||
| 185 | New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey, Refunding Series 2016F, 3.000%, 7/01/40 | 7/26 at 100.00 | AA– | 168,298 | |||||
| 910 | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2009A, 5.500%, 9/01/36 | 9/19 at 100.00 | A2 | 979,833 | |||||
| 100 | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H, 4.000%, 7/01/39 – AGM Insured | 7/25 at 100.00 | AA | 103,813 | |||||
| 155 | New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | AA | 173,961 | |||||
| New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: | |||||||||
| 90 | 5.000%, 7/01/32 | 7/21 at 100.00 | Baa2 | 96,401 | |||||
| 30 | 5.000%, 7/01/37 | 7/21 at 100.00 | Baa2 | 31,821 | |||||
| 35 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Refunding Series 2017D, 3.500%, 7/01/44 | 7/27 at 100.00 | A– | 35,231 | |||||
| 75 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38 | 7/23 at 100.00 | A– | 84,035 | |||||
| New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C: | |||||||||
| 335 | 3.000%, 7/01/41 | 7/26 at 100.00 | A– | 317,858 | |||||
| 50 | 3.000%, 7/01/46 | 7/26 at 100.00 | A– | 46,541 | |||||
| 200 | New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology, Series 2017A, 4.000%, 7/01/47 | 7/27 at 100.00 | A– | 205,374 | |||||
| 100 | New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/41 | 7/26 at 100.00 | A | 110,111 | |||||
| 25 | New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint Elizabeth, Series 2016D, 5.000%, 7/01/46 | 7/26 at 100.00 | BB | 25,540 | |||||
| 200 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A, 4.000%, 12/01/40 (Alternative Minimum Tax) | 12/26 at 100.00 | Aaa | 201,840 | |||||
| 1,000 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2009A, 5.625%, 6/01/30 | 6/19 at 100.00 | AA | 1,067,800 | |||||
| 30 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30 | 12/20 at 100.00 | Aaa | 31,944 | |||||
| 100 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax) | 12/22 at 100.00 | Aaa | 109,844 | |||||
| 195 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A, 4.000%, 12/01/30 (Alternative Minimum Tax) | 12/24 at 100.00 | Aaa | 203,272 |
|
NUVEEN
|
29
|
| NJV | Nuveen New Jersey Municipal Value Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Education and Civic Organizations (continued) | |||||||||
| $ | 85 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151, 9.579%, 12/01/23 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | Aaa | $ | 104,513 | |||
| 200 | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | A1 | 226,686 | |||||
| 60 | Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 15.779%, 5/01/43 (IF) (4) | 5/23 at 100.00 | AA– | 93,041 | |||||
| 4,430 | Total Education and Civic Organizations | 4,751,855 | |||||||
| Health Care – 18.4% (17.6% of Total Investments) | |||||||||
| Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A: | |||||||||
| 105 | 5.000%, 2/15/25 | 2/24 at 100.00 | BBB+ | 122,003 | |||||
| 100 | 5.000%, 2/15/34 | 2/24 at 100.00 | BBB+ | 110,361 | |||||
| 115 | 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+ | 129,879 | |||||
| 2,000 | New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Series 2009A, 5.500%, 7/01/38 – AGC Insured (UB) (4) | 7/19 at 100.00 | AA | 2,151,660 | |||||
| 70 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital Corporation, Refunding Series 2016, 4.000%, 7/01/41 | 1/27 at 100.00 | AA– | 72,425 | |||||
| 215 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | A+ | 238,437 | |||||
| 150 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A, 5.000%, 7/01/57 | 7/27 at 100.00 | A+ | 171,522 | |||||
| 100 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A, 4.000%, 7/01/45 | 7/24 at 100.00 | A+ | 102,583 | |||||
| 305 | 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 | 350,713 | |||||
| 20 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011, 5.000%, 7/01/21 | No Opt. Call | AA– | 22,718 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A: | |||||||||
| 25 | 5.000%, 7/01/32 | 7/26 at 100.00 | Baa2 | 29,064 | |||||
| 40 | 5.000%, 7/01/33 | 7/26 at 100.00 | Baa2 | 46,166 | |||||
| 130 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A, 5.000%, 7/01/39 | 7/24 at 100.00 | A+ | 147,584 | |||||
| 110 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 | 7/23 at 100.00 | A+ | 127,546 | |||||
| 100 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | 7/26 at 100.00 | A+ | 113,834 | |||||
| 265 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Refunding Series 2016, 4.000%, 7/01/48 | 7/26 at 100.00 | BBB– | 264,406 | |||||
| 100 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37 | 8/23 at 100.00 | A– | 102,179 | |||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A: | |||||||||
| 125 | 4.125%, 7/01/38 – AGM Insured | 7/25 at 100.00 | AA | 131,930 | |||||
| 110 | 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | AA | 124,025 | |||||
| 4,185 | Total Health Care | 4,559,035 | |||||||
| Housing/Multifamily – 8.1% (7.7% of Total Investments) | |||||||||
| 100 | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48 | 1/25 at 100.00 | BBB– | 107,018 |
|
30
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Housing/Multifamily (continued) | |||||||||
| $ | 55 | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties LLC – Rowan University Student Housing Project, Series 2017A, 5.000%, 7/01/47 | 1/27 at 100.00 | BBB– | $ | 59,380 | |||
| 155 | New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC – New Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47 | 7/25 at 100.00 | BBB– | 162,879 | |||||
| New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A: | |||||||||
| 100 | 5.750%, 6/01/31 | 6/20 at 100.00 | Baa3 | 109,559 | |||||
| 50 | 5.875%, 6/01/42 | 6/20 at 100.00 | Baa3 | 54,602 | |||||
| 1,000 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2009A, 4.950%, 5/01/41 | 11/19 at 100.00 | AA– | 1,035,670 | |||||
| 60 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45 | 11/24 at 100.00 | AA– | 61,502 | |||||
| 130 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015B, 1.000%, 11/01/17 | No Opt. Call | AA– | 130,013 | |||||
| 270 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, 3.600%, 11/01/40 | 11/25 at 100.00 | AA– | 272,851 | |||||
| 1,920 | Total Housing/Multifamily | 1,993,474 | |||||||
| Long-Term Care – 2.0% (1.9% of Total Investments) | |||||||||
| 285 | Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38 | 1/18 at 100.00 | N/R | 287,004 | |||||
| 15 | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44 | 1/24 at 100.00 | N/R | 15,689 | |||||
| 140 | New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34 | 7/23 at 100.00 | BBB– | 149,313 | |||||
| 40 | New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29 | 7/24 at 100.00 | BBB– | 43,910 | |||||
| 480 | Total Long-Term Care | 495,916 | |||||||
| Tax Obligation/General – 9.3% (8.8% of Total Investments) | |||||||||
| 100 | Gloucester County, New Jersey, General Obligation Bonds, Series 2017B, 4.000%, 10/15/27 | No Opt. Call | AA | 116,539 | |||||
| 100 | Jersey City, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2017A, 5.000%, 11/01/29 | 11/27 at 100.00 | AA– | 121,432 | |||||
| 290 | Middlesex County, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2017, 4.000%, 1/15/24 | No Opt. Call | AAA | 333,607 | |||||
| 225 | Middlesex County, New Jersey, General Obligation Bonds, Refunding Redevelopment Series 2017, 5.000%, 1/15/27 | No Opt. Call | AAA | 283,221 | |||||
| 70 | Monmouth County Improvement Authority, New Jersey, Governmental Pooled Loan Revenue Bonds, Refunding Series 2016B, 4.000%, 8/01/24 | No Opt. Call | AAA | 81,397 | |||||
| 110 | Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 3/01/38 | 3/25 at 100.00 | AA– | 126,108 | |||||
| 20 | Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding Parking Utility Series 2014A, 5.000%, 1/01/37 | 1/24 at 100.00 | AAA | 22,786 | |||||
| 100 | Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding School Series 2017B, 4.000%, 3/01/25 | No Opt. Call | AAA | 116,123 | |||||
| New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016A: | |||||||||
| 310 | 5.000%, 9/01/29 – BAM Insured | 9/26 at 100.00 | AA | 373,314 | |||||
| 130 | 5.000%, 9/01/39 – BAM Insured | 9/26 at 100.00 | AA | 151,377 | |||||
| 195 | New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016B, 3.000%, 9/01/39 – AGM Insured | 9/26 at 100.00 | AA | 183,043 |
|
NUVEEN
|
31
|
| NJV | Nuveen New Jersey Municipal Value Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Tax Obligation/General (continued) | |||||||||
| $ | 25 | South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 3.000%, 9/01/17 | No Opt. Call | AA | $ | 25,000 | |||
| 150 | Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Bonds, Covantan Union Inc. Lessee, Refunding Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax) | 12/21 at 100.00 | AA+ | 167,991 | |||||
| 170 | Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41 | 6/21 at 100.00 | Aaa | 190,160 | |||||
| 1,995 | Total Tax Obligation/General | 2,292,098 | |||||||
| Tax Obligation/Limited – 20.3% (19.3% of Total Investments) | |||||||||
| 270 | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured | No Opt. Call | AA | 331,695 | |||||
| 175 | Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Vocational Technical Schools Project, Series 2016, 5.250%, 5/01/51 | 5/26 at 100.00 | AA | 204,264 | |||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | |||||||||
| 250 | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB+ | 273,148 | |||||
| 400 | 5.000%, 6/15/28 | 6/22 at 100.00 | BBB+ | 430,776 | |||||
| 545 | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 | 10/18 at 100.00 | BBB+ | 559,492 | |||||
| 2,000 | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2009A, 5.750%, 10/01/31 | 10/19 at 100.00 | A– | 2,139,117 | |||||
| 2,270 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39 | No Opt. Call | A– | 793,796 | |||||
| 110 | Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019, 21.130%, 5/01/30 (IF) (4) | No Opt. Call | Aaa | 281,274 | |||||
| 6,020 | Total Tax Obligation/Limited | 5,013,562 | |||||||
| Transportation – 11.3% (10.8% of Total Investments) | |||||||||
| 250 | Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured | 6/20 at 100.00 | A | 254,545 | |||||
| Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A: | |||||||||
| 150 | 4.125%, 1/01/39 | 1/24 at 100.00 | A1 | 159,308 | |||||
| 200 | 5.000%, 1/01/44 | 1/24 at 100.00 | A1 | 225,862 | |||||
| 540 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017, 5.000%, 7/01/47 | 7/27 at 100.00 | A1 | 627,291 | |||||
| 300 | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/27 | 1/23 at 100.00 | A– | 331,302 | |||||
| 190 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax) | 1/24 at 100.00 | BBB | 214,001 | |||||
| 80 | 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– | 90,500 | |||||
| 295 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 | 1/25 at 100.00 | A+ | 339,011 | |||||
| 150 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2017B, 5.000%, 1/01/31 | 1/28 at 100.00 | A+ | 182,130 | |||||
| 315 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43 | 12/23 at 100.00 | AA– | 362,458 | |||||
| 2,470 | Total Transportation | 2,786,408 | |||||||
| U.S. Guaranteed – 8.6% (8.2% of Total Investments) (5) | |||||||||
| 630 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19) | 12/19 at 100.00 | BBB+ (5) | 697,870 | |||||
| 5 | New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.125%, 7/01/22 (Pre-refunded 7/01/18) | 7/18 at 100.00 | N/R (5) | 5,178 | |||||
| 85 | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013, 5.250%, 7/01/31 (Pre-refunded 7/01/23) | 7/23 at 100.00 | A– (5) | 103,990 | |||||
| 20 | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013, 5.250%, 7/01/31 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R (5) | 24,443 |
|
32
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| U.S. Guaranteed (5) (continued) | |||||||||
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007: | |||||||||
| $ | 100 | 5.000%, 7/01/38 (Pre-refunded 7/01/18) – AGC Insured | 7/18 at 100.00 | AA (5) | $ | 103,489 | |||
| 65 | 5.000%, 7/01/38 (Pre-refunded 7/01/18) – AGC Insured | 7/18 at 100.00 | AA (5) | 67,268 | |||||
| 70 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A+ (5) | 81,828 | |||||
| 265 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18 (ETM) | No Opt. Call | Baa3 (5) | 275,351 | |||||
| 155 | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 (Pre-refunded 10/01/18) | 10/18 at 100.00 | N/R (5) | 162,519 | |||||
| 500 | Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 (Pre-refunded 12/01/19) – AGC Insured | 12/19 at 100.00 | A3 (5) | 565,415 | |||||
| 25 | New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.500%, 10/01/29 (Pre-refunded 10/01/17) | 10/17 at 100.00 | Aa2 (5) | 25,080 | |||||
| 1,920 | Total U.S. Guaranteed | 2,112,431 | |||||||
| Utilities – 3.6% (3.4% of Total Investments) | |||||||||
| 470 | Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2015, 5.250%, 7/01/45 (Alternative Minimum Tax) | 7/20 at 100.00 | BB– | 473,403 | |||||
| 300 | Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21 – NPFG Insured | No Opt. Call | A | 348,816 | |||||
| 60 | 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– | 65,660 | |||||
| 830 | Total Utilities | 887,879 | |||||||
| $ | 25,325 | Total Long-Term Investments (cost $24,034,724) – 105.0% | 25,938,970 | ||||||
| Floating Rate Obligations – (6.1)% | (1,500,000 | ) | |||||||
| Other Assets Less Liabilities – 1.1% | 255,757 | ||||||||
| Net Assets Applicable to Common Shares – 100% | $ | 24,694,727 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| ETM | Escrowed to maturity. |
| IF | Inverse floating rate 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 rates, 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. |
See accompanying notes to financial statements.
|
NUVEEN
|
33
|
| NQP | ||
| Nuveen Pennsylvania Quality Municipal Income Fund | ||
| Portfolio of Investments | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 158.2% (99.0% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 158.2% (99.0% of Total Investments) | |||||||||
| Consumer Staples – 0.4% (0.3% of Total Investments) | |||||||||
| $ | 2,000 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax) | No Opt. Call | AA– | $ | 2,540,720 | |||
| Education and Civic Organizations – 19.7% (12.3% of Total Investments) | |||||||||
| 1,340 | Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28 | No Opt. Call | Baa3 | 1,530,695 | |||||
| 5,035 | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie Mellon University, Series 2013, 5.000%, 3/01/28 | 3/23 at 100.00 | AA | 5,894,323 | |||||
| 1,715 | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2013A, 3.500%, 3/01/34 | 3/23 at 100.00 | A | 1,728,103 | |||||
| Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2016: | |||||||||
| 735 | 3.000%, 10/15/30 | 10/26 at 100.00 | Baa3 | 666,836 | |||||
| 1,000 | 5.000%, 10/15/38 | 10/26 at 100.00 | Baa3 | 1,065,520 | |||||
| 3,215 | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016, 5.125%, 3/15/36 | 3/27 at 100.00 | BBB– | 3,514,091 | |||||
| 835 | Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2017A, 5.000%, 12/15/47 | 12/27 at 100.00 | BBB– | 892,448 | |||||
| 2,200 | Crawford County Industrial Development Authority, Pennsylvania, College Revenue Bonds, Allegheny College, Series 2016, 3.000%, 5/01/34 | 5/26 at 100.00 | A– | 2,037,464 | |||||
| 1,020 | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37 | 5/24 at 100.00 | Baa3 | 1,095,164 | |||||
| 750 | Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 2006, 4.500%, 10/01/27 – RAAI Insured | 10/27 at 100.00 | AA | 751,035 | |||||
| 4,595 | Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University, Series 2016, 4.000%, 5/01/46 | 11/26 at 100.00 | BBB+ | 4,647,613 | |||||
| Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 2016OO2: | |||||||||
| 590 | 3.250%, 5/01/36 | 5/26 at 100.00 | BBB+ | 546,458 | |||||
| 1,815 | 3.500%, 5/01/41 | 5/26 at 100.00 | BBB+ | 1,700,092 | |||||
| Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student Cooperative Association Inc./Indiana University of Pennsylvania – Student Union Project, Series 1999B: | |||||||||
| 760 | 0.000%, 11/01/17 – AMBAC Insured | No Opt. Call | N/R | 759,088 | |||||
| 815 | 0.000%, 11/01/19 – AMBAC Insured | No Opt. Call | N/R | 797,575 | |||||
| 5,235 | Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 5.000%, 5/01/32 | 5/22 at 100.00 | A | 5,754,574 | |||||
| 3,730 | Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/31 | 6/22 at 100.00 | A+ | 4,129,185 | |||||
| 2,155 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40 | 4/20 at 100.00 | BBB | 2,264,388 | |||||
| 1,400 | Northampton County General Purpose Authority, Pennsylvania, Revenue Bonds, Lafayette College, Refunding Series 2017, 5.000%, 11/01/34 | 11/27 at 100.00 | Aa3 | 1,674,932 | |||||
| 1,465 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38 | 9/23 at 100.00 | BBB– | 1,613,536 | |||||
| 10,750 | Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33 | 6/18 at 100.00 | Aa3 | 11,071,210 |
|
34
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Education and Civic Organizations (continued) | |||||||||
| $ | 2,415 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35 | 11/21 at 100.00 | A | $ | 2,682,220 | |||
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Bryn Mawr College, Refunding Series 2014: | |||||||||
| 2,545 | 5.000%, 12/01/38 | 12/24 at 100.00 | AA | 2,992,080 | |||||
| 2,080 | 5.000%, 12/01/44 | 12/24 at 100.00 | AA | 2,425,779 | |||||
| 1,500 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2011A, 5.250%, 5/01/41 | 5/21 at 100.00 | A | 1,681,110 | |||||
| 1,000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College, Series 2012-KK1, 5.375%, 5/01/42 | 5/22 at 100.00 | BBB | 1,066,720 | |||||
| 320 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012, 4.000%, 5/01/32 | 11/22 at 100.00 | BBB | 330,090 | |||||
| 1,195 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University, Refunding Series 2013, 5.000%, 6/01/32 | 6/23 at 100.00 | BBB+ | 1,306,434 | |||||
| 2,000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2012, 5.000%, 4/01/42 | 4/22 at 100.00 | Aa3 | 2,220,700 | |||||
| 7,125 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Refunding Series 2015A, 5.250%, 9/01/50 | 3/25 at 100.00 | A+ | 8,021,254 | |||||
| 760 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42 | 9/22 at 100.00 | A+ | 841,624 | |||||
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012: | |||||||||
| 1,030 | 4.000%, 11/01/39 | 11/22 at 100.00 | A3 | 1,062,476 | |||||
| 4,300 | 5.000%, 11/01/42 | 11/22 at 100.00 | A3 | 4,793,597 | |||||
| 1,310 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/36 | 11/25 at 100.00 | A3 | 1,479,239 | |||||
| 1,590 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 | 7/23 at 100.00 | A– | 1,772,596 | |||||
| 3,005 | Pennsylvania State University, Revenue Bonds, Series 2010, 5.000%, 3/01/35 | 3/20 at 100.00 | Aa1 | 3,288,792 | |||||
| 554 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36 (4) | 7/36 at 100.00 | N/R | 6 | |||||
| 4,500 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 6.750%, 6/15/43 | 6/20 at 100.00 | BB | 4,831,785 | |||||
| 500 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006, 6.250%, 5/01/33 | 5/33 at 100.00 | N/R | 500,300 | |||||
| 2,320 | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2016, 5.000%, 11/01/37 | 5/26 at 100.00 | A– | 2,613,202 | |||||
| 5,250 | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016, 5.000%, 6/01/46 | 6/26 at 100.00 | BB+ | 5,308,957 | |||||
| 5,000 | State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton County Area Community College, Series 2011, 5.500%, 3/01/31 | 3/21 at 100.00 | A1 | 5,627,600 | |||||
| 95 | State Public School Building Authority, Pennsylvania, College Revenue Bonds, Westmoreland County Community College, Series 2016A, 3.000%, 10/15/35 – AGM Insured | 10/25 at 100.00 | AA | 91,551 | |||||
| 1,110 | Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40 | 11/20 at 100.00 | A– | 1,215,827 | |||||
| Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2015A: | |||||||||
| 1,890 | 5.000%, 11/01/32 | 11/25 at 100.00 | A– | 2,166,337 | |||||
| 740 | 5.000%, 11/01/33 | 11/25 at 100.00 | A– | 844,740 | |||||
| 740 | 4.000%, 11/01/35 | 11/25 at 100.00 | A– | 776,793 | |||||
| 106,029 | Total Education and Civic Organizations | 114,076,139 |
|
NUVEEN
|
35
|
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Health Care – 31.5% (19.7% of Total Investments) | |||||||||
| Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A: | |||||||||
| $ | 2,025 | 5.000%, 4/01/25 | 4/25 at 100.00 | Caa1 | $ | 2,025,202 | |||
| 4,160 | 5.125%, 4/01/35 | 4/35 at 100.00 | Caa1 | 3,969,638 | |||||
| Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System, Inc., Series 2012: | |||||||||
| 4,010 | 5.000%, 5/15/26 | 5/21 at 100.00 | A+ | 4,456,594 | |||||
| 1,910 | 5.000%, 5/15/27 | 5/21 at 100.00 | A+ | 2,112,937 | |||||
| 2,000 | 5.000%, 5/15/28 | 5/21 at 100.00 | A+ | 2,203,060 | |||||
| 3,300 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 4.500%, 11/01/41 | 5/22 at 100.00 | A+ | 3,459,654 | |||||
| 4,000 | Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Refunding Series 2011, 5.375%, 12/01/41 | 12/21 at 100.00 | AA– | 4,495,160 | |||||
| Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2016A: | |||||||||
| 805 | 5.000%, 11/15/41 | 11/25 at 100.00 | A | 908,805 | |||||
| 2,985 | 5.000%, 11/15/46 | 11/25 at 100.00 | A | 3,340,215 | |||||
| Chester County Health and Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Main Line Health System, Series 2017A: | |||||||||
| 3,200 | 4.000%, 10/01/36 | 10/27 at 100.00 | AA | 3,402,048 | |||||
| 1,655 | 4.000%, 10/01/37 | 10/27 at 100.00 | AA | 1,755,111 | |||||
| 420 | Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 | 5/20 at 100.00 | AA | 451,055 | |||||
| Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Refunding Series 2016A: | |||||||||
| 1,375 | 5.000%, 6/01/34 | 6/26 at 100.00 | A | 1,571,542 | |||||
| 375 | 5.000%, 6/01/35 | 6/26 at 100.00 | A | 427,061 | |||||
| 3,460 | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42 | 6/22 at 100.00 | A | 3,773,684 | |||||
| 1,500 | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/28 | 7/23 at 100.00 | BBB | 1,642,995 | |||||
| 2,275 | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 5.000%, 7/01/41 | 7/26 at 100.00 | BBB | 2,470,991 | |||||
| 3,000 | Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27 | 7/20 at 100.00 | Ba2 | 3,092,730 | |||||
| 850 | Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured | 11/17 at 100.00 | AA | 854,131 | |||||
| 6,845 | Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42 | 7/20 at 100.00 | A+ | 7,436,613 | |||||
| 4,555 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2014A, 5.000%, 6/01/41 | 6/24 at 100.00 | AA | 5,101,828 | |||||
| 1,370 | Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A, 6.000%, 6/01/39 | 6/23 at 100.00 | Ba1 | 1,501,520 | |||||
| 3,385 | Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond Trust 2015-XF0064, 11.958%, 7/01/42 (IF) | 1/22 at 100.00 | N/R | 5,027,368 | |||||
| 4,200 | Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Refunding Series 2016B, 5.000%, 8/15/46 | 8/26 at 100.00 | AA– | 4,823,364 | |||||
| 3,000 | Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2016A, 5.000%, 8/15/42 | 8/26 at 100.00 | AA– | 3,457,920 | |||||
| 3,450 | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Refunding Series 2016A, 4.000%, 7/01/35 | 7/26 at 100.00 | A+ | 3,606,664 | |||||
| 2,565 | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%, 7/01/43 | 7/22 at 100.00 | A+ | 2,648,003 |
|
36
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Health Care (continued) | |||||||||
| Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Refunding Series 2016: | |||||||||
| $ | 1,265 | 3.000%, 11/01/36 | 5/26 at 100.00 | A | $ | 1,150,669 | |||
| 2,900 | 4.000%, 11/01/41 | 5/26 at 100.00 | A | 2,989,958 | |||||
| 4,955 | 4.000%, 11/01/46 | 5/26 at 100.00 | A | 5,090,073 | |||||
| 4,600 | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32 | 11/22 at 100.00 | A | 4,831,978 | |||||
| Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A: | |||||||||
| 6,000 | 5.500%, 7/01/28 | 7/19 at 100.00 | AA– | 6,438,540 | |||||
| 2,840 | 5.750%, 7/01/39 | 7/19 at 100.00 | AA– | 3,067,626 | |||||
| Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2016: | |||||||||
| 1,020 | 3.375%, 7/01/32 | 7/26 at 100.00 | A+ | 1,020,357 | |||||
| 2,650 | 5.000%, 7/01/41 | 7/26 at 100.00 | A+ | 2,968,927 | |||||
| 925 | Montgomery County Industrial Development Authority, Pennsylvania, Health Facilities Revenue Bonds, Jefferson Health System, Series 2012A, 5.000%, 10/01/41 | 4/22 at 100.00 | AA | 1,006,539 | |||||
| 7,500 | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | 1/25 at 100.00 | Baa2 | 8,093,100 | |||||
| 4,000 | Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2013A, 5.000%, 7/01/43 | 7/23 at 100.00 | Aa3 | 4,411,520 | |||||
| 3,100 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2012A, 5.000%, 8/15/42 | 8/22 at 100.00 | AA– | 3,395,461 | |||||
| 16,385 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Refunding Series 2016C, 4.000%, 8/15/41 (UB) (5) | 8/26 at 100.00 | AA– | 17,099,714 | |||||
| 3,935 | Philadelphia Authority for Industrial Development, Pennsylvania, Hospital Revenue Bonds, The Children’s Hospital of Philadelphia, Series 2017, 5.000%, 7/01/33 | 7/27 at 100.00 | AA | 4,723,180 | |||||
| 2,440 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 2015-XF0114, 11.950%, 7/01/41 (IF) | 7/21 at 100.00 | AA | 3,317,082 | |||||
| 4,650 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 | 7/22 at 100.00 | BBB– | 5,129,136 | |||||
| Pocono Mountains Industrial Park Authority, Pennsylvania, Hospital Revenue Bonds, Saint Luke’s Hospital -Monroe Project, Series 2015A: | |||||||||
| 3,000 | 5.000%, 8/15/40 | 2/25 at 100.00 | A– | 3,290,940 | |||||
| 1,590 | 4.000%, 8/15/45 | 2/25 at 100.00 | A– | 1,633,343 | |||||
| 3,000 | Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2016B, 5.000%, 7/01/45 | 1/27 at 100.00 | A+ | 3,370,770 | |||||
| 605 | Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40 | 11/20 at 100.00 | AA– | 656,546 | |||||
| 3,000 | Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Refunding Series 2014A, 5.000%, 6/01/44 | 6/24 at 100.00 | Aa3 | 3,336,900 | |||||
| Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding & Improvement Series 2011: | |||||||||
| 3,130 | 6.875%, 8/01/31 | 8/21 at 100.00 | A– | 3,604,946 | |||||
| 2,500 | 7.000%, 8/01/41 | 8/21 at 100.00 | A– | 2,856,925 | |||||
| 3,470 | Washington County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Washington Hospital Project, Series 2013A, 5.000%, 7/01/28 | 7/23 at 100.00 | A– | 3,863,290 | |||||
| West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B: | |||||||||
| 1,635 | 5.625%, 1/01/32 | 1/22 at 100.00 | AA | 1,868,102 | |||||
| 1,970 | 5.750%, 1/01/41 | 1/22 at 100.00 | AA | 2,238,255 |
|
NUVEEN
|
37
|
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Health Care (continued) | |||||||||
| $ | 575 | Westmoreland County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Excela Health Project, Series 2010A, 5.125%, 7/01/30 | 7/20 at 100.00 | A3 | $ | 615,290 | |||
| 166,315 | Total Health Care | 182,085,060 | |||||||
| Housing/Multifamily – 1.4% (0.9% of Total Investments) | |||||||||
| 160 | Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45 | 8/23 at 100.00 | Baa3 | 169,822 | |||||
| 1,235 | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46 | 7/24 at 100.00 | BBB– | 1,312,694 | |||||
| 1,900 | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47 | 7/25 at 100.00 | BBB– | 2,033,190 | |||||
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A: | |||||||||
| 1,000 | 5.000%, 7/01/27 | 7/22 at 100.00 | BBB+ | 1,117,720 | |||||
| 750 | 5.000%, 7/01/32 | 7/22 at 100.00 | BBB+ | 824,790 | |||||
| 420 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania, Series 2012, 5.000%, 10/01/44 | 10/22 at 100.00 | BBB– | 440,710 | |||||
| 270 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 5.000%, 7/01/31 | 7/26 at 100.00 | Baa3 | 302,713 | |||||
| 1,710 | Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35 | 7/35 at 100.00 | Baa3 | 1,712,257 | |||||
| 7,445 | Total Housing/Multifamily | 7,913,896 | |||||||
| Housing/Single Family – 15.9% (9.9% of Total Investments) | |||||||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114: | |||||||||
| 4,750 | 3.300%, 10/01/32 | 10/21 at 100.00 | AA+ | 4,784,627 | |||||
| 2,275 | 3.650%, 10/01/37 | 10/21 at 100.00 | AA+ | 2,302,186 | |||||
| 2,005 | 3.700%, 10/01/42 | 10/21 at 100.00 | AA+ | 2,067,536 | |||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B: | |||||||||
| 2,330 | 3.950%, 10/01/40 | 10/24 at 100.00 | AA+ | 2,394,331 | |||||
| 3,155 | 4.000%, 4/01/45 | 10/24 at 100.00 | AA+ | 3,221,318 | |||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-117B: | |||||||||
| 3,290 | 3.900%, 10/01/35 | 10/24 at 100.00 | AA+ | 3,393,536 | |||||
| 2,465 | 4.050%, 10/01/40 | 10/24 at 100.00 | AA+ | 2,541,538 | |||||
| 4,225 | 4.150%, 10/01/45 | 10/24 at 100.00 | AA+ | 4,353,060 | |||||
| 7,175 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B, 4.100%, 10/01/45 | 4/25 at 100.00 | AA+ | 7,430,358 | |||||
| 2,045 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-119, 3.500%, 10/01/36 | 4/25 at 100.00 | AA+ | 2,085,982 | |||||
| 7,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 3.200%, 4/01/40 | 10/25 at 100.00 | AA+ | 6,856,220 | |||||
| 2,450 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 | 10/25 at 100.00 | AA+ | 2,358,100 | |||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-123B: | |||||||||
| 4,160 | 3.450%, 10/01/32 | 10/26 at 100.00 | AA+ | 4,273,776 | |||||
| 4,135 | 3.900%, 10/01/37 | 10/26 at 100.00 | AA+ | 4,293,329 | |||||
| 3,960 | 4.000%, 10/01/42 | 10/26 at 100.00 | AA+ | 4,122,241 | |||||
| 5,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-124B, 3.500%, 10/01/37 (WI/DD, Settling 9/28/17) | 10/26 at 100.00 | AA+ | 5,034,650 | |||||
| 20,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 (UB) | 10/25 at 100.00 | AA+ | 19,249,800 |
|
38
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Housing/Single Family (continued) | |||||||||
| $ | 1,020 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0066, 12.055%, 10/01/33 (Alternative Minimum Tax) (IF) | 10/22 at 100.00 | AA+ | $ | 1,264,168 | |||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-122: | |||||||||
| 2,000 | 3.650%, 10/01/32 (UB) (5) | 4/26 at 100.00 | AA+ | 2,082,300 | |||||
| 6,725 | 3.900%, 10/01/36 (UB) (5) | 4/26 at 100.00 | AA+ | 6,970,328 | |||||
| 600 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 2015-XF0109, 9.054%, 10/01/38 (IF) (5) | 10/22 at 100.00 | AA+ | 661,902 | |||||
| 90,765 | Total Housing/Single Family | 91,741,286 | |||||||
| Industrials – 1.0% (0.6% of Total Investments) | |||||||||
| Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Amtrak Project, Series 2012A: | |||||||||
| 2,495 | 5.000%, 11/01/23 (Alternative Minimum Tax) | 11/22 at 100.00 | A1 | 2,857,499 | |||||
| 545 | 5.000%, 11/01/27 (Alternative Minimum Tax) | 11/22 at 100.00 | A1 | 619,834 | |||||
| 2,000 | 5.000%, 11/01/41 (Alternative Minimum Tax) | 11/22 at 100.00 | A1 | 2,194,060 | |||||
| 5,040 | Total Industrials | 5,671,393 | |||||||
| Long-Term Care – 5.0% (3.1% of Total Investments) | |||||||||
| 230 | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2015A, 5.000%, 12/01/35 | 12/25 at 100.00 | N/R | 234,814 | |||||
| Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2016: | |||||||||
| 985 | 5.000%, 1/01/28 | 1/26 at 100.00 | N/R | 1,134,750 | |||||
| 1,070 | 5.000%, 1/01/29 | 1/26 at 100.00 | N/R | 1,219,939 | |||||
| 735 | 5.000%, 1/01/30 | 1/26 at 100.00 | N/R | 833,372 | |||||
| 300 | 3.250%, 1/01/36 | 1/26 at 100.00 | N/R | 285,213 | |||||
| 2,015 | 3.250%, 1/01/39 | 1/26 at 100.00 | N/R | 1,870,686 | |||||
| 500 | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39 | 1/19 at 100.00 | BBB+ | 533,905 | |||||
| Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015: | |||||||||
| 4,380 | 4.000%, 1/01/33 | 1/25 at 100.00 | BBB+ | 4,477,674 | |||||
| 5,740 | 5.000%, 1/01/38 | 1/25 at 100.00 | BBB+ | 6,242,078 | |||||
| 2,030 | Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21 | 6/21 at 100.00 | BBB | 2,035,461 | |||||
| 650 | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Villages Project, Series 2015, 5.000%, 11/01/35 | 5/25 at 100.00 | A | 732,251 | |||||
| 530 | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne’s Retirement Community, Inc., Series 2012, 5.000%, 4/01/33 | 4/22 at 100.00 | BB+ | 545,041 | |||||
| 1,250 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | N/R | 1,337,625 | |||||
| Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013: | |||||||||
| 1,000 | 5.375%, 5/01/28 | 5/23 at 100.00 | BBB | 1,105,140 | |||||
| 1,665 | 5.750%, 5/01/35 | 5/23 at 100.00 | BBB | 1,836,162 | |||||
| 1,500 | Langhorne Manor Boro Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Woods Services Project, Series 2013, 4.000%, 11/15/38 | 11/18 at 100.00 | A– | 1,510,305 | |||||
| 2,150 | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Refunding Series 2012, 5.000%, 11/15/26 | 5/22 at 100.00 | A– | 2,392,713 | |||||
| 350 | Philadelphia Authority for Industrial Development Senior Living Facilities, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | N/R | 367,738 | |||||
| 27,080 | Total Long-Term Care | 28,694,867 |
|
NUVEEN
|
39
|
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Materials – 1.2% (0.8% of Total Investments) | |||||||||
| $ | 6,455 | 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 | $ | 6,946,548 | |||
| Tax Obligation/General – 25.2% (15.8% of Total Investments) | |||||||||
| 1,700 | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 | 5/21 at 100.00 | AA– | 1,943,967 | |||||
| Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72: | |||||||||
| 2,780 | 5.250%, 12/01/32 | 12/23 at 100.00 | AA– | 3,251,266 | |||||
| 2,000 | 5.250%, 12/01/33 | 12/23 at 100.00 | AA– | 2,331,440 | |||||
| Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-74: | |||||||||
| 1,750 | 5.000%, 12/01/32 | 12/24 at 100.00 | AA– | 2,015,842 | |||||
| 1,285 | 5.000%, 12/01/34 | 12/24 at 100.00 | AA– | 1,471,094 | |||||
| 5,100 | Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/37 | 12/22 at 100.00 | AA– | 5,795,589 | |||||
| Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2016: | |||||||||
| 1,500 | 4.000%, 8/01/31 | 8/26 at 100.00 | Aa2 | 1,641,135 | |||||
| 1,500 | 4.000%, 8/01/32 | 8/26 at 100.00 | Aa2 | 1,633,725 | |||||
| 1,255 | 4.000%, 8/01/33 | 8/26 at 100.00 | Aa2 | 1,361,725 | |||||
| 1,950 | Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General Obligation Bonds, Series 2015, 5.000%, 10/01/38 | 4/24 at 100.00 | AA | 2,228,928 | |||||
| 3,000 | Bristol Township School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2013, 5.250%, 6/01/43 | 6/23 at 100.00 | A2 | 3,430,560 | |||||
| Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D: | |||||||||
| 3,000 | 5.000%, 12/15/37 | 12/24 at 100.00 | AA | 3,430,170 | |||||
| 1,075 | 5.000%, 12/15/38 – BAM Insured | 12/24 at 100.00 | AA | 1,226,865 | |||||
| 1,100 | 5.000%, 12/15/39 | 12/24 at 100.00 | AA | 1,253,846 | |||||
| 650 | Cranberry Township, Pennsylvania, General Obligation Bonds, Refunding Series 2015, 3.250%, 10/01/32 | 10/25 at 100.00 | Aaa | 674,362 | |||||
| 7,465 | Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000, 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | N/R | 4,539,317 | |||||
| 6,680 | Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2012, 4.000%, 10/15/32 | 10/22 at 100.00 | Aa3 | 7,069,711 | |||||
| 6,225 | Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, Limited Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured | 11/23 at 100.00 | AA | 7,064,379 | |||||
| 2,000 | Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – AGM Insured | 6/18 at 100.00 | AA | 2,058,640 | |||||
| North Allegheny School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2015: | |||||||||
| 5,000 | 5.000%, 5/01/31 | 5/25 at 100.00 | AA | 5,829,050 | |||||
| 4,000 | 5.000%, 5/01/32 | 5/25 at 100.00 | AA | 4,648,160 | |||||
| 2,875 | 5.000%, 5/01/33 | 5/25 at 100.00 | AA | 3,327,899 | |||||
| Pennsbury School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2016A: | |||||||||
| 2,375 | 5.000%, 10/01/31 | 4/25 at 100.00 | Aa2 | 2,764,975 | |||||
| 3,115 | 5.000%, 10/01/32 | 4/25 at 100.00 | Aa2 | 3,612,528 | |||||
| 1,000 | 5.000%, 10/01/33 | 4/25 at 100.00 | Aa2 | 1,155,260 | |||||
| 2,660 | 5.000%, 10/01/34 | 4/25 at 100.00 | Aa2 | 3,061,181 | |||||
| 2,045 | 5.000%, 10/01/35 | 4/25 at 100.00 | Aa2 | 2,347,415 | |||||
| 1,410 | 5.000%, 10/01/36 | 4/25 at 100.00 | Aa2 | 1,615,395 | |||||
| 2,620 | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Insured Series 2013C, 5.500%, 1/01/30 – AGM Insured | 1/24 at 100.00 | AA | 3,064,273 | |||||
| 3,925 | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured | No Opt. Call | A+ | 4,581,810 |
|
40
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Tax Obligation/General (continued) | |||||||||
| $ | 745 | Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014A, 5.000%, 9/01/25 – BAM Insured | 9/22 at 100.00 | AA | $ | 860,684 | |||
| Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B: | |||||||||
| 2,590 | 5.000%, 9/01/25 | 9/22 at 100.00 | AA– | 3,021,468 | |||||
| 6,800 | 5.000%, 9/01/26 | 9/22 at 100.00 | AA– | 7,916,152 | |||||
| 2,485 | Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34 | 2/18 at 100.00 | Aa1 | 2,488,728 | |||||
| 1,000 | Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37 | 11/22 at 100.00 | Aa1 | 1,073,260 | |||||
| 11,440 | Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured | No Opt. Call | A | 6,928,293 | |||||
| 350 | Scott Township, Pennsylvania, Sewer Revenue Bonds, Guaranteed Series 2016, 3.250%, 8/15/38 (WI/DD, Settling 9/20/17) – AGM Insured | 8/24 at 100.00 | AA | 346,945 | |||||
| Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016: | |||||||||
| 280 | 5.000%, 11/15/26 | 5/24 at 100.00 | BB+ | 301,255 | |||||
| 2,925 | 5.000%, 11/15/32 | 5/24 at 100.00 | BB+ | 3,058,585 | |||||
| 1,000 | South Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014, 3.375%, 8/01/32 – BAM Insured | 2/20 at 100.00 | AA | 1,014,030 | |||||
| 1,890 | State College Area School District, Centre County, Pennsylvania, General Obligation Bonds, Refunding Series 2015B, 5.000%, 5/15/23 | No Opt. Call | Aa1 | 2,263,218 | |||||
| 21,000 | State Public School Building Authority, Pennsylvania, School Revenue Bonds, Philadelphia School District Project, Series 2003, 5.500%, 6/01/28 – AGM Insured (UB) (5) | No Opt. Call | AA | 25,682,580 | |||||
| The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A: | |||||||||
| 285 | 5.000%, 11/15/21 | No Opt. Call | BB+ | 302,026 | |||||
| 170 | 5.000%, 11/15/28 | 5/24 at 100.00 | BB+ | 176,436 | |||||
| 136,000 | Total Tax Obligation/General | 145,864,167 | |||||||
| Tax Obligation/Limited – 10.0% (6.3% of Total Investments) | |||||||||
| 1,490 | Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23 | 7/23 at 100.00 | N/R | 1,467,635 | |||||
| 1,115 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42 | 5/27 at 100.00 | Ba1 | 1,202,672 | |||||
| 1,475 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35 | 5/22 at 100.00 | Baa2 | 1,561,612 | |||||
| Government of Guam, Business Privilege Tax Bonds, Series 2011A: | |||||||||
| 1,670 | 5.250%, 1/01/36 | 1/22 at 100.00 | A | 1,778,183 | |||||
| 655 | 5.125%, 1/01/42 | 1/22 at 100.00 | A | 686,807 | |||||
| 1,704 | Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33 | 7/24 at 100.00 | N/R | 1,765,838 | |||||
| 3,500 | Norristown Area School District, Pennsylvania, Installment Purchase Certificates of Participation, Series 2012, 5.000%, 4/01/32 | 4/22 at 100.00 | A3 | 3,754,135 | |||||
| Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A: | |||||||||
| 1,440 | 5.500%, 12/01/34 | 12/34 at 100.00 | AA– | 1,610,726 | |||||
| 3,915 | 5.000%, 12/01/38 | 12/19 at 100.00 | AA– | 4,206,198 | |||||
| 3,180 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2012A, 5.000%, 12/01/31 | 12/21 at 100.00 | AA– | 3,537,909 | |||||
| 7,000 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2013B-1, 5.250%, 12/01/43 | 12/23 at 100.00 | AA– | 7,968,170 | |||||
| Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A: | |||||||||
| 2,650 | 0.000%, 12/01/37 (6) | No Opt. Call | AA– | 2,430,580 | |||||
| 4,000 | 0.000%, 12/01/44 (6) | No Opt. Call | AA– | 3,648,920 |
|
NUVEEN
|
41
|
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Tax Obligation/Limited (continued) | |||||||||
| $ | 4,000 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41 | 12/21 at 100.00 | AA– | $ | 4,450,200 | |||
| 2,200 | Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured | No Opt. Call | AA | 2,283,490 | |||||
| 5,530 | Philadelphia Authority For Industrial Development, Pennsylvania, Revenue Bonds, Cultural and Commercial Corridors Program, Refunding Series 2016A, 5.000%, 12/01/30 | 12/25 at 100.00 | A+ | 6,356,348 | |||||
| 3,820 | Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/26 – AGC Insured | 8/22 at 100.00 | AA | 4,323,705 | |||||
| 4,225 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured | No Opt. Call | C | 4,678,681 | |||||
| 430 | Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center Tax Increment Bonds, Series 2006A, 5.450%, 7/01/35 | 7/35 at 100.00 | N/R | 430,103 | |||||
| 53,999 | Total Tax Obligation/Limited | 58,141,912 | |||||||
| Transportation – 9.8% (6.1% of Total Investments) | |||||||||
| 3,280 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 | 1/20 at 100.00 | A | 3,546,139 | |||||
| Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012: | |||||||||
| 1,270 | 5.000%, 1/01/22 | No Opt. Call | A– | 1,391,107 | |||||
| 2,425 | 5.000%, 1/01/23 | No Opt. Call | A– | 2,697,037 | |||||
| 2,310 | 5.000%, 1/01/24 | 1/23 at 100.00 | A– | 2,579,831 | |||||
| 610 | 5.000%, 1/01/25 | 1/23 at 100.00 | A– | 676,832 | |||||
| 3,990 | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured | 1/24 at 100.00 | AA | 4,426,426 | |||||
| 12,100 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (6) | 12/27 at 100.00 | A– | 15,113,384 | |||||
| 820 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2, 5.000%, 6/01/39 | 6/26 at 100.00 | A3 | 925,157 | |||||
| 3,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2014C, 5.000%, 12/01/44 | 12/24 at 100.00 | A1 | 3,413,340 | |||||
| 10,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 | 12/25 at 100.00 | A1 | 11,396,700 | |||||
| 2,485 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37 | 12/19 at 100.00 | A– | 2,668,691 | |||||
| 2,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured | 6/26 at 100.00 | AA | 2,600,700 | |||||
| Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2017B-1: | |||||||||
| 1,430 | 5.000%, 6/01/31 | 6/27 at 100.00 | A3 | 1,675,431 | |||||
| 1,430 | 5.000%, 6/01/33 | 6/27 at 100.00 | A3 | 1,658,357 | |||||
| 1,865 | Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.250%, 6/15/28 | 6/20 at 100.00 | A | 2,070,374 | |||||
| 49,015 | Total Transportation | 56,839,506 | |||||||
| U.S. Guaranteed – 18.9% (11.8% of Total Investments) (7) | |||||||||
| 2,325 | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 (Pre-refunded 5/01/21) | 5/21 at 100.00 | N/R (7) | 2,688,491 | |||||
| 6,025 | Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29 (Pre-refunded 8/01/19) | 8/19 at 100.00 | Aa2 (7) | 6,498,324 | |||||
| 4,100 | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46 (Pre-refunded 11/15/21) | 11/21 at 100.00 | A (7) | 5,089,494 | |||||
| Centre County, Pennsylvania, General Obligation Bonds, Series 2012B: | |||||||||
| 310 | 4.000%, 7/01/24 (Pre-refunded 7/01/20) | 7/20 at 100.00 | AA (7) | 335,823 | |||||
| 1,430 | 4.000%, 7/01/25 (Pre-refunded 7/01/20) | 7/20 at 100.00 | AA (7) | 1,549,119 | |||||
| 915 | 4.000%, 7/01/26 (Pre-refunded 7/01/20) | 7/20 at 100.00 | AA (7) | 991,220 |
|
42
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| U.S. Guaranteed (7) (continued) | |||||||||
| $ | 1,175 | Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (7) | $ | 1,302,640 | |||
| 1,440 | Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37 (Pre-refunded 12/15/17) | 12/17 at 100.00 | BBB– (7) | 1,463,256 | |||||
| 4,500 | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39 (Pre-refunded 1/01/19) | 1/19 at 100.00 | N/R (7) | 4,828,230 | |||||
| 7,660 | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 (Pre-refunded 7/01/18) – AGM Insured | 7/18 at 100.00 | AA (7) | 7,922,661 | |||||
| Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007: | |||||||||
| 9,850 | 5.000%, 11/01/30 (Pre-refunded 11/01/17) – AGC Insured | 11/17 at 100.00 | AA (7) | 9,920,526 | |||||
| 2,180 | 5.000%, 11/01/37 (Pre-refunded 11/01/17) – AGC Insured | 11/17 at 100.00 | AA (7) | 2,195,609 | |||||
| Monroe County Hospital Authority, Hospital Revenue Bonds, Pennsylvania, Pocono Medical Center, Series 2012A: | |||||||||
| 365 | 4.000%, 1/01/25 (Pre-refunded 1/01/22) | 1/22 at 100.00 | A+ (7) | 409,176 | |||||
| 3,000 | 5.000%, 1/01/41 (Pre-refunded 1/01/22) | 1/22 at 100.00 | A+ (7) | 3,496,500 | |||||
| 1,130 | 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 (7) | 1,273,431 | |||||
| Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A: | |||||||||
| 1,235 | 5.250%, 8/15/23 (Pre-refunded 8/15/18) | 8/18 at 100.00 | A– (7) | 1,287,241 | |||||
| 2,000 | 5.500%, 8/15/35 (Pre-refunded 8/15/18) | 8/18 at 100.00 | A– (7) | 2,089,340 | |||||
| 4,010 | 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 (7) | 4,375,391 | |||||
| 6,220 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 (Pre-refunded 11/01/17) – NPFG Insured | 11/17 at 100.00 | A (7) | 6,264,535 | |||||
| 1,300 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) | 7/20 at 100.00 | N/R (7) | 1,479,543 | |||||
| 2,015 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40 (Pre-refunded 3/01/20) | 3/20 at 100.00 | A+ (7) | 2,216,319 | |||||
| 315 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (7) | 360,776 | |||||
| 5,125 | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A, 5.000%, 12/01/32 (Pre-refunded 12/01/18) – NPFG Insured | 12/18 at 100.00 | AA (7) | 5,392,320 | |||||
| 12,885 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 (Pre-refunded 10/01/17) – AMBAC Insured | 10/17 at 100.00 | A (7) | 12,930,226 | |||||
| 300 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM) | No Opt. Call | A (7) | 329,463 | |||||
| 7,165 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (7) | 7,924,992 | |||||
| 1,645 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Presbyterian Medical Center of Philadelphia, Series 1993, 6.650%, 12/01/19 (ETM) | No Opt. Call | AA+ (7) | 1,758,341 | |||||
| 3,345 | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20) | 8/20 at 100.00 | A+ (7) | 3,875,484 | |||||
| 1,470 | Puerto Rico, Highway Revenue Bonds, Pennsylvania, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM) | No Opt. Call | A3 (7) | 1,590,687 | |||||
| 55 | Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40 (Pre-refunded 11/15/20) | 11/20 at 100.00 | N/R (7) | 61,965 | |||||
| 1,613 | South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley Memorial Hospital, Series 2010, 5.500%, 7/01/29 (Pre-refunded 7/01/20) | 7/20 at 100.00 | N/R (7) | 1,815,738 |
|
NUVEEN
|
43
|
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| U.S. Guaranteed (7) (continued) | |||||||||
| West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011: | |||||||||
| $ | 325 | 6.250%, 1/01/31 (Pre-refunded 1/01/21) | 1/21 at 100.00 | AA (7) | $ | 380,913 | |||
| 4,555 | 6.500%, 1/01/36 (Pre-refunded 1/01/21) | 1/21 at 100.00 | AA (7) | 5,375,857 | |||||
| 101,983 | Total U.S. Guaranteed | 109,473,631 | |||||||
| Utilities – 7.8% (4.9% of Total Investments) | |||||||||
| 2,380 | 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 | 1,165,914 | |||||
| 3,000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory put 7/01/22) | No Opt. Call | B1 | 2,954,160 | |||||
| 6,190 | 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 | 3,032,357 | |||||
| 9,855 | 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 | 4,827,767 | |||||
| 7,250 | Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta Project, Refunding Series 2015A, 5.000%, 7/01/43 | 7/20 at 100.00 | BB– | 7,312,133 | |||||
| 4,015 | Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39 | 12/19 at 100.00 | A+ | 4,351,056 | |||||
| 2,220 | 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 | BB– | 2,290,130 | |||||
| 4,575 | Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39 | 10/19 at 100.00 | AA– | 4,908,289 | |||||
| 5,000 | Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009B, 5.000%, 11/15/40 | 11/19 at 100.00 | AA– | 5,381,150 | |||||
| Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifteenth Series 2017: | |||||||||
| 3,500 | 5.000%, 8/01/42 | 8/27 at 100.00 | A | 4,044,495 | |||||
| 1,500 | 5.000%, 8/01/47 | 8/27 at 100.00 | A | 1,725,090 | |||||
| 2,735 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/29 | 8/25 at 100.00 | A | 3,227,437 | |||||
| 52,220 | Total Utilities | 45,219,978 | |||||||
| Water and Sewer – 10.4% (6.5% of Total Investments) | |||||||||
| Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2015: | |||||||||
| 3,325 | 5.000%, 12/01/40 | 12/25 at 100.00 | A1 | 3,792,030 | |||||
| 3,320 | 5.000%, 12/01/45 | 12/25 at 100.00 | A1 | 3,765,610 | |||||
| 750 | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2016, 4.000%, 12/01/32 – AGM Insured | 12/26 at 100.00 | AA | 819,675 | |||||
| Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 2015-XF0123: | |||||||||
| 1,665 | 11.728%, 12/01/29 – AGM Insured (IF) (5) | 12/21 at 100.00 | AA | 2,369,095 | |||||
| 825 | 11.718%, 12/01/33 – AGM Insured (IF) (5) | 12/21 at 100.00 | AA | 1,112,867 | |||||
| Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewer Revenue Bonds, Series 2015: | |||||||||
| 1,110 | 5.000%, 5/01/40 | 5/25 at 100.00 | Aa3 | 1,263,435 | |||||
| 2,220 | 4.000%, 5/01/45 | 5/25 at 100.00 | Aa3 | 2,316,770 | |||||
| 1,155 | Easton, Pennsylvania, Area Joint Sewer Authority, Water and Sewer Revenue Bonds, Series 2015, 3.200%, 12/01/34 – BAM Insured | 12/23 at 100.00 | AA | 1,166,458 |
|
44
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Water and Sewer (continued) | |||||||||
| $ | 665 | Findlay Township Municipal Authority, Allegheny County, Pennsylvania, Revenue Bonds, Series 2015, 3.375%, 12/15/35 – BAM Insured | 12/20 at 100.00 | AA | $ | 671,903 | |||
| Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B: | |||||||||
| 7,295 | 0.000%, 12/01/34 | No Opt. Call | A | 3,908,807 | |||||
| 4,420 | 0.000%, 12/01/35 | No Opt. Call | A | 2,263,836 | |||||
| 12,500 | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 | 12/23 at 100.00 | A | 13,980,375 | |||||
| 1,100 | Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 | 1/20 at 100.00 | BBB+ | 1,167,661 | |||||
| 6,560 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/21 at 100.00 | A+ | 7,251,752 | |||||
| 2,500 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43 | 1/22 at 100.00 | A+ | 2,784,150 | |||||
| 5,000 | Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue Bonds, First Lien Series 2013B, 5.250%, 9/01/40 | 9/23 at 100.00 | A | 5,794,900 | |||||
| 2,840 | Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured | 11/19 at 100.00 | AA | 2,852,979 | |||||
| 170 | Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2017, 3.375%, 5/15/32 – AGM Insured | 5/26 at 100.00 | AA | 176,900 | |||||
| 1,930 | Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Tender Option Bond Trust 2016-XF1058, 14.653%, 8/15/37 (IF) (5) | 8/23 at 100.00 | Aa2 | 2,862,151 | |||||
| 59,350 | Total Water and Sewer | 60,321,354 | |||||||
| $ | 863,696 | Total Long-Term Investments (cost $869,493,699) | 915,530,457 | ||||||
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| SHORT-TERM INVESTMENTS – 1.6% (1.0% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 1.6% (1.0% of Total Investments) | |||||||||
| Health Care – 0.1% (0.0% of Total Investments) | |||||||||
| $ | 300 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children’s Hospital of Philadelphia, Variable Rate Demand Obligations, Series 2002A, 0.800%, 07/01/22 (8) | 12/17 at 100.00 | A-1 | $ | 300,000 | |||
| Tax Obligation/General – 1.5% (1.0% of Total Investments) | |||||||||
| 8,875 | Philadelphia, Pennsylvania, Variable Rate Demand Obligations, Refunding Series 2009B, 0.900%, 08/01/31 (8) | 11/17 at 100.00 | A-2 | 8,875,000 | |||||
| $ | 9,175 | Total Short-Term Investments (cost $9,175,000) | 9,175,000 | ||||||
| Total Investments (cost $878,668,699) – 159.8% | 924,705,457 | ||||||||
| Floating Rate Obligations – (8.3)% | (47,825,000 | ) | |||||||
| Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (15.0)% (9) | (86,985,312 | ) | |||||||
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (37.4)% (10) | (216,630,798 | ) | |||||||
| Other Assets Less Liabilities – 0.9% (11) | 5,579,161 | ||||||||
| Net Assets Applicable to Common Shares – 100% | $ | 578,843,508 |
|
NUVEEN
|
45
|
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
Investments in Derivatives as of August 31, 2017
Interest Rate Swaps (OTC Uncleared)
| Counterparty | Notional Amount |
Fund Pay/Receive Floating Rate |
Floating Rate Index |
Fixed Rate (Annualized) |
Fixed Rate Payment Frequency |
Effective Date (12) |
Maturity Date |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||||||
| JPMorgan Chase Bank, N.A. | $ | 19,500,000 | Receive | USD-BMA | 1.346 | % | Quarterly | 11/15/17 | 11/15/28 | $ | 692,024 | $ | 692,024 | |||||||||||||||
| JPMorgan Chase Bank, N.A. | 22,000,000 | Receive | USD-BMA | 2.043 | % | Quarterly | 5/25/18 | 5/25/28 | (642,843 | ) | (642,843 | ) | ||||||||||||||||
| $ | 41,500,000 | $ | 49,181 | $ | 49,181 | |||||||||||||||||||||||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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. |
| (5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (6) | 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. |
| (7) | 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 recognized as having an implied rating equal to the rating of such securities. |
| (8) | Investment has maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| (9) | Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 9.4%. |
| (10) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 23.4%. |
| (11) | 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, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
| (12) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |
| 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 rates, 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. |
| USD-BMA | United States Dollar-Bond Market Association. |
| WI/DD | Investments, or portion of investments, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
|
46
|
NUVEEN
|
| NPN | ||
| Nuveen Pennsylvania Municipal Value Fund | ||
| Portfolio of Investments | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 100.2% (100.0% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 100.2% (100.0% of Total Investments) | |||||||||
| Consumer Staples – 3.6% (3.6% of Total Investments) | |||||||||
| $ | 570 | District of Columbia Tobacco Settlement Corporation, Pennsylvania, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | Baa1 | $ | 641,204 | |||
| 25 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax) | No Opt. Call | AA– | 31,759 | |||||
| 595 | Total Consumer Staples | 672,963 | |||||||
| Education and Civic Organizations – 4.7% (4.7% of Total Investments) | |||||||||
| 70 | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016, 5.125%, 3/15/36 | 3/27 at 100.00 | BBB– | 76,512 | |||||
| 20 | Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2017A, 5.000%, 12/15/47 | 12/27 at 100.00 | BBB– | 21,376 | |||||
| 30 | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37 | 5/24 at 100.00 | Baa3 | 32,211 | |||||
| 10 | Delaware County Authority, Pennsylvania, Revenue Bonds, Haverford College, Series 2017A, 3.750%, 10/01/46 | 4/27 at 100.00 | AA– | 10,243 | |||||
| 60 | Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University, Series 2016, 4.000%, 5/01/46 | 11/26 at 100.00 | BBB+ | 60,687 | |||||
| Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 2016OO2: | |||||||||
| 15 | 3.250%, 5/01/36 | 5/26 at 100.00 | BBB+ | 13,893 | |||||
| 40 | 3.500%, 5/01/41 | 5/26 at 100.00 | BBB+ | 37,468 | |||||
| 35 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38 | 9/23 at 100.00 | BBB– | 38,549 | |||||
| 120 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University, Refunding Series 2013, 5.000%, 6/01/32 | 6/23 at 100.00 | BBB+ | 131,190 | |||||
| 40 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42 | 9/22 at 100.00 | A+ | 44,296 | |||||
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012: | |||||||||
| 35 | 4.000%, 11/01/39 | 11/22 at 100.00 | A3 | 36,104 | |||||
| 60 | 5.000%, 11/01/42 | 11/22 at 100.00 | A3 | 66,887 | |||||
| 95 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 | 7/23 at 100.00 | A– | 105,910 | |||||
| 100 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 6.750%, 6/15/43 | 6/20 at 100.00 | BB | 107,373 | |||||
| 100 | Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40 | 11/20 at 100.00 | A– | 109,534 | |||||
| 830 | Total Education and Civic Organizations | 892,233 | |||||||
| Health Care – 18.0% (18.0% of Total Investments) | |||||||||
| 695 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34 | 8/19 at 100.00 | Aa3 | 747,534 | |||||
| 100 | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2016A, 5.000%, 11/15/46 | 11/25 at 100.00 | A | 111,900 | |||||
| 75 | Chester County Health and Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Main Line Health System, Series 2017A, 4.000%, 10/01/37 | 10/27 at 100.00 | AA | 79,537 |
|
NUVEEN
|
47
|
| NPN | Nuveen Pennsylvania Municipal Value Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Health Care (continued) | |||||||||
| $ | 55 | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Refunding Series 2016A, 5.000%, 6/01/35 | 6/26 at 100.00 | A | $ | 62,636 | |||
| 35 | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42 | 6/22 at 100.00 | A | 38,173 | |||||
| 225 | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 5.000%, 7/01/41 | 7/26 at 100.00 | BBB | 244,384 | |||||
| 145 | Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Refunding Series 2016B, 5.000%, 8/15/46 | 8/26 at 100.00 | AA– | 166,521 | |||||
| 150 | Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2016A, 5.000%, 8/15/42 | 8/26 at 100.00 | AA– | 172,896 | |||||
| Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Refunding Series 2016: | |||||||||
| 10 | 3.000%, 11/01/36 | 5/26 at 100.00 | A | 9,096 | |||||
| 150 | 4.000%, 11/01/41 | 5/26 at 100.00 | A | 154,653 | |||||
| 100 | Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A, 5.750%, 7/01/39 | 7/19 at 100.00 | AA– | 108,015 | |||||
| 200 | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | 1/25 at 100.00 | Baa2 | 215,816 | |||||
| 65 | Philadelphia Authority for Industrial Development, Pennsylvania, Hospital Revenue Bonds, The Children’s Hospital of Philadelphia, Series 2017, 5.000%, 7/01/33 | 7/27 at 100.00 | AA | 78,020 | |||||
| 100 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 | 7/22 at 100.00 | BBB– | 110,304 | |||||
| 200 | Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2016B, 5.000%, 7/01/45 | 1/27 at 100.00 | A+ | 224,718 | |||||
| 705 | St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34 | 5/19 at 100.00 | AA– | 758,057 | |||||
| 100 | West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41 | 1/22 at 100.00 | AA | 113,617 | |||||
| 3,110 | Total Health Care | 3,395,877 | |||||||
| Housing/Multifamily – 7.0% (7.0% of Total Investments) | |||||||||
| 15 | Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45 | 8/23 at 100.00 | Baa3 | 15,921 | |||||
| 30 | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46 | 7/24 at 100.00 | BBB– | 31,887 | |||||
| 100 | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47 | 7/25 at 100.00 | BBB– | 107,010 | |||||
| 300 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 5.000%, 7/01/35 | 7/26 at 100.00 | Baa3 | 331,524 | |||||
| 800 | Pittsburgh Urban Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Eva P. Mitchell Residence Project, Series 2009, 5.100%, 10/20/44 | 10/19 at 100.00 | Aa1 | 825,255 | |||||
| 1,245 | Total Housing/Multifamily | 1,311,597 | |||||||
| Housing/Single Family – 10.2% (10.1% of Total Investments) | |||||||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114: | |||||||||
| 65 | 3.300%, 10/01/32 | 10/21 at 100.00 | AA+ | 65,474 | |||||
| 25 | 3.650%, 10/01/37 | 10/21 at 100.00 | AA+ | 25,299 | |||||
| 40 | 3.700%, 10/01/42 | 10/21 at 100.00 | AA+ | 41,248 |
|
48
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Housing/Single Family (continued) | |||||||||
| $ | 120 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B, 4.000%, 4/01/45 | 10/24 at 100.00 | AA+ | $ | 122,522 | |||
| 315 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B, 4.100%, 10/01/45 | 4/25 at 100.00 | AA+ | 326,211 | |||||
| 55 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-119, 3.500%, 10/01/36 | 4/25 at 100.00 | AA+ | 56,102 | |||||
| 500 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 3.200%, 4/01/40 | 10/25 at 100.00 | AA+ | 489,730 | |||||
| 100 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 | 10/25 at 100.00 | AA+ | 96,249 | |||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-123B: | |||||||||
| 70 | 3.450%, 10/01/32 | 10/26 at 100.00 | AA+ | 71,915 | |||||
| 70 | 3.900%, 10/01/37 | 10/26 at 100.00 | AA+ | 72,680 | |||||
| 70 | 4.000%, 10/01/42 | 10/26 at 100.00 | AA+ | 72,868 | |||||
| 400 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 (UB) | 10/25 at 100.00 | AA+ | 384,996 | |||||
| 50 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0066, 12.055%, 10/01/33 (Alternative Minimum Tax) (IF) | 10/22 at 100.00 | AA+ | 61,969 | |||||
| 25 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 2015-XF0109, 9.054%, 10/01/38 (IF) (4) | 10/22 at 100.00 | AA+ | 27,579 | |||||
| 1,905 | Total Housing/Single Family | 1,914,842 | |||||||
| Long-Term Care – 3.3% (3.2% of Total Investments) | |||||||||
| Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015: | |||||||||
| 120 | 4.000%, 1/01/33 | 1/25 at 100.00 | BBB+ | 122,676 | |||||
| 135 | 5.000%, 1/01/38 | 1/25 at 100.00 | BBB+ | 146,808 | |||||
| 20 | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Villages Project, Series 2015, 5.000%, 11/01/35 | 5/25 at 100.00 | A | 22,531 | |||||
| 55 | Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013, 5.750%, 5/01/35 | 5/23 at 100.00 | BBB | 60,654 | |||||
| 200 | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 | 11/26 at 100.00 | N/R | 227,134 | |||||
| 30 | Philadelphia Authority for Industrial Development Senior Living Facilities, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | N/R | 31,520 | |||||
| 560 | Total Long-Term Care | 611,323 | |||||||
| Materials – 0.9% (0.9% of Total Investments) | |||||||||
| 165 | 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 | 177,565 | |||||
| Tax Obligation/General – 6.8% (6.8% of Total Investments) | |||||||||
| 220 | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32 | 12/23 at 100.00 | AA– | 257,294 | |||||
| 45 | Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General Obligation Bonds, Series 2015, 5.000%, 10/01/38 | 4/24 at 100.00 | AA | 51,437 | |||||
| 115 | Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D, 5.000%, 12/15/39 | 12/24 at 100.00 | AA | 131,084 | |||||
| 195 | Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, Limited Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured | 11/23 at 100.00 | AA | 221,294 |
|
NUVEEN
|
49
|
| NPN | Nuveen Pennsylvania Municipal Value Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Tax Obligation/General (continued) | |||||||||
| $ | 15 | Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014A, 5.000%, 9/01/25 – BAM Insured | 9/22 at 100.00 | AA | $ | 17,329 | |||
| 400 | Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26 | 9/22 at 100.00 | AA– | 465,656 | |||||
| 35 | Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34 | 2/18 at 100.00 | Aa1 | 35,053 | |||||
| 80 | Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, 5.000%, 11/15/32 | 5/24 at 100.00 | BB+ | 83,654 | |||||
| The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A: | |||||||||
| 15 | 5.000%, 11/15/21 | No Opt. Call | BB+ | 15,896 | |||||
| 10 | 5.000%, 11/15/28 | 5/24 at 100.00 | BB+ | 10,379 | |||||
| 1,130 | Total Tax Obligation/General | 1,289,076 | |||||||
| Tax Obligation/Limited – 8.4% (8.4% of Total Investments) | |||||||||
| 230 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42 | 5/27 at 100.00 | Ba1 | 248,085 | |||||
| 25 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35 | 5/22 at 100.00 | Baa2 | 26,468 | |||||
| 120 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36 | 1/22 at 100.00 | A | 127,774 | |||||
| 101 | Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33 | 7/24 at 100.00 | N/R | 104,665 | |||||
| Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A: | |||||||||
| 480 | 5.500%, 12/01/34 | 12/20 at 100.00 | AA– | 536,909 | |||||
| 100 | 5.000%, 12/01/38 | 12/19 at 100.00 | AA– | 107,438 | |||||
| 100 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5) | No Opt. Call | AA– | 91,720 | |||||
| 340 | York County School of Technology Authority, Pennsylvania, Lease Revenue Bonds, York County School of Technology, Series 2017B, 3.125%, 2/15/32 – BAM Insured | 8/24 at 100.00 | AA | 338,820 | |||||
| 1,496 | Total Tax Obligation/Limited | 1,581,879 | |||||||
| Transportation – 8.3% (8.3% of Total Investments) | |||||||||
| 280 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017, 5.000%, 7/01/42 | 7/27 at 100.00 | A1 | 326,852 | |||||
| 240 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 | 1/20 at 100.00 | A | 259,474 | |||||
| 140 | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured | 1/24 at 100.00 | AA | 155,313 | |||||
| 175 | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/42 (Alternative Minimum Tax) | 6/26 at 100.00 | BBB | 195,494 | |||||
| 500 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 | 12/25 at 100.00 | A1 | 569,835 | |||||
| 55 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37 | 12/19 at 100.00 | A– | 59,066 | |||||
| 1,390 | Total Transportation | 1,566,034 |
|
50
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| U.S. Guaranteed – 21.9% (21.9% of Total Investments) (6) | |||||||||
| $ | 600 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2009A, 5.250%, 6/01/39 (Pre-refunded 6/01/19) | 6/19 at 100.00 | AA (6) | $ | 645,606 | |||
| 550 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19) | 12/19 at 100.00 | BBB+ (6) | 609,252 | |||||
| 500 | Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg College Project, Series 2009, 5.250%, 2/01/39 (Pre-refunded 2/01/19) | 2/19 at 100.00 | A+ (6) | 531,155 | |||||
| 5 | Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2009A, 5.125%, 6/01/33 (Pre-refunded 6/01/19) | 6/19 at 100.00 | A+ (6) | 5,366 | |||||
| 750 | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2009A-1, 6.250%, 11/15/29 (Pre-refunded 11/15/19) | 11/19 at 100.00 | A– (6) | 836,759 | |||||
| 350 | 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 (6) | 381,892 | |||||
| 50 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) | 7/20 at 100.00 | N/R (6) | 56,906 | |||||
| 110 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (6) | 125,985 | |||||
| 750 | Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34 (Pre-refunded 4/01/19) | 4/19 at 100.00 | A+ (6) | 816,374 | |||||
| 100 | West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.250%, 1/01/31 (Pre-refunded 1/01/21) | 1/21 at 100.00 | AA (6) | 117,204 | |||||
| 3,765 | Total U.S. Guaranteed | 4,126,499 | |||||||
| Utilities – 4.3% (4.3% of Total Investments) | |||||||||
| 140 | 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 | 68,583 | |||||
| 250 | 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 | 122,470 | |||||
| 10 | 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 | 4,899 | |||||
| 170 | Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta Project, Refunding Series 2015A, 5.000%, 7/01/43 | 7/20 at 100.00 | BB– | 171,457 | |||||
| 50 | 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+ | 24,494 | |||||
| 100 | 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 | BB– | 103,159 | |||||
| 150 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifteenth Series 2017, 5.000%, 8/01/47 | 8/27 at 100.00 | A | 172,509 | |||||
| 125 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/30 | 8/25 at 100.00 | A | 146,738 | |||||
| 995 | Total Utilities | 814,309 |
|
NUVEEN
|
51
|
| NPN | Nuveen Pennsylvania Municipal Value Fund | |
| Portfolio of Investments (continued) | August 31, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Water and Sewer – 2.8% (2.8% of Total Investments) | |||||||||
| $ | 175 | Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust2015-XF0123, 11.718%, 12/01/33 – AGM Insured (IF) (4) | 12/21 at 100.00 | AA | $ | 236,063 | |||
| 200 | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 | 12/23 at 100.00 | A | 223,686 | |||||
| 60 | Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured | 11/19 at 100.00 | AA | 60,274 | |||||
| 5 | Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2017, 3.375%, 5/15/32 – AGM Insured | 5/26 at 100.00 | AA | 5,203 | |||||
| 440 | Total Water and Sewer | 525,226 | |||||||
| $ | 17,626 | Total Long-Term Investments (cost $17,768,564) – 100.2% | 18,879,423 | ||||||
| Floating Rate Obligations – (1.6)% | (300,000 | ) | |||||||
| Other Assets Less Liabilities – 1.4% | 265,932 | ||||||||
| Net Assets Applicable to Common Shares – 100% | $ | 18,845,355 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | 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) | 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. |
| 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 rates, 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. |
See accompanying notes to financial statements.
|
52
|
NUVEEN
|
| Statement of | ||
| Assets and Liabilities | August 31, 2017 (Unaudited) |
| NXJ | NJV | NQP | NPN | ||||||||||
| Assets | |||||||||||||
| Long-term investments, at value (cost $896,270,922, $24,034,724, $869,493,699 and $17,768,564, respectively) | $ | 969,178,573 | $ | 25,938,970 | $ | 915,530,457 | $ | 18,879,423 | |||||
| Short-term investments, at value (cost approximates value) | 10,400,000 | — | 9,175,000 | — | |||||||||
| Cash | — | 47,273 | 3,040,605 | — | |||||||||
| Unrealized appreciation on interest rate swaps | 993,722 | — | 692,024 | — | |||||||||
| Receivable for: | |||||||||||||
| Interest | 10,254,747 | 308,979 | 10,363,848 | 234,828 | |||||||||
| Investments sold | 12,969,034 | 5,051 | 680,206 | 488,534 | |||||||||
| Other assets | 139,830 | 3,459 | 133,384 | 2,790 | |||||||||
| Total assets | 1,003,935,906 | 26,303,732 | 939,615,524 | 19,605,575 | |||||||||
| Liabilities | |||||||||||||
| Cash overdraft | 3,707,600 | — | — | 73,931 | |||||||||
| Floating rate obligations | — | 1,500,000 | 47,825,000 | 300,000 | |||||||||
| Unrealized depreciation on interest rate swaps | — | — | 642,843 | — | |||||||||
| Payable for: | |||||||||||||
| Dividends | 2,186,524 | 71,572 | 1,978,298 | 58,608 | |||||||||
| Interest | — | — | 126,567 | — | |||||||||
| Investments purchased | 7,851,531 | — | 5,564,655 | 294,276 | |||||||||
| Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $—, $—, $87,000,000 and $—, respectively) | — | — | 86,985,312 | — | |||||||||
| Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $313,900,000, $—, $217,500,000 and $—, respectively) | 312,349,885 | — | 216,630,798 | — | |||||||||
| Accrued expenses: | |||||||||||||
| Management fees | 504,178 | 12,867 | 451,727 | 9,341 | |||||||||
| Trustees fees | 134,082 | 113 | 127,940 | 87 | |||||||||
| Other | 155,837 | 24,453 | 438,876 | 23,977 | |||||||||
| Total liabilities | 326,889,637 | 1,609,005 | 360,772,016 | 760,220 | |||||||||
| Net assets applicable to common shares | $ | 677,046,269 | $ | 24,694,727 | $ | 578,843,508 | $ | 18,845,355 | |||||
| Common shares outstanding | 42,584,679 | 1,551,357 | 37,754,841 | 1,221,976 | |||||||||
| Net asset value (“NAV”) per common share outstanding | $ | 15.90 | $ | 15.92 | $ | 15.33 | $ | 15.42 | |||||
| Net assets applicable to common shares consist of: | |||||||||||||
| Common shares, $0.01 par value per share | $ | 425,847 | $ | 15,514 | $ | 377,548 | $ | 12,220 | |||||
| Paid-in surplus | 606,397,591 | 22,165,394 | 533,541,211 | 17,480,335 | |||||||||
| Undistributed (Over-distribution of) net investment income | 1,351,651 | 67,935 | (1,101,234 | ) | 22,958 | ||||||||
| Accumulated net realized gain (loss) | (5,030,193 | ) | 541,638 | (59,956 | ) | 218,983 | |||||||
| Net unrealized appreciation (depreciation) | 73,901,373 | 1,904,246 | 46,085,939 | 1,110,859 | |||||||||
| Net assets applicable to common shares | $ | 677,046,269 | $ | 24,694,727 | $ | 578,843,508 | $ | 18,845,355 | |||||
| Authorized shares: | |||||||||||||
| Common | Unlimited | Unlimited | Unlimited | Unlimited | |||||||||
| Preferred | Unlimited | N/A | Unlimited | N/A | |||||||||
| N/A — Fund is not authorized to issue Preferred Shares. |
See accompanying notes to financial statements.
|
NUVEEN
|
53
|
| Statement of | ||
| Operations | Six Months Ended August 31, 2017 (Unaudited) |
| NXJ | NJV | NQP | NPN | ||||||||||
| Investment Income | $ | 21,188,334 | $ | 573,457 | $ | 18,872,947 | $ | 434,577 | |||||
| Expenses | |||||||||||||
| Management fees | 2,964,070 | 75,921 | 2,658,428 | 55,118 | |||||||||
| Interest expense and amortization of offering costs | 2,541,798 | 10,367 | 2,896,818 | 2,088 | |||||||||
| Custodian fees | 52,263 | 6,752 | 51,290 | 6,871 | |||||||||
| Trustees fees | 16,166 | 404 | 14,587 | 308 | |||||||||
| Professional fees | 32,495 | 12,123 | 12,967 | 12,054 | |||||||||
| Shareholder reporting expenses | 35,564 | 5,568 | 36,864 | 4,970 | |||||||||
| Shareholder servicing agent fees | 16,424 | 110 | 28,473 | 77 | |||||||||
| Stock exchange listing fees | 5,876 | 5,532 | 5,211 | 4,353 | |||||||||
| Investor relations expenses | 37,171 | 1,683 | 34,239 | 1,451 | |||||||||
| Other | 93,210 | 7,393 | 18,576 | 7,571 | |||||||||
| Total expenses | 5,795,037 | 125,853 | 5,757,453 | 94,861 | |||||||||
| Net investment income (loss) | 15,393,297 | 447,604 | 13,115,494 | 339,716 | |||||||||
| Realized and Unrealized Gain (Loss) | |||||||||||||
| Net realized gain (loss) from investments | (390,478 | ) | 52,990 | 1,074,505 | 64,425 | ||||||||
| Change in net unrealized appreciation (depreciation) of: | |||||||||||||
| Investments | 29,963,835 | 495,337 | 20,814,501 | 278,077 | |||||||||
| Swaps | (726,691 | ) | — | (1,281,811 | ) | — | |||||||
| Net realized and unrealized gain (loss) | 28,846,666 | 548,327 | 20,607,195 | 342,502 | |||||||||
| Net increase (decrease) in net assets applicable to common shares from operations | $ | 44,239,963 | $ | 995,931 | $ | 33,722,689 | $ | 682,218 |
See accompanying notes to financial statements.
|
54
|
NUVEEN
|
| Statement of | ||
| Changes in Net Assets | (Unaudited) |
| NXJ | NJV | ||||||||||||||||||
| Six Months | Ten Months | Year | Six Months | Ten Months | Year | ||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||
| 8/31/17 | 2/28/17 | 4/30/16 | 8/31/17 | 2/28/17 | 4/30/16 | ||||||||||||||
| Operations | |||||||||||||||||||
| Net investment income (loss) | $ | 15,393,297 | $ | 25,588,309 | $ | 33,872,344 | $ | 447,604 | $ | 753,676 | $ | 969,943 | |||||||
| Net realized gain (loss) from: | |||||||||||||||||||
| Investments | (390,478 | ) | 1,504,348 | 1,086,377 | 52,990 | 678,205 | 63,034 | ||||||||||||
| Swaps | — | (2,275,000 | ) | — | — | — | — | ||||||||||||
| Change in net unrealized appreciation (depreciation) of: | |||||||||||||||||||
| Investments | 29,963,835 | (43,919,021 | ) | 29,494,099 | 495,337 | (1,571,732 | ) | 96,605 | |||||||||||
| Swaps | (726,691 | ) | 4,537,380 | (2,816,967 | ) | — | — | — | |||||||||||
| Net increase (decrease) in net assets applicable to common shares from operations | 44,239,963 | (14,563,984 | ) | 61,635,853 | 995,931 | (139,851 | ) | 1,129,582 | |||||||||||
| Distributions to Common Shareholders | |||||||||||||||||||
| From net investment income | (14,819,468 | ) | (26,781,505 | ) | (34,887,468 | ) | (442,137 | ) | (799,685 | ) | (938,856 | ) | |||||||
| From accumulated net realized gains | — | — | (344,985 | ) | — | (237,527 | ) | (323,803 | ) | ||||||||||
| Decrease in net assets applicable to common shares from distributions to common shareholders | (14,819,468 | ) | (26,781,505 | ) | (35,232,453 | ) | (442,137 | ) | (1,037,212 | ) | (1,262,659 | ) | |||||||
| Capital Share Transactions | |||||||||||||||||||
| Common shares: | |||||||||||||||||||
| Cost of shares repurchased and retired | — | — | (6,101,727 | ) | — | — | — | ||||||||||||
| Net proceeds from shares issued to shareholders due to reinvestment of distributions | — | — | — | 2,200 | 18,824 | — | |||||||||||||
| Net increase (decrease) in net assets applicable to common shares from capital share transactions | — | — | (6,101,727 | ) | 2,200 | 18,824 | — | ||||||||||||
| Net increase (decrease) in net assets applicable to common shares | 29,420,495 | (41,345,489 | ) | 20,301,673 | 555,994 | (1,158,239 | ) | (133,077 | ) | ||||||||||
| Net assets applicable to common shares at the beginning of period | 647,625,774 | 688,971,263 | 668,669,590 | 24,138,733 | 25,296,972 | 25,430,049 | |||||||||||||
| Net assets applicable to common shares at the end of period | $ | 677,046,269 | $ | 647,625,774 | $ | 688,971,263 | $ | 24,694,727 | $ | 24,138,733 | $ | 25,296,972 | |||||||
| Undistributed (Over-distribution of) net investment income at the end of period | $ | 1,351,651 | $ | 777,822 | $ | 1,655,681 | $ | 67,935 | $ | 62,468 | $ | 109,501 | |||||||
See accompanying notes to financial statements.
|
NUVEEN
|
55
|
Statement of Changes in Net Assets (Unaudited) (continued)
| NQP | NPN | ||||||||||||||||||
| Six Months | Ten Months | Year | Six Months | Ten Months | Year | ||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||
| 8/31/17 | 2/28/17 | 4/30/16 | 8/31/17 | 2/28/17 | 4/30/16 | ||||||||||||||
| Operations | |||||||||||||||||||
| Net investment income (loss) | $ | 13,115,494 | $ | 22,503,153 | $ | 30,318,912 | $ | 339,716 | $ | 622,740 | $ | 827,936 | |||||||
| Net realized gain (loss) from: | |||||||||||||||||||
|
Investments
|
1,074,505 | 1,796,704 | 1,035,292 | 64,425 | 461,016 | 334,215 | |||||||||||||
|
Swaps
|
— | — | — | — | — | — | |||||||||||||
| Change in net unrealized appreciation (depreciation) of: | |||||||||||||||||||
| Investments | 20,814,501 | (50,059,876 | ) | 16,309,552 | 278,077 | (1,349,575 | ) | (226,671 | ) | ||||||||||
| Swaps | (1,281,811 | ) | 1,330,992 | — | — | — | — | ||||||||||||
| Net increase (decrease) in net assets applicable to common shares from operations | 33,722,689 | (24,429,027 | ) | 47,663,756 | 682,218 | (265,819 | ) | 935,480 | |||||||||||
| Distributions to Common Shareholders | |||||||||||||||||||
| From net investment income | (13,251,951 | ) | (23,275,600 | ) | (31,373,686 | ) | (362,861 | ) | (783,355 | ) | (769,533 | ) | |||||||
| From accumulated net realized gains | — | (1,162,849 | ) | — | — | (585,077 | ) | — | |||||||||||
| Decrease in net assets applicable to common shares from distributions to common shareholders | (13,251,951 | ) | (24,438,449 | ) | (31,373,686 | ) | (362,861 | ) | (1,368,432 | ) | (769,533 | ) | |||||||
| Capital Share Transactions | |||||||||||||||||||
| Common shares: | |||||||||||||||||||
| Cost of shares repurchased and retired | — | — | (1,589,406 | ) | — | — | — | ||||||||||||
| Net proceeds from shares issued to shareholders due to reinvestment of distributions | — | — | — | 8,641 | 33,532 | — | |||||||||||||
| Net increase (decrease) in net assets applicable to common shares from capital share transactions | — | — | (1,589,406 | ) | 8,641 | 33,532 | — | ||||||||||||
| Net increase (decrease) in net assets applicable to common shares | 20,470,738 | (48,867,476 | ) | 14,700,664 | 327,998 | (1,600,719 | ) | 165,947 | |||||||||||
| Net assets applicable to common shares at the beginning of period | 558,372,770 | 607,240,246 | 592,539,582 | 18,517,357 | 20,118,076 | 19,952,129 | |||||||||||||
| Net assets applicable to common shares at the end of period | $ | 578,843,508 | $ | 558,372,770 | $ | 607,240,246 | $ | 18,845,355 | $ | 18,517,357 | $ | 20,118,076 | |||||||
| Undistributed (Over-distribution of) net investment income at the end of period | $ | (1,101,234 | ) | $ | (964,777 | ) | $ | (412,865 | ) | $ | 22,958 | $ | 46,103 | $ | 210,729 | ||||
See accompanying notes to financial statements.
|
56
|
NUVEEN
|
| Statement of | ||
| Cash Flows | Six Months Ended August 31, 2017 (Unaudited) |
| NXJ | NQP | ||||||
| Cash Flows from Operating Activities: | |||||||
| Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations | $ | 44,239,963 | $ | 33,722,689 | |||
| Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities: | |||||||
| Purchases of investments | (66,434,792 | ) | (58,504,209 | ) | |||
| Proceeds from sales and maturities of investments | 78,033,474 | 48,225,509 | |||||
| Proceeds from (Payments for) short-term investments, net | (10,400,000 | ) | (9,175,000 | ) | |||
| Taxes paid | (1,563 | ) | (715 | ) | |||
| Amortization (Accretion) of premiums and discounts, net | 507,455 | 1,170,661 | |||||
| Amortization of deferred offering costs | 30,389 | 21,036 | |||||
| (Increase) Decrease in: | |||||||
| Receivable for interest | (150,077 | ) | 237,868 | ||||
| Receivable for investments sold | (42,143 | ) | 12,799,264 | ||||
| Other assets | (14,332 | ) | (16,518 | ) | |||
| Increase (Decrease) in: | |||||||
| Payable for interest | — | 21,237 | |||||
| Payable for investments purchased | (9,067,692 | ) | 5,523,861 | ||||
| Payable for offering costs | (251,996 | ) | (23,451 | ) | |||
| Accrued management fees | 60,197 | 51,781 | |||||
| Accrued Trustees fees | 10,352 | 9,734 | |||||
| Accrued other expenses | 85,836 | 2,980 | |||||
| Net realized (gain) loss from investments | 390,478 | (1,074,505 | ) | ||||
| Change in net unrealized (appreciation) depreciation of: | |||||||
| Investments | (29,963,835 | ) | (20,814,501 | ) | |||
| Swaps | 726,691 | 1,281,811 | |||||
| Net cash provided by (used in) operating activities | 7,758,405 | 13,459,532 | |||||
| Cash Flows from Financing Activities: | |||||||
| Increase (Decrease) in: | |||||||
| Cash overdraft | 3,707,600 | — | |||||
| Floating rate obligations | — | (1,470,000 | ) | ||||
| Cash distribution paid to common shareholders | (14,976,508 | ) | (13,278,800 | ) | |||
| Net cash provided by (used in) financing activities | (11,268,908 | ) | (14,748,800 | ) | |||
| Net Increase (Decrease) in Cash | (3,510,503 | ) | (1,289,268 | ) | |||
| Cash at beginning of period | 3,510,503 | 4,329,873 | |||||
| Cash at end of period | — | 3,040,605 |
| Supplemental Disclosure of Cash Flow Information | NXJ | NQP | |||||
| Cash paid for interest (excluding amortization of offering costs) | $ | 2,511,408 | $ | 2,854,545 |
See accompanying notes to financial statements.
|
NUVEEN
|
57
|
| Financial | |
| Highlights (Unaudited) |
Selected data for a common share outstanding throughout each period:
| Investment Operations | Less Distributions to Common Shareholders |
Common Share | |||||||||||||||||||||||||||||
| Beginning Common Share NAV |
Net Investment Income (Loss) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net Investment Income |
From Accum- ulated Net Realized Gains |
Total | Discount Per Share Repurchased and Retired |
Ending NAV |
Ending Share Price |
||||||||||||||||||||||
| NXJ | |||||||||||||||||||||||||||||||
| Year Ended 2/28-2/29: | |||||||||||||||||||||||||||||||
| 2018(f) | $ | 15.21 | $ | 0.36 | $ | 0.68 | $ | 1.04 | $ | (0.35 | ) | $ | — | $ | (0.35 | ) | $ | — | $ | 15.90 | $ | 13.92 | |||||||||
| 2017(e) | 16.18 | 0.60 | (0.94 | ) | (0.34 | ) | (0.63 | ) | — | (0.63 | ) | — | 15.21 | 13.42 | |||||||||||||||||
| Year Ended 4/30: | |||||||||||||||||||||||||||||||
| 2016 | 15.53 | 0.79 | 0.66 | 1.45 | (0.82 | ) | (0.01 | ) | (0.83 | ) | 0.03 | 16.18 | 14.66 | ||||||||||||||||||
| 2015 | 15.28 | 0.67 | 0.34 | 1.01 | (0.77 | ) | — | (0.77 | ) | 0.01 | 15.53 | 13.58 | |||||||||||||||||||
| 2014 | 16.12 | 0.71 | (0.87 | ) | (0.16 | ) | (0.68 | ) | — | (0.68 | ) | — | * | 15.28 | 13.64 | ||||||||||||||||
| 2013 | 15.31 | 0.63 | 0.93 | 1.56 | (0.75 | ) | — | (0.75 | ) | — | 16.12 | 14.94 | |||||||||||||||||||
| 2012 | 13.61 | 0.71 | 1.83 | 2.54 | (0.83 | ) | (0.01 | ) | (0.84 | ) | — | 15.31 | 14.92 | ||||||||||||||||||
| NJV | |||||||||||||||||||||||||||||||
| Year Ended 2/28-2/29: | |||||||||||||||||||||||||||||||
| 2018(f) | 15.56 | 0.29 | 0.36 | 0.65 | (0.29 | ) | — | (0.29 | ) | — | 15.92 | 14.95 | |||||||||||||||||||
| 2017(e) | 16.32 | 0.49 | (0.58 | ) | (0.09 | ) | (0.52 | ) | (0.15 | ) | (0.67 | ) | — | 15.56 | 15.61 | ||||||||||||||||
| Year Ended 4/30: | |||||||||||||||||||||||||||||||
| 2016 | 16.41 | 0.62 | 0.11 | 0.73 | (0.61 | ) | (0.21 | ) | (0.82 | ) | — | 16.32 | 15.16 | ||||||||||||||||||
| 2015 | 16.15 | 0.62 | 0.43 | 1.05 | (0.63 | ) | (0.18 | ) | (0.81 | ) | 0.02 | 16.41 | 14.75 | ||||||||||||||||||
| 2014 | 16.98 | 0.65 | (0.66 | ) | (0.01 | ) | (0.63 | ) | (0.19 | ) | (0.82 | ) | — | 16.15 | 14.48 | ||||||||||||||||
| 2013 | 16.62 | 0.67 | 0.61 | 1.28 | (0.67 | ) | (0.25 | ) | (0.92 | ) | — | 16.98 | 16.02 | ||||||||||||||||||
| 2012 | 14.72 | 0.75 | 1.91 | 2.66 | (0.76 | ) | — | (0.76 | ) | — | 16.62 | 16.34 | |||||||||||||||||||
| (a) |
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
| Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
|
58
|
NUVEEN
|
| Common Share Supplemental Data/ Ratios Applicable to Common Shares |
|||||||||||||||||||
| Common Share Total Returns |
Ratios to Average Net Assets(b) | ||||||||||||||||||
| Based | Ending | ||||||||||||||||||
| Based | on | Net | Net | Portfolio | |||||||||||||||
| on | Share | Assets | Investment | Turnover | |||||||||||||||
| NAV | (a) | Price | (a) | (000) | Expenses | (c) | Income (Loss) | Rate | (d) | ||||||||||
| 6.89 | % | 6.38 | % | $ | 677,046 | 1.74 | %** | 4.62 | %** | 7 | % | ||||||||
| (2.20 | ) | (4.35 | ) | 647,626 | 1.76 | ** | 4.54 | ** | 12 | ||||||||||
| 9.85 | 14.79 | 688,971 | 1.56 | 5.12 | 14 | ||||||||||||||
| 6.77 | 5.35 | 668,670 | 1.71 | 4.64 | 14 | ||||||||||||||
| (0.71 | ) | (3.78 | ) | 100,181 | 2.07 | 4.83 | 6 | ||||||||||||
| 10.29 | 5.04 | 105,892 | 2.37 | 3.91 | 17 | ||||||||||||||
| 19.09 | 25.08 | 100,578 | 2.52 | 4.82 | 15 | ||||||||||||||
| 4.18 | (2.37 | ) | 24,695 | 1.02 | ** | 3.64 | ** | 11 | |||||||||||
| (0.57 | ) | 7.39 | 24,139 | 0.96 | ** | 3.62 | ** | 14 | |||||||||||
| 4.57 | 8.70 | 25,297 | 0.89 | 3.87 | 8 | ||||||||||||||
| 6.68 | 7.62 | 25,430 | 0.87 | 3.75 | 13 | ||||||||||||||
| 0.25 | (4.18 | ) | 25,272 | 0.88 | 4.12 | 12 | |||||||||||||
| 7.86 | 3.58 | 26,574 | 0.83 | 3.95 | 7 | ||||||||||||||
| 18.43 | 24.34 | 25,957 | 0.85 | 4.76 | 20 | ||||||||||||||
| (b) | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable. |
| (c) | The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
| NXJ | ||
| Year Ended 2/28-2/29: | ||
| 2018(f) | 0.76 | %** |
| 2017(e) | 0.79 | ** |
| Year Ended 4/30: | ||
| 2016 | 0.57 | |
| 2015 | 0.60 | |
| 2014 | 0.98 | |
| 2013 | 1.27 | |
| 2012 | 1.41 |
| NJV | ||
| Year Ended 2/28-2/29: | ||
| 2018(f) | 0.08 | %** |
| 2017(e) | 0.07 | ** |
| Year Ended 4/30: | ||
| 2016 | 0.04 | |
| 2015 | 0.04 | |
| 2014 | 0.04 | |
| 2013 | 0.04 | |
| 2012 | 0.04 |
| (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 ten months ended February 28, 2017. |
| (f) | For the six months ended August 31, 2017. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
|
NUVEEN
|
59
|
Financial Highlights (Unaudited) (continued)
Selected data for a common share outstanding throughout each period:
| Investment Operations | Less Distributions to Common Shareholders |
Common Share | |||||||||||||||||||||||||||||
| Beginning Common Share NAV |
Net Investment Income (Loss) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net Investment Income |
From Accum- ulated Net Realized Gains |
Total | Discount Per Share Repurchased and Retired |
Ending NAV |
Ending Share Price |
||||||||||||||||||||||
| NQP | |||||||||||||||||||||||||||||||
| Year Ended 2/28-2/29: | |||||||||||||||||||||||||||||||
| 2018(f) | $ | 14.79 | $ | 0.35 | $ | 0.54 | $ | 0.89 | $ | (0.35 | ) | $ | — | $ | (0.35 | ) | $ | — | $ | 15.33 | $ | 13.70 | |||||||||
| 2017(e) | 16.08 | 0.60 | (1.24 | ) | (0.64 | ) | (0.62 | ) | (0.03 | ) | (0.65 | ) | — | 14.79 | 13.30 | ||||||||||||||||
| Year Ended 4/30: | |||||||||||||||||||||||||||||||
| 2016 | 15.64 | 0.80 | 0.46 | 1.26 | (0.83 | ) | — | (0.83 | ) | 0.01 | 16.08 | 14.91 | |||||||||||||||||||
| 2015 | 15.17 | 0.81 | 0.50 | 1.31 | (0.84 | ) | — | (0.84 | ) | — | * | 15.64 | 13.87 | ||||||||||||||||||
| 2014 | 16.21 | 0.74 | (0.93 | ) | (0.19 | ) | (0.85 | ) | — | (0.85 | ) | — | * | 15.17 | 13.76 | ||||||||||||||||
| 2013 | 15.78 | 0.80 | 0.54 | 1.34 | (0.91 | ) | — | (0.91 | ) | — | 16.21 | 15.24 | |||||||||||||||||||
| 2012 | 14.11 | 0.90 | 1.70 | 2.60 | (0.93 | ) | — | (0.93 | ) | — | 15.78 | 15.67 | |||||||||||||||||||
| NPN | |||||||||||||||||||||||||||||||
| Year Ended 2/28-2/29: | |||||||||||||||||||||||||||||||
| 2018(f) | 15.16 | 0.28 | 0.28 | 0.56 | (0.30 | ) | — | (0.30 | ) | — | 15.42 | 15.35 | |||||||||||||||||||
| 2017(e) | 16.50 | 0.51 | (0.73 | ) | (0.22 | ) | (0.64 | ) | (0.48 | ) | (1.12 | ) | — | 15.16 | 15.83 | ||||||||||||||||
| Year Ended 4/30: | |||||||||||||||||||||||||||||||
| 2016 | 16.36 | 0.68 | 0.09 | 0.77 | (0.63 | ) | — | (0.63 | ) | — | 16.50 | 16.45 | |||||||||||||||||||
| 2015 | 15.91 | 0.67 | 0.41 | 1.08 | (0.63 | ) | — | (0.63 | ) | — | 16.36 | 15.57 | |||||||||||||||||||
| 2014 | 16.48 | 0.67 | (0.56 | ) | 0.11 | (0.64 | ) | (0.04 | ) | (0.68 | ) | — | 15.91 | 14.45 | |||||||||||||||||
| 2013 | 16.36 | 0.68 | 0.38 | 1.06 | (0.64 | ) | (0.30 | ) | (0.94 | ) | — | 16.48 | 15.86 | ||||||||||||||||||
| 2012 | 14.79 | 0.72 | 1.58 | 2.30 | (0.71 | ) | (0.02 | ) | (0.73 | ) | — | 16.36 | 15.38 | ||||||||||||||||||
| (a) |
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
| Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
|
60
|
NUVEEN
|
| Common Share Supplemental Data/ Ratios Applicable to Common Shares |
|||||||||||||||||||
| Common Share Total Returns |
Ratios to Average Net Assets(b) | ||||||||||||||||||
| Based | Ending | ||||||||||||||||||
| Based | on | Net | Net | Portfolio | |||||||||||||||
| on | Share | Assets | Investment | Turnover | |||||||||||||||
| NAV | (a) | Price | (a) | (000) | Expenses | (c) | Income (Loss) | Rate | (d) | ||||||||||
| 6.08 | % | 5.72 | % | $ | 578,844 | 2.01 | %** | 4.58 | %** | 5 | % | ||||||||
| (4.19 | ) | (6.66 | ) | 558,373 | 1.87 | ** | 4.57 | ** | 16 | ||||||||||
| 8.46 | 14.21 | 607,240 | 1.51 | 5.13 | 16 | ||||||||||||||
| 8.79 | 7.09 | 592,540 | 1.60 | 5.21 | 9 | ||||||||||||||
| (0.69 | ) | (3.65 | ) | 574,558 | 1.87 | 5.33 | 8 | ||||||||||||
| 8.50 | 2.97 | 261,195 | 1.80 | 4.98 | 17 | ||||||||||||||
| 18.88 | 27.48 | 253,937 | 1.63 | 6.00 | 18 | ||||||||||||||
| 3.70 | (1.16 | ) | 18,845 | 1.01 | ** | 3.61 | ** | 13 | |||||||||||
| (1.33 | ) | 3.08 | 18,517 | 0.93 | ** | 3.80 | ** | 23 | |||||||||||
| 4.82 | 10.09 | 20,118 | 0.85 | 4.17 | 14 | ||||||||||||||
| 6.87 | 12.30 | 19,952 | 0.85 | 4.11 | 5 | ||||||||||||||
| 0.80 | (4.45 | ) | 19,401 | 0.85 | 4.28 | 6 | |||||||||||||
| 6.58 | 9.39 | 20,089 | 0.81 | 4.11 | 7 | ||||||||||||||
| 15.89 | 15.68 | 19,948 | 0.86 | 4.60 | 11 | ||||||||||||||
| (b) | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable. |
| (c) | The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
| NQP | ||
| Year Ended 2/28-2/29: | ||
| 2018(f) | 1.01 | %** |
| 2017(e) | 0.89 | ** |
| Year Ended 4/30: | ||
| 2016 | 0.56 | |
| 2015 | 0.60 | |
| 2014 | 0.68 | |
| 2013 | 0.72 | |
| 2012 | 0.61 |
| NPN | ||
| Year Ended 2/28-2/29: | ||
| 2018(f) | 0.02 | %** |
| 2017(e) | 0.01 | ** |
| Year Ended 4/30: | ||
| 2016 | — | |
| 2015 | — | |
| 2014 | — | |
| 2013 | — | |
| 2012 | — |
| (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 ten months ended February 28, 2017. |
| (f) | For the six months ended August 31, 2017. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
|
NUVEEN
|
61
|
Financial Highlights (Unaudited) (continued)
| MTP, VMTP and/or | ||||||||||||||||||||||
| MTP Shares | VMTP Shares | VRDP Shares | VRDP Shares at | |||||||||||||||||||
| at the End of Period (a) | at the End of Period | at the End of Period | the End of Period | |||||||||||||||||||
| Asset | ||||||||||||||||||||||
| Aggregate | Asset | Aggregate | Asset | Aggregate | Asset | Coverage | ||||||||||||||||
| Amount | Coverage | Amount | Coverage | Amount | Coverage | Per $1 | ||||||||||||||||
| Outstanding | Per $10 | Outstanding | Per $100,000 | Outstanding | Per $100,000 | Liquidation | ||||||||||||||||
| (000 | ) | Share | (000 | ) | Share | (000 | ) | Share | Preference | |||||||||||||
| NXJ | ||||||||||||||||||||||
| Year Ended 2/28-2/29: | ||||||||||||||||||||||
| 2018(c) | $ | — | $ | — | $ | — | $ | — | $ | 313,900 | $ | 315,689 | $ | — | ||||||||
| 2017(b) | — | — | — | — | 313,900 | 306,316 | — | |||||||||||||||
| Year Ended 4/30: | ||||||||||||||||||||||
| 2016 | — | — | — | — | 313,900 | 319,488 | — | |||||||||||||||
| 2015 | — | — | — | — | 313,900 | 313,020 | — | |||||||||||||||
| 2014 | — | — | — | — | 45,000 | 322,624 | — | |||||||||||||||
| 2013 | 44,861 | 33.60 | — | — | — | — | — | |||||||||||||||
| 2012 | 44,861 | 32.42 | — | — | — | — | — | |||||||||||||||
| NQP | ||||||||||||||||||||||
| Year Ended 2/28-2/29: | ||||||||||||||||||||||
| 2018(c) | — | — | 87,000 | 290,096 | 217,500 | 290,096 | 2.90 | |||||||||||||||
| 2017(b) | — | — | 87,000 | 283,374 | 217,500 | 283,374 | 2.83 | |||||||||||||||
| Year Ended 4/30: | ||||||||||||||||||||||
| 2016 | — | — | 48,000 | 328,716 | 217,500 | 328,716 | 3.29 | |||||||||||||||
| 2015 | — | — | 48,000 | 323,179 | 217,500 | 323,179 | 3.23 | |||||||||||||||
| 2014 | 47,740 | 31.66 | — | — | 217,500 | 316,618 | 3.17 | |||||||||||||||
| 2013 | — | — | — | — | 112,500 | 332,174 | — | |||||||||||||||
| 2012 | — | — | — | — | 112,500 | 325,722 | — | |||||||||||||||
| (a) | The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows: |
| 2015 | 2014 | 2013 | 2012 | ||||||||||
| NXJ | |||||||||||||
| Series 2014 (NXJ PRCCL) | |||||||||||||
| Ending Market Value per Share | $ | — | $ | — | $ | 10.02 | $ | 10.08 | |||||
| Average Market Value per Share | — | 10.03 | ^ | 10.09 | 10.07 | ||||||||
| Series 2015 (NXJ PRCCL) | |||||||||||||
| Ending Market Value per Share | — | ||||||||||||
| Average Market Value per Share | 10.01 | ^^ | |||||||||||
| NQP | |||||||||||||
| Series 2015 (NQP PRCCL) | |||||||||||||
| Ending Market Value per Share | — | 10.05 | |||||||||||
| Average Market Value per Share | 10.01 | ΩΩ | 10.03 | Ω | |||||||||
| Series 2015 (NQP PRDCL) | |||||||||||||
| Ending Market Value per Share | — | 10.04 | |||||||||||
| Average Market Value per Share | 10.02 | ΩΩ | 10.03 | Ω |
| (b) | For the ten months ended February 28, 2017. |
| (c) | For the six months ended August 31, 2017. |
| ^ | For the period May 1, 2013 through September 9, 2013. |
| ^^ | For the period November 10, 2014 (effective date of the reorganizations) through February 9, 2015. |
| Ω | For the period February 11, 2014 (effective date of the reorganizations) through April 30, 2014. |
| ΩΩ | For the period May 1, 2014 through May 30, 2014. |
See accompanying notes to financial statements.
|
62
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NUVEEN
|
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE American (formerly known as the NYSE MKT) symbols are as follows (each a “Fund” and collectively, the “Funds”):
• Nuveen New Jersey Quality Municipal Income Fund (NXJ)
• Nuveen New Jersey Municipal Value Fund (NJV)
• Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
• Nuveen Pennsylvania Municipal Value Fund (NPN)
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified (non-diversified for NJV) closed-end management investment companies. Common shares of NXJ and NQP are traded on the NYSE while common shares of NJV and NPN are traded on the NYSE American. NXJ, NJV, NQP and NPN were organized as Massachusetts business trusts on June 1, 1999, January 26, 2009, December 20, 1990 and January 26, 2009, respectively.
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 and Principal Investment Strategies
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.
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 U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
| NXJ | NQP | ||||||
| Outstanding when-issued/delayed delivery purchase commitments | $ | 7,851,531 | $ | 5,488,830 |
Investment Income
Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
|
NUVEEN
|
63
|
Notes to Financial Statements (Unaudited) (continued)
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 Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common 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.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables 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 the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares 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). |
|
64
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NUVEEN
|
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.
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 net asset value (“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:
| NXJ | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Long-Term Investments*: | |||||||||||||
| Municipal Bonds | $ | — | $ | 969,178,573 | $ | — | $ | 969,178,573 | |||||
| Short-Term Investments*: | |||||||||||||
| Municipal Bonds | — | 10,400,000 | — | 10,400,000 | |||||||||
| Investments in Derivatives: | |||||||||||||
| Interest Rate Swaps** | — | 993,722 | — | 993,722 | |||||||||
| Total | $ | — | $ | 980,572,295 | $ | — | $ | 980,572,295 | |||||
| NJV | |||||||||||||
| Long-Term Investments*: | |||||||||||||
| Municipal Bonds | $ | — | $ | 25,938,970 | $ | — | $ | 25,938,970 | |||||
| NQP | |||||||||||||
| Long-Term Investments*: | |||||||||||||
| Municipal Bonds | $ | — | $ | 915,530,457 | $ | — | $ | 915,530,457 | |||||
| Short-Term Investments*: | |||||||||||||
| Municipal Bonds | — | 9,175,000 | — | 9,175,000 | |||||||||
| Investments in Derivatives: | |||||||||||||
| Interest Rate Swaps** | — | 49,181 | — | 49,181 | |||||||||
| Total | $ | — | $ | 924,754,638 | $ | — | $ | 924,754,638 | |||||
| NPN | |||||||||||||
| Long-Term Investments*: | |||||||||||||
| Municipal Bonds | $ | — | $ | 18,879,423 | $ | — | $ | 18,879,423 |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
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
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methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. | |
| (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”) in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a 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 and amortization of offering costs” on the Statement of Operations.
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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 | NXJ | NJV | NQP | NPN | |||||||||
| Floating rate obligations: self-deposited Inverse Floaters | $ | — | $ | 1,500,000 | $ | 47,825,000 | $ | 300,000 | |||||
| Floating rate obligations: externally-deposited Inverse Floaters | 99,070,000 | 980,000 | 26,615,000 | 540,000 | |||||||||
| Total | $ | 99,070,000 | $ | 2,480,000 | $ | 74,440,000 | $ | 840,000 |
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 | NXJ | NJV | NQP | NPN | |||||||||
| Average floating rate obligations outstanding | $ | — | $ | 1,500,000 | $ | 48,719,783 | $ | 300,000 | |||||
| Average annual interest rate and fees | — | % | 1.37 | % | 1.36 | % | 1.38 | % |
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 is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (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 | NXJ | NJV | NQP | NPN | |||||||||
| Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $ | — | $ | 1,500,000 | $ | 32,825,000 | $ | — | |||||
| Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | 90,405,000 | 980,000 | 11,955,000 | 400,000 | |||||||||
| Total | $ | 90,405,000 | $ | 2,480,000 | $ | 44,780,000 | $ | 400,000 |
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Notes to Financial Statements (Unaudited) (continued)
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative investments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. 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.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).
The amount of the payment obligation is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps.”
Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers for investments in swaps” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on interest rate swaps” as described in the preceding paragraph.
The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums paid and/or received” on the Statement of Assets and Liabilities.
During the current fiscal period, NXJ and NQP invested in forward interest rate swap contracts, reducing the Funds’ duration and limiting their vulnerability to rising rates.
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The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
| NXJ | NQP | ||||||
| Average notional amount of interest rate swap contracts outstanding* | $ | 25,750,000 | $ | 34,166,667 |
| * | 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 Assets and Liabilities | ||||||||||||||||
| Underlying | Derivative | Asset Derivatives | (Liability) Derivatives | |||||||||||||
| Risk Exposure | Instrument | Location | Value | Location | Value | |||||||||||
| NXJ | ||||||||||||||||
| Interest rate | Swaps (OTC Uncleared) | Unrealized appreciation on interest rate swaps |
$ | 993,722 | — | $ | — | |||||||||
| NQP | ||||||||||||||||
| Interest rate | Swaps (OTC Uncleared) |
Unrealized appreciation |
$ | 692,024 | Unrealized depreciation on interest rate swaps |
$ | (642,843 | ) | ||||||||
The following table presents the 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 Rate Swaps* |
Gross Rate Swaps* |
Net Unrealized Swaps |
Collateral Counterparty |
Net Exposure |
|||||||||||||
| NXJ | JPMorgan Chase Bank, N.A. |
$ | 993,722 | $ | — | $ | 993,722 | $ | (993,722 | ) | $ | — | |||||||
| NQP | JPMorgan Chase Bank, N.A. |
$ | 692,024 | $ | (642,843 | ) | $ | 49,181 | $ | (49,181 | ) | $ | — |
| * | 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 |
|||||||||
| NXJ | Interest rate | Swaps | $ | — | $ | (726,691 | ) | ||||||
| NQP | Interest rate | Swaps | $ | — | $ | (1,281,811 | ) |
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.
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Notes to Financial Statements (Unaudited) (continued)
4. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal periods, where applicable, were as follows:
| NXJ | NJV | |||||||||||||||||||
| Six Months | Ten Months | Year | Six Months | Ten Months | Year | |||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||
| 8/31/17 | 2/28/17 | 4/30/16 | 8/31/17 | 2/28/17 | 4/30/16 | |||||||||||||||
| Common shares: | ||||||||||||||||||||
| Issued to shareholders due to reinvestments of distributions | — | — | — | 141 | 1,180 | — | ||||||||||||||
| Repurchased and retired | — | — | (473,600 | ) | — | — | — | |||||||||||||
| Weighted average common share: | ||||||||||||||||||||
| Price per share repurchased and retired | $ | — | $ | — | $ | 12.86 | $ | — | $ | — | $ | — | ||||||||
| Discount per share repurchased and retired | — | % | — | % | 15.38 | % | — | % | — | % | — | % | ||||||||
| NQP | NPN | |||||||||||||||||||
| Six Months | Ten Months | Year | Six Months | Ten Months | Year | |||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||
| 8/31/17 | 2/28/17 | 4/30/16 | 8/31/17 | 2/28/17 | 4/30/16 | |||||||||||||||
| Common shares: | ||||||||||||||||||||
| Issued to shareholders due to reinvestments of distributions | — | — | — | 562 | 2,062 | — | ||||||||||||||
| Repurchased and retired | — | — | (121,000 | ) | — | — | — | |||||||||||||
| Weighted average common share: | ||||||||||||||||||||
| Price per share repurchased and retired | $ | — | $ | — | $ | 13.12 | $ | — | $ | — | $ | — | ||||||||
| Discount per share repurchased and retired | — | % | — | % | 15.08 | % | — | % | — | % | — | % | ||||||||
Preferred Shares
Variable Rate MuniFund Term Preferred Shares
The following Fund has issued and has outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation preference, for the Fund was as follows:
| Shares | Liquidation | |||||||||
| Fund | Series | Outstanding | Preference | |||||||
| NQP | 2019 | 870 | $ | 87,000,000 |
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately one year following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund’s VMTP Shares are as follows:
| Term | Premium | |||||||||
| Fund | Series | Redemption Date | Expiration Date | |||||||
| NQP | 2019 | September 1, 2019 | August 31, 2017 |
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
| NQP | ||||
| Average liquidation preference of VMTP Shares outstanding | $ | 87,000,000 | ||
| Annualized dividend rate | 1.74 | % |
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VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund’s Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection with the Fund’s initial offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of the Funds’ VRDP Shares outstanding were as follows:
| Shares | Liquidation | ||||||||||||
| Fund | Series | Outstanding | Preference | Maturity | |||||||||
| NXJ | 1 | 810 | $ | 81,000,000 | August 3, 2043 | ||||||||
| 2 | 1,443 | 144,300,000 | April 1, 2043 | ||||||||||
| 3 | 886 | 88,600,000 | April 1, 2043 | ||||||||||
| NQP | 2 | 1,125 | $ | 112,500,000 | December 1, 2042 | ||||||||
| 3 | 1,050 | 105,000,000 | December 1, 2042 |
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
All series of NXJ’s and NQP’s VRDP Shares are considered to be Special Rate Period VRDP, which are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider. During the period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares will transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, unless the Board approves a subsequent special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
| NXJ | NQP | ||||||
| Average liquidation preference of VRDP Shares outstanding | $ | 313,900,000 | $ | 217,500,000 | |||
| Annualized dividend rate | 1.59 | % | 1.62 | % |
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized
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as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund may also pay a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations, when applicable.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal periods, where applicable, are noted in the following tables.
| Ten Months Ended February 28, 2017 |
||||||||||
| Series | Shares | Amount | ||||||||
| NQP | ||||||||||
| VMTP Shares issued | 2019 | 870 | $ | 87,000,000 | ||||||
| VMTP Shares exchanged | 2017 | (480 | ) | (48,000,000 | ) | |||||
| Net increase (decrease) | 390 | $ | 39,000,000 | |||||||
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
| NXJ | NJV | NQP | NPN | ||||||||||
| Purchases | $ | 66,434,792 | $ | 3,051,930 | $ | 58,504,209 | $ | 3,108,657 | |||||
| Sales and maturities | 78,033,474 | 2,948,988 | 48,225,509 | 2,499,580 |
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 and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
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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 August 31, 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.
| NXJ | NJV | NQP | NPN | ||||||||||
| Tax cost of investments: | $ | 905,413,538 | $ | 22,473,221 | $ | 830,967,908 | $ | 17,450,088 | |||||
| Gross unrealized: | |||||||||||||
| Appreciation | 75,864,175 | 2,014,018 | 56,831,503 | 1,275,561 | |||||||||
| Depreciation | (1,699,140 | ) | (48,269 | ) | (10,918,972 | ) | (146,226 | ) | |||||
| Net unrealized appreciation (depreciation) of investments | $ | 74,165,035 | $ | 1,965,749 | $ | 45,912,531 | $ | 1,129,335 | |||||
| NXJ | NQP | ||||||||||||
| Tax cost of swap contracts | $ | — | $ | — | |||||||||
| Net unrealized appreciation (depreciation) on swap contracts | 993,722 | 49,181 |
Permanent differences, primarily due to federal taxes paid, taxable market discount, distribution reallocations, nondeductible offering costs and nondeductible reorganization expenses, resulted in reclassifications among the Funds’ components of common share net assets as of February 28, 2017, the Funds’ last tax year end, as follows:
| NXJ | NJV | NQP | NPN | ||||||||||
| Paid-in-surplus | $ | (329,924 | ) | $ | $ | (289,095 | ) | $ | — | ||||
| Undistributed (Over-distribution of) net investment income | 315,337 | (1,024 | ) | 220,535 | (4,011 | ) | |||||||
| Accumulated net realized gain (loss) | 14,587 | 1,024 | 68,560 | 4,011 |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2017, the Funds’ last tax year end, were as follows:
| NXJ | NJV | NQP | NPN | ||||||||||
| Undistributed net tax-exempt income1 | $ | 2,156,490 | $ | 81,289 | $ | 744,785 | $ | 83,909 | |||||
| Undistributed net ordinary income2 | 125,569 | — | 50,082 | 8,319 | |||||||||
| Undistributed net long-term capital gains | — | 475,570 | — | 154,558 |
| 1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2017, paid on March 1, 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 February 28, 2017 and April 30, 2016, was designated for purposes of the dividends paid deduction as follows:
| 2017 | NXJ | NJV | NQP | NPN | |||||||||
| Distributions from net tax-exempt income | $ | 29,151,901 | $ | 759,626 | $ | 25,923,253 | $ | 634,294 | |||||
| Distributions from net ordinary income2 | 123,496 | 43,739 | 56,632 | 152,003 | |||||||||
| Distributions from net long-term capital gains | — | 233,789 | 1,162,849 | 582,027 | |||||||||
| 2016 | NXJ | NJV | NQP | NPN | |||||||||
| Distributions from net tax-exempt income | $ | 35,379,191 | $ | 914,520 | $ | 31,959,341 | $ | 760,876 | |||||
| Distributions from net ordinary income2 | 21,295 | 25,886 | 369,997 | 8,657 | |||||||||
| Distributions from net long-term capital gains | 345,375 | 323,803 | — | — |
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
As of February 28, 2017, the Funds’ last tax year end, the following Fund has unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| NXJ3 | ||||
| Capital losses to be carried forward – not subject to expiration | $ | 4,618,253 |
| 3 | A portion of NXJ’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations. |
During the Funds’ last tax year ended February 28, 2017, NQP utilized $1,201,318 of its capital loss carryforwards.
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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:
| NQP | ||||
| Post-October capital losses4 | $ | 486,808 | ||
| Late-year ordinary losses5 | — |
| 4 | Capital losses incurred from November 1, 2016 through February 28, 2017, the Funds’ last tax year end. |
| 5 | Ordinary losses incurred from January 1, 2017 through February 28, 2017 and/or specified losses incurred from November 1, 2016 through February 28, 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 Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
| NXJ | ||||
| NQP | ||||
| Average Daily Managed Assets* | Fund-Level Fee | |||
| For the first $125 million | 0.4500 | % | ||
| For the next $125 million | 0.4375 | |||
| For the next $250 million | 0.4250 | |||
| For the next $500 million | 0.4125 | |||
| For the next $1 billion | 0.4000 | |||
| For the next $3 billion | 0.3750 | |||
| For managed assets over $5 billion | 0.3625 |
| NJV | ||||
| NPN | ||||
| Average Daily Net Assets* | Fund-Level Fee | |||
| For the first $125 million | 0.4000 | % | ||
| For the next $125 million | 0.3875 | |||
| For the next $250 million | 0.3750 | |||
| For the next $500 million | 0.3625 | |||
| For the next $1 billion | 0.3500 | |||
| For the next $3 billion | 0.3250 | |||
| For managed assets over $5 billion | 0.3125 |
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The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets (net assets for NJV and NPN):
| Complex-Level Managed 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 | |||
| * | For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of August 31, 2017, the complex-level fee for each Fund was 0.1599%. |
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 Funds did not engage in inter-fund trades pursuant to these procedures.
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, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. 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.
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Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
Inter-Fund Borrowing and Lending
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each interfund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During May 2017, the Board approved the Nuveen funds participation in the Inter-Fund Program. During the current reporting period, none of the Funds have entered into any inter-fund loan activity.
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.
10. Subsequent Events
Fund Information
Effective October 2, 2017, NJV and NPN transfered the listing of their common shares from the NYSE American to the NYSE.
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| Additional Fund Information |
| Board of Trustees Margo Cook * William J. Schneider |
Jack B. Evans Judith M. Stockdale |
William C. Hunter Carole E. Stone |
David J. Kundert Terence J. Toth |
Albin F. Moschner Margaret L. Wolff |
John K. Nelson Robert L. Young |
| * Interested Board Member. | |||||
| Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 |
Custodian State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 |
Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 |
Independent Registered Public Accounting Firm KPMG LLP 200 East Randolph Drive Chicago, IL 60601 |
Transfer Agent and Shareholder Services Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 (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.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
| NXJ | NJV | NQP | NPN | ||||||||||
| Common shares repurchased | — | — | — | — |
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.
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| Glossary of Terms Used in this Report |
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■ |
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction. |
| ■ | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. |
| ■ | Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change. |
| ■ | Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. |
| ■ | Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cashflows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes. |
| ■ | Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. |
| ■ | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
| ■ | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding. |
| ■ | Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value. |
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| ■ | Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940. |
| ■ | S&P Municipal Bond 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 New Jersey Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade New Jersey municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| ■ | S&P Municipal Bond Pennsylvania Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Pennsylvania municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| ■ | Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. |
| ■ | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
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Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
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Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Trustees (each, a “Board,” and each Trustee, a “Board Member”) of each Fund, 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, 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; 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; a review of premium/discount trends and leverage management for the closed-end funds as well as 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”), 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
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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, maintaining 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 cyberse-curity 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 closed-end Nuveen funds, such initiatives included (a) an increased level of leverage management activities in 2016 and 2017 resulting from the rollover of existing facilities, the negotiation of improved terms and pricing to reduce leverage costs, the innovation of new leverage structures, the rebalancing of leverage of various funds as a result of mergers or new investment mandates, and the restructuring of tender option bonds to be compliant with new regulatory requirements; (b) an increased level of capital management activities (i.e., the management of the issuance |
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| and repurchase of shares of certain closed-end funds) during 2016 as a result of market demand as well as an implementation of a cross department review system for shares trading at certain discount levels; (c) continued refinements to a database to permit further analysis of the closed-end fund marketplace and shareholder base; (d) the development of enhanced secondary market board reporting and commentary; (e) the reconfiguration of the framework for determining and maintaining closed-end fund benchmarks to permit more consistency across the complex; and (f) the development of product innovations for new closed-end offerings, including target term funds. The Board also recognized the Adviser’s continued commitment to supporting the closed-end product line through its award winning investor relations support program through which Nuveen seeks to educate investors and financial advisers regarding closed-end funds. | |
| 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). For closed-end funds, the Board (or the Closed-end Fund Committee) also reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date and over various periods as well as in comparison to the premium/discount average in their respective Lipper peer category. The Independent Board Members continued to recognize the importance of secondary market trading for the shares of the closed-end funds and the evaluation of the premium and discount levels was a continuing priority for them. 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 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 |
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| 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. | |
| 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 Nuveen New Jersey Quality Municipal Income Fund (the “New Jersey Quality Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile in the one-year period and third 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 New Jersey Municipal Value Fund (the “New Jersey Value Fund”), the Board noted that although the Fund ranked in its Performance Peer Group in the fourth quartile in the three- and five-year periods, the Fund ranked in the second quartile in the one-year period. 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 Pennsylvania Quality Municipal Income Fund (the “Pennsylvania Quality Fund”), the Board noted that although the Fund ranked in the fourth quartile in its Performance Peer Group in the one-year period, the Fund ranked in the third 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 Pennsylvania Municipal Value Fund (the “Pennsylvania Value Fund”), the Board noted that although the Fund ranked in its Performance Peer Group in the fourth quartile in the three- and five-year periods, the Fund ranked in the third quartile in the one-year period. 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. | |
| 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 and 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. |
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| 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. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe 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; changes each year of funds comprising the Peer Universe; levels of expense reimbursements and fee waivers; and differences in the type and use of leverage. Nevertheless, in reviewing a fund’s fees and expenses compared to the fees and expenses of its peers (excluding leverage costs and leveraged assets), 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 Universe. 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 (a) the Pennsylvania Quality Fund had a net management fee in line with its peer average and a net expense ratio below its peer average and (b) the Pennsylvania Value Fund, New Jersey Quality Fund and New Jersey Value Fund each had a net management fee and net expense ratio below its respective peer averages. | |
| 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. With respect to closed-end funds, the Board considered the effects of leverage on fees and expenses, including the calculation of management fees for funds with tender option bonds. | |
| 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 exchange-traded funds (“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, 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. |
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| 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. | |
| 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. |
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| 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. In addition, with respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios. | |
| The Independent Board Members reviewed the breakpoint and complex-wide schedules and any savings achieved from 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 funds and research services received by a Fund Adviser from broker-dealers that execute fund trades. The Independent Board Members noted that affiliates of the Adviser may receive compensation for serving as a co-manager for initial public offerings of new Nuveen closed-end funds and as underwriter on shelf offerings for certain existing funds. The Independent Board Members considered the compensation paid for such services in 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 |
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.
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.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
| Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |  |
ESA-D-0817D 281411-INV-B-10/18
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(a)
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The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).
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(b)
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There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the 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.
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(a)(1)
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Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
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(a)(2)
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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.
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(a)(3)
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Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
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(b)
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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 registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
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