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Nuveen Missouri Quality Municipal Income Fund (NOM)

Filed: 8 Apr 21, 8:00pm

April 9, 2021

Ms. Megan Miller

U.S. Securities and Exchange Commission

Division of Investment Management, Disclosure Review & Accounting Office

100 F Street N.E.

Washington DC 20549

Nuveen Closed-End and Open-End Funds – Sarbanes Oxley Review

Dear Ms. Miller,

This letter addresses the comments you provided in a telephone discussion on March 5, 2021, regarding reviews performed by the staff of the U.S. Securities and Exchange Commission (the “SEC Staff”) of certain regulatory filings made by the Nuveen closed-end and open-end registered investment companies listed on Appendix A attached hereto, (each a “Fund” or “Registrant” and collectively, the “Funds” or “Registrants”), and advised by Nuveen Fund Advisors, LLC (the “Adviser”). Each comment is shown below followed by management’s response.

 

 1.

Comment: Please include gains and losses on 17a-7 transactions going forward. Please refer to the guidance in the January 19, 2016 AICPA expert panel meeting minutes, which provides examples of qualitative and quantitative disclosures for inter-fund transactions (under section 17a-7 of the Investment Company Act of 1940). The SEC Staff notes Nuveen California Municipal Value Fund, Inc. (NCA) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX) for reference.

Response: Beginning with the Funds’ shareholder reports dated March 31, 2021, the Funds will disclose the realized gains and losses recognized in connection with 17a-7 transactions. The gain and loss amounts will be added to the Funds’ current disclosure for 17-a transactions, which is within Note 7. Management Fees and Other Transactions with Affiliates, Other Transactions with Affiliates of the notes to financial statements.

 

 2.

Comment: Please explain how the Funds met the disclosure requirements for disclosure of distributable earnings on a tax basis in the notes to financial statements and how it aligns with what is presented in the statement of assets and liabilities as required by Accounting Standards Codification (“ASC”) 946-20-50-11, Components of Capital and Distributable Earnings, which requires all investment companies to disclose only two components of capital on the balance sheet: shareholder capital and distributable earnings. The components of distributable earnings, on a tax basis, shall be disclosed in a note to financial statements. This information enables investors to determine the amount of accumulated and undistributed earnings they potentially could receive in the future and on which they could be treated. The SEC Staff notes the Nuveen California and New York closed-end Funds for reference.

Response: The Funds met the requirements of ASC 946-20-50-11 by disclosing the respective components of distributable earnings on a tax basis within Note 6. Income Tax Information of the notes to financial statements. The components of distributable earnings on a tax basis consist of net unrealized appreciation/(depreciation), undistributed net tax-exempt income, undistributed net ordinary income, undistributed net long-term capital gains, and unused capital loss carry forwards, where applicable. These amounts align with the distributable earnings on the statement of assets and liabilities after adjusting for the income distribution that

 

Page 1 of 11


was declared on February 3, 2020 and paid on March 2, 2020 as disclosed in the footnote under the tax components of undistributed income table, which read as follows in the February 29, 2020 annual report for the Nuveen California and New York closed-end Funds:

 

 1

Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 3, 2020, and paid on March 2, 2020.

 

 3.

Comment: For Funds that have liabilities for inverse floaters and preferred shares, please see ASC 820-10-50-2e or Section 7.9.7 of the 2019 Audit Guide, which requires that for each class of assets and liabilities not measured at fair value in the statement of financial position but for which the fair value is disclosed, a reporting entity shall disclose the information required by paragraph ASC 820-10-50-2(b), (bbb)(1), and (h).

Response: Beginning with the Funds’ shareholder reports dated March 31, 2021, the following disclosure will be included within Note 3. Investment Valuation and Fair Value Measurements of the notes to financial statements, and will immediately follow the tables that summarize the fair values of the Funds’ investments as of the end of the reporting period:

The Funds hold liabilities in floating rate obligations and preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in Note 4. Portfolio Securities and Investments in Derivatives. The fair values of the Funds’ liabilities for preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in Note 5. Fund Shares.

 

 4.

Comment: The SEC Staff notes that in certain Funds’ notes to financial statements the Funds may enter into a shortfall agreement for inverse floaters and they also describe certain commitments and contingencies for preferred shares. Please consider adding a separate line item in the statement of assets and liabilities relating to these commitment and contingencies. Please refer to Regulation S-X (“Reg S-X”) §210.6-04.15.

Response: Beginning with the Funds’ shareholder reports dated March 31, 2021, a “Commitments and Contingencies” line item will be added to the Funds’ statement of assets and liabilities, where applicable. This line item will also direct the reader to the applicable footnote disclosure within the notes to financial statements, which will generally read as follows, and will be updated as appropriate:

Commitments and Contingencies

In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are each described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.

From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the reporting period, the Funds are not subject to any material legal proceedings.

 

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 5.

Comment: To the extent a Fund holds positions in both long and short futures contracts, please break them out into two separate tables. The SEC Staff notes the Nuveen Multi-Market Income Fund (JMM) and Nuveen Strategic Income Fund for reference.

Response: Beginning with the Funds’ regulatory filings dated March 31, 2021, the Funds will include a tabular disclosure for each of the long and short futures contracts in their portfolios of investments, where applicable.

 

 6.

Comment: On a go forward basis, please include a reconciliation between the statement of assets and liabilities and statement of cash flows when the statement of assets and liabilities includes more than one line item for cash or restricted cash equivalents. Please refer to ASC 230-10-50-8, Restrictions on Cash and Cash Equivalents, which explains when cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents are presented in more than one line item within the statement of financial position, an entity shall, for each period that a statement of financial position is presented, present on the face of the statement of cash flows or disclose in the notes to the financial statements, the line items and amounts of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents reported within the statement of financial position. The amounts, disaggregated by the line item in which they appear within the statement of financial position, shall sum to the total amount of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents at the end of the corresponding period shown in the statement of cash flows. This disclosure may be provided in either a narrative or a tabular format. The SEC Staff notes the Nuveen Multi-Market Income Fund (JMM), Nuveen California High Yield Fund, Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred and Income Term Fund (JPI), Nuveen Preferred & Income Securities Fund (JPS) and Nuveen Preferred and Income 2022 Term Fund (JPT) for reference.

Response: Beginning with the Funds’ shareholder reports dated March 31, 2021, when cash, cash equivalents, foreign currency, and restricted cash are presented in more than one line item on the statement of assets and liabilities, a Fund will include a reconciliation of the total in the statement of cash flows to the related captions on the statement of assets and liabilities. The following is an example of how such disclosure will appear using Nuveen Preferred & Income Opportunities Fund’s (JPC) annual report for the fiscal year ended July 31, 2020:

The following table provides a reconciliation of cash and cash collateral at brokers to the statement of assets and liabilities:

 

    JPC 

  Cash

  $243,503 

  Cash collateral at brokers for investments in futures

   439,993 

  Cash collateral at brokers for investments in swaps

   16,942,853 

  Total cash and cash collateral at brokers

  $  17,626,349 

 

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 7.

Comment: Please include interest payable with the value of reverse repurchase agreements on a go forward basis as required by Reg S-X §210.4-08(m)(1). The SEC Staff notes Nuveen Mortgage and Income Fund (JLS), Nuveen Preferred & Income Opportunities Fund (JPC), and Nuveen Build American Bond Fund (NBB) for reference.

Response: Beginning with the Funds’ shareholder reports dated March 31, 2021, the Funds’ reverse repurchase agreements presented on the statement of assets and liabilities will include the accrued interest payable associated with those reverse repurchase agreements. The following is an example using Nuveen Preferred & Income Opportunities Fund’s (JPC) annual report for the fiscal year ended July 31, 2020:

 

Liabilities

  

Reverse repurchase agreements, including accrued interest

  $10,063,830 

 

 8.

Comment: For Nuveen Multi-Market Income Fund (JMM), it appears that some of the Fund’s investments may pay interest based on London Interbank Offered Rate (“LIBOR”). Please explain if the elimination of LIBOR is a principle risk of the Fund and how the discontinuation can impact the value of the Fund’s holdings. If the discontinuation of LIBOR will impact the Fund, please update the Fund’s disclosure to discuss how this will affect the Fund’s investments. Please refer to the SEC press release dated July 12, 2019, SEC Staff Publishes Statement Highlighting Risks for Market Participants to Consider As They Transition Away from LIBOR (the “SEC LIBOR Statement”).

Response: Management has determined that the elimination of LIBOR is not a principal risk for Nuveen Multi-Market Income Fund (JMM), however, management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments. At this time, management is not anticipating any significant impacts to the Funds’ investments, and as such, beginning with the Funds’ shareholder reports dated March 31, 2021, the Funds’ will enhance their existing disclosure around LIBOR within Note 2. Significant Accounting Policies of the notes to financial statements as follows (new disclosure underlined):

Reference Rate Reform

In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings,

 

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 9.

Comment: For Funds with reverse repurchase agreements, please consider adding to the risk disclosures that a Fund posts and receives securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a trust upon maturity of the transaction. Upon a bankruptcy or insolvency of a counterparty, a Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be delayed.

Response: Beginning with the Funds’ shareholder reports dated March 31, 2021, the Funds’ disclosure relating to reverse repurchase agreements that is included within Note 3. Investment Valuation and Fair Value Measurements of the notes to financial statements will be enhanced to read as follows:

The Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by the Adviser to be creditworthy. In a reverse repurchase agreement, a Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. In order to minimize risk, the Fund pledges and/or segregates securities and cash as collateral with a fair value at least equal to its purchase obligations under these agreements (including accrued interest). Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be delayed. A Fund will pledge assets determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements.

 

 10.

Comment: Please include LIBOR transition risks in the Funds’ Form N-CSR (“N-CSR”) filings on a go forward basis. The SEC Staff notes that there is nothing about transition risk in the Funds’ current disclosure. Please refer to the SEC LIBOR Statement. The SEC Staff notes Nuveen Senior Income Fund (NSL), Nuveen Floating Rate Income Fund (JFR), Nuveen Floating Rate Income Opportunity Fund (JRO), Nuveen Short Duration Credit Opportunities Fund (JSD) and Nuveen Credit Strategies Income Fund (JQC) for reference.

Response: Management has determined that the elimination of LIBOR is not a principal risk for the Funds referenced by the SEC Staff. However, the Funds will add the following risk disclosure in their N-CSR filings going forward:

LIBOR Replacement Risk. The use of the LIBOR will begin to be phased out in the near future, which may adversely affect the Fund’s investments whose value is tied to LIBOR. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement reference rate. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies and markets are slowly

 

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developing in response to these new rates. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The potential effect of a discontinuation of LIBOR on the Fund’s investments will vary depending on, among other things: (1) existing fallback provisions that provide a replacement reference rate if LIBOR is no longer available; (2) termination provisions in individual contracts; and (3) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments held by the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR until it is clearer how the Fund’s products and instruments will be impacted by this transition.

 

 11.

Comment: Please confirm that “other expenses” presented on the statement of operations include interest expense on borrowings arrangements. Also, please consider updating the Borrowings Arrangements footnote within the notes to financial statements to explain that “other expenses” includes interest expense, as it currently describes that “other expenses” includes administration, legal and arrangement fees. The SEC Staff notes Nuveen Large Cap Core Fund for reference.

Response: When a Fund incurs interest expense and such expense is not separately identified on the statement of operations, it is typically included as an “other expense.” Beginning with the Funds’ shareholder reports dated March 31, 2021, if such expense is included within “other expenses,” the notes to financial statements will disclose this interest expense. The following is an example using Nuveen Large Cap Core Fund’s annual report for the fiscal year ended July 31, 2020 (new disclosure underlined):

The credit facility has the following terms: a 0.10% upfront fee, 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% (1.00% prior to June 24, 2020) per annum or (b) the Fed Funds rate plus 1.25% (1.00% prior to June 24, 2020) per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Other expenses” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

 

 12.

Comment: Please explain why the Fund does not include high portfolio turnover as a principal risk of investing in the Fund. The SEC Staff notes Nuveen Credit Income Fund for reference.

Response: Nuveen Credit Income Fund’s portfolio turnover as of the Fund’s last annual report was 80%, which is why there was no disclosure indicating that high portfolio turnover is a principal risk of the Fund. However, management agrees to monitor for Funds with consistently high portfolio turnover and will add appropriate risk language, where necessary going forward.

 

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 13.

Comment: For Funds that have disclosure regarding voluntary compensation for the cost of services obtained from broker-dealers, the SEC Staff notes that the amount of the receivable due from the affiliate is also equal to the amount of income recognized as income. Please explain supplementally how often the amounts due from the affiliate are settled? The SEC Staff notes Nuveen Mid Cap Value Fund, Nuveen Small Cap Value Fund and Nuveen Dividend Value Fund for reference.

Response: When a Fund is due compensation from the Adviser for the cost of services obtained from broker-dealers, such amounts are settled on a quarterly basis. Certain Nuveen Funds began to accrue for such services during 2020. Depending on the timing of when those accruals began versus when the first quarterly payment was received from the Adviser, it is possible that the “Receivable due from affiliate” on the Fund’s statement of assets and liabilities will equal the “Payment from affiliate” on the statement of operations.

 

 14.

Comment: Within the Fund Performance and Expense Ratios sections of the Funds’ shareholder reports, please consider directing the reader to the financial highlights for a more recent expense ratio.

Response: Beginning with the Funds’ shareholder reports dated March 31, 2021, the Fund Performance and Expense Ratios section of the Funds’ shareholder reports will be enhanced to include such disclosure. The following is an example using Nuveen Mid Cap Growth Opportunities Fund’s annual report for the fiscal year ended October 31, 2020 (new disclosure underlined):

Expense Ratios

The expense ratios shown are as of the Fund’s most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses. Refer to the Financial Highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

 

 15.

Comment: For Funds that engage in securities lending, please consider updating the caption on the statement of operations to include “net” in the securities lending income line item description.

Response: Beginning with the Funds’ shareholder reports dated March 31, 2021, income from securities lending will include “net” in its statement of operations line item description.

 

 16.

Comment: Within the management’s discussion of fund performance (“MDFP”) of Nuveen S&P 500 Buy-Write Income Fund’s (BXMX) December 31, 2019 annual report, performance comparisons were made to the S&P 500 Index, however, the S&P 500 Index’s performance information was not included in the chart within the MDFP disclosing the Fund’s performance versus that index. Please update the chart within the MDFP accordingly to include S&P 500 Index performance information.

Response: The S&P 500 Index is not a primary or secondary index for the Fund. In the Fund’s December 31, 2020 annual report, the MDFP stated “For the twelve-month reporting period ended December 31, 2020, BXMX’s shares at NAV outperformed the Chicago Board Options Exchange (Cboe) S&P 500® BuyWrite Index (BXMSM), its primary index.” As the S&P 500 Index is no longer being referenced in the MDFP, it will cease to be included within the MDFP chart that discloses performance.

 

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 17.

Comment: For the Nuveen equity Funds, specifically Nuveen Global Infrastructure Fund’s December 31, 2019 annual report, page 60, the Fund has two holdings in non-U.S. investment companies that are accompanied by a footnote that directs the reader to the SEC website for a copy of the non-U.S. investment company’s most recent financial statements. The SEC Staff recognizes that these investment companies are not U.S. registrants, and therefore, the SEC Staff requests that the Fund please explain the use of the footnote in that context.

Response: We agree with the SEC Staff that the securities identified in the Fund’s December 31, 2019 annual report were not U.S. registrants, and therefore, the footnote reference inaccurately referred the reader to www.sec.gov for further information. In re-evaluating Reg S-X §210.12-12, and as the Fund’s exposure to this investment company does not represent a significant percentage of the Fund’s portfolio, management does not believe this footnote disclosure is necessary, and as such, the footnote will be removed beginning with the Fund’s regulatory filings for the period ended March 31, 2021.

 

 18.

Comment: For the Nuveen equity Funds, specifically Nuveen Global Infrastructure Fund’s December 31, 2019 annual report, the valuation footnote of the Fund’s notes to financial statements describes how investments in investment companies are valued at their respective net asset values (“NAVs”) on the valuation date and are generally classified as Level 1. Given that these investment companies are not U.S. registrants, please add disclosure describing how the value of these securities may be affected significantly on a day that the New York Stock Exchange is closed and an investor is not able to purchase, redeem or exchange shares.

Response: The Fund’s valuation policy for registered investment companies traded on a foreign exchange is the same as its valuation policy for foreign equity securities and therefore the following valuation disclosure for the Fund, and other Funds when applicable, will be updated as follows within Note 3. Investment Valuation and Fair Value Measurements of the notes to financial statements (new disclosure in underline):

Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and are generally classified as Level 2.

The above disclosure will also be accompanied by the Fund’s current disclosure, which reads as follows:

For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.

 

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Sincerely,

/s/ Christopher M. Rohrbacher

                                                                                              

Christopher M. Rohrbacher

Vice President and Assistant Secretary of the Funds and General Counsel of the Adviser

 

/s/ E. Scott Wickerham

                                                                                              

E. Scott Wickerham

Vice President and Funds’ Controller

(Principal Financial Officer)

CC:   Audit Committee of the Funds

Eric Fess, Chapman & Cutler, LLP, Counsel to the Independent members of the Board of Directors/Trustees of the Funds

Gifford R. Zimmerman, Chief Compliance Officer and Vice President of the Funds

 

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APPENDIX A

 

   Registrant  Series/Fund Name  CIK  

File

Number

  Series ID  

Annual

Report

Reviewed    

1

  Nuveen Core Equity Alpha Fund  Nuveen Core Equity Alpha Fund  0001385763  811-22003  CEF0001187  12/31/2019

2

  Nuveen Diversified Dividend and Income Fund  Nuveen Diversified Dividend and Income Fund  0001255821  811-21407  CEF0000934  12/31/2019

3

  Nuveen Dow 30sm Dynamic Overwrite Fund  Nuveen Dow 30sm Dynamic Overwrite Fund  0001608742  811-22970  CEF0001689  12/31/2019

4

  Nuveen Global High Income Fund  Nuveen Global High Income Fund  0001615905  811-22988  CEF0001696  12/31/2019

5

  Nuveen Investment Funds, Inc.  Nuveen Global Infrastructure Fund  0000820892  811-05309  S000020012  12/31/2019

6

  Nuveen Investment Trust V  Nuveen Global Real Estate Securities Fund  0001380786  811-21979  S000061500  12/31/2019

7

  Nuveen Mortgage and Income Fund  Nuveen Mortgage and Income Fund  0001472215  811-22329  CEF0001349  12/31/2019

8

  Nuveen Nasdaq 100 Dynamic Overwrite Fund  Nuveen NASDAQ 100 Dynamic Overwrite Fund  0001608741  811-22971  CEF0001688  12/31/2019

9

  Nuveen Real Asset Income and Growth Fund  Nuveen Real Asset Income & Growth Fund  0001539337  811-22658  CEF0001538  12/31/2019

10

  Nuveen Investment Funds, Inc.  Nuveen Real Asset Income Fund  0000820892  811-05309  S000033768  12/31/2019

11

  Nuveen Real Estate Income Fund  Nuveen Real Estate Income Fund  0001158289  811-10491  CEF0000725  12/31/2019

12

  Nuveen Investment Funds, Inc.  Nuveen Real Estate Securities Fund  0000820892  811-05309  S000005563  12/31/2019

13

  Nuveen S&P 500 Buy-Write Income Fund  Nuveen S&P 500 Buy-Write Income Fund  0001298699  811-21619  CEF0001016  12/31/2019

14

  Nuveen S&P 500 Dynamic Overwrite Fund  Nuveen S&P 500 Dynamic Overwrite Fund  0001338561  811-21809  CEF0001116  12/31/2019

15

  Nuveen Tax-Advantaged Total Return Strategy Fund  Nuveen Tax-Advantaged Total Return Strategy Fund  0001265708  811-21471  CEF0000951  12/31/2019

16

  Nuveen Tax-Advantaged Dividend Growth Fund  Nuveen Tax-Advantaged Dividend Growth Fund  0001397173  811-22058  CEF0001216  12/31/2019

17

  Nuveen Arizona Quality Municipal Income Fund  Nuveen Arizona Quality Municipal Income Fund  0000892992  811-07278  CEF0000382  2/29/2020

18

  Nuveen California AMT-Free Quality Municipal Income Fund  Nuveen California AMT-Free Quality Municipal Income Fund  0001195738  811-21212  CEF0000836  2/29/2020

19

  Nuveen Multistate Trust II  Nuveen California High Yield Municipal Bond Fund  0001018975  811-07755  S000008513  2/29/2020

20

  Nuveen Multistate Trust II  Nuveen California Municipal Bond Fund  0001018975  811-07755  S000000552  2/29/2020

21

  Nuveen California Municipal Value Fund 2  Nuveen California Municipal Value Fund 2  0001454979  811-22272  CEF0001318  2/29/2020

22

  Nuveen California Municipal Value Fund, Inc.  Nuveen California Municipal Value Fund, Inc.  0000818851  811-05235  CEF0000110  2/29/2020

23

  Nuveen California Quality Municipal Income Fund  Nuveen California Quality Municipal Income Fund  0001074952  811-09161  CEF0000628  2/29/2020

24

  Nuveen Michigan Quality Municipal Income Fund  Nuveen Michigan Quality Municipal Income Fund  0000878198  811-06383  CEF0000273  2/29/2020

25

  Nuveen New Jersey Municipal Value Fund  Nuveen New Jersey Municipal Value Fund  0001454980  811-22274  CEF0001319  2/29/2020

26

  Nuveen New Jersey Quality Municipal Income Fund  Nuveen New Jersey Quality Municipal Income Fund  0001087786  811-09455  CEF0000644  2/29/2020

27

  Nuveen New York AMT-Free Quality Municipal Income Fund  Nuveen New York AMT-Free Quality Municipal Income Fund  0001195739  811-21211  CEF0000837  2/29/2020

28

  Nuveen New York Municipal Value Fund 2  Nuveen New York Municipal Value Fund 2  0001454981  811-22271  CEF0001320  2/29/2020

29

  Nuveen New York Municipal Value Fund, Inc.  Nuveen New York Municipal Value Fund, Inc.  0000818850  811-05238  CEF0000109  2/28/2020

30

  Nuveen New York Quality Municipal Income Fund  Nuveen New York Quality Municipal Income Fund  0001074769  811-09135  CEF0000627  2/29/2020

31

  Nuveen Ohio Quality Municipal Income Fund  Nuveen Ohio Quality Municipal Income Fund  0000878200  811-06385  CEF0000274  2/29/2020

32

  Nuveen Pennsylvania Municipal Value Fund  Nuveen Pennsylvania Municipal Value Fund  0001454978  811-22273  CEF0001317  2/29/2020

33

  Nuveen Pennsylvania Quality Municipal Income Fund  Nuveen Pennsylvania Quality Municipal Income Fund  0000870780  811-06265  CEF0000252  2/29/2020

34

  Nuveen Texas Quality Municipal Income Fund  Nuveen Texas Quality Municipal Income Fund  0000878201  811-06384  CEF0000275  2/29/2020

35

  Nuveen California Select Tax-Free Income Portfolio  Nuveen California Select Tax-Free Income Portfolio  0000885732  811-06623  CEF0000331  3/31/2020

36

  Nuveen New York Select Tax-Free Income Portfolio  Nuveen New York Select Tax-Free Income Portfolio  0000885731  811-06624  CEF0000330  3/31/2020

37

  Nuveen Select Maturities Municipal Fund  Nuveen Select Maturities Municipal Fund  0000890119  811-07056  CEF0000356  3/31/2020

38

  Nuveen Select Tax-Free Income Portfolio  Nuveen Select Tax-Free Income Portfolio  0000883618  811-06548  CEF0000316  3/31/2020

39

  Nuveen Select Tax-Free Income Portfolio 2  Nuveen Select Tax-Free Income Portfolio 2  0000885733  811-06622  CEF0000332  3/31/2020

40

  Nuveen Select Tax-Free Income Portfolio 3  Nuveen Select Tax-Free Income Portfolio 3  0000888411  811-06693  CEF0000349  3/31/2020

41

  Nuveen Taxable Municipal Income Fund  Nuveen Taxable Municipal Income Fund  0001478888  811-22391  CEF0001369  3/31/2020

42

  Nuveen Georgia Quality Municipal Income Fund  Nuveen Georgia Quality Municipal Income Fund  0001177219  811-21152  CEF0000805  5/31/2020

43

  Nuveen Maryland Quality Municipal Income Fund  Nuveen Maryland Quality Municipal Income Fund  0000897424  811-07486  CEF0000409  5/31/2020

44

  Nuveen Massachusetts Quality Municipal Income Fund  Nuveen Massachusetts Quality Municipal Income Fund  0000897419  811-07484  CEF0000405  5/31/2020

45

  Nuveen Minnesota Quality Municipal Income Fund  Nuveen Minnesota Quality Municipal Income Fund  0001607997  811-22967  CEF0001686  5/31/2020

46

  Nuveen Missouri Quality Municipal Income Fund  Nuveen Missouri Quality Municipal Income Fund  0000899782  811-07616  CEF0000430  5/31/2020

47

  Nuveen Municipal 2021 Target Term Fund  Nuveen Municipal 2021 Target Term Fund  0001655544  811-23102  CEF0001758  5/31/2020

48

  Nuveen Virginia Quality Municipal Income Fund  Nuveen Virginia Quality Municipal Income Fund  0000897421  811-07490  CEF0000407  5/31/2020

49

  Nuveen Investment Funds, Inc.  Nuveen Credit Income Fund  0000820892  811-05309  S000005544  6/30/2020

50

  Nuveen Multi-Market Income Fund  Nuveen Multi-Market Income Fund  0000838131  811-05642  CEF0000157  6/30/2020

51

  Nuveen Investment Trust  Nuveen NWQ Global Equity Income Fund  0001013881  811-07619  S000026520  6/30/2020

52

  Nuveen Investment Trust II  Nuveen NWQ International Value Fund  0001041673  811-08333  S000000610  6/30/2020

53

  Nuveen Investment Trust  Nuveen NWQ Large-Cap Value Fund  0001013881  811-07619  S000014608  6/30/2020

54

  Nuveen Investment Trust  Nuveen NWQ Multi-Cap Value Fund  0001013881  811-07619  S000000605  6/30/2020

55

  Nuveen Investment Trust  Nuveen NWQ Small/Mid-Cap Value Fund  0001013881  811-07619  S000014609  6/30/2020

56

  Nuveen Investment Trust  Nuveen NWQ Small-Cap Value Fund  0001013881  811-07619  S000000606  6/30/2020

57

  Nuveen Investment Funds, Inc.  Nuveen Strategic Income Fund  0000820892  811-05309  S000005573  6/30/2020

 

Page 10 of 11


APPENDIX A (continued)

 

   Registrant  Series/Fund Name  CIK  

File

Number

  Series ID  

Annual

Report

Reviewed    

58

  Nuveen Credit Strategies Income Fund  Nuveen Credit Strategies Income Fund  0001227476  811-21333  CEF0000891  7/31/2020

59

  Nuveen Investment Trust II  Nuveen Emerging Markets Equity Fund  0001041673  811-08333  S000063436  7/31/2020

60

  Nuveen Floating Rate Income Fund  Nuveen Floating Rate Income Fund  0001276533  811-21494  CEF0000971  7/31/2020

61

  Nuveen Floating Rate Income Opportunity Fund  Nuveen Floating Rate Income Opportunity Fund  0001289213  811-21579  CEF0001005  7/31/2020

62

  Nuveen Investment Trust II  Nuveen International Growth Fund  0001041673  811-08333  S000024098  7/31/2020

63

  Nuveen Preferred and Income 2022 Term Fund  Nuveen Preferred & Income 2022 Term Fund  0001679033  811-23198  CEF0001797  7/31/2020

64

  Nuveen Preferred & Income Opportunities Fund  Nuveen Preferred & Income Opportunities Fund  0001216583  811-21293  CEF0000879  7/31/2020

65

  Nuveen Preferred & Income Securities Fund  Nuveen Preferred & Income Securities Fund  0001176433  811-21137  CEF0000794  7/31/2020

66

  Nuveen Preferred and Income Term Fund  Nuveen Preferred & Income Term Fund  0001547994  811-22699  CEF0001558  7/31/2020

67

  Nuveen Investment Trust II  Nuveen Santa Barbara Dividend Growth Fund  0001041673  811-08333  S000008519  7/31/2020

68

  Nuveen Investment Trust II  Nuveen Santa Barbara Global Dividend Growth Fund  0001041673  811-08333  S000037309  7/31/2020

69

  Nuveen Investment Trust II  Nuveen Santa Barbara International Dividend Growth Fund  0001041673  811-08333  S000037310  7/31/2020

70

  Nuveen Senior Income Fund  Nuveen Senior Income Fund  0001093428  811-09571  CEF0000670  7/31/2020

71

  Nuveen Short Duration Credit Opportunities Fund  Nuveen Short Duration Credit Opportunities Fund  0001509253  811-22518  CEF0001458  7/31/2020

72

  Nuveen Investment Trust II  Nuveen Winslow International Small Cap Fund  0001041673  811-08333  S000056267  7/31/2020

73

  Nuveen Investment Trust II  Nuveen Winslow Large-Cap Growth ESG Fund  0001041673  811-08333  S000025526  7/31/2020

74

  Nuveen Investment Trust II  Nuveen Equity Long/Short Fund  0001041673  811-08333  S000024570  8/31/2020

75

  Nuveen Investment Trust  Nuveen Equity Market Neutral Fund  0001013881  811-07619  S000040904  8/31/2020

76

  Nuveen Investment Trust  Nuveen Large Cap Core Fund  0001013881  811-07619  S000040905  8/31/2020

77

  Nuveen Investment Trust V  Nuveen NWQ Flexible Income Fund  0001380786  811-21979  S000027100  9/30/2020

78

  Nuveen Investment Trust V  Nuveen Preferred Securities and Income Fund  0001380786  811-21979  S000015514  9/30/2020

79

  Nuveen Investment Trust III  

Nuveen Floating Rate Income Fund

(formerly Nuveen Symphony Floating Rate Income Fund)

  0001071336  811-09037  S000032446  9/30/2020

80

  Nuveen Investment Trust III  

Nuveen High Yield Income Fund

(formerly Nuveen Symphony High Yield Income Fund)

  0001071336  811-09037  S000028810  9/30/2020

81

  Nuveen AMT-Free Municipal Credit Income Fund  Nuveen AMT-Free Municipal Credit Income Fund  0001090116  811-09475  CEF0000657  10/31/2020

82

  Nuveen AMT-Free Municipal Value Fund  Nuveen AMT-Free Municipal Value Fund  0001450445  811-22253  CEF0001310  10/31/2020

83

  Nuveen AMT-Free Quality Municipal Income Fund  Nuveen AMT-Free Quality Municipal Income Fund  0001195737  811-21213  CEF0000835  10/31/2020

84

  Nuveen Investment Funds, Inc.  Nuveen Dividend Value Fund  0000820892  811-05309  S000005579  10/31/2020

85

  Nuveen Dynamic Municipal Opportunities Fund  Nuveen Dynamic Municipal Opportunities Fund  0001793129  811-23489  CEF0001947  10/31/2020

86

  Nuveen Enhanced Municipal Value Fund  Nuveen Enhanced Municipal Value Fund  0001469392  811-22323  CEF0001345  10/31/2020

87

  Nuveen Investment Funds, Inc.  Nuveen Large Cap Select Fund  0000820892  811-05309  S000005551  10/31/2020

88

  Nuveen Investment Funds, Inc.  Nuveen Mid Cap Growth Opportunities Fund  0000820892  811-05309  S000005553  10/31/2020

89

  Nuveen Investment Funds, Inc.  Nuveen Mid Cap Value Fund  0000820892  811-05309  S000005556  10/31/2020

90

  Nuveen Municipal Credit Income Fund  Nuveen Municipal Credit Income Fund  0001137887  811-10345  CEF0000710  10/31/2020

91

  Nuveen Municipal Credit Opportunities Fund  Nuveen Municipal Credit Opportunities Fund  0001774342  811-23440  CEF0001921  10/31/2020

92

  Nuveen Municipal High Income Opportunity Fund  Nuveen Municipal High Income Opportunity Fund  0001266585  811-21449  CEF0000952  10/31/2020

93

  Nuveen Municipal Income Fund, Inc.  Nuveen Municipal Income Fund, Inc.  0000830271  811-05488  CEF0000133  10/31/2020

94

  Nuveen Municipal Value Fund, Inc.  Nuveen Municipal Value Fund, Inc.  0000812801  811-05120  CEF0000096  10/31/2020

95

  Nuveen Quality Municipal Income Fund  Nuveen Quality Municipal Income Fund  0001083839  811-09297  CEF0000637  10/31/2020

96

  Nuveen Investment Funds, Inc.  Nuveen Small Cap Growth Opportunities Fund  0000820892  811-05309  S000005567  10/31/2020

97

  Nuveen Investment Funds, Inc.  Nuveen Small Cap Select Fund  0000820892  811-05309  S000005569  10/31/2020

98

  Nuveen Investment Funds, Inc.  Nuveen Small Cap Value Fund  0000820892  811-05309  S000005570  10/31/2020

 

Page 11 of 11