Chairman’s Letter to Shareholders
|
4
|
Portfolio Manager’s Comments
|
5
|
Fund Leverage
|
7
|
Common Share Information
|
8
|
Risk Considerations
|
10
|
Performance Overview and Holding Summaries
|
11
|
Shareholder Meeting Report
|
13
|
Portfolios of Investments
|
14
|
Statement of Assets and Liabilities
|
27
|
Statement of Operations
|
28
|
Statement of Changes in Net Assets
|
29
|
Statement of Cash Flows
|
30
|
Financial Highlights
|
32
|
Notes to Financial Statements
|
35
|
Additional Fund Information
|
47
|
Glossary of Terms Used in this Report
|
48
|
Reinvest Automatically, Easily and Conveniently
|
50
|
|
NTC
|
NMT
|
Effective Leverage*
|
39.15%
|
38.65%
|
Regulatory Leverage*
|
36.86%
|
36.43%
|
|
||
* Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
|
|
Variable Rate
|
Variable Rate
|
|
Preferred*
|
Remarketed Preferred**
|
|
Shares Issued at
|
Shares Issued at
|
|
Liquidation Preference
|
Liquidation Preference
|
NTC
|
$112,000,000
|
$ —
|
NMT
|
$ 74,000,000
|
$ —
|
* Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. 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.
|
|
Per Common
|
|||||||
|
Share Amounts
|
|||||||
Monthly Distributions (Ex-Dividend Date)
|
NTC
|
NMT
|
||||||
June 2018
|
$
|
0.0410
|
$
|
0.0445
|
||||
July
|
0.0410
|
0.0445
|
||||||
August
|
0.0410
|
0.0445
|
||||||
September
|
0.0410
|
0.0410
|
||||||
October
|
0.0410
|
0.0410
|
||||||
November 2018
|
0.0410
|
0.0410
|
||||||
Total Distributions from Net Investment Income
|
$
|
0.2460
|
$
|
0.2565
|
||||
Yields
|
||||||||
Market Yield*
|
4.38
|
%
|
4.05
|
%
|
||||
Taxable-Equivalent Yield*
|
6.26
|
%
|
5.71
|
%
|
||||
* Market Yield for a Fund is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the current 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 an assumed combined federal and state income tax rate of 30.0% and 29.1% for NTC and NMT, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. Taxable-Equivalent Yield also assumes that 100% of the income generated and paid by the Fund is exempt from both federal and state income tax; a Fund’s Taxable-Equivalent Yield will be lower to the extent the Fund invests in municipal securities paying income that is not exempt from state and/or federal income tax (e.g., certain out-of-state bonds). If the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
|
|
NTC
|
NMT
|
||||||
Common shares cumulatively repurchased and retired
|
316,999
|
25,900
|
||||||
Common shares authorized for repurchase
|
1,455,000
|
935,000
|
|
NTC
|
NMT
|
||||||
Common shares repurchased and retired
|
56,199
|
25,900
|
||||||
Weighted average price per common share repurchased and retired
|
$
|
11.20
|
$
|
11.67
|
||||
Weighted average discount per common share repurchased and retired
|
15.69
|
%
|
15.19
|
%
|
|
NTC
|
NMT
|
||||||
Common share NAV
|
$
|
13.35
|
$
|
13.85
|
||||
Common share price
|
$
|
11.23
|
$
|
12.15
|
||||
Premium/(Discount) to NAV
|
(15.88
|
)%
|
(12.27
|
)%
|
||||
6-month average premium/(discount) to NAV
|
(14.64
|
)%
|
(13.32
|
)%
|
NTC
|
Nuveen Connecticut Quality Municipal
|
|
Income Fund
|
|
Performance Overview and Holding Summaries as of
|
|
November 30, 2018
|
|
Cumulative
|
Average Annual
|
||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
NTC at Common Share NAV
|
(0.40)%
|
(0.12)%
|
4.16%
|
5.71%
|
NTC at Common Share Price
|
(2.36)%
|
(1.87)%
|
4.40%
|
6.08%
|
S&P Municipal Bond Connecticut Index
|
0.82%
|
1.49%
|
2.54%
|
4.17%
|
S&P Municipal Bond Index
|
0.36%
|
1.16%
|
3.59%
|
5.07%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
159.7%
|
Other Assets Less Liabilities
|
2.0%
|
Net Assets Plus Floating Rate Obligations
|
|
and VMTP Shares, net of deferred
|
|
offering costs
|
161.7%
|
Floating Rate Obligations
|
(3.3)%
|
VMTP Shares, net of deferred
|
|
offering costs
|
(58.4)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
26.3%
|
Health Care
|
21.7%
|
Tax Obligation/Limited
|
13.4%
|
Water and Sewer
|
13.2%
|
Education and Civic Organizations
|
11.2%
|
U.S. Guaranteed
|
10.8%
|
Other
|
3.4%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
10.6%
|
AAA
|
1.1%
|
AA
|
36.9%
|
A
|
44.0%
|
BBB
|
6.4%
|
N/R (not rated)
|
1.0%
|
Total
|
100%
|
NMT
|
Nuveen Massachusetts Quality Municipal
|
|
Income Fund
|
|
Performance Overview and Holding Summaries as of
|
|
November 30, 2018
|
|
Cumulative
|
Average Annual
|
||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
NMT at Common Share NAV
|
(1.22)%
|
(1.01)%
|
4.80%
|
6.68%
|
NMT at Common Share Price
|
(1.83)%
|
(12.77)%
|
4.99%
|
7.41%
|
S&P Municipal Bond Massachusetts Index
|
0.21%
|
0.68%
|
3.16%
|
4.57%
|
S&P Municipal Bond Index
|
0.36%
|
1.16%
|
3.59%
|
5.07%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
154.9%
|
Other Assets Less Liabilities
|
2.2%
|
Net Assets Plus VRDP Shares,
|
|
net of deferred offering costs
|
157.1%
|
VRDP Shares, net of deferred
|
|
offering costs
|
(57.1)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Education and Civic Organizations
|
28.4%
|
Health Care
|
20.1%
|
U.S. Guaranteed
|
13.5%
|
Tax Obligation/Limited
|
11.8%
|
Tax Obligation/General
|
9.4%
|
Transportation
|
7.2%
|
Water and Sewer
|
5.3%
|
Other
|
4.3%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
13.0%
|
AAA
|
5.0%
|
AA
|
46.9%
|
A
|
23.4%
|
BBB
|
9.4%
|
N/R (not rated)
|
2.3%
|
Total
|
100%
|
|
|
NMT
|
|
|
Common and
|
|
|
|
Preferred
|
|
|
|
shares voting
|
|
|
|
together
|
|
Preferred
|
|
as a class
|
|
Shares
|
Approval of the Board Members was reached as follows:
|
|
|
|
Margo L. Cook
|
|
|
|
For
|
8,388,662
|
|
—
|
Withhold
|
576,216
|
|
—
|
Total
|
8,964,878
|
|
—
|
Jack B. Evans
|
|
|
|
For
|
8,374,608
|
|
—
|
Withhold
|
590,270
|
|
—
|
Total
|
8,964,878
|
|
—
|
Albin F. Moschner
|
|
|
|
For
|
8,379,723
|
|
—
|
Withhold
|
585,155
|
|
—
|
Total
|
8,964,878
|
|
—
|
William C. Hunter
|
|
|
|
For
|
—
|
|
740
|
Withhold
|
—
|
|
—
|
Total
|
—
|
|
740
|
William J. Schneider
|
|
|
|
For
|
—
|
|
740
|
Withhold
|
—
|
|
—
|
Total
|
—
|
|
740
|
NTC
|
Nuveen Connecticut Quality Municipal
|
|
Income Fund
|
|
Portfolio of Investments
|
|
November 30, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 159.7% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 159.7% (100.0% of Total Investments)
|
|
|
|
|
|
Education and Civic Organizations – 17.9% (11.2% of Total Investments)
|
|
|
|
|
$ 4,250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut
|
7/26 at 100.00
|
A2
|
$ 4,147,873
|
|
|
College, Refunding Series 2016L-1, 4.000%, 7/01/46
|
|
|
|
|
1,150
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut
|
7/21 at 100.00
|
A2
|
1,211,031
|
|
|
College, Series 2011H, 5.000%, 7/01/41
|
|
|
|
|
5,565
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield
|
7/26 at 100.00
|
A–
|
6,005,804
|
|
|
University, Series 2016Q-1, 5.000%, 7/01/46
|
|
|
|
|
1,510
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Loomis Chaffee
|
No Opt. Call
|
A1
|
1,538,766
|
|
|
School, Series 2005F, 5.250%, 7/01/19 – AMBAC Insured
|
|
|
|
|
1,125
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Norwich Free
|
7/23 at 100.00
|
A1
|
1,138,579
|
|
|
Academy, Series 2013B, 4.000%, 7/01/34
|
|
|
|
|
7,030
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac
|
7/25 at 100.00
|
A–
|
7,625,370
|
|
|
University, Refunding Series 2015L, 5.000%, 7/01/45
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac
|
|
|
|
|
|
University, Series 2016M:
|
|
|
|
|
500
|
5.000%, 7/01/34
|
7/26 at 100.00
|
A–
|
553,285
|
|
1,500
|
5.000%, 7/01/36
|
7/26 at 100.00
|
A–
|
1,648,755
|
|
6,145
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart
|
7/27 at 100.00
|
A
|
6,683,118
|
|
|
University, Series 2017I-1, 5.000%, 7/01/42
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, The Loomis
|
|
|
|
|
|
Chaffee School Issue, Series 2011-I:
|
|
|
|
|
560
|
5.000%, 7/01/23 – AGM Insured
|
7/21 at 100.00
|
A1
|
594,877
|
|
225
|
5.000%, 7/01/24 – AGM Insured
|
7/21 at 100.00
|
A1
|
238,667
|
|
2,250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of
|
7/28 at 100.00
|
BBB
|
2,412,653
|
|
|
New Haven, Series 2018K-1, 5.000%, 7/01/38
|
|
|
|
|
515
|
University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2010A,
|
11/19 at 100.00
|
AA–
|
528,905
|
|
|
5.000%, 11/15/27
|
|
|
|
|
32,325
|
Total Education and Civic Organizations
|
|
|
34,327,683
|
|
|
Health Care – 34.7% (21.7% of Total Investments)
|
|
|
|
|
5,500
|
Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford
|
7/25 at 100.00
|
A
|
5,805,140
|
|
|
HealthCare, Series 2015F, 5.000%, 7/01/45
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol
|
|
|
|
|
|
Hospital, Series 2002B:
|
|
|
|
|
350
|
5.500%, 7/01/21 – RAAI Insured
|
2/19 at 100.00
|
AA
|
350,994
|
|
3,000
|
5.500%, 7/01/32 – RAAI Insured
|
2/19 at 100.00
|
AA
|
3,004,950
|
|
7,025
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford
|
7/21 at 100.00
|
A
|
7,346,112
|
|
|
HealthCare, Series 2011A, 5.000%, 7/01/41
|
|
|
|
|
500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford
|
7/24 at 100.00
|
A
|
526,185
|
|
|
HealthCare, Series 2014E, 5.000%, 7/01/42
|
|
|
|
|
1,915
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex
|
7/25 at 100.00
|
A3
|
2,042,022
|
|
|
Hospital, Series 2015O, 5.000%, 7/01/36
|
|
|
|
|
1,275
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford
|
7/20 at 100.00
|
BBB+
|
1,322,379
|
|
|
Hospital, Series 2010-I, 5.000%, 7/01/30
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford
|
|
|
|
|
|
Hospital, Series 2012J:
|
|
|
|
|
1,000
|
5.000%, 7/01/37
|
7/22 at 100.00
|
BBB+
|
1,058,950
|
|
7,155
|
5.000%, 7/01/42
|
7/22 at 100.00
|
BBB+
|
7,544,589
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
$ 4,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford
|
7/26 at 100.00
|
BBB+
|
$ 3,809,080
|
|
|
Hospital, Series 2016K, 4.000%, 7/01/46
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health
|
|
|
|
|
|
Credit Group, Series 2016CT:
|
|
|
|
|
2,650
|
5.000%, 12/01/41
|
6/26 at 100.00
|
AA–
|
2,903,711
|
|
770
|
5.000%, 12/01/45
|
6/26 at 100.00
|
AA–
|
840,393
|
|
5,915
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western
|
7/21 at 100.00
|
A
|
6,254,876
|
|
|
Connecticut Health, Series 2011M, 5.375%, 7/01/41
|
|
|
|
|
4,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western
|
7/21 at 100.00
|
A
|
4,217,360
|
|
|
Connecticut Health, Series 2011N, 5.000%, 7/01/29
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven
|
|
|
|
|
|
Health Issue, Series 2014E:
|
|
|
|
|
2,610
|
5.000%, 7/01/32
|
7/24 at 100.00
|
AA–
|
2,868,912
|
|
2,740
|
5.000%, 7/01/33
|
7/24 at 100.00
|
AA–
|
3,003,232
|
|
900
|
5.000%, 7/01/34
|
7/24 at 100.00
|
AA–
|
983,421
|
|
4,540
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health
|
11/19 at 100.00
|
AA+
|
4,643,149
|
|
|
Series 2010A, 5.000%, 11/15/40
|
|
|
|
|
7,475
|
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue
|
2/21 at 100.00
|
AA
|
7,989,952
|
|
|
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
|
|
|
|
|
63,320
|
Total Health Care
|
|
|
66,515,407
|
|
|
Long-Term Care – 1.6% (1.0% of Total Investments)
|
|
|
|
|
1,100
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc.,
|
8/24 at 100.00
|
BBB
|
1,127,137
|
|
|
Series 2014A, 5.000%, 8/01/44
|
|
|
|
|
630
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare
|
9/26 at 100.00
|
N/R
|
634,775
|
|
|
Facility Expansion Church Home of Hartford Inc. Project, Series 2016A, 5.000%, 9/01/46, 144A
|
|
|
|
|
1,260
|
Connecticut Housing Finance Authority, State Supported Special Obligation Bonds,
|
6/20 at 100.00
|
A1
|
1,310,249
|
|
|
Refunding Series 2010-16, 5.000%, 6/15/30
|
|
|
|
|
2,990
|
Total Long-Term Care
|
|
|
3,072,161
|
|
|
Tax Obligation/General – 42.0% (26.3% of Total Investments)
|
|
|
|
|
|
Bridgeport, Connecticut, General Obligation Bonds, Series 2014A:
|
|
|
|
|
2,345
|
5.000%, 7/01/32 – AGM Insured
|
7/24 at 100.00
|
AA
|
2,526,433
|
|
1,600
|
5.000%, 7/01/34 – AGM Insured
|
7/24 at 100.00
|
AA
|
1,715,408
|
|
2,800
|
Bridgeport, Connecticut, General Obligation Bonds, Series 2016D, 5.000%, 8/15/41 –
|
8/26 at 100.00
|
AA
|
2,999,808
|
|
|
AGM Insured
|
|
|
|
|
|
Bridgeport, Connecticut, General Obligation Bonds, Series 2017A:
|
|
|
|
|
1,470
|
5.000%, 11/01/36
|
11/27 at 100.00
|
A
|
1,581,132
|
|
750
|
5.000%, 11/01/37
|
11/27 at 100.00
|
A
|
804,150
|
|
|
City of New Haven, Connecticut, General Obligation Bonds, Series 2017A:
|
|
|
|
|
1,000
|
5.000%, 8/01/35
|
8/27 at 100.00
|
BBB+
|
1,089,690
|
|
1,425
|
5.000%, 8/01/36
|
8/27 at 100.00
|
BBB+
|
1,547,707
|
|
5,580
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut
|
11/23 at 100.00
|
A1
|
5,984,327
|
|
|
State University System, Series 2013N, 5.000%, 11/01/31
|
|
|
|
|
3,075
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut
|
11/26 at 100.00
|
A1
|
3,451,688
|
|
|
State University System, Series 2016P-1, 5.000%, 11/01/29
|
|
|
|
|
2,290
|
Connecticut State, General Obligation Bonds, Refunding Series 2012E, 5.000%, 9/15/32
|
9/22 at 100.00
|
A1
|
2,416,065
|
|
1,000
|
Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31
|
11/21 at 100.00
|
A1
|
1,048,880
|
|
2,600
|
Connecticut State, General Obligation Bonds, Series 2014A, 5.000%, 3/01/31
|
3/24 at 100.00
|
A1
|
2,791,282
|
|
3,500
|
Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34
|
11/24 at 100.00
|
A1
|
3,761,345
|
|
4,580
|
Connecticut State, General Obligation Bonds, Series 2015A, 4.500%, 3/15/33
|
3/25 at 100.00
|
A1
|
4,789,764
|
|
2,630
|
Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34
|
11/25 at 100.00
|
A1
|
2,848,106
|
NTC
|
Nuveen Connecticut Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
November 30, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
|
Connecticut State, General Obligation Bonds, Series 2017A:
|
|
|
|
|
$ 4,000
|
5.000%, 4/15/34
|
4/27 at 100.00
|
A1
|
$ 4,364,320
|
|
3,730
|
5.000%, 4/15/35
|
4/27 at 100.00
|
A1
|
4,053,242
|
|
1,225
|
Hamden, Connecticut, General Obligation Bonds, Series 2016, 5.000%, 8/15/32 –
|
8/24 at 100.00
|
AA
|
1,352,902
|
|
|
BAM Insured
|
|
|
|
|
870
|
Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 –
|
8/19 at 100.00
|
AA
|
887,130
|
|
|
AGC Insured
|
|
|
|
|
|
Milford, Connecticut, General Obligation Bonds, Series 2018:
|
|
|
|
|
1,055
|
4.000%, 11/01/36 (WI/DD, Settling 12/03/18)
|
11/24 at 100.00
|
AA+
|
1,074,264
|
|
1,055
|
4.000%, 11/01/37 (WI/DD, Settling 12/03/18)
|
11/24 at 100.00
|
AA+
|
1,071,806
|
|
|
New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A:
|
|
|
|
|
1,000
|
5.000%, 8/15/32 – AGM Insured
|
8/26 at 100.00
|
AA
|
1,114,810
|
|
1,550
|
5.000%, 8/15/35 – AGM Insured
|
8/26 at 100.00
|
AA
|
1,704,814
|
|
985
|
New Haven, Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 8/01/33 –
|
8/24 at 100.00
|
AA
|
1,067,642
|
|
|
AGM Insured
|
|
|
|
|
|
New Haven, Connecticut, General Obligation Bonds, Series 2015:
|
|
|
|
|
790
|
5.000%, 9/01/32 – AGM Insured
|
9/25 at 100.00
|
AA
|
868,297
|
|
1,620
|
5.000%, 9/01/33 – AGM Insured
|
9/25 at 100.00
|
AA
|
1,773,398
|
|
500
|
5.000%, 9/01/35 – AGM Insured
|
9/25 at 100.00
|
AA
|
544,205
|
|
900
|
North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24
|
No Opt. Call
|
Aa1
|
1,028,034
|
|
1,670
|
Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G,
|
8/21 at 100.00
|
AA+
|
1,779,168
|
|
|
5.000%, 8/01/36
|
|
|
|
|
|
State of Connecticut General Obligation Bonds, Series 2018A:
|
|
|
|
|
3,500
|
5.000%, 4/15/35 (UB) (4)
|
4/28 at 100.00
|
A+
|
3,824,975
|
|
5,000
|
5.000%, 4/15/38 (UB) (4)
|
4/28 at 100.00
|
A+
|
5,409,450
|
|
600
|
Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/32
|
12/22 at 100.00
|
AA
|
650,688
|
|
|
Suffield, Connecticut, General Obligation Bonds, Refunding Series 2005:
|
|
|
|
|
820
|
5.000%, 6/15/19
|
No Opt. Call
|
AA+
|
833,924
|
|
1,400
|
5.000%, 6/15/21
|
No Opt. Call
|
AA+
|
1,502,634
|
|
2,285
|
The Metropolitan District Hartford County, Connecticut General Obligation Bonds, Series
|
7/28 at 100.00
|
AA
|
2,562,719
|
|
|
2018, 5.000%, 7/15/36
|
|
|
|
|
1,000
|
Town of Hamden, Connecticut, General Obligation Bonds, Refunding Series 2018A, 5.000%,
|
8/28 at 100.00
|
AA
|
1,123,130
|
|
|
8/15/30 – BAM Insured
|
|
|
|
|
|
Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015:
|
|
|
|
|
445
|
5.000%, 8/01/30 – BAM Insured
|
8/25 at 100.00
|
AA
|
502,361
|
|
390
|
5.000%, 8/01/31 – BAM Insured
|
8/25 at 100.00
|
AA
|
439,768
|
|
610
|
5.000%, 8/01/32 – BAM Insured
|
8/25 at 100.00
|
AA
|
685,872
|
|
445
|
5.000%, 8/01/33 – BAM Insured
|
8/25 at 100.00
|
AA
|
499,205
|
|
445
|
5.000%, 8/01/34 – BAM Insured
|
8/25 at 100.00
|
AA
|
498,066
|
|
74,535
|
Total Tax Obligation/General
|
|
|
80,572,609
|
|
|
Tax Obligation/Limited – 21.3% (13.4% of Total Investments)
|
|
|
|
|
3,855
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
10/23 at 100.00
|
A+
|
4,145,204
|
|
|
Series 2013A, 5.000%, 10/01/33
|
|
|
|
|
1,380
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
8/25 at 100.00
|
A+
|
1,507,112
|
|
|
Series 2015A, 5.000%, 8/01/33
|
|
|
|
|
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
|
|
|
|
|
Series 2016A:
|
|
|
|
|
5,300
|
5.000%, 9/01/33
|
9/26 at 100.00
|
A+
|
5,823,852
|
|
1,075
|
5.000%, 9/01/34
|
9/26 at 100.00
|
A+
|
1,175,040
|
|
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes,
|
|
|
|
|
|
Series 2014A:
|
|
|
|
|
5,000
|
5.000%, 9/01/33
|
9/24 at 100.00
|
A+
|
5,398,700
|
|
1,000
|
5.000%, 9/01/34
|
9/24 at 100.00
|
A+
|
1,075,960
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 1,500
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D,
|
11/25 at 100.00
|
A
|
$ 1,575,480
|
|
|
5.000%,11/15/39
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|
|
|
|
840
|
5.250%, 1/01/36
|
1/22 at 100.00
|
A
|
879,850
|
|
3,200
|
5.125%, 1/01/42
|
1/22 at 100.00
|
A
|
3,294,176
|
|
2,315
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation
|
4/27 at 100.00
|
N/R
|
2,389,612
|
|
|
Revenue Bonds, Harbor Point Project, Refunding Series 2017, 5.000%, 4/01/39, 144A
|
|
|
|
|
1,500
|
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
|
2/19 at 100.00
|
AA
|
1,544,370
|
|
2,600
|
University of Connecticut, General Obligation Bonds, Series 2010A, 5.000%, 2/15/28
|
2/20 at 100.00
|
AA–
|
2,677,116
|
|
2,500
|
University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/32
|
8/23 at 100.00
|
AA–
|
2,701,600
|
|
760
|
University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31
|
2/24 at 100.00
|
AA–
|
822,753
|
|
|
University of Connecticut, General Obligation Bonds, Series 2015A:
|
|
|
|
|
2,250
|
5.000%, 3/15/31
|
3/26 at 100.00
|
AA–
|
2,466,045
|
|
1,415
|
5.000%, 2/15/34
|
2/25 at 100.00
|
AA–
|
1,531,370
|
|
1,790
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
10/22 at 100.00
|
AA
|
1,910,664
|
|
|
Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
38,280
|
Total Tax Obligation/Limited
|
|
|
40,918,904
|
|
|
U.S. Guaranteed – 17.3% (10.8% of Total Investments) (5)
|
|
|
|
|
2,500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield
|
7/20 at 100.00
|
A–
|
2,618,850
|
|
|
University, Series 2010-O, 5.000%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
|
2,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and
|
7/21 at 100.00
|
N/R
|
2,142,540
|
|
|
Memorial Hospitals, Series 2011F, 5.000%, 7/01/36 (Pre-refunded 7/01/21)
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex
|
|
|
|
|
|
Hospital, Series 2011N:
|
|
|
|
|
1,105
|
5.000%, 7/01/25 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A3
|
1,186,626
|
|
400
|
5.000%, 7/01/26 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A3
|
429,548
|
|
500
|
5.000%, 7/01/27 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A3
|
536,935
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart
|
|
|
|
|
|
University, Series 2011G:
|
|
|
|
|
250
|
5.125%, 7/01/26 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A
|
269,248
|
|
3,260
|
5.625%, 7/01/41 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A
|
3,551,672
|
|
3,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan
|
7/20 at 100.00
|
AA
|
3,142,620
|
|
|
University, Series 2010G, 5.000%, 7/01/35 (Pre-refunded 7/01/20)
|
|
|
|
|
1,240
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven
|
7/20 at 100.00
|
Aa3
|
1,306,538
|
|
|
Hospital, Series 2010M, 5.500%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
|
1,010
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Catholic Health
|
11/20 at 100.00
|
AA–
|
1,062,177
|
|
|
East Series 2010, 4.750%, 11/15/29 (Pre-refunded 11/15/20)
|
|
|
|
|
2,050
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/20 at 100.00
|
A–
|
2,164,944
|
|
|
2010, 5.625%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
|
3,000
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation
|
4/20 at 100.00
|
N/R
|
3,228,780
|
|
|
Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 (Pre-refunded 4/01/20)
|
|
|
|
|
870
|
Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 – AGC
|
8/19 at 100.00
|
AA
|
888,627
|
|
|
Insured (Pre-refunded 8/15/19)
|
|
|
|
|
2,220
|
Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G,
|
8/21 at 100.00
|
N/R
|
2,385,723
|
|
|
5.000%, 8/01/36 (Pre-refunded 8/02/21)
|
|
|
|
|
1,010
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A,
|
No Opt. Call
|
Aaa
|
1,096,577
|
|
|
5.125%, 6/01/24 – AMBAC Insured (ETM)
|
|
|
|
NTC
|
Nuveen Connecticut Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
November 30, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|
$ 4,870
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds,
|
8/21 at 100.00
|
AA–
|
$ 5,246,256
|
|
|
Twentieth-Sixth Series, 2011, 5.000%, 8/01/41 (Pre-refunded 8/01/21)
|
|
|
|
|
1,725
|
Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project,
|
4/21 at 100.00
|
N/R
|
1,914,923
|
|
|
Series 2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21)
|
|
|
|
|
31,010
|
Total U.S. Guaranteed
|
|
|
33,172,584
|
|
|
Utilities – 3.8% (2.4% of Total Investments)
|
|
|
|
|
|
Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds,
|
|
|
|
|
|
Tender Option Bond Trust 2016-XG0059:
|
|
|
|
|
1,295
|
12.397%, 1/01/32, 144A (IF) (4)
|
1/23 at 100.00
|
Aa3
|
1,745,556
|
|
410
|
12.299%, 1/01/38, 144A (IF) (4)
|
1/23 at 100.00
|
Aa3
|
543,467
|
|
|
Connecticut Transmission Municipal Electric Energy Cooperative, Transmission System
|
|
|
|
|
|
Revenue Bonds, Series 2012A:
|
|
|
|
|
655
|
5.000%, 1/01/31
|
1/22 at 100.00
|
Aa3
|
704,636
|
|
500
|
5.000%, 1/01/32
|
1/22 at 100.00
|
Aa3
|
537,125
|
|
2,830
|
5.000%, 1/01/42
|
1/22 at 100.00
|
Aa3
|
3,021,053
|
|
500
|
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator
|
1/19 at 100.00
|
A–
|
507,355
|
|
|
Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)
|
|
|
|
|
250
|
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 – AGM Insured
|
10/22 at 100.00
|
AA
|
269,670
|
|
6,440
|
Total Utilities
|
|
|
7,328,862
|
|
|
Water and Sewer – 21.1% (13.2% of Total Investments)
|
|
|
|
|
|
Connecticut, State Revolving Fund General Revenue Bonds, Green Bonds, Series 2017A:
|
|
|
|
|
1,500
|
5.000%, 5/01/36
|
5/27 at 100.00
|
AAA
|
1,708,245
|
|
1,500
|
5.000%, 5/01/37
|
5/27 at 100.00
|
AAA
|
1,703,490
|
|
|
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater
|
|
|
|
|
|
System Revenue Bonds, Refunding Series 2014B:
|
|
|
|
|
500
|
5.000%, 8/15/30
|
8/24 at 100.00
|
AA
|
556,080
|
|
1,000
|
5.000%, 8/15/31
|
8/24 at 100.00
|
AA
|
1,110,500
|
|
500
|
5.000%, 8/15/32
|
8/24 at 100.00
|
AA
|
557,755
|
|
55
|
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater
|
11/19 at 100.00
|
AA
|
55,135
|
|
|
System Revenue Bonds, Series 2005A, 5.000%, 8/15/35 – NPFG Insured
|
|
|
|
|
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
|
|
|
|
|
Refunding Series 2017:
|
|
|
|
|
1,335
|
5.000%, 7/01/36
|
7/27 at 100.00
|
A–
|
1,416,328
|
|
890
|
5.000%, 7/01/40
|
7/27 at 100.00
|
A–
|
934,536
|
|
3,045
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/23 at 100.00
|
A–
|
3,222,432
|
|
|
2013, 5.500%, 7/01/43
|
|
|
|
|
235
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/26 at 100.00
|
A–
|
244,170
|
|
|
2016, 5.000%, 1/01/46
|
|
|
|
|
10,015
|
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds,
|
11/24 at 100.00
|
Aa2
|
10,776,838
|
|
|
Refunding Green Bond Series 2014A, 5.000%, 11/01/42
|
|
|
|
|
|
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds,
|
|
|
|
|
|
Series 2013A:
|
|
|
|
|
4,100
|
5.000%, 4/01/36
|
4/22 at 100.00
|
Aa2
|
4,385,237
|
|
2,500
|
5.000%, 4/01/39
|
4/22 at 100.00
|
Aa2
|
2,669,000
|
|
795
|
South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth
|
8/24 at 100.00
|
AA–
|
867,695
|
|
|
Series 2014A, 5.000%, 8/01/44
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Water and Sewer (continued)
|
|
|
|
|
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds,
|
|
|
|
|
|
Refunding Thirty-Second Series 2016B:
|
|
|
|
|
$ 1,470
|
4.000%, 8/01/36
|
8/26 at 100.00
|
AA–
|
$ 1,526,786
|
|
2,220
|
5.000%, 8/01/37
|
8/26 at 100.00
|
AA–
|
2,489,641
|
|
1,270
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds,
|
8/28 at 100.00
|
AA–
|
1,437,716
|
|
|
Thirty-third Series 2018A, 5.000%, 8/01/42
|
|
|
|
|
4,000
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds,
|
8/22 at 100.00
|
AA–
|
4,334,960
|
|
|
Twenty-Seventh Series 2012, 5.000%, 8/01/33
|
|
|
|
|
500
|
Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series
|
8/23 at 100.00
|
AA+
|
559,875
|
|
|
2013A, 5.250%, 8/15/43
|
|
|
|
|
37,430
|
Total Water and Sewer
|
|
|
40,556,419
|
|
$ 286,330
|
Total Long-Term Investments (cost $303,370,290)
|
|
|
306,464,629
|
|
|
Floating Rate Obligations – (3.3)%
|
|
|
(6,375,000)
|
|
|
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (58.4)% (6)
|
|
|
(111,994,257)
|
|
|
Other Assets Less Liabilities – 2.0%
|
|
|
3,787,231
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 191,882,603
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch,
Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(6)
|
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 36.5%.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
ETM
|
Escrowed to maturity.
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
NMT
|
Nuveen Massachusetts Quality Municipal
|
|
Income Fund
|
|
Portfolio of Investments
|
|
November 30, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 154.9% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 154.9% (100.0% of Total Investments)
|
|
|
|
|
|
Education and Civic Organizations – 44.0% (28.4% of Total Investments)
|
|
|
|
|
$ 3,515
|
Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music,
|
10/26 at 100.00
|
A
|
$ 3,897,220
|
|
|
Series 2016, 5.000%, 10/01/39
|
|
|
|
|
2,200
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2013S,
|
7/23 at 100.00
|
AA–
|
2,425,324
|
|
|
5.000%, 7/01/38
|
|
|
|
|
730
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T,
|
7/27 at 100.00
|
AA–
|
820,637
|
|
|
5.000%, 7/01/42
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender
|
|
|
|
|
|
Option Bond Trust 2016-XG0070:
|
|
|
|
|
1,880
|
12.479%, 10/01/48, 144A (IF) (4)
|
10/23 at 100.00
|
Aa3
|
2,503,596
|
|
575
|
12.417%, 10/01/48, 144A (IF) (4)
|
10/23 at 100.00
|
Aa3
|
765,492
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A:
|
|
|
|
|
2,000
|
5.000%, 1/01/34
|
1/28 at 100.00
|
BBB+
|
2,185,920
|
|
2,240
|
5.000%, 1/01/37
|
1/28 at 100.00
|
BBB+
|
2,423,187
|
|
2,150
|
Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series
|
7/21 at 100.00
|
AA
|
2,302,091
|
|
|
2011B-1, 5.250%, 7/01/33 – AGM Insured
|
|
|
|
|
1,955
|
Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016,
|
7/26 at 100.00
|
A–
|
2,165,045
|
|
|
5.000%, 7/01/35
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue,
|
|
|
|
|
|
Series 2015H:
|
|
|
|
|
450
|
3.500%, 7/01/35
|
7/25 at 100.00
|
AA
|
438,912
|
|
190
|
5.000%, 7/01/37
|
7/25 at 100.00
|
AA
|
210,129
|
|
1,200
|
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017,
|
7/26 at 100.00
|
BBB–
|
1,264,092
|
|
|
5.000%, 7/01/47
|
|
|
|
|
550
|
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series
|
10/22 at 100.00
|
A1
|
599,082
|
|
|
2012, 5.000%, 10/01/31
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University,
|
|
|
|
|
|
Series 2014A:
|
|
|
|
|
875
|
5.000%, 3/01/39
|
3/24 at 100.00
|
A1
|
947,660
|
|
1,400
|
5.000%, 3/01/44
|
3/24 at 100.00
|
A1
|
1,511,356
|
|
500
|
Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J,
|
10/23 at 100.00
|
BBB+
|
534,390
|
|
|
5.250%, 10/01/39
|
|
|
|
|
1,230
|
Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art
|
7/25 at 100.00
|
AA
|
1,390,663
|
|
|
Institute, Series 2015, 5.000%, 7/01/33
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute,
|
|
|
|
|
|
Series 2017:
|
|
|
|
|
2,200
|
5.000%, 4/01/35
|
10/27 at 100.00
|
AA–
|
2,518,648
|
|
1,250
|
5.000%, 4/01/36
|
10/27 at 100.00
|
AA–
|
1,424,838
|
|
875
|
Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q,
|
8/25 at 100.00
|
Aa2
|
978,618
|
|
|
5.000%, 8/15/38
|
|
|
|
|
1,325
|
Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H,
|
1/28 at 100.00
|
A3
|
1,472,910
|
|
|
5.000%, 1/01/42
|
|
|
|
|
1,510
|
Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic
|
6/28 at 100.00
|
AA–
|
1,700,683
|
|
|
Institution, Series 2018, 5.000%, 6/01/43
|
|
|
|
|
1,365
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
|
9/22 at 100.00
|
A1
|
1,459,390
|
|
|
Institute, Series 2012, 5.000%, 9/01/50
|
|
|
|
|
2,500
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
|
9/27 at 100.00
|
A1
|
2,767,000
|
|
|
Institute, Series 2017B, 5.000%, 9/01/42
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
$ 700
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
|
9/27 at 100.00
|
A1
|
$ 771,246
|
|
|
Institute, Series 2017, 5.000%, 9/01/47
|
|
|
|
|
500
|
Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University,
|
7/27 at 100.00
|
Baa2
|
546,220
|
|
|
Refunding Series 2017, 5.000%, 7/01/35
|
|
|
|
|
3,000
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,
|
No Opt. Call
|
AA–
|
3,883,379
|
|
|
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
|
|
|
|
|
2,495
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,
|
7/26 at 100.00
|
AA–
|
2,761,316
|
|
|
Series 2016, 5.000%, 1/01/40
|
|
|
|
|
|
Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University,
|
|
|
|
|
|
Series 1999P:
|
|
|
|
|
1,090
|
6.000%, 5/15/29
|
No Opt. Call
|
Aa3
|
1,337,103
|
|
1,000
|
6.000%, 5/15/59
|
5/29 at 105.00
|
Aa3
|
1,215,090
|
|
420
|
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series
|
7/21 at 100.00
|
AA
|
437,161
|
|
|
2011J, 5.625%, 7/01/33 (Alternative Minimum Tax)
|
|
|
|
|
255
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northeastern
|
10/20 at 100.00
|
A1
|
265,583
|
|
|
University, Series 2010A, 4.875%, 10/01/35
|
|
|
|
|
165
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk
|
7/19 at 100.00
|
Baa2
|
167,762
|
|
|
University, Refunding Series 2009A, 5.750%, 7/01/39
|
|
|
|
|
2,000
|
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series
|
11/24 at 100.00
|
Aa2
|
2,199,120
|
|
|
2014-1, 5.000%, 11/01/44
|
|
|
|
|
4,000
|
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series
|
11/25 at 100.00
|
Aa2
|
4,450,835
|
|
|
2015-1, 5.000%, 11/01/40
|
|
|
|
|
50,290
|
Total Education and Civic Organizations
|
|
|
56,741,698
|
|
|
Health Care – 31.1% (20.1% of Total Investments)
|
|
|
|
|
1,000
|
Massachusetts Development Finance Agency Revenue Bonds, Children’s Hospital Issue,
|
10/24 at 100.00
|
AA
|
1,088,760
|
|
|
Series 2014P, 5.000%, 10/01/46
|
|
|
|
|
1,340
|
Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series
|
7/26 at 100.00
|
A–
|
1,424,715
|
|
|
2016I, 5.000%, 7/01/41
|
|
|
|
|
1,410
|
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare
|
11/23 at 100.00
|
A+
|
1,522,955
|
|
|
Obligated Group, Series 2013, 5.250%, 11/15/41
|
|
|
|
|
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue,
|
7/24 at 100.00
|
A+
|
1,066,730
|
|
|
Series 2014N, 5.000%, 7/01/44
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems,
|
|
|
|
|
|
Series 2012G:
|
|
|
|
|
895
|
5.000%, 10/01/29
|
10/21 at 100.00
|
AA–
|
954,177
|
|
700
|
5.000%, 10/01/31
|
10/21 at 100.00
|
AA–
|
745,101
|
|
500
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue,
|
7/26 at 100.00
|
BBB
|
547,040
|
|
|
Series 2016E, 5.000%, 7/01/32
|
|
|
|
|
1,675
|
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding
|
7/26 at 100.00
|
A–
|
1,852,165
|
|
|
Series 2016-I, 5.000%, 7/01/30
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue,
|
|
|
|
|
|
Series 2015H-1:
|
|
|
|
|
900
|
5.000%, 7/01/30
|
7/25 at 100.00
|
A–
|
989,541
|
|
1,000
|
5.000%, 7/01/32
|
7/25 at 100.00
|
A–
|
1,093,470
|
|
500
|
5.000%, 7/01/33
|
7/25 at 100.00
|
A–
|
544,945
|
|
1,500
|
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series
|
7/28 at 100.00
|
A–
|
1,625,340
|
|
|
2018J-2, 5.000%, 7/01/38
|
|
|
|
|
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Covenant Health System
|
7/22 at 100.00
|
BBB+
|
1,053,070
|
|
|
Obligated Group, Series 2012, 5.000%, 7/01/31
|
|
|
|
NMT
|
Nuveen Massachusetts Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
November 30, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
$ 2,800
|
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute
|
12/26 at 100.00
|
A1
|
$ 3,051,048
|
|
|
Issue, Series 2016N, 5.000%, 12/01/46
|
|
|
|
|
3,500
|
Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated
|
8/25 at 100.00
|
A
|
3,722,180
|
|
|
Group Issue, Series 2015F, 5.000%, 8/15/45
|
|
|
|
|
1,080
|
Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center
|
7/23 at 100.00
|
BBB–
|
1,150,416
|
|
|
Issue, Series 2014F, 5.750%, 7/15/43
|
|
|
|
|
3,450
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System
|
7/26 at 100.00
|
AA–
|
3,746,630
|
|
|
Issue, Series 2016Q, 5.000%, 7/01/47
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System
|
|
|
|
|
|
Issue, Series 2017S-1:
|
|
|
|
|
820
|
5.000%, 7/01/37
|
1/28 at 100.00
|
AA–
|
912,480
|
|
2,100
|
4.000%, 7/01/41
|
1/28 at 100.00
|
AA–
|
2,105,817
|
|
5
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System,
|
7/21 at 100.00
|
AA–
|
5,308
|
|
|
Series 2012L, 5.000%, 7/01/36
|
|
|
|
|
820
|
Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System
|
7/23 at 100.00
|
BBB+
|
873,849
|
|
|
Obligated Group Issue, Series 2013F, 5.000%, 7/01/37
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital,
|
|
|
|
|
|
Series 2013G:
|
|
|
|
|
1,000
|
5.000%, 7/01/37
|
7/23 at 100.00
|
BBB+
|
1,051,390
|
|
2,200
|
5.000%, 7/01/44
|
7/23 at 100.00
|
BBB+
|
2,294,336
|
|
610
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care
|
1/27 at 100.00
|
BBB+
|
659,886
|
|
|
Obligated Group Issue, Series 2017K, 5.000%, 7/01/38
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care
|
|
|
|
|
|
Obligated Group Issue, Series 2017L:
|
|
|
|
|
400
|
3.625%, 7/01/37
|
7/27 at 100.00
|
BBB+
|
379,152
|
|
1,095
|
5.000%, 7/01/44
|
7/27 at 100.00
|
BBB+
|
1,172,548
|
|
445
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care,
|
7/26 at 100.00
|
BBB+
|
483,577
|
|
|
Series 2016I, 5.000%, 7/01/36
|
|
|
|
|
25
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series
|
7/21 at 100.00
|
BBB+
|
26,647
|
|
|
2011H, 5.500%, 7/01/31
|
|
|
|
|
2,500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Dana-Farber
|
12/18 at 100.00
|
A1
|
2,506,525
|
|
|
Cancer Institute, Series 2008K, 5.000%, 12/01/37
|
|
|
|
|
1,495
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford
|
2/19 at 100.00
|
BBB–
|
1,507,528
|
|
|
Regional Medical Center, Series 2007E, 5.000%, 7/15/32
|
|
|
|
|
37,765
|
Total Health Care
|
|
|
40,157,326
|
|
|
Housing/Multifamily – 1.4% (0.9% of Total Investments)
|
|
|
|
|
495
|
Boston Housing Authority, Massachusetts, Capital Program Revenue Bonds, Series 2008,
|
2/19 at 100.00
|
AA
|
496,208
|
|
|
5.000%, 4/01/20 – AGM Insured
|
|
|
|
|
1,295
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43
|
1/19 at 100.00
|
AA
|
1,306,681
|
|
1,790
|
Total Housing/Multifamily
|
|
|
1,802,889
|
|
|
Long-Term Care – 4.2% (2.7% of Total Investments)
|
|
|
|
|
|
Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the
|
|
|
|
|
|
Charles, Inc. Issue, Series 2017:
|
|
|
|
|
1,040
|
4.125%, 10/01/42, 144A
|
10/22 at 105.00
|
N/R
|
904,894
|
|
250
|
5.000%, 10/01/47, 144A
|
10/22 at 105.00
|
N/R
|
253,368
|
|
460
|
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community
|
7/25 at 100.00
|
A
|
501,892
|
|
|
Lennox, Series 2015, 5.000%, 7/01/31
|
|
|
|
|
285
|
Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village,
|
12/19 at 100.00
|
A–
|
292,849
|
|
|
Series 2010, 5.625%, 12/01/30
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Long-Term Care (continued)
|
|
|
|
|
$ 1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series
|
1/23 at 100.00
|
BBB
|
$ 1,078,900
|
|
|
2013A, 5.250%, 1/01/26
|
|
|
|
|
2,410
|
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007,
|
4/19 at 100.00
|
N/R
|
2,414,073
|
|
|
5.250%, 10/01/26
|
|
|
|
|
5,445
|
Total Long-Term Care
|
|
|
5,445,976
|
|
|
Tax Obligation/General – 14.6% (9.4% of Total Investments)
|
|
|
|
|
1,250
|
Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011,
|
2/20 at 100.00
|
AA
|
1,291,388
|
|
|
5.000%, 2/15/32
|
|
|
|
|
930
|
Massachusetts Bay Transportation Authority, General Obligation Transportation System
|
No Opt. Call
|
Aa1
|
983,931
|
|
|
Bonds, Series 1991A, 7.000%, 3/01/21
|
|
|
|
|
1,500
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2004B, 5.250%,
|
No Opt. Call
|
Aa1
|
1,625,550
|
|
|
8/01/21 – AGM Insured
|
|
|
|
|
2,000
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C,
|
7/25 at 100.00
|
Aa1
|
2,189,540
|
|
|
5.000%, 7/01/45
|
|
|
|
|
3,895
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F,
|
11/27 at 100.00
|
Aa1
|
4,364,035
|
|
|
5.000%, 11/01/46
|
|
|
|
|
1,775
|
North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series
|
5/22 at 100.00
|
Aa2
|
1,924,331
|
|
|
2012, 5.000%, 5/15/35 – AMBAC Insured
|
|
|
|
|
1,760
|
Norwell, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 11/15/20 –
|
No Opt. Call
|
AAA
|
1,835,698
|
|
|
FGIC Insured
|
|
|
|
|
|
Quincy, Massachusetts, General Obligation Bonds, State Qualified Municipal Purpose Loan
|
|
|
|
|
|
Series 2011:
|
|
|
|
|
1,280
|
5.125%, 12/01/33
|
12/20 at 100.00
|
Aa2
|
1,352,051
|
|
2,000
|
5.250%, 12/01/38
|
12/20 at 100.00
|
Aa2
|
2,120,240
|
|
1,220
|
Worcester, Massachusetts, General Obligation Bonds, Series 2005A, 5.000%, 7/01/19 –
|
2/19 at 100.00
|
AA
|
1,223,026
|
|
|
FGIC Insured
|
|
|
|
|
17,610
|
Total Tax Obligation/General
|
|
|
18,909,790
|
|
|
Tax Obligation/Limited – 18.2% (11.8% of Total Investments)
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|
|
|
|
2,000
|
5.250%, 1/01/36
|
1/22 at 100.00
|
A
|
2,094,880
|
|
1,310
|
5.125%, 1/01/42
|
1/22 at 100.00
|
A
|
1,348,553
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1:
|
|
|
|
|
400
|
5.000%, 1/01/37
|
1/22 at 100.00
|
A
|
411,460
|
|
1,115
|
5.000%, 1/01/42
|
1/22 at 100.00
|
A
|
1,142,853
|
|
855
|
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014,
|
11/24 at 100.00
|
AA
|
959,225
|
|
|
5.000%, 5/01/33 – BAM Insured
|
|
|
|
|
500
|
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2017,
|
5/27 at 100.00
|
AA
|
566,665
|
|
|
5.000%, 5/01/35 – BAM Insured
|
|
|
|
|
1,000
|
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A,
|
7/22 at 100.00
|
AAA
|
1,079,280
|
|
|
5.000%, 7/01/41
|
|
|
|
|
770
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior
|
No Opt. Call
|
AA
|
832,693
|
|
|
Lien Series 2004C, 5.250%, 7/01/21
|
|
|
|
|
1,610
|
Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B,
|
5/24 at 100.00
|
Aa2
|
1,759,521
|
|
|
5.000%, 5/01/44
|
|
|
|
|
1,000
|
Massachusetts College Building Authority, Project Revenue Refunding Bonds, Series 2003B,
|
No Opt. Call
|
Aa2
|
1,134,480
|
|
|
5.375%, 5/01/23 – SYNCORA GTY Insured
|
|
|
|
|
855
|
Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B,
|
5/22 at 100.00
|
Aa2
|
916,586
|
|
|
5.000%, 5/01/37
|
|
|
|
NMT
|
Nuveen Massachusetts Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
November 30, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 1,350
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior
|
8/25 at 100.00
|
AAA
|
$ 1,510,056
|
|
|
Refunding Series 2015C, 5.000%, 8/15/37
|
|
|
|
|
1,875
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior
|
5/23 at 100.00
|
AAA
|
2,051,250
|
|
|
Series 2013A, 5.000%, 5/15/38
|
|
|
|
|
1,000
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series
|
10/21 at 100.00
|
AAA
|
1,064,080
|
|
|
2011B, 5.000%, 10/15/41
|
|
|
|
|
2,000
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated
|
2/28 at 100.00
|
AA+
|
2,278,160
|
|
|
Series 2018A, 5.250%, 2/15/48
|
|
|
|
|
1,070
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005,
|
No Opt. Call
|
A1
|
1,104,304
|
|
|
5.000%, 1/01/20 – FGIC Insured
|
|
|
|
|
1,500
|
Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series
|
6/25 at 100.00
|
AA+
|
1,658,985
|
|
|
2015A, 5.000%, 6/01/45
|
|
|
|
|
520
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
10/22 at 100.00
|
AA
|
555,053
|
|
|
Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series
|
10/22 at 100.00
|
AA
|
1,067,410
|
|
|
2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
21,730
|
Total Tax Obligation/Limited
|
|
|
23,535,494
|
|
|
Transportation – 11.2% (7.2% of Total Investments)
|
|
|
|
|
400
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,
|
1/20 at 100.00
|
AA+
|
411,956
|
|
|
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
|
|
|
|
2,500
|
Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 7/01/47
|
7/27 at 100.00
|
AA
|
2,729,200
|
|
|
(Alternative Minimum Tax)
|
|
|
|
|
1,000
|
Massachusetts Port Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/30
|
7/20 at 100.00
|
AA
|
1,046,270
|
|
1,000
|
Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/33
|
7/22 at 100.00
|
AA
|
1,089,980
|
|
|
Massachusetts Port Authority, Revenue Bonds, Series 2014A:
|
|
|
|
|
1,000
|
5.000%, 7/01/39
|
7/24 at 100.00
|
AA
|
1,097,640
|
|
2,500
|
5.000%, 7/01/44
|
7/24 at 100.00
|
AA
|
2,730,725
|
|
|
Massachusetts Port Authority, Revenue Bonds, Series 2015A:
|
|
|
|
|
715
|
5.000%, 7/01/40
|
7/25 at 100.00
|
AA
|
791,641
|
|
1,000
|
5.000%, 7/01/45
|
7/25 at 100.00
|
AA
|
1,102,830
|
|
1,400
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation,
|
2/19 at 100.00
|
A1
|
1,403,416
|
|
|
Series 2007, 5.000%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
|
|
|
|
|
1,225
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc.,
|
1/19 at 100.00
|
N/R
|
1,247,895
|
|
|
Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
|
|
|
|
|
730
|
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking
|
7/21 at 100.00
|
A+
|
768,683
|
|
|
Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41
|
|
|
|
|
13,470
|
Total Transportation
|
|
|
14,420,236
|
|
|
U.S. Guaranteed – 20.9% (13.5% of Total Investments) (5)
|
|
|
|
|
500
|
Boston Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding
|
11/19 at 100.00
|
AA+
|
513,975
|
|
|
Senior Lien Series 2010A, 5.000%, 11/01/30 (Pre-refunded 11/01/19)
|
|
|
|
|
2,580
|
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured
|
10/20 at 100.00
|
AA
|
2,720,816
|
|
|
(Pre-refunded 10/01/20)
|
|
|
|
|
2,000
|
Hampden-Wilbraham Regional School District, Hampden County, Massachusetts, General
|
2/21 at 100.00
|
Aa3
|
2,130,080
|
|
|
Obligation Bonds, Series 2011, 5.000%, 2/15/41 (Pre-refunded 2/15/21)
|
|
|
|
|
750
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series
|
10/19 at 100.00
|
Aa3
|
769,425
|
|
|
2009V-1, 5.000%, 10/01/29 (Pre-refunded 10/01/19)
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2010A:
|
|
|
|
|
1,275
|
5.000%, 1/01/40 (Pre-refunded 1/01/20)
|
1/20 at 100.00
|
N/R
|
1,317,534
|
|
125
|
5.000%, 1/01/40 (Pre-refunded 1/01/20)
|
1/20 at 100.00
|
BBB+
|
129,170
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|
$ 467
|
Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue,
|
11/23 at 100.00
|
N/R
|
$ 537,354
|
|
|
Series 2013A, 6.250%, 11/15/28, 144A (Pre-refunded 11/15/23)
|
|
|
|
|
2,200
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System,
|
7/20 at 100.00
|
AA–
|
2,313,828
|
|
|
Series 2011K-6, 5.375%, 7/01/41 (Pre-refunded 7/01/20)
|
|
|
|
|
995
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System,
|
7/21 at 100.00
|
N/R
|
1,065,914
|
|
|
Series 2012L, 5.000%, 7/01/36 (Pre-refunded 7/01/21)
|
|
|
|
|
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art
|
7/21 at 100.00
|
AA
|
1,073,870
|
|
|
Institute, Series 2011A, 5.000%, 7/01/41 (Pre-refunded 7/01/21)
|
|
|
|
|
3,000
|
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series
|
4/21 at 100.00
|
AA–
|
3,218,910
|
|
|
2011A, 5.250%, 4/01/37 (Pre-refunded 4/01/21)
|
|
|
|
|
475
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series
|
7/21 at 100.00
|
N/R
|
514,772
|
|
|
2011H, 5.500%, 7/01/31 (Pre-refunded 7/01/21)
|
|
|
|
|
160
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Baystate
|
7/19 at 100.00
|
N/R
|
163,624
|
|
|
Medical Center, Series 2009I, 5.750%, 7/01/36 (Pre-refunded 7/01/19)
|
|
|
|
|
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod
|
11/19 at 100.00
|
AA
|
515,155
|
|
|
Healthcare Obligated Group, Series 2004D, 5.125%, 11/15/35 – AGC Insured
|
|
|
|
|
|
(Pre-refunded 11/15/19)
|
|
|
|
|
410
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup
|
7/21 at 100.00
|
N/R
|
432,878
|
|
|
Inc., Series 1998A, 5.000%, 7/01/25 – NPFG Insured (Pre-refunded 7/01/21)
|
|
|
|
|
2,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Children’s
|
12/19 at 100.00
|
Aa2
|
2,069,600
|
|
|
Hospital, Series 2009M, 5.500%, 12/01/39 (Pre-refunded 12/01/19)
|
|
|
|
|
1,500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield
|
10/19 at 100.00
|
N/R
|
1,546,410
|
|
|
College, Series 2010, 5.500%, 10/15/31 (Pre-refunded 10/15/19)
|
|
|
|
|
335
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk
|
7/19 at 100.00
|
N/R
|
342,588
|
|
|
University, Refunding Series 2009A, 5.750%, 7/01/39 (Pre-refunded 7/01/19)
|
|
|
|
|
2,030
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Wheaton
|
1/20 at 100.00
|
A3
|
2,097,721
|
|
|
College Issues, Series 2010F, 5.000%, 1/01/41 (Pre-refunded 1/01/20)
|
|
|
|
|
1,500
|
Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series
|
6/21 at 100.00
|
AA+
|
1,609,230
|
|
|
2013A, 5.000%, 6/01/38 (Pre-refunded 6/01/21)
|
|
|
|
|
1,065
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA,
|
No Opt. Call
|
Baa2
|
1,086,683
|
|
|
5.500%, 7/01/19 – NPFG Insured (ETM)
|
|
|
|
|
720
|
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding
|
11/20 at 100.00
|
AA
|
762,034
|
|
|
Series 2010B, 5.000%, 11/15/30 – AGC Insured (Pre-refunded 11/15/20)
|
|
|
|
|
25,587
|
Total U.S. Guaranteed
|
|
|
26,931,571
|
|
|
Utilities – 1.1% (0.7% of Total Investments)
|
|
|
|
|
1,265
|
Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts
|
7/23 at 100.00
|
A1
|
1,396,282
|
|
|
Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32
|
|
|
|
|
|
Water and Sewer – 8.2% (5.3% of Total Investments)
|
|
|
|
|
565
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
7/24 at 100.00
|
A–
|
600,974
|
|
|
Refunding Series 2014A, 5.000%, 7/01/29
|
|
|
|
|
1,250
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
7/27 at 100.00
|
A–
|
1,321,713
|
|
|
Refunding Series 2017, 5.000%, 7/01/37
|
|
|
|
|
420
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/26 at 100.00
|
A–
|
436,388
|
|
|
2016, 5.000%, 1/01/46
|
|
|
|
|
415
|
Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A,
|
2/19 at 100.00
|
A1
|
416,017
|
|
|
5.000%, 12/01/32 – NPFG Insured
|
|
|
|
|
2,300
|
Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015,
|
2/24 at 100.00
|
AAA
|
2,540,212
|
|
|
5.000%, 2/01/45
|
|
|
|
NMT
|
Nuveen Massachusetts Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
November 30, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Water and Sewer (continued)
|
|
|
|
|
$ 60
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9,
|
2/19 at 100.00
|
AAA
|
$ 60,152
|
|
|
5.000%, 8/01/22
|
|
|
|
|
140
|
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Series
|
2/19 at 100.00
|
AAA
|
140,391
|
|
|
2002A, 5.250%, 8/01/20
|
|
|
|
|
|
Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B:
|
|
|
|
|
455
|
5.000%, 8/01/40
|
8/26 at 100.00
|
AA+
|
508,581
|
|
1,000
|
4.000%, 8/01/40
|
8/26 at 100.00
|
AA+
|
1,021,150
|
|
1,000
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2002J, 5.250%,
|
No Opt. Call
|
AA+
|
1,022,390
|
|
|
8/01/19 – AGM Insured
|
|
|
|
|
1,230
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B,
|
8/27 at 100.00
|
AA+
|
1,389,273
|
|
|
5.000%, 8/01/42
|
|
|
|
|
1,000
|
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series
|
4/27 at 100.00
|
AA
|
1,137,420
|
|
|
2017C, 5.000%, 4/15/37
|
|
|
|
|
9,835
|
Total Water and Sewer
|
|
|
10,594,661
|
|
$ 184,787
|
Total Long-Term Investments (cost $194,681,302)
|
|
|
199,935,923
|
|
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (57.1)% (6)
|
|
|
(73,724,369)
|
|
|
Other Assets Less Liabilities – 2.2%
|
|
|
2,889,874
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 129,101,428
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(6)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 36.9%.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
ETM
|
Escrowed to maturity.
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
Statement of Assets and Liabilities
|
November 30, 2018 (Unaudited)
|
|
NTC
|
NMT
|
||||||
Assets
|
||||||||
Long-term investments, at value (cost $303,370,290 and $194,681,302, respectively)
|
$
|
306,464,629
|
$
|
199,935,923
|
||||
Cash
|
2,148,469
|
422,849
|
||||||
Receivable for:
|
||||||||
Interest
|
4,347,825
|
3,013,201
|
||||||
Investments sold
|
1,402,341
|
—
|
||||||
Other assets
|
20,827
|
4,060
|
||||||
Total assets
|
314,384,091
|
203,376,033
|
||||||
Liabilities
|
||||||||
Floating rate obligations
|
6,375,000
|
—
|
||||||
Payable for:
|
||||||||
Dividends
|
557,920
|
370,986
|
||||||
Interest
|
237,317
|
—
|
||||||
Investments purchased
|
3,101,783
|
—
|
||||||
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs
|
||||||||
(liquidation preference $112,000,000 and $—, respectively)
|
111,994,257
|
—
|
||||||
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs
|
||||||||
(liquidation preference $— and $74,000,000, respectively)
|
—
|
73,724,369
|
||||||
Accrued expenses:
|
||||||||
Management fees
|
154,648
|
104,028
|
||||||
Trustees fees
|
19,282
|
850
|
||||||
Other
|
61,281
|
74,372
|
||||||
Total liabilities
|
122,501,488
|
74,274,605
|
||||||
Net assets applicable to common shares
|
$
|
191,882,603
|
$
|
129,101,428
|
||||
Common shares outstanding
|
14,371,977
|
9,322,999
|
||||||
Net asset value (“NAV”) per common share outstanding
|
$
|
13.35
|
$
|
13.85
|
||||
Net assets applicable to common shares consist of:
|
||||||||
Common shares, $0.01 par value per share
|
$
|
143,720
|
$
|
93,230
|
||||
Paid-in surplus
|
198,644,379
|
129,306,586
|
||||||
Total distributable earnings
|
(6,905,496
|
)
|
(298,388
|
)
|
||||
Net assets applicable to common shares
|
$
|
191,882,603
|
$
|
129,101,428
|
||||
Authorized shares:
|
||||||||
Common
|
Unlimited
|
Unlimited
|
||||||
Preferred
|
Unlimited
|
Unlimited
|
Statement of Operations
|
Six Months Ended November 30, 2018 (Unaudited)
|
|
NTC
|
NMT
|
||||||
Investment Income
|
$
|
6,015,294
|
$
|
4,061,271
|
||||
Expenses
|
||||||||
Management fees
|
953,919
|
642,572
|
||||||
Interest expense and amortization of offering costs
|
1,387,304
|
807,159
|
||||||
Custodian fees
|
20,028
|
16,648
|
||||||
Trustees fees
|
4,559
|
3,046
|
||||||
Professional fees
|
15,336
|
113,231
|
||||||
Shareholder reporting expenses
|
14,439
|
8,747
|
||||||
Shareholder servicing agent fees
|
9,179
|
478
|
||||||
Stock exchange listing fees
|
3,395
|
3,396
|
||||||
Investor relations expenses
|
9,789
|
6,734
|
||||||
Other
|
20,538
|
20,369
|
||||||
Total expenses
|
2,438,486
|
1,622,380
|
||||||
Net investment income (loss)
|
3,576,808
|
2,438,891
|
||||||
Realized and Unrealized Gain (Loss)
|
||||||||
Net realized gain (loss) from investments
|
(387,528
|
)
|
(836,695
|
)
|
||||
Change in net unrealized appreciation (depreciation) of investments
|
(4,126,800
|
)
|
(3,269,360
|
)
|
||||
Net realized and unrealized gain (loss)
|
(4,514,328
|
)
|
(4,106,055
|
)
|
||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
(937,520
|
)
|
$
|
(1,667,164
|
)
|
Statement of Changes in Net Assets
|
(Unaudited)
|
|
NTC
|
NMT
|
||||||||||||||
|
Six Months
|
Year(1)
|
Six Months
|
Year(1)
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
11/30/18
|
5/31/18
|
11/30/18
|
5/31/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
3,576,808
|
$
|
7,452,636
|
$
|
2,438,891
|
$
|
5,482,300
|
||||||||
Net realized gain (loss) from investments
|
(387,528
|
)
|
(450,839
|
)
|
(836,695
|
)
|
137,549
|
|||||||||
Change in net unrealized appreciation
|
||||||||||||||||
(depreciation) of investments
|
(4,126,800
|
)
|
(6,611,292
|
)
|
(3,269,360
|
)
|
(3,940,236
|
)
|
||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
applicable to common shares
|
||||||||||||||||
from operations
|
(937,520
|
)
|
390,505
|
(1,667,164
|
)
|
1,679,613
|
||||||||||
Distributions to Common Shareholders(2)
|
||||||||||||||||
Dividends(3)
|
(3,546,672
|
)
|
(7,654,756
|
)
|
(2,396,480
|
)
|
(5,861,517
|
)
|
||||||||
Decrease in net assets applicable to
|
||||||||||||||||
common shares from distributions
|
||||||||||||||||
to common shareholders
|
(3,546,672
|
)
|
(7,654,756
|
)
|
(2,396,480
|
)
|
(5,861,517
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Net proceeds from shares issued
|
||||||||||||||||
to shareholders due to
|
||||||||||||||||
reinvestment of distributions
|
—
|
—
|
—
|
10,822
|
||||||||||||
Cost of shares repurchased and retired
|
(630,569
|
)
|
(1,242,632
|
)
|
(302,872
|
)
|
—
|
|||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
applicable to common shares
|
||||||||||||||||
from capital share transactions
|
(630,569
|
)
|
(1,242,632
|
)
|
(302,872
|
)
|
10,822
|
|||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
applicable to common shares
|
(5,114,761
|
)
|
(8,506,883
|
)
|
(4,366,516
|
)
|
(4,171,082
|
)
|
||||||||
Net assets applicable to common
|
||||||||||||||||
shares at the beginning of period
|
196,997,364
|
205,504,247
|
133,467,944
|
137,639,026
|
||||||||||||
Net assets applicable to common
|
||||||||||||||||
shares at the end of period
|
$
|
191,882,603
|
$
|
196,997,364
|
$
|
129,101,428
|
$
|
133,467,944
|
(1) |
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
|
(2) |
The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
|
(3) |
For the fiscal year ended May 31, 2018 the Funds' distributions to shareholders were paid from net investment income.
|
Statement of Cash Flows
|
Six Months Ended November 30, 2018 (Unaudited)
|
|
NTC
|
NMT
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
(937,520
|
)
|
$
|
(1,667,164
|
)
|
||
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
|
(17,534,670
|
)
|
(21,904,904
|
)
|
||||
Proceeds from sales and maturities of investments
|
16,892,348
|
21,623,148
|
||||||
Taxes paid
|
(412
|
)
|
—
|
|||||
Amortization (Accretion) of premiums and discounts, net
|
1,281,813
|
725,610
|
||||||
Amortization of deferred offering costs
|
3,825
|
4,888
|
||||||
(Increase) Decrease in:
|
||||||||
Receivable for interest
|
92,553
|
(42,100
|
)
|
|||||
Receivable for investments sold
|
(1,267,341
|
)
|
—
|
|||||
Other assets
|
(767
|
)
|
5,331
|
|||||
Increase (Decrease) in:
|
||||||||
Payable for interest
|
12,427
|
—
|
||||||
Payable for investments purchased
|
3,101,783
|
—
|
||||||
Accrued management fees
|
(7,545
|
)
|
(5,595
|
)
|
||||
Accrued Trustees fees
|
866
|
(1,467
|
)
|
|||||
Accrued other expenses
|
(22,601
|
)
|
(31,059
|
)
|
||||
Net realized (gain) loss from investments
|
387,528
|
836,695
|
||||||
Change in net unrealized (appreciation) depreciation of investments
|
4,126,800
|
3,269,360
|
||||||
Net cash provided by (used in) operating activities
|
6,129,087
|
2,812,743
|
||||||
Cash Flows from Financing Activities:
|
||||||||
Cash distributions paid to common shareholders
|
(3,563,702
|
)
|
(2,477,955
|
)
|
||||
Cost of common shares repurchased and retired
|
(630,569
|
)
|
(302,872
|
)
|
||||
Net cash provided by (used in) financing activities
|
(4,194,271
|
)
|
(2,780,827
|
)
|
||||
Net Increase (Decrease) in Cash
|
1,934,816
|
31,916
|
||||||
Cash at the beginning of period
|
213,653
|
390,933
|
||||||
Cash at the end of period
|
$
|
2,148,469
|
$
|
422,849
|
||||
Supplemental Disclosure of Cash Flow Information
|
NTC
|
NMT
|
||||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
1,374,877
|
$
|
807,159
|
Financial Highlights (Unaudited)
|
|
Investment Operations
|
Less Distributions to
Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||
|
From
|
|||||||||||||||||||||||||||||||||||||||
|
Accum-
|
Discount
|
||||||||||||||||||||||||||||||||||||||
|
Beginning
|
Net
|
Net
|
From
|
ulated
|
Per
|
||||||||||||||||||||||||||||||||||
|
Common
|
Investment
|
Realized/
|
Net
|
Net
|
Share
|
Ending
|
|||||||||||||||||||||||||||||||||
|
Share
|
Income
|
Unrealized
|
Investment
|
Realized
|
Repurchased
|
Ending
|
Share
|
||||||||||||||||||||||||||||||||
|
NAV
|
(Loss)
|
Gain (Loss)
|
Total
|
Income
|
Gains
|
Total
|
and Retired
|
NAV
|
Price
|
||||||||||||||||||||||||||||||
NTC
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||||||||||||||||||
2019(e)
|
$
|
13.65
|
$
|
0.25
|
$
|
(0.31
|
)
|
$
|
(0.06
|
)
|
$
|
(0.25
|
)
|
$
|
—
|
$
|
(0.25
|
)
|
$
|
0.01
|
$
|
13.35
|
$
|
11.23
|
||||||||||||||||
2018
|
14.14
|
0.51
|
(0.49
|
)
|
0.02
|
(0.53
|
)
|
—
|
(0.53
|
)
|
0.02
|
13.65
|
11.75
|
|||||||||||||||||||||||||||
2017
|
14.92
|
0.57
|
(0.73
|
)
|
(0.16
|
)
|
(0.62
|
)
|
—
|
(0.62
|
)
|
—
|
14.14
|
12.47
|
||||||||||||||||||||||||||
2016
|
14.35
|
0.67
|
0.59
|
1.26
|
(0.69
|
)
|
—
|
(0.69
|
)
|
—
|
14.92
|
13.54
|
||||||||||||||||||||||||||||
2015
|
14.33
|
0.70
|
(0.01
|
)
|
0.69
|
(0.68
|
)
|
—
|
(0.68
|
)
|
0.01
|
14.35
|
12.62
|
|||||||||||||||||||||||||||
2014
|
15.00
|
0.60
|
(0.59
|
)
|
0.01
|
(0.68
|
)
|
—
|
*
|
(0.68
|
)
|
—
|
*
|
14.33
|
12.68
|
|||||||||||||||||||||||||
NMT
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||||||||||||||||||
2019(e)
|
14.28
|
0.26
|
(0.44
|
)
|
(0.18
|
)
|
(0.26
|
)
|
—
|
(0.26
|
)
|
0.01
|
13.85
|
12.15
|
||||||||||||||||||||||||||
2018
|
14.72
|
0.59
|
(0.40
|
)
|
0.19
|
(0.63
|
)
|
—
|
(0.63
|
)
|
—
|
14.28
|
12.64
|
|||||||||||||||||||||||||||
2017
|
15.34
|
0.64
|
(0.58
|
)
|
0.06
|
(0.68
|
)
|
—
|
(0.68
|
)
|
—
|
14.72
|
13.90
|
|||||||||||||||||||||||||||
2016
|
14.67
|
0.69
|
0.69
|
1.38
|
(0.71
|
)
|
—
|
(0.71
|
)
|
—
|
15.34
|
14.99
|
||||||||||||||||||||||||||||
2015
|
14.65
|
0.65
|
0.05
|
0.70
|
(0.68
|
)
|
—
|
(0.68
|
)
|
—
|
14.67
|
13.14
|
||||||||||||||||||||||||||||
2014
|
15.12
|
0.58
|
(0.37
|
)
|
0.21
|
(0.67
|
)
|
(0.01
|
)
|
(0.68
|
)
|
—
|
14.65
|
13.33
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Common Share Supplemental Data/
|
||||||||||||||||||||
Ratios Applicable to Common Shares
|
||||||||||||||||||||
Common Share
Total Returns
|
Ratios to Average Net Assets(b)
|
|||||||||||||||||||
Based
|
Ending
|
Net
|
||||||||||||||||||
Based
|
on
|
Net
|
Investment
|
Portfolio
|
||||||||||||||||
on
|
Share
|
Assets
|
Income
|
Turnover
|
||||||||||||||||
NAV(a)
|
Price(a)
|
(000)
|
Expenses(c)
|
(Loss)
|
Rate(d)
|
|||||||||||||||
(0.40
|
)%
|
(2.36
|
)%
|
$
|
191,883
|
2.50
|
%**
|
3.67
|
%**
|
5
|
%
|
|||||||||
0.28
|
(1.55
|
)
|
196,997
|
2.15
|
3.70
|
17
|
||||||||||||||
(1.07
|
)
|
(3.46
|
)
|
205,504
|
2.08
|
3.98
|
20
|
|||||||||||||
8.97
|
13.19
|
216,788
|
1.66
|
4.61
|
11
|
|||||||||||||||
4.96
|
5.03
|
208,580
|
1.68
|
4.85
|
15
|
|||||||||||||||
0.41
|
(1.72
|
)
|
209,562
|
2.88
|
4.33
|
17
|
||||||||||||||
(1.22
|
)
|
(1.83
|
)
|
129,101
|
2.47
|
**
|
3.72
|
**
|
11
|
|||||||||||
1.29
|
(4.84
|
)
|
133,468
|
2.13
|
4.04
|
17
|
||||||||||||||
0.43
|
(2.78
|
)
|
137,639
|
1.91
|
4.29
|
12
|
||||||||||||||
9.64
|
20.01
|
143,395
|
1.62
|
4.65
|
13
|
|||||||||||||||
4.84
|
3.75
|
137,130
|
1.96
|
4.57
|
14
|
|||||||||||||||
1.61
|
2.96
|
69,987
|
3.09
|
4.17
|
18
|
(b)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
|
(c)
|
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 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:
|
NTC
|
|
NMT
|
|
|
Year Ended 5/31:
|
|
Year Ended 5/31:
|
|
|
2019(e)
|
1.42%**
|
2019(e)
|
1.23%**
|
|
2018
|
1.10
|
2018
|
1.00
|
|
2017
|
1.01
|
2017
|
0.83
|
|
2016
|
0.60
|
2016
|
0.58
|
|
2015
|
0.58
|
2015
|
0.86
|
|
2014
|
1.71
|
2014
|
1.71
|
(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 six months ended November 30, 2018.
|
*
|
Rounds to less than $0.01 per share.
|
**
|
Annualized.
|
Financial Highlights (Unaudited) (continued)
|
|
MTP Shares
|
VMTP Shares
|
VRDP Shares
|
|||||||||||||||||||||
|
at the End of Period (a)
|
at the End of Period
|
at the End of Period
|
|||||||||||||||||||||
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
||||||||||||||||||
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
||||||||||||||||||
|
Outstanding
|
Per $10
|
Outstanding
|
Per $100,000
|
Outstanding
|
Per $100,000
|
||||||||||||||||||
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
|||||||||||||||
NTC
|
||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||
2019(c)
|
$
|
—
|
$
|
—
|
$
|
112,000
|
$
|
271,324
|
$
|
—
|
$
|
—
|
||||||||||||
2018
|
—
|
—
|
112,000
|
275,891
|
—
|
—
|
||||||||||||||||||
2017
|
—
|
—
|
112,000
|
283,486
|
—
|
—
|
||||||||||||||||||
2016
|
—
|
—
|
106,000
|
304,517
|
—
|
—
|
||||||||||||||||||
2015
|
—
|
—
|
106,000
|
296,773
|
—
|
—
|
||||||||||||||||||
2014
|
—
|
—
|
106,000
|
297,700
|
—
|
—
|
||||||||||||||||||
NMT
|
||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||
2019(c)
|
—
|
—
|
—
|
—
|
74,000
|
274,461
|
||||||||||||||||||
2018
|
—
|
—
|
—
|
—
|
74,000
|
280,362
|
||||||||||||||||||
2017
|
—
|
—
|
—
|
—
|
74,000
|
285,999
|
||||||||||||||||||
2016
|
—
|
—
|
74,000
|
293,776
|
—
|
—
|
||||||||||||||||||
2015
|
—
|
—
|
74,000
|
285,311
|
—
|
—
|
||||||||||||||||||
2014
|
36,645
|
29.10
|
—
|
—
|
—
|
—
|
|
|
(a) |
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
|
2015
|
2014
|
||||||
NTC
|
||||||||
Series 2015 (NTC PRC)
|
||||||||
Ending Market Value per Share
|
$
|
—
|
$
|
—
|
||||
Average Market Value per Share
|
—
|
10.03
|
Ω
|
|||||
Series 2016 (NTC PRD)
|
||||||||
Ending Market Value per Share
|
—
|
—
|
||||||
Average Market Value per Share
|
—
|
10.03
|
Ω
|
|||||
Series 2015 (NTC PRE) (b)
|
||||||||
Ending Market Value per Share
|
—
|
—
|
||||||
Average Market Value per Share
|
—
|
10.03
|
Ω
|
|||||
Series 2015-1 (NTC PRF) (b)
|
||||||||
Ending Market Value per Share
|
—
|
—
|
||||||
Average Market Value per Share
|
—
|
10.03
|
Ω
|
|||||
Series 2015-1 (NTC PRG) (b)
|
||||||||
Ending Market Value per Share
|
—
|
—
|
||||||
Average Market Value per Share
|
—
|
10.03
|
Ω
|
|||||
NMT
|
||||||||
Series 2015 (NMT PRC)
|
||||||||
Ending Market Value per Share
|
—
|
10.06
|
||||||
Average Market Value per Share
|
10.02
|
ΩΩ
|
10.04
|
|||||
Series 2016 (NMT PRD)
|
||||||||
Ending Market Value per Share
|
—
|
10.06
|
||||||
Average Market Value per Share
|
10.03
|
ΩΩ
|
10.06
|
|||||
Series 2015 (NMT PRE) (b)
|
||||||||
Ending Market Value per Share
|
—
|
10.06
|
||||||
Average Market Value per Share
|
10.00
|
Δ
|
10.04
|
|||||
Series 2015-1 (NMT PRF) (b)
|
||||||||
Ending Market Value per Share
|
—
|
10.02
|
||||||
Average Market Value per Share
|
10.00
|
Δ
|
10.04
|
(b)
|
MTP Shares issued in connection with the reorganizations.
|
(c)
|
For the six months ended November 30, 2018.
|
Ω
|
For the period June 1, 2013 through March 3, 2014.
|
ΩΩ
|
For the period June 1, 2014 through July 11, 2014.
|
Δ
|
For the period June 9, 2014 (effective date of the reorganizations) through July 11, 2014.
|
|
NTC
|
|||
Outstanding when-issued/delayed delivery purchase commitments
|
$
|
2,149,269
|
NTC
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
306,464,629
|
$
|
—
|
$
|
306,464,629
|
||||||||
NMT
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
199,935,923
|
$
|
—
|
$
|
199,935,923
|
*
|
Refer to the Fund’s Portfolio of Investments for industry classifications. |
Floating Rate Obligations Outstanding
|
NTC
|
NMT
|
||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
6,375,000
|
$
|
—
|
||||
Floating rate obligations: externally-deposited Inverse Floaters
|
5,085,000
|
7,325,000
|
||||||
Total
|
$
|
11,460,000
|
$
|
7,325,000
|
Self-Deposited Inverse Floaters
|
NTC
|
NMT
|
||||||
Average floating rate obligations outstanding
|
$
|
6,375,000
|
$
|
—
|
||||
Average annual interest rate and fees
|
1.99
|
%
|
—
|
%
|
Floating Rate Obligations – Recourse Trusts
|
NTC
|
NMT
|
||||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
6,375,000
|
$
|
—
|
||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
5,085,000
|
7,325,000
|
||||||
Total
|
$
|
11,460,000
|
$
|
7,325,000
|
|
NTC
|
NMT
|
||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
11/30/18
|
5/31/18
|
11/30/18
|
5/31/18
|
||||||||||||
Common shares:
|
||||||||||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
—
|
—
|
739
|
||||||||||||
Repurchased and retired
|
(56,199
|
)
|
(105,800
|
)
|
(25,900
|
)
|
—
|
|||||||||
Weighted average common share:
|
||||||||||||||||
Price per share repurchased and retired
|
$
|
11.20
|
$
|
11.73
|
$
|
11.67
|
—
|
|||||||||
Discount per share repurchased and retired
|
15.69
|
%
|
14.96
|
%
|
15.19
|
%
|
—
|
|
|
|
|
Liquidation
|
|
|
|
|
Preference
|
|
|
Shares
|
Liquidation
|
Net of Deferred
|
Fund
|
Series
|
Outstanding
|
Preference
|
Offering Costs
|
NTC
|
2019
|
1,120
|
$112,000,000
|
$111,994,257
|
|
|
Term
|
Premium
|
Fund
|
Series
|
Redemption Date
|
Expiration Date
|
NTC
|
2019
|
September 1, 2019
|
August 31, 2017
|
|
NTC
|
|||
Average liquidation preference of VMTP Shares outstanding
|
$
|
112,000,000
|
||
Annualized dividend rate
|
2.35
|
%
|
|
|
|
|
Liquidation
|
|
|
|
|
|
|
Preference
|
|
|
|
|
Shares
|
Liquidation
|
Net of Deferred
|
Special Rate
|
|
Fund
|
Series
|
Outstanding
|
Preference
|
Offering Costs
|
Period Expiration
|
Maturity
|
NMT
|
1
|
740
|
$74,000,000
|
$73,724,369
|
March 1, 2047
|
March 1, 2047
|
|
NMT
|
|||
Average liquidation preference of VRDP Shares outstanding
|
$
|
74,000,000
|
||
Annualized dividend rate
|
2.16
|
%
|
|
NTC
|
NMT
|
||||||
Purchases
|
$
|
17,534,670
|
$
|
21,904,904
|
||||
Sales and maturities
|
16,892,348
|
21,623,148
|
|
NTC
|
NMT
|
||||||
Tax cost of investments
|
$
|
297,013,179
|
$
|
194,605,386
|
||||
Gross unrealized:
|
||||||||
Appreciation
|
$
|
6,416,272
|
$
|
6,222,579
|
||||
Depreciation
|
(3,339,831
|
)
|
(892,042
|
)
|
||||
Net unrealized appreciation (depreciation) of investments
|
$
|
3,076,441
|
$
|
5,330,537
|
|
NTC
|
NMT
|
||||||
Paid-in surplus
|
$
|
87,235
|
$
|
(72,524
|
)
|
|||
Undistributed (Over-distribution of) net investment income
|
(89,644
|
)
|
9,567
|
|||||
Accumulated net realized gain (loss)
|
2,409
|
62,957
|
|
NTC
|
NMT
|
||||||
Undistributed net tax-exempt income1
|
$
|
380,203
|
$
|
86,816
|
||||
Undistributed net ordinary income2
|
12,183
|
—
|
||||||
Undistributed net long-term capital gains
|
—
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 1, 2018, paid on June 1, 2018.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
|
NTC
|
NMT
|
||||||
Distributions from net tax-exempt income
|
$
|
9,950,822
|
$
|
7,254,568
|
||||
Distributions from net ordinary income2
|
18,890
|
—
|
||||||
Distributions from net long-term capital gains
|
—
|
—
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
|
NTC
|
NMT
|
||||||
Not subject to expiration:
|
||||||||
Short-term
|
$
|
2,681,405
|
$
|
1,242,557
|
||||
Long-term
|
6,537,115
|
3,206,824
|
||||||
Total
|
$
|
9,218,520
|
$
|
4,449,381
|
|
NTC
|
|||
|
NMT
|
|||
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4500
|
%
|
||
For the next $125 million
|
0.4375
|
|||
For the next $250 million
|
0.4250
|
|||
For the next $500 million
|
0.4125
|
|||
For the next $1 billion
|
0.4000
|
|||
For the next $3 billion
|
0.3750
|
|||
For managed assets over $5 billion
|
0.3625
|
Complex-Level Eligible Asset Breakpoint Level*
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
|||
$55 billion
|
0.2000
|
%
|
||
$56 billion
|
0.1996
|
|||
$57 billion
|
0.1989
|
|||
$60 billion
|
0.1961
|
|||
$63 billion
|
0.1931
|
|||
$66 billion
|
0.1900
|
|||
$71 billion
|
0.1851
|
|||
$76 billion
|
0.1806
|
|||
$80 billion
|
0.1773
|
|||
$91 billion
|
0.1691
|
|||
$125 billion
|
0.1599
|
|||
$200 billion
|
0.1505
|
|||
$250 billion
|
0.1469
|
|||
$300 billion
|
0.1445
|
*
|
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of November 30, 2018, the complex-level fee for each Fund was 0.1595%.
|
Inter-Fund Trades
|
NTC
|
NMT
|
||||||
Purchases
|
$
|
2,316,493
|
$
|
13,361,203
|
||||
Sales
|
1,068,020
|
12,129,415
|
|
NTC
|
NMT
|
||||||
UNII at the end of period
|
$
|
(380,422
|
)
|
$
|
(309,344
|
)
|
Board of Trustees
|
|
|
|
|
|
Margo Cook*
|
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
William J. Schneider**
|
Judith M. Stockdale
|
Carole E. Stone
|
Terence J. Toth
|
Margaret L Wolff
|
Robert L. Young
|
|
*
|
Interested Board Member.
|
**
|
Retired from the Funds’ Board of Trustees effective December 31, 2018.
|
|
Fund Manager
|
Custodian
|
Legal Counsel
|
Independent Registered
|
Transfer Agent and
|
Nuveen Fund Advisors, LLC
|
State Street Bank
|
Chapman and Cutler LLP
|
Public Accounting Firm |
Shareholder Services
|
333 West Wacker Drive
|
& Trust Company
|
Chicago, IL 60603
|
KPMG LLP
|
Computershare Trust
|
Chicago, IL 60606
|
One Lincoln Street
|
|
200 East Randolph Street
|
Company, N.A.
|
|
Boston, MA 02111
|
|
Chicago, IL 60601
|
250 Royall Street
|
|
|
|
|
Canton, MA 02021
|
|
|
|
|
(800) 257-8787
|
|
NTC
|
NMT
|
Common shares repurchased
|
56,199
|
25,900
|
·
|
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.
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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.
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Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
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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.
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Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
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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.
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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.
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S&P Municipal Bond Connecticut Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Connecticut municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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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.
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S&P Municipal Bond Massachusetts Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Massachusetts municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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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.
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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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(a)
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The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)(17 CFR 240.13a-15(b) or 240.15d-15(b)).
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(b)
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There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
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(a)(1)
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Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
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(a)(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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(a)(4)
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Change in the registrant’s independent public accountant. 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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