SEC Form N-CSRS filed by Nuveen Georgia Quality Municipal Income Fund
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21152
Nuveen Georgia Quality Municipal Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark L. Winget
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: May 31
Date of reporting period: November 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
| Closed-End | 30 November |
| Funds | 2022 |
Nuveen Municipal Closed-End Funds
| NKG | Nuveen Georgia Quality Municipal Income Fund |
| NMT | Nuveen Massachusetts Quality Municipal Income Fund |
| NMS | Nuveen Minnesota Quality Municipal Income Fund |
| NOM | Nuveen Missouri Quality Municipal Income Fund |
| NPV | Nuveen Virginia Quality Municipal Income Fund |
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Table of Contents
3
Chair’s Letter
to Shareholders
Dear Shareholders,
With more economic indicators pointing to a broadening contraction across the world’s economies, the conversation has shifted from debating whether a global recession would happen to considering by how much and for how long. Higher than expected inflation has made the outcome more unpredictable, as it has dampened consumer sentiment, pushed central banks into raising interest rates more aggressively and contributed to considerable turbulence in the markets this year.
Inflation has surged partially due to pandemic-related supply chain bottlenecks, exacerbated by Russia’s war in Ukraine and China’s recurring COVID-19 lockdowns throughout the year until their zero-COVID policy effectively ended in December 2022. This has necessitated increasingly forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who have signaled their intentions to slow inflation while tolerating materially slower economic growth and some softening in the labor market. In March 2022, the Fed began the fastest interest rate hiking cycle in its history, raising the target fed funds rate by 4.25% over a nine-month span to a range of 4.25% to 4.50% by year-end. While inflation began to ease over the second half of 2022, it remains far higher than the Fed’s inflation target. Additional rate hikes are expected in 2023, as Fed officials closely monitor inflation data along with other economic measures and will modify their rate setting policy based upon these factors. After contracting in the first half of 2022, U.S. gross domestic product resumed positive growth in the third quarter, according to the government’s estimates. The recent strength was largely attributed to a narrowing in the trade deficit while consumer and business activity has remained slower in part due to higher prices and borrowing costs. The sharp increase in the U.S. dollar’s value relative to other currencies in 2022 has added further uncertainty to the economic outlook. However, the still strong labor market suggests not all areas of the economy are weakening in unison.
While markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Terence
J. Toth
Chair of the Board
January 20, 2023
4
Nuveen
Georgia Quality Municipal Income Fund (NKG)
Nuveen Massachusetts Quality Municipal Income Fund (NMT)
Nuveen Minnesota Quality Municipal Income Fund (NMS)
Nuveen Missouri Quality Municipal Income Fund (NOM)
Nuveen Virginia Quality Municipal Income Fund (NPV)
Portfolio Manager Commentaries in Semiannual Shareholder Reports
The Funds include portfolio manager commentary in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of each Fund’s May 31, 2022 annual shareholder report.
For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.
For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.
For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.
Fund Mergers
During November 2022, the mergers of Nuveen Ohio Quality Municipal Income Fund (NUO) and NKG into Nuveen Municipal Credit Income Fund (NZF) was approved by each Fund’s Board of Trustees. Each merger is pending shareholder approval by NUO and NKG, respectively.
5
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. All this will make the shares’ total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
The Funds’ use of leverage significantly detracted from relative performance during the reporting period. However, the Funds’ use of leverage was accretive to overall common share income.
As of November 30, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.
| NKG | NMT | NMS | NOM | NPV | |
| Effective Leverage* | 37.71% | 41.79% | 40.50% | 40.77% | 40.36% |
| Regulatory Leverage* | 32.58% | 39.51% | 40.50% | 39.98% | 36.86% |
| * | Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
6
THE FUNDS’ REGULATORY LEVERAGE
As of November 30, 2022, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
| Variable Rate | ||||
| Variable Rate | Remarketed | |||
| Preferred* | Preferred** | |||
| Shares Issued at | Shares Issued at | |||
| Liquidation Preference | Liquidation Preference | Total | ||
| NKG | $ 58,500,000 | $ — | $ 58,500,000 | |
| NMT | $ 74,000,000 | $ — | $ 74,000,000 | |
| NMS | $ 49,800,000 | $ — | $ 49,800,000 | |
| NOM | $ 18,000,000 | $ — | $ 18,000,000 | |
| NPV | $128,000,000 | $ — | $128,000,000 |
| * | Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details. |
| ** | Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details. |
Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on preferred shares and each Fund’s respective transactions.
7
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of November 30, 2022. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
| Per Common Share Amounts | |||||
| Monthly Distributions (Ex-Dividend Date) | NKG | NMT | NMS | NOM | NPV |
| June 2022 | $0.0425 | $0.0430 | $0.0525 | $0.0415 | $0.0485 |
| July | 0.0385 | 0.0390 | 0.0480 | 0.0375 | 0.0485 |
| August | 0.0385 | 0.0390 | 0.0480 | 0.0375 | 0.0485 |
| September | 0.0385 | 0.0390 | 0.0480 | 0.0375 | 0.0485 |
| October | 0.0330 | 0.0335 | 0.0435 | 0.0320 | 0.0435 |
| November 2022 | 0.0330 | 0.0335 | 0.0435 | 0.0320 | 0.0435 |
| Total Distributions from Net Investment Income | $0.2240 | $0.2270 | $0.2835 | $0.2180 | $0.2810 |
| Yields | |||||
| Market Yield* | 3.82% | 3.73% | 4.51% | 3.57% | 4.33% |
| Taxable-Equivalent Yield* | 7.08% | 6.88% | 9.14% | 6.61% | 8.08% |
| * | 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 46.6%, 45.8%, 50.7%, 46.1% and 46.6% for NKG, NMT, NMS, NOM and NPV, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower. |
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
8
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE REPURCHASES
During August 2022, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of November 30, 2022, (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.
| NKG | NMT | NMS | NOM | NPV | |
| Common shares cumulatively repurchased and retired | 149,500 | 26,148 | 10,000 | 0 | 55,000 |
| Common shares authorized for repurchase | 1,035,000 | 930,000 | 575,000 | 230,000 | 1,790,000 |
| OTHER COMMON SHARE INFORMATION |
As of November 30, 2022, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:
| NKG | NMT | NMS | NOM | NPV | |
| Common share NAV | $11.64 | $12.15 | $12.64 | $11.50 | $12.23 |
| Common share price | $10.36 | $10.78 | $11.58 | $10.77 | $12.06 |
| Premium/(Discount) to NAV | (11.00)% | (11.28)% | (8.39)% | (6.35)% | (1.39)% |
| Average premium/(discount) to NAV | (10.07)% | (8.01)% | 6.80% | 4.87% | 2.29% |
9
| NKG | Nuveen Georgia Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| November 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2022*
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| NKG at Common Share NAV | (3.52)% | (15.08)% | 0.51% | 1.33% | |
| NKG at Common Share Price | (5.56)% | (21.82)% | (0.75)% | 0.51% | |
| S&P Municipal Bond Index | (1.43)% | (7.94)% | 1.51% | 2.05% | |
| S&P Municipal Bond Georgia Index | (1.35)% | (8.12)% | 1.17% | 1.73% | |
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Georgia Index.
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
10
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 158.7% |
| Other Assets Less Liabilities | 1.8% |
| Net Assets Plus Floating Rate Obligations | |
| & AMTP Shares, net of deferred | |
| offering costs | 160.5% |
| Floating Rate Obligations | (12.2)% |
| AMTP Shares, net of deferred | |
| offering costs | (48.3)% |
| Net Assets | 100% |
| States and Territories2 | |
| (% of total municipal bonds) | |
| Georgia | 90.0% |
| Florida | 2.4% |
| West Virginia | 1.8% |
| Colorado | 1.5% |
| Puerto Rico | 1.5% |
| Illinois | 1.2% |
| Nevada | 1.1% |
| Washington | 0.5% |
| Total | 100% |
| Portfolio Composition1 | |
| (% of total investments) | |
| Utilities | 29.9% |
| Tax Obligation/General | 20.0% |
| Tax Obligation/Limited | 18.1% |
| Education and Civic Organizations | 8.7% |
| Health Care | 7.4% |
| U.S. Guaranteed | 7.3% |
| Transportation | 7.1% |
| Other | 1.5% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 4.4% |
| AAA | 10.9% |
| AA | 60.7% |
| A | 16.0% |
| BBB | 5.3% |
| BB or Lower | 0.5% |
| N/R (not rated) | 2.2% |
| Total | 100% |
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above. |
| 2 | The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Georgia's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. |
11
| NMT | Nuveen Massachusetts Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| November 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2022*
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| NMT at Common Share NAV | (4.12)% | (16.98)% | 0.01% | 1.45% | |
| NMT at Common Share Price | (9.84)% | (26.88)% | (2.09)% | 0.77% | |
| S&P Municipal Bond Index | (1.43)% | (7.94)% | 1.51% | 2.05% | |
| S&P Municipal Bond Massachusetts Index | (1.09)% | (7.74)% | 1.27% | 1.77% |
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Massachusetts Index.
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
12
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 164.4% |
| Other Assets Less Liabilities | 0.7% |
| Net Assets Plus VRDP Shares, | |
| net of deferred offering costs | 165.1% |
| VRDP Shares, net of deferred | |
| offering cost | (65.1)% |
| Net Assets | 100% |
| States and Territories2 | |
| (% of total municipal bonds) | |
| Massachusetts | 94.0% |
| Puerto Rico | 4.2% |
| Guam | 1.2% |
| Virgin Islands | 0.6% |
| Total | 100% |
| Portfolio Composition1 | |
| (% of total investments) | |
| Education and Civic Organizations | 30.8% |
| Tax Obligation/General | 16.6% |
| Health Care | 16.5% |
| Tax Obligation/Limited | 15.1% |
| Utilities | 5.8% |
| Transportation | 4.8% |
| Other | 10.4% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 3.9% |
| AAA | 7.4% |
| AA | 51.5% |
| A | 19.5% |
| BBB | 11.3% |
| BB or Lower | 1.3% |
| N/R (not rated) | 5.1% |
| Total | 100% |
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above. |
| 2 | The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Massachusetts' personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. |
13
| NMS | Nuveen Minnesota Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| November 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2022*
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| NMS at Common Share NAV | (5.30)% | (15.15)% | 0.79% | 2.17% | |
| NMS at Common Share Price | (23.36)% | (19.89)% | (0.25)% | 0.43% | |
| S&P Municipal Bond Index | (1.43)% | (7.94)% | 1.51% | 2.05% | |
| S&P Municipal Bond Minnesota Index | (1.50)% | (7.23)% | 1.40% | 1.90% |
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Minnesota Index.
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
14
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 166.3% |
| Other Assets Less Liabilities | 1.7% |
| Net Assets Plus AMTP Shares, | |
| net of deferred offering costs | 168.0% |
| AMTP Shares, net of deferred | |
| offering costs | (68.0)% |
| Net Assets | 100% |
| States and Territories2 | |
| (% of total municipal bonds) | |
| Minnesota | 99.6% |
| Guam | 0.4% |
| Total | 100% |
| Portfolio Composition1 | |
| (% of total investments) | |
| Health Care | 22.5% |
| Education and Civic Organizations | 20.2% |
| Tax Obligation/General | 17.1% |
| Tax Obligation/Limited | 9.1% |
| Utilities | 9.0% |
| Long-Term Care | 6.8% |
| Transportation | 5.4% |
| Other | 9.9% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 3.2% |
| AAA | 13.7% |
| AA | 23.9% |
| A | 30.9% |
| BBB | 6.8% |
| BB or Lower | 10.0% |
| N/R (not rated) | 11.5% |
| Total | 100% |
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above. |
| 2 | The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Minnesota's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. |
15
| NOM | Nuveen Missouri Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| November 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2022*
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| NOM at Common Share NAV | (5.10)% | (14.73)% | 0.31% | 1.73% | |
| NOM at Common Share Price | (11.93)% | (23.28)% | (2.76)% | (0.43)% | |
| S&P Municipal Bond Index | (1.43)% | (7.94)% | 1.51% | 2.05% | |
| S&P Municipal Bond Missouri Index | (1.77)% | (7.84)% | 1.50% | 2.15% |
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Missouri Index.
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
16
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 164.5% |
| Other Assets Less Liabilities | 3.6% |
| Net Assets Plus Floating Rate Obligations | |
| & MFP Shares, net of deferred | |
| offering costs | 168.1% |
| Floating Rate Obligations | (2.2)% |
| MFP Shares, net of deferred | |
| offering costs | (65.9)% |
| Net Assets | 100% |
| States and Territories2 | |
| (% of total municipal bonds) | |
| Missouri | 96.8% |
| Puerto Rico | 2.4% |
| Guam | 0.8% |
| Total | 100% |
| Portfolio Composition1 | |
| (% of total investments) | |
| Health Care | 24.1% |
| Tax Obligation/Limited | 18.1% |
| Tax Obligation/General | 17.5% |
| Utilities | 13.5% |
| Education and Civic Organizations | 10.6% |
| Long-Term Care | 6.0% |
| Transportation | 5.6% |
| Other | 4.6% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 1.9% |
| AAA | 3.6% |
| AA | 45.3% |
| A | 26.6% |
| BBB | 10.2% |
| BB or Lower | 3.8% |
| N/R (not rated) | 8.6% |
| Total | 100% |
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above. |
| 2 | The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Missouri's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. |
17
| NPV | Nuveen Virginia Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| November 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2022*
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| NPV at Common Share NAV | (5.63)% | (16.61)% | 0.70% | 1.56% | |
| NPV at Common Share Price | (3.38)% | (25.01)% | 2.83% | 1.41% | |
| S&P Municipal Bond Index | (1.43)% | (7.94)% | 1.51% | 2.05% | |
| S&P Municipal Bond Virginia Index | (1.24)% | (7.29)% | 1.38% | 1.90% |
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Virginia Index.
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
18
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 164.8% |
| Other Assets Less Liabilities | 2.7% |
| Net Assets Plus Floating Rate Obligations | |
| & VRDP shares, net of deferred | |
| offering costs | 167.5% |
| Floating Rate Obligations | (9.3)% |
| VRDP Shares, net of deferred | |
| offering costs | (58.2)% |
| Net Assets | 100% |
| States and Territories2 | |
| (% of total municipal bonds) | |
| Virginia | 70.8% |
| District Of Columbia | 15.4% |
| Puerto Rico | 6.0% |
| Guam | 2.8% |
| Colorado | 2.0% |
| Virgin Islands | 1.6% |
| Pennsylvania | 1.2% |
| New York | 0.2% |
| Total | 100% |
| Portfolio Composition1 | |
| (% of total investments) | |
| Transportation | 28.0% |
| Health Care | 17.5% |
| Tax Obligation/Limited | 14.8% |
| U.S. Guaranteed | 11.0% |
| Education and Civic Organizations | 7.9% |
| Utilities | 6.1% |
| Long-Term Care | 5.1% |
| Other | 9.6% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 10.2% |
| AAA | 5.2% |
| AA | 36.6% |
| A | 15.2% |
| BBB | 13.5% |
| BB or Lower | 7.7% |
| N/R (not rated) | 11.6% |
| Total | 100% |
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above. |
| 2 | The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Virginia's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. |
19
Shareholder Meeting Report
The annual meeting of shareholders was held on November 18, 2022 for NMT. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.
| NMT | |||
| Common and | |||
| Preferred | Preferred | ||
| shares voting | shares voting | ||
| together | together | ||
| as a class | as a class | ||
| Approval of the Board Members was reached as follows: | |||
| Judith M. Stockdale | |||
| For | 7,771,729 | — | |
| Withhold | 359,422 | — | |
| Total | 8,131,151 | — | |
| Carole E. Stone | |||
| For | 7,788,949 | — | |
| Withhold | 342,202 | — | |
| Total | 8,131,151 | — | |
| Margaret L. Wolff | |||
| For | 7,794,042 | — | |
| Withhold | 337,109 | — | |
| Total | 8,131,151 | — | |
| William C. Hunter | |||
| For | — | 740 | |
| Withhold | — | — | |
| Total | — | 740 | |
| Albin F. Moschner | |||
| For | — | 740 | |
| Withhold | — | — | |
| Total | — | 740 |
20
| NKG | Nuveen Georgia Quality Municipal |
| Income Fund | |
| Portfolio of Investments | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| LONG-TERM INVESTMENTS – 158.7% (100.0% of Total Investments) | ||||
| MUNICIPAL BONDS – 158.7% (100.0% of Total Investments) | ||||
| Consumer Discretionary – 1.6% (1.0% of Total Investments) | ||||
| Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center | ||||
| Hotel Revenue Bonds, First Tier Series 2021A: | ||||
| $ 1,000 | 4.000%, 1/01/36 | 1/31 at 100.00 | BBB– | $ 922,800 |
| 1,220 | 4.000%, 1/01/54 | 1/31 at 100.00 | BBB– | 993,019 |
| 2,220 | Total Consumer Discretionary | 1,915,819 | ||
| Education and Civic Organizations – 13.9% (8.7% of Total Investments) | ||||
| 3,000 | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/28 at 100.00 | AA | 2,958,180 |
| Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 | ||||
| 1,340 | Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten | 10/23 at 100.00 | N/R | 1,349,568 |
| Academy Project, Series 2013B, 7.000%, 10/01/43 | ||||
| 3,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts | 3/26 at 100.00 | A2 | 3,147,660 |
| Center, Inc. Project, Refunding Series 2015A, 5.000%, 3/15/36 | ||||
| 1,530 | Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College | 7/27 at 100.00 | A+ | 1,610,891 |
| Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37 | ||||
| 3,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, | 10/23 at 100.00 | AA | 3,031,410 |
| Refunding Series 2013A, 5.000%, 10/01/43 | ||||
| 2,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, | 10/26 at 100.00 | AA | 2,074,660 |
| Refunding Series 2016A, 5.000%, 10/01/46, (UB) (4) | ||||
| 830 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/31 at 100.00 | A3 | 740,468 |
| Series 2021, 4.000%, 10/01/50 | ||||
| 2,000 | Savannah Economic Development Authority, Georgia, Revenue Bonds, Savannah State | 6/31 at 100.00 | A+ | 1,888,880 |
| University Projects, Refunding & Improvement Series 2021B, 4.000%, 6/15/44 | ||||
| 16,700 | Total Education and Civic Organizations | 16,801,717 | ||
| Health Care – 11.8% (7.4% of Total Investments) | ||||
| Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical | ||||
| Center, Series 1998: | ||||
| 205 | 5.250%, 12/01/23 (5),(6) | 12/22 at 100.00 | N/R | 14,096 |
| 745 | 5.375%, 12/01/28 (5),(6) | 1/23 at 100.00 | N/R | 51,226 |
| 4,245 | Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of | 7/29 at 100.00 | AA+ | 4,076,559 |
| Atlanta, Inc. Project, Series 2019A, 4.000%, 7/01/49 | ||||
| 550 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/32 at 100.00 | A+ | 499,345 |
| Wellstar Health System, Inc. Project, Series 2022A, 4.000%, 4/01/52 | ||||
| 875 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/30 at 100.00 | A+ | 880,556 |
| Wellstar Health System, Series 2020A, 5.000%, 4/01/50 | ||||
| Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health | ||||
| System, Inc Project, Series 2017A: | ||||
| 1,780 | 5.000%, 4/01/36 | 4/27 at 100.00 | A+ | 1,848,263 |
| 1,000 | 5.000%, 4/01/37 | 4/27 at 100.00 | A+ | 1,034,410 |
| 3,485 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/24 at 100.00 | AA– | 3,501,658 |
| Project, Series 2014A, 5.000%, 7/01/44 | ||||
| 2,500 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/29 at 100.00 | AA | 2,381,650 |
| Project, Series 2019A, 4.000%, 7/01/49 – BAM Insured | ||||
| 15,385 | Total Health Care | 14,287,763 |
21
| NKG | Nuveen Georgia Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Housing/Multifamily – 0.8% (0.5% of Total Investments) | ||||
| $ 1,205 | Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, | 11/23 at 100.00 | B | $ 998,330 |
| Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35 | ||||
| Tax Obligation/General – 31.7% (20.0% of Total Investments) | ||||
| 2,030 | Atlanta, Georgia, General Obligation Bonds, Public Improvement Social Series 2022A-1, | 12/32 at 100.00 | Aa1 | 2,280,867 |
| 5.000%, 12/01/41 | ||||
| 4,000 | Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%, | 8/26 at 100.00 | AA+ | 4,190,520 |
| 8/01/42, (UB) (4) | ||||
| 700 | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, | 7/30 at 100.00 | AA | 671,195 |
| Tanner Medical Center Inc. Project, Series 2020, 4.000%, 7/01/50 | ||||
| 3,000 | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, | 7/25 at 100.00 | AA | 3,057,060 |
| Tanner Medical Center, Inc. Project, Series 2015, 5.000%, 7/01/41 | ||||
| 2,000 | Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building | 6/28 at 100.00 | A+ | 2,021,420 |
| Series 2018A, 4.000%, 6/15/37 | ||||
| 1,760 | Crisp County Hospital Authority, Georgia, Revenue Anticipation Certificates, Crisp | 7/31 at 100.00 | A1 | 1,670,170 |
| County Hospital Project, Series 2021, 4.000%, 7/01/46 | ||||
| East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding | ||||
| Series 2017: | ||||
| 1,000 | 5.000%, 2/01/29 – AGM Insured | 2/27 at 100.00 | AA | 1,078,490 |
| 650 | 5.000%, 2/01/35 – AGM Insured | 2/27 at 100.00 | AA | 693,244 |
| 2,350 | Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series | 6/28 at 100.00 | AA+ | 2,302,741 |
| 2018A, 4.000%, 12/01/43 | ||||
| Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | ||||
| Certificates, Northeast Georgia Health Services Inc., Series 2017B: | ||||
| 3,000 | 5.500%, 2/15/42, (UB) (4) | 2/27 at 100.00 | AA | 3,196,290 |
| 5,500 | 5.250%, 2/15/45, (UB) (4) | 2/27 at 100.00 | AA | 5,745,960 |
| 1,500 | Georgia State Road and Tollway Authority, Guaranteed Revenue Bonds, Managed Lane System, | 7/31 at 100.00 | AAA | 1,555,035 |
| Series 2021A, 4.000%, 7/15/37 | ||||
| 3,550 | Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28 | 2/25 at 100.00 | AAA | 3,728,423 |
| 170 | Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, | 3/29 at 100.00 | AA+ | 191,026 |
| 5.000%, 3/01/32 | ||||
| 345 | Lamar County School District, Georgia, General Obligation Bonds, Series 2017, | 9/27 at 100.00 | Aa1 | 376,381 |
| 5.000%, 3/01/33 | ||||
| Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation | ||||
| Certificates, Refunding Series 2019A: | ||||
| 500 | 5.000%, 10/01/34 | 10/29 at 100.00 | Aa2 | 559,810 |
| 370 | 5.000%, 10/01/36 | 10/29 at 100.00 | Aa2 | 408,613 |
| 195 | 5.000%, 10/01/37 | 10/29 at 100.00 | Aa2 | 214,206 |
| Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016: | ||||
| 500 | 5.000%, 8/01/30 | 2/26 at 100.00 | Aa1 | 534,815 |
| 400 | 5.000%, 8/01/31 | 2/26 at 100.00 | Aa1 | 427,440 |
| 3,500 | West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, | 6/28 at 100.00 | Aa2 | 3,442,390 |
| 4.000%, 6/01/42 | ||||
| 37,020 | Total Tax Obligation/General | 38,346,096 | ||
| Tax Obligation/Limited – 28.7% (18.1% of Total Investments) | ||||
| Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta | ||||
| Parking Facility Project, Series 2017: | ||||
| 1,180 | 5.000%, 12/01/34 | 12/27 at 100.00 | AA+ | 1,282,802 |
| 1,260 | 5.000%, 12/01/36 | 12/27 at 100.00 | AA+ | 1,361,543 |
| 3,250 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium | 7/25 at 100.00 | A1 | 3,347,760 |
| Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44 | ||||
| 575 | Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, | No Opt. Call | A3 | 597,712 |
| 5.000%, 12/01/24 |
22
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Tax Obligation/Limited (continued) | ||||
| Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D: | ||||
| $ 1,200 | 5.000%, 1/01/30 | 1/27 at 100.00 | A2 | $ 1,282,332 |
| 1,525 | 5.000%, 1/01/31 | 1/27 at 100.00 | A2 | 1,625,864 |
| 725 | Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, | 7/23 at 100.00 | A | 729,205 |
| 5.000%, 7/01/41 | ||||
| 3,190 | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding | No Opt. Call | Baa2 | 3,357,475 |
| Series 1993, 5.625%, 10/01/26 – NPFG Insured | ||||
| 245 | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding | No Opt. Call | AA– | 259,078 |
| Series 2005, 5.500%, 10/01/26 – NPFG Insured | ||||
| 3,020 | Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, | No Opt. Call | AAA | 3,179,456 |
| Series 1998A, 4.750%, 6/01/28 – NPFG Insured | ||||
| 700 | Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue | 6/27 at 100.00 | AA | 766,661 |
| Bonds, Series 2017A, 5.000%, 6/01/29 | ||||
| Jones County Public Facilities Authority, Georgia, Revenue Bonds, Jones County Water & | ||||
| Sewer Projects, Series 2022: | ||||
| 1,055 | 4.000%, 4/01/35 – BAM Insured | 4/32 at 100.00 | AA | 1,098,466 |
| 1,425 | 4.000%, 4/01/39 – BAM Insured | 4/32 at 100.00 | AA | 1,433,493 |
| 1,725 | 4.000%, 4/01/42 – BAM Insured | 4/32 at 100.00 | AA | 1,706,767 |
| Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third | ||||
| Indenture, Series 2015B: | ||||
| 1,000 | 5.000%, 7/01/41 | 7/26 at 100.00 | AA+ | 1,047,540 |
| 3,000 | 5.000%, 7/01/42 | 7/26 at 100.00 | AA+ | 3,139,890 |
| 5,000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, | 7/28 at 100.00 | AA | 4,658,450 |
| 4.000%, 7/01/48 | ||||
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
| 710 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 670,268 |
| 2,312 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 2,153,235 |
| 1,675 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/31 at 100.00 | Baa3 | 1,000,042 |
| Bonds, Refunding Subordinate Series 2021B. Exchange Purchase, 3.000%, 7/01/58 | ||||
| 34,772 | Total Tax Obligation/Limited | 34,698,039 | ||
| Transportation – 11.3% (7.1% of Total Investments) | ||||
| Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, | ||||
| Refunding Subordinate Lien Series 2014A: | ||||
| 2,575 | 5.000%, 1/01/32 | 1/24 at 100.00 | AA– | 2,627,916 |
| 3,750 | 5.000%, 1/01/34 | 1/24 at 100.00 | AA– | 3,820,463 |
| Georgia Ports Authority, Revenue Bonds, Series 2021: | ||||
| 4,500 | 4.000%, 7/01/46 | 7/31 at 100.00 | AA | 4,380,480 |
| 3,000 | 4.000%, 7/01/51 | 7/31 at 100.00 | AA | 2,843,430 |
| 13,825 | Total Transportation | 13,672,289 | ||
| U.S. Guaranteed – 11.5% (7.3% of Total Investments) (7) | ||||
| 500 | Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, | 5/24 at 100.00 | AA+ | 516,860 |
| 5/01/31, (Pre-refunded 5/01/24) | ||||
| 2,000 | Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & | 4/25 at 100.00 | AAA | 2,107,940 |
| Improvement Series 2015, 5.000%, 4/01/44, (Pre-refunded 4/01/25) | ||||
| 3,000 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/25 at 100.00 | AA | 3,185,430 |
| Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54, | ||||
| (Pre-refunded 2/15/25) | ||||
| 3,500 | Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, | 2/23 at 100.00 | AAA | 3,514,665 |
| 2/01/36, (Pre-refunded 2/01/23) | ||||
| 1,500 | Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series | 2/24 at 100.00 | Aa3 | 1,541,925 |
| 2014B, 5.000%, 2/01/37, (Pre-refunded 2/01/24) | ||||
| 3,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of | 4/24 at 100.00 | A2 | 3,095,400 |
| Art & Design Projects, Series 2014, 5.000%, 4/01/44, (Pre-refunded 4/01/24) | ||||
| 13,500 | Total U.S. Guaranteed | 13,962,220 |
23
| NKG | Nuveen Georgia Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Utilities – 47.4% (29.9% of Total Investments) | ||||
| Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A: | ||||
| $ 4,000 | 5.000%, 11/01/39, (UB) (4) | 11/27 at 100.00 | Aa2 | $ 4,271,840 |
| 3,210 | 5.000%, 11/01/41 | 11/27 at 100.00 | Aa2 | 3,408,763 |
| 1,790 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, | 11/27 at 100.00 | Aa2 | 1,886,356 |
| 5.000%, 11/01/47 | ||||
| 260 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 - | No Opt. Call | AA | 314,293 |
| AGM Insured | ||||
| Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series 2021: | ||||
| 2,875 | 4.000%, 12/01/46 – BAM Insured | 12/31 at 100.00 | AA | 2,832,220 |
| 5,000 | 4.000%, 12/01/51 – BAM Insured | 12/31 at 100.00 | AA | 4,858,150 |
| 1,250 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe | 2/28 at 100.00 | BBB+ | 1,135,137 |
| Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 | ||||
| 1,250 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe | 2/28 at 100.00 | BBB+ | 1,135,138 |
| Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 | ||||
| 5 | Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, | 1/23 at 100.00 | Aa1 | 5,008 |
| 5.000%, 8/01/35 – AGM Insured | ||||
| 500 | Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36 | 5/26 at 100.00 | AA+ | 529,555 |
| 1,750 | Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33 | 3/27 at 100.00 | A2 | 1,859,602 |
| 1,000 | Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 3/01/40 | 3/30 at 100.00 | A2 | 954,300 |
| DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B: | ||||
| 6,000 | 5.250%, 10/01/32 – AGM Insured | 10/26 at 100.00 | AAA | 6,512,340 |
| 300 | 5.000%, 10/01/35 – AGM Insured | 10/26 at 100.00 | AAA | 319,590 |
| 5,350 | DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series | 1/23 at 100.00 | Aa3 | 5,356,580 |
| 2011A, 5.250%, 10/01/41 | ||||
| 1,000 | Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, | 1/23 at 100.00 | AA | 1,001,720 |
| 5.000%, 1/01/33 | ||||
| 3,000 | Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, | 1/23 at 100.00 | A1 | 3,000,750 |
| 5.000%, 1/01/43 | ||||
| 1,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, | No Opt. Call | A | 1,001,290 |
| 5.000%, 5/15/49 | ||||
| 1,525 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%, | 9/24 at 100.43 | Aa2 | 1,535,172 |
| 8/01/49, (Mandatory Put 12/02/24) | ||||
| 2,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Variable Rate Demand | 6/23 at 100.40 | Aa1 | 2,007,560 |
| Bonds Series 2018A, 4.000%, 4/01/48, (Mandatory Put 9/01/23) | ||||
| 3,325 | Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 12/01/45 – | 12/30 at 100.00 | AA | 3,280,844 |
| AGM Insured | ||||
| 650 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project P Bonds, | 1/30 at 100.00 | BBB+ | 644,202 |
| Series 2021A, 5.000%, 1/01/56 | ||||
| 1,500 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien | No Opt. Call | A2 | 1,037,175 |
| Series 2015A, 0.000%, 1/01/32 | ||||
| 2,260 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien | 7/26 at 100.00 | AA | 2,393,182 |
| Series 2016A, 5.000%, 1/01/30 – BAM Insured | ||||
| 1,000 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien | 7/28 at 100.00 | BBB+ | 990,790 |
| Series 2020A, 5.000%, 1/01/59 | ||||
| Oconee County, Georgia, Water and Sewerage Revenue Bonds, Series 2017A: | ||||
| 155 | 5.000%, 9/01/35 | 9/27 at 100.00 | AA | 167,056 |
| 535 | 5.000%, 9/01/37 | 9/27 at 100.00 | AA | 572,140 |
24
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Utilities (continued) | ||||
| $ 2,000 | South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, | 1/24 at 100.00 | AA | $ 2,042,320 |
| Refunding Series 2014, 5.000%, 1/01/30 | ||||
| 2,315 | Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek | 2/26 at 100.00 | Aa1 | 2,337,502 |
| Reservoir Project, Series 2016, 4.000%, 2/01/38 | ||||
| 56,805 | Total Utilities | 57,390,575 | ||
| $ 191,432 | Total Long-Term Investments (cost $197,310,705) | 192,072,848 | ||
| Floating Rate Obligations – (12.2)% | (14,800,000) | |||
| Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (48.3)% (8) | (58,455,313) | |||
| Other Assets Less Liabilities – 1.8% | 2,240,161 | |||
| Net Assets Applicable to Common Shares – 100% | $ 121,057,696 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (6) | For fair value measurement disclosure purposes, investment classified as Level 3. |
| (7) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (8) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 30.4% |
| UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. |
See accompanying notes to financial statements.
25
| NMT | Nuveen Massachusetts Quality Municipal |
| Income Fund | |
| Portfolio of Investments | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| LONG-TERM INVESTMENTS – 164.4% (100.0% of Total Investments) | ||||
| MUNICIPAL BONDS – 164.4% (100.0% of Total Investments) | ||||
| Education and Civic Organizations – 50.7% (30.8% of Total Investments) | ||||
| $ 210 | Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, | 6/26 at 100.00 | N/R | $ 195,983 |
| 5.000%, 6/15/49 | ||||
| 450 | Massachusetts Development Finance Agency, Revenue Bonds, Babson College, Refunding | 4/32 at 100.00 | A+ | 433,800 |
| Series 2022, 4.000%, 10/01/41 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, Bentley College Issue, Series 2021A: | ||||
| 1,000 | 4.000%, 7/01/38 | 7/31 at 100.00 | A2 | 973,880 |
| 735 | 4.000%, 7/01/39 | 7/31 at 100.00 | A2 | 712,208 |
| 3,515 | Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music, | 10/26 at 100.00 | A | 3,653,350 |
| Series 2016, 5.000%, 10/01/39 | ||||
| 2,200 | Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2013S, | 7/23 at 100.00 | AA– | 2,222,374 |
| 5.000%, 7/01/38 | ||||
| 730 | Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T, | 7/27 at 100.00 | AA– | 769,960 |
| 5.000%, 7/01/42 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender | ||||
| Option Bond Trust 2016-XG0070: | ||||
| 575 | 12.103%, 10/01/48, 144A, (IF) (4) | 10/23 at 100.00 | AA– | 599,581 |
| 1,880 | 12.161%, 10/01/48, 144A, (IF) (4) | 10/23 at 100.00 | AA– | 1,960,464 |
| Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A: | ||||
| 2,000 | 5.000%, 1/01/34 | 1/28 at 100.00 | BBB+ | 2,083,200 |
| 2,240 | 5.000%, 1/01/37 | 1/28 at 100.00 | BBB+ | 2,305,363 |
| 1,955 | Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016, | 7/26 at 100.00 | BBB+ | 1,992,301 |
| 5.000%, 7/01/35 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue, | ||||
| Series 2015H: | ||||
| 450 | 3.500%, 7/01/35 | 7/25 at 100.00 | AA | 442,931 |
| 190 | 5.000%, 7/01/37 | 7/25 at 100.00 | AA | 198,244 |
| 1,200 | Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, | 7/26 at 100.00 | BBB– | 1,215,300 |
| 5.000%, 7/01/47 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, | ||||
| Series 2014A: | ||||
| 875 | 5.000%, 3/01/39 | 3/24 at 100.00 | A1 | 883,706 |
| 1,400 | 5.000%, 3/01/44 | 3/24 at 100.00 | A1 | 1,414,602 |
| 500 | Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, | 10/23 at 100.00 | BBB | 504,360 |
| 5.250%, 10/01/39 | ||||
| 1,100 | Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue, | 10/30 at 100.00 | BBB | 1,016,917 |
| Series 2020M, 4.000%, 10/01/38 | ||||
| 1,230 | Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art | 7/25 at 100.00 | AA | 1,292,939 |
| Institute, Series 2015, 5.000%, 7/01/33 | ||||
| 450 | Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding | 7/29 at 100.00 | Baa2 | 469,233 |
| Series 2019, 5.000%, 7/01/36 | ||||
| 1,175 | Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Series | 7/31 at 100.00 | Baa2 | 1,003,685 |
| 2021, 4.000%, 7/01/51 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2017: | ||||
| 2,200 | 5.000%, 4/01/35 | 10/27 at 100.00 | AA– | 2,370,874 |
| 1,250 | 5.000%, 4/01/36 | 10/27 at 100.00 | AA– | 1,343,263 |
26
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Education and Civic Organizations (continued) | ||||
| $ 875 | Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, | 8/25 at 100.00 | AA– | $ 908,836 |
| 5.000%, 8/15/38 | ||||
| 1,325 | Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H, | 1/28 at 100.00 | Baa2 | 1,349,354 |
| 5.000%, 1/01/42 | ||||
| 1,510 | Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic | 6/28 at 100.00 | AA– | 1,618,237 |
| Institution, Series 2018, 5.000%, 6/01/43 | ||||
| 840 | Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic | 9/26 at 100.00 | A | 873,281 |
| Institute, Series 2016, 5.000%, 9/01/37 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic | ||||
| Institute, Series 2017: | ||||
| 550 | 5.000%, 9/01/42 | 9/27 at 100.00 | A | 568,260 |
| 700 | 5.000%, 9/01/47 | 9/27 at 100.00 | A | 718,424 |
| 2,500 | Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic | 9/27 at 100.00 | A | 2,583,000 |
| Institute, Series 2017B, 5.000%, 9/01/42 | ||||
| 1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic | 9/29 at 100.00 | A | 929,490 |
| Institute, Series 2019, 4.000%, 9/01/44 | ||||
| 500 | Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, | 7/27 at 100.00 | Baa2 | 516,560 |
| Refunding Series 2017, 5.000%, 7/01/35 | ||||
| 3,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, | No Opt. Call | AAA | 3,728,760 |
| Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | ||||
| 2,495 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, | 7/26 at 100.00 | AA– | 2,609,545 |
| Series 2016, 5.000%, 1/01/40 | ||||
| Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University, | ||||
| Series 1999P: | ||||
| 1,090 | 6.000%, 5/15/29 | No Opt. Call | Aa3 | 1,227,340 |
| 1,000 | 6.000%, 5/15/59 | 5/29 at 105.00 | Aa3 | 1,175,160 |
| 500 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue L, | No Opt. Call | AA | 537,140 |
| Senior Series 2020B, 5.000%, 7/01/28, (AMT) | ||||
| 4,000 | University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series | 11/25 at 100.00 | Aa2 | 4,185,000 |
| 2015-1, 5.000%, 11/01/40 | ||||
| 690 | University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series | 11/29 at 100.00 | Aa2 | 757,682 |
| 2020-1, 5.000%, 11/01/36 | ||||
| 2,900 | University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series | 5/30 at 100.00 | Aa2 | 3,081,395 |
| 2022-1, 5.000%, 11/01/52 | ||||
| 54,985 | Total Education and Civic Organizations | 57,425,982 | ||
| Health Care – 27.1% (16.5% of Total Investments) | ||||
| 1,340 | Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series | 7/26 at 100.00 | BBB | 1,356,013 |
| 2016I, 5.000%, 7/01/41 | ||||
| 1,100 | Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue, | 7/24 at 100.00 | A+ | 1,106,424 |
| Series 2014N, 5.000%, 7/01/44 | ||||
| 500 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/26 at 100.00 | BBB | 514,180 |
| Series 2016E, 5.000%, 7/01/32 | ||||
| 1,675 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding | 7/26 at 100.00 | A | 1,764,160 |
| Series 2016-I, 5.000%, 7/01/30 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2015H-1: | ||||
| 900 | 5.000%, 7/01/30 | 7/25 at 100.00 | A | 937,134 |
| 1,000 | 5.000%, 7/01/32 | 7/25 at 100.00 | A | 1,038,460 |
| 500 | 5.000%, 7/01/33 | 7/25 at 100.00 | A | 518,265 |
| Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series | ||||
| 2018J-2: | ||||
| 1,500 | 5.000%, 7/01/38 | 7/28 at 100.00 | A | 1,577,340 |
| 2,000 | 5.000%, 7/01/43 | 7/28 at 100.00 | A | 2,048,500 |
27
| NMT | Nuveen Massachusetts Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Health Care (continued) | ||||
| $ 2,800 | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute | 12/26 at 100.00 | A1 | $ 2,835,560 |
| Issue, Series 2016N, 5.000%, 12/01/46 | ||||
| 3,500 | Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated | 8/25 at 100.00 | A | 3,538,535 |
| Group Issue, Series 2015F, 5.000%, 8/15/45 | ||||
| 2,145 | Massachusetts Development Finance Agency, Revenue Bonds, Mass General Brigham, Series | 1/30 at 100.00 | AA– | 2,251,435 |
| 2020A-2, 5.000%, 7/01/39 | ||||
| 1,080 | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center | 7/23 at 100.00 | BB | 1,088,996 |
| Issue, Series 2014F, 5.750%, 7/15/43 | ||||
| 100 | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center | 7/30 at 100.00 | BB | 95,875 |
| Issue, Series 2020G, 5.000%, 7/15/46, 144A | ||||
| 2,100 | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System | 1/28 at 100.00 | AA– | 2,053,401 |
| Issue, Series 2017S-1, 4.000%, 7/01/41 | ||||
| 820 | Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System | 7/23 at 100.00 | BBB+ | 823,165 |
| Obligated Group Issue, Series 2013F, 5.000%, 7/01/37 | ||||
| 170 | Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System | 7/31 at 100.00 | A– | 171,947 |
| Obligated Group Issue, Series 2021G, 5.000%, 7/01/50 | ||||
| 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+ | 1,003,860 |
| 2,200 | 5.000%, 7/01/44 | 7/23 at 100.00 | BBB+ | 2,204,884 |
| 610 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care | 1/27 at 100.00 | A– | 621,224 |
| Obligated Group Issue, Series 2017K, 5.000%, 7/01/38 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care | ||||
| Obligated Group Issue, Series 2017L: | ||||
| 400 | 3.625%, 7/01/37 | 7/27 at 100.00 | A– | 348,832 |
| 1,095 | 5.000%, 7/01/44 | 7/27 at 100.00 | A– | 1,107,001 |
| 445 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, | 7/26 at 100.00 | A– | 456,881 |
| Series 2016I, 5.000%, 7/01/36 | ||||
| 280 | Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, | 1/29 at 100.00 | BBB+ | 280,426 |
| 5.000%, 7/01/44 | ||||
| 1,020 | Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2020C, | 10/30 at 100.00 | AA | 932,576 |
| 4.000%, 10/01/45 – AGM Insured | ||||
| 30,280 | Total Health Care | 30,675,074 | ||
| Housing/Multifamily – 4.7% (2.8% of Total Investments) | ||||
| 215 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43 | 12/22 at 100.00 | AA+ | 215,211 |
| 725 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/44 | 12/28 at 100.00 | AA+ | 585,068 |
| 1,000 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2020A-1, 3.000%, 12/01/50 | 12/28 at 100.00 | AA+ | 725,020 |
| 1,335 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series | 6/30 at 100.00 | AA+ | 891,459 |
| 2020D-1, 2.550%, 12/01/50 | ||||
| 400 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series | 6/30 at 100.00 | AA+ | 253,224 |
| 2021A-1, 2.450%, 12/01/51 | ||||
| 2,500 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series | 6/32 at 100.00 | AA+ | 2,605,950 |
| 2022C-1, 5.100%, 12/01/52 | ||||
| 6,175 | Total Housing/Multifamily | 5,275,932 | ||
| Housing/Single Family – 0.4% (0.3% of Total Investments) | ||||
| 500 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series | 6/32 at 100.00 | AA+ | 491,520 |
| 2022-224, 4.350%, 12/01/42 |
28
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Long-Term Care – 4.8% (2.9% of Total Investments) | ||||
| Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the | ||||
| Charles, Inc. Issue, Series 2017: | ||||
| $ 1,040 | 4.125%, 10/01/42, 144A | 12/22 at 105.00 | BB+ | $ 986,513 |
| 250 | 5.000%, 10/01/47, 144A | 12/22 at 105.00 | BB+ | 254,705 |
| 460 | Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community | 7/25 at 100.00 | A+ | 471,072 |
| Lennox, Series 2015, 5.000%, 7/01/31 | ||||
| 485 | Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, | 12/25 at 103.00 | A– | 445,473 |
| Series 2019, 4.000%, 12/01/42 | ||||
| 1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series | 1/23 at 100.00 | BBB | 1,002,220 |
| 2013A, 5.250%, 1/01/26 | ||||
| 525 | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series | 1/27 at 103.00 | BBB | 416,792 |
| 2022. Forward Delivery, 4.000%, 1/01/51, 144A | ||||
| 1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc., Refunding | 10/24 at 104.00 | BBB | 976,820 |
| Series 2019, 5.000%, 10/01/49 | ||||
| 1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Salem Community Corporation, | 1/32 at 100.00 | N/R | 890,390 |
| Refunding Series 2022, 5.250%, 1/01/50 | ||||
| 5,760 | Total Long-Term Care | 5,443,985 | ||
| Tax Obligation/General – 27.4% (16.6% of Total Investments) | ||||
| 1,240 | Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, | 1/23 at 100.00 | AA | 1,242,120 |
| 5.000%, 2/15/32 | ||||
| 1,885 | Ludlow, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2019, | 2/27 at 100.00 | AA– | 1,471,129 |
| 3.000%, 2/01/49 | ||||
| 2,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, | 7/25 at 100.00 | Aa1 | 2,060,900 |
| 5.000%, 7/01/45 | ||||
| 3,895 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F, | 11/27 at 100.00 | Aa1 | 4,106,498 |
| 5.000%, 11/01/46 | ||||
| 4,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A, | 1/29 at 100.00 | Aa1 | 4,244,800 |
| 5.000%, 1/01/49 | ||||
| 3,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2022C, | 10/32 at 100.00 | Aa1 | 3,293,310 |
| 5.000%, 10/01/47 | ||||
| 525 | Massachusetts State, General Obligation Bonds, Refunding Series 2020D, 3.000%, 11/01/42 | 11/30 at 100.00 | Aa1 | 437,666 |
| 1,775 | North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series | 1/23 at 100.00 | Aa2 | 1,777,751 |
| 2012, 5.000%, 5/15/35 | ||||
| 1,685 | Northeast Metropolitan Regional Vocational Technical School District, Massachusetts, | 4/31 at 100.00 | AA | 1,634,265 |
| General Obligation Bonds, School Series 2022, 4.000%, 4/15/47 | ||||
| 1,950 | Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series | 9/27 at 100.00 | Aa2 | 1,613,333 |
| 2019, 3.000%, 9/01/42 | ||||
| 2,000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1, 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 1,544,680 |
| 815 | Quincy, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2022A, | 6/32 at 100.00 | AA | 889,320 |
| 5.000%, 6/01/50 | ||||
| 3,000 | Quincy, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2022B, | 7/32 at 100.00 | AA | 3,287,160 |
| 5.000%, 7/01/47 | ||||
| Revere, Massachusetts, General Obligation Bonds, State Qualified Municipal Purpose Loan | ||||
| Series 2022: | ||||
| 1,625 | 4.000%, 8/01/42 , (WI/DD, Settling 12/08/22) | 8/31 at 100.00 | AA | 1,636,846 |
| 1,745 | 4.000%, 8/01/43 , (WI/DD, Settling 12/08/22) | 8/31 at 100.00 | AA | 1,753,429 |
| 31,140 | Total Tax Obligation/General | 30,993,207 |
29
| NMT | Nuveen Massachusetts Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Tax Obligation/Limited – 24.8% (15.1% of Total Investments) | ||||
| $ 855 | Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014, | 11/24 at 100.00 | AA | $ 887,943 |
| 5.000%, 5/01/33 – BAM Insured | ||||
| 500 | Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2017, | 5/27 at 100.00 | AA | 535,810 |
| 5.000%, 5/01/35 – BAM Insured | ||||
| 2,000 | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series | 7/30 at 100.00 | AA | 2,288,520 |
| 2020B-1, 5.000%, 7/01/32 | ||||
| 1,000 | Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B, | No Opt. Call | AA | 1,012,130 |
| 5.375%, 5/01/23 – SYNCORA GTY Insured | ||||
| 550 | Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2022A, | 5/32 at 100.00 | Aa2 | 526,993 |
| 4.000%, 5/01/47 | ||||
| 1,350 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Refunding | 8/25 at 100.00 | AAA | 1,413,707 |
| Senior Series 2015C, 5.000%, 8/15/37 | ||||
| 3,185 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 11/26 at 100.00 | AAA | 3,332,561 |
| Series 2016B, 5.000%, 11/15/46 | ||||
| 2,000 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated | 2/28 at 100.00 | AA+ | 2,133,080 |
| Series 2018A, 5.250%, 2/15/48 | ||||
| 1,500 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated | 2/29 at 100.00 | AA+ | 1,601,115 |
| Series 2019A, 5.000%, 2/15/44 | ||||
| 3,075 | Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Refunding Series | No Opt. Call | AAA | 3,368,755 |
| 2005, 5.500%, 1/01/27 – NPFG Insured | ||||
| 2,000 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated | 6/29 at 100.00 | AA+ | 2,139,340 |
| Bridge Programs, Series 2019A, 5.000%, 6/01/49 | ||||
| 1,500 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series | 6/25 at 100.00 | AA+ | 1,547,565 |
| 2015A, 5.000%, 6/01/45 | ||||
| 485 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | 10/32 at 100.00 | N/R | 489,084 |
| Series 2022A, 5.000%, 10/01/39 | ||||
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
| 865 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 805,600 |
| 843 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 212,453 |
| 4,218 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 793,659 |
| 775 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 708,117 |
| 1,260 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 1,195,501 |
| 2,867 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | 7/28 at 100.00 | N/R | 2,597,273 |
| Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40 | ||||
| 520 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | 1/23 at 100.00 | AA | 520,270 |
| Series 2012A, 5.000%, 10/01/32 – AGM Insured | ||||
| 31,348 | Total Tax Obligation/Limited | 28,109,476 | ||
| Transportation – 7.8% (4.8% of Total Investments) | ||||
| 2,500 | Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 7/01/47, (AMT) | 7/27 at 100.00 | AA | 2,559,600 |
| Massachusetts Port Authority, Revenue Bonds, Series 2014A: | ||||
| 1,000 | 5.000%, 7/01/39 | 7/24 at 100.00 | AA | 1,026,060 |
| 2,500 | 5.000%, 7/01/44 | 7/24 at 100.00 | AA | 2,550,525 |
| Massachusetts Port Authority, Revenue Bonds, Series 2015A: | ||||
| 715 | 5.000%, 7/01/40 | 7/25 at 100.00 | AA | 743,729 |
| 1,000 | 5.000%, 7/01/45 | 7/25 at 100.00 | AA | 1,031,690 |
| 1,000 | Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, | 7/29 at 100.00 | A1 | 919,710 |
| Series 2019A, 4.000%, 7/01/44, (AMT) | ||||
| 8,715 | Total Transportation | 8,831,314 |
30
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| U.S. Guaranteed – 7.2% (4.4% of Total Investments) (5) | ||||
| $ 1,265 | Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts | 7/23 at 100.00 | A1 | $ 1,283,355 |
| Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32, (Pre-refunded 7/01/23) | ||||
| 1,610 | Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B, | 5/24 at 100.00 | Aa2 | 1,664,289 |
| 5.000%, 5/01/44, (Pre-refunded 5/01/24) | ||||
| 1,000 | Massachusetts Development Finance Agency Revenue Bonds, Children?s Hospital Issue, | 10/24 at 100.00 | AA | 1,043,110 |
| Series 2014P, 5.000%, 10/01/46, (Pre-refunded 10/01/24) | ||||
| 1,410 | Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare | 11/23 at 100.00 | N/R | 1,445,165 |
| Obligated Group, Series 2013, 5.250%, 11/15/41, (Pre-refunded 11/15/23) | ||||
| 335 | Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue, | 11/23 at 100.00 | N/R | 345,623 |
| Series 2013A, 6.250%, 11/15/28, (Pre-refunded 11/15/23), 144A | ||||
| Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | ||||
| Series 2013A: | ||||
| 990 | 5.000%, 5/15/38, (Pre-refunded 5/15/23) | 5/23 at 100.00 | N/R | 1,001,128 |
| 885 | 5.000%, 5/15/38, (Pre-refunded 5/15/23) | 5/23 at 100.00 | AAA | 895,151 |
| 500 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2016B, 5.000%, | 8/26 at 100.00 | AA+ | 541,045 |
| 8/01/40, (Pre-refunded 8/01/26) | ||||
| 7,995 | Total U.S. Guaranteed | 8,218,866 | ||
| Utilities – 9.5% (5.8% of Total Investments) | ||||
| 565 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | 7/24 at 100.00 | A– | 572,803 |
| Refunding Series 2014A, 5.000%, 7/01/29 | ||||
| Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | ||||
| Refunding Series 2017: | ||||
| 1,250 | 5.000%, 7/01/37 | 7/27 at 100.00 | A– | 1,272,312 |
| 420 | 5.000%, 7/01/40 | 7/27 at 100.00 | A– | 426,674 |
| 415 | Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, | 1/23 at 100.00 | A+ | 415,685 |
| 5.000%, 12/01/32 – NPFG Insured | ||||
| 1,000 | Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015, | 2/24 at 100.00 | AAA | 1,017,490 |
| 5.000%, 2/01/45 | ||||
| 4,445 | Massachusetts Municipal Wholesale Electric Company, MMWEC, Revenue Bonds, Project 2015A, | 1/32 at 100.00 | AA– | 4,101,090 |
| Series 2021A, 4.000%, 7/01/46 | ||||
| 1,230 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B, | 8/27 at 100.00 | AA+ | 1,306,014 |
| 5.000%, 8/01/42 | ||||
| 1,000 | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series | 4/27 at 100.00 | AA | 1,064,300 |
| 2017C, 5.000%, 4/15/37 | ||||
| 635 | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series | 4/29 at 100.00 | AA | 641,369 |
| 2019E, 4.000%, 4/15/38 | ||||
| 10,960 | Total Utilities | 10,817,737 | ||
| $ 187,858 | Total Long-Term Investments (cost $191,997,656) | 186,283,093 | ||
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (65.1)% (6) | (73,763,430) | |||
| Other Assets Less Liabilities – 0.7% | 760,399 | |||
| Net Assets Applicable to Common Shares – 100% | $ 113,280,062 |
31
| NMT | Nuveen Massachusetts Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (6) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 39.6%. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| AMT | Alternative Minimum Tax |
| IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
32
| NMS | Nuveen Minnesota Quality Municipal |
| Income Fund | |
| Portfolio of Investments | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| LONG-TERM INVESTMENTS – 166.3% (100.0% of Total Investments) | ||||
| MUNICIPAL BONDS – 166.3% (100.0% of Total Investments) | ||||
| Education and Civic Organizations – 33.7% (20.2% of Total Investments) | ||||
| City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy | ||||
| Project,Series 2016A: | ||||
| $ 500 | 4.000%, 7/01/28 | 7/24 at 102.00 | N/R | $ 475,895 |
| 50 | 5.000%, 7/01/36 | 7/24 at 102.00 | N/R | 48,324 |
| 250 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, | 7/25 at 100.00 | BB+ | 248,135 |
| Series 2015A, 5.250%, 7/01/40 | ||||
| 570 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language | 1/23 at 102.00 | BB+ | 571,647 |
| Academy, Series 2014A, 5.750%, 8/01/44 | ||||
| 750 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language | 8/27 at 102.00 | BB+ | 719,805 |
| Academy, Series 2019A, 5.250%, 8/01/43 | ||||
| 100 | Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of | 7/26 at 100.00 | N/R | 84,070 |
| Performing Arts Project, Series 2016A, 5.000%, 7/01/47 | ||||
| 2,200 | Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series | 7/24 at 100.00 | BB | 2,004,948 |
| 2014A, 5.000%, 7/01/44 | ||||
| 1,575 | Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, | 7/26 at 100.00 | N/R | 1,352,736 |
| Series 2016A, 5.000%, 7/01/46 | ||||
| Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, | ||||
| Series 2013A: | ||||
| 300 | 6.000%, 7/01/33 | 7/23 at 100.00 | BB+ | 301,611 |
| 1,425 | 6.000%, 7/01/43 | 7/23 at 100.00 | BB+ | 1,428,121 |
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, | ||||
| Refunding Series 2017: | ||||
| 500 | 5.000%, 5/01/37 | 5/27 at 100.00 | BB+ | 489,920 |
| 2,000 | 5.000%, 5/01/47 | 5/27 at 100.00 | BB+ | 1,838,680 |
| 1,580 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, | 3/27 at 100.00 | Aa2 | 1,581,138 |
| Refunding Series 2017, 4.000%, 3/01/42 | ||||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint | ||||
| Scholastica, Inc., Refunding Series 2019: | ||||
| 500 | 4.000%, 12/01/34 | 12/29 at 100.00 | Baa2 | 483,575 |
| 425 | 4.000%, 12/01/40 | 12/29 at 100.00 | Baa2 | 389,121 |
| 305 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, | 3/26 at 100.00 | Baa2 | 277,925 |
| Series 2016-8K, 4.000%, 3/01/43 | ||||
| 600 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, | 3/27 at 100.00 | Aa3 | 572,958 |
| Refunding Series 2017, 4.000%, 3/01/48 | ||||
| 225 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine | 10/28 at 100.00 | Baa1 | 230,472 |
| University, Refunding Series 2018A, 5.000%, 10/01/45 | ||||
| 750 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, | 10/30 at 100.00 | A1 | 704,250 |
| Series 2021, 4.000%, 10/01/50 | ||||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint | ||||
| Thomas, Series 2019: | ||||
| 750 | 5.000%, 10/01/33 | 10/29 at 100.00 | A2 | 818,108 |
| 235 | 5.000%, 10/01/40 | 10/29 at 100.00 | A2 | 246,900 |
| Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint | ||||
| Thomas, Series 2022B: | ||||
| 2,125 | 5.000%, 10/01/39 | 10/30 at 100.00 | A2 | 2,247,124 |
| 710 | 4.125%, 10/01/41 | 10/30 at 100.00 | A2 | 685,796 |
| 400 | 5.000%, 10/01/47 | 10/30 at 100.00 | A2 | 417,928 |
33
| NMS | Nuveen Minnesota Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Education and Civic Organizations (continued) | ||||
| $ 705 | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School | 9/24 at 100.00 | BB– | $ 619,914 |
| Project, Series 2014A, 5.000%, 9/01/44 | ||||
| 1,250 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 12/29 at 100.00 | BBB– | 998,237 |
| Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49 | ||||
| Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | ||||
| Bonds, Twin Cities Academy Project, Series 2015A: | ||||
| 360 | 5.300%, 7/01/45 | 7/25 at 100.00 | BB | 336,193 |
| 510 | 5.375%, 7/01/50 | 7/25 at 100.00 | BB | 473,066 |
| 1,680 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 7/23 at 100.00 | BB | 1,521,408 |
| Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44 | ||||
| 800 | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, | 1/23 at 100.00 | BB+ | 781,720 |
| Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33 | ||||
| 390 | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint | 3/23 at 100.00 | BB | 331,652 |
| Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43 | ||||
| 1,000 | Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series | 10/26 at 100.00 | N/R | 895,270 |
| 2016A, 5.000%, 10/01/41 | ||||
| 500 | St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, | 12/26 at 102.00 | BB+ | 445,520 |
| Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49 | ||||
| 26,020 | Total Education and Civic Organizations | 24,622,167 | ||
| Health Care – 37.5% (22.5% of Total Investments) | ||||
| 250 | Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, | 3/26 at 100.00 | N/R | 245,143 |
| Refunding Series 2016, 4.000%, 3/01/32 | ||||
| 180 | City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health | 4/27 at 100.00 | BBB | 183,121 |
| Services Project, Series 2017, 5.000%, 4/01/41 | ||||
| Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | ||||
| Essentia Health Obligated Group, Series 2018A: | ||||
| 110 | 4.250%, 2/15/43 | 2/28 at 100.00 | A– | 105,062 |
| 700 | 5.000%, 2/15/43 | 2/28 at 100.00 | A– | 713,006 |
| 4,750 | 5.000%, 2/15/48 | 2/28 at 100.00 | A– | 4,798,165 |
| 1,000 | 5.000%, 2/15/53 | 2/28 at 100.00 | A– | 1,005,130 |
| 510 | 5.000%, 2/15/58 | 2/28 at 100.00 | A– | 511,454 |
| Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | ||||
| Saint Luke’s Hospital of Duluth Obligated Group, Series 2021A: | ||||
| 200 | 4.000%, 6/15/33 | 6/31 at 100.00 | BBB– | 190,986 |
| 430 | 3.000%, 6/15/44 | 6/31 at 100.00 | BBB– | 295,634 |
| 150 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | 6/32 at 100.00 | BBB– | 152,151 |
| Saint Luke’s Hospital of Duluth Obligated Group, Series 2022B, 5.250%, 6/15/47 | ||||
| Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health | ||||
| Services Project, Series 2013: | ||||
| 400 | 4.000%, 4/01/27 | 1/23 at 100.00 | BBB | 397,364 |
| 230 | 4.000%, 4/01/31 | 1/23 at 100.00 | BBB | 224,314 |
| 720 | Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial | 9/25 at 100.00 | Baa1 | 671,198 |
| Health Care, Series 2015, 4.000%, 9/01/35 | ||||
| Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, | ||||
| Series 2017: | ||||
| 200 | 5.000%, 5/01/31 | 5/27 at 100.00 | Baa1 | 208,834 |
| 165 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 171,325 |
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2021: | ||||
| 1,500 | 4.000%, 11/15/36 | 11/31 at 100.00 | AA– | 1,482,915 |
| 500 | 4.000%, 11/15/39 | 11/31 at 100.00 | AA– | 488,990 |
| 265 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, | 11/25 at 100.00 | A | 252,240 |
| Series 2015A, 4.000%, 11/15/40 |
34
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Health Care (continued) | ||||
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, | ||||
| Series 2018A: | ||||
| $ 1,500 | 4.000%, 11/15/48 | 11/28 at 100.00 | A | $ 1,345,470 |
| 1,000 | 5.000%, 11/15/49 | 11/28 at 100.00 | A | 1,021,620 |
| 915 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, | 5/28 at 100.00 | AA | 886,781 |
| 4.000%, 11/15/48 | ||||
| 1,000 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2022, | 11/32 at 100.00 | AA | 1,078,390 |
| 5.000%, 11/15/57 | ||||
| 1,275 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series | 5/26 at 100.00 | AA– | 1,259,458 |
| 2016A, 4.000%, 5/01/37 | ||||
| 1,000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series | 5/29 at 100.00 | AA– | 1,022,740 |
| 2019, 5.000%, 5/01/48 | ||||
| 3,920 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue | 7/25 at 100.00 | A | 3,886,719 |
| Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 | ||||
| Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, | ||||
| Fairview Health Services, Series 2017A: | ||||
| 245 | 4.000%, 11/15/36 | 11/27 at 100.00 | A | 240,168 |
| 240 | 4.000%, 11/15/37 | 11/27 at 100.00 | A | 233,076 |
| 2,170 | 4.000%, 11/15/43 | 11/27 at 100.00 | A | 1,996,270 |
| 955 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp | 1/23 at 100.00 | N/R | 955,191 |
| Project, Series 2007-1, 5.000%, 8/01/36 | ||||
| Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional | ||||
| Medical Center, Refunding Series 2014: | ||||
| 765 | 4.000%, 9/01/31 | 9/24 at 100.00 | A | 761,343 |
| 630 | 5.000%, 9/01/34 | 9/24 at 100.00 | A | 636,275 |
| 27,875 | Total Health Care | 27,420,533 | ||
| Housing/Multifamily – 2.2% (1.3% of Total Investments) | ||||
| 1,635 | Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments | 1/23 at 100.00 | Aaa | 1,636,700 |
| Project, Series 2010, 4.500%, 6/01/26 | ||||
| Housing/Single Family – 0.6% (0.4% of Total Investments) | ||||
| 50 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, | 1/23 at 100.00 | AA+ | 46,298 |
| 3.900%, 7/01/43 | ||||
| 20 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, | 7/24 at 100.00 | AA+ | 19,676 |
| 3.500%, 1/01/32 | ||||
| 445 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I, | 1/30 at 100.00 | AA+ | 391,787 |
| 1.700%, 1/01/31 | ||||
| 515 | Total Housing/Single Family | 457,761 | ||
| Industrials – 6.2% (3.7% of Total Investments) | ||||
| Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond | ||||
| Fund Series 2013-1: | ||||
| 1,400 | 4.500%, 6/01/33 | 6/23 at 100.00 | A+ | 1,414,224 |
| 600 | 4.750%, 6/01/39 | 6/23 at 100.00 | A+ | 607,632 |
| 2,650 | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint | 1/23 at 100.00 | BBB | 2,488,668 |
| Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37, (AMT), 144A | ||||
| 4,650 | Total Industrials | 4,510,524 | ||
| Long-Term Care – 11.3% (6.8% of Total Investments) | ||||
| 805 | Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at | 11/24 at 100.00 | N/R | 674,010 |
| Anoka, Inc. Project, Series 2014, 5.125%, 11/01/49 | ||||
| 380 | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford | 11/24 at 100.00 | Baa1 | 347,936 |
| Foundation Project, Series 2014, 4.000%, 11/01/39 |
35
| NMS | Nuveen Minnesota Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Long-Term Care (continued) | ||||
| $ 875 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., | 1/23 at 100.00 | N/R | $ 701,750 |
| Refunding Series 2013, 5.200%, 3/01/43 | ||||
| Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc., | ||||
| Refunding Series 2015: | ||||
| 175 | 5.250%, 1/01/40 | 1/23 at 100.00 | N/R | 141,752 |
| 850 | 5.250%, 1/01/46 | 1/23 at 100.00 | N/R | 650,675 |
| 500 | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, | 1/23 at 100.00 | N/R | 458,720 |
| Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A | ||||
| 1,350 | Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding | 1/23 at 100.00 | N/R | 1,246,145 |
| Series 2012, 4.750%, 11/15/28 | ||||
| 750 | Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen Abiitan Mill | 5/23 at 100.00 | N/R | 683,003 |
| City Project, Series 2015, 5.250%, 11/01/45 | ||||
| 215 | Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of | 7/24 at 102.00 | N/R | 176,248 |
| Country Manor Project, Series 2019 A, 5.000%, 7/01/55 | ||||
| 1,300 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview | 6/26 at 100.00 | N/R | 1,021,020 |
| Home Project, Series 2016B, 4.900%, 6/01/49 | ||||
| 500 | Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care | 5/23 at 100.00 | N/R | 423,210 |
| Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48 | ||||
| Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian | ||||
| Homes Bloomington Project, Refunding Series 2017: | ||||
| 500 | 4.125%, 9/01/34 | 9/24 at 100.00 | N/R | 464,395 |
| 350 | 4.125%, 9/01/35 | 9/24 at 100.00 | N/R | 321,051 |
| 585 | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd | 1/23 at 100.00 | N/R | 509,675 |
| Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39 | ||||
| 500 | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, | 8/24 at 102.00 | N/R | 475,255 |
| Refunding Series 2019, 5.000%, 8/01/49 | ||||
| 9,635 | Total Long-Term Care | 8,294,845 | ||
| Tax Obligation/General – 28.4% (17.1% of Total Investments) | ||||
| Brainerd Independent School District 181, Crow Wing County, Minnesota, General | ||||
| Obligation Bonds, Facilities Maintenance Series 2018D: | ||||
| 1,015 | 4.000%, 2/01/38 | 2/27 at 100.00 | AAA | 1,031,686 |
| 1,055 | 4.000%, 2/01/39 | 2/27 at 100.00 | AAA | 1,070,224 |
| 1,000 | Brainerd Independent School District 181, Crow Wing County, Minnesota, General | 2/27 at 100.00 | AAA | 1,008,770 |
| Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 | ||||
| 1,020 | Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, | 2/27 at 100.00 | Aa1 | 1,014,645 |
| Series 2018A, 4.000%, 2/01/43 | ||||
| 300 | Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation | 2/25 at 67.23 | AAA | 189,498 |
| Bonds, School Building Series 2015A, 0.000%, 2/01/35 | ||||
| 1,000 | Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, | 2/25 at 100.00 | Aa1 | 1,011,160 |
| General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 | ||||
| 540 | Duluth Independent School District 709, Saint Louis County, Minnesota, General | 2/28 at 89.86 | Aa1 | 357,950 |
| Obligation Bonds, Capital Appreciation Series 2021C, 0.000%, 2/01/33 | ||||
| 1,000 | Hennepin County, Minnesota, General Obligation Bonds, Series 2020A, 5.000%, 12/01/36 | 12/30 at 100.00 | AAA | 1,129,120 |
| 2,000 | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, | 2/27 at 100.00 | AAA | 2,011,400 |
| School Building Series 2018A, 4.000%, 2/01/42 | ||||
| Independent School District No. 2397 (Le Sueur-Henderson), Minnesota, General Obligation | ||||
| School Building Bonds, Series 2022A: | ||||
| 1,145 | 5.000%, 2/01/36 | 2/31 at 100.00 | AAA | 1,292,373 |
| 1,000 | 4.500%, 2/01/41 | 2/31 at 100.00 | AAA | 1,039,950 |
| 1,000 | Independent School District No. 319, Nashwauk-Keewatin, Minnesota, General Obligation | 2/31 at 100.00 | AAA | 989,610 |
| School Building Bonds, Series 2022A, 4.000%, 2/01/48 |
36
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Tax Obligation/General (continued) | ||||
| $ 1,345 | Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series | 12/26 at 100.00 | AAA | $ 1,355,868 |
| 2018, 4.000%, 12/01/40 | ||||
| 1,000 | Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation | 2/27 at 100.00 | Aa1 | 1,027,250 |
| Bonds, School Building Series 2018A, 4.000%, 2/01/34 | ||||
| 1,000 | Saint James Independent School District 840, Minnesota, General Obligation Bonds, School | 2/26 at 100.00 | AAA | 1,007,360 |
| Building Series 2015B, 4.000%, 2/01/45 | ||||
| 1,000 | Saint Louis Park Independent School District 283, Hennepin County, Minnesota, General | 2/31 at 100.00 | Aa1 | 1,130,240 |
| Obligation Bonds, School Building Series 2022A, 5.000%, 2/01/36 | ||||
| 1,000 | Sartell Independent School District 748, Stearns County, Minnesota, General Obligation | 2/25 at 62.98 | Aa1 | 486,890 |
| Bonds, School Building Capital Appreciation Series 2016B, 0.000%, 2/01/39 | ||||
| 800 | Sartell, Minnesota, General Obligation Bonds, Series 2022A, 4.000%, 2/01/43 | 2/30 at 100.00 | AA | 784,968 |
| 1,500 | Sibley East Independent School District 2310, Sibley, Minnesota, General Obligation | 2/25 at 100.00 | Aa1 | 1,504,650 |
| Bonds, School Building Series 2015A, 4.000%, 2/01/40 | ||||
| 500 | West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, | 2/27 at 100.00 | AAA | 505,670 |
| Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39 | ||||
| 1,000 | White Bear Lake Independent School District 624, Ramsey County, Minnesota, General | 2/28 at 100.00 | AAA | 829,970 |
| Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/42 | ||||
| 21,220 | Total Tax Obligation/General | 20,779,252 | ||
| Tax Obligation/Limited – 15.1% (9.1% of Total Investments) | ||||
| 1,000 | Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation, | 2/23 at 100.00 | A+ | 959,640 |
| Series 2015A, 4.000%, 2/01/41 | ||||
| 125 | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding | 3/23 at 100.00 | N/R | 119,876 |
| Series 2015, 4.000%, 3/01/30 | ||||
| 500 | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015, | 3/24 at 100.00 | N/R | 499,880 |
| 5.000%, 3/01/29 | ||||
| 200 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, | 8/27 at 100.00 | AA+ | 205,614 |
| Series 2017A, 4.000%, 8/01/35 | ||||
| 500 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, | 8/28 at 100.00 | AA+ | 499,225 |
| Series 2018D, 4.000%, 8/01/39 | ||||
| 465 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, | 8/31 at 100.00 | AA+ | 376,376 |
| Series 2021A, 3.000%, 8/01/41 | ||||
| 1,000 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, | 8/32 at 100.00 | AA+ | 1,095,380 |
| Series 2022A, 5.000%, 8/01/40 | ||||
| 2,230 | Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series | 1/23 at 100.00 | AA+ | 2,234,728 |
| 2011, 5.000%, 8/01/31 | ||||
| 1,000 | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, | 2/25 at 100.00 | A1 | 992,690 |
| Certificates of Participation, Series 2015A, 3.750%, 2/01/36 | ||||
| 750 | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, | 2/25 at 100.00 | A1 | 740,895 |
| Certificates of Participation, Series 2015B, 4.000%, 2/01/42 | ||||
| Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of | ||||
| Participation, Saint Cloud Area Public Schools, Series 2017A: | ||||
| 145 | 5.000%, 2/01/32 | 2/25 at 100.00 | A1 | 151,203 |
| 500 | 4.000%, 2/01/38 | 2/25 at 100.00 | A1 | 499,995 |
| Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue | ||||
| Bonds, 2700 University at Westgate Station, Series 2015B: | ||||
| 455 | 4.875%, 4/01/30 | 4/23 at 100.00 | N/R | 449,590 |
| 895 | 5.250%, 4/01/43 | 4/23 at 100.00 | N/R | 855,092 |
| 800 | Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33 | 11/24 at 100.00 | A+ | 801,344 |
| 635 | Zumbro Education District 6012, Minnesota, Certificates of Participation Series 2021A, | 2/31 at 100.00 | Baa1 | 580,872 |
| 4.000%, 2/01/41 | ||||
| 11,200 | Total Tax Obligation/Limited | 11,062,400 |
37
| NMS | Nuveen Minnesota Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Transportation – 8.9% (5.4% of Total Investments) | ||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | ||||
| Refunding Subordinate Lien Series 2019A: | ||||
| $ 300 | 5.000%, 1/01/39 | 7/29 at 100.00 | A+ | $ 317,508 |
| 730 | 5.000%, 1/01/49 | 7/29 at 100.00 | A+ | 751,382 |
| 2,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | 7/29 at 100.00 | A+ | 2,035,760 |
| Refunding Subordinate Lien Series 2019B, 5.000%, 1/01/49, (AMT) | ||||
| 1,600 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | 1/27 at 100.00 | AA– | 1,661,920 |
| Senior Lien Series 2016C, 5.000%, 1/01/41 | ||||
| 500 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | 1/32 at 100.00 | A+ | 515,605 |
| Subordinate Lien Series 2022A, 5.000%, 1/01/52 | ||||
| 1,175 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | 1/32 at 100.00 | A+ | 1,226,841 |
| Subordinate Lien Series 2022B, 5.250%, 1/01/47, (AMT) | ||||
| 6,305 | Total Transportation | 6,509,016 | ||
| U.S. Guaranteed – 7.5% (4.5% of Total Investments) (4) | ||||
| Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School | ||||
| Building Series 2015A: | ||||
| 940 | 0.000%, 2/01/37, (Pre-refunded 2/01/24) | 2/24 at 56.07 | Aa1 | 510,627 |
| 1,075 | 0.000%, 2/01/38, (Pre-refunded 2/01/24) | 2/24 at 53.49 | Aa1 | 557,011 |
| 1,500 | Mankato Independent School District 77, Nicollet and Le Sueur Counties, Minnesota, General | 2/24 at 100.00 | AAA | 1,523,115 |
| Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/30, (Pre-refunded 2/01/24) | ||||
| 580 | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, | 11/25 at 100.00 | N/R | 614,876 |
| HealthEast Inc., Series 2015A, 5.000%, 11/15/44, (Pre-refunded 11/15/25) | ||||
| Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, | ||||
| Series 2014A: | ||||
| 1,000 | 4.000%, 1/01/40, (Pre-refunded 1/01/24) | 1/24 at 100.00 | Aa2 | 1,014,690 |
| 1,200 | 5.000%, 1/01/46, (Pre-refunded 1/01/24) | 1/24 at 100.00 | Aa2 | 1,230,576 |
| 6,295 | Total U.S. Guaranteed | 5,450,895 | ||
| Utilities – 14.9% (9.0% of Total Investments) | ||||
| 415 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/26 at 100.00 | A– | 417,033 |
| 2016, 5.000%, 1/01/46 | ||||
| 30 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/30 at 100.00 | A– | 30,140 |
| 2020A, 5.000%, 1/01/50 | ||||
| 500 | Luverne, Minnesota, Electric Revenue Bonds, Series 2022A, 3.000%, 12/01/47 – AGM Insured | 12/28 at 100.00 | AA | 378,380 |
| 500 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, | 10/24 at 100.00 | AA– | 506,620 |
| 4.000%, 10/01/33 | ||||
| 965 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/35 | 10/26 at 100.00 | AA– | 1,034,345 |
| 1,200 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, | 12/26 at 100.00 | AA | 1,277,940 |
| 5.000%, 12/01/47 | ||||
| 500 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, | 10/27 at 100.00 | A– | 489,835 |
| 4.000%, 10/01/42 | ||||
| Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, | ||||
| Series 1994A: | ||||
| 3,070 | 0.000%, 1/01/24 – NPFG Insured | No Opt. Call | A+ | 2,977,501 |
| 100 | 0.000%, 1/01/26 – NPFG Insured | No Opt. Call | A+ | 90,969 |
| 3,500 | Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series | 7/28 at 100.00 | Aa2 | 3,703,805 |
| 2018A, 5.000%, 1/01/49 | ||||
| 10,780 | Total Utilities | 10,906,568 | ||
| $ 126,130 | Total Long-Term Investments (cost $125,920,716) | 121,650,661 | ||
| Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (68.0)% (5) | (49,770,511) | |||
| Other Assets Less Liabilities – 1.7% | 1,285,951 | |||
| Net Assets Applicable to Common Shares – 100% | $ 73,166,101 |
38
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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. |
| (5) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 40.9% |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| AMT | Alternative Minimum Tax |
See accompanying notes to financial statements.
39
| NOM | Nuveen Missouri Quality Municipal |
| Income Fund | |
| Portfolio of Investments | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| LONG-TERM INVESTMENTS – 164.5%(100.0% of Total Investments) | ||||
| MUNICIPAL BONDS – 164.5% (100.0% of Total Investments) | ||||
| Consumer Staples – 4.3% (2.6% of Total Investments) | ||||
| $ 1,055 | Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and | No Opt. Call | AA– | $ 1,172,822 |
| Gamble Inc., Series 1999, 5.200%, 3/15/29, (AMT) | ||||
| Education and Civic Organizations – 17.5% (10.6% of Total Investments) | ||||
| 300 | Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2014A, | 11/24 at 100.00 | AA+ | 302,751 |
| 4.000%, 11/01/33 | ||||
| 410 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 6/23 at 100.00 | A1 | 414,481 |
| Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33 | ||||
| 750 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB– | 758,918 |
| Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 | ||||
| 600 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 1/23 at 100.00 | BBB– | 588,984 |
| Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33 | ||||
| 725 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 10/23 at 100.00 | A+ | 733,425 |
| Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 | ||||
| 1,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis | 10/25 at 100.00 | AA– | 971,680 |
| University, Series 2015A, 4.000%, 10/01/42 | ||||
| Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis | ||||
| University, Series 2019A: | ||||
| 500 | 5.000%, 10/01/46 | 4/29 at 100.00 | AA– | 534,090 |
| 15 | 4.000%, 10/01/48 | 4/29 at 100.00 | AA– | 14,158 |
| 115 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, | 4/27 at 100.00 | Baa2 | 110,809 |
| Refunding Series 2017, 4.000%, 4/01/34 | ||||
| 210 | Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series | 10/29 at 100.00 | AA | 207,392 |
| 2019A, 4.000%, 10/01/39 – AGM Insured | ||||
| 100 | Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, | 10/23 at 100.00 | N/R | 86,265 |
| Missouri Valley College, Series 2017, 4.500%, 10/01/40 | ||||
| 4,725 | Total Education and Civic Organizations | 4,722,953 | ||
| Health Care – 39.6% (24.1% of Total Investments) | ||||
| 300 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series | 8/26 at 100.00 | Ba3 | 281,274 |
| 2016, 5.000%, 8/01/30 | ||||
| 400 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities | 3/27 at 100.00 | BBB– | 408,396 |
| Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 | ||||
| 250 | Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, | 10/27 at 100.00 | A– | 253,100 |
| Hannibal Regional Healthcare System, Series 2017, 5.000%, 10/01/47 | ||||
| 315 | Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, | 2/24 at 100.00 | A+ | 318,534 |
| Freeman Health System, Series 2015, 5.000%, 2/15/35 | ||||
| 500 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 1/25 at 100.00 | AA | 463,780 |
| BJC Health System, Series 2015A, 4.000%, 1/01/45 | ||||
| 285 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 1/28 at 100.00 | AA | 265,503 |
| BJC Health System, Variable Rate Demand Obligation Series 2017D, 4.000%, 1/01/58, | ||||
| (Mandatory Put 1/01/48) | ||||
| 750 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 1/28 at 100.00 | AA | 698,693 |
| BJC Health System, Variable Rate Demand Obligation Series 2017D, 4.000%, 1/01/58, (Mandatory | ||||
| Put 1/01/48), (UB) (4) | ||||
| 500 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/30 at 100.00 | Baa2 | 449,980 |
| Capital Region Medical Center, Series 2020, 5.000%, 11/01/40 |
40
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Health Care (continued) | ||||
| $ 1,730 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/23 at 100.00 | A2 | $ 1,738,356 |
| CoxHealth, Series 2013A, 5.000%, 11/15/44 | ||||
| 415 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/25 at 100.00 | A2 | 432,388 |
| CoxHealth, Series 2015A, 5.000%, 11/15/32 | ||||
| 150 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 5/29 at 100.00 | A2 | 157,560 |
| CoxHealth, Series 2019A, 5.000%, 11/15/37 | ||||
| 335 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 1/23 at 100.00 | AA– | 335,131 |
| Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37 | ||||
| 390 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 1/23 at 100.00 | A+ | 366,483 |
| Mercy Health, Series 2012, 4.000%, 11/15/42 | ||||
| 550 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/24 at 100.00 | A+ | 534,308 |
| Mercy Health, Series 2014F, 4.250%, 11/15/48 | ||||
| 500 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/27 at 100.00 | A+ | 511,885 |
| Mercy Health, Series 2017C, 5.000%, 11/15/42 | ||||
| 1,500 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/30 at 100.00 | A+ | 1,342,710 |
| Mercy Health, Series 2020, 4.000%, 6/01/53 | ||||
| 1,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 2/29 at 100.00 | AA– | 909,320 |
| Mosaic Health System, Series 2019A, 4.000%, 2/15/54 | ||||
| 200 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/32 at 100.00 | AA– | 222,188 |
| SSM Health Care, Series 2022A, 5.000%, 6/01/34 | ||||
| 350 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy | 5/25 at 102.00 | AA– | 321,615 |
| Hospital, Series 2017A, 4.000%, 5/15/48 | ||||
| 125 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional | 8/31 at 100.00 | BBB+ | 106,225 |
| Health System, Series 2021, 4.000%, 2/15/51 | ||||
| 600 | Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue | 11/25 at 100.00 | N/R | 583,014 |
| Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 5.000%, 11/15/46 | ||||
| 11,145 | Total Health Care | 10,700,443 | ||
| Housing/Single Family – 0.2% (0.1% of Total Investments) | ||||
| 45 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First | 11/26 at 100.00 | AA+ | 43,767 |
| Place Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37 | ||||
| Long-Term Care – 9.8% (6.0% of Total Investments) | ||||
| 190 | Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The | 5/25 at 100.00 | N/R | 154,578 |
| Sarah Community Project, Refunding Series 2016, 4.000%, 5/01/33 | ||||
| 100 | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, | 5/27 at 100.00 | BB– | 89,954 |
| Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37 | ||||
| 500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/24 at 100.00 | BBB | 479,785 |
| Services Projects, Series 2014A, 5.000%, 2/01/44 | ||||
| Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | ||||
| Services Projects, Series 2016A: | ||||
| 400 | 5.000%, 2/01/36 | 2/26 at 100.00 | BBB | 394,660 |
| 500 | 5.000%, 2/01/46 | 2/26 at 100.00 | BBB | 468,685 |
| 100 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/29 at 100.00 | BBB | 75,888 |
| Services Projects, Series 2019C, 4.000%, 2/01/48 | ||||
| Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | ||||
| Village of Sunset Hills, Series 2012: | ||||
| 250 | 5.000%, 9/01/32 | 1/23 at 100.00 | BB+ | 239,550 |
| 250 | 5.000%, 9/01/42 | 1/23 at 100.00 | BB+ | 219,175 |
| 430 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 430,465 |
| Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 | ||||
| 100 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint | 12/25 at 100.00 | N/R | 94,392 |
| Andrew’s Resources for Seniors, Series 2015A, 5.125%, 12/01/45 | ||||
| 2,820 | Total Long-Term Care | 2,647,132 |
41
| NOM | Nuveen Missouri Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Tax Obligation/General – 28.8% (17.5% of Total Investments) | ||||
| Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, | ||||
| Series 2018: | ||||
| $ 1,000 | 4.000%, 3/01/34 | 3/26 at 100.00 | AA | $ 1,022,330 |
| 335 | 4.000%, 3/01/36 | 3/26 at 100.00 | AA | 339,914 |
| 340 | Clay County Reorganized School District R-II Smithville, Missouri, General Obligation | 3/27 at 100.00 | AA+ | 346,637 |
| Bonds, Refunding Series 2015, 4.000%, 3/01/36 | ||||
| 350 | Fenton Missouri Fire Protection District, Missouri, General Obligation Bonds, Series | 3/27 at 100.00 | AA+ | 352,261 |
| 2019, 4.000%, 3/01/39 | ||||
| 500 | Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, | 3/24 at 100.00 | AA+ | 506,020 |
| Refunding & Improvement Series 2015, 4.000%, 3/01/32 | ||||
| 200 | Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, | 3/27 at 100.00 | AA+ | 213,768 |
| Refunding & Improvement Series 2018, 5.000%, 3/01/36 | ||||
| 1,000 | Joplin Schools, Missouri, General Obligation Bonds, Refunding, Direct Deposit Program | 3/27 at 100.00 | AA+ | 1,031,260 |
| Series 2017, 4.000%, 3/01/32 | ||||
| 300 | Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A, | 2/28 at 100.00 | AA | 307,134 |
| 4.000%, 2/01/35 | ||||
| Saint Charles County Francis Howell School District, Missouri, General Obligation Bonds, | ||||
| Series 2022: | ||||
| 1,000 | 5.000%, 3/01/41 | 3/31 at 100.00 | AA | 1,099,630 |
| 500 | 5.000%, 3/01/42 | 3/31 at 100.00 | AA | 549,190 |
| 1,000 | Valley Park Fire Protection District, Missouri, General Obligation Bonds, Series 2019, | 3/27 at 100.00 | AA | 1,006,010 |
| 4.000%, 3/01/39 | ||||
| 1,000 | Washington School District, Franklin County, Missouri, General Obligation Bonds, | 3/27 at 100.00 | AA+ | 1,024,190 |
| Missouri Direct Deposit Program, Series 2019, 4.000%, 3/01/35 | ||||
| 7,525 | Total Tax Obligation/General | 7,798,344 | ||
| Tax Obligation/Limited – 29.7% (18.1% of Total Investments) | ||||
| 1,660 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit | 10/29 at 100.00 | AA | 1,581,665 |
| Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2019, 4.000%, 10/01/48 | ||||
| 350 | Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, | 6/24 at 100.00 | N/R | 317,194 |
| Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30 | ||||
| 145 | Clay, Jackson & Platte Counties Consolidated Public Library District 3, Missouri, Certificates | 3/26 at 100.00 | Aa3 | 147,674 |
| of Participation, Mid-Continent Public Library Project, Series 2018, 4.000%, 3/01/35 | ||||
| 250 | Conley Road Transportation District, Missouri, Transportation Sales Tax Revenue Bonds, | 5/25 at 100.00 | N/R | 231,558 |
| Series 2017, 5.125%, 5/01/41 | ||||
| 500 | Festus R-VI School District, Jefferson County, Missouri, Lease Participation | 4/31 at 100.00 | A+ | 489,990 |
| Certificates, Festus R-VI School District Project, Series 2021B, 4.000%, 4/01/41 | ||||
| 305 | Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, | 1/23 at 100.00 | N/R | 201,080 |
| Series 2006, 5.000%, 6/01/28 (5) | ||||
| Howard Bend Levee District, St. Louis County, Missouri, Levee District Improvement | ||||
| Bonds, Series 2013B: | ||||
| 250 | 4.875%, 3/01/33 | 3/23 at 100.00 | BB+ | 234,505 |
| 200 | 5.000%, 3/01/38 | 3/23 at 100.00 | BB+ | 185,090 |
| 300 | Kansas City Industrial Development Authority, Missouri, Downtown Redevelpment District | 1/23 at 100.00 | AA– | 300,666 |
| Revenue Bonds, Series 2011A, 5.000%, 9/01/32 | ||||
| 100 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward | No Opt. Call | N/R | 96,442 |
| Parkway Center Community Improvement District, Senior Refunding & Improvement | ||||
| Series 2016, 4.250%, 4/01/26, 144A | ||||
| 325 | Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series | 9/23 at 100.00 | AA– | 329,020 |
| 2014C, 5.000%, 9/01/33 |
42
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Tax Obligation/Limited (continued) | ||||
| Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue | ||||
| Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B: | ||||
| $ 100 | 5.000%, 2/01/40, 144A | 2/28 at 100.00 | N/R | $ 76,474 |
| 100 | 5.000%, 2/01/50, 144A | 2/28 at 100.00 | N/R | 70,029 |
| 245 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of | 6/23 at 100.00 | A– | 245,904 |
| Branson – Branson Landing Project, Series 2015A, 4.000%, 6/01/34 | ||||
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
| 200 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 186,266 |
| 350 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 88,207 |
| 97 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 18,251 |
| 500 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 456,850 |
| 17 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 16,130 |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | ||||
| Restructured Cofina Project Series 2019A-2: | ||||
| 252 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 228,292 |
| 100 | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 91,410 |
| 50 | Saint Charles County Industrial Development Authority, Missouri, Sales Tax Revenue | 11/29 at 102.00 | N/R | 39,366 |
| Bonds, Wentzville Parkway Regional Community Improvement District Project, Series 2019B, | ||||
| 4.250%, 11/01/49, 144A | ||||
| 250 | Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, | 7/24 at 100.00 | N/R | 212,970 |
| Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, | ||||
| 7/01/44, 144A | ||||
| 500 | Saint Louis Land Clearance for Redevelopment Authority, Missouri, Annual Appropriation | 6/30 at 100.00 | Baa1 | 513,040 |
| Redevelopment Revenue Bonds, National Geospatial-Intelligence Agency Offsite | ||||
| Improvements, Series 2022C, 5.125%, 6/01/46 | ||||
| 500 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention | 10/30 at 100.00 | AA | 515,990 |
| Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/45 – AGM Insured | ||||
| 600 | Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, | 4/25 at 100.00 | Aa2 | 607,494 |
| Series 2015, 4.000%, 4/01/35 | ||||
| 450 | The Industrial Development Authority of the City of Saint Louis, Missouri, Development | 11/26 at 100.00 | N/R | 335,448 |
| Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47 | ||||
| 215 | Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, | 6/26 at 100.00 | BBB | 204,265 |
| Series 2017, 4.500%, 6/01/36 | ||||
| 8,911 | Total Tax Obligation/Limited | 8,021,270 | ||
| Transportation – 9.2% (5.6% of Total Investments) | ||||
| 450 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation | 3/29 at 100.00 | A2 | 459,157 |
| Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019A, | ||||
| 5.000%, 3/01/44, (AMT) | ||||
| 2,000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation | 3/29 at 100.00 | A2 | 2,030,060 |
| Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, | ||||
| 5.000%, 3/01/46, (AMT) | ||||
| 2,450 | Total Transportation | 2,489,217 | ||
| U.S. Guaranteed – 3.2% (1.9% of Total Investments) (6) | ||||
| 335 | Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, | 10/23 at 100.00 | AA | 342,997 |
| 10/01/33, (Pre-refunded 10/01/23) – AGM Insured | ||||
| 510 | Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still | 10/23 at 100.00 | A | 520,307 |
| University of Health Sciences, Series 2014, 5.000%, 10/01/39, (Pre-refunded 10/01/23) | ||||
| 845 | Total U.S. Guaranteed | 863,304 |
43
| NOM | Nuveen Missouri Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Utilities – 22.2% (13.5% of Total Investments) | ||||
| $ 250 | Camden County Public Water Supply District 4, Missouri, Certificates of Participation, | 1/25 at 100.00 | A– | $ 254,193 |
| Series 2017, 5.000%, 1/01/47 | ||||
| 150 | Franklin County Public Water Supply District 3, Missouri, Certificates of Participation, | 12/24 at 100.00 | A+ | 151,340 |
| Series 2017, 4.000%, 12/01/37 | ||||
| 160 | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, | 1/28 at 100.00 | AA | 163,766 |
| 4.000%, 1/01/35 | ||||
| 450 | Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, | 5/27 at 100.00 | AAA | 474,012 |
| Refunding & Improvement Series 2017A, 5.000%, 5/01/47 | ||||
| Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, | ||||
| Refunding Improvement Series 2022B: | ||||
| 500 | 5.000%, 5/01/47 | 5/32 at 100.00 | AAA | 552,585 |
| 500 | 5.250%, 5/01/52 | 5/32 at 100.00 | AAA | 557,515 |
| 500 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of | 6/32 at 100.00 | AA | 549,140 |
| Independence Annual Appropriation Electric System, Refunding Series 2022, 5.000%, | ||||
| 6/01/34 - AGM Insured | ||||
| 500 | Missouri Environmental Improvement and Energy Resources Authority, Water Facility | 1/25 at 100.00 | Aa3 | 519,800 |
| Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40 | ||||
| 350 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum | 1/25 at 100.00 | A | 359,793 |
| Point Project, Refunding Series 2014A, 5.000%, 1/01/32 | ||||
| 500 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum | 1/26 at 100.00 | A | 506,615 |
| Point Project, Refunding Series 2015A, 4.000%, 1/01/35 | ||||
| 500 | Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, | 6/27 at 100.00 | A2 | 515,555 |
| MoPEP Facilities, Series 2018, 5.000%, 12/01/43 | ||||
| 585 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of | 12/25 at 100.00 | AA+ | 613,612 |
| Participation, Refunding Series 2016C, 5.000%, 12/01/32 | ||||
| 550 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of | 12/25 at 100.00 | AA+ | 551,194 |
| Participation, Series 2018, 4.000%, 12/01/39 | ||||
| 260 | Stone County Public Water Supply District 2, Missouri, Certificates of Participation, | 12/28 at 100.00 | N/R | 226,080 |
| Series 2021B, 4.000%, 12/01/51 | ||||
| 5,755 | Total Utilities | 5,995,200 | ||
| $ 45,276 | Total Long-Term Investments (cost $45,986,446) | 44,454,452 | ||
| Floating Rate Obligations – (2.2)% | (600,000) | |||
| MuniFund Preferred Shares, net of deferred offering costs – (65.9)% (7) | (17,799,384) | |||
| Other Assets Less Liabilities – 3.6% | 964,846 | |||
| Net Assets Applicable to Common Shares – 100% | $ 27,019,914 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (6) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (7) | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 40.0%. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| AMT | Alternative Minimum Tax |
| UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. |
See accompanying notes to financial statements.
44
| NPV | Nuveen Virginia Quality Municipal |
| Income Fund | |
| Portfolio of Investments | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| LONG-TERM INVESTMENTS – 164.8%(100.0% of Total Investments) | ||||
| MUNICIPAL BONDS – 164.8% (100.0% of Total Investments) | ||||
| Consumer Staples – 6.1% (3.7% of Total Investments) | ||||
| $ 1,000 | Children’s Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Refunding | 1/23 at 100.00 | BBB | $ 1,000,260 |
| Series 2002, 5.625%, 5/15/43 | ||||
| Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, | ||||
| Series 2007A: | ||||
| 515 | 5.250%, 6/01/32 | 12/22 at 100.00 | N/R | 491,701 |
| 705 | 5.625%, 6/01/47 | 12/22 at 100.00 | N/R | 642,763 |
| 5,135 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed | 12/22 at 100.00 | B– | 4,791,725 |
| Bonds, Series 2007B1, 5.000%, 6/01/47 | ||||
| 6,645 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed | 12/22 at 100.00 | B– | 6,460,601 |
| Bonds, Series 2007B2, 5.200%, 6/01/46 | ||||
| 25 | Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement | 1/23 at 100.00 | Aa3 | 25,026 |
| Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 | ||||
| 14,025 | Total Consumer Staples | 13,412,076 | ||
| Education and Civic Organizations – 13.0% (7.9% of Total Investments) | ||||
| Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue | ||||
| Bonds, Episcopal High School, Series 2017: | ||||
| 1,105 | 4.000%, 1/01/37 | 1/27 at 100.00 | A1 | 1,113,453 |
| 565 | 4.000%, 1/01/40 | 1/27 at 100.00 | A1 | 565,656 |
| 320 | Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, | 1/23 at 100.00 | BB | 314,618 |
| Series 2006, 5.000%, 9/01/26 | ||||
| 1,000 | Industrial Development Authority of the City of Lexington, Virginia, Washington and Lee | 1/28 at 100.00 | AA | 1,075,840 |
| University, Educational Facility Revenue Bonds, Refunding Series 2018A, 5.000%, 1/01/43 | ||||
| 1,500 | Loudoun County Industrial Development Authority, Virginia, Multi-Modal Revenue Bonds, | 10/32 at 100.00 | AAA | 1,440,405 |
| Howard Hughes Medical Institute, Series 2022A, 4.000%, 10/01/52 | ||||
| 2,000 | Madison County Industrial Development Authority, Virginia, Educational Facilities | 10/30 at 100.00 | Aa1 | 1,561,340 |
| Revenue Bonds, Woodberry Forest School, Series 2021, 3.000%, 10/01/50 | ||||
| 500 | Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech | 6/27 at 100.00 | Aa2 | 507,795 |
| Foundation, Refunding Series 2017A, 4.000%, 6/01/36 | ||||
| 750 | Roanoke Economic Development Authority, Virginia, Educational Facilities Revenue Bonds, | 9/28 at 100.00 | BBB+ | 765,217 |
| Lynchburg College, Series 2018A, 5.000%, 9/01/43 | ||||
| 1,000 | Salem Economic Development Authority, Virginia, Educational Facilities Revenue Bonds, | 4/30 at 100.00 | BBB+ | 892,370 |
| Roanoke College, Series 2020, 4.000%, 4/01/45 | ||||
| 2,500 | The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, | 4/25 at 100.00 | AAA | 2,599,775 |
| Green Series 2015A-2, 5.000%, 4/01/45 | ||||
| 1,515 | The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, | 4/27 at 100.00 | AAA | 1,626,140 |
| Refunding Series 2017A, 5.000%, 4/01/39 | ||||
| 9,000 | The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, | 4/27 at 100.00 | AAA | 9,660,240 |
| Refunding Series 2017A, 5.000%, 4/01/39, (UB) (4) | ||||
| 1,000 | Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount | 7/25 at 100.00 | BB+ | 965,110 |
| University Project, Green Series 2015B, 5.000%, 7/01/45, 144A | ||||
| Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount | ||||
| University Project, Refunding Series 2015A: | ||||
| 1,500 | 5.000%, 7/01/35, 144A | 7/25 at 100.00 | BB+ | 1,507,500 |
| 4,000 | 5.000%, 7/01/45, 144A | 7/25 at 100.00 | BB+ | 3,860,240 |
| 28,255 | Total Education and Civic Organizations | 28,455,699 |
45
| NPV | Nuveen Virginia Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) | |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Health Care – 28.8% (17.5% of Total Investments) | ||||
| Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue | ||||
| Bonds, Virginia Hospital Center, Series 2020: | ||||
| $ 1,550 | 5.000%, 7/01/29 | No Opt. Call | AA– | $ 1,698,319 |
| 2,000 | 4.000%, 7/01/39 | 7/30 at 100.00 | AA– | 1,989,740 |
| 225 | 4.000%, 7/01/40 | 7/30 at 100.00 | AA– | 220,804 |
| 2,055 | 4.000%, 7/01/45 | 7/30 at 100.00 | AA– | 1,972,266 |
| Chesapeake Hospital Authority, Virginia, Hospital Facility Revenue Bonds, Chesapeake | ||||
| Regional Medical Center, Series 2019: | ||||
| 1,470 | 5.000%, 7/01/34 | 7/29 at 100.00 | A | 1,589,687 |
| 1,205 | 4.000%, 7/01/37 | 7/29 at 100.00 | A | 1,183,696 |
| 1,000 | 4.000%, 7/01/43 | 7/29 at 100.00 | A | 954,940 |
| 1,920 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | A– | 1,667,635 |
| Series 2019A-1, 4.000%, 8/01/44 | ||||
| 2,700 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | A– | 2,255,607 |
| Series 2019A-2, 4.000%, 8/01/49 | ||||
| 3,000 | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, | 5/32 at 100.00 | AA+ | 2,984,190 |
| Inova Health System, Refunding Series 2022, 4.000%, 5/15/42 | ||||
| 1,500 | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, | 5/24 at 100.00 | AA+ | 1,474,515 |
| Inova Health System, Series 2014A, 4.000%, 5/15/44 | ||||
| 2,000 | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, | 5/28 at 100.00 | AA+ | 1,908,860 |
| Inova Health System, Series 2018A, 4.000%, 5/15/48 | ||||
| 1,325 | Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding | No Opt. Call | AA+ | 1,347,008 |
| Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23 | ||||
| 2,500 | Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue | No Opt. Call | A | 2,533,350 |
| Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/23 | ||||
| 1,000 | Front Royal and Warren County Industrial Development Authority, Virginia, Hospital | 1/25 at 103.00 | A+ | 940,850 |
| Revenue Bonds, Valley Health System Obligated Group, Series 2018, 4.000%, 1/01/50 | ||||
| 3,500 | Industrial Development Authority of the City of Newport News, Virginia, Health System | 7/25 at 100.00 | N/R | 3,537,625 |
| Revenue Bonds, Riverside Health System, Series 2015A, 5.330%, 7/01/45, 144A | ||||
| Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra | ||||
| Health Obligated Group, Refunding Series 2017A: | ||||
| 195 | 5.000%, 1/01/31 | 1/27 at 100.00 | A– | 205,154 |
| 3,885 | 5.000%, 1/01/47 | 1/27 at 100.00 | A– | 3,909,281 |
| 1,575 | Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra | 1/32 at 100.00 | A– | 1,381,322 |
| Health Obligated Group, Refunding Series 2021, 4.000%, 1/01/55 | ||||
| 1,000 | Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds, | 11/28 at 100.00 | AA | 956,980 |
| Sentara Healthcare Systems, Refunding Series 2018B, 4.000%, 11/01/48 | ||||
| Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion | ||||
| Clinic Obligated Group, Series 2020A: | ||||
| 875 | 4.000%, 7/01/36 | 7/30 at 100.00 | AA– | 885,378 |
| 5,000 | 4.000%, 7/01/51 | 7/30 at 100.00 | AA– | 4,684,400 |
| Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue | ||||
| Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016: | ||||
| 1,000 | 5.000%, 6/15/32 | 6/26 at 100.00 | A | 1,035,750 |
| 1,440 | 5.000%, 6/15/35 | 6/26 at 100.00 | A | 1,478,232 |
| 1,360 | 4.000%, 6/15/37 | 6/26 at 100.00 | A | 1,295,169 |
| 3,200 | Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series | 7/27 at 100.00 | AA– | 3,265,696 |
| 2017B, 5.000%, 7/01/46 | ||||
| 5,000 | Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Bon | 6/30 at 100.00 | AA– | 4,573,600 |
| Secours Mercy Health, Inc., Series 2020A, 4.000%, 12/01/49 | ||||
| 3,000 | Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Bon | 10/32 at 100.00 | AA– | 3,189,180 |
| Secours Mercy Health, Inc., Series 2022A, 5.000%, 10/01/42 |
46
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Health Care (continued) | ||||
| Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara | ||||
| Healthcare, Refunding Series 2020: | ||||
| $ 1,150 | 4.000%, 11/01/38 | 11/29 at 100.00 | AA | $ 1,156,854 |
| 1,000 | 4.000%, 11/01/39 | 11/29 at 100.00 | AA | 1,003,420 |
| Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley | ||||
| Health System Obligated Group, Refunding Series 2015: | ||||
| 1,500 | 5.000%, 1/01/33 | 1/26 at 100.00 | A+ | 1,561,965 |
| 1,000 | 5.000%, 1/01/35 | 1/26 at 100.00 | A+ | 1,034,530 |
| 2,000 | 4.000%, 1/01/37 | 1/26 at 100.00 | A+ | 1,997,240 |
| 1,215 | 5.000%, 1/01/44 | 1/26 at 100.00 | A+ | 1,220,103 |
| 64,345 | Total Health Care | 63,093,346 | ||
| Housing/Multifamily – 6.4% (3.9% of Total Investments) | ||||
| 980 | Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue | 1/27 at 100.00 | N/R | 884,019 |
| Bonds, American Tobacco Apartments, Series 2017, 5.550%, 1/01/37, 144A | ||||
| Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A: | ||||
| 1,000 | 3.500%, 3/01/35 | 3/24 at 100.00 | AA+ | 953,540 |
| 1,000 | 3.625%, 3/01/39 | 3/24 at 100.00 | AA+ | 922,440 |
| 900 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C, 4.000%, 8/01/45 | 8/24 at 100.00 | AA+ | 873,855 |
| 2,750 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E, 3.750%, 12/01/40 | 12/24 at 100.00 | AA+ | 2,526,067 |
| 1,500 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36 | 5/25 at 100.00 | AA+ | 1,390,785 |
| 1,700 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2017A, 3.875%, 3/01/47 | 3/26 at 100.00 | AA+ | 1,487,449 |
| 3,000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2019A, 3.800%, 9/01/44 | 3/28 at 100.00 | AA+ | 2,645,760 |
| 1,855 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2020E, 2.500%, 7/01/45 | 7/29 at 100.00 | AA+ | 1,315,603 |
| 1,000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2022F, 5.000%, 10/01/52 | 10/31 at 100.00 | AA+ | 1,041,550 |
| 15,685 | Total Housing/Multifamily | 14,041,068 | ||
| Long-Term Care – 8.4% (5.1% of Total Investments) | ||||
| 2,725 | Albemarle County, VA, Residential Care Facility Revenue Bonds, Virginia, | 6/29 at 103.00 | BBB+ | 2,372,657 |
| Westminster-Canterbury of the Blue Ridge, Refunding Series 2022A, 4.000%, 6/01/42 | ||||
| 1,000 | Henrico County Economic Development Authority, Virginia, Residential Care Facility | 10/26 at 103.00 | A– | 885,550 |
| Revenue Bonds, Westminster Canterbury of Richmond, Refunding Series 2020, | ||||
| 4.000%, 10/01/50 | ||||
| 1,155 | James City County Economic Development Authority, Virginia, Residential Care Facility | 12/27 at 103.00 | N/R | 938,045 |
| Revenue Bonds, Williamsburg Landing Inc., Refunding Series 2021A, 4.000%, 12/01/40 | ||||
| 1,000 | James City County Economic Development Authority, Virginia, Residential Care Facility | 6/27 at 103.00 | N/R | 726,630 |
| Revenue Bonds, WindsorMeade, Series 2021A, 4.000%, 6/01/47 | ||||
| 1,000 | Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue | 1/25 at 102.00 | BBB– | 846,390 |
| Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2016, | ||||
| 4.000%, 1/01/37 | ||||
| 1,250 | Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue | 1/23 at 103.00 | BBB– | 1,289,900 |
| Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2017A, | ||||
| 5.000%, 1/01/48 | ||||
| 2,000 | Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue | 1/29 at 103.00 | BBB– | 1,507,800 |
| Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2022. Forward | ||||
| Delivery, 4.000%, 1/01/48 | ||||
| Norfolk Redevelopment and Housing Authority, Virginia, Fort Norfolk Retirement | ||||
| Community, Inc., Harbor’s Edge Project, Series 2019A: | ||||
| 625 | 5.000%, 1/01/49 | 1/24 at 104.00 | N/R | 565,937 |
| 2,700 | 5.250%, 1/01/54 | 1/24 at 104.00 | N/R | 2,476,251 |
| Prince William County Industrial Development Authority, Virginia, Residential Care | ||||
| Facility Revenue Bonds, Westminster at Lake Ridge, Refunding Series 2016: | ||||
| 670 | 5.000%, 1/01/37 | 1/25 at 102.00 | BB | 597,493 |
| 2,000 | 5.000%, 1/01/46 | 1/25 at 102.00 | BB | 1,658,320 |
47
| NPV | Nuveen Virginia Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) | |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Long-Term Care (continued) | ||||
| Suffolk Economic Development Authority, Virginia, Retirement Facilities First Mortgage | ||||
| Revenue Bonds, Lake Prince Center, Inc./United Church Homes and Services Obligated Group, | ||||
| Refunding Series 2016: | ||||
| $ 1,000 | 5.000%, 9/01/26 | 9/24 at 102.00 | N/R | $ 992,180 |
| 1,920 | 5.000%, 9/01/31 | 9/24 at 102.00 | N/R | 1,837,171 |
| 1,900 | Virginia Small Business Financing Authority, Revenue Bonds, National Senior Campuses Inc | 7/27 at 103.00 | A | 1,627,787 |
| Obligated Group, Series 2020A, 4.000%, 1/01/51 | ||||
| 20,945 | Total Long-Term Care | 18,322,111 | ||
| Tax Obligation/General – 3.3% (2.0% of Total Investments) | ||||
| Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: | ||||
| 3,300 | 0.000%, 7/01/33 | 7/31 at 89.94 | N/R | 1,811,436 |
| 4,000 | 4.000%, 7/01/33 | 7/31 at 103.00 | N/R | 3,485,360 |
| 2,000 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 1,607,440 |
| 380 | Richmond, Virginia, General Obligation Bonds, Refunding & Public Improvement Series | No Opt. Call | AA+ | 452,056 |
| 2017D, 5.000%, 3/01/33 | ||||
| 9,680 | Total Tax Obligation/General | 7,356,292 | ||
| Tax Obligation/Limited – 24.4% (14.8% of Total Investments) | ||||
| Arlington County Industrial Development Authority, Virginia, Revenue Bonds, Refunding | ||||
| County Projects, Series 2017: | ||||
| 1,730 | 5.000%, 2/15/35 | 8/27 at 100.00 | Aa1 | 1,887,793 |
| 1,340 | 5.000%, 2/15/37 | 8/27 at 100.00 | Aa1 | 1,452,828 |
| 1,150 | Dulles Town Center Community Development Authority, Loudon County, Virginia Special | 1/23 at 100.00 | N/R | 1,111,004 |
| Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.250%, 3/01/26 | ||||
| 1,500 | Fairfax County Economic Development Authority, Virginia, Revenue Bonds, Metrorail | 4/27 at 100.00 | AA+ | 1,586,565 |
| Parking System Project, Series 2017, 5.000%, 4/01/42 | ||||
| 1,950 | Farms of New Kent Community Development Authority, Virginia, Special Assessment Bonds, | 3/31 at 100.00 | N/R | 1,849,809 |
| Refunding Series 2021A, 3.750%, 3/01/36, 144A | ||||
| 4,000 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, | 11/25 at 100.00 | BB | 4,054,640 |
| 5.000%, 11/15/34 | ||||
| 395 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2021F. Forward | 1/31 at 100.00 | Ba1 | 365,596 |
| Delivery, 4.000%, 1/01/36 | ||||
| 1,000 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, | 12/26 at 100.00 | BB | 1,022,320 |
| 5.000%, 12/01/33 | ||||
| 2,000 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton | 7/30 at 100.00 | AA | 2,171,860 |
| Roads Transportation Fund, Senior Lien Series 2020A, 5.000%, 7/01/45 | ||||
| Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads | ||||
| Transportation Fund Revenue Bonds, Senior Lien Series 2018A: | ||||
| 4,000 | 5.000%, 7/01/48, (UB) (4) | 1/28 at 100.00 | AA | 4,245,160 |
| 3,000 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton | 7/32 at 100.00 | AA | 2,789,640 |
| Roads Transportation Fund, Senior Lien Series 2022A, 4.000%, 7/01/57 | ||||
| 1,000 | Industrial Development Authority of the City of Alexandria, Virginia, Tourism | 9/32 at 110.31 | N/R | 1,115,480 |
| Development Financing Program Revenue Bonds (699 Prince Street Hotel Project), Senior Series | ||||
| 2022A-1 (Tax-Exempt) and Senior Series 2022B-1, 7.750%, 9/01/44, 144A | ||||
| 965 | Lower Magnolia Green Community Development Authority, Virginia, Special Assessment | 3/25 at 100.00 | N/R | 938,231 |
| Bonds, Series 2015, 5.000%, 3/01/35, 144A | ||||
| 440 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | No Opt. Call | N/R | 453,662 |
| Series 2022A, 5.000%, 10/01/32 | ||||
| Peninsula Town Center Community Development Authority, Virginia, Special Obligation | ||||
| Bonds, Refunding Series 2018: | ||||
| 360 | 4.500%, 9/01/28, 144A | 9/27 at 100.00 | N/R | 337,875 |
| 3,000 | 5.000%, 9/01/45, 144A | 9/27 at 100.00 | N/R | 2,706,330 |
48
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Tax Obligation/Limited (continued) | ||||
| $ 645 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, | No Opt. Call | N/R | $ 651,141 |
| 5.500%, 7/01/29 – AMBAC Insured | ||||
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
| 39 | 0.000%, 7/01/24 | No Opt. Call | N/R | 36,261 |
| 96 | 0.000%, 7/01/27 | No Opt. Call | N/R | 77,374 |
| 94 | 0.000%, 7/01/29 | 7/28 at 98.64 | N/R | 68,385 |
| 219 | 0.000%, 7/01/31 | 7/28 at 91.88 | N/R | 142,227 |
| 136 | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 78,551 |
| 1,058 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 998,794 |
| 3,609 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 679,070 |
| 7,320 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 6,945,289 |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | ||||
| Restructured Cofina Project Series 2019A-2: | ||||
| 550 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 498,256 |
| 150 | 4.536%, 7/01/53 | 7/28 at 100.00 | N/R | 130,872 |
| 62 | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 56,674 |
| 760 | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding | No Opt. Call | Baa2 | 773,186 |
| Series 2007CC, 5.500%, 7/01/28 – NPFG Insured | ||||
| 1,500 | Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note | 9/25 at 100.00 | A | 1,527,315 |
| Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A | ||||
| 2,240 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital | 10/24 at 100.00 | AA | 2,271,270 |
| Series 2014A, 5.000%, 10/01/34 – AGM Insured, 144A | ||||
| 3,500 | Virginia Commonwealth Transportation Board, Federal Transportation Grant Anticipation | 9/26 at 100.00 | AA+ | 3,773,630 |
| Revenue Notes, Series 2016, 5.000%, 9/15/30 | ||||
| 2,000 | Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2019B, | 8/29 at 100.00 | AA+ | 2,035,020 |
| 4.000%, 8/01/38, (AMT) | ||||
| 2,000 | Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2015A, | 8/25 at 100.00 | AA+ | 2,120,820 |
| 5.000%, 8/01/26 | ||||
| 35 | Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, | 1/23 at 100.00 | AAA | 35,056 |
| Series 2012A, 5.000%, 11/01/42 | ||||
| 120 | Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue | 4/28 at 112.76 | N/R | 121,126 |
| Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 8.375%, | ||||
| 4/01/41, 144A | ||||
| 300 | Virginia Small Business Financing Authority, Tourism Development Financing Program | 10/30 at 120.40 | N/R | 309,438 |
| Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1, 8.000%, | ||||
| 10/01/43, 144A | ||||
| 1,000 | Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series | 5/28 at 100.00 | AA+ | 1,012,190 |
| 2018, 4.000%, 5/15/38 | ||||
| 920 | Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding | 12/26 at 100.00 | Aa2 | 976,911 |
| Series 2016, 5.000%, 12/01/36 | ||||
| 56,183 | Total Tax Obligation/Limited | 53,407,649 | ||
| Transportation – 46.2% (28.0% of Total Investments) | ||||
| Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Refunding Series 2016A: | ||||
| 375 | 4.000%, 7/01/34 | 7/26 at 100.00 | A2 | 376,620 |
| 400 | 4.000%, 7/01/35 | 7/26 at 100.00 | A2 | 400,560 |
| 250 | 4.000%, 7/01/38 | 7/26 at 100.00 | A2 | 246,275 |
| Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, | ||||
| First Tier Series 2016: | ||||
| 10,025 | 5.000%, 7/01/46 | 7/26 at 100.00 | BBB | 10,123,489 |
| 1,200 | 5.000%, 7/01/51 | 7/26 at 100.00 | BBB | 1,205,424 |
49
| NPV | Nuveen Virginia Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) | |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Transportation (continued) | ||||
| Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital | ||||
| Appreciation Series 2012B: | ||||
| $ 2,000 | 0.000%, 7/15/32 (5) | 7/28 at 100.00 | A– | $ 2,043,860 |
| 1,000 | 0.000%, 7/15/40 – AGM Insured (5) | 7/28 at 100.00 | AA | 982,070 |
| 4,125 | 0.000%, 7/15/40 (5) | 7/28 at 100.00 | A– | 4,158,000 |
| Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road | ||||
| Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien | ||||
| Series 2019B: | ||||
| 4,500 | 4.000%, 10/01/44 | 10/29 at 100.00 | A– | 4,038,570 |
| 3,335 | 4.000%, 10/01/53 – AGM Insured | 10/29 at 100.00 | AA | 2,983,458 |
| Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road | ||||
| Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien | ||||
| Series 2009B: | ||||
| 4,000 | 0.000%, 10/01/26 – AGC Insured | No Opt. Call | AA | 3,515,520 |
| 11,825 | 0.000%, 10/01/34 – AGC Insured | No Opt. Call | AA | 7,353,140 |
| 1,135 | 0.000%, 10/01/36 – AGC Insured | No Opt. Call | AA | 634,329 |
| 5,010 | 0.000%, 10/01/39 – AGC Insured | No Opt. Call | AA | 2,367,976 |
| 6,700 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road | 10/28 at 100.00 | A– | 7,489,126 |
| Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, | ||||
| 6.500%, 10/01/44 | ||||
| 7,300 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding | 10/26 at 100.00 | AA– | 7,549,952 |
| Series 2016A, 5.000%, 10/01/35, (AMT) | ||||
| 375 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding | 10/27 at 100.00 | AA– | 392,205 |
| Series 2017, 5.000%, 10/01/34, (AMT) | ||||
| Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding | ||||
| Series 2018A: | ||||
| 2,000 | 5.000%, 10/01/32, (AMT) | 10/28 at 100.00 | AA– | 2,137,480 |
| 3,290 | 5.000%, 10/01/36, (AMT) | 10/28 at 100.00 | AA– | 3,445,255 |
| 2,000 | 5.000%, 10/01/38, (AMT) | 10/28 at 100.00 | AA– | 2,078,680 |
| Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding | ||||
| Series 2019A: | ||||
| 1,000 | 5.000%, 10/01/30, (AMT) | 10/29 at 100.00 | AA– | 1,084,080 |
| 4,000 | 5.000%, 10/01/40, (AMT) | 10/29 at 100.00 | AA– | 4,149,520 |
| New York Transportation Development Corporation, New York, Special Facility Revenue | ||||
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding | ||||
| Series 2016: | ||||
| 125 | 5.000%, 8/01/26, (AMT) | 12/22 at 100.00 | B | 125,008 |
| 595 | 5.000%, 8/01/31, (AMT) | 12/22 at 100.00 | B | 595,006 |
| 1,585 | Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series 2019, 5.000%, 7/01/38 | 7/29 at 100.00 | A | 1,654,375 |
| Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 | ||||
| Project, Senior Lien Series 2017: | ||||
| 3,250 | 5.000%, 12/31/49, (AMT) | 6/27 at 100.00 | BBB | 3,254,062 |
| 6,590 | 5.000%, 12/31/52, (AMT) | 6/27 at 100.00 | BBB | 6,579,522 |
| Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC | ||||
| Project, Refunding Senior Lien Series 2022: | ||||
| 3,120 | 4.000%, 7/01/39, (AMT) | 1/32 at 100.00 | BBB | 2,819,294 |
| 1,685 | 4.000%, 1/01/48, (AMT) | 1/32 at 100.00 | BBB | 1,408,357 |
| 2,000 | 5.000%, 12/31/52, (AMT) | 12/32 at 100.00 | Baa1 | 2,054,840 |
| 1,500 | 5.000%, 12/31/57, (AMT) | 12/32 at 100.00 | Baa1 | 1,535,070 |
| Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing | ||||
| OPCO, LLC Project, Refunding Senior Lien Series 2022: | ||||
| 2,500 | 4.000%, 1/01/39, (AMT) | 1/32 at 100.00 | BBB | 2,311,300 |
| 5,000 | 3.000%, 1/01/41, (AMT) | 1/32 at 100.00 | BBB | 3,832,500 |
50
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Transportation (continued) | ||||
| Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue | ||||
| Bonds, Series 2017B: | ||||
| $ 3,000 | 5.000%, 7/01/36 | 7/27 at 100.00 | AA | $ 3,195,630 |
| 2,000 | 5.000%, 7/01/42 | 7/27 at 100.00 | AA | 2,097,460 |
| 1,000 | Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue | 7/27 at 100.00 | AA– | 1,048,140 |
| Bonds, Series 2018, 5.000%, 7/01/43 | ||||
| 109,795 | Total Transportation | 101,266,153 | ||
| U.S. Guaranteed – 18.2% (11.0% of Total Investments) (6) | ||||
| 900 | Alexandria Industrial Development Authority, Virginia, Residential Care Facilities | 10/25 at 100.00 | N/R | 953,253 |
| Mortgage Revenue Bonds, Goodwin House Incorporated, Series 2015, 5.000%, 10/01/50, | ||||
| (Pre-refunded 10/01/25) | ||||
| 640 | Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, | No Opt. Call | AA | 658,509 |
| 11/01/24 – AGM Insured, (ETM) | ||||
| 1,030 | Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Bonds, | No Opt. Call | AAA | 1,078,245 |
| Refunding Series 1998, 5.500%, 7/01/25 – NPFG Insured, (ETM) | ||||
| 3,375 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | A– | 3,382,222 |
| Initiatives, Series 2013A, 5.250%, 1/01/40, (Pre-refunded 1/01/23) | ||||
| 100 | Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, | 3/25 at 100.00 | N/R | 105,728 |
| Series 2015, 5.600%, 3/01/45, (Pre-refunded 3/01/25) | ||||
| 1,000 | Fairfax County Economic Development Authority, Virginia, County Facilities Revenue | 10/27 at 100.00 | AA+ | 1,105,350 |
| Bonds, Refunding Series 2017B, 5.000%, 10/01/33, (Pre-refunded 10/01/27) | ||||
| Fairfax County Economic Development Authority, Virginia, Residential Care Facilities | ||||
| Mortgage Revenue Bonds, Goodwin House, Inc., Series 2016A: | ||||
| 700 | 4.000%, 10/01/42, (Pre-refunded 10/01/24) | 10/24 at 102.00 | N/R | 728,917 |
| 1,965 | 5.000%, 10/01/42, (Pre-refunded 10/01/24) | 10/24 at 102.00 | N/R | 2,081,741 |
| 1,000 | Fairfax County Economic Development Authority, Virginia, Residential Care Facilities | 12/23 at 100.00 | N/R | 1,023,100 |
| Revenue Bonds, Vinson Hall LLC, Series 2013A, 5.000%, 12/01/47, (Pre-refunded 12/01/23) | ||||
| 810 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/23 at 100.00 | A– | 823,835 |
| 2013, 5.500%, 7/01/43, (Pre-refunded 7/01/23) | ||||
| Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Subordinate | ||||
| Series 2018A: | ||||
| 1,415 | 5.000%, 10/01/40, (Pre-refunded 10/01/27) | 10/27 at 100.00 | AA+ | 1,557,335 |
| 1,010 | 5.000%, 10/01/42, (Pre-refunded 10/01/27) | 10/27 at 100.00 | AA+ | 1,111,596 |
| 1,000 | 5.000%, 10/01/43, (Pre-refunded 10/01/27) | 10/27 at 100.00 | AA+ | 1,100,590 |
| Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads | ||||
| Transportation Fund Revenue Bonds, Senior Lien Series 2018A: | ||||
| 2,000 | 5.000%, 7/01/52, (Pre-refunded 1/01/28) | 1/28 at 100.00 | AA | 2,224,680 |
| 13,000 | 5.000%, 7/01/52, (Pre-refunded 1/01/28), (UB) (4) | 1/28 at 100.00 | AA | 14,460,420 |
| 1,000 | 5.500%, 7/01/57, (Pre-refunded 1/01/28) | 1/28 at 100.00 | AA | 1,135,970 |
| 1,630 | Norfolk, Virginia, General Obligation Bonds, Refunding Series 2017C, 5.000%, 9/01/30, | 3/27 at 100.00 | AAA | 1,782,438 |
| (Pre-refunded 3/01/27) | ||||
| 600 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior | No Opt. Call | AA | 611,574 |
| Lien Series 2013A, 5.000%, 10/01/24 – AGM Insured, (ETM) | ||||
| 1,460 | Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington | 1/25 at 100.00 | AA | 1,530,766 |
| and Lee University, Series 2015A, 5.000%, 1/01/40, (Pre-refunded 1/01/25) | ||||
| 2,335 | Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley | 1/24 at 100.00 | A+ | 2,393,258 |
| Health System Obligated Group, Refunding Series 2014A, 5.000%, 1/01/44, (Pre-refunded 1/01/24) | ||||
| 36,970 | Total U.S. Guaranteed | 39,849,527 | ||
| Utilities – 10.0% (6.1% of Total Investments) | ||||
| 4,300 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | BBB– | 4,297,807 |
| Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35, (Mandatory | ||||
| Put 7/01/33) |
51
| NPV | Nuveen Virginia Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) | |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Utilities (continued) | ||||
| $ 1,675 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/26 at 100.00 | A– | $ 1,683,208 |
| 2016, 5.000%, 1/01/46 | ||||
| 1,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/30 at 100.00 | A– | 1,004,670 |
| 2020A, 5.000%, 1/01/50 | ||||
| 3,000 | Norfolk, Virginia, Water Revenue Bonds, Series 2015A, 5.250%, 11/01/44 | 11/24 at 100.00 | AA+ | 3,145,410 |
| 1,000 | Norfolk, Virginia, Water Revenue Bonds, Series 2017, 5.000%, 11/01/42 | 11/27 at 100.00 | AA+ | 1,075,130 |
| 2,000 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series | 7/30 at 100.00 | N/R | 1,920,240 |
| 2020A, 5.000%, 7/01/47, 144A | ||||
| 1,000 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series | 7/31 at 100.00 | N/R | 847,740 |
| 2021B, 4.000%, 7/01/42, 144A | ||||
| Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A: | ||||
| 5,000 | 5.000%, 1/15/33 | 1/26 at 100.00 | Aa1 | 5,326,650 |
| 1,000 | 5.000%, 1/15/35 | 1/26 at 100.00 | Aa1 | 1,061,330 |
| 730 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding | 1/23 at 100.00 | CCC | 709,713 |
| Series 2007A, 5.000%, 7/01/24 | ||||
| 1,000 | Virginia Small Business Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta | 7/23 at 100.00 | B | 960,200 |
| Project, Series 2018, 5.000%, 1/01/48, (AMT), (Mandatory Put 7/01/38), 144A | ||||
| 21,705 | Total Utilities | 22,032,098 | ||
| $ 377,588 | Total Long-Term Investments (cost $367,250,171) | 361,236,019 | ||
| Floating Rate Obligations – (9.3)% | (20,350,000) | |||
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (58.2)% (7) | (127,686,153) | |||
| Other Assets Less Liabilities – 2.7% | 6,029,641 | |||
| Net Assets Applicable to Common Shares – 100% | $ 219,229,507 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (6) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (7) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.3%. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| AMT | Alternative Minimum Tax |
| ETM | Escrowed to maturity |
| UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. |
See accompanying notes to financial statements.
52
Statement of Assets and Liabilities
November 30, 2022 (Unaudited)
| NKG | NMT | NMS | NOM | NPV | |
| Assets | |||||
| Long-term investments, at value (cost $197,310,705, | |||||
| $191,997,656, $125,920,716, $45,986,446 and | |||||
| $367,250,171, respectively) | $192,072,848 | $186,283,093 | $121,650,661 | $44,454,452 | $361,236,019 |
| Cash | — | 841,809 | 24,342 | 573,420 | 4,300,927 |
| Receivable for: | |||||
| Interest | 3,053,617 | 2,708,919 | 1,595,449 | 521,381 | 5,547,582 |
| Investments sold | 3,602,237 | 975,688 | — | — | 1,000,000 |
| Other assets | 2,207 | 3,895 | 1,639 | 7,443 | 35,336 |
| Total assets | 198,730,909 | 190,813,404 | 123,272,091 | 45,556,696 | 372,119,864 |
| Liabilities | |||||
| Cash Overdraft | 3,633,601 | — | — | — | — |
| Floating rate obligations | 14,800,000 | — | — | 600,000 | 20,350,000 |
| Payable for: | |||||
| Dividends | 332,415 | 303,456 | 246,450 | 73,218 | 743,143 |
| Interest | 291,751 | 3,163 | — | 11,378 | 425,648 |
| Investments purchased – regular settlement | — | — | — | — | 3,411,337 |
| Investments purchased – when-issued/delayed-delivery | |||||
| settlement | — | 3,340,306 | — | — | — |
| Adjustable Rate MuniFund Term Preferred ("AMTP") Shares, | |||||
| net of deferred offering costs (liquidation preference | |||||
| $58,500,000, $—, $49,800,000, $— and $—, respectively) | 58,455,313 | — | 49,770,511 | — | — |
| MuniFund Preferred ("MFP") Shares, net of deferred | |||||
| offering costs (liquidation preference $—, $—, | |||||
| $—, $18,000,000 and $—, respectively) | — | — | — | 17,799,384 | — |
| Variable Rate Demand Preferred ("VRDP") Shares, net of | |||||
| deferred offering costs (liquidation preference $—, | |||||
| $74,000,000 $—, $— and $128,000,000, respectively) | — | 73,763,430 | — | — | 127,686,153 |
| Accrued expenses: | |||||
| Management fees | 95,866 | 93,563 | 59,976 | 22,181 | 175,483 |
| Trustees fees | 2,064 | 2,007 | 1,311 | 475 | 30,302 |
| Other | 62,203 | 27,417 | 27,742 | 30,146 | 68,291 |
| Total liabilities | 77,673,213 | 77,533,342 | 50,105,990 | 18,536,782 | 152,890,357 |
| Commitments and contingencies (as disclosed in Note 8) | |||||
| Net assets applicable to common shares | $121,057,696 | $113,280,062 | $ 73,166,101 | $ 27,019,914 | $219,229,507 |
| Common shares outstanding | 10,399,813 | 9,324,617 | 5,787,058 | 2,349,992 | 17,924,699 |
| Net asset value ("NAV") per common share outstanding | $ 11.64 | $ 12.15 | $ 12.64 | $ 11.50 | $ 12.23 |
| Net assets applicable to common shares consist of: | |||||
| Common shares, $0.01 par value per share | $ 103,998 | $ 93,246 | $ 57,871 | $ 23,500 | $ 179,247 |
| Paid-in surplus | 137,111,161 | 129,301,525 | 80,953,243 | 30,674,747 | 250,802,002 |
| Total distributable earnings (loss) | (16,157,463) | (16,114,709) | (7,845,013) | (3,678,333) | (31,751,742) |
| Net assets applicable to common shares | $121,057,696 | $113,280,062 | $ 73,166,101 | $ 27,019,914 | $219,229,507 |
| Authorized shares: | |||||
| Common | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Preferred | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
See accompanying notes to financial statements.
53
Six Months Ended November 30, 2022 (Unaudited)
| NKG | NMT | NMS | NOM | NPV | |
| Investment Income | $ 3,781,682 | $ 3,513,230 | $ 2,664,330 | $ 916,037 | $ 7,591,953 |
| Expenses | |||||
| Management fees | 608,627 | 585,417 | 384,063 | 139,247 | 1,102,001 |
| Interest expense and amortization of offering costs | 936,348 | 902,118 | 667,506 | 242,344 | 1,911,421 |
| Custodian expenses, net | 12,995 | 13,933 | 13,443 | 8,382 | 22,842 |
| Trustees fees | 2,625 | 2,630 | 1,745 | 632 | 5,184 |
| Professional fees | 24,543 | 23,283 | 21,144 | 32,411 | 33,795 |
| Shareholder reporting expenses | 13,701 | 11,518 | 9,200 | 5,666 | 20,203 |
| Shareholder servicing agent fees | 7,520 | 968 | 7,361 | 7,374 | 2,405 |
| Stock exchange listing fees | 3,740 | 3,740 | 3,740 | 3,747 | 3,740 |
| Investor relations expenses | 2,605 | 2,677 | 1,778 | 515 | 5,195 |
| Other | 13,605 | 17,367 | 11,702 | 9,902 | 28,234 |
| Total expenses | 1,626,309 | 1,563,651 | 1,121,682 | 450,220 | 3,135,020 |
| Net investment income (loss) | 2,155,373 | 1,949,579 | 1,542,648 | 465,817 | 4,456,933 |
| Realized and Unrealized Gain (Loss) | |||||
| Net realized gain (loss) from investments | (6,216,741) | (2,499,501) | (1,566,081) | (267,532) | (6,433,767) |
| Change in net unrealized appreciation (depreciation) | |||||
| of investments | (421,423) | (4,447,256) | (4,180,672) | (1,681,831) | (11,335,069) |
| Net realized and unrealized gain (loss) | (6,638,164) | (6,946,757) | (5,746,753) | (1,949,363) | (17,768,836) |
| Net increase (decrease) in net assets applicable to common | |||||
| shares from operations | $(4,482,791) | $(4,997,178) | $(4,204,105) | $(1,483,546) | $(13,311,903) |
See accompanying notes to financial statements.
54
Statement of Changes in Net Assets
| NKG | NMT | |||||
| Unaudited | Unaudited | |||||
| Six Months | Year | Six Months | Year | |||
| Ended | Ended | Ended | Ended | |||
| 11/30/22 | 5/31/22 | 11/30/22 | 5/31/22 | |||
| Operations | ||||||
| Net investment income (loss) | $ 2,155,373 | $ 5,224,712 | $1,949,579 | $ 4,716,609 | ||
| Net realized gain (loss) from investments | (6,216,741) | (474,274) | (2,499,501) | (2,926,217) | ||
| Change in net unrealized appreciation (depreciation) of investments | (421,423) | (21,215,597) | (4,447,256) | (19,745,586) | ||
| Net increase (decrease) in net assets applicable to common shares | ||||||
| from operations | (4,482,791) | (16,465,159) | (4,997,178) | (17,955,194) | ||
| Distributions to Common Shareholders | ||||||
| Dividends | (2,329,558) | (5,563,900) | (2,116,688) | (4,923,000) | ||
| Decrease in net assets applicable to | ||||||
| common shares from distributions | ||||||
| to common shareholders | (2,329,558) | (5,563,900) | (2,116,688) | (4,923,000) | ||
| Capital Share Transactions | ||||||
| Common shares: | ||||||
| Net proceeds from shares issued | ||||||
| to shareholders due to | ||||||
| reinvestment of distributions | — | — | — | 28,306 | ||
| Net increase (decrease) in net assets | ||||||
| applicable to common shares from | ||||||
| capital share transactions | — | — | — | 28,306 | ||
| Net increase (decrease) in net assets | ||||||
| applicable to common shares | (6,812,349) | (22,029,059) | (7,113,866) | (22,849,888) | ||
| Net assets applicable to common | ||||||
| shares at the beginning of period | 127,870,045 | 149,899,104 | 120,393,928 | 143,243,816 | ||
| Net assets applicable to common | ||||||
| shares at the end of period | $121,057,696 | $127,870,045 | $113,280,062 | $120,393,928 |
See accompanying notes to financial statements.
55
Statement of Changes in Net Assets (continued)
| NMS | NOM | |||||
| Unaudited | Unaudited | |||||
| Six Months | Year | Six Months | Year | |||
| Ended | Ended | Ended | Ended | |||
| 11/30/22 | 5/31/22 | 11/30/22 | 5/31/22 | |||
| Operations | ||||||
| Net investment income (loss) | $ 1,542,648 | $ 3,686,335 | $ 465,817 | $ 1,154,529 | ||
| Net realized gain (loss) from investments | (1,566,081) | (1,218,627) | (267,532) | (638,570) | ||
| Change in net unrealized appreciation (depreciation) of investments | (4,180,672) | (10,185,514) | (1,681,831) | (3,534,342) | ||
| Net increase (decrease) in net assets applicable to common shares | ||||||
| from operations | (4,204,105) | (7,717,806) | (1,483,546) | (3,018,383) | ||
| Distributions to Common Shareholders | ||||||
| Dividends | (1,640,434) | (3,644,010) | (512,209) | (1,228,061) | ||
| Decrease in net assets applicable to | ||||||
| common shares from distributions | ||||||
| to common shareholders | (1,640,434) | (3,644,010) | (512,209) | (1,228,061) | ||
| Capital Share Transactions | ||||||
| Common shares: | ||||||
| Net proceeds from shares issued | ||||||
| to shareholders due to | ||||||
| reinvestment of distributions | 26,890 | 35,696 | 11,599 | 25,933 | ||
| Net increase (decrease) in net assets | ||||||
| applicable to common shares from | ||||||
| capital share transactions | 26,890 | 35,696 | 11,599 | 25,933 | ||
| Net increase (decrease) in net assets | ||||||
| applicable to common shares | (5,817,649) | (11,326,120) | (1,984,156) | (4,220,511) | ||
| Net assets applicable to common | ||||||
| shares at the beginning of period | 78,983,750 | 90,309,870 | 29,004,070 | 33,224,581 | ||
| Net assets applicable to common | ||||||
| shares at the end of period | $73,166,101 | $ 78,983,750 | $27,019,914 | $29,004,070 |
See accompanying notes to financial statements.
56
| NPV | |||
| Unaudited | |||
| Six Months | Year | ||
| Ended | Ended | ||
| 11/30/22 | 5/31/22 | ||
| Operations | |||
| Net investment income (loss) | $ 4,456,933 | $ 10,549,661 | |
| Net realized gain (loss) from investments | (6,433,767) | (3,206,206) | |
| Change in net unrealized appreciation (depreciation) of investments | (11,335,069) | (36,747,593) | |
| Net increase (decrease) in net assets applicable to common shares | |||
| from operations | (13,311,903) | (29,404,138) | |
| Distributions to Common Shareholders | |||
| Dividends | (5,035,348) | (10,423,824) | |
| Decrease in net assets applicable to | |||
| common shares from distributions | |||
| to common shareholders | (5,035,348) | (10,423,824) | |
| Capital Share Transactions | |||
| Common shares: | |||
| Net proceeds from shares issued | |||
| to shareholders due to | |||
| reinvestment of distributions | 93,914 | 306,660 | |
| Net increase (decrease) in net assets | |||
| applicable to common shares from | |||
| capital share transactions | 93,914 | 306,660 | |
| Net increase (decrease) in net assets | |||
| applicable to common shares | (18,253,337) | (39,521,302) | |
| Net assets applicable to common | |||
| shares at the beginning of period | 237,482,844 | 277,004,146 | |
| Net assets applicable to common | |||
| shares at the end of period | $219,229,507 | $237,482,844 |
See accompanying notes to financial statements.
57
Six Months Ended November 30, 2022 (Unaudited)
| NKG | NMT | NMS | NOM | NPV | |
| Cash Flows from Operating Activities: | |||||
| Net Increase (Decrease) in Net Assets Applicable to | |||||
| Common Shares from Operations | $(4,482,791) | $ (4,997,178) | $ (4,204,105) | $(1,483,546) | $(13,311,903) |
| 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 | (30,755,368) | (33,538,696) | (16,475,487) | (5,146,838) | (68,795,668) |
| Proceeds from sales and maturities of investments | 39,088,082 | 24,862,769 | 20,992,249 | 5,056,483 | 84,952,452 |
| Taxes paid | (497) | — | — | — | (1,535) |
| Amortization (Accretion) of premiums and discounts, net | 826,948 | 955,787 | 65,571 | 113,868 | 491,079 |
| Amortization of deferred offering costs | 3,730 | 4,888 | 4,389 | 4,048 | 7,607 |
| (Increase) Decrease in: | |||||
| Receivable for interest | (113,289) | 46,806 | 20,618 | (17,158) | (438,533) |
| Receivable for investments sold | (3,602,237) | (965,676) | 40,081 | 1,029,021 | 13,150,155 |
| Other assets | 2,848 | 6,394 | 3,179 | 125 | 117 |
| Increase (Decrease) in: | |||||
| Payable for interest | 232,191 | 3,163 | — | 9,368 | 365,540 |
| Payable for Investments purchased - regular settlement | — | — | — | (984,703) | (1,592,163) |
| Payable for investments purchased - when-issued/delayed | |||||
| delivery settlement | — | 2,288,457 | (3,378,410) | (562,260) | (18,876,556) |
| Accrued management fees | (9,440) | (7,798) | (6,781) | (1,874) | (14,847) |
| Accrued Trustees fees | 815 | 733 | 463 | 172 | (99) |
| Accrued other expenses | 23,420 | (14,759) | (8,077) | 6,405 | 7,893 |
| Net realized (gain) loss from: | |||||
| Investments | 6,216,741 | 2,499,501 | 1,566,081 | 267,532 | 6,433,767 |
| Paydowns | — | — | — | (258) | — |
| Change in net unrealized (appreciation) depreciation | |||||
| of investments | 421,423 | 4,447,256 | 4,180,672 | 1,681,831 | 11,335,069 |
| Net cash provided by (used in) operating activities | 7,852,576 | (4,408,353) | 2,800,443 | (27,784) | 13,712,375 |
| Cash Flows from Financing Activities: | |||||
| Proceeds from borrowings | — | — | — | — | 4,100,000 |
| (Repayments of) borrowings | — | — | — | — | (4,100,000) |
| (Repayments of) AMTP Shares issued, at liquidation preference | — | — | (3,000,000) | — | — |
| Increase (Decrease) in cash overdraft | 3,374,283 | — | — | — | (4,387,036) |
| Proceeds from floating rate obligations | (8,800,000) | — | — | — | — |
| Cash distributions paid to common shareholders | (2,426,859) | (2,203,246) | (1,664,385) | (521,740) | (5,024,412) |
| Net cash provided by (used in) financing activities | (7,852,576) | (2,203,246) | (4,664,385) | (521,740) | (9,411,448) |
| Net Increase (Decrease) in Cash | — | (6,611,599) | (1,863,942) | (549,524) | 4,300,927 |
| Cash at the beginning of period | — | 7,453,408 | 1,888,284 | 1,122,944 | — |
| Cash at the end of period | $ — | $ 841,809 | $ 24,342 | $ 573,420 | $ 4,300,927 |
| Supplemental Disclosure of Cash Flow Information | NKG | NMT | NMS | NOM | NPV |
| Cash paid for interest (excluding amortization of | |||||
| offering costs) | $ 700,373 | $ 894,234 | $ 663,312 | $ 228,930 | $ 1,538,755 |
| Non-cash financing activities not included herein consists | |||||
| of reinvestments of common share distributions | — | — | 26,890 | 11,599 | 93,914 |
See accompanying notes to financial statements.
58
THIS PAGE INTENTIONALLY LEFT BLANK
59
Financial Highlights
Selected data for a common share outstanding throughout each period:
| Less Distributions to | ||||||||||||
| Investment Operations | Common Shareholders | Common Share | ||||||||||
| From | Discount | |||||||||||
| Beginning | Net | Net | From | Accumu- | Per | |||||||
| Common | Investment | Realized/ | Net | lated Net | Share | Ending | ||||||
| Share | Income | Unrealized | Investment | Realized | Repurchased | Ending | Share | |||||
| NAV | (Loss) | Gain (Loss) | Total | Income | Gains | Total | and Retired | NAV | Price | |||
| NKG | ||||||||||||
| Year Ended 5/31: | ||||||||||||
| 2023(d) | $12.30 | $0.21 | $(0.65) | $(0.44) | $(0.22) | $ — | $(0.22) | $ — | $11.64 | $10.36 | ||
| 2022 | 14.41 | 0.50 | (2.07) | (1.57) | (0.54) | — | (0.54) | — | 12.30 | 11.21 | ||
| 2021 | 13.95 | 0.54 | 0.44 | 0.98 | (0.52) | — | (0.52) | — | 14.41 | 13.60 | ||
| 2020 | 13.86 | 0.48 | 0.06 | 0.54 | (0.45) | — | (0.45) | — | 13.95 | 11.98 | ||
| 2019 | 13.32 | 0.46 | 0.48 | 0.94 | (0.43) | — | (0.43) | 0.03 | 13.86 | 12.46 | ||
| 2018 | 13.80 | 0.49 | (0.46) | 0.03 | (0.51) | — | (0.51) | — | 13.32 | 11.38 | ||
| NMT | ||||||||||||
| Year Ended 5/31: | ||||||||||||
| 2023(d) | 12.91 | 0.21 | (0.74) | (0.53) | (0.23) | — | (0.23) | — | 12.15 | 10.78 | ||
| 2022 | 15.36 | 0.51 | (2.43) | (1.92) | (0.53) | — | (0.53) | — | 12.91 | 12.20 | ||
| 2021 | 14.65 | 0.57 | 0.69 | 1.26 | (0.55) | — | (0.55) | — | 15.36 | 14.92 | ||
| 2020 | 14.73 | 0.52 | (0.10) | 0.42 | (0.50) | — | (0.50) | — | 14.65 | 13.15 | ||
| 2019 | 14.28 | 0.52 | 0.42 | 0.94 | (0.50) | — | (0.50) | 0.01 | 14.73 | 12.84 | ||
| 2018 | 14.72 | 0.59 | (0.40) | 0.19 | (0.63) | — | (0.63) | — | 14.28 | 12.64 | ||
| (a) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
60
| 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 | (Loss) | Rate(c) |
| (3.52)% | (5.56)% | $121,058 | 2.69%* | 3.56%* | 15% |
| (11.25) | (14.09) | 127,870 | 1.54 | 3.64 | 14 |
| 7.12 | 18.24 | 149,899 | 1.46 | 3.78 | 7 |
| 3.90 | (0.33) | 145,114 | 2.13 | 3.40 | 9 |
| 7.49 | 13.72 | 144,152 | 2.45 | 3.50 | 20 |
| 0.22 | (10.74) | 140,485 | 2.19 | 3.64 | 15 |
| (4.12) | (9.84) | 113,280 | 2.73* | 3.41* | 13 |
| (12.84) | (15.12) | 120,394 | 1.60 | 3.45 | 18 |
| 8.69 | 17.81 | 143,244 | 1.54 | 3.77 | 8 |
| 2.83 | 6.14 | 136,572 | 2.20 | 3.47 | 11 |
| 6.87 | 5.80 | 137,281 | 2.45 | 3.70 | 16 |
| 1.29 | (4.84) | 133,468 | 2.13 | 4.04 | 17 |
| (b) | • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable. |
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund 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 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:
| Ratios of Interest Expense to | |
| Average Net Assets | |
| NKG | Applicable to Common Shares |
| Year Ended 5/31: | |
| 2023(d) | 1.55%* |
| 2022 | 0.51 |
| 2021 | 0.44 |
| 2020 | 1.09 |
| 2019 | 1.36 |
| 2018 | 1.11 |
| Ratios of Interest Expense to | |
| Average Net Assets | |
| NMT | Applicable to Common Shares |
| Year Ended 5/31: | |
| 2023(d) | 1.58%* |
| 2022 | 0.54 |
| 2021 | 0.49 |
| 2020 | 1.14 |
| 2019 | 1.30 |
| 2018 | 1.00 |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (d) | Unaudited. For the six months ended November 30, 2022. |
| * | Annualized. |
See accompanying notes to financial statements.
61
Financial Highlights (continued)
Selected data for a common share outstanding throughout each period:
| Less Distributions to | ||||||||||||||
| Investment Operations | Common Shareholders | Common Share | ||||||||||||
| Premium | ||||||||||||||
| From | per Share | Discount | ||||||||||||
| Beginning | Net | Net | From | Accumu- | Sold | Per | ||||||||
| Common | Investment | Realized/ | Net | lated Net | through | Share | Ending | |||||||
| Share | Income | Unrealized | Investment | Realized | Return of | Shelf | Repurchased | Ending | Share | |||||
| NAV | (Loss) | Gain (Loss) | Total | Income | Gains | Capital | Total | Offering | and Retired | NAV | Price | |||
| NMS | ||||||||||||||
| Year Ended 5/31: | ||||||||||||||
| 2023(d) | $13.65 | $0.27 | $(1.00) | $(0.73) | $(0.28) | $ — | $ — | $(0.28) | $ — | $ — | $12.64 | $11.58 | ||
| 2022 | 15.62 | 0.64 | (1.98) | (1.34) | (0.63) | — | — | (0.63) | — | — | 13.65 | 15.45 | ||
| 2021 | 14.81 | 0.66 | 0.76 | 1.42 | (0.61) | — | — | (0.61) | — | — | 15.62 | 16.24 | ||
| 2020 | 15.19 | 0.59 | (0.40) | 0.19 | (0.57) | — | — | (0.57) | — | — | 14.81 | 13.55 | ||
| 2019 | 14.69 | 0.62 | 0.50 | 1.12 | (0.62) | — | — | (0.62) | — | —* | 15.19 | 13.76 | ||
| 2018 | 15.08 | 0.70 | (0.37) | 0.33 | (0.74) | — | — | (0.74) | 0.02 | — | 14.69 | 13.60 | ||
| NOM | ||||||||||||||
| Year Ended 5/31: | ||||||||||||||
| 2023(d) | 12.35 | 0.20 | (0.83) | (0.63) | (0.22) | — | — | (0.22) | — | — | 11.50 | 10.77 | ||
| 2022 | 14.16 | 0.49 | (1.78) | (1.29) | (0.52) | — | — | (0.52) | — | — | 12.35 | 12.46 | ||
| 2021 | 13.64 | 0.55 | 0.48 | 1.03 | (0.51) | — | — | (0.51) | — | — | 14.16 | 14.70 | ||
| 2020 | 13.84 | 0.50 | (0.21) | 0.29 | (0.49) | — | — | (0.49) | — | — | 13.64 | 14.56 | ||
| 2019 | 13.48 | 0.52 | 0.36 | 0.88 | (0.52) | — | — | (0.52) | — | — | 13.84 | 13.97 | ||
| 2018 | 13.95 | 0.57 | (0.41) | 0.16 | (0.62) | — | (0.01) | (0.63) | — | — | 13.48 | 13.34 | ||
| (a) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
62
| 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 | (Loss) | Rate(c) |
| (5.30)% | (23.36)% | $73,166 | 3.03%** | 4.17%** | 13% |
| (8.87) | (0.84) | 78,984 | 1.77 | 4.22 | 19 |
| 9.74 | 24.89 | 90,310 | 1.71 | 4.30 | 5 |
| 1.24 | 2.57 | 85,644 | 2.46 | 3.85 | 12 |
| 7.88 | 6.13 | 87,812 | 2.75 | 4.25 | 30 |
| 2.37 | (11.55) | 85,067 | 2.40 | 4.66 | 13 |
| (5.10) | (11.93) | 27,020 | 3.30** | 3.42** | 11 |
| (9.35) | (11.98) | 29,004 | 2.03 | 3.61 | 25 |
| 7.66 | 4.69 | 33,225 | 1.93 | 3.95 | 13 |
| 2.07 | 7.93 | 31,996 | 2.66 | 3.58 | 10 |
| 6.70 | 9.06 | 32,444 | 2.72 | 3.90 | 23 |
| 1.15 | (13.89) | 31,605 | 2.54 | 4.15 | 20 |
| (b) | • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable. |
| • | The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund 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 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows: |
| Ratios of Interest Expense to | Ratios of Interest Expense to | |||
| Average Net Assets | Average Net Assets | |||
| NMS | Applicable to Common Shares | NOM | Applicable to Common Shares | |
| Year Ended 5/31: | Year Ended 5/31: | |||
| 2023(d) | 1.80%** | 2023(d) | 1.78%** | |
| 2022 | 0.65 | 2022 | 0.69 | |
| 2021 | 0.60 | 2021 | 0.63 | |
| 2020 | 1.32 | 2020 | 1.29 | |
| 2019 | 1.59 | 2019 | 1.40 | |
| 2018 | 1.06 | 2018 | 1.19 |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (d) | Unaudited. For the six months ended November 30, 2022. |
| * | Value rounded to zero. |
| ** | Annualized. |
See accompanying notes to financial statements.
63
Financial Highlights (continued)
Selected data for a common share outstanding throughout each period:
| Less Distributions to | ||||||||||
| Investment Operations | Common Shareholders | Common Share | ||||||||
| Discount | ||||||||||
| Beginning | Net | Net | From | Accumu- | Per | |||||
| Common | Investment | Realized/ | Net | lated Net | Share | Ending | ||||
| Share | Income | Unrealized | Investment | Realized | Repurchased | Ending | Share | |||
| NAV | (Loss) | Gain (Loss) | Total | Income | Gains | Total | and Retired | NAV | Price | |
| NPV | ||||||||||
| Year Ended 5/31: | ||||||||||
| 2023(d) | $13.25 | $0.25 | $(0.99) | $(0.74) | $(0.28) | $ — | $(0.28) | $ — | $12.23 | $12.06 |
| 2022 | 15.48 | 0.59 | (2.24) | (1.65) | (0.58) | — | (0.58) | — | 13.25 | 12.77 |
| 2021 | 14.51 | 0.61 | 0.94 | 1.55 | (0.58) | — | (0.58) | — | 15.48 | 16.13 |
| 2020 | 14.67 | 0.54 | (0.17) | 0.37 | (0.53) | — | (0.53) | — | 14.51 | 13.40 |
| 2019 | 14.17 | 0.53 | 0.49 | 1.02 | (0.53) | — | (0.53) | 0.01 | 14.67 | 12.92 |
| 2018 | 14.49 | 0.56 | (0.32) | 0.24 | (0.56) | — | (0.56) | — | 14.17 | 12.35 |
(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.
64
| 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 | (Loss) | Rate(c) |
| (5.63)% | (3.38)% | $219,230 | 2.83%* | 4.02%* | 19% |
| (10.89) | (17.67) | 237,483 | 1.64 | 3.97 | 18 |
| 10.80 | 25.01 | 277,004 | 1.58 | 3.99 | 7 |
| 2.48 | 7.74 | 259,338 | 2.20 | 3.65 | 18 |
| 7.49 | 9.23 | 262,202 | 2.48 | 3.81 | 21 |
| 1.70 | (2.62) | 254,175 | 2.07 | 3.92 | 22 |
(b) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund 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 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:
| Ratios of Interest Expense to | |
| Average Net Assets | |
| NPV | Applicable to Common Shares |
| Year Ended 5/31: | |
| 2023(d) | 1.72%* |
| 2022 | 0.63 |
| 2021 | 0.58 |
| 2020 | 1.18 |
| 2019 | 1.42 |
| 2018 | 1.02 |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (d) | Unaudited. For the six months ended November 30, 2022. |
| * | Annualized. |
See accompanying notes to financial statements.
65
Financial Highlights (continued)
The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund's last five fiscal periods, as applicable.
| AMTP Shares | VMTP Shares | VRDP Shares | ||||
| Aggregate | Asset | Aggregate | Asset | Aggregate | Asset | |
| Amount | Coverage | Amount | Coverage | Amount | Coverage | |
| Outstanding | Per $100,000 | Outstanding | Per $100,000 | Outstanding | Per $100,000 | |
| (000)(a) | Share(b) | (000)(a) | Share(b) | (000)(a) | Share(b) | |
| NKG | ||||||
| Year Ended 5/31: | ||||||
| 2023(c) | $58,500 | $306,936 | $ — | $ — | $ — | $ — |
| 2022 | 58,500 | 318,581 | — | — | — | — |
| 2021 | 58,500 | 356,238 | — | — | — | — |
| 2020 | 58,500 | 348,058 | — | — | — | — |
| 2019 | 58,500 | 346,414 | — | — | — | — |
| 2018 | — | — | 82,000 | 271,323 | — | — |
| NMT | ||||||
| Year Ended 5/31: | ||||||
| 2023(c) | — | — | — | — | 74,000 | 253,081 |
| 2022 | — | — | — | — | 74,000 | 262,694 |
| 2021 | — | — | — | — | 74,000 | 293,573 |
| 2020 | — | — | — | — | 74,000 | 284,556 |
| 2019 | — | — | — | — | 74,000 | 285,515 |
| 2018 | — | — | — | — | 74,000 | 280,362 |
| (a) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year. |
| (b) | Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000. |
| (c) | Unaudited. For the six months ended November 30, 2022. |
See accompanying notes to financial statements.
66
| AMTP Shares | VMTP Shares | MFP Shares | ||||
| Aggregate | Asset | Aggregate | Asset | Aggregate | Asset | |
| Amount | Coverage | Amount | Coverage | Amount | Coverage | |
| Outstanding | Per $100,000 | Outstanding | Per $100,000 | Outstanding | Per $100,000 | |
| (000)(a) | Share(b) | (000)(a) | Share(b) | (000)(a) | Share(b) | |
| NMS | ||||||
| Year Ended 5/31: | ||||||
| 2023(c) | $49,800 | $246,920 | $ — | $ — | $ — | $ — |
| 2022 | 52,800 | 249,590 | — | — | — | — |
| 2021 | 52,800 | 271,041 | — | — | — | — |
| 2020 | 52,800 | 262,204 | — | — | — | — |
| 2019 | 52,800 | 266,310 | — | — | — | — |
| 2018 | — | — | 52,800 | 261,111 | — | — |
| NOM | ||||||
| Year Ended 5/31: | ||||||
| 2023(c) | — | — | — | — | 18,000 | 250,111 |
| 2022 | — | — | — | — | 18,000 | 261,134 |
| 2021 | — | — | — | — | 18,000 | 284,581 |
| 2020 | — | — | — | — | 18,000 | 277,757 |
| 2019 | — | — | — | — | 18,000 | 280,242 |
| 2018 | — | — | — | — | 18,000 | 275,584 |
| (a) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year. |
| (b) | Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000. |
| (c) | Unaudited. For the six months ended November 30, 2022. |
See accompanying notes to financial statements.
67
Financial Highlights (continued)
| VRDP Shares | ||
| Aggregate | Asset | |
| Amount | Coverage | |
| Outstanding | Per $100,000 | |
| (000)(a) | Share(b) | |
| NPV | ||
| Year Ended 5/31: | ||
| 2023(c) | $128,000 | $271,273 |
| 2022 | 128,000 | 285,533 |
| 2021 | 128,000 | 316,409 |
| 2020 | 128,000 | 302,608 |
| 2019 | 128,000 | 304,845 |
| 2018 | 128,000 | 298,574 |
| (a) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year. |
| (b) | Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000. |
| (c) | Unaudited. For the six months ended November 30, 2022. |
See accompanying notes to financial statements.
68
Notes to Financial Statements (Unaudited)
1.
General Information
Fund Information
The state funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
• Nuveen Georgia Quality Municipal Income Fund (NKG)
• Nuveen Massachusetts Quality Municipal Income Fund (NMT)
• Nuveen Minnesota Quality Municipal Income Fund (NMS)
• Nuveen Missouri Quality Municipal Income Fund (NOM)
• Nuveen Virginia Quality Municipal Income Fund (NPV)
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified closed-end management investment companies. NKG, NMS and NOM were organized as Massachusetts business trusts on October 26, 2001, April 28, 2014 and March 29, 1993, respectively. NMT and NPV were organized as Massachusetts business trusts on January 12, 1993.
Current Fiscal Period
The end of the reporting period for the Funds is November 30, 2022, and the period covered by these Notes to Financial Statements is the six months ended November 30, 2022 (the “current fiscal period”).
Investment Adviser and Sub-Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Fund Mergers
During November 2022, each Fund's Board of Trustees (the “Board”) approved the merger of Nuveen Ohio Quality Municipal Income Fund (NUO) and NKG (each a “Target Fund”) into Nuveen Municipal Credit Income Fund (NZF). The mergers are intended to create a larger fund with lower operating expenses, enhanced earnings potential, and increasing trading volume for common shares. In order for a merger to occur, it must be approved by shareholders of the respective Target Funds.
Developments Regarding the Funds’ Control Share By-Law
On October 5, 2020, the Funds and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board of Trustees (the “Board”) amended the Funds’ by-laws to provide that the Funds’ Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Funds’ Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.
69
Notes to Financial Statements (Unaudited) (continued)
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Funds pay no compensation directly to those of its trustees or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Custodian Fee Credit
As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the current reporting period, the custodian fee credit earned by each Fund was as follows:
| NKG | NMT | NMS | NOM | NPV | |
| Custodian Fee Credit | $555 | $1,008 | $145 | $198 | $500 |
Distributions to Common Shareholders
Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes the accretion of discounts and the amortization of premiums for financial reporting purposes. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the ex-dividend date.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.
70
New
Accounting Pronouncements and Rule Issuances
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 changes 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. In December 2022, FASB deferred ASU 2022-04 and issued ASU 2022-06, Reference Rate Reform: Deferral of the Sunset Date of Topic 848, which extends the application of the amendments through December 31, 2024. 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.
New Rules to Modernize Fund Valuation Framework Take Effect
A new rule adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices, Rule 2a-5 under the 1940 Act, has established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. Separately, new SEC Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds adopted a valuation policy conforming to the new rules, effective September 1, 2022, and there was no material impact to the Funds.
3. Investment Valuation and Fair Value Measurements
The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
71
Notes to Financial Statements (Unaudited) (continued)
The following table summarizes the market value of the Funds' investments as of the end of the reporting period, based on the inputs used to value them:
| NKG | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | ||||
| Municipal Bonds | $ — | $192,007,526 | $65,322** | $192,072,848 |
| NMT | ||||
| Long-Term Investments*: | ||||
| Municipal Bonds | $ — | $186,283,093 | $ — | $186,283,093 |
| NMS | ||||
| Long-Term Investments*: | ||||
| Municipal Bonds | $ — | $121,650,661 | $ — | $121,650,661 |
| NOM | ||||
| Long-Term Investments*: | ||||
| Municipal Bonds | $ — | $ 44,454,452 | $ — | $ 44,454,452 |
| NPV | ||||
| Long-Term Investments*: | ||||
| Municipal Bonds | $ — | $361,236,019 | $ — | $361,236,019 |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications. |
| ** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
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. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”) in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
A Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
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An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities, respectively.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| Floating Rate Obligations Outstanding | NKG | NMT | NMS | NOM | NPV |
| Floating rate obligations: self-deposited Inverse Floaters | $14,800,000 | $ — | $ — | $600,000 | $20,350,000 |
| Floating rate obligations: externally-deposited Inverse Floaters | — | 7,325,000 | — | — | — |
| Total | $14,800,000 | $7,325,000 | $ — | $600,000 | $20,350,000 |
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
| Self-Deposited Inverse Floaters | NKG | NMT | NMS | NOM | NPV |
| Average floating rate obligations outstanding | $23,019,178 | $ — | $ — | $600,000 | $20,368,493 |
| Average annual interest rate and fees | 1.95% | —% | —% | 2.01% | 2.07% |
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any
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Notes to Financial Statements (Unaudited) (continued)
shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| Floating Rate Obligations – Recourse Trusts | NKG | NMT | NMS | NOM | NPV |
| Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $14,800,000 | $ — | $ — | $600,000 | $20,350,000 |
| Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | — | 7,325,000 | — | — | — |
| Total | $14,800,000 | $7,325,000 | $ — | $600,000 | $20,350,000 |
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
| NKG | NMT | NMS | NOM | NPV | |
| Purchases | $30,755,368 | $33,538,696 | $16,475,487 | $5,146,838 | $68,795,668 |
| Sales and maturities | 39,088,082 | 24,862,769 | 20,992,249 | 5,056,483 | 84,952,452 |
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when issued/ delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
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5. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable. were as follows:
| NMT | NMS | NOM | NPV | |||||
| Six Months | Year | Six Months | Year | Six Months | Year | Six Months | Year | |
| Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |
| 11/30/22 | 5/31/22 | 11/30/22 | 5/31/22 | 11/30/22 | 5/31/22 | 11/30/22 | 5/31/22 | |
| Common shares: | ||||||||
| Issued to shareholders due | ||||||||
| to reinvestment of distributions | — | 1,866 | 1,953 | 2,350 | 970 | 1,853 | 7,763 | 19,473 |
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publically available.
The details of each Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:
| Liquidation | ||||
| Preference, | ||||
| Shares | Liquidation | net of deferred | ||
| Fund | Series | Outstanding | Preference | offering costs |
| NKG | 2028 | 585 | $58,500,000 | $58,455,313 |
| NMS | 2028 | 498 | $49,800,000 | $49,770,511 |
Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.
In addition, the Funds may be obligated to redeem a certain amount of the AMTP Shares if the Funds fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund’s AMTP Shares are as follows:
| Notice | Term | Premium | ||
| Fund | Period | Series | Redemption Date | Expiration Date |
| NKG | 540-day | 2028 | December 1 2028* | February 13, 2019 |
| NMS | 360-day | 2028 | December 1 2028* | November 30, 2019 |
* Subject to early termination by either the Fund or the holder.
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
| NKG | NMS | |
| Average liquidation preference of AMTP shares outstanding | $58,500,000 | $52,750,820 |
| Annualized dividend rate | 2.41% | 2.51% |
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Notes to Financial Statements (Unaudited) (continued)
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection with each Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
MuniFund Preferred Shares
NOM has issued and has outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 liquidation preference per share. These MFP Shares were issued via private placement and are not publicly available.
The Fund is obligated to redeem its MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Fund. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Fund. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Fund may establish additional mode structures with the MFP Share.
• Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of their shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
The Fund will pay a remarketing fee on the aggregate principal amount of all MFP shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
• Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread’ being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
• Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enables its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. The Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP Shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
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Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
Costs incurred in connection with the Fund’s offering of MFP Shares were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
As of the end of the reporting period, details of the Fund’s MFP Shares outstanding were as follows:
| Liquidation | |||||||
| Preference, | Term | Mode | |||||
| Shares | Liquidation | net of deferred | Redemption | Termination | |||
| Fund | Series | Outstanding | Preference | offering costs | Date | Mode | Date |
| NOM | A | 180 | $18,000,000 | $17,799,384 | October 1, 2047 | VRM | April 1, 2024 |
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
| NOM | |
| Average liquidation preference of MFP Shares outstanding | $18,000,000 |
| Annualized dividend rate | 2.57% |
Variable Rate Demand Preferred Shares
The following Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of the Funds’ VRDP Shares outstanding were as follows:
| Liquidation | |||||||
| Preference, | Special Rate | ||||||
| Shares | Remarketing | Liquidation | net of deferred | Period | |||
| Fund | Series | Outstanding | Fees* | Preference | offering costs | Expiration | Maturity |
| NMT | 1 | 740 | N/A | $ 74,000,000 | $ 73,763,430 | March 1, 2047 | March 1, 2047 |
| NPV | 1 | 1,280 | N/A | $128,000,000 | $127,686,153 | July 19, 2023 | August 3, 2043 |
| * | Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series. |
| N/A | Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee. |
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
Each Fund’s Series 1 VRDP Shares are considered to be Special Rate Period VRDP, which are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider and are not subject to remarketing fees or liquidity fees. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, or the Board may approve a subsequent special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
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Notes to Financial Statements (Unaudited) (continued)
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
| NMT | NPV | |
| Average liquidation preference of VRDP Shares outstanding | $74,000,000 | $128,000,000 |
| Annualized dividend rate | 2.42% | 2.64% |
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following table.
Transactions in AMTP Shares for the Funds, where applicable, were as follows:
| Six Months Ended | |||
| November 30, 2022 | |||
| NMS | Series | Shares | Amount |
| AMTP Shares redeemed | 2028 | (300) | $(3,000,000) |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.
As of the end of the reporting period, the aggregate cost and net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:
| Net | ||||
| Gross | Gross | Unrealized | ||
| Unrealized | Unrealized | Appreciation | ||
| Fund | Tax Cost | Appreciation | (Depreciation) | (Depreciation) |
| NKG | $182,424,505 | $2,107,522 | $(7,259,143) | $(5,151,621) |
| NMT | 191,983,643 | 1,750,879 | (7,451,429) | (5,700,550) |
| NMS | 125,900,115 | 1,189,208 | (5,438,662) | (4,249,454) |
| NOM | 45,372,290 | 360,887 | (1,878,725) | (1,517,838) |
| NPV | 347,092,221 | 7,312,436 | (13,518,588) | (6,206,152) |
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For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
| Undistributed | Undistributed | Undistributed | Unrealized | Late-Year | Other | |||
| Tax-Exempt | Ordinary | Long-Term | Appreciation | Capital Loss | Loss | Book-to-Tax | ||
| Fund | Income1 | Income | Capital Gains | (Depreciation) | Carryforwards | Deferrals | Differences | Total |
| NKG | $ 519,813 | $2,368 | $ — | $(4,719,385) | $ (4,706,415) | $ — | $(441,992) | $ (9,345,611) |
| NMT | 464,283 | — | — | (1,259,037) | (7,805,130) | — | (400,959) | (9,000,843) |
| NMS | 398,387 | — | — | (75,435) | (2,019,708) | — | (303,718) | (2,000,474) |
| NOM | 125,395 | — | — | 161,890 | (1,872,379) | — | (97,484) | (1,682,578) |
| NPV | 1,712,636 | 53,200 | — | 5,182,812 | (19,485,703) | — | (868,971) | (13,406,026) |
| 1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 2, 2022 and paid on June 1, 2022. |
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
| Fund | Short-Term | Long-Term | Total |
| NKG | $2,903,602 | $ 1,802,813 | $ 4,706,415 |
| NMT | 3,993,697 | 3,811,433 | 7,805,130 |
| NMS | 1,463,344 | 556,364 | 2,019,708 |
| NOM | 693,740 | 1,178,639 | 1,872,379 |
| NPV | 7,769,045 | 11,716,658 | 19,485,703 |
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| Averaged Daily Managed Assets* | Fund-Level Fee Rate |
| For the first $125 million | 0.4500% |
| For the next $125 million | 0.4375 |
| For the next $250 million | 0.4250 |
| For the next $500 million | 0.4125 |
| For the next $1 billion | 0.4000 |
| For the next $3 billion | 0.3750 |
| For managed assets over $5 billion | 0.3625 |
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Notes to Financial Statements (Unaudited) (continued)
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Funds’ daily managed assets:
| Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level |
| $55 billion | 0.2000% |
| $56 billion | 0.1996 |
| $57 billion | 0.1989 |
| $60 billion | 0.1961 |
| $63 billion | 0.1931 |
| $66 billion | 0.1900 |
| $71 billion | 0.1851 |
| $76 billion | 0.1806 |
| $80 billion | 0.1773 |
| $91 billion | 0.1691 |
| $125 billion | 0.1599 |
| $200 billion | 0.1505 |
| $250 billion | 0.1469 |
| $300 billion | 0.1445 |
* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain Nuveen Funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of November 30, 2022, the complex-level fee for each Fund was 0.1585%.
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.
During the current fiscal period, the following Funds engaged in cross-trades pursuant to these procedures as follows:
| Cross-Trades | NKG | NMT | NMS | NOM | NPV |
| Purchases | $5,981,281 | $6,657,871 | $2,978,333 | $502,905 | $26,373,488 |
| Sales | 6,080,021 | 10,904,809 | 2,780,113 | 515,211 | 21,046,547 |
| Realized gain (loss) | (984,357) | (1,428,904) | (144,661) | (34,773) | (2,536,014) |
8. 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, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds’ financial statements.
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9.
Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.700 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multifactor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2023 unless extended or renewed.
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. The Participating Funds also incurred a 0.05% upfront fee on the increased commitments from select lenders. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the following Fund utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:
| NPV | |
| Maximum outstanding balance | $4,100,000 |
During the Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
| NPV | |
| Utilization period (days outstanding) | 3 |
| Average daily balance outstanding | $4,100,000 |
| Average annual interest rate | 4.28% |
Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
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Notes to Financial Statements (Unaudited) (continued)
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
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Risk Considerations (Unaudited)
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Georgia Quality Municipal Income Fund (NKG)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NKG.
Nuveen Massachusetts Quality Municipal Income Fund (NMT)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMT.
Nuveen Minnesota Quality Municipal Income Fund (NMS)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMS.
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Risk Considerations (Unaudited) (continued)
Nuveen Missouri Quality Municipal Income Fund (NOM)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NOM.
Nuveen Virginia Quality Municipal Income Fund (NPV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NPV.
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Additional Fund Information (Unaudited)
Board of Trustees
| Jack B. Evans | William C. Hunter | Amy B. R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson |
| Judith M. Stockdale | Carole E. Stone | Matthew Thornton III | Terence J. Toth | Margaret L. Wolff | Robert L. Young |
| Investment Adviser | Custodian | Legal Counsel | Independent Registered | Transfer Agent and |
| Nuveen Fund Advisors, LLC | State Street Bank | Chapman and Cutler LLP | Public Accounting Firm | Shareholder Services |
| 333 West Wacker Drive | & Trust Company | Chicago, IL 60603 | KPMG LLP | Computershare Trust |
| Chicago, IL 60606 | One Lincoln Street | 200 East Randolph Street | Company, N.A. | |
| Boston, MA 02111 | Chicago, IL 60601 | 150 Royall Street | ||
| Canton, MA 02021 | ||||
| (800) 257-8787 |
Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
| NKG | NMT | NMS | NOM | NPV | |
| Common shares repurchased | — | — | — | — | — |
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
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Glossary of Terms Used in this Report (Unaudited)
| • | 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. |
| • | 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. |
| • | Inverse Floating Rate Securities: Inverse floating rate securities, are the residual interest in a tender option bond (TOB) trust, sometimes referred to as “inverse floaters”, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. |
| • | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
| • | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding. |
| • | Pre-Refunded Bond/Pre-Refunding: Pre-Refunded Bond/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. |
86
| • | S&P Municipal Bond Index: An index designed to measure the performance of the tax-exempt 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 Georgia Index: An index designed to measure the performance of the tax-exempt Georgia 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 index designed to measure the performance of the tax-exempt Massachusetts municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| • | S&P Municipal Bond Minnesota Index: An index designed to measure the performance of the tax-exempt Minnesota municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| • | S&P Municipal Bond Missouri Index: An index designed to measure the performance of the tax-exempt Missouri municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| • | S&P Municipal Bond Virginia Index: An index designed to measure the performance of the tax-exempt Virginia municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| • | Tax Obligation/General Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the ability to increase taxes by an unlimited amount to pay the bonds back. |
| • | Tax Obligation/Limited Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn't have the ability to increase taxes by an unlimited amount to pay the bonds back. |
| • | Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. |
| • | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
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Nuveen:
Serving Investors for Generations
Since 1898, financial professionals and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
Nuveen Securities, LLC member of FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
ESA-A-1122D 2655346-INV-B-01/24
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) |
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)(17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
File the exhibits listed below as part of this Form.
(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 to this filing. |
(a)(3) |
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. |
(a)(4) |
Change in the registrant’s independent public accountant. Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Georgia Quality Municipal Income Fund
By (Signature and Title) /s/ Mark L. Winget
Mark L. Winget
Vice President and Secretary
Date: February 3, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ David J. Lamb
David J. Lamb
Chief Administrative Officer
(principal executive officer)
Date: February 3, 2023
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)
Date: February 3, 2023