Chairman’s Letter to Shareholders
|
4
|
Portfolio Manager’s Comments
|
5
|
Fund Leverage
|
10
|
Common Share Information
|
11
|
Risk Considerations
|
13
|
Performance Overview and Holding Summaries
|
14
|
Shareholder Meeting Report
|
18
|
Report of Independent Registered Public Accounting Firm
|
19
|
Portfolios of Investments
|
20
|
Statement of Assets and Liabilities
|
33
|
Statement of Operations
|
34
|
Statement of Changes in Net Assets
|
35
|
Statement of Cash Flows
|
36
|
Financial Highlights
|
38
|
Notes to Financial Statements
|
41
|
Additional Fund Information
|
54
|
Glossary of Terms Used in this Report
|
55
|
Reinvest Automatically, Easily and Conveniently
|
57
|
Annual Investment Management Agreement Approval Process
|
58
|
Board Members & Officers
|
66
|
|
NTC
|
NMT
|
Effective Leverage*
|
37.74%
|
37.20%
|
Regulatory Leverage*
|
35.48%
|
35.02%
|
* |
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
Preferred*
|
Variable Rate
Remarketed Preferred**
|
||||||
|
Shares Issued at
Liquidation Preference
|
Shares Issued at
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
|
0.0410
|
0.0410
|
||||||
December
|
0.0410
|
0.0410
|
||||||
January
|
0.0410
|
0.0410
|
||||||
February
|
0.0410
|
0.0410
|
||||||
March
|
0.0410
|
0.0410
|
||||||
April
|
0.0410
|
0.0410
|
||||||
May 2019
|
0.0410
|
0.0410
|
||||||
Total Distributions from Net Investment Income
|
$
|
0.4920
|
$
|
0.5025
|
||||
Yields
|
||||||||
Market Yield*
|
3.75
|
%
|
3.83
|
%
|
||||
Taxable-Equivalent Yield*
|
5.33
|
%
|
5.40
|
%
|
* | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 29.7% and 29.1% for NTC and NMT, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, 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
|
360,000
|
26,148
|
||||||
Common shares authorized for repurchase
|
1,445,000
|
935,000
|
|
NTC
|
NMT
|
||||||
Common shares repurchased and retired
|
99,200
|
26,148
|
||||||
Weighted average price per common share repurchased and retired
|
$
|
11.23
|
$
|
11.67
|
||||
Weighted average discount per common share repurchased and retired
|
15.96
|
%
|
15.20
|
%
|
|
NTC
|
NMT
|
||||||
Common share NAV
|
$
|
14.21
|
$
|
14.73
|
||||
Common share price
|
$
|
13.13
|
$
|
12.84
|
||||
Premium/(Discount) to NAV
|
(7.60
|
)%
|
(12.83
|
)%
|
||||
12-month average premium/(discount) to NAV
|
(14.03
|
)%
|
(12.84
|
)%
|
NTC
|
Nuveen Connecticut Quality Municipal
|
|
Income Fund
|
|
Performance Overview and Holding Summaries as of May 31, 2019
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
|||
Average Annual Total Returns as of May 31, 2019
|
|||
|
|||
|
Average Annual
|
||
|
1-Year
|
5-Year
|
10-Year
|
NTC at Common Share NAV
|
7.92%
|
4.14%
|
5.12%
|
NTC at Common Share Price
|
16.51%
|
5.65%
|
4.96%
|
S&P Municipal Bond Connecticut Index
|
6.72%
|
2.91%
|
3.48%
|
S&P Municipal Bond Index
|
6.06%
|
3.55%
|
4.73%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
154.9%
|
Other Assets Less Liabilities
|
3.1%
|
Net Assets Plus Floating Rate Obligations
|
|
and AMTP Shares, net of deferred
|
|
offering costs
|
158.0%
|
Floating Rate Obligations
|
(3.1)%
|
AMTP Shares, net of deferred
|
|
offering costs
|
(54.9)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Connecticut
|
90.2%
|
Guam
|
4.6%
|
New York
|
2.5%
|
Oregon
|
1.3%
|
Puerto Rico
|
0.8%
|
Virgin Islands
|
0.6%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
27.2%
|
Health Care
|
20.4%
|
Water and Sewer
|
13.8%
|
Tax Obligation/Limited
|
13.6%
|
Education and Civic Organizations
|
11.0%
|
U.S. Guaranteed
|
10.1%
|
Other
|
3.9%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
9.9%
|
AAA
|
2.2%
|
AA
|
32.7%
|
A
|
45.9%
|
BBB
|
6.5%
|
BB or Lower
|
2.0%
|
N/R (not rated)
|
0.8%
|
Total
|
100%
|
NMT
|
Nuveen Massachusetts Quality Municipal
|
|
Income Fund
|
|
Performance Overview and Holding Summaries as of May 31, 2019
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
|||
Average Annual Total Returns as of May 31, 2019
|
|||
|
|||
|
Average Annual
|
||
|
1-Year
|
5-Year
|
10-Year
|
NMT at Common Share NAV
|
6.87%
|
4.56%
|
6.01%
|
NMT at Common Share Price
|
5.80%
|
4.03%
|
4.85%
|
S&P Municipal Bond Massachusetts Index
|
5.93%
|
3.24%
|
4.23%
|
S&P Municipal Bond Index
|
6.06%
|
3.55%
|
4.73%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
152.3%
|
Other Assets Less Liabilities
|
1.4%
|
Net Assets Plus VRDP Shares,
|
|
net of deferred offering costs
|
153.7%
|
VRDP Shares, net of deferred
|
|
offering costs
|
(53.7)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Massachusetts
|
93.8%
|
Guam
|
4.9%
|
Virgin Islands
|
0.8%
|
Puerto Rico
|
0.5%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Education and Civic Organizations
|
29.7%
|
Health Care
|
21.0%
|
U.S. Guaranteed
|
12.0%
|
Tax Obligation/Limited
|
11.5%
|
Tax Obligation/General
|
10.9%
|
Transportation
|
6.5%
|
Water and Sewer
|
5.3%
|
Other
|
3.1%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
11.6%
|
AAA
|
4.1%
|
AA
|
49.4%
|
A
|
23.0%
|
BBB
|
7.7%
|
BB or Lower
|
4.2%
|
Total
|
100%
|
|
|
NTC
|
|
|
Common and
|
|
|
|
Preferred
|
|
|
|
shares voting
|
|
|
|
together
|
|
Preferred
|
|
as a class
|
|
Shares
|
Approval of the Board Members was reached as follows:
|
|
|
|
Judith M. Stockdale
|
|
|
|
For
|
11,045,423
|
|
—
|
Withhold
|
2,026,081
|
|
—
|
Total
|
13,071,504
|
|
—
|
Carole E. Stone
|
|
|
|
For
|
11,032,363
|
|
—
|
Withhold
|
2,039,141
|
|
—
|
Total
|
13,071,504
|
|
—
|
Margaret L. Wolff
|
|
|
|
For
|
11,039,650
|
|
—
|
Withhold
|
2,031,854
|
|
—
|
Total
|
13,071,504
|
|
—
|
William C. Hunter
|
|
|
|
For
|
—
|
|
1,120
|
Withhold
|
—
|
|
—
|
Total
|
—
|
|
1,120
|
Albin F. Moschner
|
|
|
|
For
|
—
|
|
1,120
|
Withhold
|
—
|
|
—
|
Total
|
—
|
|
1,120
|
NTC
|
Nuveen Connecticut Quality Municipal
|
|
Income Fund
|
|
Portfolio of Investments
|
|
May 31, 2019
|
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 – 17.0% (11.0% of Total Investments)
|
|
|
|
|
$ 4,250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut
|
7/26 at 100.00
|
A2
|
$ 4,540,870
|
|
|
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
|
1,210,639
|
|
|
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–
|
6,402,811
|
|
|
University, Series 2016Q-1, 5.000%, 7/01/46
|
|
|
|
|
1,125
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Norwich Free
|
7/23 at 100.00
|
A1
|
1,183,208
|
|
|
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–
|
7,901,017
|
|
|
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–
|
581,590
|
|
1,500
|
5.000%, 7/01/36
|
7/26 at 100.00
|
A–
|
1,736,535
|
|
6,145
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart
|
7/27 at 100.00
|
A
|
7,153,087
|
|
|
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
|
596,809
|
|
225
|
5.000%, 7/01/24 – AGM Insured
|
7/21 at 100.00
|
A1
|
239,551
|
|
2,250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of
|
7/28 at 100.00
|
BBB
|
2,589,457
|
|
|
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
|
Aa3
|
522,694
|
|
|
5.000%, 11/15/27
|
|
|
|
|
30,815
|
Total Education and Civic Organizations
|
|
|
34,658,268
|
|
|
Health Care – 31.6% (20.4% of Total Investments)
|
|
|
|
|
5,500
|
Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford
|
7/25 at 100.00
|
A
|
6,004,570
|
|
|
HealthCare, Series 2015F, 5.000%, 7/01/45
|
|
|
|
|
7,025
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford
|
7/21 at 100.00
|
A
|
7,393,953
|
|
|
HealthCare, Series 2011A, 5.000%, 7/01/41
|
|
|
|
|
500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford
|
7/24 at 100.00
|
A
|
555,625
|
|
|
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
|
2,125,133
|
|
|
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+
|
1,312,409
|
|
|
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+
|
1,069,480
|
|
7,155
|
5.000%, 7/01/42
|
7/22 at 100.00
|
BBB+
|
7,636,818
|
|
4,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford
|
7/26 at 100.00
|
BBB+
|
4,167,120
|
|
|
Hospital, Series 2016K, 4.000%, 7/01/46
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
|
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–
|
$ 3,066,606
|
|
770
|
5.000%, 12/01/45
|
6/26 at 100.00
|
AA–
|
888,796
|
|
5,915
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western
|
7/21 at 100.00
|
A
|
6,264,103
|
|
|
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
|
4,225,920
|
|
|
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–
|
2,974,017
|
|
2,740
|
5.000%, 7/01/33
|
7/24 at 100.00
|
AA–
|
3,112,147
|
|
900
|
5.000%, 7/01/34
|
7/24 at 100.00
|
AA–
|
1,018,449
|
|
4,540
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health
|
11/19 at 100.00
|
AA+
|
4,604,967
|
|
|
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
|
7,948,541
|
|
|
Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.500%, 8/15/40
|
|
|
|
|
59,970
|
Total Health Care
|
|
|
64,368,654
|
|
|
Long-Term Care – 1.5% (1.0% of Total Investments)
|
|
|
|
|
1,100
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc,
|
8/24 at 100.00
|
BBB
|
1,169,135
|
|
|
Series 2014A, 5.000%, 8/01/44
|
|
|
|
|
630
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare
|
9/26 at 100.00
|
BB
|
666,389
|
|
|
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
|
1,300,710
|
|
|
Refunding Series 2010-16, 5.000%, 6/15/30
|
|
|
|
|
2,990
|
Total Long-Term Care
|
|
|
3,136,234
|
|
|
Tax Obligation/General – 42.1% (27.2% 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
|
2,625,251
|
|
1,600
|
5.000%, 7/01/34 – AGM Insured
|
7/24 at 100.00
|
AA
|
1,782,912
|
|
2,800
|
Bridgeport, Connecticut, General Obligation Bonds, Series 2016D, 5.000%, 8/15/41 –
|
8/26 at 100.00
|
AA
|
3,178,056
|
|
|
AGM Insured
|
|
|
|
|
|
Bridgeport, Connecticut, General Obligation Bonds, Series 2017A:
|
|
|
|
|
1,470
|
5.000%, 11/01/36
|
11/27 at 100.00
|
A
|
1,704,112
|
|
750
|
5.000%, 11/01/37
|
11/27 at 100.00
|
A
|
866,873
|
|
|
City of New Haven, Connecticut, General Obligation Bonds, Series 2017A:
|
|
|
|
|
1,000
|
5.000%, 8/01/35
|
8/27 at 100.00
|
BBB+
|
1,135,150
|
|
1,425
|
5.000%, 8/01/36
|
8/27 at 100.00
|
BBB+
|
1,612,900
|
|
5,580
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut
|
11/23 at 100.00
|
A1
|
6,224,602
|
|
|
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
|
3,687,571
|
|
|
State University System, Series 2016P-1, 5.000%, 11/01/29
|
|
|
|
|
1,000
|
Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31
|
11/21 at 100.00
|
AA
|
1,069,490
|
|
2,600
|
Connecticut State, General Obligation Bonds, Series 2014A, 5.000%, 3/01/31
|
3/24 at 100.00
|
A1
|
2,933,788
|
|
3,500
|
Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34
|
11/24 at 100.00
|
A1
|
3,977,540
|
|
4,580
|
Connecticut State, General Obligation Bonds, Series 2015A, 4.500%, 3/15/33
|
3/25 at 100.00
|
A1
|
5,086,411
|
|
2,630
|
Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34
|
11/25 at 100.00
|
A1
|
3,046,539
|
|
|
Connecticut State, General Obligation Bonds, Series 2017A:
|
|
|
|
|
4,000
|
5.000%, 4/15/34
|
4/27 at 100.00
|
A1
|
4,725,080
|
|
3,730
|
5.000%, 4/15/35
|
4/27 at 100.00
|
A1
|
4,392,373
|
NTC
|
Nuveen Connecticut Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
May 31, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
|
Connecticut State, General Obligation Bonds, Series 2018A:
|
|
|
|
|
$ 3,500
|
5.000%, 4/15/35 (UB) (4)
|
4/28 at 100.00
|
A1
|
$ 4,189,150
|
|
5,000
|
5.000%, 4/15/38 (UB) (4)
|
4/28 at 100.00
|
A1
|
5,929,550
|
|
2,300
|
Connecticut State, General Obligation Bonds, Series 2019A, 5.000%, 4/15/36
|
4/29 at 100.00
|
A1
|
2,784,058
|
|
225
|
Hamden, Connecticut, General Obligation Bonds, Series 2016, 5.000%, 8/15/32 –
|
8/24 at 100.00
|
AA
|
256,084
|
|
|
BAM Insured
|
|
|
|
|
870
|
Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 –
|
8/19 at 100.00
|
AA
|
875,638
|
|
|
AGC Insured
|
|
|
|
|
|
Milford, Connecticut, General Obligation Bonds, Series 2018:
|
|
|
|
|
1,055
|
4.000%, 11/01/36
|
11/24 at 100.00
|
AAA
|
1,123,807
|
|
1,055
|
4.000%, 11/01/37
|
11/24 at 100.00
|
AAA
|
1,119,302
|
|
|
New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A:
|
|
|
|
|
1,000
|
5.000%, 8/15/32 – AGM Insured
|
8/26 at 100.00
|
AA
|
1,159,150
|
|
1,550
|
5.000%, 8/15/35 – AGM Insured
|
8/26 at 100.00
|
AA
|
1,784,701
|
|
985
|
New Haven, Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 8/01/33 –
|
8/24 at 100.00
|
AA
|
1,096,679
|
|
|
AGM Insured
|
|
|
|
|
|
New Haven, Connecticut, General Obligation Bonds, Series 2015:
|
|
|
|
|
790
|
5.000%, 9/01/32 – AGM Insured
|
9/25 at 100.00
|
AA
|
897,803
|
|
1,620
|
5.000%, 9/01/33 – AGM Insured
|
9/25 at 100.00
|
AA
|
1,838,765
|
|
500
|
5.000%, 9/01/35 – AGM Insured
|
9/25 at 100.00
|
AA
|
567,335
|
|
900
|
North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24
|
No Opt. Call
|
Aa1
|
1,054,935
|
|
1,670
|
Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G,
|
8/21 at 100.00
|
AA+
|
1,784,028
|
|
|
5.000%, 8/01/36
|
|
|
|
|
600
|
Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/32
|
12/22 at 100.00
|
AA–
|
662,202
|
|
1,500
|
Stratford, Connecticut, General Obligation Bonds, Series 2017, 4.000%, 1/01/39 –
|
1/27 at 100.00
|
AA
|
1,628,715
|
|
|
BAM Insured
|
|
|
|
|
|
Suffield, Connecticut, General Obligation Bonds, Refunding Series 2005:
|
|
|
|
|
820
|
5.000%, 6/15/19
|
No Opt. Call
|
AA+
|
820,943
|
|
1,400
|
5.000%, 6/15/21
|
No Opt. Call
|
AA+
|
1,505,224
|
|
2,285
|
The Metropolitan District Hartford County, Connecticut General Obligation Bonds, Series
|
7/28 at 100.00
|
AA
|
2,760,029
|
|
|
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
|
1,198,510
|
|
|
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
|
523,115
|
|
390
|
5.000%, 8/01/31 – BAM Insured
|
8/25 at 100.00
|
AA
|
457,805
|
|
610
|
5.000%, 8/01/32 – BAM Insured
|
8/25 at 100.00
|
AA
|
714,280
|
|
445
|
5.000%, 8/01/33 – BAM Insured
|
8/25 at 100.00
|
AA
|
520,178
|
|
445
|
5.000%, 8/01/34 – BAM Insured
|
8/25 at 100.00
|
AA
|
519,021
|
|
75,045
|
Total Tax Obligation/General
|
|
|
85,819,655
|
|
|
Tax Obligation/Limited – 21.2% (13.6% of Total Investments)
|
|
|
|
|
1,000
|
Connecticut State Higher Education Supplement Loan Authority, Revenue Bonds, Series 2019B,
|
11/27 at 100.00
|
A1
|
1,002,500
|
|
|
3.250%, 11/15/35 (AMT)
|
|
|
|
|
3,855
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
10/23 at 100.00
|
A+
|
4,304,146
|
|
|
Series 2013A, 5.000%, 10/01/33
|
|
|
|
|
1,380
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
8/25 at 100.00
|
A+
|
1,592,423
|
|
|
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+
|
6,234,496
|
|
1,075
|
5.000%, 9/01/34
|
9/26 at 100.00
|
A+
|
1,260,567
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes,
|
|
|
|
|
|
Series 2014A:
|
|
|
|
|
$ 3,500
|
5.000%, 9/01/33
|
9/24 at 100.00
|
A+
|
$ 3,984,715
|
|
1,000
|
5.000%, 9/01/34
|
9/24 at 100.00
|
A+
|
1,135,790
|
|
1,500
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D,
|
11/25 at 100.00
|
BB
|
1,640,085
|
|
|
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
|
BB
|
882,680
|
|
3,200
|
5.125%, 1/01/42
|
1/22 at 100.00
|
BB
|
3,336,992
|
|
2,315
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation
|
4/27 at 100.00
|
N/R
|
2,578,771
|
|
|
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
|
7/19 at 100.00
|
AA
|
1,521,030
|
|
1,010
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A,
|
No Opt. Call
|
Aaa
|
1,110,051
|
|
|
5.125%, 6/01/24 – AMBAC Insured
|
|
|
|
|
2,600
|
University of Connecticut, General Obligation Bonds, Series 2010A, 5.000%, 2/15/28
|
2/20 at 100.00
|
A+
|
2,656,030
|
|
2,500
|
University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/32
|
8/23 at 100.00
|
A+
|
2,771,550
|
|
760
|
University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31
|
2/24 at 100.00
|
A+
|
855,365
|
|
|
University of Connecticut, General Obligation Bonds, Series 2015A:
|
|
|
|
|
2,250
|
5.000%, 3/15/31
|
3/26 at 100.00
|
A+
|
2,647,687
|
|
1,415
|
5.000%, 2/15/34
|
2/25 at 100.00
|
A+
|
1,616,836
|
|
1,790
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
10/22 at 100.00
|
AA
|
1,946,267
|
|
|
Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
38,790
|
Total Tax Obligation/Limited
|
|
|
43,077,981
|
|
|
Transportation – 0.8% (0.5% of Total Investments)
|
|
|
|
|
1,500
|
Connecticut Airport Authority, Connecticut, Customer Facility Charge Revenue Bonds,
|
7/29 at 100.00
|
A–
|
1,599,915
|
|
|
Ground Transportation Center Project, Series 2019A, 4.000%, 7/01/49 (AMT)
|
|
|
|
|
|
U.S. Guaranteed – 15.6% (10.1% of Total Investments) (5)
|
|
|
|
|
2,500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield
|
7/20 at 100.00
|
A–
|
2,596,225
|
|
|
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
|
2,138,640
|
|
|
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
|
1,185,124
|
|
400
|
5.000%, 7/01/26 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A3
|
429,004
|
|
500
|
5.000%, 7/01/27 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A3
|
536,255
|
|
|
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
|
268,765
|
|
3,260
|
5.625%, 7/01/41 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A
|
3,537,882
|
|
3,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan
|
7/20 at 100.00
|
AA
|
3,115,470
|
|
|
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
|
1,292,948
|
|
|
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–
|
1,057,106
|
|
|
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–
|
2,140,938
|
|
|
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
|
3,156,900
|
|
|
Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 (Pre-refunded 4/01/20)
|
|
|
|
NTC
|
Nuveen Connecticut Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
May 31, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|
$ 870
|
Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28
|
8/19 at 100.00
|
AA
|
$ 876,038
|
|
|
(Pre-refunded 8/15/19) – AGC Insured
|
|
|
|
|
2,220
|
Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G,
|
8/21 at 100.00
|
N/R
|
2,385,057
|
|
|
5.000%, 8/01/36 (Pre-refunded 8/02/21)
|
|
|
|
|
4,870
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds,
|
8/21 at 100.00
|
AA–
|
5,242,458
|
|
|
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
|
1,893,808
|
|
|
Series 2011A, 7.000%, 4/01/41 (Pre-refunded 4/01/21)
|
|
|
|
|
30,000
|
Total U.S. Guaranteed
|
|
|
31,852,618
|
|
|
Utilities – 3.7% (2.4% of Total Investments)
|
|
|
|
|
|
Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds,
|
|
|
|
|
|
Tender Option Bond Trust 2016-XG0059:
|
|
|
|
|
1,295
|
13.351%, 1/01/32, 144A (IF) (4)
|
1/23 at 100.00
|
Aa3
|
1,846,579
|
|
410
|
13.241%, 1/01/38, 144A (IF) (4)
|
1/23 at 100.00
|
Aa3
|
575,976
|
|
|
Connecticut Transmission Municipal Electric Energy Cooperative, Transmission System
|
|
|
|
|
|
Revenue Bonds, Series 2012A:
|
|
|
|
|
655
|
5.000%, 1/01/31
|
1/22 at 100.00
|
Aa3
|
707,577
|
|
500
|
5.000%, 1/01/32
|
1/22 at 100.00
|
Aa3
|
539,475
|
|
2,830
|
5.000%, 1/01/42
|
1/22 at 100.00
|
Aa3
|
3,050,599
|
|
500
|
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator
|
7/19 at 100.00
|
A–
|
507,550
|
|
|
Lisbon Project, Series 1993A, 5.500%, 1/01/20 (AMT)
|
|
|
|
|
250
|
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 – AGM Insured
|
10/22 at 100.00
|
AA
|
274,145
|
|
6,440
|
Total Utilities
|
|
|
7,501,901
|
|
|
Water and Sewer – 21.4% (13.8% 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
|
1,810,290
|
|
1,500
|
5.000%, 5/01/37
|
5/27 at 100.00
|
AAA
|
1,804,560
|
|
|
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
|
575,730
|
|
1,000
|
5.000%, 8/15/31
|
8/24 at 100.00
|
AA
|
1,149,060
|
|
500
|
5.000%, 8/15/32
|
8/24 at 100.00
|
AA
|
573,845
|
|
55
|
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater
|
7/19 at 100.00
|
AA
|
55,154
|
|
|
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–
|
1,513,957
|
|
890
|
5.000%, 7/01/40
|
7/27 at 100.00
|
A–
|
999,532
|
|
3,045
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/23 at 100.00
|
A–
|
3,327,332
|
|
|
2013, 5.500%, 7/01/43
|
|
|
|
|
235
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/26 at 100.00
|
A–
|
260,086
|
|
|
2016, 5.000%, 1/01/46
|
|
|
|
|
10,015
|
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds,
|
11/24 at 100.00
|
Aa2
|
11,314,146
|
|
|
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
|
4,437,430
|
|
2,500
|
5.000%, 4/01/39
|
4/22 at 100.00
|
Aa2
|
2,702,350
|
|
795
|
South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth
|
8/24 at 100.00
|
AA–
|
898,358
|
|
|
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:
|
|
|
|
|
$ 2,715
|
4.000%, 8/01/36
|
8/26 at 100.00
|
AA–
|
$ 2,985,278
|
|
2,220
|
5.000%, 8/01/37
|
8/26 at 100.00
|
AA–
|
2,602,373
|
|
1,270
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds,
|
8/28 at 100.00
|
AA–
|
1,528,001
|
|
|
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–
|
4,380,320
|
|
|
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+
|
568,745
|
|
|
2013A, 5.250%, 8/15/43
|
|
|
|
|
38,675
|
Total Water and Sewer
|
|
|
43,486,547
|
|
$ 284,225
|
Total Long-Term Investments (cost $300,123,527)
|
|
|
315,501,773
|
|
|
Floating Rate Obligations – (3.1)%
|
|
|
(6,375,000)
|
|
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (54.9)% (6)
|
|
|
(111,837,892)
|
|
|
Other Assets Less Liabilities – 3.1%
|
|
|
6,385,232
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 203,674,113
|
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(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. Ratings are not covered by the report of independent registered public accounting firm.
|
(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)
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.4%.
|
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.
|
AMT
|
Alternative Minimum Tax.
|
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.
|
|
See accompanying notes to financial statements.
|
NMT
|
Nuveen Massachusetts Quality Municipal
|
|
Income Fund
|
|
Portfolio of Investments
|
|
May 31, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 152.3% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 152.3% (100.0% of Total Investments)
|
|
|
|
|
|
Education and Civic Organizations – 45.2% (29.7% of Total Investments)
|
|
|
|
|
$ 3,515
|
Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music,
|
10/26 at 100.00
|
A
|
$ 4,135,292
|
|
|
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–
|
2,463,450
|
|
|
5.000%, 7/01/38
|
|
|
|
|
730
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T,
|
7/27 at 100.00
|
AA–
|
868,985
|
|
|
5.000%, 7/01/42
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender
|
|
|
|
|
|
Option Bond Trust 2016-XG0070:
|
|
|
|
|
1,880
|
13.237%, 10/01/48, 144A (IF) (4)
|
10/23 at 100.00
|
AA–
|
2,732,824
|
|
575
|
13.169%, 10/01/48, 144A (IF) (4)
|
10/23 at 100.00
|
AA–
|
835,515
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A:
|
|
|
|
|
2,000
|
5.000%, 1/01/34
|
1/28 at 100.00
|
BBB+
|
2,354,020
|
|
2,240
|
5.000%, 1/01/37
|
1/28 at 100.00
|
BBB+
|
2,610,787
|
|
2,150
|
Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series
|
7/21 at 100.00
|
AA
|
2,313,636
|
|
|
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–
|
2,275,952
|
|
|
5.000%, 7/01/35
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue, Series
|
|
|
|
|
|
Series 2015H:
|
|
|
|
|
450
|
3.500%, 7/01/35
|
7/25 at 100.00
|
AA
|
466,268
|
|
190
|
5.000%, 7/01/37
|
7/25 at 100.00
|
AA
|
219,085
|
|
1,200
|
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017,
|
7/26 at 100.00
|
BBB–
|
1,326,960
|
|
|
5.000%, 7/01/47
|
|
|
|
|
550
|
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series
|
10/22 at 100.00
|
A1
|
604,918
|
|
|
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
|
990,482
|
|
1,400
|
5.000%, 3/01/44
|
3/24 at 100.00
|
A1
|
1,578,402
|
|
500
|
Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J,
|
10/23 at 100.00
|
BBB+
|
553,380
|
|
|
5.250%, 10/01/39
|
|
|
|
|
1,230
|
Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art
|
7/25 at 100.00
|
AA
|
1,446,259
|
|
|
Institute, Series 2015, 5.000%, 7/01/33
|
|
|
|
|
450
|
Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding
|
7/29 at 100.00
|
Baa2
|
535,086
|
|
|
Series 2019, 5.000%, 7/01/36
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute,
|
|
|
|
|
|
Series 2017:
|
|
|
|
|
2,200
|
5.000%, 4/01/35
|
10/27 at 100.00
|
AA–
|
2,683,714
|
|
1,250
|
5.000%, 4/01/36
|
10/27 at 100.00
|
AA–
|
1,520,325
|
|
875
|
Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q,
|
8/25 at 100.00
|
Aa2
|
1,013,145
|
|
|
5.000%, 8/15/38
|
|
|
|
|
1,325
|
Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H,
|
1/28 at 100.00
|
A3
|
1,544,287
|
|
|
5.000%, 1/01/42
|
|
|
|
|
1,510
|
Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic
|
6/28 at 100.00
|
AA–
|
1,816,213
|
|
|
Institution, Series 2018, 5.000%, 6/01/43
|
|
|
|
|
1,365
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
|
9/22 at 100.00
|
A1
|
1,476,985
|
|
|
Institute, Series 2012, 5.000%, 9/01/50
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
$ 840
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
|
9/26 at 100.00
|
A1
|
$ 978,146
|
|
|
Institute, Series 2016, 5.000%, 9/01/37
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
|
|
|
|
|
|
Institute, Series 2017:
|
|
|
|
|
550
|
5.000%, 9/01/42
|
9/27 at 100.00
|
A1
|
645,805
|
|
700
|
5.000%, 9/01/47
|
9/27 at 100.00
|
A1
|
818,804
|
|
2,500
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
|
9/27 at 100.00
|
A1
|
2,935,475
|
|
|
Institute, Series 2017B, 5.000%, 9/01/42
|
|
|
|
|
500
|
Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University,
|
7/27 at 100.00
|
Baa2
|
579,875
|
|
|
Refunding Series 2017, 5.000%, 7/01/35
|
|
|
|
|
3,000
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,
|
No Opt. Call
|
AA–
|
4,317,480
|
|
|
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–
|
2,914,809
|
|
|
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
|
1,415,725
|
|
1,000
|
6.000%, 5/15/59
|
5/29 at 105.00
|
Aa3
|
1,302,820
|
|
385
|
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series
|
7/21 at 100.00
|
AA
|
405,178
|
|
|
2011J, 5.625%, 7/01/33 (AMT)
|
|
|
|
|
255
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northeastern
|
10/20 at 100.00
|
A1
|
264,591
|
|
|
University, Series 2010A, 4.875%, 10/01/35
|
|
|
|
|
165
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk
|
7/19 at 100.00
|
Baa2
|
165,526
|
|
|
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
|
2,296,860
|
|
|
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
|
4,686,560
|
|
|
2015-1, 5.000%, 11/01/40
|
|
|
|
|
52,095
|
Total Education and Civic Organizations
|
|
|
62,093,624
|
|
|
Health Care – 32.0% (21.0% of Total Investments)
|
|
|
|
|
1,000
|
Massachusetts Development Finance Agency Revenue Bonds, Children?s Hospital Issue,
|
10/24 at 100.00
|
AA
|
1,123,060
|
|
|
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–
|
1,519,319
|
|
|
2016I, 5.000%, 7/01/41
|
|
|
|
|
1,410
|
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare
|
11/23 at 100.00
|
A+
|
1,559,460
|
|
|
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+
|
1,098,400
|
|
|
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–
|
958,366
|
|
700
|
5.000%, 10/01/31
|
10/21 at 100.00
|
AA–
|
748,566
|
|
500
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue,
|
7/26 at 100.00
|
BBB
|
575,725
|
|
|
Series 2016E, 5.000%, 7/01/32
|
|
|
|
|
1,675
|
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding
|
7/26 at 100.00
|
A–
|
1,956,450
|
|
|
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–
|
1,032,471
|
|
1,000
|
5.000%, 7/01/32
|
7/25 at 100.00
|
A–
|
1,138,930
|
|
500
|
5.000%, 7/01/33
|
7/25 at 100.00
|
A–
|
567,935
|
NMT
|
Nuveen Massachusetts Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
|
|
May 31, 2019
|
|
|
|
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
$ 1,500
|
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series
|
7/28 at 100.00
|
A–
|
$ 1,750,860
|
|
|
2018J-2, 5.000%, 7/01/38
|
|
|
|
|
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Covenant Health System
|
7/22 at 100.00
|
BBB+
|
1,060,050
|
|
|
Obligated Group, Series 2012, 5.000%, 7/01/31
|
|
|
|
|
2,800
|
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute
|
12/26 at 100.00
|
A1
|
3,236,604
|
|
|
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
|
3,897,005
|
|
|
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
|
BB+
|
1,176,541
|
|
|
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–
|
3,987,476
|
|
|
Issue, Series 2016Q, 5.000%, 7/01/47
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System
|
|
|
|
|
|
Issue, Series 2017S-1:
|
|
|
|
|
2,200
|
5.000%, 7/01/37
|
1/28 at 100.00
|
AA–
|
2,637,800
|
|
2,100
|
4.000%, 7/01/41
|
1/28 at 100.00
|
AA–
|
2,301,915
|
|
5
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System,
|
7/21 at 100.00
|
AA–
|
5,313
|
|
|
Series 2012L, 5.000%, 7/01/36
|
|
|
|
|
820
|
Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System
|
7/23 at 100.00
|
BBB+
|
898,392
|
|
|
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+
|
1,082,290
|
|
2,200
|
5.000%, 7/01/44
|
7/23 at 100.00
|
BBB+
|
2,379,784
|
|
610
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care
|
1/27 at 100.00
|
A–
|
696,931
|
|
|
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
|
A–
|
409,244
|
|
1,095
|
5.000%, 7/01/44
|
7/27 at 100.00
|
A–
|
1,247,588
|
|
445
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care,
|
7/26 at 100.00
|
A–
|
510,210
|
|
|
Series 2016I, 5.000%, 7/01/36
|
|
|
|
|
25
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series
|
7/21 at 100.00
|
BBB+
|
26,816
|
|
|
2011H, 5.500%, 7/01/31
|
|
|
|
|
280
|
Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A,
|
1/29 at 100.00
|
BBB+
|
326,035
|
|
|
5.000%, 7/01/44
|
|
|
|
|
2,500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Dana-Farber
|
7/19 at 100.00
|
A1
|
2,521,350
|
|
|
Cancer Institute, Series 2008K, 5.000%, 12/01/37
|
|
|
|
|
1,495
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford
|
7/19 at 100.00
|
BB+
|
1,508,455
|
|
|
Regional Medical Center, Series 2007E, 5.000%, 7/15/32
|
|
|
|
|
39,425
|
Total Health Care
|
|
|
43,939,341
|
|
|
Housing/Multifamily – 0.5% (0.3% of Total Investments)
|
|
|
|
|
495
|
Boston Housing Authority, Massachusetts, Capital Program Revenue Bonds, Series 2008,
|
7/19 at 100.00
|
AA
|
496,396
|
|
|
5.000%, 4/01/20 – AGM Insured
|
|
|
|
|
215
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43
|
6/19 at 100.00
|
AA
|
217,474
|
|
710
|
Total Housing/Multifamily
|
|
|
713,870
|
|
|
Long-Term Care – 3.2% (2.1% 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
|
BB+
|
1,063,889
|
|
250
|
5.000%, 10/01/47, 144A
|
10/22 at 105.00
|
BB+
|
272,300
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Long-Term Care (continued)
|
|
|
|
|
$ 460
|
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community
|
7/25 at 100.00
|
A+
|
$ 523,264
|
|
|
Lennox, Series 2015, 5.000%, 7/01/31
|
|
|
|
|
285
|
Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village,
|
12/19 at 100.00
|
A–
|
290,244
|
|
|
Series 2010, 5.625%, 12/01/30
|
|
|
|
|
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series
|
1/23 at 100.00
|
BBB
|
1,102,100
|
|
|
2013A, 5.250%, 1/01/26
|
|
|
|
|
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc, Refunding
|
10/24 at 104.00
|
BBB+
|
1,117,910
|
|
|
Series 2019, 5.000%, 10/01/49
|
|
|
|
|
4,035
|
Total Long-Term Care
|
|
|
4,369,707
|
|
|
Tax Obligation/General – 16.5% (10.9% of Total Investments)
|
|
|
|
|
1,250
|
Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011,
|
2/20 at 100.00
|
AA
|
1,281,963
|
|
|
5.000%, 2/15/32
|
|
|
|
|
640
|
Massachusetts Bay Transportation Authority, General Obligation Transportation System
|
No Opt. Call
|
Aa1
|
684,294
|
|
|
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
|
1,622,640
|
|
|
8/01/21 – AGM Insured
|
|
|
|
|
2,000
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C,
|
7/25 at 100.00
|
Aa1
|
2,308,220
|
|
|
5.000%, 7/01/45
|
|
|
|
|
3,895
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F,
|
11/27 at 100.00
|
Aa1
|
4,620,522
|
|
|
5.000%, 11/01/46
|
|
|
|
|
4,000
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A,
|
1/29 at 100.00
|
Aa1
|
4,971,480
|
|
|
5.250%, 1/01/44
|
|
|
|
|
1,775
|
North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series
|
5/22 at 100.00
|
Aa2
|
1,941,051
|
|
|
2012, 5.000%, 5/15/35
|
|
|
|
|
1,760
|
Norwell, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 11/15/20 –
|
No Opt. Call
|
AAA
|
1,819,066
|
|
|
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
|
1,344,998
|
|
2,000
|
5.250%, 12/01/38
|
12/20 at 100.00
|
Aa2
|
2,107,340
|
|
20,100
|
Total Tax Obligation/General
|
|
|
22,701,574
|
|
|
Tax Obligation/Limited – 17.6% (11.5% of Total Investments)
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|
|
|
|
2,000
|
5.250%, 1/01/36
|
1/22 at 100.00
|
BB
|
2,101,620
|
|
1,310
|
5.125%, 1/01/42
|
1/22 at 100.00
|
BB
|
1,366,081
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1:
|
|
|
|
|
400
|
5.000%, 1/01/37
|
1/22 at 100.00
|
BB
|
416,912
|
|
1,115
|
5.000%, 1/01/42
|
1/22 at 100.00
|
BB
|
1,157,927
|
|
855
|
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014,
|
11/24 at 100.00
|
AA
|
992,416
|
|
|
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
|
598,685
|
|
|
5.000%, 5/01/35
|
|
|
|
|
1,000
|
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A,
|
7/22 at 100.00
|
AAA
|
1,092,090
|
|
|
5.000%, 7/01/41
|
|
|
|
|
770
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior
|
No Opt. Call
|
AA
|
831,238
|
|
|
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
|
1,803,570
|
|
|
5.000%, 5/01/44
|
|
|
|
|
1,000
|
Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B,
|
No Opt. Call
|
Aa2
|
1,148,290
|
|
|
5.375%, 5/01/23 – SYNCORA GTY Insured
|
|
|
|
NMT
|
Nuveen Massachusetts Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
May 31, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 855
|
Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B,
|
5/22 at 100.00
|
Aa2
|
$ 923,332
|
|
|
5.000%, 5/01/37
|
|
|
|
|
1,350
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior
|
8/25 at 100.00
|
AAA
|
1,581,417
|
|
|
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
|
2,083,069
|
|
|
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
|
1,071,470
|
|
|
2011B, 5.000%, 10/15/41
|
|
|
|
|
2,000
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated
|
2/28 at 100.00
|
AA+
|
2,433,080
|
|
|
Series 2018A, 5.250%, 2/15/48
|
|
|
|
|
1,070
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Refunding Series
|
No Opt. Call
|
A1
|
1,092,160
|
|
|
2005, 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+
|
1,733,775
|
|
|
2015A, 5.000%, 6/01/45
|
|
|
|
|
520
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
10/22 at 100.00
|
AA
|
565,396
|
|
|
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
|
1,087,300
|
|
|
2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
21,730
|
Total Tax Obligation/Limited
|
|
|
24,079,828
|
|
|
Transportation – 9.9% (6.5% of Total Investments)
|
|
|
|
|
400
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,
|
1/20 at 100.00
|
AA+
|
407,796
|
|
|
Commonwealth Contract Assistance Secured, Series 2010B, 5.000%, 1/01/35
|
|
|
|
|
2,500
|
Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%,
|
7/27 at 100.00
|
AA
|
2,923,150
|
|
|
7/01/47 (AMT)
|
|
|
|
|
1,000
|
Massachusetts Port Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/30
|
7/20 at 100.00
|
AA
|
1,036,950
|
|
1,000
|
Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/33
|
7/22 at 100.00
|
AA
|
1,095,860
|
|
|
Massachusetts Port Authority, Revenue Bonds, Series 2014A:
|
|
|
|
|
1,000
|
5.000%, 7/01/39
|
7/24 at 100.00
|
AA
|
1,143,870
|
|
2,500
|
5.000%, 7/01/44
|
7/24 at 100.00
|
AA
|
2,852,350
|
|
|
Massachusetts Port Authority, Revenue Bonds, Series 2015A:
|
|
|
|
|
715
|
5.000%, 7/01/40
|
7/25 at 100.00
|
AA
|
828,942
|
|
1,000
|
5.000%, 7/01/45
|
7/25 at 100.00
|
AA
|
1,154,730
|
|
1,400
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation,
|
7/19 at 100.00
|
A1
|
1,404,018
|
|
|
Series 2007, 5.000%, 7/01/32 – FGIC Insured (AMT)
|
|
|
|
|
730
|
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking
|
7/21 at 100.00
|
A+
|
772,603
|
|
|
Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41
|
|
|
|
|
12,245
|
Total Transportation
|
|
|
13,620,269
|
|
|
U.S. Guaranteed – 18.4% (12.0% of Total Investments) (5)
|
|
|
|
|
500
|
Boston Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding
|
11/19 at 100.00
|
AA+
|
507,295
|
|
|
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 (Pre-refunded
|
10/20 at 100.00
|
AA
|
2,701,466
|
|
|
10/01/20) – AGM Insured
|
|
|
|
|
2,000
|
Hampden-Wilbraham Regional School District, Hampden County, Massachusetts, General
|
2/21 at 100.00
|
Aa3
|
2,121,000
|
|
|
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
|
758,828
|
|
|
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
|
1,301,482
|
|
125
|
5.000%, 1/01/40 (Pre-refunded 1/01/20)
|
1/20 at 100.00
|
BBB+
|
127,596
|
|
467
|
Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue,
|
11/23 at 100.00
|
N/R
|
545,615
|
|
|
Series 2013A, 6.250%, 11/15/28, 144A (Pre-refunded 11/15/23)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|
$ 2,200
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System,
|
7/20 at 100.00
|
AA–
|
$ 2,289,826
|
|
|
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
|
1,065,028
|
|
|
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
|
1,072,510
|
|
|
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
|
Aa3
|
3,207,900
|
|
|
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
|
513,261
|
|
|
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
|
160,517
|
|
|
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 Healthcare
|
11/19 at 100.00
|
AA
|
508,270
|
|
|
Obligated Group, Series 2004D, 5.125%, 11/15/35 (Pre-refunded 11/15/19) – AGC Insured
|
|
|
|
|
410
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc,
|
7/21 at 100.00
|
N/R
|
433,669
|
|
|
Series 1998A, 5.000%, 7/01/25 (Pre-refunded 7/01/21) – NPFG Insured
|
|
|
|
|
2,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Children’s
|
12/19 at 100.00
|
Aa2
|
2,039,540
|
|
|
Hospital, Series 2009M, 5.500%, 12/01/39 (Pre-refunded 12/01/19)
|
|
|
|
|
335
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk
|
7/19 at 100.00
|
N/R
|
336,095
|
|
|
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
|
N/R
|
2,072,163
|
|
|
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+
|
1,606,005
|
|
|
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
|
N/R
|
1,068,163
|
|
|
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
|
757,217
|
|
|
Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured
|
|
|
|
|
24,087
|
Total U.S. Guaranteed
|
|
|
25,193,446
|
|
|
Utilities – 1.0% (0.7% of Total Investments)
|
|
|
|
|
1,265
|
Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts
|
7/23 at 100.00
|
A1
|
1,428,185
|
|
|
Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32
|
|
|
|
|
|
Water and Sewer – 8.0% (5.3% of Total Investments)
|
|
|
|
|
565
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
7/24 at 100.00
|
A–
|
626,969
|
|
|
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–
|
1,413,100
|
|
|
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–
|
464,835
|
|
|
2016, 5.000%, 1/01/46
|
|
|
|
|
415
|
Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A,
|
7/19 at 100.00
|
A1
|
416,141
|
|
|
5.000%, 12/01/32 – NPFG Insured
|
|
|
|
|
1,000
|
Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015,
|
2/24 at 100.00
|
AAA
|
1,128,210
|
|
|
5.000%, 2/01/45
|
|
|
|
|
60
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9,
|
7/19 at 100.00
|
AAA
|
60,167
|
|
|
5.000%, 8/01/22
|
|
|
|
|
140
|
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Series
|
7/19 at 100.00
|
AAA
|
140,408
|
|
|
2002A, 5.250%, 8/01/20
|
|
|
|
|
500
|
Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B,
|
8/26 at 100.00
|
AA+
|
592,750
|
|
|
5.000%, 8/01/40
|
|
|
|
|
1,000
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2002J, 5.250%,
|
No Opt. Call
|
AA+
|
1,006,170
|
|
|
8/01/19 – AGM Insured
|
|
|
|
NMT
|
Nuveen Massachusetts Quality Municipal Income Fund
|
|
Portfolio of Investments (continued)
|
|
May 31, 2019
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Water and Sewer (continued)
|
|
|
|
|
$ 1,230
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B,
|
8/27 at 100.00
|
AA+
|
$ 1,471,314
|
|
|
5.000%, 8/01/42
|
|
|
|
|
2,000
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2019B,
|
8/29 at 100.00
|
AA+
|
2,457,900
|
|
|
5.000%, 8/01/44
|
|
|
|
|
1,000
|
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series
|
4/27 at 100.00
|
AA
|
1,200,550
|
|
|
2017C, 5.000%, 4/15/37
|
|
|
|
|
9,580
|
Total Water and Sewer
|
|
|
10,978,514
|
|
$ 185,272
|
Total Long-Term Investments (cost $195,897,817)
|
|
|
209,118,358
|
|
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (53.7)% (6)
|
|
|
(73,729,267)
|
|
|
Other Assets Less Liabilities – 1.4%
|
|
|
1,892,297
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 137,281,388
|
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
(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. Ratings are not covered by the report of independent registered public accounting firm.
|
(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 35.3%.
|
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.
|
AMT
|
Alternative Minimum Tax.
|
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.
|
|
See accompanying notes to financial statements.
|
|
NTC
|
NMT
|
||||||
Assets
|
||||||||
Long-term investments, at value (cost $300,123,527 and $195,897,817, respectively)
|
$
|
315,501,773
|
$
|
209,118,358
|
||||
Cash
|
811,045
|
—
|
||||||
Receivable for:
|
||||||||
Interest
|
4,228,561
|
3,005,253
|
||||||
Investments sold
|
3,435,472
|
—
|
||||||
Other assets
|
20,784
|
9,448
|
||||||
Total assets
|
323,997,635
|
212,133,059
|
||||||
Liabilities
|
||||||||
Cash overdraft
|
—
|
564,312
|
||||||
Floating rate obligations
|
6,375,000
|
—
|
||||||
Payable for:
|
||||||||
Dividends
|
571,936
|
371,168
|
||||||
Interest
|
231,288
|
—
|
||||||
Investments purchased
|
1,003,583
|
—
|
||||||
Offering costs
|
55,236
|
—
|
||||||
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs
|
||||||||
(liquidation preference $112,000,000 and $—, respectively)
|
111,837,892
|
—
|
||||||
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs
|
||||||||
(liquidation preference $— and $74,000,000, respectively)
|
—
|
73,729,267
|
||||||
Accrued expenses:
|
||||||||
Management fees
|
165,042
|
111,327
|
||||||
Trustees fees
|
19,166
|
2,033
|
||||||
Other
|
64,379
|
73,564
|
||||||
Total liabilities
|
120,323,522
|
74,851,671
|
||||||
Net assets applicable to common shares
|
$
|
203,674,113
|
$
|
137,281,388
|
||||
Common shares outstanding
|
14,328,976
|
9,322,751
|
||||||
Net asset value (“NAV”) per common share outstanding
|
$
|
14.21
|
$
|
14.73
|
||||
Net assets applicable to common shares consist of:
|
||||||||
Common shares, $0.01 par value per share
|
$
|
143,290
|
$
|
93,228
|
||||
Paid-in surplus
|
198,144,646
|
129,293,907
|
||||||
Total distributable earnings
|
5,386,177
|
7,894,253
|
||||||
Net assets applicable to common shares
|
$
|
203,674,113
|
$
|
137,281,388
|
||||
Authorized shares:
|
||||||||
Common
|
Unlimited
|
Unlimited
|
||||||
Preferred
|
Unlimited
|
Unlimited
|
|
NTC
|
NMT
|
||||||
Investment Income
|
$
|
12,042,805
|
$
|
8,106,114
|
||||
Expenses
|
||||||||
Management fees
|
1,909,915
|
1,286,787
|
||||||
Interest expense and amortization of offering costs
|
2,838,700
|
1,713,702
|
||||||
Custodian fees
|
41,511
|
34,640
|
||||||
Trustees fees
|
9,302
|
6,216
|
||||||
Professional fees
|
35,557
|
138,043
|
||||||
Shareholder reporting expenses
|
24,727
|
2,318
|
||||||
Shareholder servicing agent fees
|
19,680
|
240
|
||||||
Stock exchange listing fees
|
6,809
|
6,810
|
||||||
Investor relations expenses
|
875
|
448
|
||||||
Other
|
36,528
|
41,758
|
||||||
Total expenses
|
4,923,604
|
3,230,962
|
||||||
Net investment income (loss)
|
7,119,201
|
4,875,152
|
||||||
Realized and Unrealized Gain (Loss)
|
||||||||
Net realized gain (loss) from investments
|
(411,390
|
)
|
(762,614
|
)
|
||||
Change in net unrealized appreciation (depreciation) of investments
|
8,157,107
|
4,696,560
|
||||||
Net realized and unrealized gain (loss)
|
7,745,717
|
3,933,946
|
||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
14,864,918
|
$
|
8,809,098
|
|
NTC
|
NMT
|
||||||||||||||
|
Year
|
Year(1)
|
Year
|
Year(1)
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
5/31/19
|
5/31/18
|
5/31/19
|
5/31/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
7,119,201
|
$
|
7,452,636
|
$
|
4,875,152
|
$
|
5,482,300
|
||||||||
Net realized gain (loss) from investments
|
(411,390
|
)
|
(450,839
|
)
|
(762,614
|
)
|
137,549
|
|||||||||
Change in net unrealized appreciation
|
||||||||||||||||
(depreciation) of investments
|
8,157,107
|
(6,611,292
|
)
|
4,696,560
|
(3,940,236
|
)
|
||||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
applicable to common shares
|
||||||||||||||||
from operations
|
14,864,918
|
390,505
|
8,809,098
|
1,679,613
|
||||||||||||
Distributions to Common Shareholders(2)
|
||||||||||||||||
Dividends(3)
|
(7,072,661
|
)
|
(7,654,756
|
)
|
(4,689,887
|
)
|
(5,861,517
|
)
|
||||||||
Decrease in net assets applicable to
|
||||||||||||||||
common shares from distributions
|
||||||||||||||||
to common shareholders
|
(7,072,661
|
)
|
(7,654,756
|
)
|
(4,689,887
|
)
|
(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
|
(1,115,508
|
)
|
(1,242,632
|
)
|
(305,767
|
)
|
—
|
|||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
applicable to common shares
|
||||||||||||||||
from capital share transactions
|
(1,115,508
|
)
|
(1,242,632
|
)
|
(305,767
|
)
|
10,822
|
|||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
applicable to common shares
|
6,676,749
|
(8,506,883
|
)
|
3,813,444
|
(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
|
$
|
203,674,113
|
$
|
196,997,364
|
$
|
137,281,388
|
$
|
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.
|
|
NTC
|
NMT
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
14,864,918
|
$
|
8,809,098
|
||||
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
|
(25,613,915
|
)
|
(34,586,361
|
)
|
||||
Proceeds from sales and maturities of investments
|
26,955,867
|
32,430,309
|
||||||
Taxes paid
|
(923
|
)
|
—
|
|||||
Amortization (Accretion) of premiums and discounts, net
|
2,520,951
|
1,457,472
|
||||||
Amortization of deferred offering costs
|
17,460
|
9,786
|
||||||
(Increase) Decrease in:
|
||||||||
Receivable for interest
|
211,817
|
(34,152
|
)
|
|||||
Receivable for investments sold
|
(3,300,472
|
)
|
—
|
|||||
Other assets
|
(724
|
)
|
(57
|
)
|
||||
Increase (Decrease) in:
|
||||||||
Payable for interest
|
6,398
|
—
|
||||||
Payable for investments purchased
|
1,003,583
|
—
|
||||||
Payable for offering costs
|
55,236
|
—
|
||||||
Accrued management fees
|
2,849
|
1,704
|
||||||
Accrued Trustees fees
|
750
|
(284
|
)
|
|||||
Accrued other expenses
|
(19,503
|
)
|
(31,867
|
)
|
||||
Net realized (gain) loss from investments
|
411,390
|
762,614
|
||||||
Change in net unrealized (appreciation) depreciation of investments
|
(8,157,107
|
)
|
(4,696,560
|
)
|
||||
Net cash provided by (used in) operating activities
|
8,958,575
|
4,121,702
|
||||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from borrowings
|
525,371
|
552,003
|
||||||
(Repayments) of borrowings
|
(525,371
|
)
|
(552,003
|
)
|
||||
(Payments for) deferred offering costs
|
(170,000
|
)
|
—
|
|||||
Proceeds from AMTP Shares issued, at liquidation preference
|
112,000,000
|
—
|
||||||
(Payments for) VMTP Shares redeemed, at liquidation preference
|
(112,000,000
|
)
|
—
|
|||||
Increase (Decrease) in cash overdraft
|
—
|
564,312
|
||||||
Cash distributions paid to common shareholders
|
(7,075,675
|
)
|
(4,771,180
|
)
|
||||
Cost of common shares repurchased and retired
|
(1,115,508
|
)
|
(305,767
|
)
|
||||
Net cash provided by (used in) financing activities
|
(8,361,183
|
)
|
(4,512,635
|
)
|
||||
Net Increase (Decrease) in Cash
|
597,392
|
(390,933
|
)
|
|||||
Cash at the beginning of period
|
213,653
|
390,933
|
||||||
Cash at the end of period
|
$
|
811,045
|
$
|
—
|
||||
Supplemental Disclosure of Cash Flow Information
|
NTC
|
NMT
|
||||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
2,832,302
|
$
|
1,713,702
|
Financial Highlights
|
|
|
|
|
Selected data for a common share outstanding throughout each period:
|
|
|
|
Investment Operations
|
Less Distributions to
Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accum-
ulated
Net
Realized
Gains
|
Total
|
Discount
Per
Share
Repurchased
and Retired
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||||||||||
NTC
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||||||||||||||||||
2019
|
$
|
13.65
|
$
|
0.50
|
$
|
0.54
|
$
|
1.04
|
$
|
(0.49
|
)
|
$
|
—
|
$
|
(0.49
|
)
|
$
|
0.01
|
$
|
14.21
|
$
|
13.13
|
||||||||||||||||||
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
|
|||||||||||||||||||||||||||
NMT
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||||||||||||||||||
2019
|
14.28
|
0.52
|
0.42
|
0.94
|
(0.50
|
)
|
—
|
(0.50
|
)
|
0.01
|
14.73
|
12.84
|
||||||||||||||||||||||||||||
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
|
(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)
|
||||||||||||||||
7.92
|
%
|
16.51
|
%
|
$
|
203,674
|
2.52
|
%
|
3.64
|
%
|
8
|
%
|
|||||||||||
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
|
|||||||||||||||||
6.87
|
5.80
|
137,281
|
2.45
|
3.70
|
16
|
|||||||||||||||||
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
|
(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
|
1.45%
|
2019
|
1.30%
|
|
2018
|
1.10
|
2018
|
1.00
|
|
2017
|
1.01
|
2017
|
0.83
|
|
2016
|
0.60
|
2016
|
0.58
|
|
2015
|
0.58
|
2015
|
0.86
|
(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.
|
Financial Highlights (continued)
|
|
|
|
|
|
AMTP Shares
at the End of Period
|
VMTP Shares
at the End of Period
|
VRDP Shares
at the End of Period
|
|||||||||||||||||||||
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
||||||||||||||||||
NTC
|
||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||
2019
|
$
|
112,000
|
$
|
281,852
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
2018
|
—
|
—
|
112,000
|
275,891
|
—
|
—
|
||||||||||||||||||
2017
|
—
|
—
|
112,000
|
283,486
|
—
|
—
|
||||||||||||||||||
2016
|
—
|
—
|
106,000
|
304,517
|
—
|
—
|
||||||||||||||||||
2015
|
—
|
—
|
106,000
|
296,773
|
—
|
—
|
||||||||||||||||||
NMT
|
||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||
2019
|
—
|
—
|
—
|
—
|
74,000
|
285,515
|
||||||||||||||||||
2018
|
—
|
—
|
—
|
—
|
74,000
|
280,362
|
||||||||||||||||||
2017
|
—
|
—
|
—
|
—
|
74,000
|
285,999
|
||||||||||||||||||
2016
|
—
|
—
|
74,000
|
293,776
|
—
|
—
|
||||||||||||||||||
2015(a)
|
—
|
—
|
74,000
|
285,311
|
—
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
|
2015
|
NMT
|
|
Series 2015 (NMT PRC)
|
|
Ending Market Value per Share
|
—
|
Average Market Value per Share
|
10.02Ω
|
Series 2016 (NMT PRD)
|
|
Ending Market Value per Share
|
—
|
Average Market Value per Share
|
10.03Ω
|
Series 2015 (NMT PRE) (b)
|
|
Ending Market Value per Share
|
—
|
Average Market Value per Share
|
10.00Δ
|
Series 2015-1 (NMT PRF) (b)
|
|
Ending Market Value per Share
|
—
|
Average Market Value per Share
|
10.00Δ
|
(b)
|
MTP Shares issued in connection with the reorganizations.
|
Ω
|
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.
|
·
|
Nuveen Connecticut Quality Municipal Income Fund (NTC)
|
·
|
Nuveen Massachusetts Quality Municipal Income Fund (NMT)
|
NTC
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
315,501,773
|
$
|
—
|
$
|
315,501,773
|
||||||||
NMT
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
209,118,358
|
$
|
—
|
$
|
209,118,358
|
*
|
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
|
2.08
|
%
|
—
|
%
|
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
|
||||||||||||||
|
Year
|
Year
|
Year
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
5/31/19
|
5/31/18
|
5/31/19
|
5/31/18
|
||||||||||||
Common shares:
|
||||||||||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
—
|
—
|
739
|
||||||||||||
Repurchased and retired
|
(99,200
|
)
|
(105,800
|
)
|
(26,148
|
)
|
—
|
|||||||||
Weighted average common share:
|
||||||||||||||||
Price per share repurchased and retired
|
$
|
11.23
|
$
|
11.73
|
$
|
11.67
|
—
|
|||||||||
Discount per share repurchased and retired
|
15.96
|
%
|
14.96
|
%
|
15.20
|
%
|
—
|
|
|
|
|
Liquidation
|
|
|
|
|
Preference
|
|
|
|
|
Net of
|
|
|
Shares
|
Liquidation
|
Deferred
|
Fund
|
Series
|
Outstanding
|
Preference
|
Offering Costs
|
NTC
|
2028
|
1,120
|
$112,000,000
|
$111,837,892
|
|
|
|
Term
|
Premium
|
|
Notice
|
|
Redemption
|
Expiration
|
Fund
|
Period
|
Series
|
Date
|
Date
|
NTC
|
540-day
|
2028
|
December 1, 2028*
|
February 13, 2019
|
|
||||
* Subject to early termination by either the Fund or the holder
|
|
NTC*
|
|||
Average liquidation preference of AMTP Shares outstanding
|
$
|
112,000,000
|
||
Annualized dividend rate
|
2.44
|
%
|
||
* For the period December 14, 2018 (first issuance of shares) through May 31, 2019
|
|
NTC*
|
|||
Average liquidation preference of VMTP Shares outstanding
|
$
|
112,000,000
|
||
Annualized dividend rate
|
2.37
|
%
|
||
* For the period June 1, 2018 through December 13, 2018.
|
|
|
|
|
Liquidation
|
|
|
|
|
|
|
Preference
|
|
|
|
|
Shares
|
Liquidation
|
Net of Deferred
|
Special Rate
|
|
Fund
|
Series
|
Outstanding
|
Preference
|
Offering Costs
|
Period Expiration
|
Maturity
|
NMT
|
1
|
740
|
$74,000,000
|
$73,729,267
|
March 1, 2047
|
March 1, 2047
|
|
NMT
|
|||
Average liquidation preference of VRDP Shares outstanding
|
$
|
74,000,000
|
||
Annualized dividend rate
|
2.30
|
%
|
|
Year Ended
May 31, 2019
|
||
NTC
|
Series
|
Shares
|
Amount
|
AMTP Shares issued
|
2028
|
1,120
|
$112,000,000
|
|
Year Ended
May 31, 2019
|
||
NTC
|
Series
|
Shares
|
Amount
|
VMTP Shares redeemed
|
2019
|
(1,120)
|
$(112,000,000)
|
|
NTC
|
NMT
|
||||||
Purchases
|
$
|
25,613,915
|
$
|
34,586,361
|
||||
Sales and maturities
|
26,955,867
|
32,430,309
|
|
NTC
|
NMT
|
||||||
Tax cost of investments
|
$
|
293,764,985
|
$
|
195,884,864
|
||||
Gross unrealized:
|
||||||||
Appreciation
|
$
|
15,420,453
|
$
|
13,250,600
|
||||
Depreciation
|
(58,681
|
)
|
(17,106
|
)
|
||||
Net unrealized appreciation (depreciation) of investments
|
$
|
15,361,772
|
$
|
13,233,494
|
|
NTC
|
NMT
|
||||||
Undistributed net tax-exempt income1
|
$
|
455,371
|
$
|
196,312
|
||||
Undistributed net ordinary income2
|
16,797
|
40,864
|
||||||
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, 2019, paid on June 3, 2019.
|
2 |
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
2019
|
NTC
|
NMT
|
||||||
Distributions from net tax-exempt income3
|
$
|
9,749,738
|
$
|
6,479,015
|
||||
Distributions from net ordinary income2
|
9,436
|
—
|
||||||
Distributions from net long-term capital gains
|
—
|
—
|
2018
|
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.
|
3 |
The Funds hereby designate these amounts paid during the fiscal year ended May 31, 2019 as Exempt Interest Dividends.
|
|
NTC
|
NMT
|
||||||
Not subject to expiration:
|
||||||||
Short-term
|
$
|
2,817,224
|
$
|
1,580,494
|
||||
Long-term
|
6,811,763
|
3,613,690
|
||||||
Total
|
$
|
9,628,987
|
$
|
5,194,184
|
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 May 31, 2019, the complex-level fee for each Fund was 0.1580%.
|
Inter-Fund Trades
|
NTC
|
NMT
|
||||||
Purchases
|
$
|
3,618,987
|
$
|
17,022,495
|
||||
Sales
|
3,534,556
|
12,641,791
|
|
NTC
|
NMT
|
||||||
Maximum outstanding balance
|
$
|
525,371
|
$
|
552,003
|
|
NTC
|
NMT
|
||||||
Average daily balance outstanding
|
$
|
525,371
|
$
|
552,003
|
||||
Average annual interest rate
|
3.50
|
%
|
3.50
|
%
|
|
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
|
Judith M. Stockdale
|
Carole E. Stone
|
Terence J. Toth
|
Margaret L Wolff
|
Robert L. Young
|
|
||||
* Interested Board Member.
|
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
|
99,200
|
26,148
|
·
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
·
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
·
|
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
|
·
|
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
·
|
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.
|
·
|
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
|
·
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
·
|
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
|
·
|
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
|
·
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
|
·
|
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
|
·
|
S&P Municipal Bond 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.
|
·
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
·
|
S&P Municipal Bond 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.
|
·
|
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
|
·
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
·
|
Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, repositioning funds, merging funds, reviewing and updating investment policies and benchmarks, modifying the composition of certain portfolio management teams and analyzing various data to help devise such improvements;
|
●
|
Capital Initiatives – continuing to invest capital to support new funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds;
|
|
|
●
|
Compliance Program Initiatives – continuing efforts to enhance the compliance program through, among other things, internally integrating various portfolio management teams and aligning compliance support accordingly, completing a comprehensive review of existing policies and procedures and revising such policies and procedures as appropriate, enhancing compliance-related technologies and workflows, and optimizing compliance shared services across the organization and affiliates;
|
|
|
●
|
Risk Management and Valuation Services - continuing efforts to strengthen the risk management functions, including through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates, increasing the efficiency of risk monitoring performed on the Nuveen funds through improved reporting, continuing to implement risk programs designed to provide a more disciplined and consistent approach to identifying and mitigating operational risks, continuing progress on implementing a liquidity program that complies with the new liquidity regulatory requirements and continuing to oversee the daily valuation process;
|
|
|
●
|
Additional Compliance Services – continuing investment of time and resources necessary to develop the compliance policies and procedures and other related tools necessary to meet the various new regulatory requirements affecting the Nuveen funds that have been adopted over recent years;
|
|
|
●
|
Government Relations – continuing efforts of various Nuveen teams and affiliates to advocate and communicate their positions with lawmakers and other regulatory bodies on issues that will impact the Nuveen funds;
|
|
|
●
|
Business Continuity, Disaster Recovery and Information Services – establishing an information security program to help identify and manage information security risks, periodically testing disaster recovery plans, maintaining and updating business continuity plans and providing reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, incident tracking and other relevant information technology risk-related reports;
|
|
|
●
|
Expanded Dividend Management Services – continuing to expand the services necessary to manage the dividends among the varying types of Nuveen funds that have developed as the Nuveen complex has grown in size and scope; and
|
|
|
●
|
with respect specifically to closed-end funds, such initiatives also included:
|
|
|
|
●● Leverage Management Services – continuing to actively manage leverage including developing new leverage instruments, refinancing existing leverage and negotiating reductions in associated leverage expenses;
|
|
|
|
●● Capital Management Services – ongoing capital management efforts through a share repurchase program as well as a shelf offering program that raises additional equity capital in seeking to enhance shareholder value;
|
|
|
|
●● Data and Market Analytics – continuing focus on analyzing data and market analytics to better understand the ownership cycles and secondary market experience of closed-end funds; and
|
|
|
|
●● Closed-end Fund Investor Relations Program – maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen closed-end fund product line.
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|
|
and Term(1)
|
Directorships
|
Overseen by
|
|
|
|
During Past 5 Years
|
Board Member
|
|
||||
Independent Board Members:
|
||||
|
||||
■ TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Chairman and
Board Member
|
2008
Class II
|
Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its Investment Committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004).
|
163
|
|
||||
■ JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
1999
Class III
|
Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a private philanthropic corporation; Director and Chairman, United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
163
|
|
||||
■ WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2003
Class I
|
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa(2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
|
163
|
|
||||
■ ALBIN F. MOSCHNER
1952
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2016
Class III
|
Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Chairman (since 2019), and Director (since 2012), USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999- 2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation.
|
163
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|
|
and Term(1)
|
Directorships
|
Overseen by
|
|
|
|
During Past 5 Years
|
Board Member
|
|
||||
Independent Board Members (continued):
|
||||
|
||||
■ JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2013
Class II
|
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; serves on The President’s Council, Fordham University (since 2010); and previously was a Director of The Curran Center for Catholic American Studies (2009-2018) formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
|
163
|
|
||||
■ JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
1997
Class I
|
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
163
|
|
||||
■ CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2007
Class I
|
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe, L.C. Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
|
163
|
|
||||
■ MARGARET L. WOLFF
1955
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2016
Class I
|
Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.
|
163
|
|
||||
■ ROBERT L. YOUNG(2)
1963
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2017
Class II
|
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director and various officer positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017).
|
161
|
Board Members & Officers (Unaudited) (continued)
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
|
Appointed
|
Including other
|
in Fund Complex
|
|
|
and Term(1)
|
Directorships
|
Overseen by
|
|
|
|
During Past 5 Years
|
Board Member
|
|
||||
Interested Board Member:
|
||||
|
||||
■ MARGO L. COOK(3)
1964
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Board Member
|
2016
Class III
|
President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; President, Global Products and Solutions (since 2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice President (since 2017) of Nuveen, LLC; President (since August 2017), formerly Co-President (2016- 2017), formerly, Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst.
|
163
|
Name, | |||
Year of Birth
|
Position(s) Held
|
Year First
|
Principal
|
& Address
|
with the Funds
|
Elected or Appointed(4)
|
During Occupation(s) Past 5 Years
|
|
|||
Officers of the Funds:
|
|||
|
|||
■ CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Chief
Administrative
Officer
|
2007
|
Senior Managing Director (since 2017), formerly, Managing Director (2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since 2017), formerly, Managing Director (2014-2017) of Nuveen Fund Advisors, LLC.
|
|
|||
■ NATHANIEL T. JONES
1979
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
and Treasurer
|
2016
|
Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen; Managing Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst.
|
|
|||
■ WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Chief Compliance
Officer and
Vice President
|
2003
|
Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen.
|
|
|||
■ DAVID J. LAMB
1963
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
|
2015
|
Managing Director (since 2017), formerly, Senior Vice President of Nuveen (since 2006), Vice President prior to 2006.
|
|
|||
■ TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
|
2002
|
Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC.
|
Name, | |||
Year of Birth
|
Position(s) Held
|
Year First
|
Principal
|
& Address
|
with the Funds
|
Elected or Appointed(4)
|
During Occupation(s) Past 5 Years
|
|
|||
Officers of the Funds (continued):
|
|||
|
|||
■ KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
and Assistant
Secretary
|
2007
|
Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC.
|
|
|||
■ WILLIAM T. MEYERS
1966
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2018
|
Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen, has held various positions with Nuveen since 1991.
|
|
|||
■ MICHAEL A. PERRY
1967
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
|
2017
|
Executive Vice President (since 2017), previously Managing Director from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative Investments, LLC; Executive Vice President (since 2017), formerly, Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, Managing Director (2010-2015) of UBS Securities, LLC.
|
|
|||
■ CHRISTOPHER M. ROHRBACHER
1971
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
and Assistant
Secretary
|
2008
|
Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC.
|
|
|||
■ WILLIAM A. SIFFERMANN
1975
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
|
2017
|
Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen.
|
|
|||
■ JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 6o6o6
|
Vice President
and Assistant
Secretary
|
2013
|
Fund Tax Director for Nuveen Funds (since 2013); previously,
Vice President of Morgan Stanley Investment Management, Inc.,
Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
|
|
|||
■ E. SCOTT WICKERHAM
1973
TIAA
730 Third Avenue
New York, NY 10017
|
Vice President
and Controller
|
2019
|
Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since
2019), formerly, Managing Director; Senior Managing Director (since 2019),
Nuveen Fund Advisers, LLC; Principal Financial Officer, Principal Accounting
Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life
Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the
CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015);
has held various positions with TIAA since 2006.
|
Name, | |||
Year of Birth
|
Position(s) Held
|
Year First
|
Principal
|
& Address
|
with the Funds
|
Elected or Appointed(4)
|
During Occupation(s) Past 5 Years
|
|
|||
Officers of the Funds (continued):
|
|||
|
|||
■ MARK L. WINGET
1968
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Assistant
Secretary
|
2008
|
Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008); Vice President (since 2010) and Associate General Counsel (since 2008) of Nuveen.
|
|
|||
■ GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
Secretary
|
1988
|
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst.
|
(1)
|
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
|
(2)
|
On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund.
|
(3)
|
“Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(4)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
Nuveen Securities, LLC member of FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
|
Audit Fees Billed
|
Audit-Related Fees
|
Tax Fees
|
All Other Fees
|
|||||||||||||
Fiscal Year Ended
|
to Fund 1
|
Billed to Fund 2
|
Billed to Fund 3
|
Billed to Fund 4
|
||||||||||||
May 31, 2019
|
$
|
24,610
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
May 31, 2018
|
$
|
24,610
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
|
||||
connection with statutory and regulatory filings or engagements.
|
||||
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
|
||||
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
|
||||
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
|
||||
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
|
||||
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
|
||||
represent all engagements pertaining to the Fund’s use of leverage.
|
Audit-Related Fees
|
Tax Fees Billed to
|
All Other Fees
|
|
Billed to Adviser and
|
Adviser and
|
Billed to Adviser
|
|
Affiliated Fund
|
Affiliated Fund
|
and Affiliated Fund
|
|
Fiscal Year Ended
|
Service Providers
|
Service Providers
|
Service Providers
|
May 31, 2019
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
May 31, 2018
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
Total Non-Audit Fees
|
||||
billed to Adviser and
|
||||
Affiliated Fund Service
|
Total Non-Audit Fees
|
|||
Providers (engagements
|
billed to Adviser and
|
|||
related directly to the
|
Affiliated Fund Service
|
|||
Total Non-Audit Fees
|
operations and financial
|
Providers (all other
|
||
Fiscal Year Ended
|
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
May 31, 2019
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
May 31, 2018
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
|
||||
amounts from the previous table.
|
||||
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
|
||||
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
|
Portfolio Manager
|
Type of Account
Managed |
Number of
Accounts |
Assets*
|
Michael Hamilton
|
Registered Investment Company
|
11
|
$2.55 billion
|
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
1
|
$27.5 million
|
* |
Assets are as of May 31, 2019. None of the assets in these accounts are subject to an advisory fee based on performance.
|
Name of Portfolio Manager
|
None
|
$1 - $10,000
|
$10,001-$50,000
|
$50,001-$100,000
|
$100,001-$500,000
|
$500,001-$1,000,000
|
Over $1,000,000
|
Michael Hamilton
|
X
|
Period*
|
(a)
TOTAL NUMBER OF SHARES (OR UNITS) PURCHASED |
(b)
AVERAGE PRICE PAID PER SHARE (OR UNIT) |
(c)
TOTAL NUMBER OF SHARES (OR UNITS) PURCHASED AS PART OF PUBLICLY ANNOUNCED PLANS OR PROGRAMS |
(d)*
MAXIMUM NUMBER (OR APPROXIMATE DOLLAR VALUE) OF SHARES (OR UNITS) THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS |
JUNE 1-30, 2018
|
0
|
0
|
0
|
935,000
|
JULY 1-31, 2018
|
0
|
0
|
0
|
935,000
|
AUGUST 1-31, 2018
|
0
|
0
|
0
|
935,000
|
SEPTEMBER 1-30, 2018
|
6,000
|
11.87
|
6,000
|
929,000
|
OCTOBER 1-31, 2018
|
19,900
|
11.62
|
19,900
|
909,100
|
NOVEMBER 1-30, 2018
|
0
|
0
|
0
|
909,100
|
DECEMBER 1-31, 2018
|
248
|
11.65
|
248
|
908,852
|
JANUARY 1-31, 2019
|
0
|
0
|
0
|
908,852
|
FEBRUARY 1-29, 2019
|
0
|
0
|
0
|
908,852
|
MARCH 1-31, 2019
|
0
|
0
|
0
|
908,852
|
APRIL 1-30, 2019
|
0
|
0
|
0
|
908,852
|
MAY 1-31, 2019
|
0
|
0
|
0
|
908,852
|
JUNE 1-30, 2019
|
0
|
0
|
0
|
908,852
|
TOTAL
|
26,148
|
(a)
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
(a)(4)
|
Change in the registrant’s independent public accountant. Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen Massachusetts Quality Municipal Income Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting 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; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen Massachusetts Quality Municipal Income Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting 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; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
The Form N-CSR of the Fund for the period ended May 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
1 |
NAM does not vote proxies where a client withholds proxy voting authority, and in certain non-discretionary and model programs NAM votes proxies in accordance with its Policies in effect from time to time. Clients may opt to vote proxies themselves, or to have proxies voted by an independent third party or other named fiduciary or agent, at the client’s cost.
|
1. |
NAM believe that most conflicts of interest faced by NAM in voting proxies can be avoided by voting in accordance with the Policies. Examples of such conflicts of interest are as follows:2
|
a.
|
The issuer or proxy proponent (e.g., a special interest group) is TIAA-CREF, the ultimate principal owner of NAM, or any of its affiliates.
|
b.
|
The issuer is an entity in which an executive officer of NAM or a spouse or domestic partner of any such executive officer is or was (within the past three years of the proxy vote) an executive officer or director.
|
c.
|
The issuer is a registered or unregistered fund or other client for which NAM or another affiliated adviser has a material relationship as investment adviser or sub-adviser (e.g., Nuveen Funds and TIAA Funds) or an institutional separate account.
|
d.
|
Any other circumstances that NAM is aware of where NAM’s duty to serve its clients’ interests, typically referred to as its “duty of loyalty,” could be materially compromised.
|
2 |
A conflict of interest shall not be considered material for the purposes of these Policies and Procedures with respect to a specific vote or circumstance if the matter to be voted on relates to a restructuring of the terms of existing securities or the issuance of new securities or a similar matter arising out of the holding of securities, other than common equity, in the context of a bankruptcy or threatened bankruptcy of the issuer.
|
2. |
To further minimize this risk, Compliance will review ISS’ conflict avoidance policy at least annually to ensure that it adequately addresses both the actual and perceived conflicts of interest ISS may face.
|
3. |
In the event that ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote. The PVC shall receive voting direction from appropriate investment personnel. Before doing so, the PVC will consult with Legal to confirm that NAM faces no material conflicts of its own with respect to the specific proxy vote.
|
4. |
Where ISS is determined to have a conflict of interest, or NAM determines to override the Policies and is determined to have a conflict, the PVC will recommend to NAM’s Compliance Committee or designee a course of action designed to address the conflict. Such actions could include, but are not limited to:
|
a. |
Obtaining instructions from the affected client(s) on how to vote the proxy;
|
b. |
Disclosing the conflict to the affected client(s) and seeking their consent to permit NAM to vote the proxy;
|
c. |
Voting in proportion to the other shareholders;
|
e.
|
Recusing the individual with the actual or potential conflict of interest from all discussion or consideration of the matter, if the material conflict is due to such person’s actual or potential conflict of interest; or
|
f.
|
Following the recommendation of a different independent third party.
|
5. |
In addition to all of the above-mentioned and other conflicts, the Head of Equity Research, NGO and any member of the PVC must notify NAM’s Chief Compliance Officer (“CCO”) of any direct, indirect or perceived improper influence exerted by any employee, officer or director of TIAA or its subsidiaries with regard to how NAM should vote proxies. NAM Compliance will investigate any such allegations and will report the findings to the PVC and, if deemed appropriate, to NAM’s Compliance Committee. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action, notification of the appropriate senior managers, or notification of the appropriate regulatory authorities. In all cases, NAM will not consider any improper influence in determining how to vote proxies, and will vote in the best interests of clients.
|
1. |
In order to generate incremental revenue, some clients may participate in a securities lending program. If a client has elected to participate in the lending program then it will not have the right to vote the proxies of any securities that are on loan as of the shareholder meeting record date. A client, or a Portfolio Manager, may place restrictions on loaning securities and/or recall a security on loan at any time. Such actions must be affected prior to the record date for a meeting if the purpose for the restriction or recall is to secure the vote.
|
2. |
Portfolio Managers and/or analysts who become aware of upcoming proxy issues relating to any securities in portfolios they manage, or issuers they follow, will consider the desirability of recalling the affected securities that are on loan or restricting the affected securities prior to the record date for the matter. If the proxy issue is determined to be material, and the determination is made prior to the shareholder meeting record date the Portfolio Manager(s) will contact the Securities Lending Agent to recall securities on loan or restrict the loaning of any security held in any portfolio they manage, if they determine that it is in the best interest of shareholders to do so.
|
J. |
Review and Reports.
|
1. |
The PVC shall maintain a review schedule. The schedule shall include reviews of the Policies and the policies of any Sub-adviser engaged by NAM, the proxy voting record, account maintenance, and other reviews as deemed appropriate by the PVC. The PVC shall review the schedule at least annually.
|
2. |
The PVC will report to NAM’s Compliance Committee with respect to all identified conflicts and how they were addressed. These reports will include all accounts, including those that are sub‑advised. NAM also shall provide the Funds that it sub-advises with information necessary for preparing Form N-PX.
|
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