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Nuveen Missouri Quality Municipal Income Fund (NOM)

Filed: 30 Jul 21, 12:53pm

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)

Mark L. Winget
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: Date: May 31

Date of reporting period: May 31, 2021

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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Chair’s Letter
to Shareholders


Dear Shareholders,
More than a year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a year marked by a global economic downturn, financial market turbulence and some immeasurable losses. Although the health crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our “new normal” might be.
Global economic activity has continued to rebound, driving both gross domestic product growth and inflation higher, especially in the U.S. Vaccinations have enabled a further reopening of economies while governments and central banks have taken extraordinary measures to support the recoveries. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals and businesses in late December 2020. Another $1.9 trillion relief package was signed into law in March 2021 providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants to education and public health, and other support. Currently, Congress is working on an infrastructure spending plan, although its final shape and whether it passes remains to be seen. The U.S. Federal Reserve (Fed) and other central banks around the world have upgraded their economic forecasts but remain committed to sustaining the recovery by maintaining accommodative monetary conditions. However, as economies have reopened, the surge in consumer demand has outpaced supply chain capacity, resulting in a jump in inflation indicators in recent months. Whether inflation persists is a subject of debate by economists and market observers, while the Fed and other central banks believe it to be more transitory.
While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. Markets are closely monitoring central bank signals, particularly if inflation remains elevated, as a sooner-than-expected shift to monetary tightening could slow the economic recovery. Additionally, COVID-19 cases are still elevated in some regions, as more virulent strains have spread and vaccination rollouts have been uneven around the country and around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully restored and what level of public inoculation would be sufficient to contain the virus spread. On the political front, the Biden administration’s full policy agenda and the potential for Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.
If you have concerns about what’s coming next, it can be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
July 22, 2021
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Portfolio Managers’ Comments
Nuveen Georgia Quality Municipal Income Fund (NKG)
Nuveen Massachusetts Quality Municipal Income Fund (NMT)
Nuveen Minnesota Quality Municipal Income Fund (NMS)
Nuveen Missouri Quality Municipal Income Fund (NOM)
Nuveen Virginia Quality Municipal Income Fund (NPV)
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 five Nuveen Funds. Dan has managed the Nuveen Georgia Fund since 2007. Steve assumed portfolio management responsibility for the Virginia Fund 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 bond market during the twelve-month annual reporting period ended May 31, 2021?
The U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures, but gross domestic product (GDP) shrank 3.5% in 2020 compared to 2019’s annual level. After falling into a deep recession in February 2020 due to the restrictions put on business and social activity to mitigate the COVID-19 spread, the economy bounced back with the help of several factors. These included: Federal government stimulus aiding individuals and businesses, accommodative monetary policy by the Fed that kept borrowing costs low and a gradual reopening of businesses with the roll-out of several FDA approved vaccines. U.S. GDP growth picked up pace in the first quarter of 2021, growing at an annualized rate of 6.4% according to the Bureau of Economic Analysis “second” estimate, an increase from 4.3% (annualized) in the fourth quarter of 2020. 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 production, adjusted for price changes.
Consumer spending, the largest driver of the economy, rebounded markedly from the steep declines early in the health crisis. Although the momentum slowed toward the end of 2020 amid a resurgence of COVID-19 infections, consumer demand resumed 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)
2021 as vaccination rates increased and lockdown restrictions eased, eligible Americans received another government stimulus check and the job market continued to improve. By May 2021, the U.S. unemployment rate had fallen to 5.8%, a significant improvement from 13.3% in May 2020 and from the pandemic peak of 14.8% in April 2020, according to the Bureau of Labor Statistics (BLS). The average hourly earnings rate increased, growing at an annualized rate of 2.0% in May 2021, despite the spike in unemployment. However, the BLS pointed out that wage growth trends have been difficult to analyze given the wide variation in average hourly earnings across industries and large fluctuations in employment since February 2020. The overall trend of inflation accelerated, largely due to rising energy prices and the improving economy. The higher annual inflation rate in May 2021 is also the result of the comparison from a year ago, when consumer prices fell sharply as the first lockdowns were imposed in March 2020. The BLS said the Consumer Price Index (CPI) increased 5.0% over the twelve-month reporting period ended May 31, 2021, before seasonal adjustment.
With the onset of the COVID-19 crisis, the Federal Reserve (Fed) enacted an array of emergency measures in March 2020 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 engaging in expanded bond purchases, known as quantitative easing. In August 2020, the Fed announced a change in its inflation targeting policy, moving from a program of absolute targeting to an average inflation targeting policy. Under this regime, the Fed will tolerate the inflation rate temporarily overshooting the target rate to offset periods of below-target inflation, so that inflation averages a 2% target rate over time. In their meetings throughout the first half of 2021, Fed officials continued to signal that accommodative policy measures will stay in place, asserting that recently higher inflation readings are transitory and the economic recovery remains far from the Fed’s goals.
The federal government also intervened with historic relief measures, starting with three aid packages in March and April 2020. These included $2 trillion allocated across direct payments to individuals, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments, and more than $100 billion in funding to employers offering paid leave. In December 2020, the government enacted a $900 billion relief package extending some of these programs, and followed in March 2021 with another $1.9 trillion deal providing support to individuals and families, small businesses, state and local governments, education and public health/vaccination. The Biden administration has proposed another $2 trillion stimulus plan focused on infrastructure and jobs, but it is facing legislative hurdles.
By the start of this reporting period, markets had largely stabilized from the initial health crisis shock. In March 2020, equity and commodity markets sold off and safe-haven assets rallied as countries initiated quarantines, restricted travel and shuttered factories and businesses, while an ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia amplified the volatility. In late 2020, the announcement of high efficacy rates in several COVID-19 vaccine trials, followed by regulatory authorizations and public vaccination drives across Western countries improved the outlook for 2021 and led to risk-on sentiment in the markets. Increasing vaccination rates and some surprisingly strong economic readings in the first few months of 2021 led to rising inflation concerns and an increase in long-term interest rates, but central banks reassured the markets that it was too soon to withdraw stimulus measures.
Geopolitical uncertainty remained elevated during 2020 in anticipation of the U.S. presidential election in November 2020 and the Brexit transition period set to expire in December 2020. However, political risks began to ease with the election of President Joe Biden and a final deal struck between the European Union and U.K. before the end of the transition period. Although China and the U.S. signed a “phase one” trade deal in January 2020, tensions continued to flare over other trade and technology/security issues, Hong Kong’s sovereignty and the management of the COVID-19 crisis. In 2021, geopolitical concerns in the Middle East, Russia and Belarus made news headlines, but market impacts were relatively minimal.
Municipal bonds performed well in this reporting period, reflecting a significant recovery from the COVID-19 crisis sell-off in March 2020. At the time, U.S. Treasury yields fell to historic lows and interest rate volatility increased sharply while municipal bond prices became severely dislocated from Treasury prices and credit spreads widened significantly. With ongoing monetary and fiscal interventions from the Fed and U.S. government and credit fundamentals that demonstrated more resilience than initially expected, investor sentiment improved and credit spreads narrowed significantly by the end of the reporting period. Municipal bond yields generally moved lower through the first half of the reporting period, then rose over the second half as fixed income markets priced in a stronger economic growth and inflation outlook and the prospect of more government stimulus. For the 12-month reporting
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period overall, municipal yields were little changed at the short end of the yield curve, higher in the intermediate segment and lower at the longest maturities, which flattened the yield curve.
Municipal bond gross issuance nationwide remained strong in the reporting period, with deals postponed rather than canceled during the COVID-19 crisis driven sell-off. The overall low level of interest rates has 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 represented roughly a third of total issuance in 2021 so far. Additionally, the proportion of taxable issuance has risen to about one third of total gross issuance 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. Thus, the net issuance (all bonds issued less bonds redeemed) of tax exempt municipal bonds is actually much lower than the gross issuance. This lower net issuance was an overall positive technical factor on municipal bond investment performance in recent years and in this reporting period.
While municipal bond funds suffered significant outflows in March 2020, particularly from high yield municipal bond funds, fund flows rebounded strongly over the remainder of 2020 and sustained a robust pace through early 2021. Demand has been resilient even though municipal defaults, as expected, have increased somewhat during the COVID-19 crisis. However, default activity has occurred mainly in sectors with greater COVID-19 risk exposure, such as senior living, corporate-backed and real estate-backed. Moreover, while there are some pockets of municipal credit ratings stress, a wave of downgrades has not materialized. With interest rates in the U.S. and globally still near all-time lows, even after the recent increase in long-term rates, the appetite for yield has continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. Additionally, as taxpayers 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, Massachusetts, Minnesota, Missouri and Virginia during the twelvemonth reporting period ended May 31, 2021?
Georgia is the eighth largest state, with a population of 10.7 million. Population growth has been around 1% annually for more than a decade. Its GDP totaled $619 billion in 2020, ranking eighth among states. Georgia’s economic growth has been robust since 2014, outpacing that of the nation, but has slowed a bit in recent years. As of May 2021, the unemployment rate was 4.1%, compared to 5.8% for the U.S. The state’s primary economic engine is the Atlanta metropolitan area, which prior to the COVID-19 crisis had been adding jobs and attracting businesses in a diverse range of industries, with construction and the education and health services sectors growing at a faster rate. Per capita personal income is below average for the state of Georgia and was 91.2% of the U.S. average in 2020, but is growing at faster rate than the nation. Home prices in the Atlanta region rose 12.3% year-over-year, as of April 2021 (most recent available data at the time this report was prepared), just below the national average of 14.6%, according to the S&P CoreLogic Case-Shiller Index. Before the COVID-19 crisis, strong economic growth drove robust revenue growth for Georgia; although growth slowed in Fiscal Year 2020, it remained positive. Tax revenue collections of $23.8 billion for Fiscal Year 2019 were 4.8% higher than for Fiscal Year 2018, while tax revenue collections of $24 billion for Fiscal Year 2020 increased 1.4%. Overall, general fund revenue increased at a higher rate in Fiscal Year 2020 (3.7%) than in Fiscal Year 2019 (2.4%), in part due to strong growth in intergovernmental revenues. Recent years of solid revenue growth allowed the state to build up its rainy day fund, or revenue shortfall reserve, which totals $2.7 billion in 2020. This provides the state with a substantial buffer to help weather the current downturn, along with expenditure cuts. The state’s $27.2 billion Fiscal Year 2022 budget restores most cuts made last year due to the COVID-19 crisis with the assistance of federal relief funds to plug budgetary holes. Georgia has $10.6 billion of net tax-supported debt outstanding, which represents 1.9% of personal income. The Moody’s 50-state median for 2020 is also 1.9% 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 2021, Georgia’s general obligation debt continued to be rated Aaa/AAA/AAA with stable outlooks from Moody’s, S&P and Fitch, respectively.
Massachusetts’ economy is led by the health care, education, financial services and technology sectors. Massachusetts enjoys a concentration of colleges and universities, which provide employment stability and a source of well educated workers for the Commonwealth’s service industries. Education accounts for about 5% of Massachusetts’ employment, twice the national average.
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Portfolio Managers’ Comments (continued)
Among the 50 states, Massachusetts has the highest percentage of population over 25 years old with a bachelor’s degree, at 43.5%. This compares with the national average of 32.6%. According to the U.S. Department of Commerce Bureau of Economic Analysis, Massachusetts’ per capita income is second highest among the 50 states. At $74,187 for calendar year 2019, it is 131.3% of the national average. Massachusetts, like all other states, was affected by the COVID-19 crisis. Unemployment in the Commonwealth peaked at 16.4% in April 2020, as compared to the nation at 14.8%. Massachusetts’ unemployment stood at 6.1% in May 2021, above the national average of 5.8% for the same period. On a statutory basis, Massachusetts’ general fund ended Fiscal Year 2020 with a $287 million surplus. This allowed for a $15 million deposit into the Commonwealth’s rainy day fund, bringing that fund to a balance of $3.5 billion on June 30, 2020. The Fiscal Year 2021 budget was adopted six months late and anticipates a $1.35 billion draw on the rainy day fund. The proposed Fiscal Year 2022 budget also relies on a $1.6 billion dollar withdrawal from the rainy day fund, leaving a projected balance of $1.1 billion at the end of Fiscal Year 2022. Massachusetts received nearly $5.3 billion from the American Rescue Plan Act. According to Moody’s, Massachusetts’ debt burden is second highest in the nation (after Connecticut) on a per capita basis ($6,258 versus the median of $1,071) and third highest as a percentage of the state GDP (7.2% versus the median of 1.9%). As of March 2021, Moody’s rated Massachusetts Aa1 with a stable outlook, and S&P rated the Commonwealth AA with a stable outlook. For the twelve months ended May 31, 2021, Massachusetts’ municipal bond supply totaled $14.5 billion, an 8.1% increase over the prior twelve-month period.
Minnesota continues to benefit from a highly diverse economy and well educated work force. However, economic growth continues to lag the nation, with Minnesota’s nominal GDP declining 2.5% in 2020 (ranking 28th among states) compared to a decline of 2.3% for the nation. As of May 2021, Minnesota’s unemployment rate was a low 4.0% and remains well below the national unemployment rate of 5.8%. Home prices in the Minneapolis area were up 11.3% year-over-year as of April 2021 (most recent data available at the time this report was prepared), according to the S&P CoreLogic Case-Shiller Index. Minnesota is now anticipating a Fiscal Year 2021 surplus of $3.4 billion, a $1.8 billion increase from February’s projections due to higher than anticipated income, sales and corporate tax revenues. Notably, the state’s rainy day funds were at the highest levels ever, at nearly $2.8 billion in Fiscal Year 2020, providing a sufficient cushion that will be bolstered by the additional surplus in Fiscal Year 2021. In addition, the state is scheduled to receive $2.8 billion in American Rescue Plan funding, which will provide additional financial flexibility for the state over the near term. The state’s biennium 2022-2023 budget contains $52 billion in appropriations. Moody’s has maintained the state’s Aa1 rating and stable outlook. S&P recently affirmed the state’s AAA rating with negative outlook on February 18, 2021.
Missouri’s economic growth has kept pace with its Midwestern peers and was nearly on par with the nation through the pandemic. After being ranked 29th among states for nominal GDP growth, Missouri’s 2020 ranking improved to 23rd. The state’s GDP declined 2.0% due to the pandemic, compared to national GDP growth of -2.3%. The state’s unemployment rate of 4.2% is lower than the national rate of 5.8% as of May 2021. The state saw growth in the finance and insurance, retail trade, and health care and social assistance sectors. Missouri’s population has grown just 2.7% since 2010 to 6.1 million, which lags the nation’s growth rate of 6.3% over the same time period. The Missouri Constitution requires that the state pass a balanced budget. Fiscal Year 2020 concluded with a $535 million surplus, which bolstered available reserves to roughly $2.1 billion. Rebounding tax revenue coupled with federal pandemic aid are attributed to the likelihood of an approximate $2.0 billion surplus for Fiscal Year 2021. In addition, the state is scheduled to receive $2.8 billion in American Rescue Plan funding from the federal government, which will provide additional financial flexibility over the near term. The Fiscal Year 2022 budget is not yet enacted, but the approved budget contains $35.6 billion in appropriations. 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 the government, professional and business services sectors. Its proximity to the Washington D.C. area has historically provided stability in the northern portion of the state. Government employment represents 18.1% of the Commonwealth’s job base (compared to the national average of 15.2%). The defense industry in particular plays an important role in Virginia’s economy, with the Commonwealth’s Hampton Roads area home to the nation’s largest concentration of military installations. In 2020, as a result of the pandemic, Virginia’s gross state product contracted by 0.9% compared to a decline of 2.3% for the nation’s GDP as a whole. As of May 2021, the Commonwealth’s unemployment rate registered 4.5%, below the national rate of 5.8%. Virginia continues to benefit from good socioeconomics with per capita income at 115.2% of the national average, and the Commonwealth’s poverty level of 10.6% compares favorably to the national average of 13.4%. Virginia has a history of both proac-tive and conservative fiscal management. 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 share of operating expenses
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followed by health and human services. Despite the pandemic, the Commonwealth’s general fund posted a $1.7 billion surplus in Fiscal Year 2020. Fiscal Year 2020 general revenue collections were 2.0% higher than Fiscal Year 2019, though they were still $234 million, or 1.1%, below initial forecasts. Income tax collections grew by 3.0% in Fiscal Year 2020 over the previous year, compared with the official forecast of 4.7% growth. Fiscal Year 2020 sales tax collections grew by 3.5% over the previous year, lower than the official forecast of 7.4% growth. Year-to-date tax collections in Fiscal Year 2021 (through March) are 9.0% above Fiscal Year 2020 figures, compared to an assumed rate of 3.0% growth. The Commonwealth is now projecting a small general fund surplus for Fiscal Year 2021. The Commonwealth’s total general fund balance is good, at 14.3% of general fund revenues in Fiscal Year 2020. Included in the total fund balance are the Commonwealth’s two rainy day funds: the revenue stabilization fund and the revenue reserve fund. As of June 30, 2020, the revenue stabilization fund contained $636 million and the revenue reserve fund contained $513 million. Together, those two funds equal 4.9% of general fund revenues. Virginia also maintains a sizable reserve in its Commonwealth transportation fund. State government received $1.8 billion under the CARES Act and expects to receive $3.8 billion under the American Rescue Plan. The Commonwealth’s overall debt metrics are slightly above U.S. state averages. Moody’s June 2021 state debt median report notes that Virginia ranked 15th in net tax-supported debt per capita ($1,746 versus the national median of $1,039) and ranked 17th as a percent of personal income (2.8% versus the national median of 1.9%). 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 2021, 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, 2021?
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.
Municipal bond performance was positive in this reporting period. Municipal bond yields rose across much of the yield curve (except for longer maturities, where yields fell) over the reporting period. An improving municipal credit outlook, along with demand for higher yielding investments lower down the credit spectrum and the increasing scarcity value of tax exempt municipal bonds, provided a favorable backdrop for credit spreads to continue to grind tighter, driving performance gains for lower rated and high yield municipal credit. Missouri’s state municipal market outperformed the national market in this reporting period, while the state markets of Georgia, Massachusetts, Minnesota and Virginia underperformed 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. As in the first half of the reporting period, NKG continued to buy a mix of 4% and 5% coupon structures with longer maturities and skewed toward higher credit quality. In addition to the purchases detailed in the Georgia Fund’s semiannual report dated November 30, 2020, the Fund bought bonds across three sectors in the second half of the reporting period: health care (Children’s Healthcare of Atlanta), higher education (Emory University) and industrial development revenue (George L. Smith Convention Center, a lower rated investment grade bond). The purchases were funded from the proceeds of called and maturing bonds, as well as the sale of a small position.
NMT was an active buyer during the reporting period, reinvesting the proceeds from called and maturing bonds and selling some very short-dated bonds to invest in longer-term opportunities. The Massachusetts Fund added issues for dedicated tax, housing, ports and higher education.
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Portfolio Managers’ Comments (continued)
For NMS and NOM, certain sectors which held up better in the March-April 2020 timeframe, such as general obligations (GOs) and utilities, perhaps not surprisingly, underperformed in the subsequent twelve-month reporting period. The Funds generally tried to maintain (and opportunistically add) allocations to certain other sectors and categories that had been hit harder in the March-April 2020 sell-off However, for NMS, there seemed a relative scarcity of lower investment grade credits (or other opportunities) in the Minnesota public new issue market compared to many other states during the reporting period. Also, a significant number of new issues in Minnesota continue to be structured with very low coupons and dollar prices near par, which may not perform as well from a price standpoint in the event of an eventual rise in yields. Most issuance structured with premium coupons tended to be high grade and offered little to no incremental yield spread. From an activity standpoint, the most notable changes in NMS was an increase in it’s single A rated credit weighting during the reporting period, mainly by adding to weightings in the private higher education sector. The Minnesota Fund did experience some small downgrades to several holdings, predominantly in the education sector, which resulted in a slight uptick in the Fund’s below investment grade weightings by the end of the reporting period.
NOM’s overall sector composition did not change dramatically. There was an increase in the Missouri Fund’s transportation sector weighting, primarily from adding positions in Kansas City Airport bonds, which continued its modernization capital program with a bond issue in mid-October 2020. NOM also saw a decrease in the pre-refunded sector, as older holdings reached their call dates or matured.
NPV’s trading activity was mainly driven by the reinvestment of proceeds from maturing bonds and some called bonds. There was no material selling activity during the reporting period. The Virginia Fund added to hospitals (Arlington Health System, Bon Secours Mercy Health and Carilion Clinic revenue bonds), airports (Metropolitan Washington D.C. Airports Authority revenue bonds) and Puerto Rico (sales tax revenue bonds known as COFINAs).
As of May 31, 2021, NKG, NMT, NOM and NPV continued to use inverse floating rate securities. The Fund’s 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, 2021?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns at net asset value (NAV) for the period ended May 31, 2021. Each Fund’s total returns at common share NAV are compared with the performance of a corresponding market index.
For the twelve-month reporting period ended May 31, 2021, the total return at common share NAV for the five Funds outperformed their respective state’s S&P Municipal Bond Index and the national S&P Municipal Bond Index. For the purposes of this Performance Commentary, the references to relative performance of all the Fund’s is in comparison to their respective state’s S&P Municipal Bond Index.
The Funds’ performance relative to their respective state benchmarks 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.
Given the “bullish” flattening in the yield curve, that is, longer-term rates declined by more than shorter-term rates, longer duration bonds generally outperformed shorter duration bonds in this reporting period. All five Funds were positioned favorably for this environment, with overweights to the longer duration range and underweights to shorter duration paper relative to their respective state benchmarks. Relative to the Georgia index, NKG was most helped by its underweight to durations of 4 years and shorter and an overweight to the 10- to 12-year duration category. NMT benefited relative to the Massachusetts index from its underweight to zero to 2-year durations and overweights to the 6- to 10-year duration segment and the 12 years and longer segment. NMS’s overweight in both long intermediate and long durations (and underweight in shorter durations) were positive contributors to relative performance versus the Minnesota index. Duration and yield curve positioning was a small positive performance attribution factor for NOM relative to the Missouri index, driven by the Fund’s slight overweight in both long-intermediate and long durations (and underweight in certain shorter durations). For NPV, an overweight to 8- to 12-year and longer durations added the most value relative to the Virginia index, with a smaller contribution from an underweight to 2- to 4-year durations.
10

Looking at credit ratings, lower rated and high yield bonds outperformed high grade (AAA and AA rated) bonds during the reporting period, driven by the recovery in credit spreads. The five Funds generally maintained an overweight to the lower rated, higher yielding credit categories and an underweight to the highest credit qualities, which provided a performance advantage relative to their respective state benchmarks. For NKG, the benefit of an underweight to AAA rated paper and overweight BBB rated debt more than offset an overweight to AA rated bonds, which was a small detractor. NMT’s credit quality positioning was the largest positive attribution factor in this reporting period, with relative outperformance driven by the Fund’s underweights to AAA and AA rated bonds and an overweight to credits rated A and lower. Although NMT’s overweight to BB rated debt was also advantageous to relative performance, the Fund’s BB rated holdings were generally shorter duration and therefore less beneficial than if the Fund had held longer duration positions. In NMS, its overweights to the A, BBB, below investment grade and non-rated categories were a significant positive contributor, as were underweight allocations to both the AAA and the AA rated categories. NOM held overweight allocations to BBB, below investment grade and non-rated bonds, which were a major positive performance attribution factor, while underweights to AAA and AA rated paper also served the Fund well. Credit ratings allocations were the main positive contributor to NPV’s relative performance versus the Virginia index, with outperformance driven by an overweight to the BBB rated segment, exposure to below investment grade bonds and an underweight to AAA rated bonds.
Sectors generally performed in line with credit quality, as the significant narrowing of credit spreads across lower rated bonds tended to drive stronger performance among revenue sectors, where lower rated bonds are more prevalent. Conversely, higher quality sectors, such as state and local GOs and pre-refunded, generally lagged.
NKG’s sector positioning detracted modestly from performance relative to the Georgia index. Although NKG’s overweight to dedicated tax added to relative performance, an overweight to water and sewer, a sector that underperformed, detracted from performance.
NMT’s sector allocations bolstered relative performance versus the Massachusetts index. NMT’s exposure to the tax supported sector detracted, despite the Fund’s underweight and the longer duration of its holdings in the sector. However, its overweight allocations to health care, education and transportation outperformed, which more than offset the negative impact of the tax supported sector. NMS’s sector positioning overall was a somewhat positive factor driving performance relative to the Minnesota index. The Fund benefited from an underweight to state and local GO holdings, given the sector’s underperformance. But an overweight in appropriation-backed holdings, which also underperformed the broader state index, was a negative influence. NMS’s overweight and security selection in hospitals contributed positively, as hospitals were a strong performing sector. The Minnesota Fund’s overweight in the predominantly non-rated senior living/life care sector was a meaningful positive, as this sector rebounded and was one of the market’s strongest performing sectors over this reporting period. NMS also benefited from a rebound in its numerous charter school holdings, as well as several positions in private higher education credits. The Fund’s overweight in industrial development revenue bonds (and specifically holdings of the St. Paul Port Authority Gerdau Steel Mill Project bonds) was also additive. Other sector positions that detracted included a slight underweight to airports, despite the advantage of holding longer duration airport bonds, as well as an overweight to the public power sector.
NOM’s sector positioning overall had a mostly neutral impact on performance relative to the Missouri index. The Fund’s overweight to the pre-refunded sector was disadvantageous, while holdings of higher yielding Missouri special tax and transportation development districts boosted relative performance. An underweight to GOs was helpful to performance, as GOs generally underperformed revenue bonds in the state. These gains were partially offset by an overweight in appropriation-backed securities (a commonly used financing tool in Missouri). The Fund’s appropriation-backed holdings generally outperformed GO’s but underperformed the broader market. Within health care, NOM’s overweight in hospitals and the strong performing senior living/life care sector were positive contributors. In the airport sector, the Fund’s underweight detracted but security selection was favorable, primarily reflecting NOM’s position in the bonds of Kansas City Airport. NOM’s underweight to the utility sector was also a small positive contributor to relative performance.
Relative gains in NPV came from an overweight to toll roads/transportation, which included strong performing names such as I-66 Express Mobility Partners, Metropolitan Washington D.C. Airports Authority Dulles Toll Road, Chesapeake Bay Bridge and Tunnel, and Chesapeake Expressway Toll Road, and an overweight to hospitals/health care. NPV’s underweight to tax supported debt was another positive contributor, as state and local GOs underperformed. A small overweight to Virginia tobacco was also modestly beneficial.
11

Portfolio Managers’ Comments (continued)
Individual credit selection was the largest driver of NKG’s outperformance relative to the Georgia index. NKG’s selection in tender option bonds and longer dated credits held for the full reporting period added meaningfully to relative performance, while the relative laggards were primarily positions in shorter dated, high quality paper and in credits bought in late 2020/early 2021 (after which prevailing rates moved higher). NMT’s security selection was also a positive factor affecting performance relative to the Massachusetts index. Holdings in lower quality, longer duration, higher education names (such as Berklee College of Music, Emerson College and Worcester Polytechnic Institute) and in some health care positions (including Beth Israel Lahey Health System) were among NMT’s top contributing holdings. NPV’s best performing credits were dominated by lower rated toll road positions such as Metropolitan Washington D.C. Airports Authority Dulles Toll Road zero coupon bonds, Chesapeake Bay Bridge and Tunnel and I-66 Express Mobility Partners. Also within the transportation sector, airport holding Metropolitan Washington D.C. Airports Authority also performed well for the Virginia Fund. Within NPV’s high yield positions, Marymount University was a standout performer. Detractors from NPV’s relative performance versus the Virginia index were shorter dated, high quality credits including certain GO bonds and pre-refunded bonds, which had positive performance but trailed the stronger performance of longer dated and lower rated holdings.
12


Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. All this will make the shares’ total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
The use of leverage had a positive impact on the total return performance of the Funds over the reporting period.
As of May 31, 2021, the Funds’ percentages of leverage are as shown in the accompanying table.
 
NKG NMT NMS NOM NPV 
Effective Leverage* 
34.25% 36.21% 36.89% 35.89% 34.88% 
Regulatory Leverage* 
28.07% 34.06% 36.89% 35.14% 31.60% 
 
*     
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.
13



Fund Leverage (continued)
THE FUNDS’ REGULATORY LEVERAGE
As of May 31, 2021, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
 
 Variable Rate  
 
Variable Rate Remarketed  
 
Preferred* Preferred**  
 
Shares Issued at Shares Issued at  
 
Liquidation Preference Liquidation Preference Total 
NKG $ 58,500,000 $ — $ 58,500,000 
NMT $ 74,000,000 $ — $ 74,000,000 
NMS $ 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.
14

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of May 31, 2021. 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 NMT NMS NOM NPV 
June 2020 
$0.0400 $0.0445 $0.0485 $0.0395 $0.0470 
July 
0.0400 0.0445 0.0485 0.0395 0.0470 
August 
0.0400 0.0445 0.0485 0.0395 0.0470 
September 
0.0400 0.0445 0.0485 0.0395 0.0470 
October 
0.0450 0.0460 0.0525 0.0440 0.0485 
November 
0.0450 0.0460 0.0525 0.0440 0.0485 
December 
0.0450 0.0460 0.0525 0.0440 0.0485 
January 
0.0450 0.0460 0.0525 0.0440 0.0485 
February 
0.0450 0.0460 0.0525 0.0440 0.0485 
March 
0.0450 0.0460 0.0525 0.0440 0.0485 
April 
0.0450 0.0460 0.0525 0.0440 0.0485 
May 2021 
0.0450 0.0460 0.0525 0.0440 0.0485 
Total Distributions from Net Investment Income $0.5200 $0.5460 $0.6140 $0.5100 $0.5760 
 
Yields 
 
 
 
 
 
Market Yield* 
3.97% 3.70% 3.88% 3.59% 3.61% 
Taxable-Equivalent Yield* 
7.37% 6.83% 7.86% 6.61% 6.73% 
 
*     
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 46.6%, 45.8%, 50.7%, 46.2% and 46.6% for NKG, NMT, NMS, NOM and NPV, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund���s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains
15
 
Common Share Information (continued)
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.
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 2020, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
As of May 31, 2021, 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 NMT NMS NOM NPV 
Common shares cumulatively repurchased and retired 
149,500 26,148 10,000 55,000 
Common shares authorized for repurchase 
1,035,000 930,000 575,000 230,000 1,785,000 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of May 31, 2021, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:
 
NKG NMT NMS NOM NPV 
Common share NAV 
$14.41 $15.36 $15.62 $14.16 $15.48 
Common share price 
$13.60 $14.92 $16.24 $14.70 $16.13 
Premium/(Discount) to NAV 
(5.62)% (2.86)% 3.97% 3.81% 4.20% 
Average premium/(discount) to NAV 
(10.95)% (5.07)% (3.97)% 2.19% 2.10% 
 
16


  
NKG
Nuveen Georgia Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2021
 
    
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, 2021 
 
 
 

 
 
Average Annual 
 
 
1-Year 5-Year 10-Year 
NKG at Common Share NAV 
7.12% 3.71% 4.69% 
NKG at Common Share Price 
18.24% 3.07% 4.31% 
S&P Municipal Bond Georgia Index 
4.07% 3.07% 3.85% 
S&P Municipal Bond Index 
4.70% 3.48% 4.35% 
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.
17
 

  
NKGPerformance Overview and Holding Summaries as of May 31, 2021 (continued)
 
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 
149.5% 
Short-Term Municipal Bonds 
0.1% 
Other Assets Less Liabilities 
2.5% 
Net Assets Plus Floating Rate Obligations 
 
& AMTP Shares, net of deferred 
 
offering costs 152.1% 
Floating Rate Obligations 
(13.1)% 
AMTP Shares, net of deferred 
 
offering costs 
(39.0)% 
Net Assets 100% 

States and Territories 
 
(% of total municipal bonds) 
 
Georgia 
89.6% 
Florida 
2.6% 
West Virginia 
1.8% 
Colorado 
1.6% 
Puerto Rico 
1.5% 
Illinois 
1.2% 
Nevada 
1.0% 
Washington 
0.7% 
Total 100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Utilities 
28.7% 
Tax Obligation/General 
18.8% 
Tax Obligation/Limited 
16.5% 
Health Care 
11.9% 
Education and Civic Organizations 
11.0% 
U.S. Guaranteed 
6.6% 
Transportation 
5.4% 
Other 
1.1% 
Total 100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
4.9% 
AAA 
6.3% 
AA 
60.5% 
18.1% 
BBB 
7.5% 
BB or Lower 
0.5% 
N/R (not rated) 
2.2% 
Total 100% 
 
18



  
NMT
Nuveen Massachusetts Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2021
 
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, 2021 
 
 
 
 
 
 
Average Annual 
 
 
1-Year 5-Year 10-Year 
NMT at Common Share NAV 
8.69% 3.97% 5.34% 
NMT at Common Share Price 
17.81% 4.12% 5.77% 
S&P Municipal Bond Massachusetts Index 
3.25% 3.10% 3.88% 
S&P Municipal Bond Index 
4.70% 3.48% 4.35% 
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.
19


  
NMTPerformance Overview and Holding Summaries as of May 31, 2021 (continued)
 
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 
149.5% 
Other Assets Less Liabilities 
2.0% 
Net Assets Plus VRDP Shares, 
 
net of deferred offering costs 151.5% 
VRDP Shares, net of deferred 
 
offering costs 
(51.5)% 
Net Assets 100% 

States and Territories 
 
(% of total municipal bonds) 
 
Massachusetts 
93.6% 
Guam 
3.5% 
Puerto Rico 
2.1% 
Virgin Islands 
0.8% 
Total 100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
30.8% 
Health Care 
19.7% 
Tax Obligation/Limited 
15.4% 
Tax Obligation/General 
11.3% 
Transportation 
6.5% 
Utilities 
6.4% 
U.S. Guaranteed 
6.1% 
Other 
3.8% 
Total 100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
5.0% 
AAA 
3.7% 
AA 
54.6% 
20.9% 
BBB 
10.2% 
BB or Lower 
3.4% 
N/R (not rated) 
2.2% 
Total 100% 
 
20
 

NMS
Nuveen Minnesota Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2021
 
    
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, 2021 
 
 
 
 
 
 
Average Annual 
 
 
1-Year 5-Year 10-Year 
NMS at Common Share NAV 
9.74% 4.32% 6.19% 
NMS at Common Share Price 
24.89% 5.05% 6.39% 
S&P Municipal Bond Minnesota Index 
3.83% 3.18% 3.90% 
S&P Municipal Bond Index 
4.70% 3.48% 4.35% 
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.
21
 

  
NMSPerformance Overview and Holding Summaries as of May 31, 2021 (continued)
 
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 
157.3% 
Other Assets Less Liabilities 
1.1% 
Net Assets Plus AMTP Shares, 
 
net of deferred offering costs 158.4% 
AMTP Shares, net of deferred 
 
offering costs 
(58.4)% 
Net Assets 100% 

States and Territories 
 
(% of total municipal bonds) 
 
Minnesota 
99.6% 
Guam 
0.4% 
Total 100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
21.3% 
Health Care 
21.2% 
Tax Obligation/General 
18.8% 
Utilities 
9.1% 
Long-Term Care 
8.1% 
Tax Obligation/Limited 
8.0% 
Other 
13.5% 
Total 100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
3.1% 
AAA 
17.8% 
AA 
19.6% 
29.0% 
BBB 
5.9% 
BB or Lower 
11.0% 
N/R (not rated) 
13.6% 
Total 100% 
 
22
 

NOM
Nuveen Missouri Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2021
 
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, 2021 
 
 
 
 
 
 
Average Annual 
 
 
1-Year 5-Year 10-Year 
NOM at Common Share NAV 
7.66% 3.78% 5.54% 
NOM at Common Share Price 
4.69% 2.34% 5.25% 
S&P Municipal Bond Missouri Index 
5.03% 3.51% 4.36% 
S&P Municipal Bond Index 
4.70% 3.48% 4.35% 
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.
23
 

  
NOMPerformance Overview and Holding Summaries as of May 31, 2021 (continued)
 
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 
153.8% 
Other Assets Less Liabilities 
1.5% 
Net Assets Plus Floating Rate Obligations 
 
& MFP Shares, net of deferred 
 
offering costs 155.3% 
Floating Rate Obligations 
(1.8)% 
MFP Shares, net of deferred 
 
offering costs 
(53.5)% 
Net Assets 100% 

States and Territories 
 
(% of total municipal bonds) 
 
Missouri 
96.6% 
Puerto Rico 
1.8% 
Guam 
1.6% 
Total 100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
23.4% 
Tax Obligation/Limited 
18.2% 
Tax Obligation/General 
14.6% 
U.S. Guaranteed 
11.5% 
Education and Civic Organizations 
10.2% 
Utilities 
9.3% 
Long-Term Care 
6.0% 
Other 
6.8% 
Total 100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
7.4% 
AAA 
5.4% 
AA 
45.6% 
21.5% 
BBB 
8.6% 
BB or Lower 
3.9% 
N/R (not rated) 
7.6% 
Total 100% 
 
24



  
NPV
Nuveen Virginia Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2021
 
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, 2021 
 
 
 
 
 
 
Average Annual 
 
 
1-Year 5-Year 10-Year 
NPV at Common Share NAV 
10.80% 4.55% 5.30% 
NPV at Common Share Price 
25.01% 6.55% 5.65% 
S&P Municipal Bond Virginia Index 
3.20% 3.20% 3.89% 
S&P Municipal Bond Index 
4.70% 3.48% 4.35% 
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.
25
 

  
NPVPerformance Overview and Holding Summaries as of May 31, 2021 (continued)
 
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 
152.2% 
Other Assets Less Liabilities 
1.2% 
Net Assets Plus Floating Rate Obligations 
 
& VRDP Shares, net of deferred 
 
offering costs 153.4% 
Floating Rate Obligations 
(7.3)% 
VRDP Shares, net of deferred 
 
offering costs 
(46.1)% 
Net Assets 100% 

States and Territories 
 
(% of total municipal bonds) 
 
Virginia 
70.3% 
District of Columbia 
16.0% 
Puerto Rico 
5.1% 
Guam 
3.6% 
Virgin Islands 
2.2% 
Colorado 
1.4% 
Washington 
0.7% 
Pennsylvania 
0.5% 
New York 
0.2% 
Total 100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Transportation 
29.2% 
Tax Obligation/Limited 
22.5% 
Health Care 
14.9% 
Education and Civic Organizations 
9.0% 
U.S. Guaranteed 
6.4% 
Utilities 
5.1% 
Other 
12.9% 
Total 100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
5.9% 
AAA 
4.7% 
AA 
44.6% 
12.8% 
BBB 
14.6% 
BB or Lower 
9.6% 
N/R (not rated) 
7.8% 
Total 100% 
 
26
Shareholder Meeting Report
The annual meeting of shareholders was held on April 6, 2021 for NKG, NMS, NOM and NPV. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.
 
NKG
NMS
 
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: 
 
 
 
 
Jack B. Evans 
 
 
 
 
For 6,974,577 — 3,878,406 — 
Withhold 2,178,988 — 631,991 — 
Total 9,153,565 — 4,510,397 — 
Matthew Thornton III 
 
 
 
 
For 8,364,215 — 4,308,530 — 
Withhold 789,350 — 201,867 — 
Total 9,153,565 — 4,510,397 — 
William C. Hunter 
 
 
 
 
For — — — — 
Withhold — 585 — 528 
Total — 585 — 528 
Albin F. Moschner 
 
 
 
 
For — — — — 
Withhold — 585 — 528 
Total — 585 — 528 
 
*     
Each Board Member will continue to serve on the Board as a “holdover” Board Member until his successor has been duly elected and qualified.
27
 

Shareholder Meeting Report (continued)
       
 
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: 
 
 
 
 
 
 
Jack B. Evans 
 
 
 
 
 
 
For 1,551,545 
 
— 12,357,230 
 
— 
Withhold 276,934 
 
— 1,785,397 
 
— 
Total 1,828,479 
 
— 14,142,627 
 
— 
Matthew Thornton III 
 
 
 
 
 
 
For 1,748,686 
 
— 13,893,102 
 
— 
Withhold 79,793 
 
— 249,525 
 
— 
Total 1,828,479 
 
— 14,142,627 
 
— 
William C. Hunter 
 
 
 
 
 
 
For — 
 
— — 
 
1,280 
Withhold — 
 
180 — 
 
— 
Total — 
 
180 — 
 
1,280 
Albin F. Moschner 
 
 
 
 
 
 
For — 
 
— — 
 
1,280 
Withhold — 
 
180 — 
 
— 
Total — 
 
180 — 
 
1,280 
* Each Board Member will continue to serve on the Board as a “holdover” Board Member until his successor has been duly elected and qualified.
28

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
Nuveen Georgia Quality Municipal Income Fund
Nuveen Massachusetts Quality Municipal Income Fund
Nuveen Minnesota Quality Municipal Income Fund
Nuveen Missouri Quality 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 Massachusetts Quality Municipal Income Fund, Nuveen Minnesota Quality Municipal Income Fund, Nuveen Missouri Quality Income Fund, and Nuveen Virginia Quality Municipal Income Fund (the Funds), including the portfolios of investments, as of May 31, 2021, 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, 2021, the results of their operations and their 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 Company 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, 2021, 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 28, 2021
29


  
NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
LONG-TERM INVESTMENTS – 149.5% (100.0% of Total Investments) 
 
 
 
 
MUNICIPAL BONDS – 149.5% (100.0% of Total Investments) 
 
 
 
 
Education and Civic Organizations – 16.5% (11.0% of Total Investments) 
 
 
 
$ 1,600 
Cobb County Development Authority, Georgia, Revenue Bonds, KSU University II Real Estate 
7/21 at 100.00 AA $ 1,608,448 
 
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 3,449,940 
 
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 1,426,966 
 
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 3,488,400 
 
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+ 1,848,454 
 
Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37 
 
 
 
1,155 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
9/29 at 100.00 AA 1,452,666 
 
Green Series 2019B, 5.000%, 9/01/48 
 
 
 
3,000 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/23 at 100.00 AA 3,300,540 
 
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 2,413,840 
 
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 1,384,241 
 
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 1,011,050 
 
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+ 3,292,140 
 
Art & Design Projects, Series 2014, 5.000%, 4/01/44 
 
 
 
21,950 
Total Education and Civic Organizations 
 
 
24,676,685 
 
Health Care – 17.9% (11.9% of Total Investments) 
 
 
 
 
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical 
 
 
 
 
Center, Series 1998: 
 
 
 
205 5.250%, 12/01/22 (5), (6) 6/21 at 100.00 N/R 16,872 
745 5.375%, 12/01/28 (5), (6) 6/21 at 100.00 N/R 61,314 
 
Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of 
 
 
 
 
Atlanta, Inc Project, Series 2019A: 
 
 
 
3,245 4.000%, 7/01/44 7/29 at 100.00 AA+ 3,819,235 
1,000 4.000%, 7/01/49 7/29 at 100.00 AA+ 1,165,570 
875 
Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, 
4/30 at 100.00 1,093,592 
 
Wellstar Health System, Series 2020A, 5.000%, 4/01/50 
 
 
 
 
Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health 
 
 
 
 
System, Inc Project, Series 2017A: 
 
 
 
1,780 5.000%, 4/01/36 4/27 at 100.00 2,141,251 
1,000 5.000%, 4/01/37 4/27 at 100.00 1,200,490 
3,485 
Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc 
7/26 at 100.00 AA– 4,098,813 
 
Project, Series 2016A, 5.000%, 7/01/46 
 
 
 
2,500 
Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc 
7/29 at 100.00 AA– 2,907,800 
 
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 3,662,340 
5,500 5.250%, 2/15/45 (UB) (4) 2/27 at 100.00 AA 6,625,850 
23,335 
Total Health Care 
 
 
26,793,127 
 
30

 

     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Housing/Multifamily – 0.8% (0.5% of Total Investments) 
 
 
 
$ 1,205 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 
11/23 at 100.00 BB+ $ 1,214,544 
 
Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35 
 
 
 
 
Industrials – 0.9% (0.6% of Total Investments) 
 
 
 
1,220 
Geo L Smith II Georgia World Congress Center Authority, Georgia, Convention Center Hotel 
1/31 at 100.00 BBB– 1,424,594 
 
Revenue Bonds, First Tier Series 2021A, 4.000%, 1/01/54 
 
 
 
 
Tax Obligation/General – 28.1% (18.8% of Total Investments) 
 
 
 
4,000 
Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%, 
8/26 at 100.00 AA+ 4,848,960 
 
8/01/42 (UB) (4) 
 
 
 
700 
Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
7/30 at 100.00 AA 826,210 
 
Tanner Medical Center Inc Project, Series 2020, 4.000%, 7/01/50 
 
 
 
3,000 
Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
7/25 at 100.00 AA 3,498,420 
 
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+ 2,301,820 
 
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 1,217,870 
650 5.000%, 2/01/35 – AGM Insured 2/27 at 100.00 AA 790,088 
2,350 
Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series 
6/28 at 100.00 AA+ 2,686,144 
 
2018A, 4.000%, 12/01/43 
 
 
 
2,000 
Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd 
7/26 at 100.00 Aa2 2,392,160 
 
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 2,613,240 
 
5.000%, 2/01/38 
 
 
 
3,000 
Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & 
4/25 at 100.00 AAA 3,500,490 
 
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 3,443,070 
��
Certificates, Northeast Georgia Health Services Inc, Series 2014A, 5.500%, 8/15/54 
 
 
 
3,550 
Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28 
2/25 at 100.00 AAA 4,134,791 
170 
Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, 
3/29 at 100.00 AA+ 220,271 
 
5.000%, 3/01/32 
 
 
 
345 
Lamar County School District, Georgia, General Obligation Bonds, Series 2017, 
9/27 at 100.00 Aa1 429,729 
 
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 626,740 
 
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 642,390 
370 5.000%, 10/01/36 10/29 at 100.00 Aa2 473,182 
195 5.000%, 10/01/37 10/29 at 100.00 Aa2 248,724 
 
Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016: 
 
 
 
500 5.000%, 8/01/30 2/26 at 100.00 Aa1 598,210 
400 5.000%, 8/01/31 2/26 at 100.00 Aa1 478,828 
3,500 
West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 
6/28 at 100.00 Aa2 4,114,250 
 
4.000%, 6/01/42 
 
 
 
2,000 
Winder-Barrow Industrial Building Authority, Georgia, Revenue Bonds, City of Winder 
12/21 at 100.00 A1 2,047,580 
 
Project, Refunding Series 2012, 5.000%, 12/01/29 – AGM Insured 
 
 
 
35,730 
Total Tax Obligation/General 
 
 
42,133,167 
 
31
 



  
NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Tax Obligation/Limited – 24.6% (16.5% 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+ $ 1,479,201 
1,260 5.000%, 12/01/36 12/27 at 100.00 AA+ 1,579,649 
3,250 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium 
7/25 at 100.00 A1 3,740,133 
 
Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44 
 
 
 
575 
Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, 
No Opt. Call A3 656,069 
 
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 1,446,540 
1,525 5.000%, 1/01/31 1/27 at 100.00 A2 1,830,854 
725 
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000% 7/01/41, 
7/23 at 100.00 A– 791,896 
4,540 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding 
No Opt. Call Baa2 5,123,799 
 
Series 1993, 5.625%, 10/01/26 – NPFG Insured 
 
 
 
355 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding 
No Opt. Call AA– 402,602 
 
Series 2005, 5.500%, 10/01/26 – NPFG Insured 
 
 
 
3,020 
Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, 
No Opt. Call Baa2 3,393,785 
 
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 868,602 
 
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+ 1,209,310 
3,000 5.000%, 7/01/42 7/26 at 100.00 AA+ 3,628,680 
5,000 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, 
7/28 at 100.00 AA 5,727,400 
 
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 781,554 
2,312 4.550%, 7/01/40 7/28 at 100.00 N/R 2,597,994 
1,500 
Washington State Convention Center Public Facilities District, Lodging Tax Revenue 
7/28 at 100.00 Baa3 1,645,560 
 
Bonds, Series 2018, 4.000%, 7/01/58 
 
 
 
31,852 
Total Tax Obligation/Limited 
 
 
36,903,628 
 
Transportation – 8.0% (5.4% of Total Investments) 
 
 
 
2,000 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31 
1/22 at 100.00 Aa3 2,055,260 
2,810 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (AMT) 
1/22 at 100.00 Aa3 2,882,638 
 
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 Aa3 2,872,619 
3,750 5.000%, 1/01/34 1/24 at 100.00 Aa3 4,183,425 
11,135 
Total Transportation 
 
 
11,993,942 
 
U.S. Guaranteed – 9.8% (6.6% of Total Investments) (7) 
 
 
 
2,000 
Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Revenue Bonds, 
1/22 at 100.00 N/R 2,056,140 
 
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 617,196 
 
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+ 569,380 
 
5/01/31 (Pre-refunded 5/01/24) 
 
 
 
 
32
 



     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
U.S. Guaranteed (7) (continued) 
 
 
 
$ 625 
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation 
5/22 at 100.00 AA+ $ 653,144 
 
Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22) 
 
 
 
1,620 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic 
11/22 at 100.00 AA– 1,734,210 
 
Health East Issue, Series 2012, 5.000%, 11/15/37 (Pre-refunded 11/15/22) 
 
 
 
3,500 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 
2/23 at 100.00 AAA 3,785,040 
 
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 1,690,755 
 
2014B, 5.000%, 2/01/37 (Pre-refunded 2/01/24) 
 
 
 
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: 
 
 
 
163 5.500%, 7/15/23 (Pre-refunded 7/15/21) 7/21 at 100.00 N/R 164,105 
601 5.500%, 7/15/30 (Pre-refunded 7/15/21) 7/21 at 100.00 N/R 604,588 
659 5.500%, 1/15/36 (Pre-refunded 7/15/21) 7/21 at 100.00 N/R 663,531 
810 
Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 
12/22 at 100.00 Aa2 869,486 
 
5.000%, 12/01/38 (Pre-refunded 12/01/22) 
 
 
 
1,260 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South 
10/21 at 100.00 Aa2 1,280,563 
 
Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21) 
 
 
 
13,838 
Total U.S. Guaranteed 
 
 
14,688,138 
 
Utilities – 42.9% (28.7% of Total Investments) 
 
 
 
4,000 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A, 5.000%, 
11/27 at 100.00 Aa2 4,981,000 
 
11/01/39 (UB) (4) 
 
 
 
5,000 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, 
11/27 at 100.00 Aa2 6,227,600 
 
5.000%, 11/01/47 
 
 
 
260 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 – 
No Opt. Call AA 369,093 
 
AGM Insured 
 
 
 
1,975 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia 
No Opt. Call A– 2,046,396 
 
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+ 1,402,738 
 
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+ 1,402,738 
 
Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 
 
 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 
6/21 at 100.00 Aa1 5,017 
 
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+ 601,805 
1,750 
Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33 
3/27 at 100.00 A2 2,116,853 
1,000 
Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 3/01/41 
3/30 at 100.00 A2 1,174,890 
 
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 7,435,020 
300 5.000%, 10/01/35 – AGM Insured 10/26 at 100.00 AA 364,782 
5,350 
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 
10/21 at 100.00 Aa3 5,436,616 
 
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 1,072,310 
 
5.000%, 1/01/33 
 
 
 
3,000 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 
1/23 at 100.00 A1 3,191,700 
 
5.000%, 1/01/43 
 
 
 
 
Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2006B: 
 
 
 
1,500 5.000%, 3/15/22 No Opt. Call A+ 1,555,140 
 
33



  
NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Utilities (continued) 
 
 
 
$ 2,000 
Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2007A, 
No Opt. Call A+ $ 2,071,580 
 
5.000%, 3/15/22 
 
 
 
1,000 
Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A, 
No Opt. Call A3 1,508,040 
 
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 1,704,111 
 
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 2,156,000 
 
Bonds Series 2018A, 4.000%, 4/01/48 (Mandatory Put 9/01/23) 
 
 
 
225 
Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 
No Opt. Call AA 230,663 
 
12/01/21 – AGM Insured 
 
 
 
3,500 
Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 12/01/50 – 
12/30 at 100.00 AA 4,125,905 
 
AGM Insured 
 
 
 
1,500 
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien 
No Opt. Call A2 1,152,795 
 
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 2,690,101 
 
Series 2016A, 5.000%, 1/01/30 – BAM Insured 
 
 
 
 
Oconee County, Georgia, Water and Sewerage Revenue Bonds, Series 2017A: 
 
 
 
155 5.000%, 9/01/35 9/27 at 100.00 AA 192,296 
535 5.000%, 9/01/37 9/27 at 100.00 AA 663,523 
2,000 
South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, 
1/24 at 100.00 AA 2,228,580 
 
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 2,629,099 
 
Reservoir Project, Series 2016, 4.000%, 2/01/38 
 
 
 
3,105 
Warner Robins, Georgia, Water and Sewerage Revenue Bonds, Refunding & Improvement Series 
7/30 at 100.00 Aa3 3,636,483 
 
2020, 4.000%, 7/01/50 
 
 
 
56,260 
Total Utilities 
 
 
64,372,874 
$ 196,525 Total Long-Term Investments (cost $207,808,382) 
 
 
224,200,699 
 
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
SHORT-TERM INVESTMENTS – 0.1% (0.0% of Total Investments) 
 
 
 
 
MUNICIPAL BONDS – 0.1% (0.0% of Total Investments) 
 
 
 
 
Health Care – 0.1% (0.0% of Total Investments) 
 
 
 
$ 88 
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, 
No Opt. Call N/R $ 94,968 
 
Variable Rate Demand Obligations, Series 2016, 6.500%, 10/01/21 (5), (6) 
 
 
 
$ 88 
Total Short-Term Investments (cost $88,122) 
 
 
94,968 
 
Total Investments (cost $207,896,504) – 149.6% 
 
 
224,295,667 
 
Floating Rate Obligations – (13.1)% 
 
 
(19,600,000) 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (39.0)% (8) 
 
 
(58,444,145) 
 
Other Assets Less Liabilities – 2.5% 
 
 
3,647,582 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 149,899,104 
 
34

 


  
(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’sInvestors 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) 
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. 
(6) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(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 26.1%. 
AMT 
Alternative Minimum Tax 
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. 
 
35



  
NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
LONG-TERM INVESTMENTS – 149.5% (100.0% of Total Investments) 
 
 
 
 
MUNICIPAL BONDS – 149.5% (100.0% of Total Investments) 
 
 
 
 
Education and Civic Organizations – 46.0% (30.8% of Total Investments) 
 
 
 
$ 210 
Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, 
6/26 at 100.00 N/R $ 230,729 
 
5.000%, 6/15/49 
 
 
 
3,515 
Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music, 
10/26 at 100.00 4,169,528 
 
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– 2,398,176 
 
5.000%, 7/01/38 
 
 
 
730 
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T, 
7/27 at 100.00 AA– 889,600 
 
5.000%, 7/01/42 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender 
 
 
 
 
Option Bond Trust 2016-XG0070: 
 
 
 
1,880 17.979%, 10/01/48, 144A (IF) (4) 10/23 at 100.00 AA– 2,605,003 
575 17.874%, 10/01/48, 144A (IF) (4) 10/23 at 100.00 AA– 796,467 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A: 
 
 
 
2,000 5.000%, 1/01/34 1/28 at 100.00 BBB+ 2,431,920 
2,240 5.000%, 1/01/37 1/28 at 100.00 BBB+ 2,714,477 
1,955 
Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016, 
7/26 at 100.00 A– 2,314,915 
 
5.000%, 7/01/35 
 
 
 
1,500 
Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts Institute of 
No Opt. Call AAA 2,409,585 
 
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 487,557 
190 5.000%, 7/01/37 7/25 at 100.00 AA 221,179 
1,200 
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, 
7/26 at 100.00 BBB– 1,394,484 
 
5.000%, 7/01/47 
 
 
 
550 
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 
10/22 at 100.00 A1 583,633 
 
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 980,376 
1,400 5.000%, 3/01/44 3/24 at 100.00 A1 1,567,776 
500 
Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, 
10/23 at 100.00 BBB+ 545,960 
 
5.250%, 10/01/39 
 
 
 
1,100 
Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue, 
10/30 at 100.00 BBB+ 1,310,551 
 
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 1,445,828 
 
Institute, Series 2015, 5.000%, 7/01/33 
 
 
 
450 
Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding 
7/29 at 100.00 Baa2 565,691 
 
Series 2019, 5.000%, 7/01/36 
 
 
 
1,175 
Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Series 
7/31 at 100.00 Baa2 1,383,057 
 
2021, 4.000%, 7/01/51 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, 
 
 
 
 
Series 2017: 
 
 
 
2,200 5.000%, 4/01/35 10/27 at 100.00 AA– 2,718,430 
1,250 5.000%, 4/01/36 10/27 at 100.00 AA– 1,541,587 
875 
Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, 
8/25 at 100.00 AA– 1,019,016 
 
5.000%, 8/15/38 
 
 
 
 
36
 

     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Education and Civic Organizations (continued) 
 
 
 
$ 1,325 
Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H, 
1/28 at 100.00 Baa1 $ 1,586,369 
 
5.000%, 1/01/42 
 
 
 
1,510 
Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic 
6/28 at 100.00 AA– 1,843,076 
 
Institution, Series 2018, 5.000%, 6/01/43 
 
 
 
1,365 
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/22 at 100.00 1,440,785 
 
Institute, Series 2012, 5.000%, 9/01/50 
 
 
 
840 
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/26 at 100.00 1,005,598 
 
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 100.00 663,328 
700 5.000%, 9/01/47 9/27 at 100.00 844,564 
2,500 
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/27 at 100.00 3,015,125 
 
Institute, Series 2017B, 5.000%, 9/01/42 
 
 
 
1,000 
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/29 at 100.00 1,154,060 
 
Institute, Series 2019, 4.000%, 9/01/44 
 
 
 
500 
Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, 
7/27 at 100.00 Baa2 602,665 
 
Refunding Series 2017, 5.000%, 7/01/35 
 
 
 
3,000 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 
No Opt. Call AA– 4,676,280 
 
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– 3,012,712 
 
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 1,403,898 
1,000 6.000%, 5/15/59 5/29 at 105.00 Aa3 1,362,650 
500 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue L, 
No Opt. Call AA 618,630 
 
Senior Series 2020B, 5.000%, 7/01/28 (AMT) 
 
 
 
280 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 
7/21 at 100.00 AA 280,997 
 
2011J, 5.625%, 7/01/33 (AMT) 
 
 
 
4,000 
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 
11/25 at 100.00 Aa2 4,743,240 
 
2015-1, 5.000%, 11/01/40 
 
 
 
690 
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 
11/29 at 100.00 Aa2 897,994 
 
  2020-1, 5.000%, 11/01/36 
 
 
 
53,595 
Total Education and Civic Organizations 
 
 
65,877,496 
 
Health Care – 29.4% (19.7% of Total Investments) 
 
 
 
1,000 
Massachusetts Development Finance Agency Revenue Bonds, Children?s Hospital Issue, 
10/24 at 100.00 AA 1,132,290 
 
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+ 1,557,964 
 
2016I, 5.000%, 7/01/41 
 
 
 
1,000 
Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue, 
7/24 at 100.00 A+ 1,118,690 
 
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– 908,291 
700 5.000%, 10/01/31 10/21 at 100.00 AA– 709,905 
500 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
7/26 at 100.00 BBB 588,145 
 
Series 2016E, 5.000%, 7/01/32 
 
 
 
1,675 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding 
7/26 at 100.00 2,009,246 
 
Series 2016-I, 5.000%, 7/01/30 
 
 
 
 
37



  
NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
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 $ 1,049,526 
1,000 5.000%, 7/01/32 7/25 at 100.00 1,163,520 
500 5.000%, 7/01/33 7/25 at 100.00 581,105 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2: 
 
 
 
1,500 5.000%, 7/01/38 7/28 at 100.00 1,849,440 
2,000 5.000%, 7/01/43 7/28 at 100.00 2,433,800 
1,000 
Massachusetts Development Finance Agency, Revenue Bonds, Covenant Health System 
7/22 at 100.00 BBB 1,031,950 
 
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 3,323,068 
 
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 4,057,235 
 
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+ 1,159,337 
 
Issue, Series 2014F, 5.750%, 7/15/43 
 
 
 
100 
Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center 
7/30 at 100.00 BB+ 118,329 
 
Issue, Series 2020G, 5.000%, 7/15/46, 144A 
 
 
 
3,450 
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System 
7/26 at 100.00 AA– 4,130,064 
 
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– 2,721,884 
2,100 4.000%, 7/01/41 1/28 at 100.00 AA– 2,426,529 
820 
Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System 
7/23 at 100.00 BBB+ 877,769 
 
Obligated Group Issue, Series 2013F, 5.000%, 7/01/37 
 
 
 
170 
Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System 
7/31 at 100.00 A– 217,505 
 
Obligated Group Issue, Series 2021G, 5.000%, 7/01/50 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital, 
 
 
 
 
Series 2013G: 
 
 
 
1,000 5.000%, 7/01/37 7/23 at 100.00 BBB+ 1,091,370 
2,200 5.000%, 7/01/44 7/23 at 100.00 BBB+ 2,393,050 
610 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care 
1/27 at 100.00 A– 731,933 
 
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– 434,996 
1,095 5.000%, 7/01/44 7/27 at 100.00 A– 1,326,023 
445 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, 
7/26 at 100.00 A– 529,888 
 
Series 2016I, 5.000%, 7/01/36 
 
 
 
25 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 
7/21 at 100.00 BBB+ 25,107 
 
2011H, 5.500%, 7/01/31 
 
 
 
280 
Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, 
1/29 at 100.00 BBB+ 339,651 
 
5.000%, 7/01/44 
 
 
 
100 
Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2020C, 
10/30 at 100.00 AA 117,356 
 
  4.000%, 10/01/45 – AGM Insured 
 
 
 
36,385 
Total Health Care 
 
 
42,154,966 
 
Housing/Multifamily – 2.4% (1.6% of Total Investments) 
 
 
 
215 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43 
6/21 at 100.00 AA 215,288 
740 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/44 
12/28 at 100.00 AA 788,174 
1,000 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2020A-1, 3.000%, 12/01/50 
12/28 at 100.00 AA 1,048,640 
1,335 
Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 
6/30 at 100.00 AA 1,350,019 
 
  2020D-1, 2.550%, 12/01/50 
 
 
 
3,290 
Total Housing/Multifamily 
 
 
3,402,121 
 
38
 

     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Long-Term Care – 3.2% (2.2% of Total Investments) 
 
 
 
 
Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the 
 
 
 
 
Charles, Inc Issue, Series 2017: 
 
 
 
$ 1,040 4.125%, 10/01/42, 144A 10/22 at 105.00 BB+ $ 1,120,652 
250 5.000%, 10/01/47, 144A 10/22 at 105.00 BB+ 273,590 
460 
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community 
7/25 at 100.00 A+ 525,362 
 
Lennox, Series 2015, 5.000%, 7/01/31 
 
 
 
485 
Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, 
12/25 at 103.00 A– 531,938 
 
Series 2019, 4.000%, 12/01/42 
 
 
 
1,000 
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 
1/23 at 100.00 BBB 1,072,460 
 
2013A, 5.250%, 1/01/26 
 
 
 
1,000 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc, Refunding 
10/24 at 104.00 BBB+ 1,126,950 
 
  Series 2019, 5.000%, 10/01/49 
 
 
 
4,235 
Total Long-Term Care 
 
 
4,650,952 
 
Tax Obligation/General – 17.0% (11.3% of Total Investments) 
 
 
 
1,250 
Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 
6/21 at 100.00 AA 1,254,250 
 
5.000%, 2/15/32 
 
 
 
1,885 
Ludlow, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2019, 
2/27 at 100.00 AA– 1,994,500 
 
3.000%, 2/01/49 
 
 
 
1,500 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2004B, 5.250%, 
No Opt. Call Aa1 1,512,795 
 
8/01/21 – AGM Insured 
 
 
 
2,000 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, 
7/25 at 100.00 Aa1 2,348,700 
 
5.000%, 7/01/45 
 
 
 
3,895 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F, 
11/27 at 100.00 Aa1 4,882,305 
 
5.000%, 11/01/46 
 
 
 
4,000 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A, 
1/29 at 100.00 Aa1 5,141,560 
 
5.250%, 1/01/44 
 
 
 
2,500 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2020C, 
3/30 at 100.00 Aa1 2,681,925 
 
3.000%, 3/01/47 
 
 
 
525 
Massachusetts State, General Obligation Bonds, Refunding Series 2020D, 3.000%, 11/01/42 
11/30 at 100.00 Aa1 577,736 
1,775 
North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 
5/22 at 100.00 Aa2 1,853,544 
 
2012, 5.000%, 5/15/35 
 
 
 
1,950 
Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series 
9/27 at 100.00 Aa2 2,075,911 
 
  2019, 3.000%, 9/01/42 
 
 
 
21,280 
Total Tax Obligation/General 
 
 
24,323,226 
 
Tax Obligation/Limited – 23.0% (15.4% 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 2,057,840 
1,310 5.125%, 1/01/42 1/22 at 100.00 BB 1,346,942 
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1: 
 
 
 
400 5.000%, 1/01/37 1/22 at 100.00 BB 410,988 
1,115 5.000%, 1/01/42 1/22 at 100.00 BB 1,145,629 
855 
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014, 
11/24 at 100.00 AA 971,973 
 
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 608,670 
 
5.000%, 5/01/35 
 
 
 
1,000 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 
7/22 at 100.00 AAA 1,050,240 
 
5.000%, 7/01/41 
 
 
 
770 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior 
No Opt. Call AA 773,203 
 
Lien Series 2004C, 5.250%, 7/01/21 
 
 
 
 
39
 

  
NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 2,000 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series 
7/28 at 100.00 AA $ 2,514,580 
 
2020B-1, 5.000%, 7/01/41 
 
 
 
 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated 
 
 
 
 
Series 2021A-1: 
 
 
 
2,165 4.000%, 7/01/39 7/31 at 100.00 AA 2,671,913 
1,000 4.000%, 7/01/51 7/31 at 100.00 AA 1,205,360 
1,000 Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B, No Opt. Call AA 1,098,770 
 
5.375%, 5/01/23 – SYNCORA GTY Insured 
 
 
 
1,350 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Refunding 8/25 at 100.00 AAA 1,595,579 
 
Senior Series 2015C, 5.000%, 8/15/37 
 
 
 
2,000 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 2/28 at 100.00 AA+ 2,527,900 
 
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+ 1,890,450 
 
Series 2019A, 5.000%, 2/15/44 
 
 
 
1,500 Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Refunding Series No Opt. Call A1 1,876,350 
 
2005, 5.500%, 1/01/27 – NPFG Insured 
 
 
 
1,000 Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated 6/29 at 100.00 AA+ 1,269,860 
 
Bridge Programs, Series 2019A, 5.000%, 6/01/49 
 
 
 
1,500 Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 6/25 at 100.00 AA+ 1,755,690 
 
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 969,753 
820 0.000%, 7/01/46 7/28 at 41.38 N/R 266,967 
4,205 0.000%, 7/01/51 7/28 at 30.01 N/R 994,398 
775 4.750%, 7/01/53 7/28 at 100.00 N/R 871,224 
1,259 5.000%, 7/01/58 7/28 at 100.00 N/R 1,436,267 
520 Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 10/22 at 100.00 AA 545,184 
 
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 1,048,430 
 
2012A, 5.000%, 10/01/32 – AGM Insured 
 
 
 
32,407 Total Tax Obligation/Limited 
 
 
32,904,160 
 
Transportation – 9.8% (6.5% of Total Investments) 
 
 
 
2,500 Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 7/01/47 (AMT) 7/27 at 100.00 Aa2 2,984,250 
 
Massachusetts Port Authority, Revenue Bonds, Series 2014A: 
 
 
 
1,000 5.000%, 7/01/39 7/24 at 100.00 Aa2 1,135,080 
2,500 5.000%, 7/01/44 7/24 at 100.00 Aa2 2,838,400 
 
Massachusetts Port Authority, Revenue Bonds, Series 2015A: 
 
 
 
715 5.000%, 7/01/40 7/25 at 100.00 Aa2 839,274 
1,000 5.000%, 7/01/45 7/25 at 100.00 Aa2 1,173,460 
2,500 Massachusetts Port Authority, Revenue Bonds, Series 2021E, 5.000%, 7/01/51 (AMT) 7/31 at 100.00 Aa2 3,187,650 
1,000 Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, 7/29 at 100.00 A1 1,146,800 
 
Series 2019A, 4.000%, 7/01/44 (AMT) 
 
 
 
730 Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking 7/21 at 100.00 A1 732,869 
 
Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
 
 
 
11,945 Total Transportation 
 
 
14,037,783 
 
40


     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
U.S. Guaranteed – 9.1% (6.1% of Total Investments) (5) 
 
 
 
$ 1,610 
Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B, 
5/24 at 100.00 Aa2 $ 1,833,404 
 
5.000%, 5/01/44 (Pre-refunded 5/01/24) 
 
 
 
855 
Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 
5/22 at 100.00 Aa2 893,501 
 
5/01/37 (Pre-refunded 5/01/22) 
 
 
 
1,410 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 
11/23 at 100.00 1,581,160 
 
Obligated Group, Series 2013, 5.250%, 11/15/41 (Pre-refunded 11/15/23) 
 
 
 
401 
Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue, 
11/23 at 100.00 N/R 448,462 
 
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 998,871 
5.000%, 7/01/36 (Pre-refunded 7/01/21) 7/21 at 100.00 AA– 5,020 
475 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 
7/21 at 100.00 N/R 477,080 
 
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 411,529 
 
Series 1998A, 5.000%, 7/01/25 (Pre-refunded 7/01/21) – NPFG Insured 
 
 
 
1,000 
Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/33 
7/22 at 100.00 Aa2 1,053,010 
 
(Pre-refunded 7/01/22) 
 
 
 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 
 
 
 
 
Series 2013A: 
 
 
 
990 5.000%, 5/15/38 (Pre-refunded 5/15/23) 5/23 at 100.00 N/R 1,084,406 
885 5.000%, 5/15/38 (Pre-refunded 5/15/23) 5/23 at 100.00 AAA 969,394 
1,000 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 
10/21 at 100.00 AAA 1,018,240 
 
2011B, 5.000%, 10/15/41 (Pre-refunded 10/15/21) 
 
 
 
 
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 2014-1: 
 
 
 
1,620 5.000%, 11/01/44 (Pre-refunded 11/01/24) 11/24 at 100.00 N/R 1,881,403 
380 
  5.000%, 11/01/44 (Pre-refunded 11/01/24) 
11/24 at 100.00 Aa2 441,317 
12,036 
Total U.S. Guaranteed 
 
 
13,096,797 
 
Utilities – 9.6% (6.4% of Total Investments) 
 
 
 
565 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/24 at 100.00 A– 624,687 
 
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– 1,459,363 
420 5.000%, 7/01/40 7/27 at 100.00 A– 488,027 
415 
Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, 
6/21 at 100.00 A1 416,394 
 
5.000%, 12/01/32 – NPFG Insured 
 
 
 
1,265 
Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts 
7/23 at 100.00 AA– 1,375,675 
 
Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32 
 
 
 
1,000 
Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015, 
2/24 at 100.00 AAA 1,120,450 
 
5.000%, 2/01/45 
 
 
 
60 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 
6/21 at 100.00 AAA 60,213 
 
5.000%, 8/01/22 
 
 
 
500 
Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B, 
8/26 at 100.00 AA+ 605,255 
 
5.000%, 8/01/40 
 
 
 
1,230 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B, 
8/27 at 100.00 AA+ 1,527,832 
 
5.000%, 8/01/42 
 
 
 
2,000 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2019B, 
8/29 at 100.00 AA+ 2,547,540 
 
5.000%, 8/01/44 
 
 
 
 
41


  
NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 

     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Utilities (continued) 
 
 
 
$ 1,130 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2020B, 
8/30 at 100.00 AA+ $ 1,463,689 
 
5.000%, 8/01/45 
 
 
 
1,000 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 
4/27 at 100.00 AA 1,233,380 
 
2017C, 5.000%, 4/15/37 
 
 
 
635 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 
4/29 at 100.00 AA 754,977 
 
  2019E, 4.000%, 4/15/38 
 
 
 
11,470 
Total Utilities 
 
 
13,677,482 
$ 186,643 Total Long-Term Investments (cost $195,646,704) 
 
 
214,124,983 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (51.5)% (6) 
 
 
(73,748,792) 
 
Other Assets Less Liabilities – 2.0% 
 
 
2,867,625 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 143,243,816 

  
(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’sInvestors 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 34.4%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, 
 
which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association 
 
(SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
 
See accompanying notes to financial statements. 
 
42
 

  
NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
LONG-TERM INVESTMENTS – 157.3% (100.0% of Total Investments) 
 
 
 
 
MUNICIPAL BONDS – 157.3% (100.0% of Total Investments) 
 
 
 
 
Education and Civic Organizations – 33.5% (21.3% of Total Investments) 
 
 
 
$ 50 
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy 
7/24 at 102.00 N/R $ 54,688 
 
Project, Series 2016A, 5.000%, 7/01/36 
 
 
 
500 
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy 
7/24 at 102.00 N/R 537,565 
 
Project,Series 2016A, 4.000%, 7/01/28 
 
 
 
250 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, 
7/25 at 100.00 BB+ 277,943 
 
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+ 602,718 
 
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+ 861,353 
 
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 105,493 
 
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 2,318,536 
 
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 1,648,537 
 
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+ 323,754 
1,425 6.000%, 7/01/43 7/23 at 100.00 BB+ 1,522,769 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, 
 
 
 
 
Refunding Series 2017: 
 
 
 
750 5.000%, 5/01/37 5/27 at 100.00 BB+ 824,760 
2,000 5.000%, 5/01/47 5/27 at 100.00 BB+ 2,168,100 
1,580 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, 
3/27 at 100.00 Aa2 1,796,413 
 
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 561,800 
425 4.000%, 12/01/40 12/29 at 100.00 Baa2 471,176 
305 
Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St Benedict, 
3/26 at 100.00 Baa1 322,650 
 
Series 2016-8K, 4.000%, 3/01/43 
 
 
 
600 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, 
3/27 at 100.00 Aa3 682,020 
 
Refunding Series 2017, 4.000%, 3/01/48 
 
 
 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, 
 
 
 
 
Refunding Series 2021: 
 
 
 
180 3.000%, 3/01/40 3/31 at 100.00 Aa3 198,628 
165 3.000%, 3/01/43 3/31 at 100.00 Aa3 180,272 
225 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine 
10/28 at 100.00 Baa1 268,846 
 
University, Refunding Series 2018A, 5.000%, 10/01/45 
 
 
 
250 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John’s University, 
10/30 at 100.00 A2 274,798 
 
Refunding Series 2021, 3.000%, 10/01/38, (WI/DD, Settling 6/10/21) 
 
 
 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, 
 
 
 
 
Series 2021: 
 
 
 
1,750 4.000%, 10/01/46 10/30 at 100.00 A1 2,080,977 
100 4.000%, 10/01/50 10/30 at 100.00 A1 118,362 
 
43


  
NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Education and Civic Organizations (continued) 
 
 
 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint 
 
 
 
 
Thomas, Series 2019: 
 
 
 
$ 750 5.000%, 10/01/33 10/29 at 100.00 A2 $ 959,108 
235 5.000%, 10/01/40 10/29 at 100.00 A2 295,769 
705 
Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School 
9/24 at 100.00 BB– 738,699 
 
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– 457,362 
 
Series 2004A, 5.500%, 12/01/33 
 
 
 
295 
Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary’s School 
No Opt. Call BB 302,502 
 
Project, Series 2015, 5.000%, 8/01/22, 144A 
 
 
 
1,250 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
12/29 at 100.00 BBB– 1,331,887 
 
Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49 
 
 
 
1,100 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
9/21 at 100.00 BB+ 1,113,695 
 
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 391,280 
510 5.375%, 7/01/50 7/25 at 100.00 BB 554,747 
1,680 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
7/23 at 100.00 BB 1,756,238 
 
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 BB+ 834,424 
 
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 399,617 
 
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 1,063,310 
 
2016A, 5.000%, 10/01/41 
 
 
 
500 
St Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, 
12/26 at 102.00 BB+ 566,730 
 
Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49 
 
 
 
1,000 
University of Minnesota, General Obligation Bonds, Series 2020A, 5.000%, 11/01/42 
11/30 at 100.00 Aa1 1,303,820 
27,575 
Total Education and Civic Organizations 
 
 
30,271,346 
 
Health Care – 33.4% (21.2% of Total Investments) 
 
 
 
250 
Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, 
3/26 at 100.00 N/R 266,100 
 
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 204,372 
 
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– 844,193 
3,000 5.000%, 2/15/48 2/28 at 100.00 A– 3,595,740 
2,750 5.000%, 2/15/53 2/28 at 100.00 A– 3,283,472 
500 5.000%, 2/15/58 2/28 at 100.00 A– 595,855 
 
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 409,116 
230 4.000%, 4/01/31 4/22 at 100.00 BBB 233,685 
500 
Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial 
9/25 at 100.00 Baa1 535,555 
 
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 241,780 
165 5.000%, 5/01/32 5/27 at 100.00 Baa1 199,049 
 
44
 

     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Health Care (continued) 
 
 
 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, 
 
 
 
 
Series 2015A: 
 
 
 
$ 265 4.000%, 11/15/40 11/25 at 100.00 A+ $ 287,740 
1,000 5.000%, 11/15/44 11/25 at 100.00 A+ 1,164,840 
 
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+ 1,684,770 
1,500 5.000%, 11/15/49 11/28 at 100.00 A+ 1,809,450 
710 
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, 
6/21 at 100.00 N/R 665,526 
 
Refunding Series 2013A, 4.400%, 12/01/33 
 
 
 
 
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, 
 
 
 
 
Series 2013C: 
 
 
 
240 4.500%, 12/01/25 6/21 at 100.00 N/R 240,014 
190 4.750%, 12/01/27 6/21 at 100.00 N/R 189,989 
160 5.000%, 12/01/28 6/21 at 100.00 N/R 160,005 
310 5.400%, 12/01/33 6/21 at 100.00 N/R 310,043 
915 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 
5/28 at 100.00 AA 1,052,515 
 
4.000%, 11/15/48 
 
 
 
720 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 
5/26 at 100.00 AA– 810,072 
 
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– 618,365 
750 4.000%, 5/01/49 5/29 at 100.00 AA– 841,342 
4,000 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue 
7/25 at 100.00 4,438,120 
 
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+ 276,407 
240 4.000%, 11/15/37 11/27 at 100.00 A+ 270,202 
2,170 4.000%, 11/15/43 11/27 at 100.00 A+ 2,417,206 
1,000 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 
6/21 at 100.00 N/R 1,001,040 
 
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 100.00 811,336 
630 
  5.000%, 9/01/34 
9/24 at 100.00 685,610 
26,685 
Total Health Care 
 
 
30,143,509 
 
Housing/Multifamily – 4.1% (2.6% of Total Investments) 
 
 
 
1,670 
Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments 
6/21 at 100.00 Aaa 1,674,175 
 
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 AAA 356,974 
1,700 
  5.450%, 8/01/41 
8/21 at 100.00 AAA 1,709,299 
3,725 
Total Housing/Multifamily 
 
 
3,740,448 
 
Housing/Single Family – 0.8% (0.5% of Total Investments) 
 
 
 
10 
Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue 
6/21 at 100.00 AA+ 10,154 
 
Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (AMT) 
 
 
 
90 
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed 
7/21 at 100.00 Aaa 90,336 
 
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+ 56,498 
 
3.900%, 7/01/43 
 
 
 
25 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 
7/24 at 100.00 AA+ 26,107 
 
3.500%, 1/01/32 
 
 
 
15 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 
7/25 at 100.00 AA+ 15,676 
 
3.300%, 7/01/29 
 
 
 
 
45
 


  
NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Housing/Single Family (continued) 
 
 
 
$ 65 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 
1/27 at 100.00 AA+ $ 66,042 
 
3.200%, 7/01/30 (AMT) 
 
 
 
490 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I, 
1/30 at 100.00 AA+ 496,037 
 
  1.700%, 1/01/31 
 
 
 
750 
Total Housing/Single Family 
 
 
760,850 
 
Industrials – 5.3% (3.4% of Total Investments) 
 
 
 
 
Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond 
 
 
 
 
Fund Series 2013-1: 
 
 
 
1,400 4.500%, 6/01/33 12/21 at 100.00 A+ 1,425,830 
600 4.750%, 6/01/39 12/21 at 100.00 A+ 611,196 
2,650 
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint 
10/22 at 100.00 BBB– 2,713,203 
 
  Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A 
 
 
 
4,650 
Total Industrials 
 
 
4,750,229 
 
Long-Term Care – 12.7% (8.1% of Total Investments) 
 
 
 
805 
Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at 
11/24 at 100.00 N/R 846,981 
 
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 405,639 
 
Foundation Project, Series 2014, 4.000%, 11/01/39 
 
 
 
875 
Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc, 
6/21 at 100.00 N/R 875,236 
 
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 174,169 
850 5.250%, 1/01/46 1/23 at 100.00 N/R 824,287 
500 
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, 
8/22 at 100.00 N/R 512,375 
 
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 1,361,083 
 
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 759,487 
 
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 524,450 
 
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 218,556 
 
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 1,323,036 
 
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 502,005 
 
Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48 
 
 
 
991 
Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, 
10/21 at 100.00 N/R 994,309 
 
Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 
 
 
 
100 
Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health 
6/21 at 100.00 N/R 100,067 
 
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 520,250 
350 4.125%, 9/01/35 9/24 at 100.00 N/R 363,073 
585 
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd 
1/23 at 100.00 N/R 589,873 
 
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 538,100 
 
  Refunding Series 2019, 5.000%, 8/01/49 
 
 
 
11,226 
Total Long-Term Care 
 
 
11,432,976 
 
46
 

     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Tax Obligation/General – 29.6% (18.8% of Total Investments) 
 
 
 
$ 1,000 
Bloomington Independent School District 271, Hennepin County, Minnesota, General 
2/27 at 100.00 AAA $ 1,132,720 
 
Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40 
 
 
 
 
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 1,159,160 
1,055 4.000%, 2/01/39 2/27 at 100.00 AAA 1,202,805 
 
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 571,015 
1,000 4.000%, 2/01/42 2/27 at 100.00 AAA 1,134,670 
1,020 
Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, 
2/27 at 100.00 Aa2 1,140,880 
 
Series 2018A, 4.000%, 2/01/43 
 
 
 
300 
Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation 
2/25 at 67.23 AAA 189,858 
 
Bonds, School Building Series 2015A, 0.000%, 2/01/35 
 
 
 
1,000 
Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, 
2/25 at 100.00 Aa2 1,105,350 
 
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+ 601,515 
 
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 521,644 
1,075 0.000%, 2/01/38 2/24 at 53.49 Aa2 569,030 
2,000 
Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, 
2/27 at 100.00 AAA 2,275,160 
 
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 376,091 
500 
Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation 
2/28 at 100.00 AAA 584,500 
 
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 1,539,474 
 
2018, 4.000%, 12/01/40 
 
 
 
2,175 
Minnesota State, General Obligation Bonds, State Trunk Highway Series 2018B, 
8/28 at 100.00 AAA 2,620,353 
 
4.000%, 8/01/31 
 
 
 
600 
Moorhead Independent School District 152, Clay County, Minnesota, General Obligation 
2/28 at 100.00 Aa2 645,012 
 
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 1,132,720 
 
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 1,135,280 
 
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 1,107,410 
 
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 583,230 
 
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 1,650,450 
 
Bonds, School Building Series 2015A, 4.000%, 2/01/40 
 
 
 
1,970 
Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation 
2/23 at 100.00 AAA 2,053,666 
 
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 567,135 
 
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 1,084,190 
 
  Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/42 
 
 
 
25,340 
Total Tax Obligation/General 
 
 
26,683,318 
 
47



  
NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Tax Obligation/Limited – 12.6% (8.0% of Total Investments) 
 
 
 
$ 1,000 
Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation, 
2/23 at 100.00 A+ $ 1,050,880 
 
Series 2015A, 4.000%, 2/01/41 
 
 
 
125 
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding 
3/23 at 100.00 N/R 128,184 
 
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 527,280 
 
5.000%, 3/01/29 
 
 
 
375 
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, 
8/25 at 100.00 AA+ 420,083 
 
Series 2016C, 4.000%, 8/01/35 
 
 
 
200 
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, 
8/27 at 100.00 AA+ 231,990 
 
Series 2017A, 4.000%, 8/01/35 
 
 
 
500 
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, 
8/28 at 100.00 AA+ 580,840 
 
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+ 2,247,416 
 
2011, 5.000%, 8/01/31 
 
 
 
1,000 
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, 
2/25 at 100.00 A1 1,066,610 
 
Certificates of Participation, Series 2015A, 3.750%, 2/01/36 
 
 
 
750 
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, 
2/25 at 100.00 A1 806,580 
 
Certificates of Participation, Series 2015B, 4.000%, 2/01/42 
 
 
 
 
Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of 
 
 
 
 
Participation, Saint Cloud Area Public Schools, Series 2017A: 
 
 
 
145 5.000%, 2/01/32 2/25 at 100.00 A1 166,448 
500 4.000%, 2/01/38 2/25 at 100.00 A1 535,625 
 
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 467,772 
895 5.250%, 4/01/43 4/23 at 100.00 N/R 912,596 
1,150 
Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of 
2/29 at 100.00 AAA 1,391,523 
 
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+ 850,320 
10,625 
Total Tax Obligation/Limited 
 
 
11,384,147 
 
Transportation – 4.3% (2.8% of Total Investments) 
 
 
 
 
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
 
 
 
 
Refunding Subordinate Lien Series 2019A: 
 
 
 
500 5.000%, 1/01/44 7/29 at 100.00 A+ 625,085 
350 5.000%, 1/01/49 7/29 at 100.00 A+ 434,732 
750 
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
7/29 at 100.00 A+ 920,167 
 
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– 1,936,912 
 
  Senior Lien Series 2016C, 5.000%, 1/01/46 
 
 
 
3,200 
Total Transportation 
 
 
3,916,896 
 
U.S. Guaranteed – 6.7% (4.2% of Total Investments) (4) 
 
 
 
1,600 
Duluth Independent School District 709, Minnesota, Certificates of Participation, 
2/22 at 77.70 Aa2 1,241,616 
 
Capital Appreciation Series 2012A, 0.000%, 2/01/28 (Pre-refunded 2/01/22) – AGM Insured 
 
 
 
1,500 
Mankato Independent School District 77, Nicollet and Le Sueur Counties, Minnesota, 
2/24 at 100.00 AAA 1,646,295 
 
General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/30 (Pre-refunded 2/01/24) 
 
 
 
580 
St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, 
11/25 at 100.00 N/R 694,788 
 
HealthEast Inc, Series 2015A, 5.000%, 11/15/44 (Pre-refunded 11/15/25) 
 
 
 
 
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, 
 
 
 
 
Series 2014A: 
 
 
 
1,000 4.000%, 1/01/40 (Pre-refunded 1/01/24) 1/24 at 100.00 Aa3 1,097,750 
1,200 
  5.000%, 1/01/46 (Pre-refunded 1/01/24) 
1/24 at 100.00 Aa3 1,348,176 
5,880 
Total U.S. Guaranteed 
 
 
6,028,625 
 
48


     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Utilities – 14.3% (9.1% of Total Investments) 
 
 
 
$ 415 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/26 at 100.00 A– $ 468,871 
 
2016, 5.000%, 1/01/46 
 
 
 
30 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/30 at 100.00 A– 36,637 
 
2020A, 5.000%, 1/01/50 
 
 
 
500 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 
10/24 at 100.00 A1 540,340 
 
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 1,170,265 
1,200 
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 
12/26 at 100.00 AA 1,426,908 
 
12/01/47 
 
 
 
500 
Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 
10/27 at 100.00 A– 556,625 
 
4.000%, 10/01/42 
 
 
 
 
Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, 
 
 
 
 
Series 1994A: 
 
 
 
1,100 0.000%, 1/01/23 – NPFG Insured No Opt. Call A+ 1,090,177 
3,070 0.000%, 1/01/24 – NPFG Insured No Opt. Call A+ 3,013,021 
100 0.000%, 1/01/26 – NPFG Insured No Opt. Call A+ 95,268 
3,700 
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 
7/28 at 100.00 Aa3 4,549,705 
 
  2018A, 5.000%, 1/01/49 
 
 
 
11,580 
Total Utilities 
 
 
12,947,817 
$ 131,236 Total Long-Term Investments (cost $131,964,030) 
 
 
142,060,161 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (58.4)% (5) 
 
 
(52,760,918) 
 
Other Assets Less Liabilities – 1.1% 
 
 
1,010,627 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 90,309,870 
 
  
(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) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 37.1%. 
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. 
 
49

 



  
NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
LONG-TERM INVESTMENTS – 153.8% (100.0% of Total Investments) 
 
 
 
 
MUNICIPAL BONDS – 153.8% (100.0% of Total Investments) 
 
 
 
 
Consumer Staples – 4.1% (2.6% of Total Investments) 
 
 
 
$ 1,055 
Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and 
No Opt. Call AA– $ 1,350,221 
 
  Gamble Inc, Series 1999, 5.200%, 3/15/29 (AMT) 
 
 
 
 
Education and Civic Organizations – 15.6% (10.2% of Total Investments) 
 
 
 
300 
Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2014A, 
11/24 at 100.00 AA+ 334,197 
 
4.000%, 11/01/33 
 
 
 
410 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
6/23 at 100.00 A1 447,622 
 
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 797,325 
 
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– 613,800 
 
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+ 802,263 
 
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– 1,109,710 
 
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– 615,140 
 
University, Series 2019A, 5.000%, 10/01/46 
 
 
 
115 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, 
4/27 at 100.00 Baa2 125,279 
 
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 237,161 
 
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 102,395 
 
Missouri Valley College, Series 2017, 4.500%, 10/01/40 
 
 
 
4,710 
Total Education and Civic Organizations 
 
 
5,184,892 
 
Health Care – 35.9% (23.4% of Total Investments) 
 
 
 
300 
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 
8/26 at 100.00 BBB– 336,102 
 
2016, 5.000%, 8/01/30 
 
 
 
400 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities 
3/27 at 100.00 BBB– 471,172 
 
Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 
 
 
 
250 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, 
10/27 at 100.00 A– 296,955 
 
Hannibal Regional Healthcare System, Series 2017, 5.000%, 10/01/47 
 
 
 
315 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, 
2/24 at 100.00 343,819 
 
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 542,725 
 
BJC Health System, Series 2015A, 4.000%, 1/01/45 
 
 
 
1,010 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
7/31 at 100.00 AA 1,207,172 
 
BJC Health System, Series 2021A, 4.000%, 7/01/46 
 
 
 
500 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
7/26 at 100.00 AA 552,285 
 
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 842,737 
 
BJC Health System, Series 2017D, 4.000%, 1/01/58 (Mandatory Put 1/01/48) (UB) (4) 
 
 
 
130 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/30 at 100.00 Baa2 154,400 
 
Capital Region Medical Center, Series 2020, 5.000%, 11/01/40 
 
 
 
 
50
 


     
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 $ 1,890,440 
 
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 477,370 
 
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 189,383 
 
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– 344,202 
 
Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37 
 
 
 
390 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/22 at 100.00 A+ 405,479 
 
Mercy Health, Series 2012, 4.000%, 11/15/42 
 
 
 
550 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/24 at 100.00 A+ 598,208 
 
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 A+ 623,202 
 
Mercy Health, Series 2017C, 5.000%, 11/15/47 
 
 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
Mercy Health, Series 2020: 
 
 
 
500 4.000%, 6/01/50 6/30 at 100.00 A+ 581,330 
1,000 4.000%, 6/01/53 6/30 at 100.00 A+ 1,159,820 
350 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy 
5/25 at 102.00 A+ 384,636 
 
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 527,290 
 
  Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 5.000%, 11/15/46 
 
 
 
10,590 
Total Health Care 
 
 
11,928,727 
 
Housing/Single Family – 0.3% (0.2% of Total Investments) 
 
 
 
100 
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First 
11/26 at 100.00 AA+ 109,159 
 
  Place Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37 
 
 
 
 
Long-Term Care – 9.2% (6.0% of Total Investments) 
 
 
 
190 
Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The 
5/25 at 100.00 N/R 190,815 
 
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 112,471 
 
Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37 
 
 
 
500 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/24 at 100.00 BBB 540,060 
 
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 457,388 
500 5.000%, 2/01/46 2/26 at 100.00 BBB 562,660 
100 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/29 at 100.00 BBB 111,137 
 
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+ 259,688 
250 5.000%, 9/01/42 9/22 at 100.00 BB+ 257,930 
430 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/23 at 100.00 BB+ 465,036 
 
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 106,965 
 
  Andrew’s Resources for Seniors, Series 2015A, 5.125%, 12/01/45 
 
 
 
2,820 
Total Long-Term Care 
 
 
3,064,150 
 
51


  
NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Tax Obligation/General – 22.4% (14.6% of Total Investments) 
 
 
 
$ 500 
Branson Reorganized School District R-4, Taney County, Missouri, General Obligation 
3/22 at 100.00 A+ $ 515,500 
 
Bonds, School Building Series 2012, 4.375%, 3/01/32 
 
 
 
 
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 1,142,060 
335 4.000%, 3/01/36 3/26 at 100.00 AA 380,088 
340 
Clay County Reorganized School District R-II Smithville, Missouri, General Obligation 
3/27 at 100.00 AA+ 396,137 
 
Bonds, Refunding Series 2015, 4.000%, 3/01/36 
 
 
 
350 
Fenton Missouri Fire Protection District, Missouri, General Obligation Bonds, Series 
3/27 at 100.00 AA+ 394,513 
 
2019, 4.000%, 3/01/39 
 
 
 
500 
Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, 
3/24 at 100.00 AA+ 546,960 
 
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+ 243,778 
 
Refunding & Improvement Series 2018, 5.000%, 3/01/36 
 
 
 
1,000 
Joplin Schools, Missouri, General Obligation Bonds, Refunding, Direct Deposit Program 
3/27 at 100.00 AA+ 1,172,000 
 
Series 2017, 4.000%, 3/01/32 
 
 
 
300 
Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A, 
2/28 at 100.00 AA 353,889 
 
4.000%, 2/01/35 
 
 
 
1,000 
Valley Park Fire Protection District, Missouri, General Obligation Bonds, Series 2019, 
3/27 at 100.00 AA 1,127,180 
 
4.000%, 3/01/39 
 
 
 
1,000 
Washington School District, Franklin County, Missouri, General Obligation Bonds, 
3/27 at 100.00 AA+ 1,167,750 
 
  Missouri Direct Deposit Program, Series 2019, 4.000%, 3/01/35 
 
 
 
6,525 
Total Tax Obligation/General 
 
 
7,439,855 
 
Tax Obligation/Limited – 28.0% (18.2% of Total Investments) 
 
 
 
500 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit 
10/29 at 100.00 AA 580,260 
 
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2019, 4.000%, 10/01/48 
 
 
 
720 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit 
10/30 at 100.00 AA 852,790 
 
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2020A, 4.000%, 10/01/44 
 
 
 
350 
Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, 
6/24 at 100.00 N/R 356,552 
 
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 163,606 
 
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, 
5/25 at 100.00 N/R 259,352 
 
Series 2017, 5.125%, 5/01/41 
 
 
 
315 
Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, 
6/21 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 441,812 
 
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+ 255,593 
200 5.000%, 3/01/38 3/23 at 100.00 BB+ 204,382 
485 
Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, 
12/21 at 100.00 Aa2 494,351 
 
Series 2011B, 4.350%, 12/01/23 
 
 
 
300 
Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District 
9/21 at 100.00 AA– 303,477 
 
Revenue Bonds, Series 2011A, 5.000%, 9/01/32 
 
 
 
110 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward 
No Opt. Call N/R 116,289 
 
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– 358,228 
 
2014C, 5.000%, 9/01/33 
 
 
 
 
52
 

     
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 $ 108,532 
100 5.000%, 2/01/50, 144A 2/28 at 100.00 N/R 107,855 
245 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of 
6/23 at 100.00 A– 260,535 
 
Branson – Branson Landing Project, Series 2015A, 4.000%, 6/01/34 
 
 
 
140 
Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax 
6/21 at 100.00 N/R 140,113 
 
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 224,740 
409 0.000%, 7/01/46 7/28 at 41.38 N/R 133,158 
170 5.000%, 7/01/58 7/28 at 100.00 N/R 193,936 
 
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 279,599 
100 4.784%, 7/01/58 7/28 at 100.00 N/R 112,360 
50 
Saint Charles County Industrial Development Authority, Missouri, Sales Tax Revenue 
11/29 at 102.00 N/R 51,745 
 
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 256,265 
 
Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, 
 
 
 
 
7/01/44, 144A 
 
 
 
500 
Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention 
10/30 at 100.00 AA 621,125 
 
Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/49 – AGM Insured 
 
 
 
300 
Saint Louis Municipal Library District, Missouri, Certificates of Participation, 
3/30 at 100.00 AA 344,922 
 
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 672,240 
 
Series 2015, 4.000%, 4/01/35 
 
 
 
500 
St Charles, Missouri, Certificates of Participation, Refunding Series 2020B, 3.000%, 2/01/39 
8/30 at 100.00 Aa3 543,115 
450 
The Industrial Development Authority of the City of Saint Louis, Missouri, Development 
11/26 at 100.00 N/R 461,389 
 
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 233,370 
 
  Series 2017, 4.500%, 6/01/36 
 
 
 
8,961 
Total Tax Obligation/Limited 
 
 
9,295,491 
 
Transportation – 6.2% (4.0% of Total Investments) 
 
 
 
335 
Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 – 
10/23 at 100.00 AA 365,110 
 
AGM Insured 
 
 
 
1,350 
Kansas City Industrial Development Authority, Missouri, Airport Special Obligation 
3/30 at 100.00 AA 1,686,258 
 
Bonds, Kansas City International Airport Terminal Modernization Project, Series 2020A, 
 
 
 
 
  5.000%, 3/01/57 – AGM Insured (AMT) 
 
 
 
1,685 
Total Transportation 
 
 
2,051,368 
 
U.S. Guaranteed – 17.7% (11.5% of Total Investments) (6) 
 
 
 
910 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit 
10/22 at 100.00 Aa2 969,396 
 
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33 
 
 
 
 
(Pre-refunded 10/01/22) 
 
 
 
2,000 
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, 
5/22 at 100.00 AAA 2,090,060 
 
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 N/R 511,895 
 
Saint Luke’s Episcopal & Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25 
 
 
 
 
(Pre-refunded 12/01/21) 
 
 
 
 
53
 

  
NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
U.S. Guaranteed (6) (continued) 
 
 
 
$ 630 
Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University 
10/21 at 100.00 A– $ 640,804 
 
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– 567,773 
 
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+ 562,298 
 
University, Series 2011B, 5.000%, 11/15/37 (Pre-refunded 11/15/21) 
 
 
 
100 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/22 at 100.00 N/R 106,053 
 
Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) 
 
 
 
445 
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley 
5/21 at 100.00 N/R 445,000 
 
  Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM) 
 
 
 
5,645 
Total U.S. Guaranteed 
 
 
5,893,279 
 
Utilities – 14.4% (9.3% of Total Investments) 
 
 
 
250 
Camden County Public Water Supply District 4, Missouri, Certificates of Participation, 
1/25 at 100.00 A– 276,763 
 
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+ 163,487 
 
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 189,306 
 
4.000%, 1/01/35 
 
 
 
125 
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, 
5/26 at 100.00 AAA 148,691 
 
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 544,828 
 
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 572,420 
 
Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40 
 
 
 
350 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum 
1/25 at 100.00 402,133 
 
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 100.00 558,035 
 
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 603,710 
 
MoPEP Facilities, Series 2018, 5.000%, 12/01/43 
 
 
 
585 
Saint Charles County Public Water Supply District 2, Missouri, Certificates of 
12/25 at 100.00 AA+ 695,553 
 
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+ 611,616 
 
  Participation, Series 2018, 4.000%, 12/01/39 
 
 
 
4,120 
Total Utilities 
 
 
4,766,542 
$ 46,211 Total Long-Term Investments (cost $47,399,505) 
 
 
51,083,684 
 
Floating Rate Obligations – (1.8)% 
 
 
(600,000) 
 
MuniFund Preferred Shares, net of deferred offering costs – (53.5)% (7) 
 
 
(17,787,262) 
 
Other Assets Less Liabilities – 1.5% 
 
 
528,159 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 33,224,581 
 
54
 


  
(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 34.8%. 
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. 
 
55
 


  
NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
LONG-TERM INVESTMENTS – 152.2% (100.0% of Total Investments) 
 
 
 
 
MUNICIPAL BONDS – 152.2% (100.0% of Total Investments) 
 
 
 
 
Consumer Staples – 4.3% (2.9% of Total Investments) 
 
 
 
 
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
Series 2007A: 
 
 
 
$ 530 5.250%, 6/01/32 6/21 at 100.00 N/R $ 530,223 
705 5.625%, 6/01/47 6/21 at 100.00 N/R 705,254 
4,135 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed 
6/21 at 100.00 B– 4,156,254 
 
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– 6,648,721 
 
Bonds, Series 2007B2, 5.200%, 6/01/46 
 
 
 
50 
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement 
6/21 at 100.00 A1 50,124 
 
  Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 
 
 
 
12,065 
Total Consumer Staples 
 
 
12,090,576 
 
Education and Civic Organizations – 13.7% (9.0% of Total Investments) 
 
 
 
1,615 
Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue 
1/22 at 100.00 A1 1,643,521 
 
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 1,255,766 
565 4.000%, 1/01/40 1/27 at 100.00 A1 638,676 
460 
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, 
6/21 at 100.00 BB– 459,972 
 
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 1,223,590 
 
University, Educational Facility Revenue Bonds, Refunding Series 2018A, 5.000%, 1/01/43 
 
 
 
2,000 
Madison County Industrial Development Authority, Virginia, Educational Facilities 
10/30 at 100.00 Aa1 2,176,860 
 
Revenue Bonds, Woodberry Forest School, Series 2021, 3.000%, 10/01/50 
 
 
 
500 
Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech 
6/27 at 100.00 Aa2 581,010 
 
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 595,420 
905 4.000%, 6/01/39 6/29 at 100.00 Aa2 1,072,814 
750 
Roanoke Economic Development Authority, Virginia, Educational Facilities Revenue Bonds, 
9/28 at 100.00 BBB+ 887,378 
 
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 2,880,375 
 
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 11,024,730 
1,515 5.000%, 4/01/42 4/27 at 100.00 AAA 1,855,830 
1,000 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount 
7/25 at 100.00 BB+ 1,055,380 
 
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+ 1,601,280 
4,000 5.000%, 7/01/45, 144A 7/25 at 100.00 BB+ 4,221,520 
500 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Regent 
6/31 at 100.00 BBB– 594,060 
 
University Project, Series 2021, 4.000%, 6/01/36 
 
 
 
 
56
 

     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Education and Civic Organizations (continued) 
 
 
 
$ 1,460 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington 
1/25 at 100.00 AA $ 1,667,013 
 
and Lee University, Series 2015A, 5.000%, 1/01/40 
 
 
 
2,000 
Virginia Commonwealth University, General Pledge Revenue Bonds, Refunding Series 2020A, 
11/30 at 100.00 AA– 2,608,320 
 
5.000%, 11/01/33 
 
 
 
32,875 
Total Education and Civic Organizations 
 
 
38,043,515 
 
Health Care – 22.7% (14.9% of Total Investments) 
 
 
 
 
Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue 
 
 
 
 
Bonds, Virginia Hospital Center, Series 2020: 
 
 
 
1,050 5.000%, 7/01/32 7/30 at 100.00 AA– 1,385,569 
2,000 4.000%, 7/01/39 7/30 at 100.00 AA– 2,392,980 
225 4.000%, 7/01/40 7/30 at 100.00 AA– 268,702 
2,055 4.000%, 7/01/45 7/30 at 100.00 AA– 2,424,201 
1,000 
Chesapeake Hospital Authority, Virginia, Hospital Facility Revenue Bonds, Chesapeake 
7/29 at 100.00 1,166,400 
 
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+ 2,183,962 
 
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+ 1,042,380 
 
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+ 2,286,320 
 
Inova Health System, Series 2018A, 4.000%, 5/15/48 
 
 
 
3,800 
Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding 
No Opt. Call AA+ 4,022,262 
 
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 2,749,400 
 
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+ 1,110,110 
 
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 3,968,825 
 
Revenue Bonds, Riverside Health System, Series 2015A, 5.330%, 7/01/45, 144A 
 
 
 
 
Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra 
 
 
 
 
Health Obligated Group, Refunding Series 2017A: 
 
 
 
195 5.000%, 1/01/31 1/27 at 100.00 A– 232,025 
2,000 5.000%, 1/01/47 1/27 at 100.00 A– 2,333,340 
1,000 
Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds, 
11/28 at 100.00 AA 1,137,300 
 
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– 3,339,473 
 
Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 
 
 
 
 
5.000%, 11/01/46 
 
 
 
4,000 
Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion 
7/30 at 100.00 AA– 4,687,720 
 
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 1,181,840 
1,440 5.000%, 6/15/35 6/26 at 100.00 A3 1,693,742 
1,360 4.000%, 6/15/37 6/26 at 100.00 A3 1,517,733 
3,200 
Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series 
7/27 at 100.00 AA– 3,841,024 
 
2017B, 5.000%, 7/01/46 
 
 
 
5,000 
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Bon 
6/30 at 100.00 AA– 5,825,750 
 
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 1,175,440 
1,150 4.000%, 11/01/39 11/29 at 100.00 AA 1,348,893 
 
57
 

  
NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Health Care (continued) 
 
 
 
$ 2,700 
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 
8/29 at 100.00 BBB+ $ 3,071,196 
 
2019A-1, 4.000%, 8/01/44 
 
 
 
 
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+ 1,747,080 
1,000 5.000%, 1/01/35 1/26 at 100.00 A+ 1,162,730 
2,000 4.000%, 1/01/37 1/26 at 100.00 A+ 2,204,080 
1,215 5.000%, 1/01/44 1/26 at 100.00 A+ 1,411,538 
54,965 Total Health Care 
 
 
62,912,015 
 
Housing/Multifamily – 6.9% (4.5% of Total Investments) 
 
 
 
990 Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue 1/27 at 100.00 N/R 1,044,252 
 
Bonds, American Tobacco Apartments, Series 2017, 5.550%, 1/01/37, 144A 
 
 
 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A: 
 
 
 
1,000 3.500%, 3/01/35 3/24 at 100.00 AA+ 1,048,090 
1,000 3.625%, 3/01/39 3/24 at 100.00 AA+ 1,047,590 
900 Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C, 8/24 at 100.00 AA+ 951,111 
 
4.000%, 8/01/45 
 
 
 
2,750 Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E, 12/24 at 100.00 AA+ 2,914,780 
 
3.750%, 12/01/40 
 
 
 
1,500 Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 5/25 at 100.00 AA+ 1,587,495 
 
3.350%, 5/01/36 
 
 
 
1,700 Virginia Housing Development Authority, Rental Housing Bonds, Series 2017A, 3/26 at 100.00 AA+ 1,819,289 
 
3.875%, 3/01/47 
 
 
 
3,000 Virginia Housing Development Authority, Rental Housing Bonds, Series 2019A, 3/28 at 100.00 AA+ 3,294,060 
 
3.800%, 9/01/44 
 
 
 
1,855 Virginia Housing Development Authority, Rental Housing Bonds, Series 2020E, 7/29 at 100.00 AA+ 1,920,760 
 
2.500%, 7/01/45 
 
 
 
2,165 Virginia Housing Development Authority, Rental Housing Bonds, Series 2020G, , 9/29 at 100.00 AA+ 2,186,910 
 
2.400% 9/01/45 
 
 
 
1,290 Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue 6/21 at 100.00 AA+ 1,293,973 
 
Bonds, Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51 
 
 
 
18,150 Total Housing/Multifamily 
 
 
19,108,310 
 
Long-Term Care – 7.3% (4.8% of Total Investments) 
 
 
 
900 Alexandria Industrial Development Authority, Virginia, Residential Care Facilities 10/25 at 100.00 BBB+ 1,015,434 
 
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+ 2,207,088 
700 4.000%, 10/01/42 10/24 at 102.00 BBB+ 758,926 
1,000 Fairfax County Economic Development Authority, Virginia, Residential Care Facilities 12/23 at 100.00 BBB+ 1,070,690 
 
Revenue Bonds, Vinson Hall LLC, Series 2013A, 5.000%, 12/01/47 
 
 
 
1,000 Henrico County Economic Development Authority, Virginia, Residential Care Facility 10/26 at 103.00 A– 1,112,530 
 
Revenue Bonds, Westminster Canterbury of Richmond, Refunding Series 2020, 
 
 
 
 
4.000%, 10/01/50 
 
 
 
1,000 Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue 1/25 at 102.00 BBB– 1,048,390 
 
Bonds, Kendal at Lexington Retirement Community Inc, Refunding Series 2016, 
 
 
 
 
4.000%, 1/01/37 
 
 
 
1,250 Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue 1/23 at 103.00 BBB– 1,333,950 
 
Bonds, Kendal at Lexington Retirement Community Inc, Refunding Series 2017A, 
 
 
 
 
5.000%, 1/01/48 
 
 
 
 
58
 

     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Long-Term Care (continued) 
 
 
 
 
Norfolk Redevelopment and Housing Authority, Virginia, Fort Norfolk Retirement 
 
 
 
 
Community, Inc, Harbor’s Edge Project, Series 2019A: 
 
 
 
$ 625 5.000%, 1/01/49 1/24 at 104.00 N/R $ 663,425 
2,700 5.250%, 1/01/54 1/24 at 104.00 N/R 2,880,765 
 
Prince William County Industrial Development Authority, Virginia, Residential Care 
 
 
 
 
Facility Revenue Bonds, Westminster at Lake Ridge, Refunding Series 2016: 
 
 
 
670 5.000%, 1/01/37 1/25 at 102.00 BB 705,128 
2,000 5.000%, 1/01/46 1/25 at 102.00 BB 2,074,760 
 
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 1,106,880 
1,920 5.000%, 9/01/31 9/24 at 102.00 N/R 2,093,414 
1,900 
Virginia Small Business Financing Authority, Revenue Bonds, National Senior Campuses Inc 
7/27 at 103.00 2,098,398 
 
  Obligated Group, Series 2020A, 4.000%, 1/01/51 
 
 
 
18,630 
Total Long-Term Care 
 
 
20,169,778 
 
Tax Obligation/General – 1.0% (0.7% of Total Investments) 
 
 
 
2,035 
Arlington County, Virginia, General Obligation Bonds, Refunding Series 2014B, 
No Opt. Call AAA 2,155,268 
 
5.000%, 8/15/22 
 
 
 
380 
Richmond, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 
No Opt. Call AA+ 541,223 
 
  2017D, 5.000%, 3/01/33 
 
 
 
2,415 
Total Tax Obligation/General 
 
 
2,696,491 
 
Tax Obligation/Limited – 34.3% (22.5% 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 2,142,916 
1,340 5.000%, 2/15/37 8/27 at 100.00 Aa1 1,653,292 
 
Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, 
 
 
 
 
Golf Course Project, Series 2005A: 
 
 
 
310 5.250%, 7/15/25 – ACA Insured 6/21 at 100.00 N/R 310,437 
520 5.500%, 7/15/35 – ACA Insured 6/21 at 100.00 N/R 520,541 
1,150 
Dulles Town Center Community Development Authority, Loudon County, Virginia Special 
3/22 at 100.00 N/R 1,161,431 
 
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 106,549 
 
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+ 1,249,170 
 
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+ 1,811,955 
 
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 4,557,560 
 
5.000%, 11/15/34 
 
 
 
395 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2021F Forward 
1/31 at 100.00 Ba1 450,320 
 
Delivery, 4.000%, 1/01/42, (WI/DD, Settling 10/07/21) 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
1,020 5.000%, 1/01/31 1/22 at 100.00 BB 1,048,019 
500 5.250%, 1/01/36 1/22 at 100.00 BB 514,460 
1,000 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 
12/26 at 100.00 BB 1,165,380 
 
5.000%, 12/01/34 
 
 
 
2,000 
Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Senior 
7/30 at 100.00 AA 2,595,840 
 
Lien Series 2020A, 5.250%, 7/01/60 
 
 
 
 
59
 

  
NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Tax Obligation/Limited (continued) 
 
 
 
 
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+ $ 4,873,520 
2,000 5.000%, 7/01/52 1/28 at 100.00 AA+ 2,433,280 
13,000 5.000%, 7/01/52 (UB) (4) 1/28 at 100.00 AA+ 15,816,320 
1,000 5.500%, 7/01/57 1/28 at 100.00 AA+ 1,245,060 
965 
Lower Magnolia Green Community Development Authority, Virginia, Special Assessment 
3/25 at 100.00 N/R 1,018,490 
 
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 388,231 
3,000 5.000%, 9/01/45, 144A 9/27 at 100.00 N/R 3,287,340 
645 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 709,842 
 
5.500%, 7/01/29 – AMBAC Insured 
 
 
 
5,875 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding 
No Opt. Call 4,453,191 
 
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 3,676,404 
 
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 54,299 
96 0.000%, 7/01/27 No Opt. Call N/R 86,283 
94 0.000%, 7/01/29 7/28 at 98.64 N/R 80,098 
121 0.000%, 7/01/31 7/28 at 91.88 N/R 95,389 
136 0.000%, 7/01/33 7/28 at 86.06 N/R 99,329 
1,173 4.500%, 7/01/34 7/25 at 100.00 N/R 1,291,215 
3,609 0.000%, 7/01/51 7/28 at 30.01 N/R 853,456 
6,310 5.000%, 7/01/58 7/28 at 100.00 N/R 7,198,448 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
 
 
 
 
Restructured Cofina Project Series 2019A-2: 
 
 
 
550 4.329%, 7/01/40 7/28 at 100.00 N/R 610,236 
4.536%, 7/01/53 7/28 at 100.00 N/R 4,437 
62 4.784%, 7/01/58 7/28 at 100.00 N/R 69,663 
760 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding 
No Opt. Call Baa2 832,983 
 
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 1,719,645 
 
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 2,475,200 
 
Series 2014A, 5.000%, 10/01/34 – AGM Insured, 144A 
 
 
 
1,145 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
No Opt. Call AA 1,219,562 
 
Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured 
 
 
 
1,330 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
No Opt. Call AA 1,416,743 
 
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 1,808,542 
 
2012A, 5.000%, 10/01/32 – AGM Insured 
 
 
 
1,500 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century 
2/30 at 100.00 AA+ 1,817,970 
 
College & Equipment Programs, Series 2020A, 4.000%, 2/01/38 
 
 
 
3,500 
Virginia Commonwealth Transportation Board, Federal Transportation Grant Anticipation 
9/26 at 100.00 AA+ 4,281,935 
 
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+ 2,413,500 
 
4.000%, 8/01/38 (AMT) 
 
 
 
1,500 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Refunding 
8/30 at 100.00 AA+ 1,875,645 
 
Series 2020B, 4.000%, 8/01/32 
 
 
 
2,000 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2015A, 
8/25 at 100.00 AA+ 2,381,580 
 
5.000%, 8/01/26 
 
 
 
 
60
 


     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 35 
Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, 
11/22 at 100.00 AAA $ 37,267 
 
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 149,087 
 
Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 
 
 
 
 
8.375%, 4/01/41, 144A 
 
 
 
300 
Virginia Small Business Financing Authority, Tourism Development Financing Program 
10/30 at 120.40 N/R 388,326 
 
Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1, 
 
 
 
 
8.000%, 10/01/43, 144A 
 
 
 
1,000 
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 
5/22 at 100.00 AA+ 1,035,550 
 
2012, 4.000%, 5/15/37 
 
 
 
1,000 
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 
5/27 at 100.00 AA+ 1,151,670 
 
2017, 4.000%, 5/15/42 
 
 
 
1,000 
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 
5/28 at 100.00 AA+ 1,183,080 
 
2018, 4.000%, 5/15/38 
 
 
 
920 
Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding 
12/26 at 100.00 Aa2 1,122,262 
 
  Series 2016, 5.000%, 12/01/36 
 
 
 
88,282 
Total Tax Obligation/Limited 
 
 
94,942,948 
 
Transportation – 44.4% (29.2% 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 930,163 
375 4.000%, 7/01/34 7/26 at 100.00 A2 423,926 
400 4.000%, 7/01/35 7/26 at 100.00 A2 451,272 
250 4.000%, 7/01/38 7/26 at 100.00 A2 282,062 
 
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 2,027,603 
8,320 5.000%, 7/01/46 7/26 at 100.00 BBB 9,803,373 
 
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+ 2,189,340 
4,125 0.000%, 7/15/40 (5) 7/28 at 100.00 BBB+ 4,503,262 
1,000 0.000%, 7/15/40 – AGM Insured (5) 7/28 at 100.00 AA 1,110,580 
4,500 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/29 at 100.00 A– 5,183,775 
 
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– 3,930,834 
 
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 3,806,280 
11,825 0.000%, 10/01/34 – AGC Insured No Opt. Call AA 9,201,387 
1,135 0.000%, 10/01/36 – AGC Insured No Opt. Call AA 834,531 
5,010 0.000%, 10/01/39 – AGC Insured No Opt. Call AA 3,369,526 
6,700 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 A– 9,000,847 
 
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 
 
 
 
7,300 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/26 at 100.00 Aa3 8,833,949 
 
Series 2016A, 5.000%, 10/01/35 (AMT) 
 
 
 
375 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/27 at 100.00 Aa3 464,951 
 
Series 2017, 5.000%, 10/01/34 (AMT) 
 
 
 
 
61
 

  
NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Transportation (continued) 
 
 
 
 
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 Aa3 $ 2,565,000 
3,290 5.000%, 10/01/36 (AMT) 10/28 at 100.00 Aa3 4,186,986 
2,000 5.000%, 10/01/38 (AMT) 10/28 at 100.00 Aa3 2,534,060 
 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
 
 
 
 
Series 2019A: 
 
 
 
1,000 5.000%, 10/01/30 (AMT) 10/29 at 100.00 Aa3 1,289,320 
4,000 5.000%, 10/01/38 (AMT) 10/29 at 100.00 Aa3 5,036,880 
 
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 100.00 151,097 
595 5.000%, 8/01/31 (AMT) 8/21 at 100.00 599,207 
1,740 
Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series 2019, 5.000%, 7/01/43 
7/29 at 100.00 A– 2,177,506 
1,290 
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, 
No Opt. Call 1,325,604 
 
Series 2002, 5.250%, 7/15/22 – FGIC Insured 
 
 
 
 
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 
 
 
 
 
66 P3 Project, Senior Lien Series 2017: 
 
 
 
4,000 5.000%, 12/31/49 (AMT) 6/27 at 100.00 BBB 4,820,600 
5,785 5.000%, 12/31/52 (AMT) 6/27 at 100.00 BBB 6,960,628 
1,500 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes 
1/22 at 100.00 BBB 1,539,510 
 
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 256,525 
3,785 5.000%, 7/01/49 (AMT) 1/22 at 100.00 BBB 3,883,145 
 
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 787,245 
5,025 6.000%, 1/01/37 (AMT) 7/22 at 100.00 BBB 5,317,907 
5,700 5.500%, 1/01/42 (AMT) 7/22 at 100.00 BBB 5,992,011 
 
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 3,669,300 
2,000 5.000%, 7/01/42 7/27 at 100.00 AA 2,420,300 
1,000 
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue 
7/27 at 100.00 AA– 1,208,370 
 
  Bonds, Series 2018, 5.000%, 7/01/43 
 
 
 
112,455 
Total Transportation 
 
 
123,068,862 
 
U.S. Guaranteed – 9.8% (6.4% of Total Investments) (6) 
 
 
 
1,220 
Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 
No Opt. Call AA 1,324,615 
 
11/01/24 – AGM Insured (ETM) 
 
 
 
225 
Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 – 
No Opt. Call AA 226,312 
 
AGM Insured (ETM) 
 
 
 
1,030 
Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Bonds, 
No Opt. Call Baa2 1,197,767 
 
Refunding Series 1998, 5.500%, 7/01/25 – NPFG Insured (ETM) 
 
 
 
3,375 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
1/23 at 100.00 BBB+ 3,641,018 
 
Initiatives, Series 2013A, 5.250%, 1/01/40 (Pre-refunded 1/01/23) 
 
 
 
 
62
 

     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
U.S. Guaranteed (6) (continued) 
 
 
 
$ 810 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 A– $ 896,751 
 
2013, 5.500%, 7/01/43 (Pre-refunded 7/01/23) 
 
 
 
 
Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Subordinate 
 
 
 
 
Series 2018A: 
 
 
 
1,415 5.000%, 10/01/40 (Pre-refunded 10/01/27) 10/27 at 100.00 AA+ 1,790,102 
1,010 5.000%, 10/01/42 (Pre-refunded 10/01/27) 10/27 at 100.00 AA+ 1,277,741 
1,000 5.000%, 10/01/43 (Pre-refunded 10/01/27) 10/27 at 100.00 AA+ 1,265,090 
1,630 
Norfolk, Virginia, General Obligation Bonds, Refunding Series 2017C, 5.000%, 9/01/30 
3/27 at 100.00 AAA 2,026,204 
 
(Pre-refunded 3/01/27) 
 
 
 
1,630 
Prince William County Industrial Development Authority, Virginia, Student Housing 
9/21 at 100.00 N/R 1,650,391 
 
Revenue Bonds, George Mason University Foundation Prince William Housing LLC Project, 
 
 
 
 
Series 2011A, 5.125%, 9/01/41 (Pre-refunded 9/01/21) 
 
 
 
710 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 
No Opt. Call A2 748,361 
 
5.250%, 7/01/22 – AGM Insured (ETM) 
 
 
 
1,000 
Roanoke Economic Development Authority, Virgina, Residential Care Facility Mortgage 
12/22 at 100.00 N/R 1,066,270 
 
Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 4.625%, 
 
 
 
 
12/01/27 (Pre-refunded 12/01/22) 
 
 
 
5,225 
Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, 
11/22 at 100.00 N/R 5,587,406 
 
Series 2012A, 5.000%, 11/01/42 (Pre-refunded 11/01/22) 
 
 
 
1,000 
Virginia Resources Authority, Water and Sewerage System Revenue Bonds, Goochland County – 
11/22 at 63.13 AA 629,790 
 
Tuckahoe Creek Service District Project, Series 2012, 0.000%, 11/01/34 (Pre-refunded 11/01/22) 
 
 
 
915 
Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding 
12/26 at 100.00 N/R 1,130,711 
 
Series 2016, 5.000%, 12/01/36 (Pre-refunded 12/01/26) 
 
 
 
2,335 
Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley 
1/24 at 100.00 A+ 2,616,881 
 
  Health System Obligated Group, Refunding Series 2014A, 5.000%, 1/01/44 (Pre-refunded 1/01/24) 
 
 
 
24,530 
Total U.S. Guaranteed 
 
 
27,075,410 
 
Utilities – 7.8% (5.1% of Total Investments) 
 
 
 
2,000 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call N/R 2,057,880 
 
Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35 
 
 
 
 
(Mandatory Put 7/01/22) 
 
 
 
1,675 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/26 at 100.00 A– 1,892,432 
 
2016, 5.000%, 1/01/46 
 
 
 
1,000 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/30 at 100.00 A– 1,221,230 
 
2020A, 5.000%, 1/01/50 
 
 
 
 
Guam Power Authority, Revenue Bonds, Series 2012A: 
 
 
 
1,500 5.000%, 10/01/30 – AGM Insured 10/22 at 100.00 AA 1,585,230 
495 5.000%, 10/01/34 10/22 at 100.00 BBB 520,552 
3,000 
Norfolk, Virginia, Water Revenue Bonds, Series 2015A, 5.250%, 11/01/44 
11/24 at 100.00 AA+ 3,471,210 
1,000 
Norfolk, Virginia, Water Revenue Bonds, Series 2017, 5.000%, 11/01/42 
11/27 at 100.00 AA+ 1,228,130 
625 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 
7/22 at 100.00 CCC 661,475 
 
5.250%, 7/01/42 
 
 
 
 
63

 



  
NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Utilities (continued) 
 
 
 
 
Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A: 
 
 
 
$ 5,000 5.000%, 1/15/33 1/26 at 100.00 Aa1 $ 5,999,450 
1,000 5.000%, 1/15/35 1/26 at 100.00 Aa1 1,198,370 
730 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding 
6/21 at 100.00 CCC 716,918 
 
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 1,045,170 
 
  Project, Series 2018, 5.000%, 1/01/48 (AMT) (Mandatory Put 7/01/38) , 144A 
 
 
 
19,025 
Total Utilities 
 
 
21,598,047 
$ 383,392 Total Long-Term Investments (cost $379,637,442) 
 
 
421,705,952 
 
Floating Rate Obligations – (7.3)% 
 
 
(20,350,000) 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (46.1)% (7) 
 
 
(127,663,373) 
 
Other Assets Less Liabilities – 1.2% 
 
 
3,311,567 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 277,004,146 
 
  
(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) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.3%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, 
 
which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in 
 
Derivatives for more information. 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
64

Statement of Assets and Liabilities
May 31, 2021
                
 
 NKG  NMT  NMS  NOM  NPV 
Assets                
Long-term investments, at value (cost $207,808,382, $195,646,704, 
               
$131,964,030, $47,399,505 and $379,637,442, respectively)  
$
224,200,699
  
$
214,124,983
  
$
142,060,161
  
$
51,083,684
  
$
421,705,952
 
Short-term investments, at value (cost $88,122, $ —, $ —, $ — 
                    
and $ —, respectively)   
94,968
   
   
   
   
 
Cash 
  
1,431,963
   
   
   
191,150
   
 
Receivable for: 
                    
Interest   
2,987,690
   
2,864,132
   
1,668,007
   
521,444
   
5,310,934
 
Investments sold   
   
1,500,000
   
80,650
   
5,016
   
15,000
 
Other assets 
  
   
5,235
   
   
2,944
   
29,241
 
Total assets   
228,715,320
   
218,494,350
   
143,808,818
   
51,804,238
   
427,061,127
 
Liabilities                     
Cash overdraft 
  
   
881,391
   
11,869
   
   
287,964
 
Floating rate obligations 
  
19,600,000
   
   
   
600,000
   
20,350,000
 
Payable for: 
                    
Dividends   
456,977
   
418,115
   
296,982
   
99,594
   
822,819
 
Interest   
110,104
   
   
   
3,311
   
126,616
 
Investments purchased - when-issued/delayed-delivery settlement   
   
   
273,580
   
   
442,187
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of 
                    
deferred offering costs (liquidation preference $58,500,000,                     
$ —, $52,800,000, $ — and $ —, respectively)   
58,444,145
   
   
52,760,918
   
   
 
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs 
                    
(liquidation preference $ —, $ —, $ —, $18,000,000                     
and $ —, respectively)   
   
   
   
17,787,262
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred 
                    
offering costs (liquidation preference $ —, $74,000,000,                     
$ —, $ — and $128,000,000, respectively   
   
73,748,792
   
   
   
127,663,373
 
Accrued expenses: 
                    
Management fees   
115,891
   
114,078
   
73,105
   
26,570
   
212,775
 
Trustees fees   
3,550
   
3,688
   
2,436
   
871
   
32,752
 
Other   
85,549
   
84,470
   
80,058
   
62,049
   
118,495
 
Total liabilities   
78,816,216
   
75,250,534
   
53,498,948
   
18,579,657
   
150,056,981
 
Commitments and contingencies (Note 8)                     
Net assets applicable to common shares 
 
$
149,899,104
  
$
143,243,816
  
$
90,309,870
  
$
33,224,581
  
$
277,004,146
 
Common shares outstanding 
  
10,399,813
   
9,322,751
   
5,782,755
   
2,347,169
   
17,897,463
 
Net asset value (“NAV”) per common share outstanding 
 
$
14.41
  
$
15.36
  
$
15.62
  
$
14.16
  
$
15.48
 
Net assets applicable to common shares consist of:                     
Common shares, $0.01 par value per share 
 
$
103,998
  
$
93,228
  
$
57,828
  
$
23,472
  
$
178,975
 
Paid-in surplus 
  
137,118,763
   
129,282,901
   
80,894,137
   
30,638,037
   
250,418,629
 
Total distributable earnings 
  
12,676,343
   
13,867,687
   
9,357,905
   
2,563,072
   
26,406,542
 
Net assets applicable to common shares 
 
$
149,899,104
  
$
143,243,816
  
$
90,309,870
  
$
33,224,581
  
$
277,004,146
 
Authorized shares: 
                    
Common  Unlimited  Unlimited  Unlimited  Unlimited  Unlimited 
Preferred  Unlimited  Unlimited  Unlimited  Unlimited  Unlimited 

 
 
 
See accompanying notes to financial statements. 
 
65


Statement of Operations 
 
 
 
 
Year Ended May 31, 2021 
 
 
 
 
 

 
 NKG  NMT  NMS  NOM  NPV 
Investment Income  
$
7,782,231
  
$
7,483,348
  
$
5,358,590
  
$
1,928,545
  
$
15,107,308
 
Expenses                     
Management fees 
  
1,360,798
   
1,335,270
   
858,155
   
311,456
   
2,483,996
 
Interest expense and amortization of offering costs 
  
651,374
   
684,641
   
530,890
   
207,010
   
1,565,634
 
Custodian fees 
  
25,358
   
28,986
   
25,061
   
16,308
   
43,842
 
Trustees fees 
  
5,861
   
6,080
   
4,014
   
1,437
   
10,752
 
Professional fees 
  
37,258
   
39,346
   
35,147
   
36,321
   
61,220
 
Shareholder reporting expenses 
  
21,866
   
14,443
   
16,752
   
11,742
   
31,769
 
Shareholder servicing agent fees 
  
15,629
   
2,451
   
14,782
   
15,269
   
5,788
 
Stock exchange listing fees 
  
6,522
   
6,522
   
6,522
   
6,527
   
6,522
 
Investor relations expenses 
  
9,066
   
9,373
   
6,251
   
2,294
   
17,441
 
Other 
  
31,231
   
41,731
   
27,856
   
23,980
   
51,393
 
Total expenses 
  
2,164,963
   
2,168,843
   
1,525,430
   
632,344
   
4,278,357
 
Net investment income (loss) 
  
5,617,268
   
5,314,505
   
3,833,160
   
1,296,201
   
10,828,951
 
Realized and Unrealized Gain (Loss)                     
Net realized gain (loss) from investments 
  
635,323
   
168,132
   
171
   
12,619
   
(28,052
)
Change in net unrealized appreciation (depreciation) of investments 
  
3,940,693
   
6,279,772
   
4,377,272
   
1,097,030
   
16,874,300
 
Net realized and unrealized gain (loss) 
  
4,576,016
   
6,447,904
   
4,377,443
   
1,109,649
   
16,846,248
 
Net increase (decrease) in net assets applicable to common shares 
                    
from operations  
$
10,193,284
  
$
11,762,409
  
$
8,210,603
  
$
2,405,850
  
$
27,675,199
 
See accompanying notes to financial statements.
66
 
Statement of Changes in Net Assets
             
 
 
NKG
  
NMT
 
 
 Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended 
 
 5/31/21  5/31/20  5/31/21  5/31/20 
Operations             
Net investment income (loss) 
 
$
5,617,268
  
$
4,953,285
  
$
5,314,505
  
$
4,806,292
 
Net realized gain (loss) from investments 
  
635,323
   
(719,960
)
  
168,132
   
125,397
 
Change in net unrealized appreciation (depreciation) of investments 
  
3,940,693
   
1,377,176
   
6,279,772
   
(1,022,034
)
Net increase (decrease) in net assets applicable to common shares 
                
from operations   
10,193,284
   
5,610,501
   
11,762,409
   
3,909,655
 
Distributions to Common Shareholders                 
Dividends 
  
(5,407,903
)
  
(4,648,716
)
  
(5,090,213
)
  
(4,619,423
)
Decrease in net assets applicable to 
                
common shares from distributions                 
to common shareholders   
(5,407,903
)
  
(4,648,716
)
  
(5,090,213
)
  
(4,619,423
)
Capital Share Transactions                 
Common shares: 
                
Net proceeds from shares issued                 
to shareholders due to                 
reinvestment of distributions   
   
   
   
 
Net increase (decrease) in net assets 
                
applicable to common shares from                 
capital share transactions   
   
   
   
 
Net increase (decrease) in net assets 
                
applicable to common shares   
4,785,381
   
961,785
   
6,672,196
   
(709,768
)
Net assets applicable to common 
                
shares at the beginning of period   
145,113,723
   
144,151,938
   
136,571,620
   
137,281,388
 
Net assets applicable to common 
                
shares at the end of period  
$
149,899,104
  
$
145,113,723
  
$
143,243,816
  
$
136,571,620
 
See accompanying notes to financial statements.
67


Statement of Changes in Net Assets (continued) 
 
 
 
 

 
 NMS  
NOM
 
 
 Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended 
 
 5/31/21  5/31/20  5/31/21  5/31/20 
Operations             
Net investment income (loss) 
 
$
3,833,160
  
$
3,392,016
  
$
1,296,201
  
$
1,164,727
 
Net realized gain (loss) from investments 
  
171
   
(354,596
)
  
12,619
   
(153,010
)
Change in net unrealized appreciation (depreciation) of investments 
  
4,377,272
   
(1,883,164
)
  
1,097,030
   
(333,612
)
Net increase (decrease) in net assets applicable to common shares 
                
from operations   
8,210,603
   
1,154,256
   
2,405,850
   
678,105
 
Distributions to Common Shareholders                 
Dividends 
  
(3,550,405
)
  
(3,321,981
)
  
(1,196,695
)
  
(1,143,252
)
Decrease in net assets applicable to 
                
common shares from distributions                 
to common shareholders   
(3,550,405
)
  
(3,321,981
)
  
(1,196,695
)
  
(1,143,252
)
Capital Share Transactions                 
Common shares: 
                
Net proceeds from shares issued                 
to shareholders due to                 
reinvestment of distributions   
5,734
   
   
19,216
   
17,775
 
Net increase (decrease) in net assets 
                
applicable to common shares from                 
capital share transactions   
5,734
   
   
19,216
   
17,775
 
Net increase (decrease) in net assets 
                
applicable to common shares   
4,665,932
   
(2,167,725
)
  
1,228,371
   
(447,372
)
Net assets applicable to common 
                
shares at the beginning of period   
85,643,938
   
87,811,663
   
31,996,210
   
32,443,582
 
Net assets applicable to common 
                
shares at the end of period  
$
90,309,870
  
$
85,643,938
  
$
33,224,581
  
$
31,996,210
 
See accompanying notes to financial statements.
68
 

 
 
NPV
 
 
 Year  Year 
 
 Ended  Ended 
 
 5/31/21  5/31/20 
Operations       
Net investment income (loss) 
 
$
10,828,951
  
$
9,674,192
 
Net realized gain (loss) from investments 
  
(28,052
)
  
(1,816,192
)
Change in net unrealized appreciation (depreciation) of investments 
  
16,874,300
   
(1,326,562
)
Net increase (decrease) in net assets applicable to common shares 
        
from operations   
27,675,199
   
6,531,438
 
Distributions to Common Shareholders         
Dividends 
  
(10,302,488
)
  
(9,395,020
)
Decrease in net assets applicable to 
        
common shares from distributions         
to common shareholders   
(10,302,488
)
  
(9,395,020
)
Capital Share Transactions         
Common shares: 
        
Net proceeds from shares issued         
to shareholders due to         
reinvestment of distributions   
293,110
   
 
Net increase (decrease) in net assets 
        
applicable to common shares from         
capital share transactions   
293,110
   
 
Net increase (decrease) in net assets 
        
applicable to common shares   
17,665,821
   
(2,863,582
)
Net assets applicable to common 
        
shares at the beginning of period   
259,338,325
   
262,201,907
 
Net assets applicable to common 
        
shares at the end of period  
$
277,004,146
  
$
259,338,325
 
See accompanying notes to financial statements.
69
 

Statement of Cash Flows 
 
 
 
 
Year Ended May 31, 2021 
 
 
 
 
 

 
 NKG  NMT  NMS  NOM  NPV 
Cash Flows from Operating Activities:                
Net Increase (Decrease) in Net Assets Applicable to                
Common Shares from Operations  
$
10,193,284
  
$
11,762,409
  
$
8,210,603
  
$
2,405,850
  
$
27,675,199
 
Adjustments to reconcile the net increase (decrease) in net 
                    
assets applicable to common ares from operations to net                     
cash provided by (used in) operating activities:                     
Purchases of investments 
  
(17,466,558
)
  
(21,405,770
)
  
(10,458,246
)
  
(6,763,176
)
  
(31,278,453
)
Proceeds from sales and maturities of investments 
  
15,639,997
   
17,881,313
   
5,846,551
   
6,599,637
   
27,066,226
 
Proceeds from (Purchase of) short-term investments, net 
  
54,070
   
   
2,615,000
   
   
 
Proceeds from litigation settlement 
  
90
   
90
   
   
   
90
 
Taxes paid 
  
(95
)
  
   
   
(337
)
  
(77
)
Amortization (Accretion) of premiums and discounts, net 
  
1,675,060
   
1,833,668
   
151,417
   
211,239
   
1,278,304
 
Amortization of deferred offering costs 
  
7,439
   
9,749
   
5,205
   
8,074
   
15,173
 
(Increase) Decrease in: 
                    
Receivable for interest   
(96,784
)
  
60,779
   
69,014
   
(1,310
)
  
(175,821
)
Receivable for investments sold   
715,000
   
(1,500,000
)
  
1,028,933
   
   
4,088,751
 
Other assets   
3,824
   
3,825
   
3,808
   
3,773
   
(1,078
)
Increase (Decrease) in: 
                    
Payable for interest   
41,889
   
   
   
(812
)
  
7,574
 
Payable for investments purchased – regular settlement   
   
   
(32,467
)
  
(175,916
)
  
 
Payable for investments purchased – when-issued/delayed                     
delivery settlement   
   
   
(93,292
)
  
   
442,187
 
Accrued management fees   
2,976
   
4,053
   
2,822
   
700
   
9,560
 
Accrued Trustees fees   
1,609
   
1,672
   
1,102
   
390
   
6,938
 
Accrued other expenses   
28,505
   
24,174
   
24,664
   
15,827
   
32,287
 
Net realized (gain) loss from investments 
  
(635,323
)
  
(168,132
)
  
(171
)
  
(12,619
)
  
28,052
 
Change in net unrealized (appreciation) depreciation of investments 
  
(3,940,693
)
  
(6,279,772
)
  
(4,377,272
)
  
(1,097,030
)
  
(16,874,300
)
Net cash provided by (used in) operating activities 
  
6,224,290
   
2,228,058
   
2,997,671
   
1,194,290
   
12,320,612
 
Cash Flows from Financing Activities:                     
Proceeds from borrowings 
  
744,997
   
463,173
   
   
   
1,696,338
 
(Repayments of) borrowings 
  
(744,997
)
  
(463,173
)
  
   
   
(1,696,338
)
Increase (Decrease) in cash overdraft 
  
   
881,391
   
11,869
   
   
(2,335,852
)
Cash distributions paid to common shareholders 
  
(5,355,873
)
  
(5,075,412
)
  
(3,498,864
)
  
(1,159,067
)
  
(9,984,760
)
Net cash provided by (used in) financing activities 
  
(5,355,873
)
  
(4,194,021
)
  
(3,486,995
)
  
(1,159,067
)
  
(12,320,612
)
Net Increase (Decrease) in Cash   
868,417
   
(1,965,963
)
  
(489,324
)
  
35,223
   
 
Cash at the beginning of period 
  
563,546
   
1,965,963
   
489,324
   
155,927
   
 
Cash at the end of period 
 
$
1,431,963
  
$
  
$
  
$
191,150
  
$
 
  
Supplemental Disclosure of Cash Flow Information  NKG  NMT  NMS  NOM  NPV 
Cash paid for interest (excluding amortization of offering costs) 
 
$
602,047
  
$
674,891
  
$
525,685
  
$
199,748
  
$
1,542,887
 
Non-cash financing activities not included herein consists of 
                    
reinvestments of common share distributions 
  
   
   
5,734
   
19,216
   
293,110
 
See accompanying notes to financial statements.
70
 



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71




Financial Highlights 
 
 
 
 
 
 

Selected data for a common share outstanding throughout each period: 
 
 
 
 
 

 
 
 
 
 
 Less Distributions to  
 
 
 
 
 
Investment Operations 
 
 Common Shareholders  Common Share 
 
 
 
 
 
 
 
From 
 
 Discount 
 
 
 
Beginning Net Net 
 
 From Accumu- 
 
 Per 
 
 
 
Common Investment Realized/ 
 
 Net lated Net 
 
 Share 
 
Ending 
 
Share Income Unrealized 
 
 Investment Realized 
 
 Repurchased Ending Share 
 
NAV (Loss) Gain (Loss) Total  Income Gains Total  and Retired NAV Price 
NKG 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 5/31: 
 
 
 
 
 
 
 
 
 
 
 
 
2021 
$13.95 $0.54 $0.44 $0.98  $(0.52) $ — $(0.52)  $ — $14.41 $13.60 
2020 
13.86 0.48 0.06 0.54  (0.45) — (0.45)  — 13.95 11.98 
2019 
13.32 0.46 0.48 0.94  (0.43) — (0.43)  0.03 13.86 12.46 
2018 
13.80 0.49 (0.46) 0.03  (0.51) — (0.51)  — 13.32 11.38 
2017 
14.40 0.55 (0.55) —  (0.60) — (0.60)  — 13.80 13.28 
             
NMT 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 5/31: 
 
 
 
 
 
 
 
 
 
 
 
 
2021 
14.65 0.57 0.69 1.26  (0.55) — (0.55)  — 15.36 14.92 
2020 
14.73 0.52 (0.10) 0.42  (0.50) — (0.50)  — 14.65 13.15 
2019 
14.28 0.52 0.42 0.94  (0.50) — (0.50)  0.01 14.73 12.84 
2018 
14.72 0.59 (0.40) 0.19  (0.63) — (0.63)  — 14.28 12.64 
2017 
15.34 0.64 (0.58) 0.06  (0.68) — (0.68)  — 14.72 13.90 
 
(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.
72
 


         Common Share Supplemental Data/    
         Ratios Applicable to Common Shares    
Common Share             
Total Returns     Ratios to Average Net Assets(b)    
   Based  Ending     Net    
Based  on  Net     Investment  Portfolio 
on  Share  Assets     Income  Turnover 
NAV(a)  Price(a)   (000)
 Expenses  (Loss)  Rate(c) 
 
7.12
%
  
18.24
%
 
$    149,899
   
1.46
%
  
3.78
%
  
7
%
 
3.90
   
(0.33
)
  
145,114
   
2.13
   
3.40
   
9
 
 
7.49
   
13.72
   
144,152
   
2.45
   
3.50
   
20
 
 
0.22
   
(10.74
)
  
140,485
   
2.19
   
3.64
   
15
 
 
0.07
   
(2.76
)
  
145,577
   
2.10
   
3.94
   
13
 
  
  
 
8.69
   
17.81
   
143,244
   
1.54
   
3.77
   
8
 
 
2.83
   
6.14
   
136,572
   
2.20
   
3.47
   
11
 
 
6.87
   
5.80
   
137,281
   
2.45
   
3.70
   
16
 
 
1.29
   
(4.84
)
  
133,468
   
2.13
   
4.04
   
17
 
 
0.43
   
(2.78
)
  
137,639
   
1.91
   
4.29
   
12
 
 
(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 
 
 NMT 
 
 
Year Ended 5/31: 
 
 
Year Ended 5/31: 
 
 
2021 
0.44% 
 
2021 
0.49% 
 
2020 
1.09 
 
2020 
1.14 
 
2019 
1.36 
 
2019 
1.30 
 
2018 
1.11 
 
2018 
1.00 
 
2017 
1.03 
 
2017 
0.83 
 
 
(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.
See accompanying notes to financial statements.
73
 

Financial Highlights (continued) 
 
 
 
 
 
 
 
 

Selected data for a common share outstanding throughout each period: 
 
 
 
 
 
 

 
 
 
 
 Less Distributions to  
 
 
 
 
 
 
Investment Operations  Common Shareholders  
 
Common Share 
 
 
 
 
 
  
 
 
 
 
 Premium 
 
 
 
 
 
 
 
  
 
From 
 
 
 per Discount 
 
 
 
Beginning Net Net   From Accumu- 
 
 
 Share Per 
 
 
 
Common Investment Realized/   Net lated Net    through Share  Ending 
 
Share Income Unrealized   Investment Realized Return of   Shelf Repurchased Ending Share 
 
NAV (Loss) 
Gain (Loss) 
 Total Income Gains Capital Total  Offering and Retired NAV Price 
NMS 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 5/31: 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021 
$14.81 $0.66 $0.76 
 $1.42 $(0.61) $ — $ — $(0.61)  $ — $ — $15.62 $16.24 
2020 
15.19 0.59 (0.40) 
 0.19 (0.57) — — (0.57)  — — 14.81 13.55 
2019 
14.69 0.62 0.50 
 1.12 (0.62) — — (0.62)  — —* 15.19 13.76 
2018 
15.08 0.70 (0.37) 
 0.33 (0.74) — — (0.74)  0.02 — 14.69 13.60 
2017 
15.78 0.70 (0.62) 
 0.08 (0.79) — — (0.79)  0.01 — 15.08 16.18 
               
NOM 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 5/31: 
 
 
 
  
 
 
 
 
 
 
 
 
 
2021 
13.64 0.55 0.48 
 1.03 (0.51) — — (0.51)  — — 14.16 14.70 
2020 
13.84 0.50 (0.21) 
 0.29 (0.49) — — (0.49)  — — 13.64 14.56 
2019 
13.48 0.52 0.36 
 0.88 (0.52) — — (0.52)  — — 13.84 13.97 
2018 
13.95 0.57 (0.41)
  0.16 (0.62) — (0.01) (0.63)  — — 13.48 13.34 
2017 
14.45 0.65 (0.44) 
 0.21 (0.71) — — (0.71)  — — 13.95 16.20 
 
(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.
74
 

         Common Share Supplemental Data/    
         Ratios Applicable to Common Shares    
Common Share             
Total Returns     Ratios to Average Net Assets(b)    
   Based  Ending     Net    
Based  on  Net     Investment  Portfolio 
on  Share  Assets     Income  Turnover 
NAV(a)  Price(a)   (000)
 Expenses  (Loss)  Rate(c) 
 
9.74
%
  
24.89
%
 
$       90,310
   
1.71
%
  
4.30
%
  
5
%
 
1.24
   
2.57
   
85,644
   
2.46
   
3.85
   
12
 
 
7.88
   
6.13
   
87,812
   
2.75
   
4.25
   
30
 
 
2.37
   
(11.55
)
  
85,067
   
2.40
   
4.66
   
13
 
 
0.68
   
6.41
   
84,726
   
2.47
   
4.59
   
19
 
  
  
 
7.66
   
4.69
   
33,225
   
1.93
   
3.95
   
13
 
 
2.07
   
7.93
   
31,996
   
2.66
   
3.58
   
10
 
 
6.70
   
9.06
   
32,444
   
2.72
   
3.90
   
23
 
 
1.15
   
(13.89
)
  
31,605
   
2.54
   
4.15
   
20
 
 
1.53
   
5.77
   
32,658
   
2.27
   
4.65
   
14
 
 
(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:

NMS 
 
NOM 
 
 
Year Ended 5/31: 
 
Year Ended 5/31: 
 
 
2021 
0.60% 
2021 
0.63% 
 
2020 
1.32 
2020 
1.29 
 
2019 
1.59 
2019 
1.40 
 
2018 
1.06 
2018 
1.19 
 
2017 
1.29 
2017 
0.99 
 
 
(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.
75
 

Financial Highlights (continued) 
 
 
 
 
 
 
 

Selected data for a common share outstanding throughout each period: 
 
 
 
 
 


 
 
 
 
 
 
 
Less Distributions to 
 
 
 
 
 
 
 
Investment Operations 
 
 
 
Common Shareholders 
 
 Common Share 
 
          Discount   
 
Beginning Net Net   From Accumu-    Per   
 
Common Investment Realized/   Net lated Net    Share  Ending 
 
Share Income Unrealized   Investment Realized Return of   Repurchased Ending Share 
 
NAV (Loss) Gain (Loss) Total  Income Gains Capital Total  and Retired NAV Price 
NPV 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 5/31: 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021 
$14.51 $0.61 $ 0.94 $1.55  $(0.58) $ — $ — $(0.58)  $ — $15.48 $16.13 
2020 
14.67 0.54 (0.17) 0.37  (0.53) — — (0.53)  — 14.51 13.40 
2019 
14.17 0.53 0.49 1.02  (0.53) — — (0.53)  0.01 14.67 12.92 
2018 
14.49 0.56 (0.32) 0.24  (0.56) — — (0.56)  — 14.17 12.35 
2017 
15.00 0.58 (0.50) 0.08  (0.59) — — (0.59)  — 14.49 13.25 
 
(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.
76
 


         Common Share Supplemental Data/    
         Ratios Applicable to Common Shares    
Common Share             
Total Returns     Ratios to Average Net Assets(b)    
   Based  Ending     Net    
Based  on  Net     Investment  Portfolio 
on  Share  Assets     Income  Turnover 
NAV(a)  Price(a)   (000) Expenses  (Loss)  Rate(c) 
 
10.80
%
  
25.01
%
 
$       277,004
   
1.58
%
  
3.99
%
  
7
%
 
2.48
   
7.74
   
259,338
   
2.20
   
3.65
   
18
 
 
7.49
   
9.23
   
262,202
   
2.48
   
3.81
   
21
 
 
1.70
   
(2.62
)
  
254,175
   
2.07
   
3.92
   
22
 
 
0.63
   
(4.14
)
  
259,831
   
1.97
   
3.98
   
38
 
 
(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:

NPV 
 
 
Year Ended 5/31: 
 
 
2021 
0.58% 
 
2020 
1.18 
 
2019 
1.42 
 
2018 
1.02 
 
2017 
0.94 
 
 
(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.
See accompanying notes to financial statements.
77
 
Financial Highlights (continued)
 
AMTP Shares 
VMTP Shares 
VRDP Shares 
 
at the End of Period at the End of Period at the End of Period 
 
Aggregate Asset Aggregate 
 
Asset Aggregate 
 
Asset 
 
Amount Coverage Amount Coverage Amount Coverage 
 
Outstanding Per $100,000 Outstanding Per $100,000 Outstanding Per $100,000 
 
(000) Share (000) 
 
Share (000) 
 
Share 
NKG 
 
 
 
 
 
 
 
 
Year Ended 5/31: 
 
 
 
 
 
 
 
 
2021 
$58,500 $356,238 $ — $ — $ — $ — 
2020 
58,500 348,058 — 
 
— — 
 
— 
2019 
58,500 346,414 — 
 
— — 
 
— 
2018 
— — 82,000 
 
271,323 — 
 
— 
2017 
— — 82,000 
 
277,532 — 
 
— 
 
NMT 
 
 
 
 
 
 
 
 
Year Ended 5/31: 
 
 
 
 
 
 
 
 
2021 
— — — 
 
— 74,000 
 
293,573 
2020 
— — — 
 
— 74,000 
 
284,556 
2019 
— — — 
 
— 74,000 
 
285,515 
2018 
— — — 
 
— 74,000 
 
280,362 
2017 
— — — 
 
— 74,000 
 
285,999 
 
See accompanying notes to financial statements.
78



 
AMTP Shares VMTP Shares MFP Shares 
 
at the End of Period at the End of Period at the End of Period 
 
Aggregate Asset Aggregate 
 
Asset Aggregate Asset 
 
Amount Coverage Amount Coverage Amount Coverage 
 
Outstanding Per $100,000 Outstanding Per $100,000 Outstanding Per $100,000 
 
(000) Share (000) 
 
Share (000) Share 
NMS 
 
 
 
 
 
 
 
Year Ended 5/31: 
 
 
 
 
 
 
 
2021 
$52,800 $271,041 $ — $ — $ — $ — 
2020 
52,800 262,204 — 
 
— — — 
2019 
52,800 266,310 — 
 
— — — 
2018 
— — 52,800 261,111 — — 
2017 
— — 52,800 260,466 — — 
 
NOM 
 
 
 
 
 
 
 
Year Ended 5/31: 
 
 
 
 
 
 
 
2021 
— — — 
 
— 18,000 284,581 
2020 
— — — 
 
— 18,000 277,757 
2019 
— — — 
 
— 18,000 280,242 
2018 
— — — 
 
— 18,000 275,584 
2017 
— — 18,000 281,436 — — 
 
See accompanying notes to financial statements.
79

Financial Highlights (continued)
 
VRDP Shares 
 
at the End of Period 
 
Aggregate Asset 
 
Amount Coverage 
 
Outstanding Per $100,000 
 
(000) Share 
NPV 
 
 
Year Ended 5/31: 
 
 
2021 
$128,000 $316,409 
2020 
128,000 302,608 
2019 
128,000 304,845 
2018 
128,000 298,574 
2017 
128,000 302,993 
See accompanying notes to financial statements.
80


Notes to
Financial Statements
1. General Information

Fund Information
The state funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
Nuveen Georgia Quality Municipal Income Fund (NKG)
Nuveen Massachusetts Quality Municipal Income Fund (NMT)
Nuveen Minnesota Quality Municipal Income Fund (NMS)
Nuveen Missouri Quality Municipal Income Fund (NOM)
Nuveen Virginia Quality Municipal Income Fund (NPV)
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified closed-end management investment companies. NKG, NMS and NOM were organized as Massachusetts business trusts on October 26, 2001, April 28, 2014 and March 29, 1993, respectively. NMT and NPV were organized as Massachusetts business trusts on January 12, 1993.
The end of the reporting period for the Funds is May 31, 2021, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2021 (the “current fiscal period”).
Investment Adviser and Sub-Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of the Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
81

Notes to Financial Statements (continued)
Distributions to Common Shareholders
Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes the accretion of discounts and the amortization of premiums for financial reporting purposes. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the ex-dividend date.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of
82

observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:
NKG  Level 1  Level 2  Level 3  Total 
Long-Term Investments*: 
            
Municipal Bonds  
$
  
$
224,122,513
  
$
78,186
**
 
$
224,200,699
 
Short-Term Investments*: 
                
Municipal Bonds   
   
   
94,968
**
  
94,968
 
Total 
 
$
  
$
224,122,513
  
$
173,154
  
$
224,295,667
 
NMT                 
Long-Term Investments*: 
                
Municipal Bonds  
$
  
$
214,124,983
  
$
  
$
214,124,983
 
NMS                 
Long-Term Investments* 
                
Municipal Bonds  
$
  
$
142,060,161
  
$
  
$
142,060,161
 
NOM                 
Long-Term Investments*: 
                
Municipal Bonds  
$
  
$
51,083,684
  
$
  
$
51,083,684
 
NPV                 
Long-Term Investments*: 
                
Municipal Bonds  
$
  
$
421,705,952
  
$
  
$
421,705,952
 
 
*     
Refer to the Fund’s Portfolio of Investments for industry classifications.
**     
Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
83
Notes to Financial Statements (continued)
The Funds hold liabilities in floating rate obligations and preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in Note 4 - Portfolio Securities and Investments in Derivatives. The fair values of the Funds’ liabilities for preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in Note 5 – Fund Shares.
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”) in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
A Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities, respectively.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
84

As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
Floating Rate Obligations Outstanding  NKG  NMT  NMS  NOM  NPV 
Floating rate obligations: self-deposited Inverse Floaters 
 
$
19,600,000
  
$
  
$
  
$
600,000
  
$
20,350,000
 
Floating rate obligations: externally-deposited Inverse Floaters 
  
   
7,325,000
   
   
   
 
Total 
 
$
19,600,000
  
$
7,325,000
  
$
  
$
600,000
  
$
20,350,000
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
Self-Deposited Inverse Floaters  NKG  NMT  NMS  NOM  NPV 
Average floating rate obligations outstanding 
 
$
19,600,000
  
$
  
$
  
$
600,000
  
$
20,350,000
 
Average annual interest rate and fees 
  
0.56
%
  
%
  
%
  
0.55
%
  
0.62
%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
Floating Rate Obligations – Recourse Trusts  NKG  NMT  NMS  NOM  NPV 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
 
$
19,600,000
  
$
  
$
  
$
600,000
  
$
20,350,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
  
   
7,325,000
   
   
   
 
Total 
 
$
19,600,000
  
$
7,325,000
  
$
  
$
600,000
  
$
20,350,000
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
85

Notes to Financial Statements (continued)
Investment Transactions 
 
 
 
 
 

Long-term purchases and sales (including maturities) during the current fiscal period were as follows: 
 
 
 

 
 NKG  NMT  NMS  NOM  NPV 
Purchases 
 
$
17,466,558
  
$
21,405,770
  
$
10,458,246
  
$
6,763,176
  
$
31,278,453
 
Sales and maturities 
  
15,639,997
   
17,881,313
   
5,846,551
   
6,599,637
   
27,066,226
 
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when issued/ delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
5. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable. were as follows:
 
 NMS
 NOM 
 NPV
 
 Year Year Year Year Year Year 
 
Ended Ended Ended Ended Ended Ended 
 
 5/31/21 5/31/20 5/31/21 5/31/20 5/31/21 5/31/20 
Common shares: 
 
 
 
 
 
      
Issued to shareholders due to reinvestment of distributions 
369 — 1,372 1,271 19,216 — 
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publically available.
The details of the each Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:
86


 
 
 
 
Liquidation 
 
 
 
 
Preference, 
 
 
Shares Liquidation net of deferred 
Fund Series Outstanding Preference offering costs 
NKG 2028 585 $58,500,000 $58,444,145 
NMS 2028 528 $52,800,000 $52,760,918 
Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.
In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund’s AMTP Shares are as follows:
     
 
Notice  Term Premium 
Fund Period Series Redemption Date Expiration Date 
NKG 540-day 2028 December 1 2028* February 13, 2019 
NMS 360-day 2028 December 1 2028* November 30, 2019 
* Subject to early termination by either the Fund or the holder. 
 
 
 
 
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
 
NKG NMS 
Average liquidation preference of AMTP shares outstanding 
$58,500,000    
$52,800,000    
Annualized dividend rate 
0.91% 1.00% 
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection with each Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
MuniFund Preferred Shares
NOM has issued and has outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 liquidation preference per share. These MFP Shares were issued via private placement and are not publicly available.
The Fund is obligated to redeem its MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Fund. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Fund. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Fund may establish additional mode structures with the MFP Share.
87
Notes to Financial Statements (continued)
•  Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of their shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
The Fund will pay a remarketing fee on the aggregate principal amount of all MFP shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
•  Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread’ being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
•  Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enables its shareholders to require a liquidity provider, with which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares.
The Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP Shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
Costs incurred in connection with the Fund’s offering of MFP Shares were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
As of the end of the reporting period, details of the Fund’s MFP Shares outstanding were as follows:
 
 
 
 
Liquidation 
 
 
 
 
 
 
 
Preference, Term 
 
Mode 
 
 
Shares Liquidation net of deferred Redemption 
 
Termination 
Fund Series Outstanding Preference offering costs Date Mode Date 
NOM 180 $18,000,000 $17,787,262 October 1, 2047 VRM October 12, 2022 
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
 
NOM 
Average liquidation preference of MFP Shares outstanding 
$18,000,000 
Annualized dividend rate 
1.09% 
Variable Rate Demand Preferred Shares
The following Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
88


As of the end of the reporting period, details of the Funds’ VRDP Shares outstanding were as follows: 
 
 
 

 
 
 
 
 
 
Liquidation 
 
 
 
 
 
 
 
 
Preference, Special Rate 
 
 
 
 
Shares Remarketing Liquidation net of deferred Period 
 
Fund Series Outstanding Fees* Preference offering costs Expiration Maturity 
NMT 
 
740 N/A $ 74,000,000 $ 73,748,792 March 1, 2047 March 1, 2047 
NPV 
 
1,280 N/A $128,000,000 $127,663,373 July 21, 2021 August 3, 2043 
 
Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series. 
 
 
 
N/A 
Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee. 
 
 
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
Each Fund’s Series 1 VRDP Shares are considered to be Special Rate VRDP, which are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider and are not subject to remarketing fees or liquidity fees. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, or the Board may approve a subsequent special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
 
NMT NPV 
Average liquidation preference of VRDP Shares outstanding 
$74,000,000 $128,000,000 
Annualized dividend rate 
0.91% 1.12% 
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Fund in connection with its offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions
The Funds did not have any transactions in preferred shares during the current and prior fiscal period.
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
89
Notes to Financial Statements (continued)
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of May 31, 2021.
 
 NKG  NMT  NMS  NOM  NPV 
Tax cost of investments 
 
$
188,151,720
  
$
195,624,066
  
$
131,857,699
  
$
46,790,317
  
$
359,446,029
 
Gross unrealized: 
                    
Appreciation  
$
17,362,094
  
$
18,518,023
  
$
10,262,633
  
$
3,842,922
  
$
42,421,563
 
Depreciation   
(818,081
)
  
(17,106
)
  
(60,171
)
  
(149,552
)
  
(511,469
)
Net unrealized appreciation (depreciation) of investments 
 
$
16,544,013
  
$
18,500,917
  
$
10,202,462
  
$
3,693,370
  
$
41,910,094
 
Permanent differences, primarily due to taxable market discount, federal taxes paid, and nondeductible offering costs resulted in reclassifications among the Funds’ components of common share net assets as of May 31, 2021, the Funds’ tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2021, the Funds’ tax year end, were as follows:
 
 NKG  NMT  NMS  NOM  NPV 
Undistributed net tax-exempt income1 
 
$
860,914
  
$
693,642
  
$
368,409
  
$
199,506
  
$
1,640,091
 
Undistributed net ordinary income2 
  
1,713
   
107
   
2,245
   
8,894
   
395
 
Undistributed net long-term capital gains 
  
   
   
   
   
 
 
1     
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 3, 2021, paid on June 1, 2021.
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
The tax character of distributions paid during the Funds’ tax years ended May 31, 2021 and May 31, 2020 was designated for purposes of the dividends paid deduction as follows:
2021 NKG NMT NMS NOM NPV 
Distributions from net tax-exempt income3 
$5,405,359 $ 5,089,900 $3,544,479 $1,171,018 $10,301,231 
Distributions from net ordinary income2 
2,544 313 5,926 25,677 1,257 
Distributions from net long-term capital gains 
— — — — — 
2020 NKG NMT NMS NOM NPV 
Distributions from net tax-exempt income 
$5,884,220 $4,589,343 $4,473,912 $1,532,957 $12,090,870 
Distributions from net ordinary income2 
2,005 30,080 — 10,708 36,820 
Distributions from net long-term capital gains 
— — — — — 
 
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3     
The Funds hereby designate these amounts paid during the fiscal year ended May 31, 2021, as Exempt Interest Dividends.
As of May 31, 2021, the Funds’ tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
 
NKG NMT NMS NOM NPV 
Not subject to expiration: 
 
 
 
 
 
Short-term $1,955,288 $1,666,041 $697,743 $ 523,213 $ 6,176,697 
Long-term 2,307,017 3,232,092 213,873 712,210 10,099,314 
Total 
$4,262,305 $4,898,133 $911,616 $1,235,423 $16,276,011 
 
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During the Funds’ tax year ended May 31, 2021, the following Funds utilized capital loss carryforwards as follows: 
 
 

 
 NKG  NMT  NMS  NOM 
Utilized capital loss carryforwards 
 
$
652,493
  
$
168,140
  
$
171
  
$
12,956
 
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
Average Daily Managed Assets* Fund-Level Fee Rate 
For the first $125 million 
0.4500% 
For the next $125 million 
0.4375     
For the next $250 million 
0.4250     
For the next $500 million 
0.4125     
For the next $1 billion 
0.4000     
For the next $3 billion 
0.3750     
For managed assets over $5 billion 
0.3625     
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets:
Complex-Level Eligible Asset Breakpoint Level* Effective Complex-Level Fee Rate at Breakpoint Level 
$55 billion 
0.2000% 
$56 billion 
0.1996     
$57 billion 
0.1989     
$60 billion 
0.1961     
$63 billion 
0.1931     
$66 billion 
0.1900     
$71 billion 
0.1851     
$76 billion 
0.1806     
$80 billion 
0.1773     
$91 billion 
0.1691     
$125 billion 
0.1599     
$200 billion 
0.1505     
$250 billion 
0.1469     
$300 billion 
0.1445     
 
*     
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain Nuveen Funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of May 31, 2021, the complex-level fee for each Fund was 0.1542%.
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.
91
 
Notes to Financial Statements (continued)
During the current fiscal period, the following Funds engaged in cross-trades pursuant to these procedures as follows: 
 
 

Cross-Trades  NMS  NOM 
Purchases 
 
$
1,339,635
  
$
 
Sales 
  
1,334,840
   
356,392
 
Realized gain (loss) 
  
(39,865
)
  
(7,908
)
8. Commitments and Contingencies
In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.
From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the reporting period, the Funds are not subject to any material legal proceedings.
9. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.405 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2021 unless extended or renewed.
The credit facility has the following terms: a 0.10% upfront fee, 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% (1.00% prior to June 24, 2020) per annum or (b) the Fed Funds rate plus 1.25% (1.00% prior to June 24, 2020) per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest Expense” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, certain Funds utilized this facility. The Funds’ maximum outstanding balance during the utilization period was as follows:
 
NKG NMT NPV 
Maximum outstanding balance 
$744,968 $463,155 $1,696,272 
During the Funds’ utilization period(s), during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
 
NKG NMT NPV 
Utilization period (days outstanding) 
Average daily balance outstanding 
$744,968 $463,155 $1,696,272 
Average annual interest rate 
1.39% 1.39% 1.39% 
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other
92

things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
10. Subsequent Events
Committed Line of Credit
During June 2021, the Participating Funds renewed the standby credit facility through June 2022. In conjunction with this renewal the commitment amount increased from $2.405 billion to $2.635 billion and the interest rate changed from the higher of a) LIBOR plus 1.25% or b) the Fed Funds rate plus 1.25% to the higher of a) OBFR (Overnight Bank Funding Rate) plus 1.20% or b) the Fed Funds Rate plus 1.20%. The Participating Funds also incurred a 0.05% upfront fee on the increase of the commitment amount. All other terms remain relatively unchanged.
93

Shareholder Update (Unaudited)
CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS
NUVEEN GEORGIA QUALITY MUNICIPAL INCOME FUND (NKG)
Investment Objectives
The Fund’s investment objectives are current income exempt from regular federal and Georgia income tax and the enhancement of portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund’s investment adviser or sub-adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.
Investment Policies
As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from regular federal and Georgia income taxes.
The Fund emphasizes investments in municipal securities with long- or intermediate-term maturities. The Fund buys municipal securities with different maturities and intends to maintain an average portfolio maturity of 15 to 30 years, although this may be shortened depending on market conditions. As a result, the Fund’s portfolio may include long-term and intermediate-term municipal securities.
“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal circumstances:
•  The Fund will invest at least 80% of its Managed Assets in municipal securities that at the time of investment are investment grade quality. A security is considered investment grade quality if it is rated within the four highest letter grades (Baa or BBB or better) by at least one nationally recognized statistical rating organization (“NRSRO”) that rate such security (even if it is rated lower by another), or if it is unrated by any NRSRO but judged to be of comparable quality by the Fund’s sub-adviser.
•  The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated by any NRSRO but judged to be of comparable quality by the Fund’s sub-adviser.
•  No more than 10% of the Fund’s Managed Assets may be invested in municipal securities rated below B-/B3 or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser.
•  The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to individuals (“AMT Bonds”).
The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies
The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, the Fund’s (i) investment objectives and (ii) policy of investing at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from regular federal and Georgia income taxes, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.
Portfolio Contents
The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB trusts”), including inverse floating rate securities, and other forms of municipal
94

bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal and Georgia income tax.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The municipal securities in which the Fund will invest are generally issued by the State of Georgia, a municipality of Georgia, or a political subdivision of either, and pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the Fund’s sub-adviser to be reliable), is exempt from regular U.S. federal and Georgia income taxes, although the interest may be subject to the federal alternative minimum tax. The Fund may invest in municipal securities issued by U.S. territories (such as Puerto Rico or Guam) that are exempt from regular federal and Georgia income taxes.
The Fund may also invest in AMT Bonds. AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.
The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.
The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.
The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.
The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.
The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.
95
 
Shareholder Update (Unaudited) (continued)
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.
The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.
The Fund may utilize structured notes and similar instruments for investment purposes and also for hedging purposes. Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an “embedded index”), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets.
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days.
The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks (“MMD Rate Locks”)), options on financial futures, options on swap contracts or other derivative instruments.
The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).
The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).
Use of Leverage
The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the issuance of preferred shares of beneficial interest (“Preferred Shares”) and investments in inverse floating rate securities. As a fundamental policy, the Fund may not issue debt securities or Preferred Shares that rank senior to any outstanding Preferred Shares issued by the Fund. Additionally, as a fundamental policy, the Fund may not borrow money, except from banks for temporary or emergency purposes, or to repurchase its shares and then only in an amount not exceeding one-third of the value of the Fund’s total assets (including the amount borrowed) less the Fund’s liabilities (other than borrowings). In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.
96

Temporary Defensive Periods
During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which intermediate-term municipal securities are available), the Fund may invest up to 100% of its net assets in cash or cash equivalents, short-term investments or municipal bonds and deviate from its investment policies including the Fund’s 80% names rule policy. Also, during these periods, the effective duration of the Fund’s investment portfolio may fall below the average portfolio maturity of 15-30 years and the Fund may not achieve its investment objectives.
NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND (NMT)
Investment Objectives
The Fund’s investment objectives are to provide current income exempt from regular federal and Massachusetts personal income taxes and to enhance portfolio value relative to the Massachusetts municipal bond market by investing in tax-exempt Massachusetts municipal obligations that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.
Investment Policies
As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments the income from which is exempt from regular federal and Massachusetts income taxes.
The Fund invests primarily in municipal securities with long-term maturities in order to maintain an average effective maturity of 15 to 30 years, including the effects of leverage, but the average effective maturity of obligations held by the Fund may be lengthened or shortened as a result of portfolio transactions effected by the Fund’s investment adviser and/or sub-adviser, depending on market conditions and on an assessment by the portfolio manager of which segments of the municipal securities markets offer the most favorable relative investment values and opportunities for tax-exempt income and total return. As a result, the Fund’s portfolio at any given time may include both long-term and intermediate-term municipal securities.
“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal circumstances:
•  The Fund will invest at least 80% of its Managed Assets in securities that at the time of investment are investment grade quality. A security is considered investment grade quality if it is rated within the four highest letter grades (Baa or BBB or better) by at least one NRSRO that rates such security (even if it is rated lower by another), or if it is unrated by any NRSRO but judged to be of comparable quality by the Fund’s sub-adviser.
•  The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated by any NRSRO but judged to be of comparable quality by the Fund’s sub-adviser.
•  No more than 10% of the Fund’s Managed Assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser.
•  The Fund may invest up to 20% of its Managed Assets in AMT Bonds.
•  The Fund may invest up to 15% of its net assets in inverse floating rate securities.
The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies
The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, the Fund’s (i) investment objectives and (ii) policy of investing at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from regular federal and Massachusetts income taxes, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.
97
 
Shareholder Update (Unaudited) (continued)
Portfolio Contents
The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by TOB trusts, including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax and Massachusetts income tax.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The municipal securities in which the Fund invests are generally issued by the Commonwealth of Massachusetts, a municipality in Massachusetts, or a political subdivision or agency or instrumentality of such Commonwealth or municipality, and pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the Fund’s sub-adviser to be reliable), is exempt from regular federal and Massachusetts income taxes. The Fund may invest in municipal bonds issued by United States territories and possessions (such as Puerto Rico or Guam) that are exempt from regular federal and Massachusetts income taxes.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The Fund may also invest in AMT Bonds. AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.
The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.
The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.
The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.
The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the
98

construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.
The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.
The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.
The Fund may utilize structured notes and similar instruments for investment purposes and also for hedging purposes. Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an “embedded index”), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets.
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.
The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and MMD Rate Locks), options on financial futures, options on swap contracts or other derivative instruments.
The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).
The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.
Use of Leverage
The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the issuance of Preferred Shares and investments in inverse floating rate securities. As a fundamental policy, the Fund may not issue senior securities, as defined in the 1940 Act, other than Preferred Shares. Additionally, as a fundamental policy, the Fund may not borrow money, except from banks for temporary or emergency purposes, or to repurchase its shares, and then only in an amount not
99

Shareholder Update (Unaudited) (continued)
exceeding one-third of the value of the Fund’s total assets including the amount borrowed. In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.
Temporary Defensive Periods
During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which intermediate-term municipal securities are available), the Fund may invest up to 100% of its net assets in cash or cash equivalents, short-term investments or municipal bonds and deviate from its investment policies including the Fund’s 80% names rule policy. Also, during these periods, the effective duration of the Fund’s investment portfolio may fall below the average effective maturity of 15-30 years and the Fund may not achieve its investment objectives.
NUVEEN MINNESOTA QUALITY MUNICIPAL INCOME FUND (NMS)
Investment Objectives
The Fund’s primary investment objective is to seek to provide current income exempt from both regular federal and Minnesota income taxes. The Fund’s secondary investment objective is to enhance portfolio value relative to the Minnesota municipal bond market by investing in Minnesota municipal securities that the Fund’s sub-adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.
Investment Policies
As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments the income from which is exempt from regular federal and Minnesota income taxes.
The Fund invests primarily in municipal securities with long-term maturities in order to maintain an average effective maturity of 15 to 30 years, but the average effective maturity of obligations held by the Fund may be shortened as a result of portfolio transactions effected by the Fund’s investment adviser and/or sub-adviser, depending on market conditions.
“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal circumstances:
•  The Fund will invest at least 80% of its Managed Assets in securities that at the time of investment are investment grade quality. A security is considered investment grade quality if it is rated within the four highest letter grades (Baa or BBB or better) by at least one NRSRO that rates such security (even if it is rated lower by another), or if it is unrated by any NRSRO but judged to be of comparable quality by the Fund’s sub-adviser.
•  The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated by any NRSRO but judged to be of comparable quality by the Fund’s sub-adviser.
•  No more than 10% of the Fund’s Managed Assets may be invested in municipal securities rated below B3/B- by all NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser.
•  The Fund may invest up to 20% of its Managed Assets in AMT Bonds.
•  The Fund may invest up to 15% of its net assets in inverse floating rate securities.
•  The Fund may invest up to 10% of its Managed Assets in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal bonds of the types in which the Fund may invest directly.
The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies
The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, the Fund’s (i) investment objectives and (ii) policy of investing at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from regular federal and Minnesota income taxes, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately
100
 
as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.
Portfolio Contents
The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by TOB trusts, including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax and Minnesota income tax.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The municipal securities in which the Fund invests are generally issued by the State of Minnesota, a municipality of Minnesota, or a political subdivision of either, and pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the Fund’s sub-adviser to be reliable), is exempt from regular federal and Minnesota income taxes, although the interest may be subject to the federal alternative minimum tax. The Fund may invest in municipal securities issued by U.S. territories (such as Puerto Rico or Guam) that are exempt from regular federal and Minnesota income taxes.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The Fund may also invest in AMT Bonds. AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.
The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.
The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.
The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.
101
 
Shareholder Update (Unaudited) (continued)
The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.
The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.
The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.
The Fund may utilize structured notes and similar instruments for investment purposes and also for hedging purposes. Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an “embedded index”), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets.
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.
The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and MMD Rate Locks), options on financial futures, options on swap contracts or other derivative instruments.
The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).
The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.
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Use of Leverage
The Fund uses regulatory leverage to pursue its investment objectives. Regulatory leverage consists of “senior securities” as defined under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) issuance of debt securities; and (3) issuance of Preferred Shares. In addition, the Fund may also enter into certain derivatives transactions that have the economic effect of leverage by creating additional investment exposure. Additionally, as a fundamental policy, the Fund may not borrow money, except for repurchase of its shares or as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities. The Fund may use leverage in an amount permissible under the 1940 Act and related SEC guidance. The amounts and forms of leverage used by the Fund may vary with prevailing market or economic conditions.
Temporary Defensive Periods
During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which intermediate-term municipal securities are available), the Fund may invest up to 100% of its net assets in cash or cash equivalents, short-term investments or municipal bonds and deviate from its investment policies including the Fund’s 80% names rule policy. Also, during these periods, the effective duration of the Fund’s investment portfolio may fall below the average maturity of 15-30 years and the Fund may not achieve its investment objectives.
NUVEEN MISSOURI QUALITY MUNICIPAL INCOME FUND (NOM)
Investment Objectives
The Fund’s investment objectives are to provide current income exempt from regular federal and Missouri personal income taxes and to enhance portfolio value relative to the Missouri municipal bond market by investing in tax-exempt Missouri municipal obligations that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.
Investment Policies
As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments the income from which is exempt from regular federal and Missouri income taxes.
The Fund invests primarily in municipal securities with long-term maturities in order to maintain an average effective maturity of 15 to 30 years, including the effects of leverage, but the average effective maturity of obligations held by the Fund may be lengthened or shortened as a result of portfolio transactions effected by the Fund’s investment adviser and/or sub-adviser, depending on market conditions and on an assessment by the portfolio manager of which segments of the municipal securities markets offer the most favorable relative investment values and opportunities for tax-exempt income and total return. As a result, the Fund’s portfolio at any given time may include both long-term and intermediate-term municipal securities.
“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal circumstances:
•  The Fund will invest at least 80% of its Managed Assets in securities that at the time of investment are investment grade quality. A security is considered investment grade quality if it is rated within the four highest letter grades (Baa or BBB or better) by at least one NRSRO that rates such security (even if it is rated lower by another), or if it is unrated by any NRSRO but judged to be of comparable quality by the Fund’s sub-adviser.
•  The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated by any NRSRO but judged to be of comparable quality by the Fund’s sub-adviser.
•  No more than 10% of the Fund’s Managed Assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser.
•  The Fund may invest up to 20% of its Managed Assets in AMT Bonds.
•  The Fund may invest up to 15% of its net assets in inverse floating rate securities.
The foregoing policies apply only at the time of any new investment.
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Shareholder Update (Unaudited) (continued)
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, the Fund’s (i) investment objectives and (ii) policy of investing at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from regular federal and Missouri income taxes, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.
Portfolio Contents
The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by TOB trusts, including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax and Missouri income tax.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The municipal securities in which the Fund will invest are generally issued by the State of Missouri, a municipality of Missouri, or a political subdivision of either, and pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the Fund’s investment sub-adviser to be reliable), is exempt from regular federal and Missouri personal income taxes, although the interest may be subject to the federal alternative minimum tax applicable to individuals. The Fund may invest in municipal bonds issued by United States territories and possessions (such as Puerto Rico or Guam) that are exempt from regular federal and Missouri personal income taxes.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The Fund may also invest in AMT Bonds. AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.
The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.
The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.
The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to
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call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.
The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.
The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.
The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.
The Fund may utilize structured notes and similar instruments for investment purposes and also for hedging purposes. Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an “embedded index”), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets.
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal sec