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Nuveen Missouri Quality Municipal Income Fund (NOM)

Filed: 6 Aug 20, 10:25am


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 811-07616

Nuveen Missouri 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)

Gifford R. Zimmerman
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: Date: May 31

Date of reporting period: May 31, 2020

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.





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Table of Contents
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
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Chair’s Letter
to Shareholders
Dear Shareholders,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. Our thoughts are with you during this time of significant disruption caused by the disease and its economic fallout. With many regions of the world suppressing the initial spread of the virus, governments and public health officials face the extraordinary challenge of balancing the resumption of economic activity with public safety, particularly as new clusters of infection have emerged in the U.S. and other countries following their reopening. Markets have turned their focus to the potential for an economic recovery, although the timing and magnitude are highly uncertain. Elevated market volatility is likely to continue, with economic data, coronavirus infection rates and the upcoming U.S. presidential election under scrutiny.
While we do not want to understate the dampening effect on the global economy, it is important to differentiate short-term interruptions from the longer-lasting implications to the economy. Prior to the COVID-19 crisis, some areas of the global economy were showing signs of improvement after trade tensions had weighed on economic activity for much of 2019. More recently, countries that have reopened have seen marked improvement in some near-term economic indicators. Central banks and governments around the world have announced economic stimulus measures and pledged to continue doing what it takes to support their economies. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and introduced similar programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. Government has approved three relief packages, including a $2 trillion-dollar package directly supporting businesses and individuals. The Coronavirus Aid, Relief and Economic Security Act, called the CARES Act, provides direct payments and expanded unemployment benefits to individuals, loans and grants to small businesses, loans and other money to large corporations and funding for hospitals, public health, education and state and local governments.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial professional, who can review your time horizon, risk tolerance and investment goals. 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.
Sincerely,
Terence J. Toth
Chair of the Board
July 22, 2020
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Portfolio Managers’ Comments


Nuveen Georgia Quality Municipal Income Fund (NKG)
Nuveen Maryland Quality Municipal Income Fund (NMY)
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)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. Portfolio managers Daniel J. Close, CFA, Stephen J. Candido, CFA, Christopher L. Drahn, CFA, and Michael S. Hamilton discuss U.S. economic and market conditions, key investment strategies and the twelve-month performance of these six Nuveen Funds. Dan has managed the Nuveen Georgia Fund since 2007. Steve assumed portfolio management responsibility for the Maryland and Virginia Funds in 2016. Chris has managed the Missouri Fund since 2011 and assumed responsibility for the Minnesota Fund in 2016. Michael assumed portfolio management responsibility for the Massachusetts Fund in 2011.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended May 31, 2020?
The longest economic expansion in U.S. history came to an abrupt halt in early 2020 amid the COVID-19 coronavirus pandemic. To slow the spread of the virus, large portions of the economy were shut down, with companies closing either temporarily or permanently and most of the U.S. population under stay-at-home orders during March and April 2020. A phased reopening began toward the end of May and continued after the close of the reporting period. The disruption has been swift and severe, and has tipped the economy into recession, a several months’ long contraction across the broad economy. (Subsequent to the close of this reporting period, in June 2020, the National Bureau of Economic Research announced that the economic expansion that began in June 2009 officially ended in February 2020, marking the start of a recession.) For the first quarter of 2020, the Bureau of Economic Analysis reported that annualized gross domestic product (GDP) shrank 5.0%, according to its “second” estimate. GDP measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in


This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). 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, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Portfolio Managers’ Comments (continued)
production, adjusted for price changes. Previously, the economy had been expanding at a moderate clip. GDP grew at an annualized rate of 2.1% in the fourth quarter of 2019 and grew 2.3% in 2019 overall.
Consumer spending, the largest driver of the economy, was well supported earlier in this reporting period by low unemployment, wage gains and tax cuts. However, the COVID-19 crisis containment measures drove a significant drop in consumer spending and a sharp rise in unemployment in March and April 2020. The Bureau of Labor Statistics said the unemployment rate rose to 13.3% in May 2020 from 3.6% in May 2019. Although May saw a surprise addition of 2.7 million jobs during the month as economies began to reopen, the combined job losses in March and April exceeded 22 million. The average hourly earnings rate appeared to soar, growing at an annualized rate of 6.5% in May 2020, despite the spike in unemployment. Earnings data were skewed by the concentration of job losses in lower wage work, which effectively eliminated most of the low data, resulting in an average of mostly higher numbers. The overall trend of inflation weakened considerably, which was attributed to large decreases in gasoline, apparel, air travel and lodging prices offsetting an increase in food prices. The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 0.1% over the twelve-month reporting period ended May 31, 2020 before seasonal adjustment.
Low mortgage rates and low inventory drove home prices moderately higher in this reporting period, although the most recent data do not fully reflect the shutdown. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 4.7% year-over-year in April 2020 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 3.4% and 4.0%, respectively.
With economic momentum slowing in 2019 from 2018’s stronger pace, the U.S. Federal Reserve (Fed) left rates unchanged throughout the first half of 2019 then cut rates by 0.25% at each of the July 2019, September 2019 and October 2019 policy committee meetings. Markets registered disappointment with the Fed’s explanation that the rate cuts were a “mid-cycle adjustment,” rather than a prolonged easing period, and its signal that there would be no additional rate cuts in 2019. Also in the latter half of 2019, the Fed announced it would stop shrinking its bond portfolio sooner than scheduled, as well as began buying short-term Treasury bills to help money markets operate smoothly and maintain short-term borrowing rates at low levels. Fed Chairman Powell emphasized that the Treasury bill purchases were not a form of quantitative easing. The Fed continued its Treasury bill buying in January 2020, as well as left its benchmark interest rate unchanged, while noting the emerging coronavirus risks.
As the outbreak spread to the U.S. and significant restrictions on social and economic activity were imposed starting in March 2020, the Fed enacted an array of emergency measures to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and allowing unlimited bond purchases, known as quantitative easing. There were no policy changes at the Fed’s April 2020 meeting, where Chairman Powell reiterated a commitment to keep rates near zero until the economy recovers, and the meeting minutes released during May 2020 underscored the Fed’s concerns about a potentially prolonged economic recovery.
Meanwhile, the U.S. government approved three aid packages, totaling more than $100 billion in funding to health agencies and employers offering paid leave and $2 trillion allocated across direct payments to Americans, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments.
While trade and tariff policy drove market sentiment for most of the twelve-month reporting period, the outbreak of the novel coronavirus and its associated disease COVID-19 rapidly dwarfed all other market concerns starting in late February 2020. Equity and commodity markets sold-off and safe-haven assets rallied in March as China, other countries and then the United States initiated quarantines, restricted travel and shuttered factories and businesses. The potential economic shock was particularly difficult to
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assess, which amplified market volatility. An ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia, which caused oil prices to plunge in March 2020, exacerbated the market sell-off.
Outside the U.S., many countries implemented lockdowns and restrictions on business activity to reduce infection rates, with a deep impact to their economies. Pandemic responses included central bank monetary easing and quantitative easing, fiscal relief programs, the loosening of fiscal rules and, in the case of emerging markets, emergency financing and debt relief from bilateral creditors and international organizations such as the International Monetary Fund and World Bank. The U.K. formally exited the European Union (EU) at the end of January 2020, triggering the one-year transition period, but Brexit talks were temporarily paused during the virus lockdown. When negotiations resumed, the U.K. continued to indicate it would not seek an extension. Italy’s prime minister unexpectedly resigned in August 2019, and the newly formed coalition government appeared to take a less antagonistic stance towards the EU. To help relieve the coronavirus impact on Italy and other more indebted Southern European countries, the European Commission proposed a €750 billion aid program to be funded by all member states, although it is expected to face a bumpy approval process. In Asia, northern countries were among the first to successfully reduce infection rates and relax coronavirus restrictions, but pockets of the disease re-emerged. The widespread anti-government protests roiling Hong Kong throughout 2019 had dissipated amid the lockdown, but tensions flared in late May 2020 when China unexpectedly announced a national security law perceived as a threat to Hong Kong’s sovereignty. India took stringent lockdown steps in March but still saw a rapid increase in cases. Latin American countries entered the health crisis in already weakened positions, with high government debt and widespread civil unrest. Venezuela’s economic and political crisis continued to deepen. Argentina surprised the market with the return of a less market-friendly administration but continued to pursue a restructuring of its debt. Brazil’s Bolsonaro administration achieved a legislative win on pension reform but had not fully delivered on reviving economic growth. As the pandemic spread to Latin America, the inconsistent government responses, reduced testing capabilities, weaker health care systems, food shortages and public protests contributed to accelerating infection and death rates, while the Southern Hemisphere winter is set to begin.
Prior to the virus outbreak, global markets had become more bullish on the outlook for 2020 as trade policy and Brexit appeared to make progress at the end of 2019. The U.S. and China agreed on a partial trade deal, which included rolling back some tariffs, increasing China’s purchases of U.S. agriculture products and the consideration of intellectual property, technology and financial services rights. The “phase one” deal was signed on January 15, 2020. While much of the focus remained on the U.S.-China relationship, trade spats between the U.S. and Mexico, the EU, Brazil and Argentina also arose throughout the reporting period. In January 2020, the U.S. Congress fully approved the U.S., Mexico and Canada Agreement (USMCA), which replaces the North American Free Trade Agreement. With more clarity on trade deals, the trade-related deterioration in global manufacturing and export data was expected to improve. However, the COVID-19 crisis has since upended those assumptions. Furthermore, tensions between the U.S. and China escalated amid the pandemic, with both sides stoking resentment about the management of the health crisis, Hong Kong’s political protests and trade policy.
Despite the severe sell-off in March 2020, municipal bonds managed positive performance over the twelve-month reporting period. For most of the reporting period, a significant decline in interest rates drove municipal bond prices higher, with positive technical and fundamental conditions also supporting credit spread tightening. Prior to the emergence of the novel coronavirus, interest rates had been pressured lower by signs that the economy’s momentum was slowing, a more dovish central bank policy, geopolitical tensions (especially regarding trade) and bouts of equity market volatility. Then, from late February through March 2020, coronavirus risks permeated the markets, sending U.S. Treasury yields to historic lows. Rate volatility increased sharply in that six-week period. As liquidity became stressed, investors began to liquidate any asset possible, including municipal bonds.
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Portfolio Managers’ Comments (continued)
Municipal bond prices declined rapidly (and yields spiked higher), amid rampant selling across both the high grade and high yield segments that was exacerbated in some cases by exchange-traded fund and closed-end fund selling. Municipal bond prices became severely dislocated from Treasury prices. Credit spreads widened significantly during the March 2020 sell-off, ending the month above their long-term average. Monetary and fiscal interventions from the Fed and U.S. government helped the market recover in April and May, although spreads remain wider than average as of the end of the reporting period. The municipal yield curve steepened over this reporting period, with a pronounced drop in yields at the short end of the curve spearheading the steepening.
Prior to the market turmoil in March 2020, municipal bond gross issuance nationwide had been robust. The overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 30% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been adequate, the net has not and this was an overall positive technical factor on municipal bond investment performance in recent years. Notably, taxable municipal bond issuance has increased meaningfully since the advent of the Tax Cut and Jobs Act of 2017, which prohibits municipal issuers from issuing new tax-exempt bonds to pre-refund existing tax-exempt bonds. However, municipalities have taken advantage of the low interest rate environment and the strong demand for yield to issue taxable municipal debt, enabling them to save on net interest costs while adding to the scarcity value of tax-exempt issues.
Municipal bond funds saw consistently positive cash flows throughout 2019, but demand has been uneven in 2020 so far. Positive flows continued into early 2020, then municipal bond funds suffered significant outflows in March, particularly from high yield municipal bond funds. After the market stabilized in April, fund flows turned positive again in May. With interest rates in the U.S. and globally remaining near all-time lows, the appetite for yield has continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. Additionally, as tax payers have adjusted to the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, there has been increased demand for tax-exempt municipal bonds, especially in states with high income taxes and/or property taxes.
What were the economic and market conditions in Georgia, Maryland, Massachusetts, Minnesota, Missouri and Virginia during the twelve-month reporting period ended May 31, 2020?
Georgia is the eighth most populous state, with a population of 10.5 million. Population growth has been around 1% annually for more than a decade. Its GDP totaled $616 billion in 2019, ranking ninth among states. Georgia’s economic growth has been robust since 2014, outpacing that of the nation, but has slowed a bit in 2018 and 2019. The state’s GDP growth slowed to 2.0% in 2019 from 2.4% in 2018. Because of the coronavirus pandemic, the economy has already slowed considerably in 2020. As of May 2020, the state’s unemployment rate was 9.7%, compared to 13.3% nationally. The governor declared a public health state of emergency on March 14, 2020 and a shelter in place order on March 23, 2020, which was extended until April 30, 2020 and then allowed to expire. Georgia’s economy began to slowly reopen, but will likely remain weak through the remainder of 2020. The state’s primary economic engine is the Atlanta metropolitan area, which has been adding jobs and attracting businesses in a diverse range of industries. Before the pandemic, construction and the education and health services sectors were among the fastest growing in the state’s economy. Georgia’s per capita personal income is below average and was 85.1% of the U.S. average in 2019. Home prices in the Atlanta region rose 4.5% year-over-year, as of April 2020 (most recent data available at the time this report was prepared), below the national average of 4.7%, according to the S&P CoreLogic Case-Shiller Index. Georgia is the
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eleventh-largest export state and seventh-largest import state. Because Georgia has a substantial trade and distribution network and is home to large manufacturing and agriculture industries, its economy is at greater risk from ongoing trade tensions or a full-blown trade war. Before the COVID-19 crisis, strong economic growth drove robust revenue growth for Georgia. Net revenue collections of $23.8 billion for fiscal year 2019 were 4.8% higher than for fiscal year 2018. General fund revenue grew 2.1% in the first nine months of fiscal year 2020. After the COVID-19 crisis shutdown, net tax revenues were down 4% (or $858 million), year-over-year, through May 2020. Income taxes are the largest general fund revenue source for Georgia, followed by net sales taxes. They constituted 51% and 26% of total general fund revenue in fiscal year 2019, respectively. The robust revenue growth allowed the state to shore up its rainy day fund, or Revenue Shortfall Reserve (RSR). The RSR grew to $2.8 billion in 2019, or 10.2% of own-source revenue. This, along with expenditure cuts, provides the state with a substantial buffer to help weather the current downturn. The state has yet to finalize its Fiscal Year 2021 budget (Georgia State Fiscal Year End is June 30), but the Georgia Constitution requires the state to maintain a balanced budget. The state’s Senate Appropriations Committee unanimously passed its budget proposal in mid-June, calling for spending cuts of 11%, or $2.6 billion. The deepest proposed spending cut is for more than $1 billion from K-12 public education. Georgia has $10.3 billion of net tax-supported debt outstanding, which represents 2.0% of personal income, and placing it in line with the 2019 Moody’s 50-state median of 2.0% of personal income. Georgia’s pension liabilities are below average, so the state’s combined net debt and net pension liabilities are lower than the majority of states. As of June 2020, Georgia’s general obligation debt continued to be rated Aaa/AAA/AAA with stable outlooks from Moody’s, S&P and Fitch, respectively.
In 2019, Maryland’s gross state product grew 1.5% compared to 2.5% the prior year, dropping its ranking to 35th among all states. Maryland’s economy has historically benefited from its proximity to the nation’s capital through job growth and drawing high income earners as residents. However, the state’s proximity to Washington D.C. means a greater dependency on federal employment than in most states, leaving it vulnerable to future federal cost-cutting. Government employment accounts for 19% of all state employment. Maryland has one of the nation’s best educated workforces, which has facilitated the development of advanced technology and the growth of public and private research facilities. The influence of the government sector and presence of over 50 universities have made Maryland a center for national security and medical and biomedical research. Per capita income within the state is 124% of the U.S. average, and the median home value of $305,000 is 149% of the U.S. median. As of May 2020, the state’s unemployment rate registered 9.9%, which is below the national rate of 13.3%. The state has implemented various financial controls which add stability to its overall financial profile. Among them are five-year budget forecasts, constraining debt maturities to no more than 15 years and restricting debt to no more than 4% of personal income and debt service to within 8% of revenues. The Maryland Constitution also requires the governor to include debt service in annual budget appropriations and the general assembly is prohibited from amending the budget to affect that debt service. Operating results were positive in Fiscal Year 2019 with a net general fund balance increase of $960 million, bringing the general fund balance up to $2.7 billion, and the rainy day balance accounted for $876 million of the balance. Positive performance in Fiscal Year 2019 was largely driven by the increase in personal income tax collections, which were up 6.8% year-over-year. Unfortunately, structural budget gaps persist, and while the state has a strong history of enacting mid-year expenditure cuts to address budgetary shortfalls, it will likely become more challenging in the near future given the impending COVID-19 crisis impact. Recent estimates project the state’s tax revenues could fall between $990 million and $1.1 billion in the current Fiscal Year (Maryland State Fiscal Year End is June 30) and general fund revenues falling by $2.1 billion to $2.6 billion in Fiscal Year 2021. Moody’s May 2020 state debt median report notes that Maryland ranked ninth for net tax-supported debt per capita ($2,323) and fourteenth as a percent of personal income (3.5%). While these figures are above average, the strength of the tax base can support this level of debt. As of May 2020, Moody’s, S&P and Fitch rated Maryland general obligation debt at Aaa/AAA/AAA with stable outlooks.
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Portfolio Managers’ Comments (continued)
Massachusetts continues to benefit from a highly diverse economy. Biotechnology, pharmaceuticals, finance and software development are increasingly driving the Massachusetts economy, aided by the Commonwealth’s extensive education and health care sectors. Among the 50 states, Massachusetts has the highest percentage of population over 25 with a bachelor’s degree, approximately 43.5%. This compares with the national average of 32.6%. Job growth in Massachusetts is steady, though it does lag the national average. Unemployment in the Commonwealth was 16.3% in May 2020, well above the national average of 13.3%. According to the U.S. Department of Commerce, Bureau of Economic Analysis, Massachusetts’ per capita income is second highest among the 50 states. At $71,683 for calendar year 2018, it is 131.7% of the national average. The Commonwealth’s $43.3 billion Fiscal Year 2020 budget represents a 3.3% increase over the adopted Fiscal Year 2019 budget. The 2020 budget calls for no hikes in sales or income taxes and includes a $476 million deposit into the Commonwealth’s rainy day fund. For the state of Massachusetts, its Fiscal Year end is June 30, 2020. Due to the COVID-19 crisis, the state’s budget will be impacted to a varying degree, as tax receipts are reduced and the expense to fight the virus increases. According to Moody’s, Massachusetts’ debt burden is second highest in the nation (after Connecticut) on a per capita basis ($6,113 versus the median of $1,068) and third highest as a percentage of the state gross domestic product (7.8% versus the median of 2.1%). As of February 2020, Moody’s rated Massachusetts Aa1 with a stable outlook and S&P rated the Commonwealth AA with a stable outlook. S&P downgraded its rating from AA+ to AA on June 9, 2017, citing a reduction in the Commonwealth’s reserve levels.
Minnesota continues to benefit from a highly diverse economy and educated workforce. However, economic growth continues to lag the nation, with Minnesota’s GDP growing 1.4%, ranking it 37th for 2019. Minnesota’s GDP growth was driven by gains in management, finance and professional/technical services. Like the rest of the nation, the state’s unemployment rate increased due to the COVID-19 crisis and was 9.9% as of May 2020. However, it continues to trend lower than the national rate, which was 13.3% for the same time frame. Home prices in the Minneapolis area were up 6.4% year-over-year as of April 2020 (most recent data available at the time this report was prepared), according to the S&P CoreLogic Case-Shiller Index. Minnesota’s budget is on a two-year (biennium) cycle (ending June 30). Prior to the pandemic, the state was expecting a Fiscal Year 2020-2021 biennium budget surplus of $1.5 billion. Due to lower revenues from the COVID-19 crisis, the state is now forecasting a $2.4 billion deficit. Notably, the state’s rainy day funds are at the highest levels ever, approaching $2.8 billion, which provides a sufficient cushion. In addition, the state has received $2.2 billion in federal stimulus funds and also anticipates implementing some expenditure reductions to help balance the budget. Moody��s recently affirmed the state’s Aa1 rating and stable outlook on May 20, 2020. S&P affirmed the state’s AAA rating with stable outlook on July 24, 2019.
Missouri’s economic growth is outpacing its Midwestern peers but continues to lag the nation. After ranking 37th lowest amongst states for GDP growth, the state’s 2019 ranking improved to 25th. The state’s GDP grew 2.1% compared to national GDP growth of 2.3%. The state’s unemployment rate increased to 10.6% due to the COVID-19 crisis, but remains lower than the national rate of 13.3% for May 2020. The state saw growth in the finance and insurance, management, health care and real estate sectors. The Missouri Constitution requires the state to pass a balanced budget. For the remainder of Fiscal Year 2020, the governor cut over $400 million including funding to secondary and higher education, due to revenue declines resulting from the COVID-19 crisis. The Fiscal Year 2021 budget is not yet finalized (its Fiscal Year End is June 30), but the state is preparing to make about $700 million in cuts. Moody’s, S&P and Fitch rate Missouri general obligation debt at Aaa/AAA/AAA and all have stable outlooks.
Virginia’s economy is led by government, professional and business services and its proximity to the Washington D.C. area has historically provided stability in the northern portion of the state. In 2019, the state’s GDP grew 1.9% compared to 2.6% the prior year, moving its ranking down from 13th to 28th among all states. Government employment represents 18.6% of the Commonwealth’s job base (compared to the national average of 15.6%). The defense industry in particular plays an important role
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in Virginia’s economy, with the Commonwealth’s Hampton Roads area home to the nation’s largest concentration of military installations. As of May 2020, the state’s unemployment rate was 9.4%, which is below the national average of 13.3%. The state continues to benefit from good socioeconomic demographics with per capita income at 116% of the national average, and the median home value of $265,000 is 129% of the U.S. median. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in the Washington D.C. area rose 3.8% during the twelve months ended April 2020 (most recent data available at the time this report was prepared). Virginia’s history of both proactive and conservative fiscal management will aid in mitigating the potential magnitude of budgetary pressure stemming from the pandemic. The Commonwealth’s operating revenues are primarily dependent upon income taxes, followed by sales tax collections. With regard to expenditures, education accounts for the greatest amount of operating expenses, followed by health and human services. Operating performance was favorable in Fiscal Year 2019 with general fund revenue growth exceeding projections leading to an approximately $798 million budgetary-basis surplus. Revenue outperformance was largely attributable to growth in collections of non-withholding individual income taxes because of federal tax changes. Strong operating performance continued into Fiscal Year 2020, as revenue collections through March 2020 were up 6.6% over the prior year. Like most states, the positive revenue growth trajectory reversed in May due to the pandemic. May 2020 month-end results indicate revenue collections are down 1.2%, and to reach forecast, June 2020 collections would have to come in at $3.3 billion (versus June 2019 collections of $2.4 billion). Lawmakers plan to reconvene in August 2020 to assess/amend the Fiscal Years 2021 and 2022 revenue projections (its Fiscal Year End is June 30). The Commonwealth’s overall debt metrics are in line with U.S. state averages. Moody’s May 2020 state debt median report notes that Virginia ranked 16th in net tax-supported debt per capita ($1,677) and ranked 19th as a percent of personal income (2.8%). This compares to the U.S. state average net-tax supported debt per capita of $1,506 and average net tax-supported debt as a percentage of personal income at 2.6%. The Commonwealth’s ability to issue debt is controlled through a very complex debt capacity model that is revised on an annual basis. The majority of the Commonwealth’s outstanding debt is subject to appropriation, and only about 9% of outstanding debt carries the general obligation pledge. As of May 2020, Moody’s, S&P and Fitch rated Virginia general obligation debt at Aaa/AAA/AAA with stable outlooks.
What key strategies were used to manage the Funds during the twelve-month reporting period ended May 31, 2020?
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax and a single state’s personal income tax. The Funds may invest up to 20% in municipal securities that are exempt from regular federal income tax, but not from that single state’s income tax if, in the portfolio manager’s judgement, such purchases are expected to enhance the Fund’s after-tax total return potential. The Nuveen Minnesota Quality Municipal Income Fund (NMS) may invest only to a lesser extent in bonds not exempt from Minnesota income tax, in order to conform to a requirement imposed by the State of Minnesota that a fund derive at least 95% of its exempt-interest dividends from bonds of issuers located in Minnesota in order for the fund’s dividends to be exempt from those Minnesota income taxes. To the extent that the Fund invests in bonds of municipal issuers located in other states, the Fund’s dividends may not be exempt from state personal income tax.
For most of the reporting period, a favorable macroeconomic backdrop, strong demand, narrowing credit spreads and falling interest rates supported municipal bond performance. However, the COVID-19 crisis and the shutdown of the economy introduced significant uncertainty about the future of economic growth and impact to municipal credit fundamentals. As the nearer-term impacts began to materialize, we looked for relative value and income enhancement opportunities among credits we believe may demonstrate resilience over the long term.
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Portfolio Managers’ Comments (continued)
The state municipal markets of Maryland, Massachusetts, Minnesota and Virginia outperformed the national market, while the Missouri and Georgia state markets trailed performance of the national market.
We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. After the market sell-off in March 2020, credit spreads for mid and lower grade bonds widened considerably. Focus shifted to gauging the economic disruptions to municipal issuers over the nearer and longer terms while still attempting to take advantage of potential opportunities. As is often the case when yields rise, a primary emphasis for the Funds since March 2020 involved selling depreciated bonds with lower embedded yields to buy replacement positions at the higher yields now available in the marketplace. This exchanging strategy allows the Funds to take advantage of tax efficiencies and enhances the Funds’ income earnings capability to support the dividend.
NKG’s trading activity was mainly driven by reinvesting the proceeds of called and maturing bonds. In addition to the purchases in the first half of the reporting period (as detailed in the Fund’s November 30, 2019 shareholder report), the Georgia Fund added three high grade local general obligation (GO) bonds, Piedmont Healthcare revenue bonds and marginally added to Puerto Rico sales tax revenue bonds known as COFINAs. Like all debt issued by U.S. territories, COFINA bonds may include exemptions from federal, state and local taxes. There were no notable sales during the reporting period. Toward the end of the reporting period, when credit spreads widened significantly, we pursued opportunities to replace positions one-for-one to embed higher yields in the portfolio and capture tax efficiencies.
In NMY, the Fund bought both high grade and high yield bonds. The majority of Maryland-issued paper is high credit quality, so we took the opportunity to add to the Puerto Rico COFINA bonds on price weakness after the March 2020 sell-off. Prior to that, we bought non-rated credits for Baltimore Harbor Point Project, a mixed use development, and Brunswick Crossing, a residential development. We have been adding to Maryland housing bonds throughout the reporting period. In the health care sector, we bought a new issue for UPMC Health and a BBB rated credit for Adventist Healthcare, where we took advantage of the wide spreads offered on BBB rated bonds. Maryland’s hospital sector has tended to offer incrementally higher yield, which has led to NMY’s heavier exposure there. In the high grade segment, NMY added two longer duration GOs, Anne Arundel County and Washington Sanitation District. Early in the reporting period, we bought Washington D.C. Metropolitan Transit Authority, which are issued in Washington D.C. and tax exempt in Maryland and Virginia. In the final months of the reporting period, we exchanged positions in Mount Saint Mary’s College, Purple Line Transit, Guam Waterworks and COFINA for the same names offering higher yields. NMY’s portfolio duration drifted slightly longer over this reporting period, as bonds matured and we rolled the proceeds into longer dated credits.
NMT bought credits from a number of sectors, including charter schools, local GOs and higher education, with a preference for destination schools such as Worcester Polytechnic and Emerson College. The Fund also added to the Massachusetts Fund’s COFINA position when prices fell to attractive levels later in the reporting period. Buying activity was mainly driven by reinvesting maturity and call proceeds. We also sold some shorter dated paper (maturing in one year or less) to invest in new opportunities.
After Minnesota saw a brief surge in issuance in the first half of the reporting period, our trading by necessity focused for a time on more plain vanilla general obligation credits. However, we did seek to take advantage of higher prevailing yields in the marketplace by engaging in tax loss swaps in a number of lower grade revenue bond credits after the March 2020 volatility in an attempt to capture tax efficiencies and enhance the Fund’s income earnings capability. This involved selling bonds at a loss and reinvesting the proceeds in new positions offering higher yields than the “book” yields on the Fund’s existing holdings, thus harvesting a tax loss we can apply against capital gains in the future. NMS maintained its overweight allocations to health care and higher education and underweight allocations to state GOs.
12
 
Trading was also relatively light for NOM. In the first half of the reporting period, the purchase of COFINA bonds was the most notable trade, while the second half of the reporting period (other than several insured bond purchases) mainly involved rotating COFINA and several senior living positions into higher yielding, similarly structured bonds of the same name to improve the Fund’s income earnings capability and gain tax advantages.
We added bonds to NPV from a range of sectors and credit qualities. In transportation, we bought a new issue for Metropolitan Washington D.C. Airports Dulles Toll Road and Norfolk Airport Authority revenue bonds. We added a high grade, longer duration, state appropriation credit for Virginia Transportation Board. We looked to increase the Fund’s hospital exposure, especially given the prevailing higher yields on offer. Additions included a new issue for Carilion Clinic Hospital System, a Mercy Health new issue and Arlington Health System revenue bonds. Early in the reporting period, we bought Puerto Rico Aqueduct and Sewer Authority (PRASA) bonds because we liked the prospects for recovery for the Commonwealth generally and for PRASA specifically. To fund our buying, we used the proceeds from maturing and called bonds, and sold some high grade, short dated bonds. The reinvestment of maturing bonds into longer dated securities contributed to a marginal lengthening in the portfolio’s duration. We also sold and bought replacement bonds of the same name for the Dulles Toll Road, COFINA, Guam Waterworks and I-66 Express Mobility Partners positions to rebook them at higher yields, which helps support the Fund’s dividend capability.
As of May 31, 2020, NKG, NMY, NMT, NOM and NPV continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform during the twelve-month reporting period ended May 31, 2020?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended May 31, 2020. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes.
For the twelve-month reporting period ended May 31, 2020, the total return at common share NAV for NMY, NMT, NMS, NOM and NPV underperformed their respective state’s S&P Municipal Bond Index and the national S&P Municipal Bond Index, while NKG outperformed the S&P Municipal Bond Georgia Index and performed in line with the national index.
The Funds’ performance was affected by duration and yield curve positioning, credit ratings allocations, sector allocations and credit selection. In addition, the use of regulatory leverage was a factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
Municipal bond yields ended the reporting period lower than where they began, despite a dramatic increase in March. Longer duration bonds generally outperformed in this reporting period, providing a tailwind to the Funds’ overweight positioning in the longer end of the spectrum. NKG was most helped by overweight allocations to durations of 12 years and longer and to 6- to 8-year durations. In NMY, an overweight allocation to the 8- to 12-year duration segment detracted, but yield curve and duration positioning had a minimal impact on performance overall. NMT benefited from an underweight position in 6 years and shorter durations and an overweight to 8 years and longer, despite an unfavorable overweight allocation to the 6- to 8-year duration segment. Yield curve and duration positioning in NMS and NOM was not a meaningful performance driver in this reporting period. NPV’s overweight to longer duration bonds was a positive contributor overall. However, gains were tempered by the credit sensitivity of NPV’s longer duration holdings, which were negatively impacted by the spread widening during the coronavirus sell-off.
13
 
Portfolio Managers’ Comments (continued)
From a credit ratings perspective, the disproportionate credit spread widening among mid and lower rated (including high yield and non-rated) bonds in March contributed to their underperformance over the reporting period as a whole, while high grade (AAA and AA rated) paper outperformed. NKG’s credit quality positioning was a small positive contributor. The Georgia Fund’s overweight to AA rated credits was advantageous, but the gain was partially offset by an underweight to AAA rated bonds, the stronger performing of the two highest grades. NKG also benefited from an underweight to the BB rated segment, which under-performed. NMY’s overweight allocations to BBB rated bonds and its high yield allocation, which included overweights to BB rated and non-rated credits, were disadvantageous in this reporting period. The Maryland Fund’s underweight to high grade (AAA and AA rated) bonds also detracted. NMT’s credit ratings allocation was a large detractor from performance due to an underweight allocation to AAA rated paper and overweight allocations to single A and lower rated bonds. However, the Massachusetts Fund did hold an overweight to AA rated bonds that contributed positively. For NMS and NOM, credit quality positioning was the main driver of relative underperformance, with overweight allocations to single A, BBB and BB rated bonds and underweights to high grade bonds detracting. The Minnesota and Missouri Funds’ overweight to non-rated credits also weighed on performance, largely due to the underperformance of non-rated senior living bonds. NPV’s overweight to BBB rated bonds was detrimental to performance, as was its high yield allocation, where it held a significant overweight to BB rated credits. The Virginia Fund’s underweight to AAA rated bonds also detracted from performance.
Sector performance was strongly influenced by the March 2020 disruption in the markets. Although spreads began to narrow again in April and May 2020, the recovery was uneven. Sectors with a greater concentration of high grade bonds, such as the state and local GO and pre-refunded sectors, rebounded to a greater degree than lower rated, higher yielding sectors. In particular, sectors perceived to have more exposure to coronavirus impacts such as hospitals, senior living/life care facilities, higher education and those with exposure to hospitality, leisure and sales taxes, were among the weakest performing areas in this reporting period.
NKG’s sector allocations were a positive contributor overall. An underweight to New York Metropolitan Transportation Authority bonds, was advantageous, as the sector underperformed. An overweight to the public power sector also added to relative gains.
In NMY, an overweight to the health care sector was a large detractor from relative performance, due to the weak performance of hospital credits. An underweight to the tax supported sector also dampened performance, and some of the Fund’s land-backed project finance bonds came under increased selling pressure. However, NMY’s exposure to the tobacco settlement sector (where it owns out of state tobacco bonds because Maryland does not offer any) contributed positively to performance.
NMT’s sector positioning detracted from performance. Although the Fund was less exposed (via an underweight allocation) to the sector’s relatively strong performance compared to the benchmark, our selection of longer duration state GOs outperformed, as high quality, long duration bonds generally performed better than the market in this reporting period. Among the other tax supported subsectors, the Fund’s underweight to local GOs detracted and an equal weight in dedicated tax bonds had a neutral impact on relative performance. Elsewhere, the overweight allocations to the higher education and health care sectors dampened relative performance, while an underweight to the transportation sector, especially airports, was beneficial.
NMS’s overweight allocation to hospitals detracted, and our security selection within the sector emphasized mid- and lower grade, higher yielding hospital credits, which underperformed. An underweight exposure to GOs and an overweight to charter schools also detracted. However, the underweight to the transportation sector, including airports, helped performance.
14
 
The main sector detractors for NOM included an underweight allocation to state and local GOs and overweight allocations to hospitals and senior living/life care facilities. NOM also held several special tax district bonds that suffered credit spread widening on concerns about diminishing retail sales activity and the longer-term impacts of the COVID-19 crisis. Missouri issues these special tax district bonds to finance infrastructure for commercial development districts, which are backed by taxes or payments based on the economic activity generated by the development, e.g. sales taxes, property taxes or payments in lieu of taxes.
NPV holds a large overweight in the transportation sector, which was unfavorable to performance in this reporting period. Virginia is a heavy issuer of toll road bonds, and NPV holds several large toll road positions that offer incremental yield for their lower credit ratings. Toll road bonds’ performance suffered along with the transportation sector broadly. However, while airports were granted access to federal aid, which helped their bonds stabilize, toll roads have not yet been recipients of federal relief. An overweight to hospitals and underweight to tax supported bonds also detracted from performance.
On an individual credit selection basis, NKG benefited from its tender option bond (TOB) positions, as well as bonds with higher credit quality and longer durations. Conversely, positions in dedicated tax bonds supported by narrow revenue streams, especially those with exposure to the hospitality and leisure industries and sales taxes, performed poorly. NMY’s largest contributor was Western Maryland Health System, a large position that was advance refunded during the reporting period. NMY’s holdings in out of state tobacco settlement bonds were also positive contributors, as were its TOB positions. However, the Maryland Purple Line, a public-private partnership connecting Maryland’s Washington D.C. suburbs to the capital’s rail system, was among the weaker performing holdings in NMY. The project is dealing with legal issues, cost overruns and funding questions, as well as the coron-avirus impact on public transportation and a credit ratings downgrade to below investment grade. NMY also saw weak performance from Baltimore Convention Center, which was under near-term stress because the bonds are partly backed by hotel usage taxes and were also downgraded to below investment grade. Although NMY has a small weighting in senior living/life care facility bonds, near-term coronavirus risks weighed on the group. However, we believe the long-term story remains intact and the fundamentals of the positions held in the Fund continue to look strong. NPV’s top contributing securities included Hampton Roads Sanitation Waste (which was advance refunded during the reporting period), TOBs (including Hampton Roads Transportation Accountability Commission and University of Virginia) and Virginia tobacco settlement bonds.
15
 
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. The Funds obtain leverage through the issuance of preferred shares and/or investments in inverse floating rate securities, which represent a leveraged investment in an underlying bond.
The Funds primarily utilize leverage in order to generate incremental income. The Funds are able to do so by earning a greater amount of interest on additional higher yielding long-term bond investments than its associated leverage expense, which is typically based upon short-term rates. This has been particularly true in recent market environments where short-term rates have been low by historical standards. Common share income in leveraged funds will typically decrease in comparison to unleveraged funds when short-term rates increase and increase when short-term rates decrease.
In return for the opportunity of higher incremental income, the Funds’ common shareholders assume additional price variability, so their net asset value will be more volatile. Common shareholders will experience a greater increase in their net asset value due to leverage if the municipal bonds acquired through the use of leverage increase in value, but correspondingly will have a greater decline in their net asset value if the bonds acquired through leverage decline in price.
Management believes that the potential benefit from leverage continues to outweigh the associated risk of loss from increased price variability as previously described. Historically, over almost all longer periods of time, incremental income derived from leverage has more than offset any negative impact on net asset value due to the added price variability caused by leverage, in which cases leverage has resulted in higher total returns. However, during shorter time periods, increased losses due to this added price variability can equal or exceed any incremental income so that, when compared to an unleveraged fund, leverage may reduce total returns during the period.
During the recent reporting period, leverage had a positive impact on the total return performance of NKG. Leverage had a negative impact on the total return performance of NMY, NMS and NOM and a negligible impact on the total return performance of NMT and NPV. Over the first nine months of the reporting period the total return performance for each Fund was aided by not only the incremental income from leverage, but also an amplification of the modest price appreciation of its underlying bond portfolio. However, beginning of the second week of March, the overall municipal market experienced a severe sell-off due to the COVID-19 economic shutdown. The Funds’ leverage amplified these market declines, and in the case of NMY, NMS and NOM, those amplified declines more than offset leverage’s favorable impact on the prior months’ net asset value appreciation and incremental income.
During this period of sharp portfolio value decline, each Fund’s effective leverage ratio increased. None of the Funds were forced to reduce leverage during this period, however, and as markets began to somewhat recover, albeit in fits and starts, starting in the last days of March and through May, leverage again worked in each Fund’s favor. That recovery also caused the Funds’ respective leverage ratios to decline.
Despite the significant negative impact of leverage toward the end of the reporting period, management continues to believe that over the longer term leverage for each Fund will continue to enhance both net income and total return prospects. We point to the strong since inception returns of the Funds compared to their unlevered benchmark index, shown on ensuing pages, which results encompass the negative impact of leverage during March and April of 2020.
16
 
As of May 31, 2020, the Funds’ percentages of leverage are as shown in the accompanying table.
       
 
NKG NMY NMT NMS NOM NPV 
Effective Leverage* 
34.99% 38.80% 37.32% 38.14% 36.76% 36.39% 
Regulatory Leverage* 
28.73% 35.42% 35.14% 38.14% 36.00% 33.05% 
 
*  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.
THE FUNDS’ REGULATORY LEVERAGE
As of May 31, 2020, 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
 
NMY 
 
$
182,000,000
  
$
  
$
182,000,000
 
NMT 
 
$
74,000,000
  
$
  
$
74,000,000
 
NMS 
 
$
52,800,000
  
$
  
$
52,800,000
 
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.
17
 
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of May 31, 2020. 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 
Month Distributions (Ex-Dividend Date) NKG NMY NMT NMS NOM NPV 
June 2019 
$0.0370 $0.0440 $0.0410 $0.0490 $0.0430 $0.0435 
July 
0.0370 0.0440 0.0410 0.0490 0.0430 0.0435 
August 
0.0370 0.0440 0.0410 0.0490 0.0430 0.0435 
September 
0.0370 0.0440 0.0410 0.0490 0.0430 0.0435 
October 
0.0370 0.0440 0.0410 0.0490 0.0430 0.0435 
November 
0.0370 0.0440 0.0410 0.0490 0.0430 0.0435 
December 
0.0370 0.0440 0.0410 0.0490 0.0405 0.0435 
January 
0.0370 0.0440 0.0410 0.0490 0.0405 0.0435 
February 
0.0370 0.0440 0.0410 0.0490 0.0405 0.0435 
March 
0.0370 0.0440 0.0410 0.0445 0.0360 0.0435 
April 
0.0370 0.0440 0.0410 0.0445 0.0360 0.0435 
May 2020 
0.0400 0.0485 0.0445 0.0445 0.0360 0.0470 
Total Distributions from Net Investment Income $0.4470 $0.5325 $0.4955 $0.5745 $0.4875 $0.5255 
 
Yields 
 
 
 
 
 
 
Market Yield* 
4.01% 4.61% 4.06% 3.94% 2.97% 4.21% 
Taxable-Equivalent Yield* 
7.44% 8.56% 7.47% 7.99% 5.49% 7.85% 
 
*  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%, 46.6%, 45.8%, 50.7%, 46.2% and 46.6% for NKG, NMY, 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.
18
 
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 2019, 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 shares.
As of May 31, 2020, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
       
 
NKG NMY NMT NMS NOM NPV 
Common shares cumulatively repurchased and retired 
149,500 1,005,000 26,148 10,000 — 55,000 
Common shares authorized for repurchase 
1,040,000 2,310,000 930,000 580,000 235,000 1,790,000 
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of May 31, 2020, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
                   
 
 NKG  NMY  NMT  NMS  NOM  NPV 
Common share NAV 
 
$
13.95
  
$
14.37
  
$
14.65
  
$
14.81
  
$
13.64
  
$
14.51
 
Common share price 
 
$
11.98
  
$
12.62
  
$
13.15
  
$
13.55
  
$
14.56
  
$
13.40
 
Premium/(Discount) to NAV 
  
(14.12
)%
  
(12.18
)%
  
(10.24
)%
  
(8.51
)%
  
6.74
%
  
(7.65
)%
12-month average premium/(discount) to NAV 
  
(12.05
)%
  
(12.06
)%
  
(7.54
)%
  
(8.66
)%
  
1.51
%
  
(7.85
)%
 
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Risk Considerations
Risk Considerations
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 Maryland Quality Municipal Income Fund (NMY)
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/NMY.
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
20
 
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.
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.
21
 
  
NKG
Nuveen Georgia Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2020
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of May 31, 2020 
 
 
 Average Annual 
 
1-Year 5-Year 10-Year 
NKG at Common Share NAV 
3.90% 3.84% 4.19% 
NKG at Common Share Price 
(0.33)% 2.84% 3.06% 
S&P Municipal Bond Georgia Index 
3.75% 3.29% 3.82% 
S&P Municipal Bond Index 
3.87% 3.68% 4.20% 
 
Past performance is not predictive of 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.
22
 

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 
151.3% 
Short-Term Municipal Bonds 
0.1% 
Other Assets Less Liabilities 
2.4% 
Net Assets Plus Floating Rate Obligations 
 
& AMTP Shares, net of deferred 
 
offering costs 153.8% 
Floating Rate Obligations 
(13.5)% 
AMTP Shares, net of deferred 
 
offering costs 
(40.3)% 
Net Assets 100% 
 
  
States and Territories 
 
(% of total municipal bonds) 
 
Georgia 
89.9% 
Florida 
2.5% 
West Virginia 
1.8% 
Colorado 
1.5% 
Puerto Rico 
1.4% 
Illinois 
1.2% 
Nevada 
1.0% 
Washington 
0.7% 
Total 100% 
 
  
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/General 
21.2% 
Tax Obligation/Limited 
16.9% 
Water and Sewer 
14.9% 
Health Care 
11.7% 
Utilities 
10.8% 
Education and Civic Organizations 
10.4% 
Transportation 
7.1% 
U.S. Guaranteed 
6.4% 
Other 
0.6% 
Total 100% 
 
  
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
4.6% 
AAA 
8.2% 
AA 
60.8% 
16.7% 
BBB 
7.6% 
N/R (not rated) 
2.1% 
Total 100% 
 
23
 
  
NMY
Nuveen Maryland Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2020
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of May 31, 2020 
 
 
 Average Annual 
 
1-Year 5-Year 10-Year 
NMY at Common Share NAV 
0.55% 3.85% 4.30% 
NMY at Common Share Price 
2.73% 4.92% 3.67% 
S&P Municipal Bond Maryland Index 
4.31% 3.29% 3.59% 
S&P Municipal Bond Index 
3.87% 3.68% 4.20% 
 
Past performance is not predictive of 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.
24
 
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 
158.8% 
Other Assets Less Liabilities 
4.6% 
Net Assets Plus Floating Rate Obligations 
 
& AMTP Shares, net of deferred 
 
offering costs 163.4% 
Floating Rate Obligations 
(8.6)% 
AMTP Shares, net of deferred 
 
offering costs 
(54.8)% 
Net Assets 100% 

  
States and Territories 
 
(% of total municipal bonds) 
 
Maryland 
80.9% 
Guam 
4.5% 
Puerto Rico 
3.8% 
California 
3.1% 
Virgin Islands 
2.0% 
District of Columbia 
1.9% 
New York 
1.6% 
Texas 
0.5% 
New Jersey 
0.5% 
Virginia 
0.4% 
Pennsylvania 
0.4% 
Ohio 
0.4% 
Alaska 
0.0% 
Total 100% 
 
  
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
21.5% 
Health Care 
19.6% 
U.S. Guaranteed 
9.6% 
Transportation 
8.1% 
Tax Obligation/General 
6.9% 
Education and Civic Organizations 
5.6% 
Housing/Multifamily 
5.6% 
Water and Sewer 
5.6% 
Long-Term Care 
5.4% 
Other 
12.1% 
Total 100% 
 
  
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
9.7% 
AAA 
5.0% 
AA 
28.9% 
24.1% 
BBB 
11.6% 
BB or Lower 
9.4% 
N/R (not rated) 
11.3% 
Total 100% 
 
25
 
  
NMT
Nuveen Massachusetts Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2020
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of May 31, 2020 
 
 
Average Annual 
 
1-Year 5-Year 10-Year 
NMT at Common Share NAV 
2.83% 4.15% 4.83% 
NMT at Common Share Price 
6.14% 4.51% 3.68% 
S&P Municipal Bond Massachusetts Index 
4.58% 3.58% 3.92% 
S&P Municipal Bond Index 
3.87% 3.68% 4.20% 
 
Past performance is not predictive of 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.
26
 

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 
150.8% 
Other Assets Less Liabilities 
3.2% 
Net Assets Plus VRDP Shares, 
 
net of deferred offering costs 154.0% 
VRDP Shares, net of deferred 
 
offering costs (54.0)% 
Net Assets 100% 

  
States and Territories 
 
(% of total municipal bonds) 
 
Massachusetts 
93.8% 
Guam 
3.5% 
Puerto Rico 
1.9% 
Virgin Islands 
0.8% 
Total 100% 
 
  
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
30.4% 
Health Care 
20.9% 
Tax Obligation/Limited 
12.9% 
Tax Obligation/General 
12.8% 
U.S. Guaranteed 
8.4% 
Transportation 
6.1% 
Water and Sewer 
5.3% 
Other 
3.2% 
Total 100% 
 
  
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
7.6% 
AAA 
5.0% 
AA 
52.4% 
20.5% 
BBB 
8.5% 
BB or Lower 
4.1% 
N/R (not rated) 
1.9% 
Total 100% 
 
27
 
  
NMS
Nuveen Minnesota Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2020
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of May 31, 2020 
 
 
Average Annual 
 
1-Year 5-Year 10-Year 
NMS at Common Share NAV 
1.24% 3.88% 5.55% 
NMS at Common Share Price 
2.57% 2.95% 4.10% 
S&P Municipal Bond Minnesota Index 
3.98% 3.37% 3.86% 
S&P Municipal Bond Index 
3.87% 3.68% 4.20% 
 
Past performance is not predictive of 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.
28
 
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 
155.5% 
Short-Term Municipal Bonds 
3.1% 
Other Assets Less Liabilities 
3.0% 
Net Assets Plus AMTP Shares, 
 
net of deferred offering costs 161.6% 
AMTP Shares, net of deferred 
 
offering costs 
(61.6)% 
Net Assets 100% 

  
States and Territories 
 
(% of total municipal bonds) 
 
Minnesota 
99.6% 
Guam 
0.4% 
Total 100% 
 
  
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
22.6% 
Tax Obligation/General 
19.1% 
Education and Civic Organizations 
19.0% 
Tax Obligation/Limited 
9.3% 
Utilities 
9.0% 
Long-Term Care 
7.6% 
Other 
13.4% 
Total 100% 
 
  
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
3.9% 
AAA 
17.1% 
AA 
21.6% 
26.6% 
BBB 
10.3% 
BB or Lower 
7.4% 
N/R (not rated) 
13.1% 
Total 100% 
 
29
 
  
NOM
Nuveen Missouri Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2020
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of May 31, 2020 
 
 
 Average Annual 
 
1-Year 5-Year 10-Year 
NOM at Common Share NAV 
2.07% 4.12% 5.10% 
NOM at Common Share Price 
7.93% 3.42% 3.52% 
S&P Municipal Bond Missouri Index 
3.48% 3.60% 4.26% 
S&P Municipal Bond Index 
3.87% 3.68% 4.20% 
 
Past performance is not predictive of 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.
30
 
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 
156.3% 
Other Assets Less Liabilities 
1.1% 
Net Assets Plus Floating Rate Obligations 
 
& MFP Shares, net of deferred 
 
offering costs 157.4% 
Floating Rate Obligations 
(1.9)% 
MFP Shares, net of deferred 
 
offering costs 
(55.5)% 
Net Assets 100% 

  
States and Territories 
 
(% of total municipal bonds) 
 
Missouri 
97.0% 
Guam 
1.6% 
Puerto Rico 
1.4% 
Total 100% 
 
  
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
22.8% 
Tax Obligation/Limited 
16.9% 
U.S. Guaranteed 
15.6% 
Tax Obligation/General 
15.1% 
Education and Civic Organizations 
10.3% 
Water and Sewer 
6.4% 
Long-Term Care 
5.9% 
Other 
7.0% 
Total 100% 
 
  
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
11.2% 
AAA 
5.8% 
AA 
42.9% 
19.8% 
BBB 
9.4% 
BB or Lower 
3.7% 
N/R (not rated) 
7.2% 
Total 100% 
 
31
 
  
NPV
Nuveen Virginia Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2020
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of May 31, 2020 
 
 
Average Annual 
 
1-Year 5-Year 10-Year 
NPV at Common Share NAV 
2.48% 4.09% 4.58% 
NPV at Common Share Price 
7.74% 4.46% 3.27% 
S&P Municipal Bond Virginia Index 
4.78% 3.70% 3.89% 
S&P Municipal Bond Index 
3.87% 3.68% 4.20% 
 
Past performance is not predictive of 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.
32
 
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 
155.0% 
Other Assets Less Liabilities 
2.1% 
Net Assets Plus Floating Rate Obligations 
 
& VRDP Shares, net of deferred 
 
offering costs 157.1% 
Floating Rate Obligations 
(7.9)% 
VRDP Shares, net of deferred 
 
offering costs 
(49.2)% 
Net Assets 100% 

  
States and Territories 
 
(% of total municipal bonds) 
 
Virginia 
77.7% 
District of Columbia 
9.1% 
Puerto Rico 
4.7% 
Guam 
3.2% 
Virgin Islands 
2.5% 
Colorado 
1.4% 
Washington 
0.7% 
Pennsylvania 
0.5% 
New York 
0.2% 
Total 100% 
 
  
Portfolio Composition 
 
(% of total investments) 
 
Transportation 
29.0% 
Tax Obligation/Limited 
21.2% 
Health Care 
15.6% 
U.S. Guaranteed 
8.6% 
Education and Civic Organizations 
7.9% 
Other 
17.7% 
Total 100% 
 
  
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.1% 
AAA 
5.0% 
AA 
43.5% 
12.8% 
BBB 
14.2% 
BB or Lower 
8.7% 
N/R (not rated) 
7.7% 
Total 100% 
 
33
 
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen on April 22, 2020 for NKG, NMY, NMS, NOM and NPV; at this meeting the shareholders were asked to elect Board Members.
       
 
NKG NMY NMS 
 
Common and 
 
Common and 
 
Common and 
 
 
Preferred 
 
Preferred 
 
Preferred 
 
 
shares voting 
 
shares voting 
 
shares voting 
 
 
together Preferred together Preferred together Preferred 
 
as a class Shares as a class Shares as a class Shares 
Approval of the Board Members was reached 
 
 
 
 
 
 
as follows: 
 
 
 
 
 
 
John K. Nelson 
 
 
 
 
 
 
For 8,270,297 — 17,966,969 — 4,590,572 — 
Withhold 1,090,677 — 2,240,788 — 238,289 — 
Total 9,360,974 — 20,207,757 — 4,828,861 — 
Terence J. Toth 
 
 
 
 
 
 
For 8,115,390 — 17,982,173 — 4,552,360 — 
Withhold 1,245,584 — 2,225,584 — 276,501 — 
Total 9,360,974 — 20,207,757 — 4,828,861 — 
Robert L. Young 
 
 
 
 
 
 
For 8,270,297 — 17,942,938 — 4,591,257 — 
Withhold 1,090,677 — 2,264,819 — 237,604 — 
Total 9,360,974 — 20,207,757 — 4,828,861 — 
William C. Hunter 
 
 
 
 
 
 
For — 585 — 1,820 — 528 
Withhold — — — — — — 
Total — 585 — 1,820 — 528 
Albin F. Moschner 
 
 
 
 
 
 
For — 585 — 1,820 — 528 
Withhold — — — — — — 
Total — 585 — 1,820 — 528 
 
34
 
     
 
NOM NPV 
 
Common and  Common and 
 
 
Preferred  Preferred 
 
 
shares voting  shares voting 
 
 
together Preferred together Preferred 
 
as a class Shares as a class Shares 
Approval of the Board Members was reached 
 
 
 
 
as follows: 
 
 
 
 
John K. Nelson 
 
 
 
 
For 1,924,087 — 14,676,059 — 
Withhold 104,452 — 416,378 — 
Total 2,028,539 — 15,092,437 — 
Terence J. Toth 
 
 
 
 
For 1,923,412 — 14,657,330 — 
Withhold 105,127 — 435,107 — 
Total 2,028,539 — 15,092,437 — 
Robert L. Young 
 
 
 
 
For 1,923,548 — 14,679,417 — 
Withhold 104,991 — 413,020 — 
Total 2,028,539 — 15,092,437 — 
William C. Hunter 
 
 
 
 
For — 180 — 1,280 
Withhold — — — — 
Total — 180 — 1,280 
Albin F. Moschner 
 
 
 
 
For — 180 — 1,280 
Withhold — — — — 
Total — 180 — 1,280 
 
35
 
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
Nuveen Georgia Quality Municipal Income Fund
Nuveen Maryland Quality Municipal Income Fund
Nuveen Massachusetts Quality Municipal Income Fund
Nuveen Minnesota Quality Municipal Income Fund
Nuveen Missouri Quality Municipal Income Fund
Nuveen Virginia Quality Municipal Income Fund:

Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen Georgia Quality Municipal Income Fund, Nuveen Maryland Quality Municipal Income Fund, Nuveen Massachusetts Quality Municipal Income Fund, Nuveen Minnesota Quality Municipal Income Fund, Nuveen Missouri Quality Municipal Income Fund, and Nuveen Virginia Quality Municipal Income Fund (the Funds), including the portfolios of investments, as of May 31, 2020, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of May 31, 2020, the results of their operations and cash flows for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of May 31, 2020, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP


We have served as the auditor of one or more Nuveen investment companies since 2014.


Chicago, Illinois
July 29, 2020
36
 
  
NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 151.3% (99.9% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 151.3% (99.9% of Total Investments) 
 
 
 
 
 Education and Civic Organizations – 15.8% (10.4% of Total Investments) 
 
 
 
$ 1,600  
Cobb County Development Authority, Georgia, Revenue Bonds, KSU University II Real Estate 
7/21 at 100.00 AA $ 1,649,312 
 
 Foundation, LLC Project, Series 2011, 5.000%, 7/15/41 – AGM Insured 
 
 
 
3,000  
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/28 at 100.00 AA 3,416,580 
 
 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 1,391,201 
 
 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 3,315,750 
 
 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+ 1,771,740 
 
 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 3,357,540 
 
 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 2,361,400 
 
 Refunding Series 2016A, 5.000%, 10/01/46 (UB) (4) 
 
 
 
1,325  
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/22 at 100.00 Baa1 1,379,762 
 
 Refunding Series 2012C, 5.250%, 10/01/30 
 
 
 
1,000  
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/21 at 100.00 Baa1 1,019,790 
 
 Series 2012A, 5.000%, 10/01/32 
 
 
 
3,000  
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of 
4/24 at 100.00 A+ 3,215,700 
 
 Art & Design Projects, Series 2014, 5.000%, 4/01/44 
 
 
 
20,795  
Total Education and Civic Organizations 
 
 
22,878,775 
 
 Health Care – 17.5% (11.6% of Total Investments) 
 
 
 
 
 
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical 
 
 
 
 
 
Center, Series 1998: 
 
 
 
205  5.250%, 12/01/22 (5), (6) 6/20 at 100.00 N/R 16,824 
745  5.375%, 12/01/28 (5), (6) 6/20 at 100.00 N/R 61,142 
3,245  
Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of 
7/29 at 100.00 AA+ 3,642,156 
 
 Atlanta, Inc Project, Series 2019A, 4.000%, 7/01/44 
 
 
 
3,485  
Development Authority of Fulton County Revenue Bonds, Georgia, Piedmont Healthcare, Inc 
7/26 at 100.00 AA– 3,948,435 
 
 Project, Series 2016A, 5.000%, 7/01/46 
 
 
 
 
 
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 2,010,457 
1,000  5.000%, 4/01/37 4/27 at 100.00 1,126,240 
2,500  
Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc 
7/29 at 100.00 AA– 2,682,875 
 
 Project, Series 2019A, 4.000%, 7/01/49 
 
 
 
 
 
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 3,652,770 
5,500  5.250%, 2/15/45 (UB) (4) 2/27 at 100.00 AA 6,539,775 
1,620  
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic 
11/22 at 100.00 AA– 1,735,231 
 
 Health East Issue, Series 2012, 5.000%, 11/15/37 
 
 
 
23,080  
Total Health Care 
 
 
25,415,905 
 
 Housing/Multifamily – 0.9% (0.6% of Total Investments) 
 
 
 
1,205  
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 
11/23 at 100.00 BBB 1,257,984 
 
 Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35 
 
 
 
 
37
 
  
NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Tax Obligation/General – 32.1% (21.2% of Total Investments) 
 
 
 
$ 4,000  
Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%, 
8/26 at 100.00 AA+ $ 4,767,680 
 
 8/01/42 (UB) (4) 
 
 
 
3,000  
Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
7/25 at 100.00 AA 3,425,760 
 
 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+ 2,214,860 
 
 Series 2018A, 4.000%, 6/15/37 
 
 
 
 
 
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 1,253,920 
650  5.000%, 2/01/35 – AGM Insured 2/27 at 100.00 AA 789,392 
2,350  
Evanston, Illinois, General Obligation Bonds, Corporate Purpose Series 2016A, 
6/28 at 100.00 AA+ 2,640,977 
 
 4.000%, 12/01/43 
 
 
 
2,000  
Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd 
7/26 at 100.00 Aa2 2,368,160 
 
 Medical Center, Series 2016, 5.000%, 7/01/35 
 
 
 
2,000  
Forsyth County School District, Georgia, General Obligation Bonds, Series 2020, 
2/30 at 100.00 AAA 2,652,500 
 
 5.000%, 2/01/38 
 
 
 
3,000  
Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & 
4/25 at 100.00 AAA 3,529,440 
 
 Improvement Series 2015, 5.000%, 4/01/44 
 
 
 
3,000  
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
2/25 at 100.00 AA 3,473,670 
 
 Certificates, Northeast Georgia Health Services Inc, Series 2014A, 5.500%, 8/15/54 
 
 
 
 
Georgia Environmental Loan Acquisition Corporation, Local Government Loan Securitization 
3/21 at 100.00 Aaa 5,016 
 
 Bonds, Loan Pool Series 2011, 5.125%, 3/15/31 
 
 
 
3,550  
Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28 
2/25 at 100.00 AAA 4,264,224 
170  
Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, 
3/29 at 100.00 AA+ 223,715 
 
 5.000%, 3/01/32 
 
 
 
345  
Lamar County School District, Georgia, General Obligation Bonds, Series 2017, 
9/27 at 100.00 Aa1 433,323 
 
 5.000%, 3/01/33 
 
 
 
500  
Paulding County, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/31 
2/28 at 100.00 Aa1 643,875 
3,000  
Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City 
5/26 at 100.00 Aaa 3,574,200 
 
 Center Project, Series 2015, 5.000%, 5/01/47 
 
 
 
 
 
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 628,845 
370  5.000%, 10/01/36 10/29 at 100.00 Aa2 461,113 
195  5.000%, 10/01/37 10/29 at 100.00 Aa2 242,171 
 
 
Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016: 
 
 
 
500  5.000%, 8/01/30 2/26 at 100.00 Aa1 608,825 
400  5.000%, 8/01/31 2/26 at 100.00 Aa1 484,812 
3,500  
West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 
6/28 at 100.00 Aa2 3,956,505 
 
 4.000%, 6/01/42 
 
 
 
1,500  
Wheeler County School District, Georgia, General Obligation Bonds, Series 2020, 
2/30 at 100.00 Aa1 1,882,035 
 
 5.000%, 8/01/50 
 
 
 
2,000  
Winder-Barrow Industrial Building Authority, Revenue Bonds, Georgia, City of Winder Project, 
12/21 at 100.00 A1 2,131,080 
 
 Refunding Series 2012, 5.000%, 12/01/29 – AGM Insured 
 
 
 
39,535  
Total Tax Obligation/General 
 
 
46,656,098 
 
 Tax Obligation/Limited – 25.6% (16.9% 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+ 1,482,847 
1,260  5.000%, 12/01/36 12/27 at 100.00 AA+ 1,571,623 
3,250  
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium 
7/25 at 100.00 Aa3 3,471,065 
 
 Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44 
 
 
 
 
38
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 575  
Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, 
No Opt. Call A3 $ 675,769 
 
 5.000%, 12/01/24 
 
 
 
 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D: 
 
 
 
1,200  5.000%, 1/01/30 1/27 at 100.00 A2 1,437,960 
1,525  5.000%, 1/01/31 1/27 at 100.00 A2 1,818,135 
725  
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 
7/23 at 100.00 A– 807,345 
 
 5.000%, 7/01/41 
 
 
 
5,160  
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding 
No Opt. Call Baa2 5,504,172 
 
 Series 1993, 5.625%, 10/01/26 – NPFG Insured 
 
 
 
405  
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding 
No Opt. Call AA– 467,811 
 
 Series 2005, 5.500%, 10/01/26 – NPFG Insured 
 
 
 
3,020  
Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, 
No Opt. Call Baa2 3,465,933 
 
 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 881,762 
 
 Bonds, Series 2017A, 5.000%, 6/01/29 
 
 
 
 
 
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+ 1,188,930 
3,000  5.000%, 7/01/42 7/26 at 100.00 AA+ 3,561,210 
5,000  
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, 
7/28 at 100.00 AA 5,410,800 
 
 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 718,158 
2,312  4.550%, 7/01/40 7/28 at 100.00 N/R 2,291,793 
810  
Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 
12/22 at 100.00 Aa2 869,819 
 
 5.000%, 12/01/38 
 
 
 
1,500  
Washington State Convention Center Public Facilities District, Lodging Tax Revenue 
7/28 at 100.00 A1 1,472,460 
 
 Bonds, Series 2018, 4.000%, 7/01/58 
 
 
 
33,332  
Total Tax Obligation/Limited 
 
 
37,097,592 
 
 Transportation – 10.8% (7.1% of Total Investments) 
 
 
 
2,000  
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2011B, 
1/21 at 100.00 AA– 2,042,520 
 
 5.000%, 1/01/30 (AMT) 
 
 
 
2,000  
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31 
1/22 at 100.00 AA– 2,115,400 
2,810  
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (AMT) 
1/22 at 100.00 AA– 2,929,762 
 
 
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– 2,883,459 
3,750  5.000%, 1/01/34 1/24 at 100.00 AA– 4,178,400 
1,500  
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta 
6/20 at 100.00 Baa3 1,505,205 
 
 Air Lines, Inc Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
14,635  
Total Transportation 
 
 
15,654,746 
 
 U.S. Guaranteed – 9.7% (6.4% of Total Investments) (7) 
 
 
 
2,000  
Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Revenue Bonds, 
1/22 at 100.00 N/R 2,149,100 
 
 Memorial Health University Medical Center, Inc, Refunding & Improvement Series 2012A, 5.000%, 
 
 
 
 
 1/01/31 (Pre-refunded 1/01/22) 
 
 
 
600  
Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens 
1/22 at 100.00 AA 645,228 
 
 Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22) 
 
 
 
500  
Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 
5/24 at 100.00 AA+ 590,940 
 
 5/01/31 (Pre-refunded 5/01/24) 
 
 
 
625  
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation 
5/22 at 100.00 AA+ 681,394 
 
 Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22) 
 
 
 
 
39
 
  
NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
U.S. Guaranteed (7) (continued) 
 
 
 
$ 3,500  
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 
2/23 at 100.00 AAA $ 3,944,115 
 
 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 1,740,585 
 
 2014B, 5.000%, 2/01/37 (Pre-refunded 2/01/24) 
 
 
 
 
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: 
 
 
 
222  5.500%, 7/15/23 (Pre-refunded 7/15/21) 7/21 at 100.00 N/R 232,009 
600  5.500%, 7/15/30 (Pre-refunded 7/15/21) 7/21 at 100.00 N/R 635,996 
660  5.500%, 1/15/36 (Pre-refunded 7/15/21) 7/21 at 100.00 N/R 698,001 
290  
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, 
No Opt. Call N/R 291,328 
 
 Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured (ETM) 
 
 
 
2,260  
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South 
10/21 at 100.00 Aa2 2,402,493 
 
 Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21) 
 
 
 
12,757  
Total U.S. Guaranteed 
 
 
14,011,189 
 
 Utilities – 16.3% (10.8% of Total Investments) 
 
 
 
1,975  
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia 
No Opt. Call A– 2,021,274 
 
 Power Company, Fourth Series 1994, 2.250%, 10/01/32 (Mandatory Put 5/25/23) 
 
 
 
1,250  
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 
2/28 at 100.00 BBB+ 1,268,250 
 
 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+ 1,268,250 
 
 Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 
 
 
 
1,750  
Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33 
3/27 at 100.00 A2 2,100,770 
3,000  
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 
1/23 at 100.00 A1 3,154,170 
 
 5.000%, 1/01/43 
 
 
 
 
 
Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2006B: 
 
 
 
1,300  5.000%, 3/15/21 No Opt. Call A+ 1,336,127 
1,500  5.000%, 3/15/22 No Opt. Call A+ 1,593,090 
2,000  
Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2007A, 
No Opt. Call A+ 2,137,700 
 
 5.000%, 3/15/22 
 
 
 
1,000  
Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A, 
No Opt. Call A3 1,268,650 
 
 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 Aa1 1,700,634 
 
 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 Aa2 2,166,480 
 
 Bonds Series 2018A, 4.000%, 4/01/48 (Mandatory Put 9/01/23) 
 
 
 
1,500  
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien 
No Opt. Call A2 1,100,940 
 
 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 2,595,836 
 
 Series 2016A, 5.000%, 1/01/30 – BAM Insured 
 
 
 
22,310  
Total Utilities 
 
 
23,712,171 
 
 Water and Sewer – 22.6% (14.9% of Total Investments) 
 
 
 
4,000  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A, 5.000%, 
11/27 at 100.00 Aa2 4,961,320 
 
 11/01/39 (UB) (4) 
 
 
 
5,000  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, 
11/27 at 100.00 Aa2 6,124,050 
 
 5.000%, 11/01/47 
 
 
 
260  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 – 
No Opt. Call AA 378,469 
 
 AGM Insured 
 
 
 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 
6/20 at 100.00 Aa1 5,016 
 
 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+ 601,450 
 
40
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Water and Sewer (continued) 
 
 
 
 
 
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B: 
 
 
 
$ 6,000  5.250%, 10/01/32 – AGM Insured (UB) (4) 10/26 at 100.00 AA $ 7,439,100 
300  5.000%, 10/01/35 – AGM Insured 10/26 at 100.00 AA 363,663 
5,350  
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 
10/21 at 100.00 Aa3 5,639,381 
 
 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 1,101,270 
 
 5.000%, 1/01/33 
 
 
 
435  
Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 
No Opt. Call AA 456,933 
 
 12/01/21 – AGM Insured 
 
 
 
 
 
Oconee County, Georgia, Water and Sewer Revenue Bonds, Series 2017A: 
 
 
 
155  5.000%, 9/01/35 9/27 at 100.00 AA 192,467 
535  5.000%, 9/01/37 9/27 at 100.00 AA 660,062 
2,000  
South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, 
1/24 at 100.00 AA 2,278,260 
 
 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 Aa2 2,589,119 
 
 Reservoir Project, Series 2016, 4.000%, 2/01/38 
 
 
 
27,855  
Total Water and Sewer 
 
 
32,790,560 
$ 195,504  Total Long-Term Investments (cost $207,021,553) 
 
 
219,475,020 

 
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 0.1% (0.1% of Total Investments) 
 
 
 
 
 Health Care – 0.1% (0.1% of Total Investments) 
 
 
 
$ 142  
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Variable Rate Demand Obligation, 
No Opt. Call N/R $ 147,195 
 
 Oconee Regional Medical Center, Series 2016, 6.500%, 3/31/17 (5), (6) 
 
 
 
$ 142  
Total Short-Term Investments (cost $142,192) 
 
 
147,195 
 
 Total Investments (cost $207,163,745) – 151.4% 
 
 
219,622,215 
 
 Floating Rate Obligations – (13.5)% 
 
 
(19,600,000) 
 
 Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (40.3)% (8) 
 
 
(58,436,706) 
 
 Other Assets Less Liabilities – 2.4% 
 
 
3,528,214 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 145,113,723 
 
41
 
  
NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
  
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
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) 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. 
(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 26.6%. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. 
 
See accompanying notes to financial statements. 
 
42
 
  
NMY
Nuveen Maryland Quality Municipal Income Fund
Portfolio of Investments May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 158.8% (100.0% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 158.8% (100.0% of Total Investments) 
 
 
 
 
 Consumer Discretionary – 2.8% (1.8% of Total Investments) 
 
 
 
$ 9,215  
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, 
9/27 at 100.00 BB $ 8,185,316 
 
 5.000%, 9/01/42 
 
 
 
2,000  
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt 
6/20 at 100.00 N/R 1,200,000 
 
 Conference Center, Series 2006A, 0.000%, 12/01/31 (4) 
 
 
 
11,215  
Total Consumer Discretionary 
 
 
9,385,316 
 
 Consumer Staples – 5.5% (3.5% of Total Investments) 
 
 
 
1,885  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 N/R 1,905,113 
 
 Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
3,270  
Children’s Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Refunding 
6/20 at 100.00 Ba1 3,287,004 
 
 Series 2002, 5.500%, 5/15/39 
 
 
 
13,000  
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
6/20 at 20.24 N/R 2,368,210 
 
 Bonds, Series 2006A, 0.000%, 6/15/46 
 
 
 
 
 
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2007A: 
 
 
 
1,920  5.250%, 6/01/32 6/20 at 100.00 N/R 1,804,051 
2,915  5.625%, 6/01/47 6/20 at 100.00 N/R 2,559,632 
1,660  
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, 
No Opt. Call BBB 1,736,393 
 
 Series 2016A-1, 5.625%, 6/01/35 
 
 
 
100  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
6/20 at 100.00 B3 100,003 
 
 Bonds, Series 2006A, 5.000%, 6/01/46 
 
 
 
1,405  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 BBB+ 1,543,702 
 
 Bonds, Series 2018A, 5.000%, 6/01/46 
 
 
 
345  
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement 
6/20 at 100.00 A3 345,483 
 
 Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 
 
 
 
2,850  
TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
6/27 at 100.00 N/R 2,658,394 
29,350  
Total Consumer Staples 
 
 
18,307,985 
 
 Education and Civic Organizations – 8.9% (5.6% of Total Investments) 
 
 
 
 
 
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s 
 
 
 
 
 
University Inc, Series 2017A: 
 
 
 
3,000  5.000%, 9/01/37, 144A 9/27 at 100.00 BB+ 2,986,050 
1,750  5.000%, 9/01/45, 144A 9/27 at 100.00 BB+ 1,671,863 
700  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher 
7/22 at 100.00 A– 732,956 
 
 College, Series 2012A, 5.000%, 7/01/34 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher 
 
 
 
 
 
College, Series 2017A: 
 
 
 
1,100  5.000%, 7/01/37 7/27 at 100.00 A– 1,233,650 
1,200  5.000%, 7/01/44 7/27 at 100.00 A– 1,326,588 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street 
 
 
 
 
 
Academy, Series 2017A: 
 
 
 
265  5.125%, 7/01/37, 144A 7/27 at 100.00 N/R 257,501 
500  5.250%, 7/01/47, 144A 7/27 at 100.00 N/R 474,375 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns 
 
 
 
 
 
Hopkins University, Series 2013B: 
 
 
 
500  5.000%, 7/01/38 7/23 at 100.00 AA+ 554,865 
4,375  4.250%, 7/01/41 7/23 at 100.00 AA+ 4,699,581 
 
43
 
  
NMY
Nuveen Maryland Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola 
 
 
 
 
 
University Maryland, Series 2014: 
 
 
 
$ 1,000  4.000%, 10/01/45 10/24 at 100.00 $ 1,023,490 
1,250  5.000%, 10/01/45 10/24 at 100.00 1,334,462 
1,210  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola 
10/29 at 100.00 1,366,247 
 
 University Maryland, Series 2019A, 5.000%, 10/01/49 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland 
 
 
 
 
 
Institute College of Art, Series 2012: 
 
 
 
1,500  5.000%, 6/01/34 6/22 at 100.00 Baa1 1,566,570 
3,000  5.000%, 6/01/47 6/22 at 100.00 Baa1 3,105,090 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland 
 
 
 
 
 
Institute College of Art, Series 2016: 
 
 
 
175  5.000%, 6/01/36 6/26 at 100.00 Baa1 192,803 
2,500  4.000%, 6/01/42 6/26 at 100.00 Baa1 2,556,000 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland 
 
 
 
 
 
Institute College of Art, Series 2017: 
 
 
 
525  5.000%, 6/01/35 6/26 at 100.00 Baa1 580,844 
1,000  5.000%, 6/01/42 6/26 at 100.00 Baa1 1,088,320 
625  
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees 
7/22 at 100.00 A+ 682,487 
 
 and Auxiliary Facilities, Refunding Series 2012, 5.000%, 7/01/29 
 
 
 
2,115  
Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, 
No Opt. Call A+ 2,124,496 
 
 Academic Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured 
 
 
 
28,290  
Total Education and Civic Organizations 
 
 
29,558,238 
 
 Energy – 1.4% (0.9% of Total Investments) 
 
 
 
4,560  
Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine 
9/20 at 100.00 BB– 4,579,334 
 
 Terminals Inc Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 
 
 
 
 
 Health Care – 31.2% (19.6% of Total Investments) 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue 
 
 
 
 
 
Bonds, Meritus Medical Center, Series 2015: 
 
 
 
990  4.000%, 7/01/32 7/25 at 100.00 A– 1,057,993 
2,470  4.250%, 7/01/35 7/25 at 100.00 A– 2,633,514 
1,740  5.000%, 7/01/45 7/25 at 100.00 A– 1,876,590 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors 
 
 
 
 
 
Community Hospital, Series 2017B: 
 
 
 
250  5.000%, 7/01/34 7/27 at 100.00 Baa3 279,515 
4,820  5.000%, 7/01/38 7/27 at 100.00 Baa3 5,241,702 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy 
 
 
 
 
 
Medical Center, Series 2016A: 
 
 
 
90  5.000%, 7/01/36 7/26 at 100.00 BBB+ 99,669 
1,450  5.000%, 7/01/38 7/26 at 100.00 BBB+ 1,598,262 
585  4.000%, 7/01/42 7/26 at 100.00 BBB+ 606,604 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
 
 
 
 
 
Healthcare, Series 2011A: 
 
 
 
1,350  6.250%, 1/01/31 1/22 at 100.00 Baa3 1,425,775 
375  6.125%, 1/01/36 1/22 at 100.00 Baa3 392,524 
3,770  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/27 at 100.00 Baa3 4,054,937 
 
 Healthcare, Series 2016A, 5.500%, 1/01/46 
 
 
 
1,355  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel 
7/22 at 100.00 1,457,980 
 
 Health System Issue, Series 2012, 5.000%, 7/01/24 
 
 
 
2,000  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert 
7/23 at 100.00 AA– 2,141,840 
 
 Health System Issue, Refunding Series 2013, 5.000%, 7/01/38 
 
 
 
4,335  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick 
7/22 at 100.00 A– 4,478,922 
 
 Memorial Hospital Issue, Series 2012A, 4.250%, 7/01/32 
 
 
 
 
44
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Health Care (continued) 
 
 
 
$ 2,500  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns 
5/25 at 100.00 Aa2 $ 2,722,450 
 
 Hopkins Health System Issue, Series 2015A, 4.000%, 5/15/40 
 
 
 
2,000  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge 
7/26 at 100.00 A+ 2,259,040 
 
 Health Issue, Series 2016, 5.000%, 7/01/47 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge 
 
 
 
 
 
Health Issue, Series 2017: 
 
 
 
1,000  5.000%, 7/01/33 7/27 at 100.00 A+ 1,191,040 
500  4.000%, 7/01/42 7/27 at 100.00 A+ 544,190 
1,000  5.000%, 7/01/44 7/27 at 100.00 A+ 1,151,780 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge 
 
 
 
 
 
Health System, Series 2015: 
 
 
 
1,500  4.000%, 7/01/35 7/25 at 100.00 A+ 1,629,780 
1,125  5.000%, 7/01/40 7/25 at 100.00 A+ 1,261,035 
2,975  4.125%, 7/01/47 7/25 at 100.00 A+ 3,163,704 
2,500  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar 
2/25 at 100.00 2,754,125 
 
 Health Issue, Series 2015, 5.000%, 8/15/38 
 
 
 
6,000  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar 
5/27 at 100.00 6,820,380 
 
 Health Issue, Series 2017A, 5.000%, 5/15/42 
 
 
 
2,850  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy 
7/22 at 100.00 BBB+ 3,005,610 
 
 Medical Cente, Series 2011, 5.000%, 7/01/31 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula 
 
 
 
 
 
Regional Medical Center Issue, Refunding Series 2015: 
 
 
 
1,000  5.000%, 7/01/39 7/24 at 100.00 1,091,240 
5,500  5.000%, 7/01/45 7/24 at 100.00 5,950,560 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Trinity 
 
 
 
 
 
Health Credit Group, Series 2017MD: 
 
 
 
1,000  5.000%, 12/01/46 6/27 at 100.00 AA– 1,164,990 
3,260  5.000%, 12/01/46 (UB) (5) 6/27 at 100.00 AA– 3,797,867 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
 
 
 
 
 
of Maryland Medical System Issue, Series 2013A: 
 
 
 
4,665  4.000%, 7/01/43 7/22 at 100.00 4,767,630 
11,500  5.000%, 7/01/43 7/22 at 100.00 12,042,915 
1,000  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
7/25 at 100.00 1,134,350 
 
 of Maryland Medical System Issue, Series 2015, 5.000%, 7/01/35 
 
 
 
5,500  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
7/27 at 100.00 6,376,755 
 
 of Maryland Medical System Issue, Series 2017B, 5.000%, 7/01/39 
 
 
 
2,000  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
1/28 at 100.00 2,134,100 
 
 of Maryland Medical System Issue, Taxable Series 2017D, 4.000%, 7/01/48 
 
 
 
2,500  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
4/30 at 100.00 2,654,225 
 
 of Pittsburgh Medical Center, Series 2020B, 4.000%, 4/15/50 
 
 
 
 
 
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015: 
 
 
 
6,000  4.000%, 12/01/44 6/25 at 100.00 AA– 6,349,260 
2,000  5.000%, 12/01/44 (UB) (5) 6/25 at 100.00 AA– 2,254,000 
95,455  
Total Health Care 
 
 
103,566,853 
 
 Housing/Multifamily – 8.9% (5.6% of Total Investments) 
 
 
 
1,905  
Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens 
8/20 at 102.00 AA+ 1,948,339 
 
 Apartments Project, Series 2009, 5.000%, 1/01/28 (Mandatory Put 1/01/27) 
 
 
 
 
 
Howard County Housing Commission, Maryland, Revenue Bonds, Columbia Commons Apartments, 
 
 
 
 
 
Series 2014A: 
 
 
 
1,500  4.000%, 6/01/34 6/24 at 100.00 A+ 1,600,245 
1,550  5.000%, 6/01/44 6/24 at 100.00 A+ 1,687,051 
1,860  
Howard County Housing Commission, Maryland, Revenue Bonds, Gateway Village Apartments, 
6/26 at 100.00 A+ 2,004,913 
 
 Series 2016, 4.000%, 6/01/46 
 
 
 
 
45
 
  
NMY
Nuveen Maryland Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Housing/Multifamily (continued) 
 
 
 
 
 
Howard County Housing Commission, Maryland, Revenue Bonds, The Verona at Oakland Mills 
 
 
 
 
 
Project, Series 2013: 
 
 
 
$ 3,000  5.000%, 10/01/28 10/23 at 100.00 A+ $ 3,353,250 
2,000  4.625%, 10/01/28 10/23 at 100.00 A+ 2,207,040 
1,000  
Howard County Housing Commission, Maryland, Revenue Bonds, Woodfield Oxford Square 
12/27 at 100.00 A+ 1,177,040 
 
 Apartments, Series 2017, 5.000%, 12/01/42 
 
 
 
1,195  
Maryland Community Development Administration Department of Housing and Community 
1/24 at 100.00 AA+ 1,255,144 
 
 Development, Housing Revenue Bonds, Series 2014D, 3.900%, 7/01/40 
 
 
 
680  
Maryland Community Development Administration Department of Housing and Community 
1/27 at 100.00 AA+ 725,458 
 
 Development, Housing Revenue Bonds, Series 2017C, 3.550%, 7/01/42 
 
 
 
1,000  
Maryland Community Development Administration, Department of Housing and Community 
12/24 at 100.00 Aaa 1,075,440 
 
 Development, Multifamily Development Revenue Bonds, Marlborough Apartments, Series 2014I, 
 
 
 
 
 3.450%, 12/15/31 
 
 
 
 
 
Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson 
 
 
 
 
 
University Project, Refunding Series 2017: 
 
 
 
1,100  5.000%, 7/01/36 7/27 at 100.00 BBB 1,188,055 
470  5.000%, 7/01/37 7/21 at 100.00 BBB 478,968 
 
 
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury 
 
 
 
 
 
University Project, Refunding Series 2013: 
 
 
 
500  5.000%, 6/01/27 6/23 at 100.00 Baa3 531,485 
500  5.000%, 6/01/34 6/23 at 100.00 Baa3 522,835 
1,510  
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt 
7/22 at 100.00 BBB– 1,563,076 
 
 University Village, Series 2012, 5.000%, 7/01/33 
 
 
 
495  
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of 
7/25 at 100.00 BBB– 515,171 
 
 Maryland – Baltimore Project, Refunding Senior Lien Series 2015, 5.000%, 7/01/39 
 
 
 
1,110  
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of 
6/20 at 100.00 AA 1,110,744 
 
 Maryland, Baltimore County Project, Refunding Series 2016, 3.600%, 7/01/35 – AGM Insured 
 
 
 
 
 
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of 
 
 
 
 
 
Maryland, College Park Project, Refunding Series 2016: 
 
 
 
875  5.000%, 6/01/30 – AGM Insured 6/26 at 100.00 AA 1,021,116 
240  5.000%, 6/01/31 – AGM Insured 6/26 at 100.00 AA 278,770 
2,405  5.000%, 6/01/35 – AGM Insured 6/26 at 100.00 AA 2,750,045 
780  5.000%, 6/01/43 – AGM Insured 6/26 at 100.00 AA 875,566 
1,500  
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing 
7/24 at 100.00 Aaa 1,591,695 
 
 Development Bonds, Series 2014A, 3.875%, 7/01/39 
 
 
 
27,175  
Total Housing/Multifamily 
 
 
29,461,446 
 
 Housing/Single Family – 7.7% (4.9% of Total Investments) 
 
 
 
2,385  
Maryland Community Development Administration Department of Housing and Community 
3/26 at 100.00 Aa1 2,545,868 
 
 Development, Residential Revenue Bonds, Series 2011B, 3.250%, 3/01/36 
 
 
 
2,280  
Maryland Community Development Administration Department of Housing and Community 
9/23 at 100.00 Aa1 2,454,124 
 
 Development, Residential Revenue Bonds, Series 2014A, 4.300%, 9/01/32 
 
 
 
 
 
Maryland Community Development Administration Department of Housing and Community 
 
 
 
 
 
Development, Residential Revenue Bonds, Series 2014C: 
 
 
 
3,000  3.400%, 3/01/31 3/24 at 100.00 Aa1 3,197,250 
1,130  3.750%, 3/01/39 3/24 at 100.00 Aa1 1,191,178 
1,500  
Maryland Community Development Administration Department of Housing and Community 
9/25 at 100.00 Aa1 1,615,110 
 
 Development, Residential Revenue Bonds, Series 2015A, 3.800%, 9/01/35 
 
 
 
4,900  
Maryland Community Development Administration Department of Housing and Community 
9/27 at 100.00 Aa1 5,462,814 
 
 Development, Residential Revenue Bonds, Series 2018A, 4.100%, 9/01/38 (UB) (5) 
 
 
 
1,865  
Maryland Community Development Administration Department of Housing and Community 
3/28 at 100.00 Aa1 2,048,777 
 
 Development, Residential Revenue Bonds, Series 2019A, 3.750%, 9/01/39 
 
 
 
1,280  
Maryland Community Development Administration Department of Housing and Community 
9/28 at 100.00 Aa1 1,380,582 
 
 Development, Residential Revenue Bonds, Series 2019B, 3.350%, 9/01/42 
 
 
 
 
46
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Housing/Single Family (continued) 
 
 
 
$ 2,000  
Maryland Community Development Administration Department of Housing and Community 
3/29 at 100.00 Aa1 $ 2,093,460 
 
 
Development, Residential Revenue Bonds, Series 2019C, 3.000%, 3/01/42 
 
 
 
2,000  
Maryland Community Development Administration Department of Housing and Community 
7/29 at 100.00 AA+ 2,137,220 
 
 Development, Residential Revenue Bonds, Taxable Series 2019D, 3.350%, 7/01/49 
 
 
 
1,410  
Montgomery County Housing Opportunities Commission, Maryland, Single Family Mortgage 
7/26 at 100.00 Aa2 1,518,514 
 
 Revenue Bonds, Series 2017A, 3.650%, 7/01/37 
 
 
 
23,750  
Total Housing/Single Family 
 
 
25,644,897 
 
 Long-Term Care – 8.7% (5.4% of Total Investments) 
 
 
 
 
 
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016: 
 
 
 
2,220  5.000%, 1/01/37 1/26 at 100.00 2,376,954 
1,000  3.625%, 1/01/37 1/26 at 100.00 1,001,730 
2,500  
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2020, 
1/27 at 103.00 2,515,775 
 
 4.000%, 1/01/50 
 
 
 
635  
Baltimore County, Maryland, Revenue Bonds, Riderwood Village Inc Facility, Series 2020, 
1/27 at 103.00 659,594 
 
 4.000%, 1/01/50 
 
 
 
3,000  
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Obligated 
1/24 at 104.00 BBB 3,162,300 
 
 Group Project, Refunding Series 2018A, 5.000%, 1/01/36 
 
 
 
1,290  
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding 
4/27 at 100.00 N/R 1,123,113 
 
 Series 2016, 5.000%, 4/01/46 
 
 
 
1,710  
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding 
4/27 at 100.00 N/R 1,584,452 
 
 Series 2017, 5.000%, 4/01/36 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown 
 
 
 
 
 
Community Issue, Series 2016A: 
 
 
 
2,125  5.000%, 1/01/36 7/26 at 100.00 2,318,821 
4,090  5.000%, 1/01/45 7/26 at 100.00 4,388,529 
2,480  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge 
6/20 at 100.00 2,481,190 
 
 Retirement Community, Series 2007, 4.750%, 7/01/34 
 
 
 
1,050  
Prince George’s County, Maryland, Revenue Bonds, Collington Episcopal Life Care 
4/27 at 100.00 N/R 979,829 
 
 Community Inc, Series 2017, 5.250%, 4/01/37 
 
 
 
1,340  
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside 
11/24 at 103.00 BB– 1,311,766 
 
 King Farm Project, Refunding Series 2017, 5.000%, 11/01/35 
 
 
 
795  
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside 
11/24 at 103.00 BB– 797,409 
 
 King Farm Project, Refunding Series 2017A-2, 5.000%, 11/01/31 
 
 
 
1,000  
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside 
11/24 at 103.00 BB– 962,810 
 
 King Farm Project, Series 2017A-1, 5.000%, 11/01/37 
 
 
 
 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: 
 
 
 
500  5.000%, 11/01/42 11/24 at 103.00 BB– 466,165 
1,000  5.000%, 11/01/47 11/24 at 103.00 BB– 912,470 
 
 
Washington County Commissioners, Maryland, Revenue Bonds, Diakon Lutheran Social 
 
 
 
 
 
Ministries Project, Series 2019B: 
 
 
 
1,000  5.000%, 1/01/29 No Opt. Call BBB+ 1,107,330 
500  5.000%, 1/01/32 1/29 at 100.00 BBB+ 546,020 
28,235  
Total Long-Term Care 
 
 
28,696,257 
 
 Tax Obligation/General – 11.0% (6.9% of Total Investments) 
 
 
 
5,240  
Huntington Beach Union High School District, Orange County, California, General 
No Opt. Call AA 4,379,173 
 
 Obligation Bonds, Series 2005, 0.000%, 8/01/30 – AGM Insured 
 
 
 
3,510  
Montgomery County, Maryland, General Obligation Bonds, Refunding Consolidated Public 
No Opt. Call AAA 3,737,167 
 
 Improvement Series 2017C, 5.000%, 10/01/21 
 
 
 
4,930  
Patterson Joint Unified School District, Stanislaus County, California, General 
No Opt. Call AA 2,729,100 
 
 Obligation Bonds, 2008 Election Series 2009B, 0.000%, 8/01/42 – AGM Insured 
 
 
 
 
47
 
  
NMY
Nuveen Maryland Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/General (continued) 
 
 
 
 
 
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement 
 
 
 
 
 
Bonds, Series 2014A: 
 
 
 
$ 3,000  4.000%, 9/01/30 9/24 at 100.00 AAA $ 3,378,510 
3,000  4.000%, 9/01/31 9/24 at 100.00 AAA 3,366,150 
14,985  
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
No Opt. Call AA 8,241,750 
 
 Election Series 2012G, 0.000%, 8/01/40 – AGM Insured 
 
 
 
2,000  
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, 
6/26 at 100.00 AAA 2,439,040 
 
 Maryland, General Obligation Bonds, Consolidated Public Improvement, Second Series 2016, 
 
 
 
 
 5.000%, 6/01/35 
 
 
 
2,500  
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, 
No Opt. Call AAA 3,073,225 
 
 Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2017, 
 
 
 
 
 5.000%, 6/15/25 
 
 
 
2,500  
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, 
6/28 at 100.00 AAA 2,939,575 
 
 Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2018, 
 
 
 
 
 4.000%, 6/01/39 
 
 
 
7,000  
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, 
8/25 at 35.55 Aaa 2,296,630 
 
 Capital Appreciation Series 2015, 0.000%, 8/15/50 
 
 
 
48,665  
Total Tax Obligation/General 
 
 
36,580,320 
 
 Tax Obligation/Limited – 34.1% (21.5% of Total Investments) 
 
 
 
1,000  
Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General 
10/29 at 100.00 AAA 1,291,420 
 
 Improvement, Series 2019, 5.000%, 10/01/44 
 
 
 
1,200  
Anne Arundel County, Maryland, Special Tax District Revenue Bonds, Villages of 
7/23 at 100.00 AA 1,357,332 
 
 Dorchester & Farmington Village Projects, Series 2013, 5.000%, 7/01/32 
 
 
 
1,450  
Baltimore, Maryland, Special Obligation Bonds, Center/West Development Project, Series 
6/26 at 100.00 N/R 1,379,255 
 
 2017A, 5.500%, 6/01/43 
 
 
 
 
 
Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, 
 
 
 
 
 
Series 2015: 
 
 
 
525  5.000%, 6/15/30 6/24 at 100.00 BBB+ 590,499 
425  5.000%, 6/15/33 6/24 at 100.00 BBB+ 471,376 
 
 
Baltimore, Maryland, Special Obligation Bonds, East Baltimore Research Park Project, 
 
 
 
 
 
Series 2017A: 
 
 
 
1,270  4.500%, 9/01/33 9/27 at 100.00 N/R 1,232,891 
240  5.000%, 9/01/38 9/27 at 100.00 N/R 240,014 
 
 
Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding 
 
 
 
 
 
Series 2016: 
 
 
 
1,895  5.000%, 6/01/36 6/26 at 100.00 N/R 1,822,327 
250  5.125%, 6/01/43 6/26 at 100.00 N/R 240,370 
2,000  
Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 
6/29 at 100.00 N/R 1,626,160 
 
 2019A, 3.625%, 6/01/46, 144A 
 
 
 
350  
Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 
6/23 at 100.00 N/R 288,414 
 
 2019B, 3.875%, 6/01/46, 144A 
 
 
 
 
 
Brunswick, Frederick County, Maryland, Special Obligation Bonds, Brunswick Crossing 
 
 
 
 
 
Special Taxing District, Refunding Series 2019: 
 
 
 
450  4.000%, 7/01/29 1/29 at 100.00 N/R 437,616 
740  5.000%, 7/01/36 1/29 at 100.00 N/R 743,041 
 
 
Frederick County, Maryland, Lake Linganore Village Community Development Special 
 
 
 
 
 
Obligation Bonds, Series 2001A: 
 
 
 
21  5.600%, 7/01/20 – RAAI Insured 6/20 at 100.00 AA 21,087 
450  5.700%, 7/01/29 – RAAI Insured 6/20 at 100.00 AA 451,777 
370  
Frederick County, Maryland, Tax Increment and Special Tax B Limited Obligation Bonds, 
7/29 at 100.00 N/R 315,166 
 
 Oakdale-Lake Linganore Project, Series 2019, 3.750%, 7/01/39 
 
 
 
 
48
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
 
 
Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development 
 
 
 
 
 
Authority, Series 2010A: 
 
 
 
$ 5,335  5.000%, 7/01/30 7/20 at 100.00 A– $ 5,352,179 
2,345  5.000%, 7/01/40 7/20 at 100.00 A– 2,351,566 
2,000  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 
11/25 at 100.00 BB 2,103,920 
 
 5.000%, 11/15/34 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
500  5.000%, 1/01/31 1/22 at 100.00 BB 509,410 
1,000  5.250%, 1/01/36 1/22 at 100.00 BB 1,019,680 
 
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: 
 
 
 
1,000  5.000%, 12/01/23 No Opt. Call BB 1,057,020 
2,000  5.000%, 12/01/33 12/26 at 100.00 BB 2,122,680 
2,260  5.000%, 12/01/34 12/26 at 100.00 BB 2,396,911 
1,175  5.000%, 12/01/46 12/26 at 100.00 BB 1,225,760 
1,420  
Howard County, Maryland, Special Obligation Bonds, Annapolis Junction Town Center 
2/24 at 100.00 N/R 1,291,234 
 
 Project, Series 2014, 6.100%, 2/15/44 
 
 
 
 
 
Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, 
 
 
 
 
 
Series 2017A: 
 
 
 
1,500  4.125%, 2/15/34, 144A 2/26 at 100.00 N/R 1,419,315 
1,550  4.375%, 2/15/39, 144A 2/26 at 100.00 N/R 1,463,696 
850  4.500%, 2/15/47, 144A 2/26 at 100.00 N/R 786,497 
1,260  
Huntington Beach Union High School District, Orange County, California, Certificates of 
No Opt. Call AA 867,762 
 
 Participation, Capital Project, Series 2007, 0.000%, 9/01/35 – AGM Insured 
 
 
 
 
 
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2016: 
 
 
 
2,125  5.000%, 7/01/31 7/25 at 100.00 N/R 2,084,200 
1,640  5.000%, 7/01/34 7/25 at 100.00 N/R 1,561,821 
720  
Maryland Community Development Administration, Local Government Infrastructure Bonds, 
6/29 at 100.00 Aa3 823,421 
 
 Subordinate Obligation Series 2019B-2, 4.000%, 6/01/49 
 
 
 
 
 
Maryland Economic Development Corporation, Special Obligation Bonds, Metro Centre Owings 
 
 
 
 
 
Mills Project, Series 2017: 
 
 
 
585  4.375%, 7/01/36 1/27 at 100.00 N/R 528,080 
355  4.500%, 7/01/44 1/27 at 100.00 N/R 313,089 
 
 
Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools 
 
 
 
 
 
Construction & Revitalization Program, Series 2016: 
 
 
 
4,395  5.000%, 5/01/33 5/26 at 100.00 AA 5,112,747 
3,650  5.000%, 5/01/35 5/26 at 100.00 AA 4,222,393 
5,100  5.000%, 5/01/46 (UB) (5) 5/26 at 100.00 AA 5,782,380 
 
 
Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools 
 
 
 
 
 
Construction & Revitalization Program, Series 2018A: 
 
 
 
2,000  5.000%, 5/01/35 5/28 at 100.00 AA 2,402,960 
2,000  5.000%, 5/01/36 (UB) (5) 5/28 at 100.00 AA 2,393,180 
6,250  5.000%, 5/01/42 (UB) (5) 5/28 at 100.00 AA 7,365,938 
2,000  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call BBB+ 1,139,260 
 
 2009A, 0.000%, 12/15/32 
 
 
 
320  
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, 
1/26 at 100.00 N/R 311,901 
 
 Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A 
 
 
 
4,500  
Prince George’s County, Maryland, Certificates of Participation, University of Maryland 
10/28 at 100.00 AA+ 5,605,155 
 
 Capital Region Medical Center, Series 2018, 5.000%, 10/01/43 (UB) (5) 
 
 
 
5,711  
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, 
6/20 at 100.00 N/R 5,726,934 
 
 Series 2005, 5.200%, 7/01/34 
 
 
 
 
 
Prince George’s County, Maryland, Special Obligation Bonds, Westphalia Town Center 
 
 
 
 
 
Project, Series 2018: 
 
 
 
1,300  5.125%, 7/01/39, 144A 7/28 at 100.00 N/R 1,302,080 
2,200  5.250%, 7/01/48, 144A 7/28 at 100.00 N/R 2,201,474 
 
49
 
  
NMY
Nuveen Maryland Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 2,214  
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, 
6/20 at 100.00 N/R $ 2,216,214 
 
 Series 2005, 5.250%, 7/01/35 
 
 
 
1,100  
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 1,210,836 
 
 5.500%, 7/01/29 – AMBAC Insured 
 
 
 
2,100  
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured 
6/20 at 100.00 AA 2,113,965 
1,035  
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 
No Opt. Call Aaa 1,119,694 
 
 5.125%, 6/01/24 – AMBAC Insured 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
53  0.000%, 7/01/24 No Opt. Call N/R 46,678 
90  0.000%, 7/01/27 No Opt. Call N/R 71,087 
88  0.000%, 7/01/29 7/28 at 98.64 N/R 63,764 
114  0.000%, 7/01/31 7/28 at 91.88 N/R 75,038 
128  0.000%, 7/01/33 7/28 at 86.06 N/R 76,856 
1,093  4.500%, 7/01/34 7/25 at 100.00 N/R 1,105,559 
3,495  0.000%, 7/01/51 7/28 at 30.01 N/R 663,001 
4,365  5.000%, 7/01/58 7/28 at 100.00 N/R 4,379,230 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
 
 
 
 
 
Restructured COFINA Project Series 2019A-2: 
 
 
 
1,875  4.329%, 7/01/40 7/28 at 100.00 N/R 1,804,687 
 4.536%, 7/01/53 7/28 at 100.00 N/R 2,822 
50  4.784%, 7/01/58 7/28 at 100.00 N/R 48,582 
 
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding 
 
 
 
 
 
Series 2007CC: 
 
 
 
765  5.500%, 7/01/28 – NPFG Insured No Opt. Call Baa2 782,825 
2,300  5.500%, 7/01/30 – AGM Insured No Opt. Call AA 2,500,008 
1,800  
Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note 
9/25 at 100.00 2,006,748 
 
 Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A 
 
 
 
2,000  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
6/20 at 100.00 Baa2 2,031,320 
 
 Series 2006, 5.000%, 10/01/27 – FGIC Insured 
 
 
 
2,240  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital 
10/24 at 100.00 AA 2,522,957 
 
 Series 2014A, 5.000%, 10/01/34 – AGM Insured, 144A 
 
 
 
1,035  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
6/20 at 100.00 AA 1,071,918 
 
 Lien Series 2009A-1, 5.000%, 10/01/29 – AGM Insured 
 
 
 
1,730  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
No Opt. Call AA 1,890,094 
 
 Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured 
 
 
 
111,355  
Total Tax Obligation/Limited 
 
 
113,157,271 
 
 Transportation – 12.8% (8.1% of Total Investments) 
 
 
 
60  
Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A, 
No Opt. Call A1 61,741 
 
 5.250%, 7/01/21 – FGIC Insured 
 
 
 
125  
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (AMT) 
10/23 at 100.00 BBB+ 128,121 
 
 
Guam Port Authority, Port Revenue Bonds, Private Activity Series 2018B: 
 
 
 
510  5.000%, 7/01/32 (AMT) 7/28 at 100.00 563,815 
355  5.000%, 7/01/33 (AMT) 7/28 at 100.00 389,733 
600  
Maryland Economic Development Corporation Economic Development Revenue Bonds, Terminal 
6/29 at 100.00 Baa3 605,664 
 
 Project, Series 2019A, 5.000%, 6/01/49 (AMT) 
 
 
 
 
 
Maryland Economic Development Corporation Economic Development Revenue Bonds, 
 
 
 
 
 
Transportation Facilities Project, Refunding Series 2017A: 
 
 
 
1,000  5.000%, 6/01/31 6/28 at 100.00 Baa3 1,063,810 
1,125  5.000%, 6/01/32 6/28 at 100.00 Baa3 1,183,849 
3,360  5.000%, 6/01/35 6/28 at 100.00 Baa3 3,486,437 
 
50
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Transportation (continued) 
 
 
 
$ 1,500  
Maryland Economic Development Corporation, Air Cargo Obligated Group Revenue Bonds, AFCO 
7/29 at 100.00 BBB $ 1,533,735 
 
 Airport Real Estate Group, Series 2019, 4.000%, 7/01/44 (AMT) 
 
 
 
 
 
Maryland Economic Development Corporation, Parking Facilities Revenue Bonds Baltimore 
 
 
 
 
 
City Project, Subordinate Parking Facilities Revenue Bonds, Series 2018C: 
 
 
 
1,250  4.000%, 6/01/48 6/28 at 100.00 BBB– 998,825 
1,115  4.000%, 6/01/58 6/28 at 100.00 BBB– 849,597 
3,725  
Maryland Economic Development Corporation, Parking Facilities Revenue Bonds, Baltimore 
6/28 at 100.00 BBB 3,748,058 
 
 City Project, Senior Parking Facilities Revenue Bonds, Series 2018A, 5.000%, 6/01/58 
 
 
 
 
 
Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple 
 
 
 
 
 
Line Light Rail Project, Green Bonds, Series 2016D: 
 
 
 
2,000  5.000%, 9/30/28 (AMT) 9/26 at 100.00 BB 1,978,420 
1,000  5.000%, 9/30/31 (AMT) 9/26 at 100.00 BB 986,330 
5,825  5.000%, 3/31/46 (AMT) 9/26 at 100.00 BB 5,692,423 
2,200  5.000%, 3/31/51 (AMT) 9/26 at 100.00 BB 2,145,814 
 
 
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue 
 
 
 
 
 
Bonds, Johns Hopkins Hospital, Series 2001: 
 
 
 
1,300  5.000%, 7/01/27 – AMBAC Insured 6/20 at 100.00 N/R 1,311,115 
1,000  5.000%, 7/01/34 – AMBAC Insured 6/20 at 100.00 N/R 1,008,600 
405  
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue 
6/20 at 100.00 N/R 405,381 
 
 Bonds, Johns Hopkins Medical Institutions, Series 1996, 5.500%, 7/01/26 – AMBAC Insured 
 
 
 
2,000  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/29 at 100.00 A– 2,044,380 
 
 Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, 
 
 
 
 
 4.000%, 10/01/44 
 
 
 
3,000  
New York Transportation Development Corporation, New York, Special Facilities Bonds, 
7/24 at 100.00 BBB 3,133,710 
 
 LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT) 
 
 
 
 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
 
 
 
 
 
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding Series 2016: 
 
 
 
175  5.000%, 8/01/26 (AMT) 8/21 at 100.00 BB– 168,966 
680  5.000%, 8/01/31 (AMT) 8/21 at 100.00 BB– 655,710 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC, Sixth Series 1997: 
 
 
 
10  5.750%, 12/01/22 – NPFG Insured (AMT) 6/20 at 100.00 BBB+ 10,055 
70  5.750%, 12/01/25 – NPFG Insured (AMT) 6/20 at 100.00 BBB+ 70,381 
530  
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE 
12/29 at 100.00 Baa2 541,904 
 
 Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien 
 
 
 
 
 Series 2019A, 4.000%, 12/31/39 
 
 
 
1,000  
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue 
7/27 at 100.00 AA 1,200,520 
 
 Bonds, Refunding Crossover Series 2017A-2, 5.000%, 7/01/33 
 
 
 
 
 
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue 
 
 
 
 
 
Bonds, Series 2017B: 
 
 
 
1,500  5.000%, 7/01/29 7/27 at 100.00 AA 1,858,530 
3,000  5.000%, 7/01/42 7/27 at 100.00 AA 3,512,790 
1,000  
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue 
7/27 at 100.00 AA– 1,180,550 
 
 Bonds, Series 2018, 5.000%, 7/01/38 
 
 
 
41,420  
Total Transportation 
 
 
42,518,964 
 
 U.S. Guaranteed – 15.3% (9.6% of Total Investments) (6) 
 
 
 
 
 
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A: 
 
 
 
1,000  5.000%, 10/15/29 (Pre-refunded 10/15/21) 10/21 at 100.00 AA 1,066,320 
1,200  5.000%, 10/15/30 (Pre-refunded 10/15/21) 10/21 at 100.00 AA 1,279,584 
2,000  
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 
No Opt. Call AA– 2,233,840 
 
 7/01/24 – FGIC Insured (ETM) 
 
 
 
2,875  
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, 
No Opt. Call AA 3,374,847 
 
 7/01/28 – FGIC Insured (ETM) 
 
 
 
 
51
 
  
NMY
Nuveen Maryland Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
U.S. Guaranteed (6) (continued) 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll 
 
 
 
 
 
Hospital Center, Series 2012A: 
 
 
 
$ 1,000  4.000%, 7/01/30 (Pre-refunded 7/01/22) 7/22 at 100.00 A1 $ 1,075,160 
1,775  5.000%, 7/01/37 (Pre-refunded 7/01/22) 7/22 at 100.00 A1 1,945,169 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown 
 
 
 
 
 
Community Issue, Series 2010: 
 
 
 
1,695  6.125%, 1/01/30 (Pre-refunded 1/01/21) 1/21 at 100.00 N/R 1,750,494 
5,070  6.250%, 1/01/45 (Pre-refunded 1/01/21) 1/21 at 100.00 N/R 5,239,693 
2,845  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix 
No Opt. Call N/R 3,314,539 
 
 Health, Series 1997, 5.000%, 7/01/27 – AMBAC Insured (ETM) 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns 
 
 
 
 
 
Hopkins Health System Obligated Group Issue, Series 2011A: 
 
 
 
500  5.000%, 5/15/25 (Pre-refunded 5/15/21) 5/21 at 100.00 Aa2 523,080 
500  5.000%, 5/15/26 (Pre-refunded 5/15/21) 5/21 at 100.00 Aa2 523,080 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns 
 
 
 
 
 
Hopkins University, Series 2012A: 
 
 
 
1,145  5.000%, 7/01/30 (Pre-refunded 7/01/22) 7/22 at 100.00 AA+ 1,256,031 
1,050  5.000%, 7/01/37 (Pre-refunded 7/01/22) 7/22 at 100.00 AA+ 1,151,818 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge 
 
 
 
 
 
Health System, Series 2011: 
 
 
 
500  5.750%, 7/01/31 (Pre-refunded 7/01/21) 7/21 at 100.00 A+ 529,655 
1,000  6.000%, 7/01/41 (Pre-refunded 7/01/21) 7/21 at 100.00 A+ 1,061,780 
1,250  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola 
10/22 at 100.00 1,385,712 
 
 University Maryland, Series 2012A, 5.000%, 10/01/39 (Pre-refunded 10/01/22) 
 
 
 
12,250  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western 
7/24 at 100.00 N/R 14,586,442 
 
 Maryland Health, Series 2014, 5.250%, 7/01/34 (Pre-refunded 7/01/24) 
 
 
 
8,000  
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Refunding 
12/21 at 100.00 AA– 8,561,280 
 
 Series 2011MD, 5.000%, 12/01/40 (Pre-refunded 12/01/21) 
 
 
 
45,655  
Total U.S. Guaranteed 
 
 
50,858,524 
 
 Utilities – 1.6% (1.0% of Total Investments) 
 
 
 
2,000  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call N/R 2,000,000 
 
 Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35 (Mandatory 
 
 
 
 
 Put 7/01/22) (4) 
 
 
 
1,250  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured 
10/22 at 100.00 AA 1,339,425 
 
 
Guam Power Authority, Revenue Bonds, Series 2014A: 
 
 
 
600  5.000%, 10/01/39 10/24 at 100.00 AA 650,832 
575  5.000%, 10/01/44 10/24 at 100.00 AA 619,861 
730  
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding 
6/20 at 100.00 CCC 679,681 
 
 Series 2007A, 5.000%, 7/01/24 
 
 
 
5,155  
Total Utilities 
 
 
5,289,799 
 
 Water and Sewer – 8.9% (5.6% of Total Investments) 
 
 
 
2,480  
Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B, 
1/24 at 100.00 AA– 2,766,837 
 
 5.000%, 7/01/38 
 
 
 
1,000  
Baltimore, Maryland, Revenue Bonds, Storm Water Projects, Series 2019A, 5.000%, 7/01/49 
7/29 at 100.00 Aa2 1,254,520 
2,000  
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2011A, 5.000%, 7/01/41 
7/21 at 100.00 AA 2,086,340 
2,000  
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2019A, 5.000%, 7/01/49 
7/29 at 100.00 AA 2,509,040 
 
 
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2017A: 
 
 
 
2,000  5.000%, 7/01/46 1/27 at 100.00 AA– 2,349,400 
2,000  5.000%, 7/01/46 (UB) 1/27 at 100.00 AA– 2,349,400 
490  
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 
No Opt. Call AA– 514,147 
 
 7/01/24 – FGIC Insured 
 
 
 
 
52
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Water and Sewer (continued) 
 
 
 
$ 2,500  
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A, 
1/25 at 100.00 A+ $ 2,802,725 
 
 5.000%, 7/01/44 
 
 
 
6,000  
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, 
1/27 at 100.00 AA– 7,098,720 
 
 5.000%, 7/01/41 (UB) 
 
 
 
1,300  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/24 at 100.00 A– 1,369,927 
 
 Refunding Series 2014A, 5.000%, 7/01/35 
 
 
 
2,030  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 A– 2,138,321 
 
 2013, 5.500%, 7/01/43 
 
 
 
 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
 
 
 
 
 
Series 2016: 
 
 
 
245  5.000%, 7/01/27 7/26 at 100.00 A– 272,562 
1,240  5.000%, 1/01/46 7/26 at 100.00 A– 1,326,044 
500  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 
7/22 at 100.00 CC 508,750 
 
 6.000%, 7/01/47 
 
 
 
25,785  
Total Water and Sewer 
 
 
29,346,733 
$ 526,065  Total Long-Term Investments (cost $505,401,414) 
 
 
526,951,937 
 
 Floating Rate Obligations – (8.6)% 
 
 
(28,405,000) 
 
 Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (54.8)% (7) 
 
 
(181,896,908) 
 
 Other Assets Less Liabilities – 4.6% 
 
 
15,262,733 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 331,912,762 
 
  
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(5) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(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) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 34.5%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. 
 
See accompanying notes to financial statements. 
 
53
 
  
NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 150.8% (100.0% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 150.8% (100.0% of Total Investments) 
 
 
 
 
 Education and Civic Organizations – 45.9% (30.4% of Total Investments) 
 
 
 
$ 210  
Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, 
6/26 at 100.00 N/R $ 192,289 
 
 5.000%, 6/15/49 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender 
 
 
 
 
 
Option Bond Trust 2016-XG0070: 
 
 
 
1,880  17.561%, 10/01/48, 144A (IF) (4) 10/23 at 100.00 AA– 2,658,320 
575  17.459%, 10/01/48, 144A (IF) (4) 10/23 at 100.00 AA– 812,757 
3,515  
Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music, 
10/26 at 100.00 3,914,655 
 
 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– 2,441,406 
 
 5.000%, 7/01/38 
 
 
 
730  
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T, 
7/27 at 100.00 AA– 878,511 
 
 5.000%, 7/01/42 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A: 
 
 
 
2,000  5.000%, 1/01/34 1/28 at 100.00 BBB+ 2,190,540 
2,240  5.000%, 1/01/37 1/28 at 100.00 BBB+ 2,431,856 
1,955  
Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016, 
7/26 at 100.00 A– 2,207,781 
 
 5.000%, 7/01/35 
 
 
 
1,500  
Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts Institute of 
No Opt. Call AAA 2,510,415 
 
 Technology, Series 2020P, 5.000%, 7/01/50 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue, 
 
 
 
 
 
Series 2015H: 
 
 
 
450  3.500%, 7/01/35 7/25 at 100.00 AA 485,595 
190  5.000%, 7/01/37 7/25 at 100.00 AA 220,725 
1,200  
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, 
7/26 at 100.00 BBB– 1,223,544 
 
 5.000%, 7/01/47 
 
 
 
550  
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 
10/22 at 100.00 A1 593,356 
 
 2012, 5.000%, 10/01/31 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, 
 
 
 
 
 
Series 2014A: 
 
 
 
875  5.000%, 3/01/39 3/24 at 100.00 A1 967,785 
1,400  5.000%, 3/01/44 3/24 at 100.00 A1 1,539,944 
500  
Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, 
10/23 at 100.00 BBB+ 529,630 
 
 5.250%, 10/01/39 
 
 
 
1,100  
Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue, 
10/30 at 100.00 BBB+ 1,079,078 
 
 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 1,452,790 
 
 Institute, Series 2015, 5.000%, 7/01/33 
 
 
 
450  
Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding 
7/29 at 100.00 Baa2 488,952 
 
 Series 2019, 5.000%, 7/01/36 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, 
 
 
 
 
 
Series 2017: 
 
 
 
2,200  5.000%, 4/01/35 10/27 at 100.00 AA– 2,724,788 
1,250  5.000%, 4/01/36 10/27 at 100.00 AA– 1,542,212 
875  
Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, 
8/25 at 100.00 Aa2 1,017,039 
 
 5.000%, 8/15/38 
 
 
 
1,325  
Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H, 
1/28 at 100.00 A3 1,480,661 
 
 5.000%, 1/01/42 
 
 
 
 
54
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
$ 1,510  
Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic 
6/28 at 100.00 AA– $ 1,850,913 
 
 Institution, Series 2018, 5.000%, 6/01/43 
 
 
 
1,365  
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/22 at 100.00 1,416,051 
 
 Institute, Series 2012, 5.000%, 9/01/50 
 
 
 
840  
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/26 at 100.00 930,779 
 
 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 100.00 611,364 
700  5.000%, 9/01/47 9/27 at 100.00 773,262 
2,500  
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/27 at 100.00 2,778,925 
 
 Institute, Series 2017B, 5.000%, 9/01/42 
 
 
 
1,000  
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/29 at 100.00 1,045,630 
 
 Institute, Series 2019, 4.000%, 9/01/44 
 
 
 
500  
Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, 
7/27 at 100.00 Baa2 537,540 
 
 Refunding Series 2017, 5.000%, 7/01/35 
 
 
 
3,000  
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 
No Opt. Call AA– 4,697,190 
 
 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– 2,983,122 
 
 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 1,456,970 
1,000  6.000%, 5/15/59 5/29 at 105.00 Aa3 1,334,130 
320  
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 
7/21 at 100.00 AA 331,411 
 
 2011J, 5.625%, 7/01/33 (AMT) 
 
 
 
255  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northeastern 
10/20 at 100.00 A1 258,198 
 
 University, Series 2010A, 4.875%, 10/01/35 
 
 
 
380  
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 
11/24 at 100.00 Aa2 432,866 
 
 2014-1, 5.000%, 11/01/44 
 
 
 
4,000  
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 
11/25 at 100.00 Aa2 4,698,560 
 
 2015-1, 5.000%, 11/01/40 
 
 
 
690  
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 
11/29 at 100.00 Aa2 891,742 
 
 2020-1, 5.000%, 11/01/36 
 
 
 
52,595  
Total Education and Civic Organizations 
 
 
62,613,282 
 
 Health Care – 31.6% (20.9% of Total Investments) 
 
 
 
1,000  
Massachusetts Development Finance Agency Revenue Bonds, Children’s Hospital Issue, 
10/24 at 100.00 AA 1,114,090 
 
 Series 2014P, 5.000%, 10/01/46 
 
 
 
1,340  
Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series 
7/26 at 100.00 BBB+ 1,484,425 
 
 2016I, 5.000%, 7/01/41 
 
 
 
1,410  
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 
11/23 at 100.00 AA– 1,537,210 
 
 Obligated Group, Series 2013, 5.250%, 11/15/41 
 
 
 
1,000  
Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue, 
7/24 at 100.00 A+ 1,090,880 
 
 Series 2014N, 5.000%, 7/01/44 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems, 
 
 
 
 
 
Series 2012G: 
 
 
 
895  5.000%, 10/01/29 10/21 at 100.00 AA– 930,782 
700  5.000%, 10/01/31 10/21 at 100.00 AA– 725,795 
500  
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
7/26 at 100.00 BBB 556,375 
 
 Series 2016E, 5.000%, 7/01/32 
 
 
 
1,675  
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding 
7/26 at 100.00 1,957,556 
 
 Series 2016-I, 5.000%, 7/01/30 
 
 
 
 
55
 
  
NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Health Care (continued) 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, 
 
 
 
 
 
Series 2015H-1: 
 
 
 
$ 900  5.000%, 7/01/30 7/25 at 100.00 $ 1,029,519 
1,000  5.000%, 7/01/32 7/25 at 100.00 1,133,900 
500  5.000%, 7/01/33 7/25 at 100.00 564,790 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2: 
 
 
 
1,500  5.000%, 7/01/38 7/28 at 100.00 1,750,215 
2,000  5.000%, 7/01/43 7/28 at 100.00 2,284,840 
1,000  
Massachusetts Development Finance Agency, Revenue Bonds, Covenant Health System 
7/22 at 100.00 BBB 1,053,770 
 
 Obligated Group, Series 2012, 5.000%, 7/01/31 
 
 
 
2,800  
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute 
12/26 at 100.00 A1 3,177,412 
 
 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 3,882,865 
 
 Group Issue, Series 2015F, 5.000%, 8/15/45 
 
 
 
1,080  
Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center 
7/23 at 100.00 BB+ 1,122,541 
 
 Issue, Series 2014F, 5.750%, 7/15/43 
 
 
 
3,450  
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System 
7/26 at 100.00 AA– 3,948,870 
 
 Issue, Series 2016Q, 5.000%, 7/01/47 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System 
 
 
 
 
 
Issue, Series 2017S-1: 
 
 
 
2,200  5.000%, 7/01/37 1/28 at 100.00 AA– 2,611,554 
2,100  4.000%, 7/01/41 1/28 at 100.00 AA– 2,346,309 
820  
Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System 
7/23 at 100.00 BBB+ 871,701 
 
 Obligated Group Issue, Series 2013F, 5.000%, 7/01/37 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital, 
 
 
 
 
 
Series 2013G: 
 
 
 
1,000  5.000%, 7/01/37 7/23 at 100.00 BBB+ 1,063,050 
2,200  5.000%, 7/01/44 7/23 at 100.00 BBB+ 2,309,582 
610  
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care 
1/27 at 100.00 A– 667,505 
 
 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– 403,184 
1,095  5.000%, 7/01/44 7/27 at 100.00 A– 1,191,053 
445  
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, 
7/26 at 100.00 A– 487,631 
 
 Series 2016I, 5.000%, 7/01/36 
 
 
 
25  
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 
7/21 at 100.00 BBB+ 25,850 
 
 2011H, 5.500%, 7/01/31 
 
 
 
280  
Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, 
1/29 at 100.00 BBB+ 312,522 
 
 5.000%, 7/01/44 
 
 
 
1,495  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford 
6/20 at 100.00 BB+ 1,496,226 
 
 Regional Medical Center, Series 2007E, 5.000%, 7/15/32 
 
 
 
38,920  
Total Health Care 
 
 
43,132,002 
 
 Housing/Multifamily – 0.7% (0.5% of Total Investments) 
 
 
 
215  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43 
6/20 at 100.00 AA 215,297 
745  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/44 
12/28 at 100.00 AA 778,130 
960  
Total Housing/Multifamily 
 
 
993,427 
 
56
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Long-Term Care – 3.1% (2.0% of Total Investments) 
 
 
 
 
 
Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the 
 
 
 
 
 
Charles, Inc Issue, Series 2017: 
 
 
 
$ 1,040  4.125%, 10/01/42, 144A 10/22 at 105.00 BB+ $ 914,534 
250  5.000%, 10/01/47, 144A 10/22 at 105.00 BB+ 247,045 
460  
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community 
7/25 at 100.00 A+ 518,839 
 
 Lennox, Series 2015, 5.000%, 7/01/31 
 
 
 
485  
Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, 
12/25 at 103.00 A– 462,137 
 
 Series 2019, 4.000%, 12/01/42 
 
 
 
1,000  
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 
1/23 at 100.00 BBB 1,027,390 
 
 2013A, 5.250%, 1/01/26 
 
 
 
1,000  
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc, Refunding 
10/24 at 104.00 BBB+ 1,009,430 
 
 Series 2019, 5.000%, 10/01/49 
 
 
 
4,235  
Total Long-Term Care 
 
 
4,179,375 
 
 Tax Obligation/General – 19.3% (12.8% of Total Investments) 
 
 
 
1,250  
Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 
6/20 at 100.00 AA 1,253,600 
 
 5.000%, 2/15/32 
 
 
 
330  
Massachusetts Bay Transportation Authority, General Obligation Transportation System 
No Opt. Call Aa1 346,926 
 
 Bonds, Series 1991A, 7.000%, 3/01/21 
 
 
 
1,500  
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2004B, 5.250%, 
No Opt. Call Aa1 1,589,100 
 
 8/01/21 – AGM Insured 
 
 
 
2,000  
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, 
7/25 at 100.00 Aa1 2,342,440 
 
 5.000%, 7/01/45 
 
 
 
3,895  
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F, 
11/27 at 100.00 Aa1 4,804,482 
 
 5.000%, 11/01/46 
 
 
 
4,000  
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A, 
1/29 at 100.00 Aa1 5,147,920 
 
 5.250%, 1/01/44 
 
 
 
2,500  
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2020C, 
3/30 at 100.00 Aa1 2,673,600 
 
 3.000%, 3/01/47 
 
 
 
1,775  
North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 
5/22 at 100.00 Aa2 1,921,278 
 
 2012, 5.000%, 5/15/35 
 
 
 
880  
Norwell, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 11/15/20 – 
No Opt. Call AAA 899,307 
 
 FGIC Insured 
 
 
 
1,950  
Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series 
9/27 at 100.00 Aa2 2,047,481 
 
 2019, 3.000%, 9/01/42 
 
 
 
 
 
Quincy, Massachusetts, General Obligation Bonds, State Qualified Municipal Purpose Loan 
 
 
 
 
 
Series 2011: 
 
 
 
1,280  5.125%, 12/01/33 12/20 at 100.00 Aa2 1,308,198 
2,000  5.250%, 12/01/38 12/20 at 100.00 Aa2 2,043,160 
23,360  
Total Tax Obligation/General 
 
 
26,377,492 
 
 Tax Obligation/Limited – 19.5% (12.9% of Total Investments) 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
2,000  5.250%, 1/01/36 1/22 at 100.00 BB 2,039,360 
1,310  5.125%, 1/01/42 1/22 at 100.00 BB 1,329,519 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1: 
 
 
 
400  5.000%, 1/01/37 1/22 at 100.00 BB 406,092 
1,115  5.000%, 1/01/42 1/22 at 100.00 BB 1,129,495 
855  
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014, 
11/24 at 100.00 AA 986,567 
 
 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 614,495 
 
 5.000%, 5/01/35 
 
 
 
 
57
 
  
NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 1,000  
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 
7/22 at 100.00 AAA $ 1,086,960 
 
 5.000%, 7/01/41 
 
 
 
770  
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior 
No Opt. Call AA 812,466 
 
 Lien Series 2004C, 5.250%, 7/01/21 
 
 
 
1,610  
Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B, 
5/24 at 100.00 Aa2 1,801,831 
 
 5.000%, 5/01/44 
 
 
 
1,000  
Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B, 
No Opt. Call AA 1,146,500 
 
 5.375%, 5/01/23 – SYNCORA GTY Insured 
 
 
 
1,350  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 
8/25 at 100.00 AAA 1,598,076 
 
 Refunding Series 2015C, 5.000%, 8/15/37 
 
 
 
1,875  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 
5/23 at 100.00 AAA 2,080,369 
 
 Series 2013A, 5.000%, 5/15/38 
 
 
 
2,000  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 
2/28 at 100.00 AA+ 2,486,400 
 
 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+ 1,881,765 
 
 Series 2019A, 5.000%, 2/15/44 
 
 
 
1,500  
Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 
6/25 at 100.00 AA+ 1,733,295 
 
 2015A, 5.000%, 6/01/45 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
863  4.550%, 7/01/40 7/28 at 100.00 N/R 855,457 
820  0.000%, 7/01/46 7/28 at 41.38 N/R 212,897 
4,205  0.000%, 7/01/51 7/28 at 30.01 N/R 797,688 
775  4.750%, 7/01/53 7/28 at 100.00 N/R 756,028 
1,259  5.000%, 7/01/58 7/28 at 100.00 N/R 1,263,104 
520  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
10/22 at 100.00 AA 563,748 
 
 Series 2012A, 5.000%, 10/01/32 – AGM Insured 
 
 
 
1,000  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 
10/22 at 100.00 AA 1,084,130 
 
 2012A, 5.000%, 10/01/32 – AGM Insured 
 
 
 
28,227  
Total Tax Obligation/Limited 
 
 
26,666,242 
 
 Transportation – 9.2% (6.1% 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 2,822,325 
1,000  
Massachusetts Port Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/30 
7/20 at 100.00 AA 1,003,880 
1,000  
Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/33 
7/22 at 100.00 AA 1,085,230 
 
 
Massachusetts Port Authority, Revenue Bonds, Series 2014A: 
 
 
 
1,000  5.000%, 7/01/39 7/24 at 100.00 AA 1,115,450 
2,500  5.000%, 7/01/44 7/24 at 100.00 AA 2,772,150 
 
 
Massachusetts Port Authority, Revenue Bonds, Series 2015A: 
 
 
 
715  5.000%, 7/01/40 7/25 at 100.00 AA 813,548 
1,000  5.000%, 7/01/45 7/25 at 100.00 AA 1,129,870 
1,000  
Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, 
7/29 at 100.00 A1 1,054,050 
 
 Series 2019A, 4.000%, 7/01/44 (AMT) 
 
 
 
730  
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking Revenue 
7/21 at 100.00 A1 750,790 
 
 Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
 
 
 
11,445  
Total Transportation 
 
 
12,547,293 
 
 U.S. Guaranteed – 12.6% (8.4% of Total Investments) (5) 
 
 
 
2,000  
Hampden-Wilbraham Regional School District, Hampden County, Massachusetts, General 
2/21 at 100.00 Aa3 2,068,100 
 
 Obligation Bonds, Series 2011, 5.000%, 2/15/41 (Pre-refunded 2/15/21) 
 
 
 
855  
Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 
5/22 at 100.00 Aa2 933,010 
 
 5/01/37 (Pre-refunded 5/01/22) 
 
 
 
2,150  
Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 
7/21 at 100.00 AA 2,267,132 
 
 2011B-1, 5.250%, 7/01/33 (Pre-refunded 7/01/21) – AGM Insured 
 
 
 
 
58
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
U.S. Guaranteed (5) (continued) 
 
 
 
$ 434  
Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue, 
11/23 at 100.00 N/R $ 500,897 
 
 Series 2013A, 6.250%, 11/15/28 (Pre-refunded 11/15/23), 144A 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, 
 
 
 
 
 
Series 2012L: 
 
 
 
995  5.000%, 7/01/36 (Pre-refunded 7/01/21) 7/21 at 100.00 N/R 1,046,521 
 5.000%, 7/01/36 (Pre-refunded 7/01/21) 7/21 at 100.00 AA– 5,259 
1,000  
Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art 
7/21 at 100.00 AA 1,052,340 
 
 Institute, Series 2011A, 5.000%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
3,000  
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 
4/21 at 100.00 Aa3 3,123,090 
 
 2011A, 5.250%, 4/01/37 (Pre-refunded 4/01/21) 
 
 
 
475  
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 
7/21 at 100.00 N/R 502,427 
 
 2011H, 5.500%, 7/01/31 (Pre-refunded 7/01/21) 
 
 
 
410  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc, 
7/21 at 100.00 N/R 430,086 
 
 Series 1998A, 5.000%, 7/01/25 (Pre-refunded 7/01/21) – NPFG Insured 
 
 
 
1,000  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 
10/21 at 100.00 AAA 1,066,320 
 
 2011B, 5.000%, 10/15/41 (Pre-refunded 10/15/21) 
 
 
 
1,500  
Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 
6/21 at 100.00 AA+ 1,572,465 
 
 2013A, 5.000%, 6/01/38 (Pre-refunded 6/01/21) 
 
 
 
720  
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding 
11/20 at 100.00 AA 735,869 
 
 Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured 
 
 
 
1,620  
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 
11/24 at 100.00 N/R 1,955,988 
 
 2014-1, 5.000%, 11/01/44 (Pre-refunded 11/01/24) 
 
 
 
16,164  
Total U.S. Guaranteed 
 
 
17,259,504 
 
 Utilities – 1.0% (0.7% of Total Investments) 
 
 
 
1,265  
Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts 
7/23 at 100.00 AA– 1,405,073 
 
 Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32 
 
 
 
 
 Water and Sewer – 7.9% (5.3% of Total Investments) 
 
 
 
565  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/24 at 100.00 A– 605,895 
 
 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– 1,353,862 
420  5.000%, 7/01/40 7/27 at 100.00 A– 453,361 
415  
Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, 
6/20 at 100.00 A1 416,357 
 
 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 1,135,270 
 
 5.000%, 2/01/45 
 
 
 
60  
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 
6/20 at 100.00 AAA 60,219 
 
 5.000%, 8/01/22 
 
 
 
140  
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Series 
6/20 at 100.00 AAA 140,539 
 
 2002A, 5.250%, 8/01/20 
 
 
 
500  
Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B, 
8/26 at 100.00 AA+ 607,020 
 
 5.000%, 8/01/40 
 
 
 
1,230  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B, 
8/27 at 100.00 AA+ 1,509,542 
 
 5.000%, 8/01/42 
 
 
 
2,000  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2019B, 
8/29 at 100.00 AA+ 2,560,220 
 
 5.000%, 8/01/44 
 
 
 
 
59
 
  
NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Water and Sewer (continued) 
 
 
 
$ 1,000  
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 
4/27 at 100.00 AA $ 1,227,080 
 
 2017C, 5.000%, 4/15/37 
 
 
 
635  
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 
4/29 at 100.00 AA 743,325 
 
 2019E, 4.000%, 4/15/38 
 
 
 
9,215  
Total Water and Sewer 
 
 
10,812,690 
$ 186,386  Total Long-Term Investments (cost $193,787,873) 
 
 
205,986,380 
 
 Variable Rate Demand Preferred Shares, net of deferred offering costs – (54.0)% (6) 
 
 
(73,739,043) 
 
 Other Assets Less Liabilities – 3.2% 
 
 
4,324,283 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 136,571,620 
 
  
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.8%. 
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. 
 
See accompanying notes to financial statements. 
 
60
 
  
NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 155.5% (98.1% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 155.5% (98.1% of Total Investments) 
 
 
 
 
 Education and Civic Organizations – 30.1% (19.0% 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 $ 494,880 
50  5.000%, 7/01/36 7/24 at 102.00 N/R 50,704 
830  
City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science 
12/20 at 102.00 BBB– 852,410 
 
 Academy Building Company, Series 2012A, 5.000%, 12/01/43 
 
 
 
250  
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, 
7/25 at 100.00 BB+ 262,355 
 
 Series 2015A, 5.250%, 7/01/40 
 
 
 
570  
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 
8/22 at 102.00 BB+ 595,935 
 
 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+ 769,695 
 
 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 91,293 
 
 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+ 2,202,310 
 
 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 1,425,155 
 
 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+ 317,841 
1,425  6.000%, 7/01/43 7/23 at 100.00 BB+ 1,488,697 
 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, 
 
 
 
 
 
Refunding Series 2017: 
 
 
 
750  5.000%, 5/01/37 5/27 at 100.00 BBB– 782,932 
2,000  5.000%, 5/01/47 5/27 at 100.00 BBB– 2,054,560 
1,580  
Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, 
3/27 at 100.00 Aa2 1,790,851 
 
 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 497,050 
425  4.000%, 12/01/40 12/29 at 100.00 Baa2 407,686 
305  
Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St Benedict, 
3/26 at 100.00 Baa1 284,153 
 
 Series 2016-8K, 4.000%, 3/01/43 
 
 
 
600  
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, 
3/27 at 100.00 Aa3 669,414 
 
 Refunding Series 2017, 4.000%, 3/01/48 
 
 
 
225  
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine 
10/28 at 100.00 Baa1 237,026 
 
 University, Refunding Series 2018A, 5.000%, 10/01/45 
 
 
 
750  
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint 
10/29 at 100.00 A2 916,035 
 
 Thomas, Series 2019, 5.000%, 10/01/33 
 
 
 
705  
Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School 
9/24 at 100.00 BB– 667,064 
 
 Project, Series 2014A, 5.000%, 9/01/44 
 
 
 
450  
Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, 
12/21 at 100.00 BBB– 466,074 
 
 Series 2004A, 5.500%, 12/01/33 
 
 
 
300  
Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck Saint Mary’s School 
No Opt. Call BB 304,461 
 
 Project, Series 2015, 5.000%, 8/01/22, 144A 
 
 
 
 
61
 
  
NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
$ 1,250  
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
12/29 at 100.00 BBB– $ 1,233,488 
 
 Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49 
 
 
 
500  
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
9/20 at 101.00 BB+ 506,440 
 
 Bonds, Hmong Education Reform Company, Series 2012A, 5.250%, 9/01/32 
 
 
 
1,100  
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
9/21 at 100.00 BBB– 1,152,338 
 
 Bonds, Nova Classical Academy, Series 2011A, 6.375%, 9/01/31 
 
 
 
 
 
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 367,852 
510  5.375%, 7/01/50 7/25 at 100.00 BB 521,679 
1,680  
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
7/23 at 100.00 BB+ 1,704,814 
 
 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, 
12/22 at 100.00 BBB– 825,144 
 
 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+ 369,221 
 
 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 943,580 
 
 2016A, 5.000%, 10/01/41 
 
 
 
500  
St Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, 
12/26 at 102.00 BBB– 532,125 
 
 Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49 
 
 
 
25,230  
Total Education and Civic Organizations 
 
 
25,785,262 
 
 Health Care – 32.7% (20.7% of Total Investments) 
 
 
 
250  
Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, 
3/26 at 100.00 N/R 256,890 
 
 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 201,663 
 
 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: 
 
 
 
700  5.000%, 2/15/43 2/28 at 100.00 A– 785,890 
3,000  5.000%, 2/15/48 2/28 at 100.00 A– 3,350,730 
2,750  5.000%, 2/15/53 2/28 at 100.00 A– 3,061,602 
 
 
Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health 
 
 
 
 
 
Services Project, Series 2013: 
 
 
 
400  4.000%, 4/01/27 4/22 at 100.00 BBB 416,756 
230  4.000%, 4/01/31 4/22 at 100.00 BBB 236,661 
500  
Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial 
9/25 at 100.00 Baa1 524,065 
 
 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 230,464 
165  5.000%, 5/01/32 5/27 at 100.00 Baa1 188,968 
 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, 
 
 
 
 
 
Series 2015A: 
 
 
 
265  4.000%, 11/15/40 11/25 at 100.00 A+ 276,618 
1,000  5.000%, 11/15/44 11/25 at 100.00 A+ 1,099,130 
 
 
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+ 1,543,350 
1,500  5.000%, 11/15/49 11/28 at 100.00 A+ 1,687,125 
710  
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, 
12/20 at 100.00 N/R 634,314 
 
 Refunding Series 2013A, 4.400%, 12/01/33 
 
 
 
 
62
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Health Care (continued) 
 
 
 
 
 
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, 
 
 
 
 
 
Series 2013C: 
 
 
 
$ 240  4.500%, 12/01/25 12/20 at 100.00 N/R $ 237,067 
190  4.750%, 12/01/27 12/20 at 100.00 N/R 185,581 
160  5.000%, 12/01/28 12/20 at 100.00 N/R 158,010 
310  5.400%, 12/01/33 12/20 at 100.00 N/R 306,165 
915  
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 
5/28 at 100.00 AA 1,020,390 
 
 4.000%, 11/15/48 
 
 
 
30  
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, 
6/20 at 100.00 AA– 30,069 
 
 Series 2010A, 5.125%, 5/01/30 
 
 
 
635  
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 
5/26 at 100.00 AA– 683,812 
 
 2016A, 4.000%, 5/01/37 
 
 
 
 
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019: 
 
 
 
500  5.000%, 5/01/48 5/29 at 100.00 AA– 582,320 
750  4.000%, 5/01/49 5/29 at 100.00 AA– 807,787 
4,000  
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue 
7/25 at 100.00 4,276,440 
 
 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+ 256,775 
240  4.000%, 11/15/37 11/27 at 100.00 A+ 250,810 
2,170  4.000%, 11/15/43 11/27 at 100.00 A+ 2,238,463 
1,000  
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 
6/20 at 100.00 N/R 1,000,490 
 
 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 100.00 813,685 
630  5.000%, 9/01/34 9/24 at 100.00 689,648 
26,130  
Total Health Care 
 
 
28,031,738 
 
 Housing/Multifamily – 4.5% (2.8% of Total Investments) 
 
 
 
1,700  
Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments 
6/20 at 100.00 Aaa 1,704,182 
 
 Project, Series 2010, 4.500%, 6/01/26 
 
 
 
 
 
Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011: 
 
 
 
355  5.050%, 8/01/31 8/21 at 100.00 AA+ 368,746 
1,700  5.450%, 8/01/41 8/21 at 100.00 AA+ 1,760,758 
3,755  
Total Housing/Multifamily 
 
 
3,833,686 
 
 Housing/Single Family – 0.9% (0.6% of Total Investments) 
 
 
 
13  
Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue 
6/20 at 100.00 AA+ 13,023 
 
 Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (AMT) 
 
 
 
120  
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed 
7/21 at 100.00 Aaa 124,007 
 
 Securities Program, Series 2011D, 4.700%, 1/01/31 
 
 
 
55  
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 
1/23 at 100.00 AA+ 57,161 
 
 3.900%, 7/01/43 
 
 
 
35  
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 
7/24 at 100.00 AA+ 37,446 
 
 3.500%, 1/01/32 
 
 
 
100  
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 
7/25 at 100.00 AA+ 110,282 
 
 3.300%, 7/01/29 
 
 
 
295  
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 
1/27 at 100.00 AA+ 300,466 
 
 3.200%, 7/01/30 (AMT) 
 
 
 
145  
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2018A, 
7/27 at 100.00 AA+ 161,804 
 
 3.625%, 7/01/32 (AMT) 
 
 
 
763  
Total Housing/Single Family 
 
 
804,189 
 
63
 
  
NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Industrials – 2.4% (1.5% of Total Investments) 
 
 
 
 
 
Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond 
 
 
 
 
 
Fund Series 2013-1: 
 
 
 
$ 1,400  4.500%, 6/01/33 6/21 at 100.00 A+ $ 1,443,540 
600  4.750%, 6/01/39 6/21 at 100.00 A+ 619,566 
2,000  
Total Industrials 
 
 
2,063,106 
 
 Long-Term Care – 12.1% (7.6% of Total Investments) 
 
 
 
805  
Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at 
11/24 at 100.00 N/R 738,233 
 
 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 389,466 
 
 Foundation Project, Series 2014, 4.000%, 11/01/39 
 
 
 
875  
Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc, 
6/20 at 100.00 N/R 833,455 
 
 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 141,815 
850  5.250%, 1/01/46 1/23 at 100.00 N/R 661,521 
500  
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, 
8/22 at 100.00 N/R 482,375 
 
 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 
11/22 at 100.00 N/R 1,235,156 
 
 Series 2012, 4.750%, 11/15/28 
 
 
 
750  
Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen ? Abiitan 
5/23 at 100.00 N/R 683,430 
 
 Mill City Project, Series 2015, 5.250%, 11/01/45 
 
 
 
500  
Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc 
8/25 at 100.00 N/R 460,350 
 
 Project, Refunding Series 2017A, 5.000%, 8/01/48 
 
 
 
215  
Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of 
7/24 at 102.00 N/R 183,937 
 
 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 1,125,306 
 
 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 421,505 
 
 Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48 
 
 
 
1,044  
Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, 
10/20 at 100.00 N/R 1,025,898 
 
 Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 
 
 
 
100  
Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health 
11/20 at 100.00 N/R 96,265 
 
 Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42 
 
 
 
 
 
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 497,575 
350  4.125%, 9/01/35 9/24 at 100.00 N/R 344,337 
585  
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd 
1/23 at 100.00 N/R 530,537 
 
 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 503,390 
 
 Refunding Series 2019, 5.000%, 8/01/49 
 
 
 
11,279  
Total Long-Term Care 
 
 
10,354,551 
 
 Materials – 2.8% (1.8% of Total Investments) 
 
 
 
2,650  
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint 
10/22 at 100.00 BBB– 2,431,110 
 
 Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A 
 
 
 
 
 Tax Obligation/General – 30.3% (19.1% of Total Investments) 
 
 
 
1,000  
Bloomington Independent School District 271, Hennepin County, Minnesota, General 
2/27 at 100.00 AAA 1,134,090 
 
 Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40 
 
 
 
 
64
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/General (continued) 
 
 
 
 
 
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 $ 1,156,552 
1,055  4.000%, 2/01/39 2/27 at 100.00 AAA 1,199,282 
 
 
Brainerd Independent School District 181, Crow Wing County, Minnesota, General 
 
 
 
 
 
Obligation Bonds, School Building Series 2018A: 
 
 
 
500  4.000%, 2/01/38 2/27 at 100.00 AAA 569,730 
1,000  4.000%, 2/01/42 2/27 at 100.00 AAA 1,130,060 
1,020  
Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, 
2/27 at 100.00 Aa2 1,133,230 
 
 Series 2018A, 4.000%, 2/01/43 
 
 
 
300  
Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation 
2/25 at 67.23 AAA 185,091 
 
 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 Aa2 1,089,250 
 
 General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 
 
 
 
500  
Forest Lake, Washington County, Minnesota, General Obligation Bonds, Series 2019A, 
2/29 at 100.00 AA+ 610,385 
 
 4.000%, 2/01/32 
 
 
 
 
 
Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School 
 
 
 
 
 
Building Series 2015A: 
 
 
 
940  0.000%, 2/01/37 2/24 at 56.07 Aa2 495,502 
1,075  0.000%, 2/01/38 2/24 at 53.49 Aa2 539,929 
2,000  
Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, 
2/27 at 100.00 AAA 2,257,440 
 
 School Building Series 2018A, 4.000%, 2/01/42 
 
 
 
345  
Lake Crystal, Minnesota, General Obligation Bonds, Series 2019A, 3.000%, 12/15/33 
12/27 at 100.00 AA 374,739 
1,500  
Mankato Independent School District 77, Minnesota, General Obligation Bonds, School 
2/24 at 100.00 AAA 1,670,700 
 
 Building Series 2014A, 4.000%, 2/01/30 
 
 
 
500  
Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation 
2/28 at 100.00 AAA 585,575 
 
 Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/36 
 
 
 
1,345  
Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 
12/26 at 100.00 AAA 1,539,783 
 
 2018, 4.000%, 12/01/40 
 
 
 
600  
Moorhead Independent School District 152, Clay County, Minnesota, General Obligation 
2/28 at 100.00 Aa2 637,608 
 
 Bonds, School Building Series 2020A, 3.000%, 2/01/43 
 
 
 
1,000  
Richfield Independent School District 280, Hennepin County, Minnesota, General 
2/27 at 100.00 AAA 1,127,410 
 
 Obligation Bonds, School Buildings Series 2018A, 4.000%, 2/01/40 
 
 
 
1,000  
Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation 
2/27 at 100.00 Aa2 1,133,000 
 
 Bonds, Series 1994, 4.000%, 2/01/37 
 
 
 
1,000  
Saint James Independent School District 840, Minnesota, General Obligation Bonds, School 
2/26 at 100.00 AAA 1,110,570 
 
 Building Series 2015B, 4.000%, 2/01/45 
 
 
 
1,000  
Sartell Independent School District 748, Stearns County, Minnesota, General Obligation 
2/25 at 62.98 Aa2 577,150 
 
 Bonds, School Building Capital Appreciation Series 2016B, 0.000%, 2/01/39 
 
 
 
1,500  
Sibley East Independent School District 2310, Sibley, Minnesota, General Obligation 
2/25 at 100.00 Aa2 1,645,455 
 
 Bonds, School Building Series 2015A, 4.000%, 2/01/40 
 
 
 
305  
Sleepy Eye, Minnesota, General Obligation Bonds, Improvement Series 2020B, 4.000%, 
No Opt. Call AA 367,687 
 
 2/01/28 (WI/DD, Settling 6/24/20) 
 
 
 
1,970  
Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation 
2/23 at 100.00 AAA 2,084,260 
 
 Bonds, School Building Series 2014A, 3.500%, 2/01/31 
 
 
 
500  
West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, 
2/27 at 100.00 AAA 569,390 
 
 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 1,064,720 
 
 Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/42 
 
 
 
24,970  
Total Tax Obligation/General 
 
 
25,988,588 
 
65
 
  
NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Tax Obligation/Limited – 14.8% (9.3% of Total Investments) 
 
 
 
$ 1,000  
Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation, 
2/23 at 100.00 A+ $ 1,045,290 
 
 Series 2015A, 4.000%, 2/01/41 
 
 
 
1,600  
Duluth Independent School District 709, Minnesota, Certificates of Participation, 
2/22 at 77.70 Aa2 1,197,328 
 
 Capital Appreciation Series 2012A, 0.000%, 2/01/28 – AGM Insured 
 
 
 
125  
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding 
3/23 at 100.00 N/R 122,824 
 
 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 500,690 
 
 5.000%, 3/01/29 
 
 
 
375  
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, 
8/25 at 100.00 AA+ 415,579 
 
 Series 2016C, 4.000%, 8/01/35 
 
 
 
200  
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, 
8/27 at 100.00 AA+ 229,214 
 
 Series 2017A, 4.000%, 8/01/35 
 
 
 
500  
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, 
8/28 at 100.00 AA+ 566,955 
 
 Series 2018D, 4.000%, 8/01/39 
 
 
 
2,230  
Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 
8/21 at 100.00 AA+ 2,347,766 
 
 2011, 5.000%, 8/01/31 
 
 
 
750  
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, 
2/25 at 100.00 A2 808,762 
 
 Certificates of Participation, Series 2015B, 4.000%, 2/01/42 
 
 
 
1,000  
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, 
2/25 at 100.00 A2 1,069,410 
 
 Certificates of Participation, Series 2015A, 3.750%, 2/01/36 
 
 
 
 
 
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 170,926 
500  4.000%, 2/01/38 2/25 at 100.00 A1 542,410 
 
 
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 461,393 
895  5.250%, 4/01/43 4/23 at 100.00 N/R 895,626 
1,150  
Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of 
2/29 at 100.00 AAA 1,411,234 
 
 Participation, Series 2019B, 4.000%, 2/01/31 
 
 
 
800  
Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33 
11/24 at 100.00 A+ 863,504 
12,225  
Total Tax Obligation/Limited 
 
 
12,648,911 
 
 Transportation – 3.9% (2.4% of Total Investments) 
 
 
 
500  
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
7/29 at 100.00 A+ 595,190 
 
 Refunding Subordinate Lien Series 2019A, 5.000%, 1/01/44 
 
 
 
750  
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
7/29 at 100.00 A+ 872,175 
 
 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– 1,830,432 
 
 Senior Lien Series 2016C, 5.000%, 1/01/46 
 
 
 
2,850  
Total Transportation 
 
 
3,297,797 
 
 U.S. Guaranteed – 6.2% (3.9% of Total Investments) (4) 
 
 
 
580  
St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, 
11/25 at 100.00 N/R 723,051 
 
 HealthEast Inc, Series 2015A, 5.000%, 11/15/44 (Pre-refunded 11/15/25) 
 
 
 
2,000  
University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 
12/20 at 100.00 Aa1 2,049,360 
 
 (Pre-refunded 12/01/20) 
 
 
 
 
 
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 Aa3 1,130,910 
1,200  5.000%, 1/01/46 (Pre-refunded 1/01/24) 1/24 at 100.00 Aa3 1,399,776 
4,780  
Total U.S. Guaranteed 
 
 
5,303,097 
 
66
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Utilities – 14.2% (9.0% of Total Investments) 
 
 
 
$ 500  
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 
10/24 at 100.00 A1 $ 551,455 
 
 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 A1 1,181,575 
1,200  
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 
12/26 at 100.00 Aa3 1,436,976 
 
 5.000%, 12/01/47 
 
 
 
500  
Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 
10/27 at 100.00 A– 562,030 
 
 4.000%, 10/01/42 
 
 
 
 
 
Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, 
 
 
 
 
 
Series 994A: 
 
 
 
1,100  0.000%, 1/01/23 – NPFG Insured No Opt. Call A+ 1,079,815 
3,070  0.000%, 1/01/24 – NPFG Insured No Opt. Call A+ 2,980,540 
100  0.000%, 1/01/26 – NPFG Insured No Opt. Call A+ 93,666 
3,500  
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 
7/28 at 100.00 Aa3 4,317,320 
 
 2018A, 5.000%, 1/01/49 
 
 
 
10,935  
Total Utilities 
 
 
12,203,377 
 
 Water and Sewer – 0.6% (0.4% of Total Investments) 
 
 
 
415  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/26 at 100.00 A– 443,797 
 
 2016, 5.000%, 1/01/46 
 
 
 
30  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/30 at 100.00 A– 33,231 
 
 2020A, 5.000%, 1/01/50 
 
 
 
445  
Total Water and Sewer 
 
 
477,028 
$ 128,012  Total Long-Term Investments (cost $127,503,581) 
 
 
133,222,440 

 
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 SHORT-TERM INVESTMENTS – 3.1% (1.9% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 3.1% (1.9% of Total Investments) 
 
 
 
 
 Health Care – 3.1% (1.9% of Total Investments) 
 
 
 
$ 1,100  
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligation, 
7/20 at 100.00 A-1+ $ 1,100,000 
 
 Mayo Clinic Series 2008B, 0.120%, 11/15/38 (5) 
 
 
 
940  
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligation, 
7/20 at 100.00 A-1+ 940,000 
 
 Mayo Clinic, Series 2011, 0.120%, 11/15/38 (5) 
 
 
 
575  
Minneapolis, Minnesota, Health Care System Revenue Bonds, Variable Rate Demand Obligation, 
7/20 at 100.00 A-1 575,000 
 
 Fairview Health Services, Series 2018C, 0.060%, 11/15/48 (5) 
 
 
 
$ 2,615  
Total Short-Term Investments (cost $2,615,000) 
 
 
2,615,000 
 
 Total Investments (cost $130,118,581) – 158.6% 
 
 
135,837,440 
 
 Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (61.6)% (6) 
 
 
(52,755,713) 
 
 Other Assets Less Liabilities – 3.0% 
 
 
2,562,211 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 85,643,938 
 
67
 
  
NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
  
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
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) 
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. 
(6) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 38.8%. 
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 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
68
 
  
NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 156.3% (100.0% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 156.3% (100.0% of Total Investments) 
 
 
 
 
 Consumer Staples – 4.3% (2.8% of Total Investments) 
 
 
 
$ 1,055  
Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and 
No Opt. Call AA– $ 1,389,984 
 
 Gamble Inc, Series 1999, 5.200%, 3/15/29 (AMT) 
 
 
 
 
 Education and Civic Organizations – 16.0% (10.3% of Total Investments) 
 
 
 
300  
Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2014A, 
11/24 at 100.00 AA+ 342,282 
 
 4.000%, 11/01/33 
 
 
 
410  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
6/23 at 100.00 A1 457,658 
 
 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 776,317 
 
 Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 
 
 
 
600  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
10/22 at 100.00 BBB– 613,806 
 
 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+ 816,604 
 
 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– 1,095,820 
 
 University, Series 2015A, 4.000%, 10/01/42 
 
 
 
500  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis 
4/29 at 100.00 AA– 594,500 
 
 University, Series 2019A, 5.000%, 10/01/46 
 
 
 
115  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, 
4/27 at 100.00 Baa1 105,445 
 
 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 227,632 
 
 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 96,001 
 
 Missouri Valley College, Series 2017, 4.500%, 10/01/40 
 
 
 
4,710  
Total Education and Civic Organizations 
 
 
5,126,065 
 
 Health Care – 35.7% (22.8% of Total Investments) 
 
 
 
300  
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 
8/26 at 100.00 BBB– 328,863 
 
 2016, 5.000%, 8/01/30 
 
 
 
400  
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities 
3/27 at 100.00 BBB– 426,068 
 
 Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 
 
 
 
 
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, 
 
 
 
 
 
Hannibal Regional Healthcare System, Series 2017: 
 
 
 
310  5.000%, 10/01/42 10/27 at 100.00 A– 347,684 
250  5.000%, 10/01/47 10/27 at 100.00 A– 276,920 
315  
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, 
2/24 at 100.00 345,394 
 
 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 535,680 
 
 BJC Health System, Series 2015A, 4.000%, 1/01/45 
 
 
 
500  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
7/26 at 100.00 AA 553,490 
 
 BJC Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50 (Mandatory 
 
 
 
 
 Put 1/01/46) 
 
 
 
750  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
1/28 at 100.00 AA 828,578 
 
 BJC Health System, Series 2018D, 4.000%, 1/01/58 (Mandatory Put 1/01/48) (UB) (4) 
 
 
 
540  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/20 at 100.00 Baa2 547,641 
 
 Capital Region Medical Center, Series 2011, 5.000%, 11/01/27 
 
 
 
 
69
 
  
NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
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 $ 1,851,792 
 
 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 472,502 
 
 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 175,561 
 
 CoxHealth, Series 2019A, 5.000%, 11/15/37 
 
 
 
335  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
2/22 at 100.00 AA– 350,125 
 
 Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37 
 
 
 
290  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/22 at 100.00 AA– 300,396 
 
 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 AA– 590,309 
 
 Mercy Health, Series 2014F, 4.250%, 11/15/48 
 
 
 
515  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/27 at 100.00 AA– 604,584 
 
 Mercy Health, Series 2017C, 5.000%, 11/15/47 
 
 
 
2,000  
Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, 
11/20 at 100.00 A+ 2,028,800 
 
 Saint Luke’s Health System, Series 2010A, 5.000%, 11/15/30 
 
 
 
350  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy 
5/25 at 102.00 A+ 374,853 
 
 Hospital, Series 2017A, 4.000%, 5/15/48 
 
 
 
500  
Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue 
11/25 at 100.00 N/R 483,610 
 
 Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 5.000%, 11/15/46 
 
 
 
10,700  
Total Health Care 
 
 
11,422,850 
 
 Housing/Single Family – 0.6% (0.4% of Total Investments) 
 
 
 
165  
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First 
11/26 at 100.00 AA+ 181,424 
 
 Place Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37 
 
 
 
 
 Long-Term Care – 9.2% (5.9% of Total Investments) 
 
 
 
190  
Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The 
5/25 at 100.00 N/R 158,443 
 
 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 95,043 
 
 Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37 
 
 
 
250  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/21 at 100.00 BBB 253,837 
 
 Services Projects, Series 2011, 6.000%, 2/01/41 
 
 
 
500  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/24 at 100.00 BBB 483,140 
 
 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 400,952 
500  5.000%, 2/01/46 2/26 at 100.00 BBB 479,730 
100  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/29 at 100.00 BBB 77,506 
 
 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 9/22 at 100.00 BB+ 242,410 
250  5.000%, 9/01/42 9/22 at 100.00 BB+ 228,070 
430  
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/23 at 100.00 BB+ 436,863 
 
 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 86,202 
 
 Andrew’s Resources for Seniors, Series 2015A, 5.125%, 12/01/45 
 
 
 
3,070  
Total Long-Term Care 
 
 
2,942,196 
 
 Tax Obligation/General – 23.6% (15.1% of Total Investments) 
 
 
 
500  
Branson Reorganized School District R-4, Taney County, Missouri, General Obligation 
3/22 at 100.00 A+ 527,985 
 
 Bonds, School Building Series 2012, 4.375%, 3/01/32 
 
 
 
 
70
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/General (continued) 
 
 
 
 
 
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 $ 1,133,500 
335  4.000%, 3/01/36 3/26 at 100.00 AA 376,594 
340  
Clay County Reorganized School District R-II Smithville, Missouri, General Obligation 
3/27 at 100.00 AA+ 388,447 
 
 Bonds, Refunding Series 2015, 4.000%, 3/01/36 
 
 
 
500  
Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, 
3/24 at 100.00 AA+ 554,320 
 
 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+ 246,612 
 
 Refunding & Improvement Series 2018, 5.000%, 3/01/36 
 
 
 
500  
Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation 
3/21 at 100.00 AA– 517,450 
 
 Bonds, School Building Series 2013A, 5.000%, 3/01/31 
 
 
 
1,000  
Joplin Schools, Missouri, General Obligation Bonds, Refunding, Direct Deposit Program 
3/27 at 100.00 AA+ 1,172,710 
 
 Series 2017, 4.000%, 3/01/32 
 
 
 
300  
Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A, 
2/28 at 100.00 AA 353,751 
 
 4.000%, 2/01/35 
 
 
 
1,000  
Valley Park Fire Protection District, Missouri, General Obligation Bonds, Series 2019, 
3/27 at 100.00 AA 1,140,190 
 
 4.000%, 3/01/39 
 
 
 
1,000  
Washington School District, Franklin County, Missouri, General Obligation Bonds, 
3/27 at 100.00 AA+ 1,152,900 
 
 Missouri Direct Deposit Program, Series 2019, 4.000%, 3/01/35 
 
 
 
6,675  
Total Tax Obligation/General 
 
 
7,564,459 
 
 Tax Obligation/Limited – 26.5% (16.9% of Total Investments) 
 
 
 
910  
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit 
10/22 at 100.00 AA+ 1,006,251 
 
 Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33 
 
 
 
500  
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit 
10/29 at 100.00 AA+ 561,255 
 
 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 324,419 
 
 Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30 
 
 
 
145  
Clay, Jackson & Platte Counties Consolidated Public Library District 3, Missouri, 
3/26 at 100.00 Aa3 159,425 
 
 Certificates 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, Series 
5/25 at 100.00 N/R 233,420 
 
 2017, 5.125%, 5/01/41 
 
 
 
350  
Fenton Missouri Fire Protection District, Missouri, General Obligation Bonds, Series 
3/27 at 100.00 AA+ 399,066 
 
 2019, 4.000%, 3/01/39 
 
 
 
315  
Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, 
6/20 at 100.00 N/R 163,800 
 
 Series 2006, 5.000%, 6/01/28 (5) 
 
 
 
430  
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 
1/22 at 100.00 BB 435,590 
 
 
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+ 241,123 
200  5.000%, 3/01/38 3/23 at 100.00 BB+ 190,484 
485  
Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, 
12/21 at 100.00 Aa3 510,264 
 
 Series 2011B, 4.350%, 12/01/23 
 
 
 
300  
Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District 
9/21 at 100.00 AA– 317,274 
 
 Revenue Bonds, Series 2011A, 5.000%, 9/01/32 
 
 
 
125  
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward 
No Opt. Call N/R 122,403 
 
 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– 365,310 
 
 2014C, 5.000%, 9/01/33 
 
 
 
 
71
 
  
NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
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 $ 100,505 
100  5.000%, 2/01/50, 144A 2/28 at 100.00 N/R 99,686 
245  
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of 
6/23 at 100.00 263,390 
 
 Branson – Branson Landing Project, Series 2015A, 4.000%, 6/01/34 
 
 
 
260  
Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Project, Series 2006, 
6/20 at 100.00 N/R 243,958 
 
 5.000%, 5/01/23 
 
 
 
140  
Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax 
5/21 at 100.00 N/R 141,438 
 
 Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 
 
 
 
 
 
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 198,252 
409  0.000%, 7/01/46 7/28 at 41.38 N/R 106,189 
170  5.000%, 7/01/58 7/28 at 100.00 N/R 170,554 
 
 
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 242,550 
 4.784%, 7/01/58 7/28 at 100.00 N/R 8,745 
50  
Saint Charles County Industrial Development Authority, Missouri, Sales Tax Revenue 
11/29 at 102.00 N/R 40,627 
 
 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 223,925 
 
 Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, 
 
 
 
 
 7/01/44, 144A 
 
 
 
300  
Saint Louis Municipal Library District, Missouri, Certificates of Participation, 
3/30 at 100.00 AA 339,495 
 
 Refunding Series 2020, 4.000%, 3/15/44 – BAM Insured 
 
 
 
600  
Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, 
4/25 at 100.00 Aa2 659,472 
 
 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 371,277 
 
 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 231,523 
 
 Series 2017, 4.500%, 6/01/36 
 
 
 
8,685  
Total Tax Obligation/Limited 
 
 
8,471,670 
 
 Transportation – 1.1% (0.7% of Total Investments) 
 
 
 
335  
Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 – 
10/23 at 100.00 AA 361,626 
 
 AGM Insured 
 
 
 
 
 U.S. Guaranteed – 24.4% (15.6% of Total Investments) (6) 
 
 
 
200  
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, 
2/21 at 100.00 207,368 
 
 Freeman Health System, Series 2011, 5.500%, 2/15/31 (Pre-refunded 2/15/21) 
 
 
 
2,000  
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, 
5/22 at 100.00 AAA 2,184,500 
 
 Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/22) 
 
 
 
500  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
12/21 at 100.00 A+ 526,310 
 
 Saint Luke’s Episcopal & Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25 
 
 
 
 
 (Pre-refunded 12/01/21) 
 
 
 
630  
Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University 
10/21 at 100.00 A– 671,813 
 
 of Health Sciences, Series 2011, 5.250%, 10/01/41 (Pre-refunded 10/01/21) 
 
 
 
510  
Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University 
10/23 at 100.00 A– 590,850 
 
 of Health Sciences, Series 2014, 5.000%, 10/01/39 (Pre-refunded 10/01/23) 
 
 
 
550  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington 
11/21 at 100.00 AA+ 588,280 
 
 University, Series 2011B, 5.000%, 11/15/37 (Pre-refunded 11/15/21) 
 
 
 
600  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, 
4/21 at 100.00 Baa1 623,628 
 
 Series 2011, 5.000%, 4/01/36 (Pre-refunded 4/01/21) 
 
 
 
 
72
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
U.S. Guaranteed (6) (continued) 
 
 
 
 
 
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, 
 
 
 
 
 
MoPEP Facilities, Series 2012: 
 
 
 
$ 400  5.000%, 1/01/32 (Pre-refunded 1/01/21) 1/21 at 100.00 A2 $ 411,016 
425  5.000%, 1/01/37 (Pre-refunded 1/01/21) 1/21 at 100.00 A2 436,704 
100  
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/22 at 100.00 N/R 110,470 
 
 Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) 
 
 
 
920  
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley 
8/20 at 100.00 N/R 943,497 
 
 Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM) 
 
 
 
500  
St Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1993D, 
No Opt. Call AA+ 502,100 
 
 5.650%, 7/01/20 (AMT) (ETM) 
 
 
 
7,335  
Total U.S. Guaranteed 
 
 
7,796,536 
 
 Utilities – 4.8% (3.1% of Total Investments) 
 
 
 
350  
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum 
1/25 at 100.00 409,804 
 
 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 100.00 549,235 
 
 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 586,925 
 
 MoPEP Facilities, Series 2018, 5.000%, 12/01/43 
 
 
 
1,350  
Total Utilities 
 
 
1,545,964 
 
 Water and Sewer – 10.1% (6.4% of Total Investments) 
 
 
 
250  
Camden County Public Water Supply District 4, Missouri, Certificates of Participation, 
1/25 at 100.00 A– 277,882 
 
 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+ 164,776 
 
 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 188,440 
 
 4.000%, 1/01/35 
 
 
 
125  
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, 
5/26 at 100.00 AAA 150,706 
 
 Refunding & Improvement Series 2016C, 5.000%, 5/01/46 
 
 
 
450  
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, 
5/27 at 100.00 AAA 546,300 
 
 Refunding & Improvement Series 2017A, 5.000%, 5/01/47 
 
 
 
500  
Missouri Environmental Improvement and Energy Resources Authority, Water Facility 
1/25 at 100.00 Aa3 578,160 
 
 Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40 
 
 
 
585  
Saint Charles County Public Water Supply District 2, Missouri, Certificates of 
12/25 at 100.00 AA+ 704,077 
 
 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+ 608,283 
 
 Participation, Series 2018, 4.000%, 12/01/39 
 
 
 
2,770  
Total Water and Sewer 
 
 
3,218,624 
$ 46,850  Total Long-Term Investments (cost $47,434,249) 
 
 
50,021,398 
 
 Floating Rate Obligations – (1.9)% 
 
 
(600,000) 
 
 MuniFund Preferred Shares, net of deferred offering cost – (55.5)% (7) 
 
 
(17,779,188) 
 
 Other Assets Less Liabilities – 1.1% 
 
 
354,000 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 31,996,210 
 
73
 
  
NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
  
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
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 35.5%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. 
 
See accompanying notes to financial statements. 
 
74
 
  
NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 155.0% (100.0% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 155.0% (100.0% of Total Investments) 
 
 
 
 
 Consumer Staples – 4.6% (3.0% of Total Investments) 
 
 
 
 
 
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2007A: 
 
 
 
$ 545  5.250%, 6/01/32 6/20 at 100.00 N/R $ 512,087 
700  5.625%, 6/01/47 6/20 at 100.00 N/R 614,663 
4,135  
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed 
6/20 at 100.00 B– 4,116,020 
 
 Bonds, Series 2007B1, 5.000%, 6/01/47 
 
 
 
6,645  
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed 
6/21 at 100.00 B– 6,669,919 
 
 Bonds, Series 2007B2, 5.200%, 6/01/46 
 
 
 
75  
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement 
6/20 at 100.00 A3 75,105 
 
 Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 
 
 
 
12,100  
Total Consumer Staples 
 
 
11,987,794 
 
 Education and Civic Organizations – 12.3% (7.9% of Total Investments) 
 
 
 
1,615  
Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue 
1/22 at 100.00 A1 1,678,453 
 
 Bonds, Episcopal High School, Series 2012, 3.750%, 1/01/30 
 
 
 
 
 
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 1,249,070 
565  4.000%, 1/01/40 1/27 at 100.00 A1 634,365 
520  
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, 
6/20 at 100.00 BB– 509,590 
 
 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 1,242,010 
 
 University, Educational Facility Revenue Bonds, Refunding Series 2018A, 5.000%, 1/01/43 
 
 
 
500  
Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech 
6/27 at 100.00 Aa2 577,115 
 
 Foundation, Refunding Series 2017A, 4.000%, 6/01/36 
 
 
 
 
 
Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech 
 
 
 
 
 
Foundation, Refunding Series 2019A: 
 
 
 
500  4.000%, 6/01/37 6/29 at 100.00 Aa2 594,960 
905  4.000%, 6/01/39 6/29 at 100.00 Aa2 1,070,144 
750  
Roanoke Economic Development Authority, Virginia, Educational Facilities Revenue Bonds, 
9/28 at 100.00 BBB+ 791,543 
 
 Lynchburg College, Series 2018A, 5.000%, 9/01/43 
 
 
 
2,500  
The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, 
4/25 at 100.00 AAA 2,896,925 
 
 Green Series 2015A-2, 5.000%, 4/01/45 
 
 
 
 
 
The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, 
 
 
 
 
 
Refunding Series 2017A: 
 
 
 
9,000  5.000%, 4/01/42 (UB) (4) 4/27 at 100.00 AAA 11,013,660 
1,515  5.000%, 4/01/42 4/27 at 100.00 AAA 1,853,966 
1,000  
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount 
7/25 at 100.00 BB+ 899,770 
 
 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+ 1,429,650 
4,000  5.000%, 7/01/45, 144A 7/25 at 100.00 BB+ 3,599,080 
80  
Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington 
No Opt. Call AA 82,329 
 
 and Lee University, Series 2001, 5.375%, 1/01/21 
 
 
 
1,460  
Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington 
1/25 at 100.00 AA 1,659,743 
 
 and Lee University, Series 2015A, 5.000%, 1/01/40 
 
 
 
28,515  
Total Education and Civic Organizations 
 
 
31,782,373 
 
75
 
  
NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Health Care – 24.3% (15.6% of Total Investments) 
 
 
 
$ 5,000  
Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue 
7/20 at 100.00 AA– $ 5,012,300 
 
 Bonds, Virginia Hospital Center Arlington Health System, Refunding Series 2010, 5.000%, 7/01/31 
 
 
 
 
 
Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue 
 
 
 
 
 
Bonds, Virginia Hospital Center, Series 2020: 
 
 
 
2,000  4.000%, 7/01/39 7/30 at 100.00 AA– 2,199,020 
225  4.000%, 7/01/40 7/30 at 100.00 AA– 246,013 
1,055  4.000%, 7/01/45 7/30 at 100.00 AA– 1,142,523 
1,000  
Chesapeake Hospital Authority, Virginia, Hospital Facility Revenue Bonds, Chesapeake 
7/29 at 100.00 1,040,430 
 
 Regional Medical Center, Series 2019, 4.000%, 7/01/39 
 
 
 
1,920  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 
8/29 at 100.00 BBB+ 1,966,195 
 
 Series 2019A-1, 4.000%, 8/01/44 
 
 
 
1,000  
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, 
5/22 at 100.00 AA+ 1,057,190 
 
 Inova Health System, Series 2012A, 5.000%, 5/15/40 
 
 
 
2,000  
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, 
5/28 at 100.00 AA+ 2,231,640 
 
 Inova Health System, Series 2018A, 4.000%, 5/15/48 
 
 
 
4,950  
Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding 
No Opt. Call AA+ 5,320,606 
 
 Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23 
 
 
 
2,500  
Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue 
No Opt. Call A3 2,800,350 
 
 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+ 1,071,400 
 
 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 3,828,335 
 
 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 100.00 229,577 
2,000  5.000%, 1/01/47 1/27 at 100.00 2,253,360 
1,000  
Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds, 
11/28 at 100.00 AA 1,121,270 
 
 Sentara Healthcare Systems, Refunding Series 2018B, 4.000%, 11/01/48 
 
 
 
3,155  
Prince William County Industrial Development Authority, Virginia, Health Care Facilities 
11/22 at 100.00 AA– 3,352,187 
 
 Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 
 
 
 
 
 5.000%, 11/01/46 
 
 
 
2,000  
Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion 
7/30 at 100.00 AA– 2,191,740 
 
 Clinic Obligated Group, Series 2020A, 4.000%, 7/01/51 
 
 
 
 
 
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 A3 1,154,640 
1,440  5.000%, 6/15/35 6/26 at 100.00 A3 1,645,862 
1,360  4.000%, 6/15/37 6/26 at 100.00 A3 1,466,107 
3,200  
Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series 
7/27 at 100.00 AA– 3,757,056 
 
 2017B, 5.000%, 7/01/46 
 
 
 
3,415  
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Bon 
6/30 at 100.00 AA– 3,742,908 
 
 Secours Mercy Health, Inc, Series 2020A, 4.000%, 12/01/49 
 
 
 
 
 
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara 
 
 
 
 
 
Healthcare, Refunding Series 2020: 
 
 
 
1,000  4.000%, 11/01/38 11/29 at 100.00 AA 1,121,360 
1,150  4.000%, 11/01/39 11/29 at 100.00 AA 1,286,183 
2,700  
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 
8/29 at 100.00 BBB+ 2,764,962 
 
 2019A-1, 4.000%, 8/01/44 
 
 
 
2,335  
Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley 
1/24 at 100.00 A+ 2,523,761 
 
 Health System Obligated Group, Refunding Series 2014A, 5.000%, 1/01/44 
 
 
 
 
76
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Health Care (continued) 
 
 
 
 
 
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+ $ 1,732,725 
1,000  5.000%, 1/01/35 1/26 at 100.00 A+ 1,148,560 
2,000  4.000%, 1/01/37 1/26 at 100.00 A+ 2,179,960 
1,215  5.000%, 1/01/44 1/26 at 100.00 A+ 1,364,251 
57,815  
Total Health Care 
 
 
62,952,471 
 
 Housing/Multifamily – 6.2% (4.0% of Total Investments) 
 
 
 
1,000  
Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue 
1/27 at 100.00 N/R 1,000,490 
 
 Bonds, American Tobacco Apartments, Series 2017, 5.550%, 1/01/37, 144A 
 
 
 
1,000  
Virginia Housing Development Authority, Rental Housing Bonds, Series 2012A, 
3/21 at 100.00 AA+ 1,014,320 
 
 3.625%, 3/01/32 
 
 
 
 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A: 
 
 
 
1,000  3.500%, 3/01/35 3/24 at 100.00 AA+ 1,057,960 
1,000  3.625%, 3/01/39 3/24 at 100.00 AA+ 1,044,170 
900  
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C, 
8/24 at 100.00 AA+ 957,483 
 
 4.000%, 8/01/45 
 
 
 
2,750  
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E, 
12/24 at 100.00 AA+ 2,938,732 
 
 3.750%, 12/01/40 
 
 
 
1,500  
Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 
5/25 at 100.00 AA+ 1,593,465 
 
 3.350%, 5/01/36 
 
 
 
1,700  
Virginia Housing Development Authority, Rental Housing Bonds, Series 2017A, 
3/26 at 100.00 AA+ 1,834,368 
 
 3.875%, 3/01/47 
 
 
 
3,000  
Virginia Housing Development Authority, Rental Housing Bonds, Series 2019A, 
3/28 at 100.00 AA+ 3,304,230 
 
 3.800%, 9/01/44 
 
 
 
1,310  
Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue 
6/20 at 100.00 AA+ 1,313,773 
 
 Bonds, Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51 
 
 
 
15,160  
Total Housing/Multifamily 
 
 
16,058,991 
 
 Long-Term Care – 6.6% (4.3% of Total Investments) 
 
 
 
900  
Alexandria Industrial Development Authority, Virginia, Residential Care Facilities 
10/25 at 100.00 BBB+ 908,316 
 
 Mortgage Revenue Bonds, Goodwin House Incorporated, Series 2015, 5.000%, 10/01/50 
 
 
 
 
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities 
 
 
 
 
 
Mortgage Revenue Bonds, Goodwin House, Inc, Series 2016A: 
 
 
 
1,965  5.000%, 10/01/42 10/24 at 102.00 BBB+ 2,000,056 
700  4.000%, 10/01/42 10/24 at 102.00 BBB+ 621,985 
1,000  
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities 
12/23 at 100.00 BBB+ 982,400 
 
 Revenue Bonds, Vinson Hall LLC, Series 2013A, 5.000%, 12/01/47 
 
 
 
875  
Henrico County Economic Development Authority, Virginia, Residential Care Facility 
10/20 at 100.00 N/R 871,981 
 
 Revenue Bonds, Westminster Canterbury of Richmond, Refunding Series 2015, 4.000%, 10/01/35 
 
 
 
1,000  
Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue 
1/25 at 102.00 BBB– 846,890 
 
 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– 1,183,788 
 
 Bonds, Kendal at Lexington Retirement Community Inc, Refunding Series 2017A, 5.000%, 1/01/48 
 
 
 
 
 
Norfolk Redevelopment and Housing Authority, Virginia, Fort Norfolk Retirement 
 
 
 
 
 
Community, Inc, Harbor’s Edge Project, Series 2019A: 
 
 
 
1,325  5.000%, 1/01/49 1/24 at 104.00 N/R 1,261,148 
2,000  5.250%, 1/01/54 1/24 at 104.00 N/R 1,975,020 
 
 
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 BBB 677,457 
2,000  5.000%, 1/01/46 1/25 at 102.00 BBB 1,977,140 
 
77
 
  
NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Long-Term Care (continued) 
 
 
 
$ 1,000  
Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage 
12/22 at 100.00 N/R $ 945,070 
 
 Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 
 
 
 
 
 4.625%, 12/01/27 
 
 
 
 
 
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 1,005,250 
1,920  5.000%, 9/01/31 9/24 at 102.00 N/R 1,895,482 
17,605  
Total Long-Term Care 
 
 
17,151,983 
 
 Tax Obligation/General – 1.4% (0.9% of Total Investments) 
 
 
 
2,035  
Arlington County, Virginia, General Obligation Bonds, Refunding Series 2014B, 
No Opt. Call AAA 2,252,175 
 
 5.000%, 8/15/22 
 
 
 
830  
Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 
7/20 at 100.00 Aa1 834,773 
 
 5.000%, 7/15/25 
 
 
 
380  
Richmond, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 
No Opt. Call AA+ 551,410 
 
 2017D, 5.000%, 3/01/33 
 
 
 
3,245  
Total Tax Obligation/General 
 
 
3,638,358 
 
 Tax Obligation/Limited – 32.9% (21.2% 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 2,171,755 
1,340  5.000%, 2/15/37 8/27 at 100.00 Aa1 1,665,258 
 
 
Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, 
 
 
 
 
 
Golf Course Project, Series 2005A: 
 
 
 
365  5.250%, 7/15/25 – ACA Insured 6/20 at 100.00 N/R 336,431 
520  5.500%, 7/15/35 – ACA Insured 6/20 at 100.00 N/R 416,624 
1,150  
Dulles Town Center Community Development Authority, Loudon County, Virginia Special 
3/22 at 100.00 N/R 1,126,391 
 
 Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.250%, 3/01/26 
 
 
 
100  
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, 
3/25 at 100.00 N/R 93,044 
 
 Series 2015, 5.600%, 3/01/45, 144A 
 
 
 
1,000  
Fairfax County Economic Development Authority, Virginia, County Facilities Revenue 
10/27 at 100.00 AA+ 1,268,750 
 
 Bonds, Refunding Series 2017B, 5.000%, 10/01/33 
 
 
 
1,500  
Fairfax County Economic Development Authority, Virginia, Revenue Bonds, Metrorail 
4/27 at 100.00 AA+ 1,815,045 
 
 Parking System Project, Series 2017, 5.000%, 4/01/42 
 
 
 
4,000  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 
11/25 at 100.00 BB 4,207,840 
 
 5.000%, 11/15/34 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
1,020  5.000%, 1/01/31 1/22 at 100.00 BB 1,039,196 
500  5.250%, 1/01/36 1/22 at 100.00 BB 509,840 
1,000  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 
12/26 at 100.00 BB 1,060,580 
 
 5.000%, 12/01/34 
 
 
 
 
 
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+ 4,927,400 
2,000  5.000%, 7/01/52 1/28 at 100.00 AA+ 2,455,340 
13,000  5.000%, 7/01/52 (UB) (4) 1/28 at 100.00 AA+ 15,959,710 
1,000  5.500%, 7/01/57 1/28 at 100.00 AA+ 1,260,630 
965  
Lower Magnolia Green Community Development Authority, Virginia, Special Assessment 
3/25 at 100.00 N/R 916,605 
 
 Bonds, Series 2015, 5.000%, 3/01/35, 144A 
 
 
 
 
 
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 355,100 
3,000  5.000%, 9/01/45, 144A 9/27 at 100.00 N/R 2,990,820 
 
78
 
      
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 $ 709,990 
 
 5.500%, 7/01/29 – AMBAC Insured 
 
 
 
5,875  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding 
No Opt. Call 4,042,823 
 
 Series 2005C, 0.000%, 7/01/28 – AMBAC Insured 
 
 
 
5,085  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 
No Opt. Call 3,320,556 
 
 0.000%, 7/01/29 – AMBAC Insured 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 
 
 
 
 
 
2018A-1: 
 
 
 
57  0.000%, 7/01/24 No Opt. Call N/R 50,200 
96  0.000%, 7/01/27 No Opt. Call N/R 75,826 
94  0.000%, 7/01/29 7/28 at 98.64 N/R 68,111 
121  0.000%, 7/01/31 7/28 at 91.88 N/R 79,646 
136  0.000%, 7/01/33 7/28 at 86.06 N/R 81,660 
1,173  4.500%, 7/01/34 7/25 at 100.00 N/R 1,186,478 
3,609  0.000%, 7/01/51 7/28 at 30.01 N/R 684,627 
6,310  5.000%, 7/01/58 7/28 at 100.00 N/R 6,330,571 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
 
 
 
 
 
Restructured COFINA Project Series 2019A-2: 
 
 
 
50  4.329%, 7/01/40 7/28 at 100.00 N/R 48,125 
 4.536%, 7/01/53 7/28 at 100.00 N/R 3,763 
62  4.784%, 7/01/58 7/28 at 100.00 N/R 60,241 
760  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding 
No Opt. Call Baa2 777,708 
 
 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 1,672,290 
 
 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 2,522,957 
 
 Series 2014A, 5.000%, 10/01/34 – AGM Insured, 144A 
 
 
 
1,380  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
No Opt. Call AA 1,507,705 
 
 Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured 
 
 
 
1,665  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
No Opt. Call AA 1,819,079 
 
 Lien, Series 2013A, 5.000%, 10/01/24 – AGM Insured 
 
 
 
1,725  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 
10/22 at 100.00 AA 1,870,124 
 
 2012A, 5.000%, 10/01/32 – AGM Insured 
 
 
 
3,500  
Virginia Commonwealth Transportation Board, Federal Transportation Grant Anticipation 
9/26 at 100.00 AA+ 4,396,420 
 
 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+ 2,397,720 
 
 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+ 2,456,760 
 
 5.000%, 8/01/26 
 
 
 
35  
Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, 
11/22 at 100.00 AAA 37,973 
 
 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 122,480 
 
 Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 8.375%, 
 
 
 
 
 4/01/41, 144A 
 
 
 
1,000  
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 
5/22 at 100.00 AA+ 1,054,050 
 
 2012, 4.000%, 5/15/37 
 
 
 
1,000  
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 
5/27 at 100.00 AA+ 1,140,340 
 
 2017, 4.000%, 5/15/42 
 
 
 
1,000  
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 
5/28 at 100.00 AA+ 1,170,070 
 
 2018, 4.000%, 5/15/38 
 
 
 
920  
Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding 
12/26 at 100.00 Aa2 1,142,493 
 
 Series 2016, 5.000%, 12/01/36 
 
 
 
82,712  
Total Tax Obligation/Limited 
 
 
85,407,145 
 
79
 
  
NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Transportation – 44.9% (29.0% of Total Investments) 
 
 
 
 
 
Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Refunding Series 2016A: 
 
 
 
$ 775  5.000%, 7/01/32 7/26 at 100.00 A2 $ 907,494 
375  4.000%, 7/01/34 7/26 at 100.00 A2 411,473 
400  4.000%, 7/01/35 7/26 at 100.00 A2 437,640 
250  4.000%, 7/01/38 7/26 at 100.00 A2 271,188 
 
 
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, 
 
 
 
 
 
First Tier Series 2016: 
 
 
 
1,705  5.000%, 7/01/41 – AGM Insured 7/26 at 100.00 AA 2,019,453 
8,320  5.000%, 7/01/46 7/26 at 100.00 BBB 8,937,594 
 
 
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 BBB+ 1,857,480 
4,125  0.000%, 7/15/40 (5) 7/28 at 100.00 BBB+ 3,779,201 
1,000  0.000%, 7/15/40 (5) – AGM Insured 7/28 at 100.00 AA 1,082,010 
4,500  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/29 at 100.00 A– 4,599,855 
 
 Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, 
 
 
 
 
 4.000%, 10/01/44 
 
 
 
3,800  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
4/22 at 100.00 A– 3,902,068 
 
 Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 5.000%, 10/01/53 
 
 
 
 
 
Metropolitan Washington Airports Authority, Virginia, 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 3,525,280 
11,825  0.000%, 10/01/34 – AGC Insured No Opt. Call AA 7,812,186 
1,135  0.000%, 10/01/36 – AGC Insured No Opt. Call AA 687,662 
5,010  0.000%, 10/01/39 – AGC Insured No Opt. Call AA 2,674,789 
6,700  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 A– 8,266,594 
 
 Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 
 
 
 
750  
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/20 at 100.00 AA– 761,303 
 
 Series 2010B, 5.000%, 10/01/26 (AMT) 
 
 
 
 
 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Series 
 
 
 
 
 
2010A: 
 
 
 
3,400  5.000%, 10/01/30 10/20 at 100.00 AA– 3,454,128 
420  5.000%, 10/01/35 10/20 at 100.00 AA– 426,686 
7,300  
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/26 at 100.00 AA– 8,419,382 
 
 Series 2016A, 5.000%, 10/01/35 (AMT) 
 
 
 
375  
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/27 at 100.00 AA– 442,553 
 
 Series 2017, 5.000%, 10/01/34 (AMT) 
 
 
 
 
 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
 
 
 
 
 
Series 2018A: 
 
 
 
2,000  5.000%, 10/01/32 (AMT) 10/28 at 100.00 AA– 2,427,180 
3,290  5.000%, 10/01/36 (AMT) 10/28 at 100.00 AA– 3,923,489 
2,000  5.000%, 10/01/38 (AMT) 10/28 at 100.00 AA– 2,370,740 
4,000  
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/29 at 100.00 AA– 4,820,520 
 
 Series 2019A, 5.000%, 10/01/38 (AMT) 
 
 
 
 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
 
 
 
 
 
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding 
 
 
 
 
 
Series 2016: 
 
 
 
150  5.000%, 8/01/26 (AMT) 8/21 at 100.00 BB– 144,828 
595  5.000%, 8/01/31 (AMT) 8/21 at 100.00 BB– 573,747 
1,740  
Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series 2019, 5.000%, 7/01/43 
7/29 at 100.00 2,007,055 
1,890  
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, 
No Opt. Call 1,982,251 
 
 Series 2002, 5.250%, 7/15/22 – FGIC Insured 
 
 
 
 
80
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Transportation (continued) 
 
 
 
 
 
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 $ 3,411,720 
5,785  5.000%, 12/31/52 (AMT) 6/27 at 100.00 BBB 6,054,812 
1,500  
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes 
1/22 at 100.00 BBB 1,529,850 
 
 LLC Project, Series 2012, 5.000%, 1/01/40 (AMT) 
 
 
 
 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes 
 
 
 
 
 
LLC Project, Series 2019: 
 
 
 
250  5.000%, 1/01/44 (AMT) 1/22 at 100.00 BBB 254,783 
3,285  5.000%, 7/01/49 (AMT) 1/22 at 100.00 BBB 3,345,148 
 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
 
 
 
 
 
Crossing, Opco LLC Project, Series 2012: 
 
 
 
750  5.250%, 1/01/32 (AMT) 7/22 at 100.00 BBB 777,135 
5,025  6.000%, 1/01/37 (AMT) 7/22 at 100.00 BBB 5,253,487 
5,700  5.500%, 1/01/42 (AMT) 7/22 at 100.00 BBB 5,875,503 
 
 
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 3,560,790 
2,000  5.000%, 7/01/42 7/27 at 100.00 AA 2,341,860 
1,000  
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue 
7/27 at 100.00 AA– 1,168,950 
 
 Bonds, Series 2018, 5.000%, 7/01/43 
 
 
 
115,375  
Total Transportation 
 
 
116,499,867 
 
 U.S. Guaranteed – 13.3% (8.6% of Total Investments) (6) 
 
 
 
610  
Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 
7/20 at 100.00 N/R 613,471 
 
 5.000%, 7/15/25 (Pre-refunded 7/15/20) 
 
 
 
1,490  
Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 
No Opt. Call AA 1,638,210 
 
 11/01/24 – AGM Insured (ETM) 
 
 
 
430  
Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 
No Opt. Call AA 442,027 
 
 – AGM Insured (ETM) 
 
 
 
1,030  
Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Bonds, 
No Opt. Call Baa2 1,221,508 
 
 Refunding Series 1998, 5.500%, 7/01/25 – NPFG Insured (ETM) 
 
 
 
2,145  
Chesterfield County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours 
11/20 at 100.00 A3 2,185,927 
 
 Health, Series 2010C-2, 5.000%, 11/01/42 (Pre-refunded 11/01/20) – AGC Insured 
 
 
 
3,375  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
1/23 at 100.00 BBB+ 3,783,645 
 
 Initiatives, Series 2013A, 5.250%, 1/01/40 (Pre-refunded 1/01/23) 
 
 
 
 
 
Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Series 2012A: 
 
 
 
1,295  5.000%, 1/01/39 (Pre-refunded 1/01/21) 1/21 at 100.00 N/R 1,329,887 
5,205  5.000%, 1/01/39 (Pre-refunded 1/01/21) 1/21 at 100.00 AA+ 5,345,223 
 
 
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+ 1,873,941 
1,010  5.000%, 10/01/42 (Pre-refunded 10/01/27) 10/27 at 100.00 AA+ 1,337,583 
1,000  5.000%, 10/01/43 (Pre-refunded 10/01/27) 10/27 at 100.00 AA+ 1,324,340 
410  
Henrico County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Bon 
No Opt. Call Baa2 414,941 
 
 Secours Health System, Series 1996, 6.250%, 8/15/20 – NPFG Insured (ETM) 
 
 
 
1,630  
Norfolk, Virginia, General Obligation Bonds, Refunding Series 2017C, 5.000%, 9/01/30 
3/27 at 100.00 AAA 2,123,597 
 
 (Pre-refunded 3/01/27) 
 
 
 
 
 
Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D: 
 
 
 
150  5.000%, 7/15/34 (Pre-refunded 7/15/20) 7/20 at 100.00 AA 150,872 
1,630  
Prince William County Industrial Development Authority, Virginia, Student Housing 
9/21 at 100.00 N/R 1,728,892 
 
 Revenue Bonds, George Mason University Foundation Prince William Housing LLC Project, Series 
 
 
 
 
 2011A, 5.125%, 9/01/41 (Pre-refunded 9/01/21) 
 
 
 
 
81
 
  
NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued) May 31, 2020
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
U.S. Guaranteed (6) (continued) 
 
 
 
$ 710  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 
No Opt. Call A2 $ 782,527 
 
 5.250%, 7/01/22 – AGM Insured (ETM) 
 
 
 
1,200  
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century 
2/21 at 100.00 AA+ 1,230,648 
 
 College Program, Series 2011A, 4.000%, 2/01/29 (Pre-refunded 2/01/21) 
 
 
 
5,225  
Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, 
11/22 at 100.00 N/R 5,825,927 
 
 Series 2012A, 5.000%, 11/01/42 (Pre-refunded 11/01/22) 
 
 
 
915  
Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding 
12/26 at 100.00 N/R 1,178,575 
 
 Series 2016, 5.000%, 12/01/36 (Pre-refunded 12/01/26) 
 
 
 
30,875  
Total U.S. Guaranteed 
 
 
34,531,741 
 
 Utilities – 5.1% (3.3% of Total Investments) 
 
 
 
2,000  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call N/R 2,000,000 
 
 Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35 (Mandatory Put 
 
 
 
 
 7/01/22) (7) 
 
 
 
 
 
Guam Power Authority, Revenue Bonds, Series 2012A: 
 
 
 
1,500  5.000%, 10/01/30 – AGM Insured 10/22 at 100.00 AA 1,607,310 
495  5.000%, 10/01/34 10/22 at 100.00 BBB 509,400 
 
 
Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A: 
 
 
 
5,000  5.000%, 1/15/33 1/26 at 100.00 Aa1 6,176,100 
1,000  5.000%, 1/15/35 1/26 at 100.00 Aa1 1,233,360 
730  
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding 
6/20 at 100.00 CCC 679,681 
 
 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– 1,011,330 
 
 Project, Series 2018, 5.000%, 1/01/48 (AMT) (Mandatory Put 7/01/38), 144A 
 
 
 
11,725  
Total Utilities 
 
 
13,217,181 
 
 Water and Sewer – 3.4% (2.2% of Total Investments) 
 
 
 
810  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 A– 853,222 
 
 2013, 5.500%, 7/01/43 
 
 
 
1,675  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/26 at 100.00 A– 1,791,228 
 
 2016, 5.000%, 1/01/46 
 
 
 
3,000  
Norfolk, Virginia, Water Revenue Bonds, Series 2015A, 5.250%, 11/01/44 
11/24 at 100.00 AA+ 3,585,450 
1,000  
Norfolk, Virginia, Water Revenue Bonds, Series 2017, 5.000%, 11/01/42 
11/27 at 100.00 AA+ 1,241,300 
625  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 
7/22 at 100.00 CC 618,750 
 
 5.250%, 7/01/42 
 
 
 
1,000  
Virginia Resources Authority, Water and Sewerage System Revenue Bonds, Goochland County 
11/22 at 63.13 AA 607,940 
 
 - Tuckahoe Creek Service District Project, Series 2012, 0.000%, 11/01/34 
 
 
 
8,110  
Total Water and Sewer 
 
 
8,697,890 
$ 383,237  Total Long-Term Investments (cost $376,731,584) 
 
 
401,925,794 
 
 Floating Rate Obligations – (7.9)% 
 
 
(20,350,000) 
 
 Variable Rate Demand Preferred Shares, net of deferred offering costs – (49.2)% (8) 
 
 
(127,648,200) 
 
 Other Assets Less Liabilities – 2.1% 
 
 
5,410,731 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 259,338,325 
 
82
 
  
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
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) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(8) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 31.8%. 
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 Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. 
 
See accompanying notes to financial statements. 
 
83
 
Statement of Assets and Liabilities
May 31, 2020
          
 
 NKG  NMY  NMT 
Assets          
Long-term investments, at value (cost $207,021,553, $505,401,414 and $193,787,873, respectively)  
$
219,475,020
  
$
526,951,937
  
$
205,986,380
 
Short-term investments, at value (cost $142,192, $ — and $ —, respectively)   
147,195
   
   
 
Cash 
  
563,546
   
2,399,036
   
1,965,963
 
Receivable for: 
            
Interest   
2,890,906
   
8,245,260
   
2,924,911
 
Investments sold   
715,000
   
8,309,174
   
 
Other assets 
  
3,824
   
34,392
   
9,060
 
Total assets   
223,795,491
   
545,939,799
   
210,886,314
 
Liabilities             
Cash overdraft 
  
   
   
 
Floating rate obligations 
  
19,600,000
   
28,405,000
   
 
Payable for: 
            
Dividends   
404,947
   
1,055,750
   
403,314
 
Interest   
68,215
   
110,287
   
 
Investments purchased - regular settlement   
   
2,168,872
   
 
Investments purchased - when-issued/delayed-delivery settlement   
   
   
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs 
            
(liquidation preference $58,500,000, $182,000,000 and $ —, respectively)   
58,436,706
   
181,896,908
   
 
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs 
            
(liquidation preference $ — $ — and $ —, respectively)   
   
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs 
            
(liquidation preference $ —, $ — and $74,000,000, respectively)   
   
   
73,739,043
 
Accrued expenses: 
            
Management fees   
112,915
   
268,786
   
110,025
 
Trustees fees   
1,941
   
34,894
   
2,016
 
Other   
57,044
   
86,540
   
60,296
 
Total liabilities   
78,681,768
   
214,027,037
   
74,314,694
 
Net assets applicable to common shares 
 
$
145,113,723
  
$
331,912,762
  
$
136,571,620
 
Common shares outstanding 
  
10,399,813
   
23,099,664
   
9,322,751
 
Net asset value (“NAV”) per common share outstanding 
 
$
13.95
  
$
14.37
  
$
14.65
 
  
Net assets applicable to common shares consist of:             
Common shares, $0.01 par value per share 
 
$
103,998
  
$
230,997
  
$
93,228
 
Paid-in surplus 
  
137,125,843
   
324,924,292
   
129,292,650
 
Total distributable earnings 
  
7,883,882
   
6,757,473
   
7,185,742
 
Net assets applicable to common shares 
 
$
145,113,723
  
$
331,912,762
  
$
136,571,620
 
Authorized shares: 
            
Common  Unlimited  Unlimited  Unlimited 
Preferred  Unlimited  Unlimited  Unlimited 
 
See accompanying notes to financial statements.
84
 
          
 
 NMS  NOM  NPV 
Assets          
Long-term investments, at value (cost $127,503,581, $47,434,249 and $376,731,584, respectively)  
$
133,222,440
  
$
50,021,398
  
$
401,925,794
 
Short-term investments, at value (cost $2,615,000, $ — and $ —, respectively) 
  
2,615,000
   
   
 
Cash 
  
489,324
   
155,927
   
 
Receivable for: 
            
Interest   
1,737,021
   
520,134
   
5,135,113
 
Investments sold   
1,109,583
   
5,016
   
4,103,751
 
Other assets 
  
3,808
   
6,717
   
28,163
 
Total assets   
139,177,176
   
50,709,192
   
411,192,821
 
Liabilities             
Cash overdraft 
  
   
   
2,623,816
 
Floating rate obligations 
  
   
600,000
   
20,350,000
 
Payable for: 
            
Dividends   
251,175
   
81,182
   
798,201
 
Interest   
   
4,123
   
119,042
 
Investments purchased - regular settlement   
32,467
   
175,916
   
 
Investments purchased - when-issued/delayed-delivery settlement   
366,872
   
   
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs 
            
(liquidation preference $52,800,000, $ —,and $ —, respectively)   
52,755,713
   
   
 
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs 
            
(liquidation preference $ —, $18,000,000 and $ —, respectively)   
   
17,779,188
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs 
            
(liquidation preference $ —, $ — and $128,000,000, respectively)   
   
   
127,648,200
 
Accrued expenses: 
            
Management fees   
70,283
   
25,870
   
203,215
 
Trustees fees   
1,334
   
481
   
25,814
 
Other   
55,394
   
46,222
   
86,208
 
Total liabilities   
53,533,238
   
18,712,982
   
151,854,496
 
Net assets applicable to common shares 
 
$
85,643,938
  
$
31,996,210
  
$
259,338,325
 
Common shares outstanding 
  
5,782,386
   
2,345,797
   
17,878,247
 
Net asset value (“NAV”) per common share outstanding 
 
$
14.81
  
$
13.64
  
$
14.51
 
Net assets applicable to common shares consist of:             
Common shares, $0.01 par value per share 
 
$
57,824
  
$
23,458
  
$
178,782
 
Paid-in surplus 
  
80,893,613
   
30,627,194
   
250,140,598
 
Total distributable earnings 
  
4,692,501
   
1,345,558
   
9,018,945
 
Net assets applicable to common shares 
 
$
85,643,938
  
$
31,996,210
  
$
259,338,325
 
Authorized shares: 
            
Common  Unlimited  Unlimited  Unlimited 
Preferred  Unlimited  Unlimited  Unlimited 
 
See accompanying notes to financial statements.
85
 
Statement of Operations
Year Ended May 31, 2020
          
 
 NKG  NMY  NMT 
Investment Income  
$
8,066,896
  
$
21,331,401
  
$
7,852,691
 
Expenses             
Management fees 
  
1,357,649
   
3,274,650
   
1,322,651
 
Interest expense and amortization of offering costs 
  
1,594,860
   
4,492,096
   
1,575,172
 
Custodian fees 
  
31,084
   
70,106
   
35,836
 
Trustees fees 
  
5,268
   
13,620
   
5,478
 
Professional fees 
  
36,611
   
47,478
   
34,348
 
Shareholder reporting expenses 
  
21,766
   
40,563
   
15,798
 
Shareholder servicing agent fees 
  
15,367
   
21,087
   
789
 
Stock exchange listing fees 
  
6,881
   
6,881
   
6,881
 
Investor relations expenses 
  
11,862
   
29,335
   
12,169
 
Other 
  
32,263
   
64,317
   
37,277
 
Total expenses 
  
3,113,611
   
8,060,133
   
3,046,399
 
Net investment income (loss) 
  
4,953,285
   
13,271,268
   
4,806,292
 
Realized and Unrealized Gain (Loss)             
Net realized gain (loss) from investments 
  
(719,960
)
  
(2,449,067
)
  
125,397
 
Change in net unrealized appreciation (depreciation) of investments 
  
1,377,176
   
(8,668,995
)
  
(1,022,034
)
Net realized and unrealized gain (loss) 
  
657,216
   
(11,118,062
)
  
(896,637
)
Net increase (decrease) in net assets applicable to common shares 
            
from operations  
$
5,610,501
  
$
2,153,206
  
$
3,909,655
 
 
See accompanying notes to financial statements.
86
 
          
 
 NMS  NOM  NPV 
Investment Income  
$
5,562,496
  
$
2,029,265
  
$
15,501,523
 
Expenses             
Management fees 
  
854,034
   
310,630
   
2,453,861
 
Interest expense and amortization of offering costs 
  
1,165,179
   
418,970
   
3,117,053
 
Custodian fees 
  
32,833
   
19,997
   
54,455
 
Trustees fees 
  
3,638
   
1,304
   
10,145
 
Professional fees 
  
39,327
   
52,438
   
49,193
 
Shareholder reporting expenses 
  
17,361
   
11,508
   
34,845
 
Shareholder servicing agent fees 
  
14,839
   
14,868
   
5,886
 
Stock exchange listing fees 
  
6,881
   
6,888
   
6,881
 
Investor relations expenses 
  
8,358
   
3,460
   
22,142
 
Other 
  
28,030
   
24,475
   
72,870
 
Total expenses 
  
2,170,480
   
864,538
   
5,827,331
 
Net investment income (loss) 
  
3,392,016
   
1,164,727
   
9,674,192
 
Realized and Unrealized Gain (Loss)             
Net realized gain (loss) from investments 
  
(354,596
)
  
(153,010
)
  
(1,816,192
)
Change in net unrealized appreciation (depreciation) of investments 
  
(1,883,164
)
  
(333,612
)
  
(1,326,562
)
Net realized and unrealized gain (loss) 
  
(2,237,760
)
  
(486,622
)
  
(3,142,754
)
Net increase (decrease) in net assets applicable to common shares 
            
from operations  
$
1,154,256
  
$
678,105
  
$
6,531,438
 
 
See accompanying notes to financial statements.
87
 
Statement of Changes in Net Assets
             
  NKG  NMY 
  Year  Year  Year  Year 
  Ended  Ended  Ended  Ended 
  5/31/20  5/31/19  5/31/20  5/31/19 
Operations             
Net investment income (loss)  
$
4,953,285
  
$
4,839,423
  
$
13,271,268
  
$
12,560,036
 
Net realized gain (loss) from investments   
(719,960
)
  
(791,963
)
  
(2,449,067
)
  
(1,232,606
)
Change in net unrealized appreciation (depreciation) of investments   
1,377,176
   
5,780,144
   
(8,668,995
)
  
12,354,292
 
Net increase (decrease) in net assets applicable to common shares                 
from operations   
5,610,501
   
9,827,604
   
2,153,206
   
23,681,722
 
Distributions to Common Shareholders                 
Dividends   
(4,648,716
)
  
(4,517,765
)
  
(12,300,571
)
  
(12,245,568
)
Decrease in net assets applicable to                 
common shares from distributions                 
to common shareholders   
(4,648,716
)
  
(4,517,765
)
  
(12,300,571
)
  
(12,245,568
)
Capital Share Transactions                 
Common shares:                 
Net proceeds from shares issued                 
to shareholders due to                 
reinvestment of distributions   
   
   
   
 
Cost of shares repurchased and retired   
   
(1,642,533
)
  
   
(2,918,158
)
Net increase (decrease) in net assets                 
applicable to common shares from                 
capital share transactions   
   
(1,642,533
)
  
   
(2,918,158
)
Net increase (decrease) in net assets                 
applicable to common shares   
961,785
   
3,667,306
   
(10,147,365
)
  
8,517,996
 
Net assets applicable to common                 
shares at the beginning of period   
144,151,938
   
140,484,632
   
342,060,127
   
333,542,131
 
Net assets applicable to common                 
shares at the end of period  
$
145,113,723
  
$
144,151,938
  
$
331,912,762
  
$
342,060,127
 
 
See accompanying notes to financial statements.
88
 
             
  NMT  NMS 
  Year  Year  Year  Year 
  Ended  Ended  Ended  Ended 
  5/31/20  5/31/19  5/31/20  5/31/19 
Operations             
Net investment income (loss)  
$
4,806,292
  
$
4,875,152
  
$
3,392,016
  
$
3,569,638
 
Net realized gain (loss) from investments   
125,397
   
(762,614
)
  
(354,596
)
  
(377,996
)
Change in net unrealized appreciation (depreciation) of investments   
(1,022,034
)
  
4,696,560
   
(1,883,164
)
  
3,251,354
 
Net increase (decrease) in net assets applicable to common shares                 
from operations   
3,909,655
   
8,809,098
   
1,154,256
   
6,442,996
 
Distributions to Common Shareholders                 
Dividends   
(4,619,423
)
  
(4,689,887
)
  
(3,321,981
)
  
(3,576,981
)
Decrease in net assets applicable to                 
common shares from distributions                 
to common shareholders   
(4,619,423
)
  
(4,689,887
)
  
(3,321,981
)
  
(3,576,981
)
Capital Share Transactions                 
Common shares:                 
Net proceeds from shares issued                 
to shareholders due to                 
reinvestment of distributions   
   
   
   
 
Cost of shares repurchased and retired   
   
(305,767
)
  
   
(121,032
)
Net increase (decrease) in net assets                 
applicable to common shares from                 
capital share transactions   
   
(305,767
)
  
   
(121,032
)
Net increase (decrease) in net assets                 
applicable to common shares   
(709,768
)
  
3,813,444
   
(2,167,725
)
  
2,744,983
 
Net assets applicable to common                 
shares at the beginning of period   
137,281,388
   
133,467,944
   
87,811,663
   
85,066,680
 
Net assets applicable to common                 
shares at the end of period  
$
136,571,620
  
$
137,281,388
  
$
85,643,938
  
$
87,811,663
 
 
See accompanying notes to financial statements.
89
 
Statement of Changes in Net Assets (continued)
             
  NOM  NPV 
  Year  Year  Year  Year 
  Ended  Ended  Ended  Ended 
  5/31/20  5/31/19  5/31/20  5/31/19 
Operations             
Net investment income (loss)  
$
1,164,727
  
$
1,223,981
  
$
9,674,192
  
$
9,564,575
 
Net realized gain (loss) from investments   
(153,010
)
  
152,623
   
(1,816,192
)
  
(837,682
)
Change in net unrealized appreciation (depreciation) of investments   
(333,612
)
  
671,591
   
(1,326,562
)
  
9,418,868
 
Net increase (decrease) in net assets applicable to common shares                 
from operations   
678,105
   
2,048,195
   
6,531,438
   
18,145,761
 
Distributions to Common Shareholders                 
Dividends   
(1,143,252
)
  
(1,209,776
)
  
(9,395,020
)
  
(9,479,610
)
Decrease in net assets applicable to                 
common shares from distributions                 
to common shareholders   
(1,143,252
)
  
(1,209,776
)
  
(9,395,020
)
  
(9,479,610
)
Capital Share Transactions                 
Common shares:                 
Net proceeds from shares issuedto shareholders due to                 
reinvestment of distributions   
17,775
   
   
   
 
Cost of shares repurchased and retired   
   
   
   
(639,145
)
Net increase (decrease) in net assets                 
applicable to common shares from                 
capital share transactions   
17,775
   
   
   
(639,145
)
Net increase (decrease) in net assets                 
applicable to common shares   
(447,372
)
  
838,419
   
(2,863,582
)
  
8,027,006
 
Net assets applicable to common                 
shares at the beginning of period   
32,443,582
   
31,605,163
   
262,201,907
   
254,174,901
 
Net assets applicable to common                 
shares at the end of period  
$
31,996,210
  
$
32,443,582
  
$
259,338,325
  
$
262,201,907
 
 
See accompanying notes to financial statements.
90
 
Statement of Cash Flows
Year Ended May 31, 2020
          
 
 NKG  NMY  NMT 
Cash Flows from Operating Activities:          
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations  
$
5,610,501
  
$
2,153,206
  
$
3,909,655
 
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 
  
(22,939,287
)
  
(70,264,293
)
  
(22,791,921
)
Proceeds from sales and maturities of investments 
  
19,748,331
   
82,961,678
   
23,460,638
 
Proceeds from (Purchase of) short-term investments, net 
  
89,068
   
   
 
Taxes paid 
  
(100
)
  
(4,224
)
  
(2,265
)
Amortization (Accretion) of premiums and discounts, net 
  
1,544,657
   
2,179,291
   
1,568,889
 
Amortization of deferred offering costs 
  
79,742
   
87,571
   
9,776
 
(Increase) Decrease in: 
            
Receivable for interest   
(49,833
)
  
53,015
   
80,342
 
Receivable for investments sold   
1,325,513
   
(7,201,664
)
  
 
Other assets   
387
   
(2,772
)
  
388
 
Increase (Decrease) in: 
            
Payable for interest   
(52,592
)
  
(286,841
)
  
 
Payable for investments purchased – regular settlement   
   
2,168,872
   
 
Payable for investments purchased – when-issued/delayed delivery settlement   
   
(1,684,730
)
  
 
Payable for offering costs   
(66,075
)
  
(69,014
)
  
 
Accrued management fees   
(3,058
)
  
(6,645
)
  
(1,302
)
Accrued Trustees fees   
(5
)
  
3,231
   
(17
)
Accrued other expenses   
101
   
(14,710
)
  
(13,268
)
Net realized (gain) loss from investments 
  
719,960
   
2,449,067
   
(125,397
)
Change in net unrealized (appreciation) depreciation of investments 
  
(1,377,176
)
  
8,668,995
   
1,022,034
 
Net cash provided by (used in) operating activities 
  
4,630,134
   
21,190,033
   
7,117,552
 
Cash Flows from Financing Activities:             
Proceeds from borrowings 
  
488,286
   
11,703,666
   
1,023,737
 
(Repayments) of borrowings 
  
(488,286
)
  
(11,703,666
)
  
(1,023,737
)
Increase (Decrease) in cash overdraft 
  
   
(6,558,191
)
  
(564,312
)
Cash distributions paid to common shareholders 
  
(4,620,665
)
  
(12,232,806
)
  
(4,587,277
)
Net cash provided by (used in) financing activities 
  
(4,620,665
)
  
(18,790,997
)
  
(5,151,589
)
Net Increase (Decrease) in Cash   
9,469
   
2,399,036
   
1,965,963
 
Cash at the beginning of period 
  
554,077
   
   
 
Cash at the end of period 
 
$
563,546
  
$
2,399,036
  
$
1,965,963
 
  
Supplemental Disclosure of Cash Flow Information  NKG  NMY  NMT 
Cash paid for interest (excluding amortization of offering costs) 
 
$
1,633,785
  
$
4,760,308
  
$
1,565,396
 
Non-cash financing activities not included herein consist of reinvestments of 
            
common share distributions   
   
   
 
 
See accompanying notes to financial statements.
91
 
Statement of Cash Flows (continued)
          
 
 NMS  NOM  NPV 
Cash Flows from Operating Activities:          
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations  
$
1,154,256
  
$
678,105
  
$
6,531,438
 
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 
  
(16,262,466
)
  
(4,895,596
)
  
(74,468,363
)
Proceeds from sales and maturities of investments 
  
17,014,297
   
5,443,381
   
72,338,096
 
Proceeds from (Purchase of) short-term investments, net 
  
385,000
   
205,000
   
395,000
 
Taxes paid 
  
   
(743
)
  
(2,292
)
Amortization (Accretion) of premiums and discounts, net 
  
69,621
   
172,842
   
1,277,237
 
Amortization of deferred offering costs 
  
98,710
   
8,096
   
15,215
 
(Increase) Decrease in: 
            
Receivable for interest   
(17,796
)
  
17,828
   
(134,808
)
Receivable for investments sold   
(1,089,719
)
  
654,874
   
363,965
 
Other assets   
366
   
346
   
(1,990
)
Increase (Decrease) in: 
            
Payable for interest   
(114,858
)
  
4,123
   
119,042
 
Payable for investments purchased – regular settlement   
32,467
   
175,916
   
(59,392
)
Payable for investments purchased – when-issued/delayed delivery settlement   
366,872
   
(1,651,530
)
  
(6,549,774
)
Payable for offering costs   
(85,533
)
  
   
 
Accrued management fees   
(1,805
)
  
(364
)
  
(3,850
)
Accrued Trustees fees   
(17
)
  
(7
)
  
2,421
 
Accrued other expenses   
1,555
   
941
   
(1,480
)
Net realized (gain) loss from investments 
  
354,596
   
153,010
   
1,816,192
 
Change in net unrealized (appreciation) depreciation of investments 
  
1,883,164
   
333,612
   
1,326,562
 
Net cash provided by (used in) operating activities 
  
3,788,710
   
1,299,834
   
2,963,219
 
Cash Flows from Financing Activities:             
Proceeds from borrowings 
  
320,708
   
112,909
   
3,764,146
 
(Repayments) of borrowings 
  
(320,708
)
  
(112,909
)
  
(3,764,146
)
Increase (Decrease) in cash overdraft 
  
   
(2,562
)
  
2,623,816
 
Cash distributions paid to common shareholders 
  
(3,348,409
)
  
(1,141,345
)
  
(9,333,095
)
Net cash provided by (used in) financing activities 
  
(3,348,409
)
  
(1,143,907
)
  
(6,709,279
)
Net Increase (Decrease) in Cash   
440,301
   
155,927
   
(3,746,060
)
Cash at the beginning of period 
  
49,023
   
   
3,746,060
 
Cash at the end of period 
 
$
489,324
  
$
155,927
  
$
 
  
Supplemental Disclosure of Cash Flow Information  NMS  NOM  NPV 
Cash paid for interest (excluding amortization of offering costs) 
 
$
1,266,789
  
$
406,751
  
$
2,982,796
 
Non-cash financing activities not included herein consists of reinvestments of 
            
common share distributions   
   
17,775
   
 
 
See accompanying notes to financial statements.
92
 

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93
 
Financial Highlights
Selected data for a common share outstanding throughout each period:
                               
 
    Investment Operations  
Less Distributions to
Common Shareholders
  Common Share 
 
 
Beginning
Common
Share
NAV
  
Net
Investment
Income
(Loss)
  
Net
Realized/
Unrealized
Gain (Loss)
  Total  
From
Net
Investment
Income
  
From
Accumu-
lated Net
Realized
Gains
  Total  
Discount
Per
Share
Repurchased
and Retired
  
Ending
NAV
  
Ending
Share
Price
 
NKG                               
Year Ended 5/31:
                      
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
 
2017 
  
14.40
   
0.55
   
(0.55
)
  
   
(0.60
)
  
   
(0.60
)
  
   
13.80
   
13.28
 
2016 
  
13.98
   
0.68
   
0.38
   
1.06
   
(0.64
)
  
   
(0.64
)
  
   
14.40
   
14.28
 
  
NMY                                        ��
Year Ended 5/31:
                             
2020 
  
14.81
   
0.57
   
(0.48
)
  
0.09
   
(0.53
)
  
   
(0.53
)
  
   
14.37
   
12.62
 
2019 
  
14.29
   
0.54
   
0.49
   
1.03
   
(0.53
)
  
   
(0.53
)
  
0.02
   
14.81
   
12.79
 
2018 
  
14.65
   
0.56
   
(0.32
)
  
0.24
   
(0.60
)
  
   
(0.60
)
  
*
  
14.29
   
12.21
 
2017 
  
15.08
   
0.61
   
(0.38
)
  
0.23
   
(0.66
)
  
   
(0.66
)
  
   
14.65
   
13.08
 
2016 
  
14.59
   
0.67
   
0.47
   
1.14
   
(0.67
)
  
   
(0.67
)
  
0.02
   
15.08
   
13.65
 
 
  
(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. 
 
94
 
                 
      
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
     Ratios to Average Net Assets(b)    
  
Based
on
NAV(a)
  
Based
on
Share
Price(a)
  
Ending
Net
Assets
(000)
  Expenses  
Net
Investment
Income
(Loss)
  
Portfolio
Turnover
Rate(c)
 
  
  
 
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
 
 
0.07
   
(2.76
)
  
145,577
   
2.10
   
3.94
   
13
 
 
7.80
   
16.94
   
151,860
   
1.60
   
4.83
   
13
 
  
  
  
 
0.55
   
2.73
   
331,913
   
2.34
   
3.85
   
13
 
 
7.56
   
9.40
   
342,060
   
2.61
   
3.82
   
17
 
 
1.68
   
(2.10
)
  
333,542
   
2.25
   
3.91
   
20
 
 
1.61
   
0.69
   
342,427
   
2.08
   
4.14
   
42
 
 
8.13
   
14.77
   
352,581
   
1.55
   
4.56
   
19
 
 
  
(b) 
•  Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund. 
 
•  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: 
 
     
NKG 
 
 NMY 
 
Year Ended 5/31: 
 
Year Ended 5/31: 
2020 
1.09% 
 
2020 
1.30% 
2019 
1.36 
 
2019 
1.56 
2018 
1.11 
 
2018 
1.21 
2017 
1.03 
 
2017 
1.04 
2016 
0.55 
 
2016 
0.55 
 
  
(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. 
Rounds to less than $0.01 per share. 
 
See accompanying notes to financial statements.
95
 
Financial Highlights (continued)
Selected data for a common share outstanding throughout each period:
                                  
 
    Investment Operations  
Less Distributions to
Common Shareholders
  Common Share 
  
Beginning
Common
Share
NAV
  
Net
Investment
Income
(Loss)
  
Net
Realized/
Unrealized
Gain (Loss)
  Total  
From
Net
Investment
Income
  
From
Accumu-
lated Net
Realized
Gains
  Total  
Premium
per
Share
Sold
through
Shelf
Offering
  
Discount
per
Share
Repurchased
and
Retired
  
Ending
NAV
  
Ending
Share
Price
 
NMT                                  
Year Ended 5/31:
                      
2020 
 
$
14.73
  
$
0.52
  
$
(0.10
)
  
0.42
  
$
(0.50
)
 
$
  
$
(0.50
)
 
$
  
$
  
$
14.65
  
$
13.15
 
2019 
  
14.28