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
|
16
|
Report of Independent Registered Public Accounting Firm
|
17
|
Portfolios of Investments
|
18
|
Statement of Assets and Liabilities
|
31
|
Statement of Operations
|
32
|
Statement of Changes in Net Assets
|
33
|
Statement of Cash Flows
|
34
|
Financial Highlights
|
36
|
Notes to Financial Statements
|
39
|
Additional Fund Information
|
50
|
Glossary of Terms Used in this Report
|
51
|
Reinvest Automatically, Easily and Conveniently
|
53
|
Annual Investment Management Agreement Approval Process
|
54
|
Board Members & Officers
|
62
|
NUVEEN
|
3
|
4
|
NUVEEN
|
NUVEEN
|
5
|
6
|
NUVEEN
|
NUVEEN
|
7
|
8
|
NUVEEN
|
NUVEEN
|
9
|
NTC
|
NMT
|
||||||
Effective Leverage*
|
36.36%
|
36.19%
|
|||||
Regulatory Leverage*
|
32.84%
|
34.04%
|
*
|
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. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
|
VMTP Shares
|
|||||||
Shares Issued at
|
|||||||
Series
|
Liquidation Value
|
||||||
NTC
|
2017
|
$
|
106,000,000
|
||||
NMT
|
2017
|
$
|
74,000,000
|
10
|
NUVEEN
|
Per Common
|
|||||||
Share Amounts
|
|||||||
Monthly Distributions (Ex-Dividend Date)
|
NTC
|
NMT
|
|||||
June 2015
|
0.0570
|
0.0590
|
|||||
July
|
0.0570
|
0.0590
|
|||||
August
|
0.0570
|
0.0590
|
|||||
September
|
0.0570
|
0.0590
|
|||||
October
|
0.0570
|
0.0590
|
|||||
November
|
0.0570
|
0.0590
|
|||||
December
|
0.0570
|
0.0590
|
|||||
January
|
0.0570
|
0.0590
|
|||||
February
|
0.0570
|
0.0590
|
|||||
March
|
0.0570
|
0.0590
|
|||||
April
|
0.0570
|
0.0590
|
|||||
May 2016
|
0.0570
|
0.0590
|
|||||
Total Monthly Per Share Distributions
|
$
|
0.6840
|
$
|
0.7080
|
|||
Ordinary Income Distribution*
|
$
|
0.0023
|
$
|
0.0015
|
|||
Total Distributions from Net Investment Income
|
$
|
0.6863
|
$
|
0.7095
|
|||
Yields
|
|||||||
Market Yield**
|
5.05
|
%
|
4.72
|
%
|
|||
Taxable-Equivalent Yield**
|
7.46
|
%
|
6.91
|
%
|
*
|
Distribution paid in December 2015
|
**
|
Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.3% and 31.7% for Connecticut and Massachusetts, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.
|
NUVEEN
|
11
|
NTC
|
NMT
|
||||||
Common shares cumulatively repurchased and retired
|
155,000
|
—
|
|||||
Common shares authorized for repurchase
|
1,460,000
|
935,000
|
NTC
|
NMT
|
||||||
Common share NAV
|
$
|
14.92
|
$
|
15.34
|
|||
Common share price
|
$
|
13.54
|
$
|
14.99
|
|||
Premium/(Discount) to NAV
|
(9.25
|
)%
|
(2.28
|
)%
|
|||
12-month average premium/(discount) to NAV
|
(12.52
|
)%
|
(6.99
|
)%
|
12
|
NUVEEN
|
NUVEEN
|
13
|
NTC
|
|
Nuveen Connecticut Premium Income Municipal Fund
|
|
Performance Overview and Holding Summaries as of May 31, 2016
|
Average Annual
|
|||||||
1-Year
|
5-Year
|
10-Year
|
|||||
NTC at Common Share NAV
|
8.97%
|
5.93%
|
5.32%
|
||||
NTC at Common Share Price
|
13.19%
|
6.04%
|
5.03%
|
||||
S&P Municipal Bond Connecticut Index
|
4.85%
|
3.58%
|
4.10%
|
||||
S&P Municipal Bond Index
|
5.72%
|
5.23%
|
4.84%
|
||||
Lipper Other States Municipal Debt Funds Classification Average
|
9.26%
|
7.66%
|
5.82%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
154.0%
|
Other Assets Less Liabilities
|
0.8%
|
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Preference
|
154.8%
|
Floating Rate Obligations
|
(5.9)%
|
VMTP Shares, at Liquidation Preference
|
(48.9)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Health Care
|
22.2%
|
Education and Civic Organizations
|
17.5%
|
Tax Obligation/General
|
17.1%
|
Tax Obligation/Limited
|
13.3%
|
U.S. Guaranteed
|
12.5%
|
Water and Sewer
|
10.7%
|
Other
|
6.7%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
19.6%
|
AA
|
51.3%
|
A
|
23.9%
|
BBB
|
2.4%
|
N/R (not rated)
|
2.8%
|
Total
|
100%
|
14
|
NUVEEN
|
NMT
|
|
Nuveen Massachusetts Premium Income Municipal Fund
|
|
Performance Overview and Holding Summaries as of May 31, 2016
|
Average Annual
|
|||||||
1-Year
|
5-Year
|
10-Year
|
|||||
NMT at Common Share NAV
|
9.64%
|
6.72%
|
5.77%
|
||||
NMT at Common Share Price
|
20.01%
|
7.44%
|
5.87%
|
||||
S&P Municipal Bond Massachusetts Index
|
5.69%
|
4.68%
|
4.90%
|
||||
S&P Municipal Bond Index
|
5.72%
|
5.23%
|
4.84%
|
||||
Lipper Other States Municipal Debt Funds Classification Average
|
9.26%
|
7.66%
|
5.82%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
149.6%
|
Other Assets Less Liabilities
|
2.0%
|
Net Assets Plus VMTP Shares, at Liquidation Preference
|
151.6%
|
VMTP Shares, at Liquidation Preference
|
(51.6)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Education and Civic Organizations
|
27.6%
|
Health Care
|
17.5%
|
U.S. Guaranteed
|
13.4%
|
Tax Obligation/Limited
|
11.1%
|
Tax Obligation/General
|
10.4%
|
Transportation
|
6.0%
|
Other
|
14.0%
|
Total
|
100%
|
Credit Quality
|
|
(% of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
16.7%
|
AA
|
47.3%
|
A
|
26.3%
|
BBB
|
5.7%
|
BB or Lower
|
2.1%
|
N/R (not rated)
|
1.9%
|
Total
|
100%
|
NUVEEN
|
15
|
NTC
|
|||||||
Common and
|
|||||||
Preferred
|
|||||||
shares
|
|||||||
voting together
|
Preferred
|
||||||
as a class
|
Shares
|
||||||
Approval of the Board Members was reached as follows:
|
|||||||
William C. Hunter
|
|||||||
For
|
—
|
1,060
|
|||||
Withhold
|
—
|
—
|
|||||
Total
|
—
|
1,060
|
|||||
William J. Schneider
|
|||||||
For
|
—
|
1,060
|
|||||
Withhold
|
—
|
—
|
|||||
Total
|
—
|
1,060
|
|||||
Judith M. Stockdale
|
|||||||
For
|
12,038,578
|
—
|
|||||
Withhold
|
383,781
|
—
|
|||||
Total
|
12,422,359
|
—
|
|||||
Carole E. Stone
|
|||||||
For
|
12,054,493
|
—
|
|||||
Withhold
|
367,866
|
—
|
|||||
Total
|
12,422,359
|
—
|
|||||
Margaret L. Wolff
|
|||||||
For
|
12,031,585
|
—
|
|||||
Withhold
|
390,774
|
—
|
|||||
Total
|
12,422,359
|
—
|
16
|
NUVEEN
|
NUVEEN
|
17
|
NTC
|
||
Nuveen Connecticut Premium Income Municipal Fund
|
||
Portfolio of Investments
|
May 31, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 154.0% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 154.0% (100.0% of Total Investments)
|
||||||||||
Education and Civic Organizations – 27.0% (17.5% of Total Investments)
|
||||||||||
$
|
840
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Chase Collegiate School, Series 2007A, 5.000%, 7/01/27 – RAAI Insured
|
7/17 at 100.00
|
AA
|
$
|
873,692
|
||||
1,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut College, Series 2007G, 4.500%, 7/01/37 – NPFG Insured
|
7/17 at 100.00
|
AA–
|
1,018,640
|
||||||
1,150
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut College, Series 2011H, 5.000%, 7/01/41
|
7/21 at 100.00
|
A2
|
1,314,761
|
||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2010-O:
|
||||||||||
800
|
5.000%, 7/01/35
|
7/20 at 100.00
|
A–
|
903,376
|
||||||
4,000
|
5.000%, 7/01/40
|
7/20 at 100.00
|
A–
|
4,516,880
|
||||||
1,065
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2016Q-1, 5.000%, 7/01/46
|
7/26 at 100.00
|
A–
|
1,255,220
|
||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Loomis Chaffee School, Series 2005F:
|
||||||||||
440
|
5.250%, 7/01/18 – AMBAC Insured
|
No Opt. Call
|
A2
|
477,501
|
||||||
1,510
|
5.250%, 7/01/19 – AMBAC Insured
|
No Opt. Call
|
A2
|
1,693,586
|
||||||
1,125
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Norwich Free Academy, Series 2013B, 4.000%, 7/01/34
|
7/23 at 100.00
|
A1
|
1,220,963
|
||||||
7,030
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 5.000%, 7/01/45
|
7/25 at 100.00
|
A–
|
8,134,413
|
||||||
260
|
5.000%, 7/01/34
|
7/26 at 100.00
|
A–
|
309,439
|
||||||
1,650
|
5.000%, 7/01/35
|
7/26 at 100.00
|
A–
|
1,955,778
|
||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G:
|
||||||||||
250
|
5.125%, 7/01/26
|
7/21 at 100.00
|
BBB+
|
283,440
|
||||||
3,260
|
5.625%, 7/01/41
|
7/21 at 100.00
|
BBB+
|
3,686,864
|
||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H:
|
||||||||||
1,500
|
5.000%, 7/01/26 – AGM Insured
|
7/22 at 100.00
|
AA
|
1,744,410
|
||||||
1,000
|
5.000%, 7/01/28 – AGM Insured
|
7/22 at 100.00
|
AA
|
1,152,750
|
||||||
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
|
A2
|
650,076
|
||||||
225
|
5.000%, 7/01/24 – AGM Insured
|
7/21 at 100.00
|
A2
|
262,085
|
||||||
17,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-3, 5.050%, 7/01/42 (UB) (4)
|
7/17 at 100.00
|
AAA
|
17,764,490
|
||||||
5,580
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut State University System, Series 2013N, 5.000%, 11/01/31
|
11/23 at 100.00
|
AA–
|
6,814,463
|
||||||
515
|
University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/27
|
11/19 at 100.00
|
Aa2
|
579,926
|
||||||
1,500
|
University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2012A, 5.000%, 11/15/29
|
No Opt. Call
|
Aa2
|
1,814,940
|
||||||
52,260
|
Total Education and Civic Organizations
|
58,427,693
|
18
|
NUVEEN
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care – 34.2% (22.2% of Total Investments)
|
||||||||||
$
|
5,500
|
Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford HealthCare, Series 2015F, 5.000%, 7/01/45
|
7/25 at 100.00
|
A
|
$
|
6,314,605
|
||||
4,540
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Series 2010A, 5.000%, 11/15/40
|
11/19 at 100.00
|
AA+
|
5,052,021
|
||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol Hospital, Series 2002B:
|
||||||||||
560
|
5.500%, 7/01/21 – RAAI Insured
|
8/16 at 100.00
|
AA
|
561,747
|
||||||
3,000
|
5.500%, 7/01/32 – RAAI Insured
|
8/16 at 100.00
|
AA
|
3,006,390
|
||||||
1,010
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Catholic Health East Series 2010, 4.750%, 11/15/29
|
11/20 at 100.00
|
AA
|
1,120,322
|
||||||
200
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Danbury Hospital, Series 2006H, 4.500%, 7/01/33 – AMBAC Insured
|
8/16 at 100.00
|
A
|
200,256
|
||||||
20
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2000A, 6.125%, 7/01/20 – RAAI Insured
|
8/16 at 100.00
|
AA
|
20,081
|
||||||
840
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2005, 5.000%, 7/01/25 – RAAI Insured
|
8/16 at 100.00
|
AA
|
841,831
|
||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, Series 2005B:
|
||||||||||
1,970
|
5.000%, 7/01/20 – RAAI Insured
|
8/16 at 100.00
|
A3
|
1,975,240
|
||||||
1,050
|
5.000%, 7/01/23 – RAAI Insured
|
8/16 at 100.00
|
A3
|
1,052,457
|
||||||
7,025
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41
|
7/21 at 100.00
|
A
|
7,782,225
|
||||||
500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2014E, 5.000%, 7/01/42
|
No Opt. Call
|
A
|
574,970
|
||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital For Special Care, Series 2007C:
|
||||||||||
1,065
|
5.250%, 7/01/32 – RAAI Insured
|
7/17 at 100.00
|
AA
|
1,109,155
|
||||||
300
|
5.250%, 7/01/37 – RAAI Insured
|
7/17 at 100.00
|
AA
|
311,676
|
||||||
2,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and Memorial Hospitals, Series 2011F, 5.000%, 7/01/36
|
7/21 at 100.00
|
A
|
2,220,600
|
||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2011N:
|
||||||||||
1,105
|
5.000%, 7/01/25
|
7/21 at 100.00
|
A2
|
1,254,728
|
||||||
400
|
5.000%, 7/01/26
|
7/21 at 100.00
|
A2
|
452,864
|
||||||
500
|
5.000%, 7/01/27
|
7/21 at 100.00
|
A2
|
563,130
|
||||||
1,915
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2015O, 5.000%, 7/01/36
|
7/25 at 100.00
|
A2
|
2,224,943
|
||||||
1,275
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2010-I, 5.000%, 7/01/30
|
7/20 at 100.00
|
A
|
1,429,301
|
||||||
7,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2012J, 5.000%, 7/01/42
|
7/22 at 100.00
|
A
|
7,762,720
|
||||||
2,600
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016 CT, 5.000%, 12/01/45
|
6/26 at 100.00
|
AA
|
3,083,418
|
||||||
3,905
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011M, 5.375%, 7/01/41
|
7/21 at 100.00
|
A
|
4,416,789
|
||||||
4,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 5.000%, 7/01/29
|
7/21 at 100.00
|
A
|
4,504,000
|
||||||
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
|
Aa3
|
3,152,723
|
||||||
2,740
|
5.000%, 7/01/33
|
7/24 at 100.00
|
Aa3
|
3,300,741
|
||||||
900
|
5.000%, 7/01/34
|
7/24 at 100.00
|
Aa3
|
1,080,504
|
NUVEEN
|
19
|
NTC
|
Nuveen Connecticut Premium Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
May 31, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
$
|
7,475
|
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
|
2/21 at 100.00
|
AA
|
$
|
8,757,860
|
||||
66,005
|
Total Health Care
|
74,127,297
|
||||||||
Housing/Single Family – 1.8% (1.2% of Total Investments)
|
||||||||||
3,900
|
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, 4.650%, 11/15/27
|
8/16 at 100.00
|
AAA
|
3,907,449
|
||||||
Long-Term Care – 2.0% (1.2% of Total Investments)
|
||||||||||
1,100
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc., Series 2014A, 5.000%, 8/01/44
|
8/24 at 100.00
|
BBB–
|
1,159,851
|
||||||
100
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A, 5.000%, 9/01/46
|
9/26 at 100.00
|
BB
|
107,710
|
||||||
1,500
|
Connecticut Housing Finance Authority, Special Needs Housing Mortgage Finance Program Special Obligation Bonds, Series 2002SNH-1, 5.000%, 6/15/32 – AMBAC Insured
|
8/16 at 100.00
|
N/R
|
1,501,905
|
||||||
1,285
|
Connecticut Housing Finance Authority, State Supported Special Obligation Bonds, Refunding Series 2010-16, 5.000%, 6/15/30
|
6/20 at 100.00
|
AA–
|
1,457,910
|
||||||
3,985
|
Total Long-Term Care
|
4,227,376
|
||||||||
Tax Obligation/General – 26.3% (17.1% 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
|
2,749,137
|
||||||
1,600
|
5.000%, 7/01/34 – AGM Insured
|
7/24 at 100.00
|
AA
|
1,861,824
|
||||||
5,100
|
Connecticut State, General Obligation Bonds, Green Series 2014G, 5.000%, 11/15/31
|
11/24 at 100.00
|
AA–
|
6,126,528
|
||||||
2,100
|
Connecticut State, General Obligation Bonds, Refunding Series 2006E, 5.000%, 12/15/20
|
12/16 at 10.00
|
AA–
|
2,153,403
|
||||||
2,290
|
Connecticut State, General Obligation Bonds, Refunding Series 2012E, 5.000%, 9/15/32
|
9/22 at 100.00
|
AA–
|
2,680,743
|
||||||
2,740
|
Connecticut State, General Obligation Bonds, Refunding Series 2016B, 5.000%, 5/15/27 (WI/DD, Settling 6/14/16)
|
5/26 at 100.00
|
AA
|
3,374,063
|
||||||
1,000
|
Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31
|
11/21 at 100.00
|
AA–
|
1,162,930
|
||||||
2,600
|
Connecticut State, General Obligation Bonds, Series 2014A, 5.000%, 3/01/31
|
3/24 at 100.00
|
AA–
|
3,083,470
|
||||||
3,500
|
Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34
|
11/24 at 100.00
|
AA–
|
4,160,205
|
||||||
2,630
|
Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34
|
11/25 at 100.00
|
AA–
|
3,143,902
|
||||||
100
|
Greenwich, Connecticut, General Obligation Bonds, Refunding Series 2016, 4.000%, 7/15/33
|
7/24 at 100.00
|
Aaa
|
113,160
|
||||||
1,000
|
Hartford, Connecticut, General Obligation Bonds, Refunding Series 2013A, 5.000%, 4/01/31
|
4/23 at 100.00
|
A+
|
1,127,310
|
||||||
870
|
Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28
|
8/19 at 100.00
|
AA
|
958,044
|
||||||
2,000
|
Hartford, Connecticut, General Obligation Bonds, Series 2013B, 5.000%, 4/01/33
|
4/23 at 100.00
|
A+
|
2,251,980
|
||||||
2,150
|
New Haven, Connecticut, General Obligation Bonds, Refunding Series 2006, 5.000%, 11/01/17 – AMBAC Insured
|
11/16 at 100.00
|
A–
|
2,189,668
|
||||||
985
|
New Haven, Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 8/01/33 – AGM Insured
|
8/24 at 100.00
|
AA
|
1,166,654
|
||||||
New Haven, Connecticut, General Obligation Bonds, Series 2015:
|
||||||||||
790
|
5.000%, 9/01/32 – AGM Insured
|
9/25 at 100.00
|
AA
|
947,842
|
||||||
1,620
|
5.000%, 9/01/33 – AGM Insured
|
9/25 at 100.00
|
AA
|
1,939,237
|
||||||
500
|
5.000%, 9/01/35 – AGM Insured
|
9/25 at 100.00
|
AA
|
594,455
|
||||||
900
|
North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24
|
No Opt. Call
|
Aa1
|
1,125,369
|
||||||
3,890
|
Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G, 5.000%, 8/01/36
|
8/21 at 100.00
|
AA+
|
4,529,283
|
||||||
2,500
|
Stamford, Connecticut, General Obligation Bonds, Refunding Series 2014, 3.000%, 8/15/22
|
8/21 at 100.00
|
AAA
|
2,717,400
|
||||||
600
|
Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/32
|
12/22 at 100.00
|
AA
|
722,862
|
20
|
NUVEEN
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
Suffield, Connecticut, General Obligation Bonds, Refunding Series 2005:
|
||||||||||
$
|
800
|
5.000%, 6/15/17
|
No Opt. Call
|
AA+
|
$
|
836,016
|
||||
820
|
5.000%, 6/15/19
|
No Opt. Call
|
AA+
|
920,122
|
||||||
1,400
|
5.000%, 6/15/21
|
No Opt. Call
|
AA+
|
1,661,828
|
||||||
Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015:
|
||||||||||
445
|
5.000%, 8/01/30 – BAM Insured
|
8/25 at 100.00
|
AA
|
535,789
|
||||||
390
|
5.000%, 8/01/31 – BAM Insured
|
8/25 at 100.00
|
AA
|
467,298
|
||||||
610
|
5.000%, 8/01/32 – BAM Insured
|
8/25 at 100.00
|
AA
|
728,151
|
||||||
445
|
5.000%, 8/01/33 – BAM Insured
|
8/25 at 100.00
|
AA
|
530,396
|
||||||
445
|
5.000%, 8/01/34 – BAM Insured
|
8/25 at 100.00
|
AA
|
528,001
|
||||||
49,165
|
Total Tax Obligation/General
|
57,087,070
|
||||||||
Tax Obligation/Limited – 20.5% (13.3% of Total Investments)
|
||||||||||
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2014A:
|
||||||||||
3,835
|
5.000%, 9/01/33
|
9/24 at 100.00
|
AA
|
4,644,185
|
||||||
1,000
|
5.000%, 9/01/34
|
9/24 at 100.00
|
AA
|
1,206,810
|
||||||
2,500
|
Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2012A, 5.000%, 1/01/33
|
No Opt. Call
|
AA
|
2,953,675
|
||||||
3,855
|
Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2013A, 5.000%, 10/01/33
|
10/23 at 100.00
|
AA
|
4,628,467
|
||||||
1,380
|
Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2015A, 5.000%, 8/01/33
|
8/25 at 100.00
|
AA
|
1,672,353
|
||||||
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
||||||||||
840
|
5.250%, 1/01/36
|
1/22 at 100.00
|
A
|
952,174
|
||||||
3,200
|
5.125%, 1/01/42
|
1/22 at 100.00
|
A
|
3,570,624
|
||||||
3,000
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39
|
4/20 at 100.00
|
N/R
|
3,545,160
|
||||||
1,500
|
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
|
8/16 at 100.00
|
AA
|
1,522,575
|
||||||
2,550
|
Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/01/16 – AGM Insured
|
No Opt. Call
|
AA
|
2,558,492
|
||||||
2,600
|
University of Connecticut, General Obligation Bonds, Series 2010A, 5.000%, 2/15/28
|
2/20 at 100.00
|
AA–
|
2,936,310
|
||||||
University of Connecticut, General Obligation Bonds, Series 2013A:
|
||||||||||
2,290
|
5.000%, 8/15/20
|
No Opt. Call
|
AA–
|
2,631,096
|
||||||
2,500
|
5.000%, 8/15/32
|
8/23 at 100.00
|
AA–
|
3,027,025
|
||||||
760
|
University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31
|
2/24 at 100.00
|
AA–
|
907,668
|
||||||
1,415
|
University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 2/15/34
|
No Opt. Call
|
AA–
|
1,686,496
|
||||||
1,355
|
University of Connecticut, General Obligation Bonds, Series 2016A, 5.000%, 3/15/32
|
3/26 at 100.00
|
AA–
|
1,646,162
|
||||||
1,790
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
No Opt. Call
|
AA
|
1,999,179
|
||||||
2,150
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29
|
10/20 at 100.00
|
BBB
|
2,355,476
|
||||||
38,520
|
Total Tax Obligation/Limited
|
44,443,927
|
||||||||
Transportation – 0.2% (0.2% of Total Investments)
|
||||||||||
450
|
Virgin Islands Port Authority, Marine Revenue Bonds, Refunding Series 2014B, 5.000%, 9/01/44
|
9/24 at 100.00
|
BBB+
|
504,491
|
||||||
U.S. Guaranteed – 19.3% (12.5% of Total Investments) (5)
|
||||||||||
Connecticut Health and Educational Facilities Authority, Child Care Facilities Program Revenue Bonds, Series 2006F:
|
||||||||||
2,525
|
5.000%, 7/01/31 (Pre-refunded 7/01/16) – AGC Insured
|
7/16 at 100.00
|
AA (5)
|
2,534,267
|
||||||
1,930
|
5.000%, 7/01/36 (Pre-refunded 7/01/16) – AGC Insured
|
7/16 at 100.00
|
AA (5)
|
1,937,083
|
||||||
4,405
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25 (Pre-refunded 7/01/17) – NPFG Insured
|
7/17 at 100.00
|
AA– (5)
|
4,605,339
|
||||||
NUVEEN
|
21
|
NTC
|
Nuveen Connecticut Premium Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
May 31, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (5) (continued)
|
||||||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Renbrook School, Series 2007A:
|
||||||||||
$
|
465
|
5.000%, 7/01/30 (Pre-refunded 7/01/17) – AMBAC Insured
|
7/17 at 100.00
|
N/R (5)
|
$
|
486,148
|
||||
735
|
5.000%, 7/01/37 (Pre-refunded 7/01/17) – AMBAC Insured
|
7/17 at 100.00
|
N/R (5)
|
768,428
|
||||||
4,140
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/35 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
AA (5)
|
4,720,635
|
||||||
775
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, William W. Backus Hospital, Series 2005F, 5.125%, 7/01/35 (Pre-refunded 7/01/18) – AGM Insured
|
7/18 at 100.00
|
AA (5)
|
844,192
|
||||||
9,950
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42 (Pre-refunded 7/01/16)
|
7/16 at 100.00
|
AAA
|
9,987,011
|
||||||
1,240
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds,
Yale-New Haven Hospital, Series 2010M, 5.500%, 7/01/40 (Pre-refunded 7/01/20) |
7/20 at 100.00
|
Aa3 (5)
|
1,458,624
|
||||||
1,125
|
Connecticut State Development Authority, Health Facilities Revenue Bonds, Alzheimer's Resource Center of Connecticut, Inc., Series 2007, 5.500%, 8/15/27 (Pre-refunded 8/15/17)
|
8/17 at 100.00
|
N/R (5)
|
1,188,371
|
||||||
3,500
|
Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24 (Pre-refunded 12/15/16)
|
12/16 at 100.00
|
AA– (5)
|
3,581,900
|
||||||
5,000
|
Connecticut State, Special Tax Obligation Transportation Infrastructure Bonds, Series 2007A, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – AMBAC Insured
|
8/17 at 100.00
|
AA (5)
|
5,252,950
|
||||||
870
|
Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 (Pre-refunded 8/15/19) – AGC Insured
|
8/19 at 100.00
|
AA (5)
|
981,638
|
||||||
40
|
New Haven, Connecticut, General Obligation Bonds, Series 2002A, 5.250%, 11/01/17 – AMBAC Insured (ETM)
|
No Opt. Call
|
A– (5)
|
41,485
|
||||||
1,010
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured (ETM)
|
No Opt. Call
|
Aaa
|
1,194,739
|
||||||
1,725
|
Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21)
|
4/21 at 100.00
|
N/R (5)
|
2,172,603
|
||||||
39,435
|
Total U.S. Guaranteed
|
41,755,413
|
||||||||
Utilities – 6.3% (4.1% of Total Investments)
|
||||||||||
4,375
|
Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Series 2007, 5.100%, 9/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)
|
9/17 at 100.00
|
N/R
|
4,486,781
|
||||||
Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Tender Option Bond Trust 1164:
|
||||||||||
1,295
|
16.125%, 1/01/32 (IF) (4)
|
1/23 at 100.00
|
Aa3
|
2,156,046
|
||||||
410
|
15.979%, 1/01/38 (IF) (4)
|
1/23 at 100.00
|
Aa3
|
642,704
|
||||||
Connecticut Transmission Municipal Electric Energy Cooperative, Transmission System Revenue Bonds, Series 2012A:
|
||||||||||
655
|
5.000%, 1/01/31
|
1/22 at 100.00
|
Aa3
|
772,337
|
||||||
500
|
5.000%, 1/01/32
|
1/22 at 100.00
|
Aa3
|
588,110
|
||||||
2,830
|
5.000%, 1/01/42
|
1/22 at 100.00
|
Aa3
|
3,276,348
|
||||||
1,765
|
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)
|
7/16 at 100.00
|
A–
|
1,776,720
|
||||||
11,830
|
Total Utilities
|
13,699,046
|
||||||||
Water and Sewer – 16.4% (10.7% of Total Investments)
|
||||||||||
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
|
603,470
|
||||||
1,000
|
5.000%, 8/15/31
|
8/24 at 100.00
|
AA
|
1,203,300
|
||||||
500
|
5.000%, 8/15/32
|
8/24 at 100.00
|
AA
|
599,995
|
||||||
55
|
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A, 5.000%, 8/15/35 – NPFG Insured
|
11/16 at 100.00
|
AA
|
55,195
|
||||||
2,050
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
|
7/20 at 100.00
|
A–
|
2,295,467
|
22
|
NUVEEN
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
$
|
1,125
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46
|
7/26 at 100.00
|
A–
|
$
|
1,303,571
|
||||
6,815
|
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Refunding Green Bond Series 2014A, 5.000%, 11/01/42
|
11/24 at 100.00
|
AA
|
8,123,616
|
||||||
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A:
|
||||||||||
4,100
|
5.000%, 4/01/36
|
4/22 at 100.00
|
AA
|
4,803,519
|
||||||
2,500
|
5.000%, 4/01/39
|
4/22 at 100.00
|
AA
|
2,913,925
|
||||||
795
|
South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth Series 2014A, 5.000%, 8/01/44
|
8/24 at 100.00
|
Aa3
|
928,814
|
||||||
1,840
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth Series, 2007A, 5.000%, 8/01/30 – NPFG Insured
|
8/16 at 100.00
|
AA–
|
1,853,598
|
||||||
4,870
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth-Sixth Series, 2011, 5.000%, 8/01/41
|
8/21 at 100.00
|
Aa3
|
5,641,554
|
||||||
4,000
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twenty-Seventh Series 2012, 5.000%, 8/01/33
|
No Opt. Call
|
Aa3
|
4,718,240
|
||||||
500
|
Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2013A, 5.250%, 8/15/43
|
8/23 at 100.00
|
AA+
|
603,680
|
||||||
30,650
|
Total Water and Sewer
|
35,647,944
|
||||||||
$
|
296,200
|
Total Long-Term Investments (cost $311,078,419) – 154.0%
|
333,827,706
|
|||||||
Floating Rate Obligations – (5.9)%
|
(12,750,000
|
) | ||||||||
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (48.9)% (6)
|
(106,000,000
|
) | ||||||||
Other Assets Less Liabilities – 0.8%
|
1,710,197
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
216,787,903
|
(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 (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are recognized as having an implied rating equal to the rating of such securities.
|
(6)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 31.8%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
NUVEEN
|
23
|
NMT
|
||
Nuveen Massachusetts Premium Income Municipal Fund
|
||
Portfolio of Investments
|
May 31, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
LONG-TERM INVESTMENTS – 149.6% (100.0% of Total Investments)
|
||||||||||
MUNICIPAL BONDS – 149.6% (100.0% of Total Investments)
|
||||||||||
Education and Civic Organizations – 41.2% (27.6% of Total Investments)
|
||||||||||
$
|
2,200
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston College Issue, Series 2013S, 5.000%, 7/01/38
|
7/23 at 100.00
|
AA–
|
$
|
2,595,626
|
||||
750
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2009V-1, 5.000%, 10/01/29
|
10/19 at 100.00
|
A+
|
848,895
|
||||||
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender Option Bond Trust 1163:
|
||||||||||
1,880
|
16.051%, 10/01/48 (IF) (4)
|
10/23 at 100.00
|
A+
|
3,139,732
|
||||||
575
|
15.960%, 10/01/48 (IF) (4)
|
10/23 at 100.00
|
A+
|
959,813
|
||||||
2,150
|
Massachusetts Development Finance Agency Revenue Bonds, Lesley University Issue Series B-1 and B-2, 5.250%, 7/01/33 – AGM Insured
|
7/21 at 100.00
|
AA
|
2,474,908
|
||||||
1,400
|
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
BBB+
|
1,514,716
|
||||||
Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue, Series 2015H:
|
||||||||||
450
|
3.500%, 7/01/35
|
7/25 at 100.00
|
AA
|
477,000
|
||||||
190
|
5.000%, 7/01/37
|
7/25 at 100.00
|
AA
|
224,989
|
||||||
550
|
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 2012, 5.000%, 10/01/31
|
No Opt. Call
|
A2
|
648,038
|
||||||
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 2014A:
|
||||||||||
875
|
5.000%, 3/01/39
|
3/24 at 100.00
|
A2
|
1,012,200
|
||||||
1,400
|
5.000%, 3/01/44
|
3/24 at 100.00
|
A2
|
1,611,078
|
||||||
500
|
Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, 5.250%, 10/01/39
|
No Opt. Call
|
BBB+
|
581,765
|
||||||
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art Institute, Series 2011A, 5.000%, 7/01/41
|
7/21 at 100.00
|
AA
|
1,146,400
|
||||||
1,230
|
Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art Institute, Series 2015, 5.000%, 7/01/33
|
7/25 at 100.00
|
AA
|
1,504,192
|
||||||
3,000
|
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.250%, 4/01/37
|
4/21 at 100.00
|
AA–
|
3,490,620
|
||||||
875
|
Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, 5.000%, 8/15/38
|
8/25 at 100.00
|
Aa2
|
1,057,053
|
||||||
2,095
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37 – NPFG Insured
|
9/17 at 100.00
|
AA–
|
2,197,739
|
||||||
1,365
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2012, 5.000%, 9/01/50
|
9/22 at 100.00
|
A1
|
1,557,875
|
||||||
3,000
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
|
No Opt. Call
|
A+
|
3,983,039
|
||||||
9,950
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2008A, 5.000%, 1/01/42 – AGC Insured
|
1/18 at 100.00
|
AA
|
10,508,889
|
||||||
Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University, Series 1999P:
|
||||||||||
1,090
|
6.000%, 5/15/29
|
No Opt. Call
|
A1
|
1,393,543
|
||||||
1,000
|
6.000%, 5/15/59
|
5/29 at 105.00
|
A1
|
1,322,830
|
||||||
315
|
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2008H, 6.350%, 1/01/30 – AGC Insured (Alternative Minimum Tax)
|
1/18 at 100.00
|
AA
|
330,646
|
24
|
NUVEEN
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Education and Civic Organizations (continued)
|
||||||||||
$
|
720
|
Massachusetts Educational Financing Authority, Educational Loan Revenue, Series 2011J, 5.625%, 7/01/33 (Alternative Minimum Tax)
|
7/21 at 100.00
|
AA
|
$
|
800,575
|
||||
255
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northeastern University, Series 2010A, 4.875%, 10/01/35
|
10/20 at 100.00
|
A2
|
287,938
|
||||||
1,500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010, 5.500%, 10/15/31
|
10/19 at 100.00
|
Baa1
|
1,656,120
|
||||||
2,030
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Wheaton College Issues, Series 2010F, 5.000%, 1/01/41
|
1/20 at 100.00
|
A3
|
2,263,389
|
||||||
75
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31
|
7/16 at 100.00
|
AA+
|
75,266
|
||||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
557,460
|
||||||
2,000
|
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 2014-1, 5.000%, 11/01/44
|
11/24 at 100.00
|
Aa2
|
2,382,360
|
||||||
4,000
|
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 2015-1, 5.000%, 11/01/40
|
11/25 at 100.00
|
Aa2
|
4,819,439
|
||||||
1,510
|
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2009-1, 5.000%, 5/01/39
|
No Opt. Call
|
Aa2
|
1,673,684
|
||||||
50,430
|
Total Education and Civic Organizations
|
59,097,817
|
||||||||
Health Care – 26.2% (17.5% of Total Investments)
|
||||||||||
1,000
|
Massachusetts Development Finance Agency Revenue Bonds, Baystate Medical Center Issue, Series 2014N, 5.000%, 7/01/44
|
7/24 at 100.00
|
A+
|
1,149,170
|
||||||
1,000
|
Massachusetts Development Finance Agency Revenue Bonds, Children's Hospital Issue, Series 2014P, 5.000%, 10/01/46
|
10/24 at 100.00
|
AA
|
1,181,210
|
||||||
1,340
|
Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series 2016I, 5.000%, 7/01/41
|
7/26 at 100.00
|
A–
|
1,572,302
|
||||||
1,410
|
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41
|
11/23 at 100.00
|
A
|
1,645,625
|
||||||
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems, Series 2012G:
|
||||||||||
895
|
5.000%, 10/01/29
|
10/21 at 100.00
|
A
|
1,010,097
|
||||||
700
|
5.000%, 10/01/31
|
10/21 at 100.00
|
A
|
786,289
|
||||||
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2015H-1:
|
||||||||||
900
|
5.000%, 7/01/30
|
7/25 at 100.00
|
A–
|
1,080,585
|
||||||
1,000
|
5.000%, 7/01/32
|
7/25 at 100.00
|
A–
|
1,191,700
|
||||||
500
|
5.000%, 7/01/33
|
7/25 at 100.00
|
A–
|
594,515
|
||||||
1,500
|
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2016-I, 5.000%, 7/01/37
|
7/26 at 100.00
|
A–
|
1,768,635
|
||||||
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Covenant Health System Obligated Group, Series 2012, 5.000%, 7/01/31
|
7/22 at 100.00
|
A–
|
1,124,930
|
||||||
Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated Group Issue, Series 2015F:
|
||||||||||
1,345
|
5.000%, 8/15/35
|
8/25 at 100.00
|
A+
|
1,592,588
|
||||||
3,500
|
5.000%, 8/15/45
|
8/25 at 100.00
|
A+
|
4,084,149
|
||||||
1,080
|
Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2014F, 5.750%, 7/15/43
|
7/23 at 100.00
|
BBB–
|
1,221,426
|
||||||
2,200
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2011K-6, 5.375%, 7/01/41
|
7/20 at 100.00
|
AA
|
2,517,592
|
||||||
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2012L, 5.000%, 7/01/36
|
7/21 at 100.00
|
AA
|
1,160,040
|
||||||
820
|
Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System Obligated Group Issue, Series 2013F, 5.000%, 7/01/37
|
7/23 at 100.00
|
A–
|
943,402
|
NUVEEN
|
25
|
NMT
|
Nuveen Massachusetts Premium Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
May 31, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Health Care (continued)
|
||||||||||
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+
|
$
|
1,116,270
|
||||
2,200
|
5.000%, 7/01/44
|
7/23 at 100.00
|
BBB+
|
2,448,402
|
||||||
500
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 2011H, 5.500%, 7/01/31
|
7/21 at 100.00
|
BBB+
|
569,255
|
||||||
445
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Healthcare, Refunding Series 2016I, 5.000%, 7/01/36
|
7/26 at 100.00
|
A–
|
522,568
|
||||||
945
|
Massachusetts Health and Educational Facilities Authority, Partners HealthCare System Inc., Series 2007G, 5.000%, 7/01/32
|
7/17 at 100.00
|
AA
|
986,986
|
||||||
160
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Baystate Medical Center, Series 2009I, 5.750%, 7/01/36
|
7/19 at 100.00
|
A+
|
180,490
|
||||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2004D, 5.125%, 11/15/35 – AGC Insured
|
11/19 at 100.00
|
AA
|
564,055
|
||||||
2,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Children's Hospital, Series 2009M, 5.500%, 12/01/39
|
12/19 at 100.00
|
AA
|
2,267,320
|
||||||
2,500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Dana-Farber Cancer Institute, Series 2008K, 5.000%, 12/01/37
|
12/18 at 100.00
|
A1
|
2,721,650
|
||||||
1,495
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E, 5.000%, 7/15/32
|
7/17 at 100.00
|
BBB–
|
1,539,177
|
||||||
32,935
|
Total Health Care
|
37,540,428
|
||||||||
Housing/Multifamily – 3.5% (2.4% of Total Investments)
|
||||||||||
500
|
Boston Housing Authority, Massachusetts, Capital Program Revenue Bonds, Series 2008, 5.000%, 4/01/20 – AGM Insured
|
4/18 at 100.00
|
AA
|
536,450
|
||||||
2,495
|
Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%, 7/20/48
|
7/17 at 100.00
|
BB–
|
2,535,469
|
||||||
2,000
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43
|
8/16 at 100.00
|
AA–
|
2,002,760
|
||||||
4,995
|
Total Housing/Multifamily
|
5,074,679
|
||||||||
Long-Term Care – 3.4% (2.3% of Total Investments)
|
||||||||||
460
|
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community Lennox, Series 2015, 5.000%, 7/01/31
|
No Opt. Call
|
A–
|
538,849
|
||||||
285
|
Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, Series 2010, 5.625%, 12/01/30
|
12/19 at 100.00
|
A–
|
320,998
|
||||||
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 5.250%, 1/01/26
|
1/23 at 100.00
|
BBB–
|
1,142,790
|
||||||
500
|
Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue, Series 2013A, 6.250%, 11/15/28
|
11/23 at 100.00
|
N/R
|
553,220
|
||||||
2,410
|
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
|
10/16 at 101.00
|
N/R
|
2,436,823
|
||||||
4,655
|
Total Long-Term Care
|
4,992,680
|
||||||||
Tax Obligation/General – 15.6% (10.4% of Total Investments)
|
||||||||||
2,000
|
Hampden-Wilbraham Regional School District, Hampden County, Massachusetts, General Obligation Bonds, Series 2011, 5.000%, 2/15/41
|
2/21 at 100.00
|
Aa3
|
2,279,720
|
||||||
1,250
|
Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 5.000%, 2/15/32
|
2/20 at 100.00
|
AA
|
1,413,025
|
||||||
1,010
|
Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21
|
No Opt. Call
|
AA+
|
1,186,568
|
||||||
2,440
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Refunding Series 2014C, 5.000%, 8/01/22
|
No Opt. Call
|
AA+
|
2,976,654
|
||||||
1,500
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2004B, 5.250%, 8/01/21 – AGM Insured
|
No Opt. Call
|
AA+
|
1,806,075
|
26
|
NUVEEN
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tax Obligation/General (continued)
|
||||||||||
$
|
2,000
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, 5.000%, 7/01/45
|
7/25 at 100.00
|
AA+
|
$
|
2,400,400
|
||||
1,000
|
Newburyport, Massachusetts, General Obligation Bonds, Municipal Purpose Loan, Refunding Series 2013, 4.000%, 1/15/30
|
1/23 at 100.00
|
AAA
|
1,105,150
|
||||||
1,775
|
North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2012, 5.000%, 5/15/35 – AMBAC Insured
|
5/22 at 100.00
|
Aa2
|
2,092,210
|
||||||
1,760
|
Norwell, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 11/15/20 – FGIC Insured
|
No Opt. Call
|
AAA
|
2,019,266
|
||||||
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
|
1,471,040
|
||||||
2,000
|
5.250%, 12/01/38
|
12/20 at 100.00
|
Aa2
|
2,309,300
|
||||||
1,220
|
Worcester, Massachusetts, General Obligation Bonds, Series 2005A, 5.000%, 7/01/19 – FGIC Insured
|
8/16 at 100.00
|
AA–
|
1,252,135
|
||||||
19,235
|
Total Tax Obligation/General
|
22,311,543
|
||||||||
Tax Obligation/Limited – 16.7% (11.1% of Total Investments)
|
||||||||||
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
||||||||||
2,000
|
5.250%, 1/01/36
|
1/22 at 100.00
|
A
|
2,267,080
|
||||||
1,310
|
5.125%, 1/01/42
|
1/22 at 100.00
|
A
|
1,461,724
|
||||||
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1:
|
||||||||||
400
|
5.000%, 1/01/37
|
1/22 at 100.00
|
A
|
444,964
|
||||||
1,055
|
5.000%, 1/01/42
|
1/22 at 100.00
|
A
|
1,169,573
|
||||||
855
|
Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014, 5.000%, 5/01/33 – BAM Insured
|
11/24 at 100.00
|
AA
|
1,020,614
|
||||||
1,000
|
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 5.000%, 7/01/41
|
7/22 at 100.00
|
AAA
|
1,177,300
|
||||||
770
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2004C, 5.250%, 7/01/21
|
No Opt. Call
|
AA+
|
921,652
|
||||||
Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B:
|
||||||||||
360
|
5.000%, 5/01/39
|
5/24 at 100.00
|
AA
|
427,115
|
||||||
1,610
|
5.000%, 5/01/44
|
5/24 at 100.00
|
AA
|
1,901,233
|
||||||
1,000
|
Massachusetts College Building Authority, Project Revenue Refunding Bonds, Series 2003B, 5.375%, 5/01/23 – SYNCORA GTY Insured
|
No Opt. Call
|
Aa2
|
1,255,700
|
||||||
855
|
Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/01/37
|
5/22 at 100.00
|
AA
|
1,001,607
|
||||||
1,350
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Refunding Series 2015C, 5.000%, 8/15/37
|
8/25 at 100.00
|
AA+
|
1,637,078
|
||||||
1,875
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/38
|
5/23 at 100.00
|
AA+
|
2,223,825
|
||||||
5
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/37 – AMBAC Insured
|
8/17 at 100.00
|
AA+
|
5,242
|
||||||
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2011B:
|
||||||||||
975
|
5.000%, 10/15/35
|
No Opt. Call
|
AA+
|
1,143,168
|
||||||
1,000
|
5.000%, 10/15/41
|
10/21 at 100.00
|
AA+
|
1,175,290
|
||||||
1,070
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%, 1/01/20 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,213,391
|
||||||
1,500
|
Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Series 2013A, 5.000%, 6/01/38
|
6/21 at 100.00
|
AAA
|
1,747,800
|
||||||
520
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
No Opt. Call
|
AA
|
580,767
|
||||||
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
10/22 at 100.00
|
AA
|
1,116,860
|
||||||
20,510
|
Total Tax Obligation/Limited
|
23,891,983
|
NUVEEN
|
27
|
NMT
|
Nuveen Massachusetts Premium Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
May 31, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Transportation – 9.0% (6.0% of Total Investments)
|
||||||||||
$
|
400
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
1/20 at 100.00
|
AA+
|
$
|
454,208
|
||||
1,000
|
Massachusetts Port Authority, Airport System Revenue Bonds, Series 2010A, 5.000%, 7/01/30
|
7/20 at 100.00
|
AA
|
1,148,610
|
||||||
1,000
|
Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/33
|
7/22 at 100.00
|
AA
|
1,184,240
|
||||||
Massachusetts Port Authority, Revenue Bonds, Series 2014A:
|
||||||||||
1,000
|
5.000%, 7/01/39
|
7/24 at 100.00
|
AA
|
1,189,990
|
||||||
2,500
|
5.000%, 7/01/44
|
7/24 at 100.00
|
AA
|
2,960,850
|
||||||
Massachusetts Port Authority, Revenue Bonds, Series 2015A:
|
||||||||||
715
|
5.000%, 7/01/40
|
7/25 at 100.00
|
AA
|
858,143
|
||||||
1,000
|
5.000%, 7/01/45
|
7/25 at 100.00
|
AA
|
1,194,820
|
||||||
1,400
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
|
7/17 at 100.00
|
AA–
|
1,449,364
|
||||||
1,225
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
|
7/16 at 100.00
|
N/R
|
1,229,863
|
||||||
730
|
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
|
7/21 at 100.00
|
A+
|
844,143
|
||||||
330
|
Virgin Islands Port Authority, Marine Revenue Bonds, Refunding Series 2014B, 5.000%, 9/01/44
|
9/24 at 100.00
|
BBB+
|
369,960
|
||||||
11,300
|
Total Transportation
|
12,884,191
|
||||||||
U.S. Guaranteed – 20.1% (13.4% of Total Investments) (5)
|
||||||||||
450
|
Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 (ETM)
|
No Opt. Call
|
N/R (5)
|
470,381
|
||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2006C:
|
||||||||||
25
|
5.000%, 7/01/26 (Pre-refunded 7/01/18)
|
7/18 at 100.00
|
AA+ (5)
|
27,190
|
||||||
975
|
5.000%, 7/01/26 (Pre-refunded 7/01/18)
|
7/18 at 100.00
|
AA+ (5)
|
1,060,391
|
||||||
2,500
|
Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%, 5/01/33 (Pre-refunded 5/01/18) – AGC Insured
|
5/18 at 100.00
|
AA (5)
|
2,702,225
|
||||||
2,185
|
Massachusetts Development Finance Agency, Revenue Bonds, Draper Laboratory, Series 2008, 5.875%, 9/01/30 (Pre-refunded 9/01/18)
|
9/18 at 100.00
|
Aa3 (5)
|
2,431,643
|
||||||
1,055
|
Massachusetts Health and Educational Facilities Authority, Partners HealthCare System Inc., Series 2007G, 5.000%, 7/01/32 (Pre-refunded 7/01/17)
|
7/17 at 100.00
|
N/R (5)
|
1,104,279
|
||||||
410
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25
(Pre-refunded 7/01/21) – NPFG Insured |
7/21 at 100.00
|
AA– (5)
|
472,915
|
||||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B1 Capital Asset Program Converted June 13,2008:
|
||||||||||
3,380
|
5.375%, 2/01/26 (Pre-refunded 8/01/18) – NPFG Insured
|
8/18 at 100.00
|
AA– (5)
|
3,708,129
|
||||||
600
|
5.375%, 2/01/27 (Pre-refunded 8/01/18) – NPFG Insured
|
8/18 at 100.00
|
AA– (5)
|
658,248
|
||||||
770
|
5.375%, 2/01/28 (Pre-refunded 8/01/18) – NPFG Insured
|
8/18 at 100.00
|
AA– (5)
|
844,752
|
||||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B2, Capital Asset Program, Converted June 9, 2009:
|
||||||||||
2,000
|
5.375%, 2/01/27 (Pre-refunded 8/01/18) – NPFG Insured
|
8/18 at 100.00
|
AA– (5)
|
2,194,160
|
||||||
1,500
|
5.375%, 2/01/28 (Pre-refunded 8/01/18) – NPFG Insured
|
8/18 at 100.00
|
AA– (5)
|
1,645,620
|
||||||
3,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%, 8/15/28 (Pre-refunded 8/15/17)
|
8/17 at 100.00
|
A+ (5)
|
3,166,080
|
||||||
350
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Tufts University, Series 2008O, 5.375%, 8/15/38 (Pre-refunded 8/15/18)
|
8/18 at 100.00
|
Aa2 (5)
|
385,200
|
||||||
515
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31 (Pre-refunded 7/01/16)
|
7/16 at 100.00
|
N/R (5)
|
516,854
|
||||||
1,870
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – AMBAC Insured
|
8/17 at 100.00
|
N/R (5)
|
1,966,978
|
||||||
1,000
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2009A, 5.000%, 3/01/21 (Pre-refunded 3/01/19)
|
3/19 at 100.00
|
AA+ (5)
|
1,109,520
|
28
|
NUVEEN
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
U.S. Guaranteed (5) (continued)
|
||||||||||
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006-12:
|
||||||||||
$
|
785
|
4.375%, 8/01/31 (Pre-refunded 8/01/16)
|
8/16 at 100.00
|
N/R (5)
|
$
|
790,024
|
||||
1,215
|
4.375%, 8/01/31 (Pre-refunded 8/01/16)
|
8/16 at 100.00
|
AAA
|
1,222,776
|
||||||
95
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.000%, 8/01/28 (Pre-refunded 8/01/17) – NPFG Insured
|
8/17 at 100.00
|
Aa1 (5)
|
99,772
|
||||||
1,000
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 4.000%, 8/01/46 (Pre-refunded 8/01/16)
|
8/16 at 100.00
|
AA+ (5)
|
1,005,590
|
||||||
1,065
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM)
|
No Opt. Call
|
A3 (5)
|
1,197,848
|
||||||
26,745
|
Total U.S. Guaranteed
|
28,780,575
|
||||||||
Utilities – 4.5% (3.0% of Total Investments)
|
||||||||||
2,580
|
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%,
10/01/37 – AGM Insured |
10/20 at 100.00
|
AA
|
2,928,945
|
||||||
1,265
|
Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32
|
7/23 at 100.00
|
A1
|
1,501,593
|
||||||
2,010
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
|
11/17 at 100.00
|
BB+
|
2,021,718
|
||||||
5,855
|
Total Utilities
|
6,452,256
|
||||||||
Water and Sewer – 9.4% (6.3% of Total Investments)
|
||||||||||
500
|
Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Lien Refunding Series 2010A, 5.000%, 11/01/30
|
11/19 at 100.00
|
AA+
|
567,580
|
||||||
565
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/29
|
7/24 at 100.00
|
A–
|
655,462
|
||||||
735
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 7/01/36
|
7/26 at 100.00
|
A–
|
861,376
|
||||||
415
|
Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured
|
8/16 at 100.00
|
AA–
|
416,469
|
||||||
2,300
|
Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015, 5.000%, 2/01/45
|
2/24 at 100.00
|
AAA
|
2,735,919
|
||||||
60
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 5.000%, 8/01/22
|
8/16 at 100.00
|
AAA
|
60,238
|
||||||
400
|
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
|
8/16 at 100.00
|
AAA
|
401,676
|
||||||
1,820
|
Massachusetts Water Resources Authority General Revenue Refunding Bonds, 2016 Series C (Green Bonds), 5.000%, 8/01/40
|
8/26 at 100.00
|
AA+
|
2,228,026
|
||||||
Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B:
|
||||||||||
455
|
5.000%, 8/01/40
|
8/26 at 100.00
|
AA+
|
557,006
|
||||||
1,000
|
4.000%, 8/01/40
|
8/26 at 100.00
|
AA+
|
1,111,120
|
||||||
1,000
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2002J, 5.250%, 8/01/19 – AGM Insured
|
No Opt. Call
|
AA+
|
1,135,600
|
||||||
1,405
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.000%, 8/01/28
|
8/17 at 100.00
|
AA+
|
1,471,358
|
||||||
720
|
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
|
11/20 at 100.00
|
AA
|
831,031
|
NUVEEN
|
29
|
NMT
|
Nuveen Massachusetts Premium Income Municipal Fund
|
|
Portfolio of Investments (continued)
|
May 31, 2016
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Water and Sewer (continued)
|
||||||||||
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2014A:
|
||||||||||
$
|
185
|
5.000%, 7/15/22
|
No Opt. Call
|
AA–
|
$
|
223,778
|
||||
150
|
5.000%, 7/15/23
|
No Opt. Call
|
AA–
|
184,656
|
||||||
11,710
|
Total Water and Sewer
|
13,441,295
|
||||||||
$
|
188,370
|
Total Long-Term Investments (cost $196,875,371) – 149.6%
|
214,467,447
|
|||||||
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (51.6)% (6)
|
(74,000,000
|
) | ||||||||
Other Assets Less Liabilities – 2.0%
|
2,927,079
|
|||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
143,394,526
|
(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 (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(6)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 34.5%.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
30
|
NUVEEN
|
Statement of
|
|
|
Assets and Liabilities
|
May 31, 2016
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
(NTC
|
)
|
(NMT
|
)
|
||||
Assets
|
|||||||
Long-term investments, at value (cost $311,078,419 and $196,875,371, respectively)
|
$
|
333,827,706
|
$
|
214,467,447
|
|||
Cash
|
765,150
|
—
|
|||||
Receivable for:
|
|||||||
Interest
|
4,797,975
|
2,975,111
|
|||||
Investments sold
|
625,000
|
2,150,000
|
|||||
Deferred offering costs
|
34,483
|
51,784
|
|||||
Other assets
|
14,714
|
4,786
|
|||||
Total assets
|
340,065,028
|
219,649,128
|
|||||
Liabilities
|
|||||||
Cash overdraft
|
—
|
1,438,400
|
|||||
Floating rate obligations
|
12,750,000
|
—
|
|||||
Payable for:
|
|||||||
Dividends
|
800,057
|
533,078
|
|||||
Interest
|
120,917
|
83,160
|
|||||
Investments purchased
|
3,351,897
|
—
|
|||||
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference
|
106,000,000
|
74,000,000
|
|||||
Accrued expenses:
|
|||||||
Management fees
|
173,638
|
111,870
|
|||||
Trustees fees
|
10,999
|
764
|
|||||
Other
|
69,617
|
87,330
|
|||||
Total liabilities
|
123,277,125
|
76,254,602
|
|||||
Net assets applicable to common shares
|
$
|
216,787,903
|
$
|
143,394,526
|
|||
Common shares outstanding
|
14,533,976
|
9,346,877
|
|||||
Net asset value ("NAV") per common share outstanding
|
$
|
14.92
|
$
|
15.34
|
|||
Net assets applicable to common shares consist of:
|
|||||||
Common shares, $0.01 par value per share
|
$
|
145,340
|
$
|
93,469
|
|||
Paid-in surplus
|
200,637,594
|
129,728,795
|
|||||
Undistributed (Over-distribution of) net investment income
|
357,445
|
369,320
|
|||||
Accumulated net realized gain (loss)
|
(7,101,763
|
)
|
(4,389,134
|
)
|
|||
Net unrealized appreciation (depreciation)
|
22,749,287
|
17,592,076
|
|||||
Net assets applicable to common shares
|
$
|
216,787,903
|
$
|
143,394,526
|
|||
Authorized shares:
|
|||||||
Common
|
Unlimited
|
Unlimited
|
|||||
Preferred
|
Unlimited
|
Unlimited
|
NUVEEN
|
31
|
Statement of
|
|
|
Operations
|
Year Ended May 31, 2016
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
(NTC
|
)
|
(NMT
|
)
|
||||
Investment Income
|
$
|
13,257,942
|
$
|
8,736,496
|
|||
Expenses
|
|||||||
Management fees
|
2,022,224
|
1,299,200
|
|||||
Interest expense and amortization of offering costs
|
1,271,733
|
804,522
|
|||||
Custodian fees
|
40,456
|
33,592
|
|||||
Trustees fees
|
8,541
|
5,743
|
|||||
Professional fees
|
33,521
|
35,297
|
|||||
Shareholder reporting expenses
|
24,477
|
14,078
|
|||||
Shareholder servicing agent fees
|
23,880
|
20,561
|
|||||
Stock exchange listing fees
|
7,912
|
7,912
|
|||||
Investor relations expenses
|
24,607
|
17,080
|
|||||
Other
|
56,523
|
25,328
|
|||||
Total expenses
|
3,513,874
|
2,263,313
|
|||||
Net investment income (loss)
|
9,744,068
|
6,473,183
|
|||||
Realized and Unrealized Gain (Loss)
|
|||||||
Net realized gain (loss) from investments
|
776,785
|
(382,258
|
)
|
||||
Change in net unrealized appreciation (depreciation) of investments
|
7,661,915
|
6,805,418
|
|||||
Net realized and unrealized gain (loss)
|
8,438,700
|
6,423,160
|
|||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
18,182,768
|
$
|
12,896,343
|
32
|
NUVEEN
|
Statement of
|
|
Changes in Net Assets
|
Connecticut
|
Massachusetts
|
||||||||||||
Premium Income (NTC)
|
Premium Income (NMT)
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
5/31/16
|
5/31/15
|
5/31/16
|
5/31/15
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
9,744,068
|
$
|
10,248,489
|
$
|
6,473,183
|
$
|
6,247,262
|
|||||
Net realized gain (loss) from investments
|
776,785
|
704,598
|
(382,258
|
)
|
209,352
|
||||||||
Change in net unrealized appreciation (depreciation) of investments
|
7,661,915
|
(780,480
|
)
|
6,805,418
|
466,272
|
||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
18,182,768
|
10,172,607
|
12,896,343
|
6,922,886
|
|||||||||
Distributions to Common Shareholders
|
|||||||||||||
From net investment income
|
(9,974,668
|
)
|
(9,962,073
|
)
|
(6,631,609
|
)
|
(6,312,065
|
)
|
|||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(9,974,668
|
)
|
(9,962,073
|
)
|
(6,631,609
|
)
|
(6,312,065
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Common shares:
|
|||||||||||||
Issued in the reorganizations
|
—
|
—
|
—
|
66,532,407
|
|||||||||
Cost of shares repurchased and retired
|
—
|
(1,192,296
|
)
|
—
|
—
|
||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
—
|
(1,192,296
|
)
|
—
|
66,532,407
|
||||||||
Net increase (decrease) in net assets applicable to common shares
|
8,208,100
|
(981,762
|
)
|
6,264,734
|
67,143,228
|
||||||||
Net assets applicable to common shares at the beginning of period
|
208,579,803
|
209,561,565
|
137,129,792
|
69,986,564
|
|||||||||
Net assets applicable to common shares at the end of period
|
$
|
216,787,903
|
$
|
208,579,803
|
$
|
143,394,526
|
$
|
137,129,792
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
357,445
|
$
|
500,382
|
$
|
369,320
|
$
|
490,882
|
NUVEEN
|
33
|
Statement of
|
|
|
Cash Flows
|
Year Ended May 31, 2016
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
(NTC
|
)
|
(NMT
|
)
|
||||
Cash Flows from Operating Activities:
|
|||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
18,182,768
|
$
|
12,896,343
|
|||
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
|
(36,968,899
|
)
|
(28,090,022
|
)
|
|||
Proceeds from sales and maturities of investments
|
38,159,592
|
27,015,056
|
|||||
Amortization/(Accretion) of premiums and discounts, net
|
2,075,518
|
1,224,721
|
|||||
Amortization of deferred offering costs
|
46,061
|
42,137
|
|||||
(Increase) Decrease in:
|
|||||||
Receivable for interest
|
(23,356
|
)
|
110,910
|
||||
Receivable for investments sold
|
(263,791
|
)
|
(2,150,000
|
)
|
|||
Other assets
|
(1,579
|
)
|
73
|
||||
Increase (Decrease) in:
|
|||||||
Payable for interest
|
25,807
|
18,019
|
|||||
Payable for investments purchased
|
3,351,897
|
—
|
|||||
Accrued management fees
|
3,686
|
2,902
|
|||||
Accrued Trustees fees
|
1,626
|
(19
|
)
|
||||
Accrued other expenses
|
(52,252
|
)
|
(105,770
|
)
|
|||
Net realized (gain) loss from investments
|
(776,785
|
)
|
382,258
|
||||
Change in net unrealized (appreciation) depreciation of investments
|
(7,661,915
|
)
|
(6,805,418
|
)
|
|||
Net cash provided by (used in) operating activities
|
16,098,378
|
4,541,190
|
|||||
Cash Flows from Financing Activities:
|
|||||||
Increase (Decrease) in:
|
|||||||
Cash overdraft
|
—
|
1,438,400
|
|||||
Floating rate obligations
|
(6,620,000
|
)
|
—
|
||||
Cash distributions paid to common shareholders
|
(9,973,350
|
)
|
(6,630,758
|
)
|
|||
Net cash provided by (used in) financing activities
|
(16,593,350
|
)
|
(5,192,358
|
)
|
|||
Net Increase (Decrease) in Cash
|
(494,972
|
)
|
(651,168
|
)
|
|||
Cash at the beginning of period
|
1,260,122
|
651,168
|
|||||
Cash at the end of period
|
$
|
765,150
|
$
|
—
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
Supplemental Disclosure of Cash Flow Information
|
(NTC
|
)
|
(NMT
|
)
|
|||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
1,198,529
|
$
|
741,312
|
34
|
NUVEEN
|
NUVEEN
|
35
|
Financial
|
|
Highlights
|
Less Distributions to
|
|||||||||||||||||||||||||||||||
Investment Operations
|
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 |
||||||||||||||||||||||
Connecticut Premium Income (NTC)
|
|||||||||||||||||||||||||||||||
Year Ended 5/31:
|
|||||||||||||||||||||||||||||||
2016
|
$
|
14.35
|
$
|
0.67
|
$
|
0.59
|
$
|
1.26
|
$
|
(0.69
|
)
|
$
|
—
|
$
|
(0.69
|
)
|
$
|
—
|
$
|
14.92
|
$
|
13.54
|
|||||||||
2015
|
14.33
|
0.70
|
(0.01
|
)
|
0.69
|
(0.68
|
)
|
—
|
(0.68
|
)
|
0.01
|
14.35
|
12.62
|
||||||||||||||||||
2014
|
15.00
|
0.60
|
(0.59
|
)
|
0.01
|
(0.68
|
)
|
—
|
*
|
(0.68
|
)
|
—
|
*
|
14.33
|
12.68
|
||||||||||||||||
2013
|
15.34
|
0.56
|
(0.19
|
)
|
0.37
|
(0.70
|
)
|
(0.01
|
)
|
(0.71
|
)
|
—
|
15.00
|
13.65
|
|||||||||||||||||
2012
|
14.22
|
0.58
|
1.29
|
1.87
|
(0.71
|
)
|
(0.04
|
)
|
(0.75
|
)
|
—
|
15.34
|
14.19
|
||||||||||||||||||
Massachusetts Premium Income (NMT)
|
|||||||||||||||||||||||||||||||
Year Ended 5/31:
|
|||||||||||||||||||||||||||||||
2016
|
14.67
|
0.69
|
0.69
|
1.38
|
(0.71
|
)
|
—
|
(0.71
|
)
|
—
|
15.34
|
14.99
|
|||||||||||||||||||
2015
|
14.65
|
0.65
|
0.05
|
0.70
|
(0.68
|
)
|
—
|
(0.68
|
)
|
—
|
14.67
|
13.14
|
|||||||||||||||||||
2014
|
15.12
|
0.58
|
(0.37
|
)
|
0.21
|
(0.67
|
)
|
(0.01
|
)
|
(0.68
|
)
|
—
|
14.65
|
13.33
|
|||||||||||||||||
2013
|
15.45
|
0.62
|
(0.19
|
)
|
0.43
|
(0.71
|
)
|
(0.05
|
)
|
(0.76
|
)
|
—
|
15.12
|
13.64
|
|||||||||||||||||
2012
|
14.16
|
0.67
|
1.44
|
2.11
|
(0.77
|
)
|
(0.05
|
)
|
(0.82
|
)
|
—
|
15.45
|
15.12
|
(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.
|
36
|
NUVEEN
|
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)
|
||||||
8.97
|
%
|
13.19
|
%
|
$
|
216,788
|
1.66
|
%
|
4.61
|
%
|
11
|
%
|
||||||
4.96
|
5.03
|
208,580
|
1.68
|
4.85
|
15
|
||||||||||||
0.41
|
(1.72
|
)
|
209,562
|
2.88
|
4.33
|
17
|
|||||||||||
2.35
|
1.02
|
220,267
|
2.68
|
4.05
|
12
|
||||||||||||
13.45
|
13.59
|
82,318
|
3.08
|
3.93
|
11
|
||||||||||||
9.64
|
20.01
|
143,395
|
1.62
|
4.65
|
13
|
||||||||||||
4.84
|
3.75
|
137,130
|
1.96
|
4.57
|
14
|
||||||||||||
1.61
|
2.96
|
69,987
|
3.09
|
4.17
|
18
|
||||||||||||
2.81
|
(5.18
|
)
|
72,250
|
2.86
|
3.99
|
10
|
|||||||||||
15.29
|
17.78
|
73,758
|
3.03
|
4.48
|
12
|
(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:
|
Connecticut Premium Income (NTC)
|
||||
Year Ended 5/31:
|
||||
2016
|
0.60
|
%
|
||
2015
|
0.58
|
|||
2014
|
1.71
|
|||
2013
|
1.55
|
|||
2012
|
1.54
|
Massachusetts Premium Income (NMT)
|
||||
Year Ended 5/31:
|
||||
2016
|
0.58
|
%
|
||
2015
|
0.86
|
|||
2014
|
1.71
|
|||
2013
|
1.64
|
|||
2012
|
1.74
|
(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.
|
*
|
Rounds to less than $0.01 per share.
|
NUVEEN
|
37
|
MTP Shares
|
VMTP Shares
|
||||||||||||
at the End of Period(a)
|
at the End of Period
|
||||||||||||
Aggregate
|
Asset
|
Aggregate
|
Asset
|
||||||||||
Amount
|
Coverage
|
Amount
|
Coverage
|
||||||||||
Outstanding
|
Per $10
|
Outstanding
|
Per $100,000
|
||||||||||
(000
|
)
|
Share
|
(000
|
)
|
Share
|
||||||||
Connecticut Premium Income (NTC)
|
|||||||||||||
Year Ended 5/31:
|
|||||||||||||
2016
|
$
|
—
|
$
|
—
|
$
|
106,000
|
$
|
304,517
|
|||||
2015
|
—
|
—
|
106,000
|
296,773
|
|||||||||
2014
|
—
|
—
|
106,000
|
297,700
|
|||||||||
2013
|
105,500
|
30.88
|
—
|
—
|
|||||||||
2012
|
36,080
|
32.82
|
—
|
—
|
|||||||||
Massachusetts Premium Income (NMT)
|
|||||||||||||
Year Ended 5/31:
|
|||||||||||||
2016
|
—
|
—
|
74,000
|
293,776
|
|||||||||
2015
|
—
|
—
|
74,000
|
285,311
|
|||||||||
2014
|
36,645
|
29.10
|
—
|
—
|
|||||||||
2013
|
36,645
|
29.72
|
—
|
—
|
|||||||||
2012
|
36,645
|
30.13
|
—
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
|
2015
|
2014
|
2013
|
2012
|
||||||||||
Connecticut Premium Income (NTC)
|
|||||||||||||
Series 2015 (NTC PRC)
|
|||||||||||||
Ending Market Value per Share
|
$
|
—
|
$
|
—
|
$
|
10.06
|
$
|
10.05
|
|||||
Average Market Value per Share
|
—
|
10.03
|
ΩΩ |
10.07
|
10.08
|
||||||||
Series 2016 (NTC PRD)
|
|||||||||||||
Ending Market Value per Share
|
—
|
—
|
10.07
|
10.10
|
|||||||||
Average Market Value per Share
|
—
|
10.03
|
ΩΩ |
10.11
|
10.06
|
||||||||
Series 2015 (NTC PRE) (b)
|
|||||||||||||
Ending Market Value per Share
|
—
|
—
|
10.07
|
—
|
|||||||||
Average Market Value per Share
|
—
|
10.03
|
ΩΩ |
10.06
|
Ω |
—
|
|||||||
Series 2015-1 (NTC PRF) (b)
|
|||||||||||||
Ending Market Value per Share
|
—
|
—
|
10.06
|
—
|
|||||||||
Average Market Value per Share
|
—
|
10.03
|
ΩΩ |
10.07
|
Ω |
—
|
|||||||
Series 2015-1 (NTC PRG) (b)
|
|||||||||||||
Ending Market Value per Share
|
—
|
—
|
10.08
|
—
|
|||||||||
Average Market Value per Share
|
—
|
10.03
|
ΩΩ |
10.08
|
Ω |
—
|
|||||||
Massachusetts Premium Income (NMT)
|
|||||||||||||
Series 2015 (NMT PRC)
|
|||||||||||||
Ending Market Value per Share
|
$
|
—
|
$
|
10.06
|
$
|
10.07
|
$
|
10.10
|
|||||
Average Market Value per Share
|
10.02
|
ΩΩΩ
|
10.04
|
10.09
|
10.08
|
||||||||
Series 2016 (NMT PRD)
|
|||||||||||||
Ending Market Value per Share
|
—
|
10.06
|
10.12
|
10.10
|
|||||||||
Average Market Value per Share
|
10.03
|
ΩΩΩ |
10.06
|
10.11
|
10.08
|
||||||||
Series 2015 (NMT PRE) (b)
|
|||||||||||||
Ending Market Value per Share
|
—
|
10.06
|
10.09
|
10.10
|
|||||||||
Average Market Value per Share
|
10.00
|
∆
|
10.04
|
10.08
|
10.07
|
||||||||
Series 2015-1 (NMT PRF) (b)
|
|||||||||||||
Ending Market Value per Share
|
—
|
10.02
|
10.05
|
10.10
|
|||||||||
Average Market Value per Share
|
10.00
|
∆
|
10.04
|
10.09
|
10.08
|
(b)
|
MTP Shares issued in connection with the reorganizations.
|
Ω
|
For the period July 9, 2012 (effective date of the reorganizations) through May 31, 2013.
|
ΩΩ
|
For the period June 1, 2013 through March 3, 2014.
|
ΩΩΩ
|
For the period June 1, 2014 through July 11, 2014.
|
∆
|
For the period June 9, 2014 (effective date of the reorganizations) through July 11, 2014.
|
38
|
NUVEEN
|
•
|
Nuveen Connecticut Premium Income Municipal Fund (NTC) ("Connecticut Premium Income (NTC)")
|
|
•
|
Nuveen Massachusetts Premium Income Municipal Fund (NMT) ("Massachusetts Premium Income (NMT)")
|
Connecticut
|
||||
Premium
|
||||
Income
|
||||
(NTC
|
)
|
|||
Outstanding when-issued/delayed delivery purchase commitments
|
$
|
3,351,897
|
NUVEEN
|
39
|
Level 1 –
|
Inputs are adjusted and prices are determined using quoted prices in active markets for identical securities.
|
Level 2 –
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
Level 3 –
|
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
|
40
|
NUVEEN
|
Connecticut Premium Income (NTC)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
333,827,706
|
$
|
—
|
$
|
333,827,706
|
|||||
Massachusetts Premium Income (NMT)
|
|||||||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
214,467,447
|
$
|
—
|
$
|
214,467,447
|
*
|
Refer to the Fund's Portfolio of Investments for industry classifications.
|
(i)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
|
(ii)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
NUVEEN
|
41
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
Floating Rate Obligations Outstanding
|
(NTC
|
)
|
(NMT
|
)
|
|||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
12,750,000
|
$
|
—
|
|||
Floating rate obligations: externally-deposited Inverse Floaters
|
5,085,000
|
7,325,000
|
|||||
Total
|
$
|
17,835,000
|
$
|
7,325,000
|
42
|
NUVEEN
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
Self-Deposited Inverse Floaters
|
(NTC
|
)
|
(NMT
|
)
|
|||
Average floating rate obligations outstanding
|
$
|
16,602,623
|
$
|
—
|
|||
Average annual interest rate and fees
|
0.70
|
%
|
—
|
%
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
Floating Rate Obligations – Recourse Trusts
|
(NTC
|
)
|
(NMT
|
)
|
|||
Maximum exposure to Recourse Trusts: self deposited Inverse Floaters
|
$
|
12,750,000
|
$
|
—
|
|||
Maximum exposure to Recourse Trusts: externally deposited Inverse Floaters
|
5,085,000
|
7,325,000
|
|||||
Total
|
$
|
17,835,000
|
$
|
7,325,000
|
NUVEEN
|
43
|
Connecticut
|
Massachusetts
|
||||||||||||
Premium Income (NTC)
|
Premium Income (NMT)
|
||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
5/31/16
|
5/31/15
|
5/31/16
|
5/31/15
|
||||||||||
Common shares:
|
|||||||||||||
Issued in the reorganizations
|
—
|
—
|
—
|
4,569,950
|
|||||||||
Repurchased and retired
|
—
|
(95,000
|
)
|
—
|
—
|
||||||||
Weighted average common share:
|
|||||||||||||
Price per share repurchased and retired
|
—
|
$
|
12.53
|
—
|
—
|
||||||||
Discount per share repurchased and retired
|
—
|
13.26
|
%
|
—
|
—
|
Shares
|
Liquidation
|
|||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
|||||||
Connecticut Premium Income (NTC)
|
2017
|
1,060
|
$
|
106,000,000
|
||||||
Massachusetts Premium Income (NMT)
|
2017
|
740
|
$
|
74,000,000
|
Term
|
Premium
|
|||||||||
Fund
|
Series
|
Redemption Date
|
Expiration Date
|
|||||||
Connecticut Premium Income (NTC)
|
2017
|
March 1, 2017
|
February 28, 2015
|
|||||||
Massachusetts Premium Income (NMT)
|
2017
|
August 1, 2017
|
June 30, 2015
|
44
|
NUVEEN
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
(NTC
|
)
|
(NMT
|
)
|
||||
Average liquidation preference of VMTP Shares outstanding
|
$
|
106,000,000
|
$
|
74,000,000
|
|||
Annualized dividend rate
|
1.05
|
%
|
1.03
|
%
|
Year Ended
|
|||||||||||||
May 31, 2015
|
|||||||||||||
NYSE
|
|||||||||||||
Massachusetts Premium Income (NMT)
|
Series
|
Ticker
|
Shares
|
Amount
|
|||||||||
MTP Shares issued in connection with reorganizations:
|
2015
|
NMT PRE
|
1,472,500
|
$
|
14,725,000
|
||||||||
2015-1
|
NMT PRF
|
2,207,500
|
22,075,000
|
||||||||||
MTP Shares redeemed:
|
2015
|
NMT PRC
|
(2,021,000
|
)
|
(20,210,000
|
)
|
|||||||
2016
|
NMT PRD
|
(1,643,500
|
)
|
(16,435,000
|
)
|
||||||||
2015-1
|
NMT PRE
|
(1,472,500
|
)
|
(14,725,000
|
)
|
||||||||
2015-1
|
NMT PRF
|
(2,207,500
|
)
|
(22,075,000
|
)
|
||||||||
Net increase (decrease)
|
(3,664,500
|
)
|
$
|
(36,645,000
|
)
|
Year Ended
|
||||||||||
May 31, 2015
|
||||||||||
Massachusetts Premium Income (NMT)
|
Series
|
Shares
|
Amount
|
|||||||
VMTP Shares issued
|
2017
|
740
|
$
|
74,000,000
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
(NTC
|
)
|
(NMT
|
)
|
||||
Purchases
|
$
|
36,968,899
|
$
|
28,090,022
|
|||
Sales and maturities
|
38,159,592
|
27,015,056
|
NUVEEN
|
45
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
(NTC
|
)
|
(NMT
|
)
|
||||
Cost of investments
|
$
|
298,235,136
|
$
|
196,823,348
|
|||
Gross unrealized:
|
|||||||
Appreciation
|
$
|
22,842,725
|
$
|
17,644,427
|
|||
Depreciation
|
(155
|
)
|
(328
|
)
|
|||
Net unrealized appreciation (depreciation) of investments
|
$
|
22,842,570
|
$
|
17,644,099
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
(NTC
|
)
|
(NMT
|
)
|
||||
Paid-in surplus
|
$
|
(58,349
|
)
|
$
|
(259,442
|
)
|
|
Undistributed (Over-distribution of) net investment income
|
87,663
|
36,864
|
|||||
Accumulated net realized gain (loss)
|
(29,314
|
)
|
222,578
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
(NTC
|
)
|
(NMT
|
)
|
||||
Undistributed net tax-exempt income1
|
$
|
1,206,431
|
$
|
951,923
|
|||
Undistributed net ordinary income2
|
7,085
|
—
|
|||||
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 2, 2016, paid on June 1, 2016.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
46
|
NUVEEN
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
2016
|
(NTC
|
)
|
(NMT
|
)
|
|||
Distributions from net tax-exempt income3
|
$
|
11,024,024
|
$
|
7,357,278
|
|||
Distributions from net ordinary income2
|
33,762
|
15,643
|
|||||
Distributions from net long-term capital gains
|
—
|
—
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
2015
|
(NTC
|
)
|
(NMT
|
)
|
|||
Distributions from net tax-exempt income
|
$
|
11,016,828
|
$
|
6,899,372
|
|||
Distributions from net ordinary income2
|
2,907
|
329
|
|||||
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, 2016, as Exempt Interest Dividends.
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
(NTC
|
)
|
(NMT
|
)
|
||||
Expiration:
|
|||||||
May 31, 2017
|
$
|
—
|
$
|
24,486
|
|||
May 31, 2018
|
—
|
62,941
|
|||||
Not subject to expiration
|
7,101,763
|
4,301,707
|
|||||
Total
|
$
|
7,101,763
|
$
|
4,389,134
|
Connecticut Premium Income (NTC
|
)
|
|||
Massachusetts Premium Income (NMT
|
)
|
|||
Average Daily Managed Assets*
|
Fund-Level Fee
|
|||
For the first $125 million
|
0.4500
|
%
|
||
For the next $125 million
|
0.4375
|
|||
For the next $250 million
|
0.4250
|
|||
For the next $500 million
|
0.4125
|
|||
For the next $1 billion
|
0.4000
|
|||
For the next $3 billion
|
0.3875
|
|||
For managed assets over $5 billion
|
0.3750
|
NUVEEN
|
47
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective Rate at Breakpoint Level
|
|||
$55 billion
|
0.2000
|
%
|
||
$56 billion
|
0.1996
|
|||
$57 billion
|
0.1989
|
|||
$60 billion
|
0.1961
|
|||
$63 billion
|
0.1931
|
|||
$66 billion
|
0.1900
|
|||
$71 billion
|
0.1851
|
|||
$76 billion
|
0.1806
|
|||
$80 billion
|
0.1773
|
|||
$91 billion
|
0.1691
|
|||
$125 billion
|
0.1599
|
|||
$200 billion
|
0.1505
|
|||
$250 billion
|
0.1469
|
|||
$300 billion
|
0.1445
|
*
|
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by 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 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, 2016, the complex-level fee for each Fund was 0.1621%.
|
Connecticut
|
||||
Premium
|
||||
Income
|
||||
Inter-Fund Trades
|
(NTC
|
)
|
||
Purchases
|
$
|
100,518
|
||
Sales
|
—
|
Connecticut
|
Massachusetts
|
||||||
Premium
|
Premium
|
||||||
Income
|
Income
|
||||||
(NTC
|
)
|
(NMT
|
)
|
||||
Outstanding balance at December 31, 2015
|
$
|
3,095,957
|
$
|
787,244
|
48
|
NUVEEN
|
Connecticut Premium Income (NTC
|
)
|
|||
Massachusetts Premium Income (NMT
|
)
|
|||
Average Daily Managed Assets
|
Fund-Level Fee
|
|||
For the first $125 million
|
0.4500
|
%
|
||
For the next $125 million
|
0.4375
|
|||
For the next $250 million
|
0.4250
|
|||
For the next $500 million
|
0.4125
|
|||
For the next $1 billion
|
0.4000
|
|||
For the next $3 billion
|
0.3750
|
|||
For managed assets over $5 billion
|
0.3625
|
NUVEEN
|
49
|
Board of Trustees
|
||||||||||
William Adams IV*
|
Margo Cook**
|
Jack B. Evans
|
William C. Hunter
|
David J. Kundert
|
Albin F. Moschner***
|
|||||
John K. Nelson
|
William J. Schneider
|
Thomas S. Schreier, Jr.***
|
Judith M. Stockdale
|
Carole E. Stone
|
Terence J. Toth
|
|||||
Margaret L Wolff
|
*
|
Interested Board Member.
|
**
|
Effective July 1, 2016.
|
***
|
Interested Board Member and retired from the Funds' Board of Trustees effective May 31, 2016.
|
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
|
State Street Bank
|
||||
Chicago, IL 60606
|
One Lincoln Street
|
200 East Randolph Street
|
& Trust Company
|
|||||
Boston, MA 02111
|
Chicago, IL 60601
|
Nuveen Funds
|
||||||
P.O. Box 43071
|
||||||||
Providence, RI 02940-3071
|
||||||||
(800) 257-8787
|
||||||||
NTC
|
NMT
|
||||||
Common shares repurchased
|
—
|
—
|
50
|
NUVEEN
|
■
|
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.
|
■
|
Lipper Other States Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
■
|
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, 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.
|
NUVEEN
|
51
|
■
|
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.
|
52
|
NUVEEN
|
NUVEEN
|
53
|
54
|
NUVEEN
|
A.
|
Nature, Extent and Quality of Services
|
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the respective Fund and the initiatives undertaken during the past year by the Adviser. The Board recognized the comprehensive set of services the Adviser provided to manage and operate the Nuveen funds, including (a) product management (such as setting dividends, positioning the product in the marketplace, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment services (such as overseeing the Sub-Adviser and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance for Board meetings); (e) compliance (such as helping to devise and maintain the funds' compliance program and related testing); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); and (g) providing leverage management.
|
|
The Board reviewed the continued investment the Adviser had made in its business to continue to strengthen the breadth and quality of its services to the benefit of the Nuveen funds. The Board noted the Adviser's additional staffing in key areas that support the funds and the Board, including in investment services, operations, closed-end fund/structured products, fund governance, compliance, fund administration, product management, and information technology. Among the enhancements to its services, the Board recognized the Adviser's (a) expanded activities and support required as a result of regulatory developments, including in areas of compliance and reporting; (b) expanded efforts to support leverage management with a goal of seeking the most effective structure for fund shareholders given appropriate risk levels and regulatory constraints; (c) increased support for dividend management; (d) continued investment in its technical capabilities as the Adviser continued to build out a centralized fund data platform, enhance mobility and remote access capabilities, rationalize and upgrade software platforms, and automate certain regulatory liquidity determinations; (e) continued efforts to rationalize the product line through mergers, liquidations and re-positioning of Nuveen funds with the goal of increasing efficiencies, reducing costs, improving performance and addressing shareholder needs; (f) continued efforts to develop new lines of business designed to enhance the Nuveen product line and meet investor demands; and (g) continued commitment to enhance risk oversight, including the formation of the operational risk group to provide operational risk assessment, the access to platforms which provide better risk reporting to support investment teams, and the development of a new team to initially review new products and major product initiatives. The Board also recognized the Adviser's efforts to renegotiate certain fees of other service providers which culminated in reduced expenses for all funds for custody and accounting services without diminishing the breadth and quality of the services provided. The Board considered the Chief Compliance Officer's report regarding the Adviser's compliance programs, the Adviser's continued development, execution and management of its compliance program, and the additions to the compliance team to support the continued growth of the Nuveen fund family and address regulatory developments.
|
|
The Board also considered information highlighting the various initiatives that the Adviser had implemented or continued during the year to enhance or support the closed-end fund product line. The Board noted the Adviser's continued efforts during
|
NUVEEN
|
55
|
2015 (a) to rationalize the product line through mergers designed to help reduce product overlap, offer shareholders the potential for lower fees and enhanced investor acceptance, and address persistent discounts in the secondary market; (b) to oversee and manage leverage as the Adviser facilitated the rollover of existing facilities and conducted negotiations for improved terms and pricing to reduce leverage costs; (c) to conduct capital management services including share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on such opportunities for the closed-end funds; and (d) to implement data-driven market analytics which, among other things, provided a better analysis of the shareholder base, enhanced the ability to monitor the closed-end funds versus peers and helped to understand trading discounts. The Board also considered the quality and breadth of Nuveen's investment relations program through which Nuveen seeks to build awareness of, and educate investors and financial advisers with respect to, Nuveen closed-end funds which may help to build an active secondary market for the closed-end fund product line.
|
|
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. The Board noted that the Adviser recommended the renewal of each Sub-Advisory Agreement.
|
|
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
|
|
B.
|
The Investment Performance of the Funds and Fund Advisers
|
The Board considered the long-term and short-term performance history of each Fund. As noted above, the Board reviewed fund performance at its quarterly meetings throughout the year and took into account the information derived from the discussions with representatives of the Adviser about fund performance at these meetings. The Board also considered the Adviser's analysis of fund performance with particular focus on any performance outliers and the factors contributing to such performance and any steps the investment team had taken to address performance concerns. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2015, as well as performance information reflecting the first quarter of 2016.
|
|
In evaluating performance information, the Board recognized the following factors may impact the performance data as well as the consideration to be given to particular performance data:
|
|
• The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
|
|
• Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
|
|
• Shareholders evaluate performance based on their own holding period which may differ from the performance period reviewed by the Board, leading to different performance results.
|
|
• The Board recognized the difficulty in establishing appropriate peer groups and benchmarks for certain funds. The Board noted that management classified the Performance Peer Groups as low, medium and high in relevancy and took the relevancy of the Performance Peer Group into account when considering the comparative performance data. If the Performance Peer Group differed somewhat from a fund, the Board recognized that the comparative performance data may be of limited value. The Board also recognized that each fund operated pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark and that these variations lead to differences in
|
56
|
NUVEEN
|
performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.
|
|
In addition to the foregoing, the Independent Board Members continued to recognize the importance of secondary market trading for the shares of closed-end funds. At the quarterly meetings as well as the May Meeting, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date and over various periods as well as in comparison to the premium/discount average in their respective Lipper peer category. At the May Meeting and/or prior meetings, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, an analysis by the Adviser of the key economic, market and competitive trends that affected the closed-end fund market and Nuveen closed-end funds and considered any actions proposed periodically by the Adviser to address trading discounts of certain closed-end funds, including, among other things, share repurchases, fund reorganizations, adjusting fund investment mandates and strategies, and increasing fund awareness to investors. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds to be a continuing priority in their oversight of the closed-end funds.
|
|
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board was aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser and the applicable sub-adviser manage the fund, knowing the fund's investment strategy and seeking exposure to that strategy (even if the strategy was "out of favor" in the marketplace) and knowing the fund's fee structure.
|
|
For Nuveen Connecticut Premium Income Municipal Fund (the "Connecticut Fund"), the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile for the three- and five-year periods, the Fund ranked in the third quartile in the one-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory.
|
|
For Nuveen Massachusetts Premium Income Municipal Fund (the "Massachusetts Fund"), the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the three-year period, the Fund ranked in the third quartile in the five-year period and the second quartile in the one-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory.
|
|
C.
|
Fees, Expenses and Profitability
|
1. Fees and Expenses
|
|
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed, among other things, the gross and net management fees and net total expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and also in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe.
|
|
In their evaluation of the management fee schedule, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules, as described in further detail below. In this regard, the Board considered that management recently reviewed the breakpoint schedules for the closed-end funds which resulted in reduced breakpoints and/or new breakpoints at certain asset thresholds for numerous closed-end funds, including the Funds.
|
NUVEEN
|
57
|
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage; differences in services provided; and differences in the states reflected in the Peer Universe can impact the usefulness of the comparative data in helping to assess the appropriateness of a fund's fees and expenses. In addition, in reviewing a fund's fees and expenses compared to the fees and expenses of its peers (excluding leverage costs and leveraged assets), the Board generally considered a fund's expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Board reviewed the net expense ratio in recognition that the net expense ratio generally best represented the net experience of the shareholders of a fund as it directly reflected the costs of investing in the respective fund. The Board noted that the majority of the Nuveen funds had a net expense ratio near or below the average of the respective peers. For funds with a net expense ratio of 6 basis points or higher than their respective peer average, the Independent Board Members reviewed the reasons for the outlier status and were satisfied with the explanation for the difference or with any steps taken to address the difference.
|
|
The Independent Board Members noted that the Massachusetts Fund had a net management fee in line with its peer average and a net expense ratio below the peer average; and the Connecticut Fund had a net management fee slightly higher than its peer average but a net expense ratio below the peer average.
|
|
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
|
|
2. Comparisons with the Fees of Other Clients
|
|
The Board also reviewed information regarding the fee rates for other types of clients advised or sub-advised by the respective Fund Adviser. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs).
|
|
The Board recognized that each Fund had an affiliated sub-adviser. With respect to affiliated sub-advisers, the Board reviewed, among other things, the range of advisory fee rates and average fee rate assessed for the different types of clients. The Board reviewed information regarding the different types of services provided to the Funds compared to that provided to these other clients which typically did not require the same breadth of day-to-day services required for registered funds. The Board further considered information regarding the differences in, among other things, investment policies, investor profiles, and account sizes between the Nuveen funds and the other types of clients. In addition, the Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may also vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and funds.
|
|
The Board also was aware that, since the Funds had a sub-adviser, each Fund's management fee reflected two components, the fee retained by the Adviser for its services and the fee the Adviser paid to the Sub-Adviser. The Board noted that many of the administrative services provided to support the Funds by the Adviser may not be required to the same extent or at all for the institutional clients or other clients. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members concluded such facts justify the different levels of fees.
|
58
|
NUVEEN
|
3. Profitability of Fund Advisers
|
|
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. The Independent Board Members reviewed, among other things, Nuveen's adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2015. The Independent Board Members also noted that the sub-advisory fees for the Funds are paid by the Adviser, however, the Board recognized that the Sub-Adviser is affiliated with Nuveen. In their review, the Independent Board Members recognized that profitability data is rather subjective as various allocation methodologies may be reasonable to employ but yet yield different results. The Board also reviewed the results of certain alternative methodologies. The Board considered the allocation methodology employed to prepare the profitability data as well as a summary of the refinements to the methodology that had been adopted over the years which may limit some of the comparability of Nuveen's revenue margins over time. Two Independent Board Members also served as point persons for the Board throughout the year to review and discuss the methodology employed to develop the profitability analysis and any proposed changes thereto and to keep the Board apprised of such changes during the year. In reviewing the profitability data, the Independent Board Members noted that Nuveen's operating margin as well as its margins for its advisory activities to the Nuveen funds for 2015 were consistent with such margins for 2014.
|
|
The Board also considered Nuveen's adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. The Independent Board Members recognized, however, the limitations of the comparative data as the other advisers may have a different business mix, employ different allocation methodologies, have different capital structure and costs, may not be representative of the industry or other factors that limit the comparability of the profitability information. Nevertheless, the Independent Board Members noted that Nuveen's adjusted operating margins appeared comparable to the adjusted margins of the peers.
|
|
Further, as the Adviser is a wholly-owned subsidiary of Nuveen which in turn is an operating division of TIAA Global Asset Management, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA-CREF"), the Board reviewed a balance sheet for TIAA-CREF reflecting its assets, liabilities and capital and contingency reserves for the last two calendar years to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen.
|
|
Based on the information provided, the Independent Board Members noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds.
|
|
With respect to the Sub-Adviser, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2015. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2015.
|
|
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
|
|
Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's levels of profitability were reasonable in light of the respective services provided.
|
NUVEEN
|
59
|
D.
|
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
|
The Independent Board Members recognized that as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds, and the Independent Board Members considered the extent to which these economies are shared with the funds and their shareholders. Although the Independent Board Members recognized that economies of scale are difficult to measure with precision, the Board noted that there were several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements and the Adviser's investment in its business which can enhance the services provided to the funds. With respect to breakpoints, the Independent Board Members noted that subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component. The fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds in the Nuveen complex combined grow. With respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. The complex-wide fee arrangement was designed to capture economies of scale achieved when total fund complex assets increase, even if the assets of a particular fund are unchanged or decrease. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds should benefit if these costs were spread over a larger asset base.
|
|
The Independent Board Members reviewed the breakpoint and complex-wide schedules and the material savings achieved from fund-level breakpoints and complex-wide fee reductions for the 2015 calendar year.
|
|
In addition, the Independent Board Members recognized the Adviser's ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. The Independent Board Members noted, among other things, the additions to groups who play a key role in supporting the funds including in closed-end funds/structured products, fund administration, operations, fund governance, investment services, compliance, product management, and technology. The Independent Board Members also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance.
|
|
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
|
|
E.
|
Indirect Benefits
|
The Independent Board Members received and considered information regarding other additional benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Funds, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds and as underwriter on shelf offerings for certain existing funds.
|
|
In addition to the above, the Independent Board Members considered that the Funds' portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received through soft-dollar arrangements. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that any such research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
|
|
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
|
60
|
NUVEEN
|
F.
|
Other Considerations
|
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
|
NUVEEN
|
61
|
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:
|
|||||||||
■
|
WILLIAM J. SCHNEIDER
1944 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chairman and Board Member
|
1996
Class III |
Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of Med-America Health System and WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition.
|
184
|
||||
■
|
JACK B. EVANS
1948 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
1999
Class III |
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; 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; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
184
|
||||
■
|
WILLIAM C. HUNTER
1948 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2004
Class I |
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, 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.
|
184
|
||||
■
|
DAVID J. KUNDERT
1942 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2005
Class II |
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016).
|
184
|
62
|
NUVEEN
|
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):
|
|||||||||
■
|
ALBIN F. MOSCHNER(2)
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); 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 with Zenith Electronics Corporation (1991-1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016).
|
184
|
||||
■
|
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; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); 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.
|
184
|
||||
■
|
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).
|
184
|
||||
■
|
CAROLE E. STONE
1947 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2007
Class I |
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
|
184
|
||||
■
|
TERENCE J. TOTH
1959 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2008
Class II |
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); member: Chicago Fellowship Board (since 2005), 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).
|
184
|
NUVEEN
|
63
|
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):
|
|||||||||
■
|
MARGARET L. WOLFF
1955 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2016
Class I |
Member of the Board of Directors (since 2013) 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.
|
184
|
||||
Interested Board Members:
|
|||||||||
■
|
WILLIAM ADAMS IV(3)
1955 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2013
Class II |
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2016), prior thereto, Executive Vice President, U.S. Structured Products, (1999-2010) of Nuveen Investments, Inc.; Co-President of Nuveen Fund Advisors, LLC (since 2011); Co-Chief Executive Officer (since 2016), formerly, Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago.
|
184
|
||||
■
|
MARGO L. COOK(2)(3)
1964 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member
|
2016
Class III |
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Co-Chief Executive Officer (since 2015), previously, Executive Vice President (2013-2015) of Nuveen Securities, LLC; Senior Executive Vice President (since 2015) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst.
|
184
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds:
|
|||||||||
■
|
GIFFORD R. ZIMMERMAN
1956 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chief
Administrative Officer |
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); Managing Director and Assistant Secretary of Nuveen Investments Advisers, LLC (since 2002) and Symphony Asset Management LLC (since 2003); 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); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
|
185
|
64
|
NUVEEN
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued):
|
|||||||||
■
|
CEDRIC H. ANTOSIEWICZ
1962 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
2007
|
Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014).
|
83
|
||||
■
|
LORNA C. FERGUSON
1945 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
1998
|
Managing Director (since 2004) of Nuveen Investments Holdings, Inc.
|
185
|
||||
■
|
STEPHEN D. FOY
1954 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
and Controller |
1998
|
Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant.
|
185
|
||||
■
|
NATHANIEL T. JONES
1979 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
and Treasurer |
2016
|
Senior Vice President (since 2016), formerly, Vice President (2011-2016) of Nuveen Investments Holdings, Inc.; Chartered Financial Analyst.
|
184
|
||||
■
|
WALTER M. KELLY
1970
333 W. Wacker Drive Chicago, IL 6o6o6 |
Chief Compliance
Officer and Vice President |
2003
|
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
|
185
|
||||
■
|
DAVID J. LAMB
1963 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
2015
|
Senior Vice President of Nuveen Investments Holdings, Inc. (since 2006), Vice President prior to 2006.
|
83
|
||||
■
|
TINA M. LAZAR
1961 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President
|
2002
|
Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC.
|
185
|
||||
■
|
KEVIN J. MCCARTHY
1966 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and
Secretary
|
2007
|
Executive Vice President, Secretary and General Counsel (since March 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Executive Vice President (since March 2016), formerly, Managing Director, and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016), and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director, Assistant Secretary (2011-2016), and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Executive Vice President and Secretary of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since March 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Winslow Capital Management, LLC (since 2010) and Tradewinds Global Investors, LLC (since 2016); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC.
|
185
|
NUVEEN
|
65
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Year of Birth
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds (continued):
|
|||||||||
■
|
KATHLEEN L. PRUDHOMME
1953 9o1 Marquette Avenue Minneapolis, MN 554o2 |
Vice President and Assistant Secretary
|
2011
|
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
|
185
|
||||
■
|
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).
|
185
|
(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 June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board members, effective July 1, 2016.
|
(3)
|
"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. 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.
|
66
|
NUVEEN
|
NUVEEN
|
67
|
Distributed by Nuveen Investments, LLC | 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, 2016
|
$
|
23,270
|
$
|
0
|
$
|
0
|
$
|
79
|
||||||||
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
May 31, 2015
|
$
|
22,500
|
$
|
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, 2016
|
$ 0
|
$ 0
|
$ 0
|
Percentage approved
|
0%
|
0%
|
0%
|
pursuant to
|
|||
pre-approval
|
|||
exception
|
|||
May 31, 2015
|
$ 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, 2016
|
$ 79
|
$ 0
|
$ 0
|
$ 79
|
May 31, 2015
|
$ 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
|
10
|
$2.327 billion
|
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
2
|
$142 million
|
* | Assets are as of May 31, 2016. 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
|
(a)
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
(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.
|
(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.
|