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Nuveen Missouri Quality Municipal Income Fund (NOM)

Filed: 8 Aug 22, 12:41pm

 

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, 2022

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

 

 

ITEM 1. REPORTS TO STOCKHOLDERS.

 

 

  
Closed-End31 May
Funds2022

 

Nuveen Municipal Closed-End Funds

  
NKGNuveen Georgia Quality Municipal Income Fund
NMTNuveen Massachusetts Quality Municipal Income Fund
NMSNuveen Minnesota Quality Municipal Income Fund
NOMNuveen Missouri Quality Municipal Income Fund
NPVNuveen Virginia Quality Municipal Income Fund

 

Annual Report


 
 

 

 

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VALUE NO BANK GUARANTEE

 


 
 

 

 

Table of Contents

Chair’s Letter to Shareholders4
Portfolio Managers’ Comments5
Fund Leverage12
Common Share Information14
Performance Overview and Holding Summaries16
Shareholder Meeting Report26
Report of Independent Registered Public Accounting Firm28
Portfolios of Investments29
Statement of Assets and Liabilities63
Statement of Operations64
Statement of Changes in Net Assets65
Statement of Cash Flows68
Financial Highlights70
Notes to Financial Statements79
Shareholder Update93
Important Tax Information124
Additional Fund Information125
Glossary of Terms Used in this Report126
Annual Investment Management Agreement Approval Process128
Board Members & Officers139

 

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Chair’s Letter
to Shareholders

Dear Shareholders,

The first half of 2022 has been challenging for financial markets. While global economic activity began to slow from post-pandemic peaks as pent-up demand waned and crisis-era monetary and fiscal support programs were phased out, persistently high inflation and central banks’ response have contributed to heightened uncertainty about financial and economic conditions.

Inflation has surged partially due to supply chain bottlenecks and exacerbated by Russia’s war in Ukraine and recent lockdowns across China to contain a large-scale COVID-19 outbreak. This has necessitated more forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who now face an even more difficult task of slowing inflation without pulling their respective economies into recession. As anticipated, the Fed began the rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared two years ago. Larger increases of 0.50% in May and 0.75% in June 2022 followed, bringing the target fed funds rate to a range of 1.50% to 1.75%. Additional rate hikes of these larger magnitudes are expected in the remainder of this year, although Fed officials will closely monitor inflation data along with other economic measures and modify their rate setting policy based upon these factors. With inflation lingering at a 40-year high and consumer sentiment indicators slumping, markets are pricing increased recession risks.

In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

 

Terence J. Toth
Chair of the Board
July 22, 2022

 

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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 manager Daniel J. Close, CFA, manages the Nuveen Georgia Quality Municipal Income Fund, Michael S. Hamilton manages the Nuveen Massachusetts Quality Municipal Income Fund, Christopher L. Drahn, CFA, manages the Nuveen Minnesota Quality Municipal Income Fund and Nuveen Missouri Quality Municipal Income Fund and Stephen J. Candido, CFA, manages the Nuveen Virginia Quality Municipal Income Fund.

Here the Funds’ portfolio managers review U.S. economic and municipal market conditions, key investment strategies and the performance of the Funds for the twelve-month reporting period ended May 31, 2022. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

What factors affected the U.S. economy and the municipal bond market during the twelve-month annual reporting period ended May 31, 2022?

After making a full recovery from the pandemic in 2021, the U.S. economy unexpectedly weakened at the start of 2022. Overall, 2021 gross domestic product (GDP) grew by 5.7% as the economy reopened with the help of $5.3 trillion in crisis-related aid from the federal government, low borrowing rates for businesses and individuals, an increase in COVID-19 vaccinations and improved treatments for COVID-19. In the first quarter of 2022, strong domestic consumer demand was offset by two factors: China’s lock-down to contain a domestic COVID-19 outbreak, and lingering supply chain disruptions that were exacerbated by the Russia-Ukraine war. This reduced U.S. GDP by 1.5% on an annualized basis, according to the second estimate from the U.S. Bureau of Economic Analysis.

 

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)

The return of consumer demand in early 2022 put upward pressure on inflation. However, as supply chains remained under stress and labor shortages continued, inflation appeared to be more durable than initially expected. The U.S. Federal Reserve (Fed) responded by reducing its pandemic-era support programs and beginning a more aggressive interest rate hiking cycle. Starting with a 0.25% hike in March 2022, the Fed followed with larger target rate increases of 0.50% in May 2022 and (after the close of this reporting period) 0.75% in June 2022. Interest rate and stock price volatility increased as markets considered whether the Fed could cool inflation without pulling the economy into a recession. While some pandemic-related risks appeared to be receding, Russia’s invasion of Ukraine in late February 2022 caused significant economic consequences. Anticipated supply disruptions in energy, metals and grains caused inflationary pressures to rise. Downside risks to global economic growth increased, and economic sanctions from Western countries sought to block Russia’s access to the global financial system. A more uncertain outlook for inflation and economic growth also made the path toward monetary policy normalization more uncertain for the Fed and other central banks, contributing to elevated market volatility toward the end of the reporting period.

The broad municipal market declined over the twelve-month reporting period, primarily driven by interest rate and economic uncertainty in the second half of the reporting period. Municipal yields rose across the maturity spectrum, with a greater increase at the shorter end of the curve as markets priced in a more aggressive pace of monetary tightening. The yield curve flattened overall and shorter maturities outperformed longer maturities. Demand for municipal debt remained remarkably strong throughout 2021, but at the beginning of 2022, the municipal bond market experienced outflows. In response to the rising interest rate environment and heightened market volatility, dealers reduced their inventories and investors increased redemptions from traditional municipal bond mutual funds. For much of the reporting period, credit spreads were generally stable given relatively strong municipal fundamentals, but widening began in the later months of the period as the market sold off.

How were the economic and market environments in Georgia, Massachusetts, Minnesota, Missouri and Virginia during the twelve-month reporting period ended May 31, 2022?

Georgia’s economic growth has been robust since 2014, outpacing that of the nation, but has slowed somewhat since the COVID-19 crisis. As of May 2022, the state’s unemployment rate was 3.0%, compared to the national unemployment rate of 3.6%. Overall, general fund revenue increased at 19.2% in fiscal year 2021 (July 1, 2020 to June 30, 2021), which was higher than the 3.7% revenue increase in fiscal year 2020 (July 1, 2019 to June 30, 2020). Notably, the state received $4.1 billion in state and local funding under the CARES Act and $8.4 billion in state and local funding under the American Rescue Plan Act of 2021. As of May 2022, Georgia’s general obligation debt remained rated Aaa/AAA/AAA with stable outlooks from Moody’s, S&P and Fitch, respectively. Georgia municipal bond new issuance totaled $10.9 billion for the twelve-month period ended May 31, 2022, a 37.2% increase from the same period a year earlier.

Massachusetts’ economy is led by health care, education, financial services and technology and enjoys the second highest per capita income among the 50 states. Massachusetts’ unemployment stood at 3.9% in May 2022, above the national average of 3.6%. On a statutory basis, Massachusetts’ general fund ended fiscal year 2021 (July 1, 2020, to June 30, 2021) with a $336 million surplus. The commonwealth was able to make a $1.1 billion deposit into its rainy day fund during fiscal year 2021, bringing that fund to a balance of $4.6 billion as of June 30, 2021. Notably, the commonwealth received $2.7 billion in state and local funding under the CARES Act and $8.7 billion in state and local funding under the American Rescue Plan Act of 2021. As of May 2022, Moody’s rated Massachusetts Aa1 with a stable outlook, and S&P rated it AA with a stable outlook. Massachusetts municipal bond new issuance totaled $14.1 billion for the twelve-month period ended May 31, 2022, a 25.5% decrease from the same period a year earlier.

Minnesota’s economic growth slightly outpaced the nation’s in 2021 as the U.S. economy exited the pandemic-led contraction. As of May 2022, Minnesota’s unemployment rate was a low 2.0%, below the national unemployment rate of 3.6%. Minnesota closed fiscal year 2021 (July 1, 2020 to June 30, 2021) with a $4.6 billion general fund surplus on strong revenue performance, increasing

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unassigned reserves to $5.2 billion or 18% of revenue. Notably, the state received $2.45 billion in state and local funding under the CARES Act and $5.0 billion in state and local funding under the American Rescue Plan Act of 2021. As of May 2022, Moody’s has maintained the state’s Aa1 rating and stable outlook and S&P held a AAA rating with stable outlook. Minnesota municipal bond new issuance totaled $7.9 billion for the twelve-month period ended May 31, 2022, a 5.4% increase from the same period a year earlier.

Missouri’s economic and job growth lagged the nation and most of its Midwestern peers coming out of the pandemic. However, as of May 2022, the state’s unemployment rate of 3.1% was lower than the national rate of 3.6%. Fiscal year 2021 (July 1, 2020 to June 30, 2021) concluded with a $2.1 billion general fund surplus, which bolstered available reserves to roughly $3.0 billion. Similar to the rest of the country, the state experienced a large tax windfall through year-to-date May 2022, with general tax revenues up 13.9% compared to May 2021. Notably, the state received $2.4 billion in state and local funding under the CARES Act and $5.2 billion in state and local funding under the American Rescue Plan Act of 2021. As of May 2022, Moody’s, S&P and Fitch rated Missouri general obligation debt at Aaa/AAA/AAA with stable outlooks. Missouri municipal bond new issuance totaled $5.4 billion for the twelve-month period ended May 31, 2022, a 36% decrease from the same period a year earlier.

Virginia’s economy recovered in 2021 after contracting in 2020 because of the pandemic. As of May 2022, the commonwealth’s unemployment rate registered 3.0%, below the national rate of 3.6%. Virginia has a history of both proactive and conservative fiscal management. The general fund posted a $3.8 billion surplus in fiscal year 2021 (July 1, 2020 to June 30, 2021) after general revenue collections were 11.4% higher than they were in fiscal year 2020 (July 1, 2019 to June 30, 2020). The total general fund balance was healthy in fiscal year 2021, at 27.2% of general fund revenues. Notably, the state received $3.3 billion in state and local funding under the CARES Act and $7.2 billion in state and local funding under the American Rescue Plan Act of 2021. As of May 2022, Moody’s, S&P and Fitch rated Virginia general obligation debt at Aaa/AAA/AAA with stable outlooks. Virginia municipal bond new issuance totaled $12.1 billion for the twelve-month period ended May 31, 2022, an 8.4% increase from the same period a year earlier.

Nuveen Georgia Quality Municipal Income Fund (NKG)

What key strategies were used to manage the Fund during the twelve-month reporting period ended May 31, 2022?

The Fund’s primary investment objective is current income exempt from both regular federal income taxes and Georgia state income taxes; its secondary investment objective is the enhancement of portfolio value. The Fund uses leverage.

Most of the Fund’s trading activity during the reporting period was driven by reinvesting the proceeds from called and maturing bonds. NKG bought longer-dated, higher-quality bonds across a range of sectors, including transportation (ports), water and sewer, local general obligation and local appropriation. The Fund also established a new tender option bond trust in December 2021 due to favorable financing conditions and the attractiveness of the underlying bonds. In the second half of the reporting period, as the market sold off, the Fund took advantage of tax-loss swap opportunities. Tax-loss swapping is a strategy to support the Fund’s income earnings and capture tax efficiencies by selling depreciated bonds with lower embedded yields to buy similar bonds with higher embedded yields. Outside of these one-for-one bond exchanges, NKG did not have any notable selling activity.

How did the Fund perform during the twelve-month reporting period ended May 31, 2022?

NKG underperformed the S&P Municipal Bond Georgia Index over the twelve-month reporting period ended May 31, 2022. For purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Bond Georgia Index.

The portfolio’s underperformance was mainly driven by its duration positioning and credit rating allocations. Duration positioning had a negative impact on relative performance because the portfolio held underweight allocations to shorter-duration bonds,

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Portfolio Managers’ Comments (continued)

primarily with durations between zero and four years, which outperformed. The portfolio also held overweight allocations to long-duration bonds, primarily in the 12 years and longer range, which underperformed. Credit rating allocations detracted to a lesser extent. The portfolio held an underweight in AAA rated bonds during a period when the highest grade bonds were generally the top performing credit quality segment among Georgia municipals.

Partially offsetting the relative detractors were contributions from sector allocations and security selection. The portfolio’s underweight to the industrial development revenue/pollution control revenue sector was favorable in this reporting period. Individual securities that added value were generally higher-quality, shorter-duration credits, which offset weaker performance from positions in longer-duration bonds.

The Fund’s use of leverage through the issuance of preferred shares and investments in floating rate securities, which represent leveraged instruments in underlying bonds, significantly detracted from relative performance during the reporting period. Please see the Fund Leverage section in this report for additional details.

Nuveen Massachusetts Quality Municipal Income Fund (NMT)

What key strategies were used to manage the Fund during the twelve-month reporting period ended May 31, 2022?

The Fund’s primary investment objective is current income exempt from both regular federal income taxes and Massachusetts state income taxes; its secondary investment objective is the enhancement of portfolio value. The Fund uses leverage.

During the first half of the reporting period, NMT primarily held its current positions because absolute yields appeared low and credit spreads were tight. When the Fund did make purchases, they were funded with the proceeds from either maturing or called bonds. As yields rose over the second half of the reporting period, the Fund pursued tax-loss swap opportunities. This strategy involves selling depreciated bonds with lower embedded yields to reinvest in similarly structured, higher income-producing bonds to support the Fund’s earnings and provide tax efficiencies.

How did the Fund perform during the twelve-month reporting period ended May 31, 2022?

NMT underperformed the returns for the S&P Municipal Bond Massachusetts Index over the twelve-month reporting period ended May 31, 2022. For purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Bond Massachusetts Index.

The portfolio’s underperformance was mainly driven by its duration positioning and sector selection. Duration positioning had a negative impact on relative performance because the portfolio held underweight allocations to shorter-duration bonds, primarily bonds with durations between zero and four years, which outperformed. The portfolio also held overweight allocations to intermediate-duration bonds, primarily in the four to six-year range, which underperformed. Sector allocations detracted to a lesser extent. Specifically, the portfolio held overweights to the education and health care sectors which underperformed. Additionally, the portfolio’s selection in longer-duration bonds in the dedicated tax sector also had a negative impact on relative performance.

Partially offsetting these detractors was the portfolio’s overweight to below investment grade bonds, which outperformed the overall market.

The Fund’s use of leverage through the issuance of preferred shares and investments in floating rate securities, which represent leveraged instruments in underlying bonds, significantly detracted from relative performance during the reporting period. Please see the Fund Leverage section in this report for additional details.

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Nuveen Minnesota Quality Municipal Income Fund (NMS)

What key strategies were used to manage the Fund during the twelve-month reporting period ended May 31, 2022?

The Fund’s primary investment objective is current income exempt from both regular federal income taxes and Minnesota state income taxes; its secondary investment objective is the enhancement of portfolio value. The Fund uses leverage.

NMS generally maintained its existing credit and sector allocations over the course of the reporting period. The Fund’s overall duration did move higher (as did the S&P Municipal Bond Minnesota Index’s), especially so far in 2022. This change occurred because the Fund was overweight to certain coupon structures that experienced duration extension in the marketplace during the reporting period. Additionally, the Fund maintained a more aggressive duration posture late in the reporting period, increasing its overall duration.

The Fund somewhat reduced weightings in lower-coupon structures during the reporting period to buy higher-coupon bonds, which were expected to be more resilient in the event of a continued sell-off in the market. The Fund also took advantage of opportunities to engage in tax-loss swaps, particularly later in the reporting period as yields rose. This strategy involves selling depreciated bonds with lower embedded yields to reinvest in similarly structured, higher income-producing bonds to support the Fund’s earnings and provide tax efficiencies.

How did the Fund perform during the twelve-month reporting period ended May 31, 2022?

NMS underperformed the S&P Municipal Bond Minnesota Index over the twelve-month reporting period ended May 31, 2022. For purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Bond Minnesota Index.

The most meaningful detractor from the portfolio’s relative performance was its overweight in longer-duration bonds, as these positions underperformed in the rising interest rate environment. From a sector perspective, an overweight in hospitals was another main detractor. As the market sold off, positions in bonds with lower-coupon structures tended to underperform, especially lower-coupon bonds that began the reporting period at premium dollar prices then fell to discount prices and were priced to maturity. The portfolio maintained some of this positioning, although in certain cases individual bonds were tax-loss swapped during this reporting period.

Partially offsetting these detractors were positive contributions from an underweight to the housing sector and an overweight in the public power sector. The portfolio’s overweight and security selection in below investment grade and non-rated bonds also countered some of the relative underperformance as high yield bonds generally outperformed the market.

The Fund’s use of leverage through the issuance of preferred shares and investments in floating rate securities, which represent leveraged instruments in underlying bonds, significantly detracted from relative performance during the reporting period. Please see the Fund Leverage section in this report for additional details.

Nuveen Missouri Quality Municipal Income Fund (NOM)

What key strategies were used to manage the Fund during the twelve-month reporting period ended May 31, 2022?

The Fund’s primary investment objective is current income exempt from both regular federal income taxes and Missouri state income taxes; its secondary investment objective is the enhancement of portfolio value. The Fund uses leverage.

NOM generally maintained its existing credit ratings and sector allocations over the course of the reporting period. The Fund’s weighting in pre-refunded bonds slightly decreased due to maturities and call activity, with some of the proceeds reinvested into the general obligation and health care sectors. But overall sector weightings were not materially changed. The Fund’s overall dura-

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Portfolio Managers’ Comments (continued)

tion did move higher (as did the index’s), especially in 2022. This change occurred because the Fund was overweight to certain coupon structures that experienced duration extension in the marketplace during the reporting period. Additionally, the Fund maintained a more aggressive duration posture late in the reporting period.

The Fund reduced lower-coupon structures to buy higher-coupon bonds, which were expected to be more resilient in the event of a continued sell-off in the market. The Fund also took advantage of opportunities to engage in tax-loss swaps, particularly later in the reporting period as yields rose. This strategy involves selling depreciated bonds with lower embedded yields to reinvest in similarly structured, higher income-producing bonds to support the Fund’s earnings and provide tax efficiencies. Broadly speaking, longer-duration securities tended to be better candidates for tax-loss swapping than for being outright sold for cash, although this was not exclusively the case.

How did the Fund perform during the twelve-month reporting period ended May 31, 2022?

NOM underperformed the S&P Municipal Bond Missouri Index over the twelve-month reporting period ended May 31, 2022. For purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Bond Missouri Index.

The primary detractor to relative performance was the portfolio’s underweight to shorter-duration securities, and in particular to bonds with durations ranging from two to four years, and an overweight to bonds with durations of 10 years and longer. These longer-duration bonds detracted because they generally are more sensitive to rising interest rates. The portfolio’s positioning in the health care sector was a notable detractor to relative performance, as an overweight to long-duration, lower-coupon (particularly 4%) health care bonds underperformed later in the reporting period when these types of structures came under selling pressure. Overall, the worst-performing individual positions during this reporting period were longer-duration, lower-coupon structures that began the period at premium dollar prices then fell to discount prices and were priced to maturity during the market sell-off. The portfolio maintained some of these positions, although in many cases individual bonds were tax-loss swapped during the reporting period, while other lower-coupon structures were reduced.

Partially offsetting these detractors was an overweight to pre-refunded bonds, which was among the best performing sectors during the reporting period, and underweight exposures to the local general obligation and airport sectors. Favorable individual security selection in below investment grade bonds also helped offset weaker performance elsewhere.

The Fund’s use of leverage through the issuance of preferred shares and investments in floating rate securities, which represent leveraged instruments in underlying bonds, significantly detracted from relative performance during the reporting period. Please see the Fund Leverage section in this report for additional details.

Nuveen Virginia Quality Municipal Income Fund (NPV)

What key strategies were used to manage the Fund during the twelve-month reporting period ended May 31, 2022?

The Fund’s primary investment objective is current income exempt from both regular federal income taxes and Virginia state income taxes; its secondary investment objective is the enhancement of portfolio value. The Fund uses leverage.

NPV’s trading activity during the reporting period was mainly driven by reinvesting proceeds from called and maturing bonds. The Fund also took advantage of opportunities to engage in tax-loss swaps, particularly later in the reporting period as the market cheapened. Tax-loss swapping is a strategy to support the Fund’s income earnings and capture tax efficiencies by selling depreciated bonds with lower embedded yields to buy similar bonds with higher embedded yields.

Call activity was elevated, particularly among long-term holdings in toll roads that were issued with 10-year call dates. The municipal investment team used the proceeds to reinvest in the replacement toll road bonds, maintaining the Fund’s long-term exposure

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to these structures because of their attractive fundamentals. The Fund also bought Puerto Rico general obligation (GO) debt following its successful post-bankruptcy restructuring, and added to the position as the market sold off and valuations became even more attractive relative to the long-term credit fundamentals. The Fund maintained its high yield exposure, adding New Kent Farms Special Assessment Bonds. Both the Fund’s and the S&P Municipal Bond Virginia Index’s duration extended over the course of the reporting period. As is typical during a market sell-off, callable bonds nearer to their call date are less likely to be advance refunded, which extends the duration of the portfolio and the index, to a lesser extent. NPV also bought longer-duration bonds earlier in the reporting period as shorter-duration bonds continued to roll off the portfolio.

How did the Fund perform during the twelve-month reporting period ended May 31, 2022?

NPV underperformed the S&P Municipal Bond Virginia Index over the twelve-month reporting period ended May 31, 2022. For purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Bond Virginia Index.

The portfolio’s underperformance was driven by its longer duration positioning, its emphasis on A rated bonds, and its key overweights in the health care and transportation sectors. Duration positioning was unfavorable as the portfolio maintained a significant underweight in the shorter-duration segment, primarily bonds with durations of zero to four years, which outperformed. The portfolio also maintained overweight allocations in all duration categories four years and longer, which underperformed. From a credit quality perspective, two primary factors impacted the portfolio’s underperformance: its overweight in A rated credit, and its corresponding underweight to AAA and AA rated bonds. During the reporting period, lower rated bonds generally sold off more than high grade names. Sector overweights in two underperforming sectors, health care, which includes hospitals and life care, and transportation, primarily led by airports exposure, detracted from relative performance. The largest detracting positions were generally longer-duration bonds such as I-66 Express Mobility Partners, Puerto Rico COFINA (sales tax revenue) and zero-coupon Metropolitan Washington D.C. Airport Authority Dulles Toll Road Revenue Bonds, which were all still held at the end of the reporting period because of their attractive yields and positive long-term fundamentals.

Two high yield credits, in particular, helped offset some of the relative underperformance: Virginia Tobacco Settlement Bonds and Marymount University Education Facilities Revenue Bonds. Both bonds have shorter call structures that benefited from relatively resilient pricing despite the sell-off, and their higher income accrued to their total returns. New positions in Puerto Rico GOs, bought at market lows in April-May 2022, appreciated in price by the end of the reporting period and added to relative performance.

The Fund’s use of leverage through the issuance of preferred shares and investments in floating rate securities, which represent leveraged instruments in underlying bonds, significantly detracted from relative performance during the reporting period. Please see the Fund Leverage section in this report for additional details.

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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 significant negative impact on the performance of the Funds over the reporting period.

As of May 31, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.

 NKGNMTNMSNOMNPV
Effective Leverage*39.10%40.32%40.07%39.07%38.45%
Regulatory Leverage*31.39%38.07%40.07%38.29%35.02%

 

*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.

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THE FUNDS’ REGULATORY LEVERAGE

As of May 31, 2022, the Funds have issued and outstanding preferred shares as shown in the accompanying table.

  Variable Rate 
 Variable RateRemarketed 
 Preferred*Preferred** 
 Shares Issued atShares Issued at 
 Liquidation PreferenceLiquidation PreferenceTotal
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.

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Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of May 31, 2022. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

      
  Per Common Share Amounts 
Monthly Distributions (Ex-Dividend Date)NKGNMTNMSNOMNPV
June 2021$0.0450$0.0460$0.0525$0.0440$0.0485
July0.04500.04600.05250.04400.0485
August0.04500.04600.05250.04400.0485
September0.04500.04600.05250.04400.0485
October0.04500.04300.05250.04400.0485
November0.04500.04300.05250.04400.0485
December0.04500.04300.05250.04400.0485
January0.04500.04300.05250.04400.0485
February0.04500.04300.05250.04400.0485
March0.04500.04300.05250.04400.0485
April0.04250.04300.05250.04150.0485
May 20220.04250.04300.05250.04150.0485
Total Distributions from Net Investment Income$0.5350$0.5280$0.6300$0.5230$0.5820
 
Yields     
Market Yield*4.55%4.23%4.08%4.00%4.56%
Taxable-Equivalent Yield*8.42%7.80%8.27%7.42%8.51%

 

*Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 46.6%, 45.8%, 50.7%, 46.1% and 46.6% for NKG, NMT, NMS, NOM and NPV, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains

14


 
 

 

 

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 2021, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of May 31, 2022, and since the inception of the Funds’ repurchase programs, each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

      
 NKGNMTNMSNOMNPV
Common shares cumulatively repurchased and retired149,50026,14810,000055,000
Common shares authorized for repurchase1,035,000930,000575,000230,0001,790,000

 

OTHER COMMON SHARE INFORMATION     

 

As of May 31, 2022, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:

      
 NKGNMTNMSNOMNPV
Common share NAV$12.30$12.91$13.65$12.35$13.25
Common share price$11.21$12.20$15.45$12.46$12.77
Premium/(Discount) to NAV(8.86)%(5.50)%13.19%0.89%(3.62)%
Average premium/(discount) to NAV(5.35)%(1.63)%1.83%7.99%3.78%

 

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NKGNuveen Georgia Quality Municipal
 Income Fund
 Performance Overview and Holding Summaries as of
 May 31, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2022*

 Average Annual
 1-Year5-Year10-Year
NKG at Common Share NAV(11.25)%1.25%2.28%
NKG at Common Share Price(14.09)%0.55%1.66%
S&P Municipal Bond Index(5.97)%1.89%2.65%
S&P Municipal Bond Georgia Index(6.23)%1.49%2.29%

 

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Georgia Index.

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

Growth of an Assumed $10,000 Investment as of May 31, 2022 - Common Share Price

 

16


 
 

 

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation 
(% of net assets) 
Long-Term Municipal Bonds162.6%
Other Assets Less Liabilities1.6%
Net Assets Plus Floating Rate Obligations 
& AMTP Shares, net of deferred 
offering costs164.2%
Floating Rate Obligations(18.5)%
AMTP Shares, net of deferred 
offering costs(45.7)%
Net Assets100%
States and Territories2 
(% of total municipal bonds) 
Georgia90.2%
Florida2.5%
West Virginia1.7%
Colorado1.5%
Puerto Rico1.5%
Illinois1.1%
Nevada1.0%
Washington0.5%
Total100%

 

Portfolio Composition1 
(% of total investments) 
Utilities30.9%
Tax Obligation/Limited17.8%
Tax Obligation/General14.5%
Health Care11.7%
Education and Civic Organizations9.6%
U.S. Guaranteed8.6%
Transportation5.4%
Other1.5%
Total100%

 

Portfolio Credit Quality 
(% of total investment exposure) 
U.S. Guaranteed5.3%
AAA6.2%
AA53.9%
A13.7%
BBB8.2%
BB or Lower0.5%
N/R (not rated)12.2%
Total100%

 

1See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above.
2The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Georgia's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.

17


 
 

 

 

NMTNuveen Massachusetts Quality Municipal
 Income Fund
 Performance Overview and Holding Summaries as of
 May 31, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2022*

    
  Average Annual 
 1-Year5-Year10-Year
NMT at Common Share NAV(12.84)%1.07%2.43%
NMT at Common Share Price(15.12)%1.33%2.36%
S&P Municipal Bond Index(5.97)%1.89%2.65%
S&P Municipal Bond Massachusetts Index(6.28)%1.56%2.29%

 

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Massachusetts Index.

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

Growth of an Assumed $10,000 Investment as of May 31, 2022 - Common Share Price

18


 
 

 

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation 
(% of net assets) 
Long-Term Municipal Bonds154.1%
Other Assets Less Liabilities7.2%
Net Assets Plus VRDP Shares, 
net of deferred offering costs161.3%
VRDP Shares, net of deferred 
offering costs(61.3)%
Net Assets100%
States and Territories2 
(% of total municipal bonds) 
Massachusetts95.0%
Puerto Rico3.2%
Guam1.3%
Virgin Islands0.5%
Total100%

 

  
Portfolio Composition1 
(% of total investments) 
Education and Civic Organizations31.4%
Health Care18.4%
Tax Obligation/Limited15.4%
Tax Obligation/General12.1%
Utilities6.9%
Transportation6.1%
Other9.7%
Total100%

 

Portfolio Credit Quality 
(% of total investment exposure) 
U.S. Guaranteed3.9%
AAA3.6%
AA49.3%
A23.1%
BBB10.0%
BB or Lower1.3%
N/R (not rated)8.8%
Total100%

 

1See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above.
2The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Massachusetts' personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.

19


 
 

 

 

NMSNuveen Minnesota Quality Municipal
 Income Fund
 Performance Overview and Holding Summaries as of
 May 31, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2022*

    
  Average Annual 
 1-Year5-Year10-Year
NMS at Common Share NAV(8.87)%2.26%3.33%
NMS at Common Share Price(0.84)%3.58%4.00%
S&P Municipal Bond Index(5.97)%1.89%2.65%
S&P Municipal Bond Minnesota Index(5.26)%1.77%2.40%

 

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Minnesota Index.

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

Growth of an Assumed $10,000 Investment as of May 31, 2022 - Common Share Price

 

20


 
 

 

 

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 Bonds167.1%
Other Assets Less Liabilities(0.3)%
Net Assets Plus AMTP Shares, 
net of deferred offering costs166.8%
AMTP Shares, net of deferred 
offering costs(66.8)%
Net Assets100%
States and Territories2 
(% of total municipal bonds) 
Minnesota99.6%
Guam0.4%
Total100%

 

Portfolio Composition1 
(% of total investments) 
Health Care23.1%
Education and Civic Organizations20.6%
Tax Obligation/General15.2%
Tax Obligation/Limited9.9%
Utilities9.5%
Long-Term Care6.9%
U.S. Guaranteed5.9%
Other8.9%
Total100%

 

Portfolio Credit Quality 
(% of total investment exposure) 
U.S. Guaranteed3.3%
AAA14.2%
AA17.4%
A29.0%
BBB6.5%
BB or Lower9.9%
N/R (not rated)19.7%
Total100%

 

1See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above.
2The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Minnesota's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.

21


 
 

 

 

NOMNuveen Missouri Quality Municipal
 Income Fund
 Performance Overview and Holding Summaries as of
 May 31, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2022*

 

  Average Annual 
 1-Year5-Year10-Year
NOM at Common Share NAV(9.35)%1.46%2.87%
NOM at Common Share Price(11.98)%(1.35)%1.36%
S&P Municipal Bond Index(5.97)%1.89%2.65%
S&P Municipal Bond Missouri Index(5.40)%1.99%2.75%

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Missouri Index.

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

Growth of an Assumed $10,000 Investment as of May 31, 2022 - Common Share Price 

22


 
 

 

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation 
(% of net assets) 
Long-Term Municipal Bonds160.1%
Other Assets Less Liabilities3.4%
Net Assets Plus Floating Rate Obligations 
& MFP Shares, net of deferred 
offering costs163.5%
Floating Rate Obligations(2.1)%
MFP Shares, net of deferred 
offering costs(61.4)%
Net Assets100%
States and Territories2 
(% of total municipal bonds) 
Missouri96.6%
Puerto Rico2.6%
Guam0.8%
Total100%

 

Portfolio Composition1 
(% of total investments) 
Health Care25.5%
Tax Obligation/General17.2%
Tax Obligation/Limited16.9%
Utilities12.4%
Education and Civic Organizations10.5%
Long-Term Care6.1%
Other11.4%
Total100%

 

Portfolio Credit Quality 
(% of total investment exposure) 
U.S. Guaranteed4.1%
AAA1.4%
AA43.1%
A21.8%
BBB9.9%
BB or Lower3.2%
N/R (not rated)16.5%
Total100%

 

1See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above.
2The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Missouri's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.

23


 
 

 

 

NPVNuveen Virginia Quality Municipal
 Income Fund
 Performance Overview and Holding Summaries as of
 May 31, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.    

Average Annual Total Returns as of May 31, 2022*

 

  Average Annual 
 1-Year5-Year10-Year
NPV at Common Share NAV(10.89)%2.04%2.72%
NPV at Common Share Price(17.67)%3.36%1.70%
S&P Municipal Bond Index(5.97)%1.89%2.65%
S&P Municipal Bond Virginia Index(5.65)%1.64%2.44%

 

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Virginia Index.

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

24


 
 

 

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation 
(% of net assets) 
Long-Term Municipal Bonds166.6%
Other Assets Less Liabilities(4.2)%
Net Assets Plus Floating Rate Obligations 
& VRDP Shares, net of deferred 
offering costs162.4%
Floating Rate Obligations(8.6)%
VRDP Shares, net of deferred 
offering costs(53.8)%
Net Assets100%
States and Territories2 
(% of total municipal bonds) 
Virginia70.9%
District of Columbia14.7%
Puerto Rico5.6%
Guam3.2%
Colorado2.0%
Virgin Islands1.8%
Pennsylvania1.6%
New York0.2%
Total100%

 

Portfolio Composition1 
(% of total investments) 
Transportation27.9%
Health Care14.5%
U.S. Guaranteed14.6%
Tax Obligation/Limited14.5%
Education and Civic Organizations7.6%
Utilities6.7%
Long-Term Care5.1%
Other9.1%
Total100%

 

Portfolio Credit Quality 
(% of total investment exposure) 
U.S. Guaranteed13.1%
AAA4.1%
AA34.6%
A10.5%
BBB11.3%
BB or Lower7.3%
N/R (not rated)19.1%
Total100%

 

1See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above.
2The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Virginia's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.

25


 
 

  

Shareholder Meeting Report

The annual meeting of shareholders was held on April 8, 2022 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 Preferredtogether Preferred
 as a class Sharesas a class Shares
Approval of the Board Members was reached      
as follows:      
Judith M. Stockdale      
For8,690,687 3,980,069 
Withhold187,142 163,089 
Total8,877,829 4,143,158 
Carole E. Stone      
For8,676,950 3,985,690 
Withhold200,879 157,468 
Total8,877,829 4,143,158 
Margaret L. Wolff      
For8,728,429 3,983,690 
Withhold149,400 159,468 
Total8,877,829 4,143,158 
William C. Hunter      
For 585 528
Withhold  
Total 585 528
Albin F. Moschner      
For 585 528
Withhold  
Total 585 528

 

26


 
 

 

 

       
  NOM  NPV 
 Common and  Common and  
 Preferred  Preferred  
 shares voting  shares voting  
 together Preferredtogether Preferred
 as a class Sharesas a class Shares
Approval of the Board Members was reached      
as follows:      
Judith M. Stockdale      
For1,671,087 14,009,247 
Withhold104,313 278,348 
Total1,775,400 14,287,595 
Carole E. Stone      
For1,671,087 14,011,936 
Withhold104,313 275,659 
Total1,775,400 14,287,595 
Margaret L. Wolff      
For1,675,237 13,924,293 
Withhold100,163 363,302 
Total1,775,400 14,287,595 
William C. Hunter      
For 180 1,280
Withhold  
Total 180 1,280
Albin F. Moschner      
For 180 1,280
Withhold  
Total 180 1,280

 

27


 
 

  

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 Municipal Income Fund, and 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 Municipal Income Fund, and Nuveen Virginia Quality Municipal Income Fund (the Funds), including the portfolios of investments, as of May 31, 2022, 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, 2022, 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of May 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other 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, 2022

28


 
 

 

 

NKGNuveen Georgia Quality Municipal
 Income Fund
 Portfolio of Investments
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 LONG-TERM INVESTMENTS – 162.6%(100.0% of Total Investments)   
 MUNICIPAL BONDS – 162.6% (100.0% of Total Investments)   
 Consumer Discretionary – 0.9% (0.5% of Total Investments)   
$ 1,220Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center1/31 at 100.00BBB–$ 1,110,615
 Hotel Revenue Bonds, First Tier Series 2021A:   
 4.000%, 1/01/54   
 Education and Civic Organizations – 15.6% (9.6% of Total Investments)   
3,000Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System3/28 at 100.00AA3,030,420
 Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43   
1,340Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten10/23 at 100.00N/R1,362,552
 Academy Project, Series 2013B, 7.000%, 10/01/43   
3,000Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts3/26 at 100.00A23,193,740
 Center, Inc. Project, Refunding Series 2015A, 5.000%, 3/15/36   
1,530Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College7/27 at 100.00A+1,680,889
 Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37   
1,155Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University,9/29 at 100.00AA1,291,175
 Green Series 2019B, 5.000%, 9/01/48   
3,000Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University,10/23 at 100.00AA3,070,110
 Refunding Series 2013A, 5.000%, 10/01/43   
2,000Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University,10/26 at 100.00AA2,134,500
 Refunding Series 2016A, 5.000%, 10/01/46, (UB) (4)   
1,325Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University,10/22 at 100.00Baa11,335,706
 Refunding Series 2012C, 5.250%, 10/01/30   
830Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University,10/31 at 100.00Baa1805,108
 Series 2021, 4.000%, 10/01/50   
2,000Savannah Economic Development Authority, Georgia, Revenue Bonds, Savannah State6/31 at 100.00N/R2,049,260
 University Projects, Refunding & Improvement Series 2021B, 4.000%, 6/15/44   
19,180Total Education and Civic Organizations  19,953,460
 Health Care – 19.0% (11.7% of Total Investments)   
 Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical   
 Center, Series 1998:   
2055.250%, 12/01/22 (5),(6)7/22 at 100.00N/R14,465
7455.375%, 12/01/28 (5),(6)7/22 at 100.00N/R52,567
88Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional MedicalNo Opt. CallN/R102,500
 Center, Series 2016, 6.500%, 10/01/222021 2021 (5),(6)   
4,245Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of7/29 at 100.00AA+4,308,505
 Atlanta, Inc. Project, Series 2019A, 4.000%, 7/01/44   
550Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates,4/32 at 100.00N/R550,115
 Wellstar Health System, Inc. Project, Series 2022A, 4.000%, 4/01/52   
875Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates,4/30 at 100.00A955,316
 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:   
1,7805.000%, 4/01/364/27 at 100.00A1,916,028
1,0005.000%, 4/01/374/27 at 100.00A1,075,390
3,485Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc.7/26 at 100.00AA–3,644,160
 Project, Series 2016A, 5.000%, 7/01/46   
2,500Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc.7/29 at 100.00AA–2,515,525
 Project, Series 2019A, 4.000%, 7/01/49   

 

29


 
 

  

NKGNuveen Georgia Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Health Care (continued)   
 Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation   
 Certificates, Northeast Georgia Health Services Inc., Series 2017B:   
$ 3,0005.500%, 2/15/42, (UB) (4)2/27 at 100.00AA$ 3,235,170
5,5005.250%, 2/15/45, (UB) (4)2/27 at 100.00AA5,851,175
23,973Total Health Care  24,220,916
 Housing/Multifamily – 0.8% (0.5% of Total Investments)   
1,205Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds,11/23 at 100.00BB+1,071,667
 Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35   
 Industrials – 0.8% (0.5% of Total Investments)   
1,000Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center1/31 at 100.00BBB–961,240
 Hotel Revenue Bonds, First Tier Series 2021A:   
 4.000%, 1/01/36   
 Tax Obligation/General – 23.7% (14.5% of Total Investments)   
4,000Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%,8/26 at 100.00AA+4,365,040
 8/01/42, (UB) (4)   
700Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates,7/30 at 100.00AA697,480
 Tanner Medical Center Inc. Project, Series 2020, 4.000%, 7/01/50   
3,000Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates,7/25 at 100.00AA3,126,570
 Tanner Medical Center, Inc. Project, Series 2015, 5.000%, 7/01/41   
2,000Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building6/28 at 100.00A+2,081,820
 Series 2018A, 4.000%, 6/15/37   
1,760Crisp County Hospital Authority, Georgia, Revenue Anticipation Certificates, Crisp7/31 at 100.00A11,720,294
 County Hospital Project, Series 2021, 4.000%, 7/01/51   
 East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding   
 Series 2017:   
1,0005.000%, 2/01/29 – AGM Insured2/27 at 100.00AA1,104,710
6505.000%, 2/01/35 – AGM Insured2/27 at 100.00AA708,975
1,000Effingham County School District, Georgia, General Obligation Bonds, Series 2022,9/32 at 100.00N/R1,028,430
 4.000%, 9/01/47   
2,350Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series6/28 at 100.00AA+2,387,459
 2018A, 4.000%, 12/01/43   
2,000Forsyth County School District, Georgia, General Obligation Bonds, Series 2020,2/30 at 100.00AAA2,326,540
 5.000%, 2/01/38   
3,550Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/282/25 at 100.00AAA3,818,345
170Jackson County School District, Georgia, General Obligation Bonds, School Series 2019,3/29 at 100.00AA+195,432
 5.000%, 3/01/32   
345Lamar County School District, Georgia, General Obligation Bonds, Series 2017,9/27 at 100.00Aa1388,004
 5.000%, 3/01/33   
500Paulding County, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/312/28 at 100.00Aa1566,280
 Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation   
 Certificates, Refunding Series 2019A:   
5005.000%, 10/01/3410/29 at 100.00Aa2574,275
3705.000%, 10/01/3610/29 at 100.00Aa2423,198
1955.000%, 10/01/3710/29 at 100.00Aa2222,858
 Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016:   
5005.000%, 8/01/302/26 at 100.00Aa1546,250
4005.000%, 8/01/312/26 at 100.00Aa1436,252
3,500West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B,6/28 at 100.00Aa23,565,695
 4.000%, 6/01/42   
28,490Total Tax Obligation/General  30,283,907

 

30


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Tax Obligation/Limited – 29.0% (17.8% of Total Investments)   
 Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta   
 Parking Facility Project, Series 2017:   
$ 1,1805.000%, 12/01/3412/27 at 100.00AA+$ 1,330,544
1,2605.000%, 12/01/3612/27 at 100.00AA+1,418,218
3,250Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium7/25 at 100.00A13,441,230
 Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44   
575Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017,No Opt. CallA3612,260
 5.000%, 12/01/24   
 Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D:   
1,2005.000%, 1/01/301/27 at 100.00A21,314,756
1,5255.000%, 1/01/311/27 at 100.00A21,663,317
725Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/417/23 at 100.00A–737,637
3,880Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, RefundingNo Opt. CallBaa24,138,874
 Series 1993, 5.625%, 10/01/26 – NPFG Insured   
300Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, RefundingNo Opt. CallAA–321,537
 Series 2005, 5.500%, 10/01/26 – NPFG Insured   
3,020Georgia Local Governments, Certificates of Participation, Georgia Municipal Association,No Opt. CallBaa23,230,132
 Series 1998A, 4.750%, 6/01/28 – NPFG Insured   
700Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue6/27 at 100.00AA786,170
 Bonds, Series 2017A, 5.000%, 6/01/29   
 Jones County Public Facilities Authority, Georgia, Revenue Bonds, Jones County Water &   
 Sewer Projects, Series 2022:   
1,0554.000%, 4/01/35 – BAM Insured4/32 at 100.00N/R1,134,125
1,4254.000%, 4/01/39 – BAM Insured4/32 at 100.00N/R1,490,037
1,7254.000%, 4/01/42 – BAM Insured4/32 at 100.00N/R1,778,941
 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third   
 Indenture, Series 2015B:   
1,0005.000%, 7/01/417/26 at 100.00AA+1,090,650
3,0005.000%, 7/01/427/26 at 100.00AA+3,268,650
5,000Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018,7/28 at 100.00AA5,131,350
 4.000%, 7/01/48   
 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:   
7104.500%, 7/01/347/25 at 100.00N/R726,706
2,3124.550%, 7/01/407/28 at 100.00N/R2,341,941
1,675Washington State Convention Center Public Facilities District, Lodging Tax Revenue7/31 at 100.00Baa31,106,069
 Bonds, Refunding Subordinate Series 2021B. Exchange Purchase, 3.000%, 7/01/58   
35,517Total Tax Obligation/Limited  37,063,144
 Transportation – 8.7% (5.4% of Total Investments)   
 Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds,   
 Refunding Subordinate Lien Series 2014A:   
2,5755.000%, 1/01/321/24 at 100.00Aa32,671,871
3,7505.000%, 1/01/341/24 at 100.00Aa33,887,288
4,500Georgia Ports Authority, Revenue Bonds, Series 2021, 4.000%, 7/01/467/31 at 100.00N/R4,609,890
10,825Total Transportation  11,169,049
 U.S. Guaranteed – 13.9% (8.6% of Total Investments) (7)   
500Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%,5/24 at 100.00AA+529,465
 5/01/31, (Pre-refunded 5/01/24)   
3,000Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding &4/25 at 100.00AAA3,247,950
 Improvement Series 2015, 5.000%, 4/01/44, (Pre-refunded 4/01/25)   
3,000Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation2/25 at 100.00AA3,277,860
 Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54,   
 (Pre-refunded 2/15/25)   

 

31


 
 

 

 

  
NKGNuveen Georgia Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 U.S. Guaranteed (7) (continued)   
$ 1,620Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic11/22 at 100.00AA–$ 1,646,843
 Health East Issue, Series 2012, 5.000%, 11/15/37, (Pre-refunded 11/15/22)   
3,500Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%,2/23 at 100.00AAA3,582,880
 2/01/36, (Pre-refunded 2/01/23)   
1,500Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series2/24 at 100.00Aa31,579,095
 2014B, 5.000%, 2/01/37, (Pre-refunded 2/01/24)   
3,000Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of4/24 at 100.00A+3,167,940
 Art & Design Projects, Series 2014, 5.000%, 4/01/44, (Pre-refunded 4/01/24)   
810Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012,12/22 at 100.00Aa2824,750
 5.000%, 12/01/38, (Pre-refunded 12/01/22)   
16,930Total U.S. Guaranteed  17,856,783
 Utilities – 50.2% (30.9% of Total Investments)   
4,000Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A, 5.000%,11/27 at 100.00Aa24,460,760
 11/01/39, (UB) (4)   
5,000Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B,11/27 at 100.00Aa25,523,950
 5.000%, 11/01/47   
260Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 -No Opt. CallAA322,353
 AGM Insured   
3,000Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series 2021, 4.000%, 12/01/51 -12/31 at 100.00N/R3,048,930
 BAM Insured   
5,000Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series 2021, 4.000%, 12/01/51 -12/31 at 100.00N/R5,081,550
 BAM Insured, (UB) (4)   
1,250Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe2/28 at 100.00BBB+1,244,412
 Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45   
1,250Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe2/28 at 100.00BBB+1,244,413
 Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45   
5Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001,7/22 at 100.00Aa15,010
 5.000%, 8/01/35 – AGM Insured   
500Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/365/26 at 100.00AA+545,790
1,600Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2021B,6/31 at 100.00AA+1,406,000
 3.000%, 6/01/46   
1,750Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/333/27 at 100.00A21,903,475
1,000Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 3/01/413/30 at 100.00A21,017,220
 DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B:   
6,0005.250%, 10/01/32 – AGM Insured, (UB) (4)10/26 at 100.00AA6,662,700
3005.000%, 10/01/35 – AGM Insured10/26 at 100.00AA329,076
5,350DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series7/22 at 100.00Aa35,361,021
 2011A, 5.250%, 10/01/41   
1,000Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013,1/23 at 100.00AA1,014,020
 5.000%, 1/01/33   
3,000Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG,1/23 at 100.00A13,031,560
 5.000%, 1/01/43   
1,000Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A,No Opt. CallA31,133,820
 5.000%, 5/15/49   
1,525Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%,9/24 at 100.43Aa21,573,373
 8/01/49, (Mandatory Put 12/02/24)   
2,000Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Variable Rate Demand6/23 at 100.40Aa22,037,640
 Bonds Series 2018A, 4.000%, 4/01/48, (Mandatory Put 9/01/23)   
3,500Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 12/01/50 –12/30 at 100.00AA3,555,160
 AGM Insured   

 

32


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Utilities (continued)   
 Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project P Bonds, Series 2021A:   
$ 6505.000%, 1/01/561/30 at 100.00BBB+$ 698,419
1,0005.000%, 1/01/631/30 at 100.00BBB+1,074,490
1,500Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate LienNo Opt. CallA21,071,285
 Series 2015A, 0.000%, 1/01/32   
2,260Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien7/26 at 100.00AA2,467,513
 Series 2016A, 5.000%, 1/01/30 – BAM Insured   
 Oconee County, Georgia, Water and Sewerage Revenue Bonds, Series 2017A:   
1555.000%, 9/01/359/27 at 100.00AA173,003
5355.000%, 9/01/379/27 at 100.00AA596,247
2,000South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds,1/24 at 100.00AA2,071,840
 Refunding Series 2014, 5.000%, 1/01/30   
2,315Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek2/26 at 100.00Aa12,372,574
 Resevoir Project, Series 2016, 4.000%, 2/01/38   
3,105Warner Robins, Georgia, Water and Sewerage Revenue Bonds, Refunding & Improvement Series7/30 at 100.00Aa33,151,792
 2020, 4.000%, 7/01/50   
61,810Total Utilities  64,179,396
$ 200,150Total Long-Term Investments (cost $212,686,611)  207,870,177
 Floating Rate Obligations – (18.5)%  (23,600,000)
 Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (45.7)% (8)  (58,451,583)
 Other Assets Less Liabilities – 1.6%  2,051,451
 Net Assets Applicable to Common Shares – 100%  $ 127,870,045

 

(1)All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(6)Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.
(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 28.1%
UBUnderlying bond of an inverse floating rate trust reflected as a financing transaction.

See accompanying notes to financial statements.

33


 
 

 

 

NMTNuveen Massachusetts Quality Municipal
 Income Fund
 Portfolio of Investments
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 LONG-TERM INVESTMENTS – 154.1%(100.0% of Total Investments)   
 MUNICIPAL BONDS – 154.1% (100.0% of Total Investments)   
 Education and Civic Organizations – 48.4% (31.4% of Total Investments)   
$ 210Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019,6/26 at 100.00N/R$ 211,443
 5.000%, 6/15/49   
450Massachusetts Development Finance Agency, Revenue Bonds, Babson College, Refunding4/32 at 100.00N/R455,782
 Series 2022, 4.000%, 10/01/41   
 Massachusetts Development Finance Agency, Revenue Bonds, Bentley College Issue,   
 Series 2021A:   
1,0004.000%, 7/01/387/31 at 100.00A21,013,450
7354.000%, 7/01/397/31 at 100.00A2741,777
3,515Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music,10/26 at 100.00A3,732,508
 Series 2016, 5.000%, 10/01/39   
2,200Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2013S,7/23 at 100.00AA–2,247,432
 5.000%, 7/01/38   
730Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T,7/27 at 100.00AA–797,635
 5.000%, 7/01/42   
 Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender   
 Option Bond Trust 2016-XG0070:   
57515.810%, 10/01/48, 144A, (IF) (4)10/23 at 100.00AA–633,725
1,88015.898%, 10/01/48, 144A, (IF) (4)10/23 at 100.00AA–2,072,230
 Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A:   
2,0005.000%, 1/01/341/28 at 100.00BBB+2,116,640
2,2405.000%, 1/01/371/28 at 100.00BBB+2,362,662
1,955Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016,7/26 at 100.00A–2,079,846
 5.000%, 7/01/35   
 Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue,   
 Series 2015H:   
4503.500%, 7/01/357/25 at 100.00AA458,384
1905.000%, 7/01/377/25 at 100.00AA201,685
1,200Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017,7/26 at 100.00BBB–1,244,532
 5.000%, 7/01/47   
550Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series10/22 at 100.00A1554,642
 2012, 5.000%, 10/01/31   
 Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University,   
 Series 2014A:   
8755.000%, 3/01/393/24 at 100.00A1894,232
1,4005.000%, 3/01/443/24 at 100.00A11,427,202
500Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J,10/23 at 100.00BBB+511,265
 5.250%, 10/01/39   
1,100Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue,10/30 at 100.00BBB+1,093,312
 Series 2020M, 4.000%, 10/01/38   
1,230Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art7/25 at 100.00AA1,321,979
 Institute, Series 2015, 5.000%, 7/01/33   
450Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding7/29 at 100.00Baa2482,657
 Series 2019, 5.000%, 7/01/36   
1,175,Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Series7/31 at 100.00Baa21,110,457
 2021, 4.000%, 7/01/51   

 

34


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Education and Civic Organizations (continued)   
 Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2017:   
$ 2,2005.000%, 4/01/3510/27 at 100.00AA–$ 2,435,928
1,2505.000%, 4/01/3610/27 at 100.00AA–1,382,925
875Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q,8/25 at 100.00AA–929,329
 5.000%, 8/15/38   
1,325Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H,1/28 at 100.00Baa11,392,761
 5.000%, 1/01/42   
1,510Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic6/28 at 100.00AA–1,674,545
 Institution, Series 2018, 5.000%, 6/01/43   
1,365Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic9/22 at 100.00A1,369,313
 Institute, Series 2012, 5.000%, 9/01/50   
840Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic9/26 at 100.00A894,474
 Institute, Series 2016, 5.000%, 9/01/37   
 Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic   
 Institute, Series 2017:   
5505.000%, 9/01/429/27 at 100.00A587,340
7005.000%, 9/01/479/27 at 100.00A743,197
2,500Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic9/27 at 100.00A2,669,725
 Institute, Series 2017B, 5.000%, 9/01/42   
1,000Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic9/29 at 100.00A990,200
 Institute, Series 2019, 4.000%, 9/01/44   
500Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University,7/27 at 100.00Baa2533,585
 Refunding Series 2017, 5.000%, 7/01/35   
3,000Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,No Opt. CallAA–3,952,530
 Series 2002A, 5.750%, 1/01/42 – AMBAC Insured   
2,495Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,7/26 at 100.00AA–2,658,497
 Series 2016, 5.000%, 1/01/40   
 Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University,   
 Series 1999P:   
1,0906.000%, 5/15/29No Opt. CallAa31,264,356
1,0006.000%, 5/15/595/29 at 105.00Aa31,216,440
205Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J,6/22 at 100.00AA205,213
 Series 2011, 5.625%, 7/01/33, (AMT)   
500Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue L,No Opt. CallAA550,490
 Senior Series 2020B, 5.000%, 7/01/28, (AMT)   
4,000University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series11/25 at 100.00Aa24,281,720
 2015-1, 5.000%, 11/01/40   
690University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series11/29 at 100.00Aa2786,193
 2020-1, 5.000%, 11/01/36   
54,205Total Education and Civic Organizations  58,284,238
 Health Care – 28.4% (18.4% of Total Investments)   
1,340Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series7/26 at 100.00BBB+1,400,662
 2016I, 5.000%, 7/01/41   
1,000Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue,7/24 at 100.00A+1,023,210
 Series 2014N, 5.000%, 7/01/44   
500Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue,7/26 at 100.00BBB529,610
 Series 2016E, 5.000%, 7/01/32   
1,675Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding7/26 at 100.00A1,789,771
 Series 2016-I, 5.000%, 7/01/30   

 

35


 
 

 

 

  
NMTNuveen Massachusetts Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
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   
$ 9005.000%, 7/01/307/25 at 100.00A$ 947,277
1,0005.000%, 7/01/327/25 at 100.00A1,048,740
5005.000%, 7/01/337/25 at 100.00A523,890
 Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2:   
1,5005.000%, 7/01/387/28 at 100.00A1,620,270
2,0005.000%, 7/01/437/28 at 100.00A2,145,860
2,800Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute12/26 at 100.00A12,928,184
 Issue, Series 2016N, 5.000%, 12/01/46   
3,500Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated8/25 at 100.00A3,641,960
 Group Issue, Series 2015F, 5.000%, 8/15/45   
1,080Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center7/23 at 100.00BB+1,105,542
 Issue, Series 2014F, 5.750%, 7/15/43   
100Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center7/30 at 100.00BB+103,703
 Issue, Series 2020G, 5.000%, 7/15/46, 144A   
3,450Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System7/26 at 100.00AA–3,605,767
 Issue, Series 2016Q, 5.000%, 7/01/47   
 Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System   
 Issue, Series 2017S-1:   
2,2005.000%, 7/01/371/28 at 100.00AA–2,360,380
2,1004.000%, 7/01/411/28 at 100.00AA–2,118,648
820Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System7/23 at 100.00BBB+831,611
 Obligated Group Issue, Series 2013F, 5.000%, 7/01/37   
170Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System7/31 at 100.00A–181,478
 Obligated Group Issue, Series 2021G, 5.000%, 7/01/50   
 Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital,   
 Series 2013G:   
1,0005.000%, 7/01/377/23 at 100.00BBB+1,006,250
2,2005.000%, 7/01/447/23 at 100.00BBB+2,207,084
610Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care1/27 at 100.00A–643,825
 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:   
4003.625%, 7/01/377/27 at 100.00A–389,864
1,0955.000%, 7/01/447/27 at 100.00A–1,153,758
445Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care,7/26 at 100.00A–467,913
 Series 2016I, 5.000%, 7/01/36   
280Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A,1/29 at 100.00BBB+300,622
 5.000%, 7/01/44   
100Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2020C,10/30 at 100.00AA100,243
 4.000%, 10/01/45 – AGM Insured   
32,765Total Health Care  34,176,122
 Housing/Multifamily – 2.5% (1.6% of Total Investments)   
215Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/436/22 at 100.00AA215,254
730Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/4412/28 at 100.00AA671,184
1,000Massachusetts Housing Finance Agency, Housing Bonds, Series 2020A-1, 3.000%, 12/01/5012/28 at 100.00AA848,850
1,335Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series6/30 at 100.00AA1,001,744
 2020D-1, 2.550%, 12/01/50   
400Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series6/30 at 100.00AA299,228
 2021A-1, 2.450%, 12/01/51   
3,680Total Housing/Multifamily  3,036,260

 

36


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Housing/Single Family – 0.4% (0.3% of Total Investments)   
$ 500Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series6/32 at 100.00N/R$ 509,365
 2022-224, 4.350%, 12/01/42, (WI/DD, Settling 6/16/22)   
 Long-Term Care – 4.9% (3.2% of Total Investments)   
 Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the   
 Charles, Inc. Issue, Series 2017:   
1,0404.125%, 10/01/42, 144A10/22 at 105.00BB+1,082,619
2505.000%, 10/01/47, 144A10/22 at 105.00BB+263,940
460Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community7/25 at 100.00A+478,777
 Lennox, Series 2015, 5.000%, 7/01/31   
485Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village,12/25 at 103.00A–485,311
 Series 2019, 4.000%, 12/01/42   
1,000Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series1/23 at 100.00BBB1,021,580
 2013A, 5.250%, 1/01/26   
525Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series1/27 at 103.00N/R457,485
 2022. Forward Delivery, 4.000%, 1/01/51, 144A, (WI/DD, Settling 10/13/22)   
1,000Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc., Refunding10/24 at 104.00BBB1,049,670
 Series 2019, 5.000%, 10/01/49   
1,000Massachusetts Development Finance Agency, Revenue Bonds, Salem Community Corporation,1/32 at 100.00N/R1,008,940
 Refunding Series 2022, 5.250%, 1/01/50   
5,760Total Long-Term Care  5,848,322
 Tax Obligation/General – 18.6% (12.1% of Total Investments)   
1,240Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011,7/22 at 100.00AA1,242,319
 5.000%, 2/15/32   
1,885Ludlow, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2019,2/27 at 100.00AA–1,609,206
 3.000%, 2/01/49   
2,000Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C,7/25 at 100.00Aa12,125,620
 5.000%, 7/01/45   
3,895Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F,11/27 at 100.00Aa14,305,922
 5.000%, 11/01/46   
4,000Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A,1/29 at 100.00Aa14,567,840
 5.250%, 1/01/44   
525Massachusetts State, General Obligation Bonds, Refunding Series 2020D, 3.000%, 11/01/4211/30 at 100.00Aa1475,703
1,775North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series7/22 at 100.00Aa21,778,177
 2012, 5.000%, 5/15/35   
1,685Northeast Metropolitan Regional Vocational Technical School District, Massachusetts,4/31 at 100.00N/R1,721,042
 General Obligation Bonds, School Series 2022, 4.000%, 4/15/47   
1,950Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series9/27 at 100.00Aa21,752,055
 2019, 3.000%, 9/01/42   
2,000Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1, 4.000%, 7/01/467/31 at 103.00N/R1,871,140
815Quincy, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2022A,6/32 at 100.00N/R948,660
 5.000%, 6/01/50   
21,770Total Tax Obligation/General  22,397,684
 Tax Obligation/Limited – 23.8% (15.4% of Total Investments)   
855Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014,11/24 at 100.00AA905,607
 5.000%, 5/01/33 – BAM Insured   
500Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2017,5/27 at 100.00AA548,715
 5.000%, 5/01/35   
2,000Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series7/28 at 100.00AA2,210,080
 2020B-1, 5.000%, 7/01/41   

 

37


 
 

 

 

  
NMTNuveen Massachusetts Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Tax Obligation/Limited (continued)   
 Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated   
 Series 2021A-1:   
$ 2,1654.000%, 7/01/397/31 at 100.00AA$ 2,300,811
1,0004.000%, 7/01/517/31 at 100.00AA1,023,410
1,000Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B,No Opt. CallAA1,035,040
 5.375%, 5/01/23 – SYNCORA GTY Insured   
550Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2022A,5/32 at 100.00N/R561,545
 4.000%, 5/01/47   
1,350Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Refunding8/25 at 100.00AAA1,451,142
 Senior Series 2015C, 5.000%, 8/15/37   
3,020Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior8/30 at 100.00AAA3,390,463
 Social Series 2020A, 5.000%, 8/15/50   
2,000Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated2/28 at 100.00AA+2,211,440
 Series 2018A, 5.250%, 2/15/48   
1,500Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated2/29 at 100.00AA+1,663,845
 Series 2019A, 5.000%, 2/15/44   
3,075Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Refunding SeriesNo Opt. CallA13,469,707
 2005, 5.500%, 1/01/27 – NPFG Insured   
1,000Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated6/29 at 100.00AA+1,130,210
 Bridge Programs, Series 2019A, 5.000%, 6/01/49   
1,500Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series6/25 at 100.00AA+1,598,025
 2015A, 5.000%, 6/01/45   
485Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds,10/32 at 100.00N/R493,861
 Series 2022A, 5.000%, 10/01/39   
 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:   
8634.550%, 7/01/407/28 at 100.00N/R874,176
8200.000%, 7/01/467/28 at 41.38N/R249,501
4,2050.000%, 7/01/517/28 at 30.01N/R929,095
7754.750%, 7/01/537/28 at 100.00N/R779,728
1,2595.000%, 7/01/587/28 at 100.00N/R1,283,185
520Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding10/22 at 100.00AA523,806
 Series 2012A, 5.000%, 10/01/32 – AGM Insured   
30,442Total Tax Obligation/Limited  28,633,392
 Transportation – 9.4% (6.1% of Total Investments)   
2,500Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 7/01/47, (AMT)7/27 at 100.00Aa22,649,875
 Massachusetts Port Authority, Revenue Bonds, Series 2014A:   
1,0005.000%, 7/01/397/24 at 100.00Aa21,041,080
2,5005.000%, 7/01/447/24 at 100.00Aa22,590,975
 Massachusetts Port Authority, Revenue Bonds, Series 2015A:   
7155.000%, 7/01/407/25 at 100.00Aa2759,566
1,0005.000%, 7/01/457/25 at 100.00Aa21,058,260
2,000Massachusetts Port Authority, Revenue Bonds, Series 2021E, 5.000%, 7/01/46, (AMT)7/31 at 100.00Aa22,202,020
1,000Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation,7/29 at 100.00A1998,960
 Series 2019A, 4.000%, 7/01/44, (AMT)   
10,715Total Transportation  11,300,736
 U.S. Guaranteed – 7.0% (4.6% of Total Investments) (5)   
1,265Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts7/23 at 100.00AA–1,311,350
 Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32, (Pre-refunded 7/01/23)   
1,610Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B,5/24 at 100.00Aa21,705,183
 5.000%, 5/01/44, (Pre-refunded 5/01/24)   

 

38


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 U.S. Guaranteed (5) (continued)   
$ 1,000Massachusetts Development Finance Agency Revenue Bonds, Children’s Hospital Issue,10/24 at 100.00AA$ 1,067,820
 Series 2014P, 5.000%, 10/01/46, (Pre-refunded 10/01/24)   
1,410Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare11/23 at 100.00A1,482,023
 Obligated Group, Series 2013, 5.250%, 11/15/41, (Pre-refunded 11/15/23)   
368Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue,11/23 at 100.00N/R388,163
 Series 2013A, 6.250%, 11/15/28, (Pre-refunded 11/15/23), 144A   
 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior   
 Series 2013A:   
9905.000%, 5/15/38, (Pre-refunded 5/15/23)5/23 at 100.00N/R1,022,086
8855.000%, 5/15/38, (Pre-refunded 5/15/23)5/23 at 100.00AAA914,107
500Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B,8/26 at 100.00AA+558,395
 5.000%, 8/01/40, (Pre-refunded 8/01/26)   
8,028Total U.S. Guaranteed  8,449,127
 Utilities – 10.7% (6.9% of Total Investments)   
565Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,7/24 at 100.00A–590,301
 Refunding Series 2014A, 5.000%, 7/01/29   
 Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,   
 Refunding Series 2017:   
1,2505.000%, 7/01/377/27 at 100.00A–1,355,437
4205.000%, 7/01/407/27 at 100.00A–454,142
415Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A,7/22 at 100.00A1415,834
 5.000%, 12/01/32 – NPFG Insured   
1,000Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015,2/24 at 100.00AAA1,037,890
 5.000%, 2/01/45   
4,445Massachusetts Municipal Wholesale Electric Company, MMWEC, Revenue Bonds, Project 2015A,1/32 at 100.00N/R4,540,523
 Series 2021A, 4.000%, 7/01/46   
60Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9,7/22 at 100.00AAA60,187
 5.000%, 8/01/22   
1,230Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B,8/27 at 100.00AA+1,361,167
 5.000%, 8/01/42   
1,130Massachusetts Water Resources Authority, General Revenue Bonds, Series 2020B,8/30 at 100.00AA+1,297,387
 5.000%, 8/01/45   
1,000Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series4/27 at 100.00AA1,092,420
 2017C, 5.000%, 4/15/37   
635Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series4/29 at 100.00AA669,176
 2019E, 4.000%, 4/15/38   
12,150Total Utilities  12,874,464
$ 180,015Total Long-Term Investments (cost $186,777,017)  185,509,710
 Variable Rate Demand Preferred Shares, net of deferred offering costs – (61.3)%(6)  (73,758,542)
 Other Assets Less Liabilities – 7.2%  8,642,760
 Net Assets Applicable to Common Shares – 100%  $ 120,393,928

 

39


 
 

 

 

  
NMTNuveen Massachusetts Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

(1)All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 39.8%
144AInvestment 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.
AMTAlternative Minimum Tax
IFInverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
WI/DDPurchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

40


 
 

 

 

NMSNuveen Minnesota Quality Municipal
 Income Fund
 Portfolio of Investments
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 LONG-TERM INVESTMENTS – 167.1%(100.0% of Total Investments)   
 MUNICIPAL BONDS – 167.1% (100.0% of Total Investments)   
 Education and Civic Organizations – 34.4% (20.6% of Total Investments)   
 City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy   
 Project,Series 2016A:   
$ 5004.000%, 7/01/287/24 at 102.00N/R$ 504,110
505.000%, 7/01/367/24 at 102.00N/R51,730
250Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project,7/25 at 100.00BB+257,575
 Series 2015A, 5.250%, 7/01/40   
570Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language8/22 at 102.00BB+582,751
 Academy, Series 2014A, 5.750%, 8/01/44   
750Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language8/27 at 102.00BB+777,563
 Academy, Series 2019A, 5.250%, 8/01/43   
100Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of7/26 at 100.00N/R94,012
 Performing Arts Project, Series 2016A, 5.000%, 7/01/47   
2,200Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series7/24 at 100.00BB2,208,954
 2014A, 5.000%, 7/01/44   
1,575Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project,7/26 at 100.00N/R1,447,850
 Series 2016A, 5.000%, 7/01/46   
 Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project,   
 Series 2013A:   
3006.000%, 7/01/337/23 at 100.00BB+306,813
1,4256.000%, 7/01/437/23 at 100.00BB+1,449,938
 Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University,   
 Refunding Series 2017:   
5005.000%, 5/01/375/27 at 100.00BB+514,715
2,0005.000%, 5/01/475/27 at 100.00BB+2,035,600
1,580Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College,3/27 at 100.00Aa21,609,451
 Refunding Series 2017, 4.000%, 3/01/42   
 Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint   
 Scholastica, Inc., Refunding Series 2019:   
5004.000%, 12/01/3412/29 at 100.00Baa2511,005
4254.000%, 12/01/4012/29 at 100.00Baa2430,759
305Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict,3/26 at 100.00Baa1308,254
 Series 2016-8K, 4.000%, 3/01/43   
600Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College,3/27 at 100.00Aa3606,288
 Refunding Series 2017, 4.000%, 3/01/48   
225Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine10/28 at 100.00Baa1241,562
 University, Refunding Series 2018A, 5.000%, 10/01/45   
350Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John’s University,10/30 at 100.00A2307,167
 Refunding Series 2021, 3.000%, 10/01/38   
750Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College,10/30 at 100.00A1763,200
 Series 2021, 4.000%, 10/01/50   
 Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint   
 Thomas, Series 2019:   
7505.000%, 10/01/3310/29 at 100.00A2831,810
2355.000%, 10/01/4010/29 at 100.00A2256,486

 

41


 
 

 

 

NMSNuveen Minnesota Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
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 2022B:   
$ 2,1255.000%, 10/01/39, (WI/DD, Settling 6/02/22)10/30 at 100.00N/R$ 2,337,670
7104.125%, 10/01/41, (WI/DD, Settling 6/02/22)10/30 at 100.00N/R722,695
4005.000%, 10/01/47 (WI/DD, Settling 6/02/22)10/30 at 100.00N/R430,600
705Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School9/24 at 100.00BB–693,783
 Project, Series 2014A, 5.000%, 9/01/44   
450Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project,7/22 at 100.00BBB–450,675
 Series 2004A, 5.500%, 12/01/33   
1,250Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue12/29 at 100.00BBB–1,144,900
 Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49   
 Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue   
 Bonds, Twin Cities Academy Project, Series 2015A:   
3605.300%, 7/01/457/25 at 100.00BB368,600
5105.375%, 7/01/507/25 at 100.00BB522,240
1,680Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue7/23 at 100.00BB1,690,282
 Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44   
800Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds,12/22 at 100.00BB+804,224
 Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33   
390Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint3/23 at 100.00BB370,254
 Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43   
1,000Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series10/26 at 100.00N/R1,009,220
 2016A, 5.000%, 10/01/41   
500St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds,12/26 at 102.00BB+512,750
 Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49   
26,820Total Education and Civic Organizations  27,155,486
 Health Care – 38.6% (23.1% of Total Investments)   
250Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project,3/26 at 100.00N/R251,022
 Refunding Series 2016, 4.000%, 3/01/32   
180City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health4/27 at 100.00BBB189,511
 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:   
1104.250%, 2/15/432/28 at 100.00A–111,099
7005.000%, 2/15/432/28 at 100.00A–742,623
3,0005.000%, 2/15/482/28 at 100.00A–3,166,200
2,7505.000%, 2/15/532/28 at 100.00A–2,895,008
5105.000%, 2/15/582/28 at 100.00A–536,892
 Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds,   
 Saint Luke’s Hospital of Duluth Obligated Group, Series 2021A:   
2004.000%, 6/15/336/31 at 100.00BBB–202,540
4303.000%, 6/15/446/31 at 100.00BBB–345,686
150Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds,6/32 at 100.00N/R161,206
 Saint Luke’s Hospital of Duluth Obligated Group, Series 2022B, 5.250%, 6/15/47   
 Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health   
 Services Project, Series 2013:   
4004.000%, 4/01/277/22 at 100.00BBB400,152
2304.000%, 4/01/317/22 at 100.00BBB230,007
720Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial9/25 at 100.00Baa1720,266
 Health Care, Series 2015, 4.000%, 9/01/35   

 

42


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Health Care (continued)   
 Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care,   
 Series 2017:   
$ 2005.000%, 5/01/315/27 at 100.00Baa1$ 214,456
1655.000%, 5/01/325/27 at 100.00Baa1175,880
 Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2021:   
1,5004.000%, 11/15/3611/31 at 100.00N/R1,523,925
5004.000%, 11/15/3811/31 at 100.00N/R506,565
 Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services,   
 Series 2015A:   
2654.000%, 11/15/4011/25 at 100.00A+266,945
1,0005.000%, 11/15/4411/25 at 100.00A+1,036,600
 Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services,   
 Series 2018A:   
1,5004.000%, 11/15/4811/28 at 100.00A+1,476,900
1,5005.000%, 11/15/4911/28 at 100.00A+1,589,055
915Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A,5/28 at 100.00AA931,205
 4.000%, 11/15/48   
1,000Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2022,11/32 at 100.00N/R1,130,650
 5.000%, 11/15/57   
1,275Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series5/26 at 100.00AA–1,285,174
 2016A, 4.000%, 5/01/37   
 Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019:   
5005.000%, 5/01/485/29 at 100.00AA–532,850
7504.000%, 5/01/495/29 at 100.00AA–736,830
4,000Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue7/25 at 100.00A4,055,120
 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:   
2454.000%, 11/15/3611/27 at 100.00A+249,111
2404.000%, 11/15/3711/27 at 100.00A+243,665
2,1704.000%, 11/15/4311/27 at 100.00A+2,185,711
1,000Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp7/22 at 100.00N/R1,000,970
 Project, Series 2007-1, 5.000%, 8/01/36   
 Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional   
 Medical Center, Refunding Series 2014:   
7654.000%, 9/01/319/24 at 100.00A771,464
6305.000%, 9/01/349/24 at 100.00A648,888
29,750Total Health Care  30,514,176
 Housing/Multifamily – 2.1% (1.2% of Total Investments)   
1,635Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments7/22 at 100.00Aaa1,637,453
 Project, Series 2010, 4.500%, 6/01/26   
 Housing/Single Family – 0.6% (0.4% of Total Investments)   
7Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue6/22 at 100.00AA+6,972
 Bonds, City Living Series 2006A-4, 5.000%, 11/01/38, (AMT)   
50Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C,1/23 at 100.00AA+50,047
 3.900%, 7/01/43   
20Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C,7/24 at 100.00AA+19,947
 3.500%, 1/01/32   
445Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I,1/30 at 100.00AA+397,688
 1.700%, 1/01/31   
522Total Housing/Single Family  474,654

 

43


 
 

 

 

  
NMSNuveen Minnesota Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Industrials – 5.9% (3.6% of Total Investments)   
 Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond   
 Fund Series 2013-1:   
$ 1,4004.500%, 6/01/3312/22 at 100.00A+$ 1,420,790
6004.750%, 6/01/3912/22 at 100.00A+609,174
2,650Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint10/22 at 100.00BBB–2,650,821
 Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37, (AMT), 144A   
4,650Total Industrials  4,680,785
 Long-Term Care – 11.5% (6.9% of Total Investments)   
805Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at11/24 at 100.00N/R767,946
 Anoka, Inc. Project, Series 2014, 5.125%, 11/01/49   
380Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford11/24 at 100.00Baa1376,690
 Foundation Project, Series 2014, 4.000%, 11/01/39   
875Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc.,7/22 at 100.00N/R782,924
 Refunding Series 2013, 5.200%, 3/01/43   
 Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc.,   
 Refunding Series 2015:   
1755.250%, 1/01/401/23 at 100.00N/R156,480
8505.250%, 1/01/461/23 at 100.00N/R729,036
500Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds,8/22 at 100.00N/R500,235
 Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A   
1,350Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding11/22 at 100.00N/R1,306,247
 Series 2012, 4.750%, 11/15/28   
750Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen, Abiitan5/23 at 100.00N/R753,615
 Mill City Project, Series 2015, 5.250%, 11/01/45   
215Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of7/24 at 102.00N/R201,483
 Country Manor Project, Series 2019 A, 5.000%, 7/01/55   
1,300Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview6/26 at 100.00N/R1,133,392
 Home Project, Series 2016B, 4.900%, 6/01/49   
500Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care5/23 at 100.00N/R496,075
 Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48   
 Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian   
 Homes Bloomington Project, Refunding Series 2017:   
5004.125%, 9/01/349/24 at 100.00N/R492,645
3504.125%, 9/01/359/24 at 100.00N/R343,497
585Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd1/23 at 100.00N/R529,384
 Luthran Home, Refunding Series 2013, 5.125%, 1/01/39   
500Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community,8/24 at 102.00N/R505,390
 Refunding Series 2019, 5.000%, 8/01/49   
9,635Total Long-Term Care  9,075,039
 Tax Obligation/General – 25.5% (15.2% of Total Investments)   
1,000Bloomington Independent School District 271, Hennepin County, Minnesota, General2/27 at 100.00AAA1,037,860
 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:   
1,0154.000%, 2/01/382/27 at 100.00AAA1,053,326
1,0554.000%, 2/01/392/27 at 100.00AAA1,089,024
 Brainerd Independent School District 181, Crow Wing County, Minnesota, General   
 Obligation Bonds, School Building Series 2018A:   
5004.000%, 2/01/382/27 at 100.00AAA517,780
1,0004.000%, 2/01/422/27 at 100.00AAA1,016,620
1,020Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds,2/27 at 100.00Aa21,033,780
 Series 2018A, 4.000%, 2/01/43   

 

44


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Tax Obligation/General (continued)   
$ 300Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation2/25 at 67.23AAA$ 190,557
 Bonds, School Building Series 2015A, 0.010%, 2/01/35   
1,000Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota,2/25 at 100.00Aa21,026,600
 General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36   
540Duluth Independent School District 709, Saint Louis County, Minnesota, General2/28 at 89.86Aa2353,592
 Obligation Bonds, Capital Appreciation Series 2021C, 0.000%, 2/01/33   
1,000Hennepin County, Minnesota, General Obligation Bonds, Series 2020A, 5.000%, 12/01/3612/30 at 100.00N/R1,178,730
2,000Independent School District 621, Mounds View, Minnesota, General Obligation Bonds,2/27 at 100.00AAA2,071,500
 School Building Series 2018A, 4.000%, 2/01/42   
1,000Independent School District No. 319, Nashwauk-Keewatin, Minnesota, General Obligation2/31 at 100.00N/R1,046,510
 School Building Bonds, Series 2022A, 4.000%, 2/01/48   
500Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation2/28 at 100.00AAA521,270
 Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/36   
1,345Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series12/26 at 100.00AAA1,394,268
 2018, 4.000%, 12/01/40   
1,000Richfield Independent School District 280, Hennepin County, Minnesota, General2/27 at 100.00AAA1,037,860
 Obligation Bonds, School Buildings Series 2018A, 4.000%, 2/01/40   
1,000Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation2/27 at 100.00Aa21,036,660
 Bonds, Series 1994, 4.000%, 2/01/37   
1,000Saint James Independent School District 840, Minnesota, General Obligation Bonds, School2/26 at 100.00AAA1,025,500
 Building Series 2015B, 4.000%, 2/01/45   
1,000Sartell Independent School District 748, Stearns County, Minnesota, General Obligation2/25 at 62.98Aa2517,860
 Bonds, School Building Capital Appreciation Series 2016B, 0.000%, 2/01/39   
1,500Sibley East Independent School District 2310, Sibley, Minnesota, General Obligation2/25 at 100.00Aa21,533,405
 Bonds, School Building Series 2015A, 4.000%, 2/01/40   
500West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County,2/27 at 100.00AAA519,420
 Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39   
1,000White Bear Lake Independent School District 624, Ramsey County, Minnesota, General2/28 at 100.00AAA896,950
 Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/42   
20,275Total Tax Obligation/General  20,099,072
 Tax Obligation/Limited – 16.6% (9.9% of Total Investments)   
1,000Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation,2/23 at 100.00A+1,011,900
 Series 2015A, 4.000%, 2/01/41   
 Chaska Independent School District 112, Carver County, Minnesota, Certificates of   
 Participation, Series 2021A:   
3453.000%, 2/01/342/30 at 100.00Aa3340,808
2003.000%, 2/01/362/30 at 100.00Aa3194,832
4253.000%, 2/01/382/30 at 100.00Aa3409,815
125Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding3/23 at 100.00N/R125,122
 Series 2015, 4.000%, 3/01/30   
500Minneapolis, Minnesota, Tax Incriment Revenue Bonds, Ivy Tower Project, Series 2015,3/24 at 100.00N/R505,905
 5.000%, 3/01/29   
375Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds,8/25 at 100.00AA+388,354
 Series 2016C, 4.000%, 8/01/35   
200Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds,8/27 at 100.00AA+211,316
 Series 2017A, 4.000%, 8/01/35   
500Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds,8/28 at 100.00AA+512,385
 Series 2018D, 4.000%, 8/01/39   
465Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds,8/31 at 100.00N/R424,712
 Series 2021A, 3.000%, 8/01/41   

 

45


 
 

 

 

  
NMSNuveen Minnesota Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Tax Obligation/Limited (continued)   
$ 1,065Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds,8/31 at 100.00N/R$ 970,737
 Series 2021B, 3.000%, 8/01/43   
2,230Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series7/22 at 100.00AA+2,237,225
 2011, 5.000%, 8/01/31   
1,000Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota,2/25 at 100.00A11,013,050
 Certificates of Participation, Series 2015A, 3.750%, 2/01/36   
750Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota,2/25 at 100.00A1756,030
 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:   
1455.000%, 2/01/322/25 at 100.00A1154,966
5004.000%, 2/01/382/25 at 100.00A1504,980
 Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue   
 Bonds, 2700 University at Westgate Station, Series 2015B:   
4554.875%, 4/01/304/23 at 100.00N/R451,028
8955.250%, 4/01/434/23 at 100.00N/R832,779
1,150Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of2/29 at 100.00AAA1,247,417
 Participation, Series 2019B, 4.000%, 2/01/31   
800Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/3311/24 at 100.00A+809,640
13,125Total Tax Obligation/Limited  13,103,001
 Transportation – 6.2% (3.7% of Total Investments)   
 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,   
 Refunding Subordinate Lien Series 2019A:   
5005.000%, 1/01/447/29 at 100.00A+544,145
4805.000%, 1/01/497/29 at 100.00A+519,528
2,000Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,7/29 at 100.00A+2,136,560
 Refunding Subordinate Lien Series 2019B, 5.000%, 1/01/44, (AMT)   
1,600Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,1/27 at 100.00AA–1,705,536
 Senior Lien Series 2016C, 5.000%, 1/01/46   
4,580Total Transportation  4,905,769
 U.S. Guaranteed – 9.9% (5.9% of Total Investments) (4)   
 Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School   
 Building Series 2015A:   
9400.000%, 2/01/37, (Pre-refunded 2/01/24)2/24 at 56.07Aa2510,100
1,0750.000%, 2/01/38, (Pre-refunded 2/01/24)2/24 at 53.49Aa2556,442
1,500Mankato Independent School District 77, Nicollet and Le Sueur Counties, Minnesota,2/24 at 100.00AAA1,551,855
 General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/30,   
 (Pre-refunded 2/01/24)   
295Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary’sNo Opt. CallBB296,867
 School Project, Series 2015, 5.000%, 8/01/22, (ETM), 144A   
580St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds,11/25 at 100.00N/R632,206
 HealthEast Inc., Series 2015A, 5.000%, 11/15/44, (Pre-refunded 11/15/25)   
1,970Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation2/23 at 100.00AAA1,996,674
 Bonds, School Building Series 2014A, 3.500%, 2/01/31, (Pre-refunded 2/01/23)   
 Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds,   
 Series 2014A:   
1,0004.000%, 1/01/40, (Pre-refunded 1/01/24)1/24 at 100.00Aa31,035,060
1,2005.000%, 1/01/46, (Pre-refunded 1/01/24)1/24 at 100.00Aa31,260,696
8,560Total U.S. Guaranteed  7,839,900

 

46


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Utilities – 15.8% (9.5% of Total Investments)   
$ 100Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin1/30 at 100.00N/R$ 102,107
 Cities Transmission Project, Refunding Series 2021, 4.000%, 1/01/42 – AGM Insured   
415Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series7/26 at 100.00A–442,357
 2016, 5.000%, 1/01/46   
30Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series7/30 at 100.00A–32,962
 2020A, 5.000%, 1/01/50   
500Luverne, Minnesota, Electric Revenue Bonds, Series 2022A, 3.000%, 12/01/47 – AGM Insured12/28 at 100.00N/R442,380
500Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A,10/24 at 100.00A1513,985
 4.000%, 10/01/33   
965Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/3510/26 at 100.00A11,072,675
1,200Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A,12/26 at 100.00AA1,316,160
 5.000%, 12/01/47   
500Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3,10/27 at 100.00A–507,695
 4.000%, 10/01/42   
 Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A:   
1,1000.000%, 1/01/23 – NPFG InsuredNo Opt. CallA+1,089,297
3,0700.000%, 1/01/24 – NPFG InsuredNo Opt. CallA+2,967,922
1000.000%, 1/01/26 – NPFG InsuredNo Opt. CallA+91,282
3,500Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series7/28 at 100.00Aa33,915,590
 2018A, 5.000%, 1/01/49   
11,980Total Utilities  12,494,412
$ 131,532Total Long-Term Investments (cost $132,069,130)  131,979,747
 Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (66.8)% (5)  (52,766,122)
 Other Assets Less Liabilities – (0.3)%  (229,875)
 Net Assets Applicable to Common Shares – 100%  $ 78,983,750

 

(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 40.0%
144AInvestment 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.
AMTAlternative Minimum Tax
ETMEscrowed to maturity
WI/DDPurchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

47


 
 

  

  
NOMNuveen Missouri Quality Municipal
 Income Fund
 Portfolio of Investments
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 LONG-TERM INVESTMENTS – 160.1%(100.0% of Total Investments)   
 MUNICIPAL BONDS – 160.1% (100.0% of Total Investments)   
 Consumer Staples – 4.2% (2.6% of Total Investments)   
$ 1,055Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter andNo Opt. CallAA–$ 1,206,319
 Gamble Inc., Series 1999, 5.200%, 3/15/29, (AMT)   
 Education and Civic Organizations – 16.7% (10.5% of Total Investments)   
300Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2014A,11/24 at 100.00AA+308,739
 4.000%, 11/01/33   
410Missouri Health and Educational Facilities Authority, Educational Facilities Revenue6/23 at 100.00A1423,493
 Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33   
750Missouri Health and Educational Facilities Authority, Educational Facilities Revenue5/23 at 100.00BBB775,943
 Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43   
600Missouri Health and Educational Facilities Authority, Educational Facilities Revenue10/22 at 100.00BBB–600,126
 Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33   
725Missouri Health and Educational Facilities Authority, Educational Facilities Revenue10/23 at 100.00A+746,061
 Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34   
1,000Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis10/25 at 100.00AA–1,009,940
 University, Series 2015A, 4.000%, 10/01/42   
 Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis   
 University, Series 2019A:   
5005.000%, 10/01/464/29 at 100.00AA–553,810
154.000%, 10/01/484/29 at 100.00AA–15,155
115Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University,4/27 at 100.00Baa2114,351
 Refunding Series 2017, 4.000%, 4/01/34   
210Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series10/29 at 100.00AA216,754
 2019A, 4.000%, 10/01/39 – AGM Insured   
100Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds,10/23 at 100.00N/R93,809
 Missouri Valley College, Series 2017, 4.500%, 10/01/40   
4,725Total Education and Civic Organizations  4,858,181
 Health Care – 40.7% (25.5% of Total Investments)   
300Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series8/26 at 100.00BBB–319,683
 2016, 5.000%, 8/01/30   
400Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities3/27 at 100.00BBB–423,780
 Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36   
250Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds,10/27 at 100.00A–263,178
 Hannibal Regional Healthcare System, Series 2017, 5.000%, 10/01/47   
315Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds,2/24 at 100.00A322,173
 Freeman Health System, Series 2015, 5.000%, 2/15/35   
500Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,1/25 at 100.00AA502,850
 BJC Health System, Series 2015A, 4.000%, 1/01/45   
500Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,7/26 at 100.00AA501,805
 BJC Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50,   
 (Mandatory Put 1/01/46)   
315Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,1/28 at 100.00AA312,656
 BJC Health System, Variable Rate Demand Obligation Series 2017D, 4.000%, 1/01/58,   
 (Mandatory Put 1/01/48)   
750Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,1/28 at 100.00AA744,420
 BJC Health System, Variable Rate Demand Obligation Series 2017D, 4.000%, 1/01/58,   
 (Mandatory Put 1/01/48), (UB) (4)   

 

48


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Health Care (continued)   
$ 500Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,11/30 at 100.00Baa2$ 500,980
 Capital Region Medical Center, Series 2020, 5.000%, 11/01/40   
1,730Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,11/23 at 100.00A21,795,844
 CoxHealth, Series 2013A, 5.000%, 11/15/44   
415Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,11/25 at 100.00A2442,116
 CoxHealth, Series 2015A, 5.000%, 11/15/32   
150Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,5/29 at 100.00A2165,942
 CoxHealth, Series 2019A, 5.000%, 11/15/37   
335Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,7/22 at 100.00AA–335,941
 Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37   
390Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,11/22 at 100.00A+390,335
 Mercy Health, Series 2012, 4.000%, 11/15/42   
550Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,11/24 at 100.00A+554,246
 Mercy Health, Series 2014F, 4.250%, 11/15/48   
515Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,11/27 at 100.00A+546,621
 Mercy Health, Series 2017C, 5.000%, 11/15/47   
1,500Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,6/30 at 100.00A+1,502,355
 Mercy Health, Series 2020, 4.000%, 6/01/53   
1,000Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,2/29 at 100.00AA–1,001,300
 Mosaic Health System, Series 2019A, 4.000%, 2/15/54   
200Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,6/32 at 100.00N/R225,278
 SSM Health Care, Series 2022A, 5.000%, 6/01/34   
350Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy5/25 at 102.00A+341,386
 Hospital, Series 2017A, 4.000%, 5/15/48   
125Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional8/31 at 100.00BBB+118,570
 Health System, Series 2021, 4.000%, 2/15/51   
500Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue11/25 at 100.00N/R505,985
 Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 5.000%, 11/15/46   
11,590Total Health Care  11,817,444
 Housing/Single Family – 0.2% (0.1% of Total Investments)   
60Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First11/26 at 100.00AA+60,289
 Place Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37   
 Long-Term Care – 9.7% (6.1% of Total Investments)   
190Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The5/25 at 100.00N/R164,711
 Sarah Community Project, Refunding Series 2016, 4.000%, 5/01/33   
100Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds,5/27 at 100.00BB100,603
 Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37   
500Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior2/24 at 100.00BBB505,530
 Services Projects, Series 2014A, 5.000%, 2/01/44   
 Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior   
 Services Projects, Series 2016A:   
4005.000%, 2/01/362/26 at 100.00BBB413,344
5005.000%, 2/01/462/26 at 100.00BBB510,695
100Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior2/29 at 100.00BBB91,858
 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:   
2505.000%, 9/01/329/22 at 100.00BB+249,985
2505.000%, 9/01/429/22 at 100.00BB+244,375

 

49


 
 

 

 

  
NOMNuveen Missouri Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Long-Term Care (continued)   
$ 430Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship9/23 at 100.00BB+$ 435,439
 Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43   
100Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint12/25 at 100.00N/R101,645
 Andrew’s Resources for Seniors, Series 2015A, 5.125%, 12/01/45   
2,820Total Long-Term Care  2,818,185
 Tax Obligation/General – 27.6% (17.2% of Total Investments)   
 Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds,   
 Series 2018:   
1,0004.000%, 3/01/343/26 at 100.00AA1,035,740
3354.000%, 3/01/363/26 at 100.00AA344,089
340Clay County Reorganized School District R-II Smithville, Missouri, General Obligation3/27 at 100.00AA+355,320
 Bonds, Refunding Series 2015, 4.000%, 3/01/36   
350Fenton Missouri Fire Protection District, Missouri, General Obligation Bonds, Series3/27 at 100.00AA+359,919
 2019, 4.000%, 3/01/39   
500Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds,3/24 at 100.00AA+510,830
 Refunding & Improvement Series 2015, 4.000%, 3/01/32   
200Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds,3/27 at 100.00AA+216,790
 Refunding & Improvement Series 2018, 5.000%, 3/01/36   
1,000Joplin Schools, Missouri, General Obligation Bonds, Refunding, Direct Deposit Program3/27 at 100.00AA+1,060,720
 Series 2017, 4.000%, 3/01/32   
300Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A,2/28 at 100.00AA316,230
 4.000%, 2/01/35   
 Saint Charles County Francis Howell School District, Missouri, General Obligation Bonds,   
 Series 2022:   
1,0005.000%, 3/01/413/31 at 100.00N/R1,152,720
5005.000%, 3/01/423/31 at 100.00N/R574,810
1,000Valley Park Fire Protection District, Missouri, General Obligation Bonds, Series 2019,3/27 at 100.00AA1,028,340
 4.000%, 3/01/39   
1,000Washington School District, Franklin County, Missouri, General Obligation Bonds,3/27 at 100.00AA+1,050,390
 Missouri Direct Deposit Program, Series 2019, 4.000%, 3/01/35   
7,525Total Tax Obligation/General  8,005,898
 Tax Obligation/Limited – 27.1% (16.9% of Total Investments)   
1,220Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit10/29 at 100.00AA1,238,886
 Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2019, 4.000%, 10/01/48   
350Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project,6/24 at 100.00N/R331,030
 Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30   
145Clay, Jackson & Platte Counties Consolidated Public Library District 3, Missouri,3/26 at 100.00Aa3150,846
 Certificates of Participation, Mid-Continent Public Library Project, Series 2018,   
 4.000%, 3/01/35   
250Conley Road Transportation District, Missouri, Transportation Sales Tax Revenue Bonds,5/25 at 100.00N/R250,485
 Series 2017, 5.125%, 5/01/41   
500Festus R-VI School District, Jefferson County, Missouri, Lease Participation4/31 at 100.00N/R515,330
 Certificates, Festus R-VI School District Project, Series 2021B, 4.000%, 4/01/41   
315Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project,7/22 at 100.00N/R207,900
 Series 2006, 5.000%, 6/01/28 (5)   
 Howard Bend Levee District, St. Louis County, Missouri, Levee District Improvement   
 Bonds, Series 2013B:   
2504.875%, 3/01/333/23 at 100.00BB+246,998
2005.000%, 3/01/383/23 at 100.00BB+197,000

 

50


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Tax Obligation/Limited (continued)   
$ 300Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District7/22 at 100.00AA–$ 300,978
 Revenue Bonds, Series 2011A, 5.000%, 9/01/32   
100Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, WardNo Opt. CallN/R98,950
 Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016,   
 4.250%, 4/01/26, 144A   
325Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series9/23 at 100.00AA–334,334
 2014C, 5.000%, 9/01/33   
 Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue   
 Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B:   
1005.000%, 2/01/40, 144A2/28 at 100.00N/R87,608
1005.000%, 2/01/50, 144A2/28 at 100.00N/R83,853
245Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of6/23 at 100.00A–248,011
 Branson – Branson Landing Project, Series 2015A, 4.000%, 6/01/34   
 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:   
2004.550%, 7/01/407/28 at 100.00N/R202,590
4220.000%, 7/01/467/28 at 41.38N/R128,402
5004.750%, 7/01/537/28 at 100.00N/R503,050
175.000%, 7/01/587/28 at 100.00N/R17,327
 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable   
 Restructured Cofina Project Series 2019A-2:   
2524.329%, 7/01/407/28 at 100.00N/R252,312
1004.784%, 7/01/587/28 at 100.00N/R100,788
50Saint Charles County Industrial Development Authority, Missouri, Sales Tax Revenue11/29 at 102.00N/R43,034
 Bonds, Wentzville Parkway Regional Community Improvement District Project, Series 2019B,   
 4.250%, 11/01/49, 144A   
250Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds,7/24 at 100.00N/R229,782
 Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%,   
 7/01/44, 144A   
500Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention10/30 at 100.00AA560,740
 Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/49 – AGM Insured   
300Saint Louis Municipal Library District, Missouri, Certificates of Participation,3/30 at 100.00AA306,495
 Refunding Series 2020, 4.000%, 3/15/44 – BAM Insured   
600Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project,4/25 at 100.00Aa2618,480
 Series 2015, 4.000%, 4/01/35   
450The Industrial Development Authority of the City of Saint Louis, Missouri, Development11/26 at 100.00N/R379,953
 Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A,   
 4.750%, 11/15/47   
215Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds,6/26 at 100.00BBB217,204
 Series 2017, 4.500%, 6/01/36   
8,256Total Tax Obligation/Limited  7,852,366
 Transportation – 7.4% (4.6% of Total Investments)   
 Kansas City Industrial Development Authority, Missouri, Airport Special Obligation   
 Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B:   
1,5005.000%, 3/01/49 – AGM Insured, (AMT)3/29 at 100.00AA1,604,475
5005.000%, 3/01/54, (AMT)3/29 at 100.00A2529,075
2,000Total Transportation  2,133,550

 

51


 
 

 

 

  
NOMNuveen Missouri Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 U.S. Guaranteed – 6.6% (4.1% of Total Investments) (6)   
$ 910Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit10/22 at 100.00Aa2$ 921,311
 Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33,   
 (Pre-refunded 10/01/22)   
335Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2013B, 5.500%,10/23 at 100.00AA351,633
 10/01/33, (Pre-refunded 10/01/23) – AGM Insured   
510Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still10/23 at 100.00A–532,323
 University of Health Sciences, Series 2014, 5.000%, 10/01/39, (Pre-refunded 10/01/23)   
100Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship9/22 at 100.00N/R100,929
 Village of Chesterfield, Series 2012, 5.000%, 9/01/42, (Pre-refunded 9/01/22)   
1,855Total U.S. Guaranteed  1,906,196
 Utilities – 19.9% (12.4% of Total Investments)   
250Camden County Public Water Supply District 4, Missouri, Certificates of Participation,1/25 at 100.00A–259,642
 Series 2017, 5.000%, 1/01/47   
150Franklin County Public Water Supply District 3, Missouri, Certificates of Participation,12/24 at 100.00A+154,759
 Series 2017, 4.000%, 12/01/37   
160Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A,1/28 at 100.00AA168,978
 4.000%, 1/01/35   
125Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds,5/26 at 100.00AAA135,837
 Refunding & Improvement Series 2016C, 5.000%, 5/01/46   
450Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds,5/27 at 100.00AAA490,946
 Refunding & Improvement Series 2017A, 5.000%, 5/01/47   
500Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds,5/32 at 100.00N/R582,545
 Refunding Improvement Series 2022B, 5.000%, 5/01/47, (WI/DD, Settling 6/08/22)   
500Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of6/32 at 100.00N/R565,450
 Independence Annual Appropriation Electric System, Refunding Series 2022, 5.000%, 6/01/34 -   
 AGM Insured   
500Missouri Environmental Improvement and Energy Resources Authority, Water Facility1/25 at 100.00Aa3531,120
 Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40   
350Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum1/25 at 100.00A370,703
 Point Project, Refunding Series 2014A, 5.000%, 1/01/32   
500Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum1/26 at 100.00A516,615
 Point Project, Refunding Series 2015A, 4.000%, 1/01/35   
500Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds,6/27 at 100.00A2546,790
 MoPEP Facilities, Series 2018, 5.000%, 12/01/43   
585Saint Charles County Public Water Supply District 2, Missouri, Certificates of12/25 at 100.00AA+635,954
 Participation, Refunding Series 2016C, 5.000%, 12/01/32   
550Saint Charles County Public Water Supply District 2, Missouri, Certificates of12/25 at 100.00AA+559,916
 Participation, Series 2018, 4.000%, 12/01/39   
260Stone County Public Water Supply District 2, Missouri, Certificates of Participation,12/28 at 100.00N/R249,387
 Series 2021B, 4.000%, 12/01/51   
5,380Total Utilities  5,768,642
$ 45,266Total Long-Term Investments (cost $46,277,233)  46,427,070
 Floating Rate Obligations – (2.1)%  (600,000)
 MuniFund Term Preferred Shares, net of deferred offering costs – (61.4)% (7)  (17,795,336)
 Other Assets Less Liabilities – 3.4%  972,336
 Net Assets Applicable to Common Shares – 100%  $ 29,004,070

 

52


 
 

 

 

(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 Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 38.3%.
144AInvestment 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.
AMTAlternative Minimum Tax
UBUnderlying bond of an inverse floating rate trust reflected as a financing transaction.
WI/DDPurchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

53


 
 

 

 

NPVNuveen Virginia Quality Municipal
 Income Fund
 Portfolio of Investments
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 LONG-TERM INVESTMENTS – 166.6%(100.0% of Total Investments)   
 MUNICIPAL BONDS – 166.6% (100.0% of Total Investments)   
 Consumer Staples – 5.1% (3.0% of Total Investments)   
 Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds,   
 Series 2007A:   
$ 5155.250%, 6/01/326/22 at 100.00N/R$ 514,990
7055.625%, 6/01/476/22 at 100.00N/R703,632
4,135Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed6/22 at 100.00B–4,141,575
 Bonds, Series 2007B1, 5.000%, 6/01/47   
6,645Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed6/22 at 100.00B–6,646,262
 Bonds, Series 2007B2, 5.200%, 6/01/46   
25Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement7/22 at 100.00A125,041
 Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31   
12,025Total Consumer Staples  12,031,500
 Education and Civic Organizations – 12.7% (7.6% of Total Investments)   
 Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue   
 Bonds, Episcopal High School, Series 2017:   
1,1054.000%, 1/01/371/27 at 100.00A11,144,846
5654.000%, 1/01/401/27 at 100.00A1579,481
390Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College,7/22 at 100.00BB–378,792
 Series 2006, 5.000%, 9/01/26   
1,000Industrial Development Authority of the City of Lexington, Virginia, Washington and Lee1/28 at 100.00AA1,110,670
 University, Educational Facility Revenue Bonds, Refunding Series 2018A, 5.000%, 1/01/43   
2,000Madison County Industrial Development Authority, Virginia, Educational Facilities10/30 at 100.00Aa11,727,540
 Revenue Bonds, Woodberry Forest School, Series 2021, 3.000%, 10/01/50   
500Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech6/27 at 100.00Aa2515,340
 Foundation, Refunding Series 2017A, 4.000%, 6/01/36   
 Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech   
 Foundation, Refunding Series 2019A:   
5004.000%, 6/01/376/29 at 100.00Aa2515,460
9054.000%, 6/01/396/29 at 100.00Aa2935,806
750Roanoke Economic Development Authority, Virginia, Educational Facilities Revenue Bonds,9/28 at 100.00BBB+796,545
 Lynchburg College, Series 2018A, 5.000%, 9/01/43   
2,500The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds,4/25 at 100.00AAA2,648,425
 Green Series 2015A-2, 5.000%, 4/01/45   
1,515The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds,4/27 at 100.00AAA1,678,378
 Refunding Series 2017A, 5.000%, 4/01/42   
9,000The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds,4/27 at 100.00AAA9,970,560
 Refunding Series 2017A, 5.000%, 4/01/42, (UB) (4)   
1,000Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount7/25 at 100.00BB+1,007,900
 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:   
1,5005.000%, 7/01/35, 144A7/25 at 100.00BB+1,522,575
4,0005.000%, 7/01/45, 144A7/25 at 100.00BB+4,031,600
500Virginia College Building Authority, Educational Facilities Revenue Bonds, Regent6/31 at 100.00BBB–495,320
 University Project, Series 2021, 4.000%, 6/01/36   

 

54


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Education and Civic Organizations (continued)   
$ 1,000Virginia Commonwealth University, General Pledge Revenue Bonds, Refunding Series 2020A,11/30 at 100.00AA–$ 1,149,830
 5.000%, 11/01/33   
28,730Total Education and Civic Organizations  30,209,068
 Health Care – 24.1% (14.5% of Total Investments)   
 Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue   
 Bonds, Virginia Hospital Center, Series 2020:   
1,0505.000%, 7/01/327/30 at 100.00AA–1,165,342
2,0004.000%, 7/01/397/30 at 100.00AA–2,019,480
2254.000%, 7/01/407/30 at 100.00AA–226,843
2,0554.000%, 7/01/457/30 at 100.00AA–2,053,459
1,000Chesapeake Hospital Authority, Virginia, Hospital Facility Revenue Bonds, Chesapeake7/29 at 100.00A1,018,000
 Regional Medical Center, Series 2019, 4.000%, 7/01/39   
1,920Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,8/29 at 100.00BBB+1,884,730
 Series 2019A-1, 4.000%, 8/01/44   
2,700Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,8/29 at 100.00BBB+2,639,304
 Series 2019A-2, 4.000%, 8/01/49   
3,000Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds,5/32 at 100.00N/R2,983,890
 Inova Health System, Refunding Series 2022, 4.000%, 5/15/44   
2,000Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds,5/28 at 100.00AA+1,957,000
 Inova Health System, Series 2018A, 4.000%, 5/15/48   
2,595Fairfax County Industrial Development Authority, Virginia, Hospital Revenue RefundingNo Opt. CallAA+2,655,126
 Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23   
2,500Fredericksburg Economic Development Authority, Virginia, Hospital Facilities RevenueNo Opt. CallA32,587,025
 Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/23   
1,000Front Royal and Warren County Industrial Development Authority, Virginia, Hospital1/25 at 103.00A+980,090
 Revenue Bonds, Valley Health System Obligated Group, Series 2018, 4.000%, 1/01/50   
3,500Industrial Development Authority of the City of Newport News, Virginia, Health System7/25 at 100.00N/R3,617,635
 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:   
1955.000%, 1/01/311/27 at 100.00A–209,050
2,0005.000%, 1/01/471/27 at 100.00A–2,090,180
 Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra   
 Health Obligated Group, Refunding Series 2021:   
1,6503.000%, 1/01/511/32 at 100.00N/R1,247,747
1,5754.000%, 1/01/551/32 at 100.00N/R1,522,899
1,000Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds,11/28 at 100.00AA1,000,200
 Sentara Healthcare Systems, Refunding Series 2018B, 4.000%, 11/01/48   
5,000Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion7/30 at 100.00AA–5,032,900
 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:   
1,0005.000%, 6/15/326/26 at 100.00A31,058,690
1,4405.000%, 6/15/356/26 at 100.00A31,514,405
1,3604.000%, 6/15/376/26 at 100.00A31,377,285
3,200Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series7/27 at 100.00AA–3,378,688
 2017B, 5.000%, 7/01/46   
5,000Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Bon6/30 at 100.00AA–5,007,350
 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:   
1,0004.000%, 11/01/3811/29 at 100.00AA1,021,030
1,1504.000%, 11/01/3911/29 at 100.00AA1,172,287

 

55


 
 

 

 

  
NPVNuveen Virginia Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Health Care (continued)   
 Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley   
 Health System Obligated Group, Refunding Series 2015:   
$ 1,5005.000%, 1/01/331/26 at 100.00A+$ 1,577,760
1,0005.000%, 1/01/351/26 at 100.00A+1,046,500
2,0004.000%, 1/01/371/26 at 100.00A+2,024,720
1,2155.000%, 1/01/441/26 at 100.00A+1,262,227
56,830Total Health Care  57,331,842
 Housing/Multifamily – 6.7% (4.0% of Total Investments)   
980Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue1/27 at 100.00N/R925,659
 Bonds, American Tobacco Apartments, Series 2017, 5.550%, 1/01/37, 144A   
 Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A:   
1,0003.500%, 3/01/353/24 at 100.00AA+1,007,110
1,0003.625%, 3/01/393/24 at 100.00AA+1,002,090
900Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C,8/24 at 100.00AA+905,436
 4.000%, 8/01/45   
2,750Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E,12/24 at 100.00AA+2,764,932
 3.750%, 12/01/40   
1,500Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B,5/25 at 100.00AA+1,500,915
 3.350%, 5/01/36   
1,700Virginia Housing Development Authority, Rental Housing Bonds, Series 2017A,3/26 at 100.00AA+1,701,139
 3.875%, 3/01/47   
3,000Virginia Housing Development Authority, Rental Housing Bonds, Series 2019A,3/28 at 100.00AA+3,018,810
 3.800%, 9/01/44   
1,855Virginia Housing Development Authority, Rental Housing Bonds, Series 2020E,7/29 at 100.00AA+1,460,961
 2.500%, 7/01/45   
2,165Virginia Housing Development Authority, Rental Housing Bonds, Series 2020G,9/29 at 100.00AA+1,656,247
 2.400%, 9/01/45   
16,850Total Housing/Multifamily  15,943,299
 Long-Term Care – 8.5% (5.1% of Total Investments)   
2,800Albemarle County, Virginia, Residential Care Facility Revenue Bonds, Westminster-Canterbury6/29 at 103.00N/R2,683,856
 of the Blue Ridge, Refunding Series 2022A, 4.000%, 6/01/49   
1,000Henrico County Economic Development Authority, Virginia, Residential Care Facility10/26 at 103.00A–918,830
 Revenue Bonds, Westminster Canterbury of Richmond, Refunding Series 2020,   
 4.000%, 10/01/50   
1,000James City County Economic Development Authority, Virginia, Residential Care Facility6/27 at 103.00N/R824,630
 Revenue Bonds, Virginia United Methodist Homes of Williamsburg Inc. Windsormeade,   
 Series 2021A, 4.000%, 6/01/47   
1,045James City County Economic Development Authority, Virginia, Residential Care Facility12/27 at 103.00N/R862,376
 Revenue Bonds, Williamsburg Landing Inc., Refunding Series 2021A, 4.000%, 12/01/50   
1,000Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue1/25 at 102.00BBB–932,700
 Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2016,   
 4.000%, 1/01/37   
1,250Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue1/23 at 103.00BBB–1,312,650
 Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2017A,   
 5.000%, 1/01/48   

 

56


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Long-Term Care (continued)   
$ 2,000Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue1/29 at 103.00N/R$ 1,730,360
 Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2022. Forward   
 Delivery, 4.000%, 1/01/48, (WI/DD, Settling 10/05/22)   
 Norfolk Redevelopment and Housing Authority, Virginia, Fort Norfolk Retirement   
 Community, Inc., Harbor’s Edge Project, Series 2019A:   
6255.000%, 1/01/491/24 at 104.00N/R625,875
2,7005.250%, 1/01/541/24 at 104.00N/R2,729,781
 Prince William County Industrial Development Authority, Virginia, Residential Care   
 Facility Revenue Bonds, Westminster at Lake Ridge, Refunding Series 2016:   
6705.000%, 1/01/371/25 at 102.00BB652,386
2,0005.000%, 1/01/461/25 at 102.00BB1,861,180
 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:   
1,0005.000%, 9/01/269/24 at 102.00N/R1,053,270
1,9205.000%, 9/01/319/24 at 102.00N/R2,000,102
1,900Virginia Small Business Financing Authority, Revenue Bonds, National Senior Campuses Inc7/27 at 103.00A1,903,344
 Obligated Group, Series 2020A, 4.000%, 1/01/51   
20,910Total Long-Term Care  20,091,340
 Tax Obligation/General – 3.4% (2.1% of Total Investments)   
 Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1:   
3,3000.010%, 7/01/337/31 at 89.94N/R1,958,550
1,0004.000%, 7/01/337/31 at 103.00N/R980,650
2,0004.000%, 7/01/417/31 at 103.00N/R1,899,840
3,0004.000%, 7/01/467/31 at 103.00N/R2,806,710
380Richmond, Virginia, General Obligation Bonds, Refunding & Public Improvement SeriesNo Opt. CallAA+466,100
 2017D, 5.000%, 3/01/33   
9,680Total Tax Obligation/General  8,111,850
 Tax Obligation/Limited – 24.2% (14.5% of Total Investments)   
 Arlington County Industrial Development Authority, Virginia, Revenue Bonds, Refunding   
 County Projects, Series 2017:   
1,7305.000%, 2/15/358/27 at 100.00Aa11,938,292
1,3405.000%, 2/15/378/27 at 100.00Aa11,498,415
1,150Dulles Town Center Community Development Authority, Loudon County, Virginia Special7/22 at 100.00N/R1,139,328
 Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.250%, 3/01/26   
1,500Fairfax County Economic Development Authority, Virginia, Revenue Bonds, Metrorail4/27 at 100.00AA+1,653,165
 Parking System Project, Series 2017, 5.000%, 4/01/42   
2,240Farms of New Kent Community Development Authority, Virginia, Special Assessment Bonds,3/31 at 100.00N/R2,161,779
 Refunding Series 2021A, 3.750%, 3/01/36, 144A   
4,000Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D,11/25 at 100.00BB4,237,440
 5.000%, 11/15/34   
395Government of Guam, Business Privilege Tax Bonds, Refunding Series 2021F. Forward1/31 at 100.00Ba1373,488
 Delivery, 4.000%, 1/01/36   
1,000Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A,12/26 at 100.00BB1,074,340
 5.000%, 12/01/34   
2,000Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton7/30 at 100.00AA2,281,160
 Roads Transportation Fund, Senior Lien Series 2020A, 5.250%, 7/01/60   
 Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads   
 Transportation Fund Revenue Bonds, Senior Lien Series 2018A:   
4,0005.000%, 7/01/48, (UB) (4)1/28 at 100.00AA+4,359,680
3,000Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton7/32 at 100.00N/R3,104,010
 Roads Transportation Fund, Senior Lien Series 2022A, 4.000%, 7/01/57   

 

57


 
 

 

 

NPVNuveen Virginia Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Tax Obligation/Limited (continued)   
$ 965Lower Magnolia Green Community Development Authority, Virginia, Special Assessment3/25 at 100.00N/R$ 972,797
 Bonds, Series 2015, 5.000%, 3/01/35, 144A   
440Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds,No Opt. CallN/R456,478
 Series 2022A, 5.000%, 10/01/32   
 Peninsula Town Center Community Development Authority, Virginia, Special Obligation   
 Bonds, Refunding Series 2018:   
3604.500%, 9/01/28, 144A9/27 at 100.00N/R356,306
3,0005.000%, 9/01/45, 144A9/27 at 100.00N/R3,021,720
645Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N,No Opt. CallN/R670,794
 5.500%, 7/01/29 – AMBAC Insured   
 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:   
510.000%, 7/01/24No Opt. CallN/R47,530
960.000%, 7/01/27No Opt. CallN/R80,034
940.000%, 7/01/297/28 at 98.64N/R71,659
2190.000%, 7/01/317/28 at 91.88N/R150,576
1360.000%, 7/01/337/28 at 86.06N/R83,229
1,1734.500%, 7/01/347/25 at 100.00N/R1,200,601
3,6090.000%, 7/01/517/28 at 30.01N/R797,408
6,3105.000%, 7/01/587/28 at 100.00N/R6,431,215
 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable   
 Restructured Cofina Project Series 2019A-2:   
5504.329%, 7/01/407/28 at 100.00N/R550,682
1504.536%, 7/01/537/28 at 100.00N/R147,610
624.784%, 7/01/587/28 at 100.00N/R62,489
760Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, RefundingNo Opt. CallBaa2800,956
 Series 2007CC, 5.500%, 7/01/28 – NPFG Insured   
1,500Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note9/25 at 100.00A1,599,345
 Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A   
2,240Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital10/24 at 100.00AA2,332,400
 Series 2014A, 5.000%, 10/01/34 – AGM Insured, 144A   
885Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds,No Opt. CallAA922,250
 Refunding Senior Lien Series 2013B, 5.000%, 10/01/24 – AGM Insured   
1,000Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, SeniorNo Opt. CallAA1,042,090
 Lien Series 2013A, 5.000%, 10/01/24 – AGM Insured   
3,500Virginia Commonwealth Transportation Board, Federal Transportation Grant Anticipation9/26 at 100.00AA+3,881,045
 Revenue Notes, Series 2016, 5.000%, 9/15/30   
2,000Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2019B,8/29 at 100.00AA+2,119,660
 4.000%, 8/01/38, (AMT)   
2,000Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2015A,8/25 at 100.00AA+2,176,580
 5.000%, 8/01/26   
 Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program,   
 Series 2012A:   
355.000%, 11/01/4211/22 at 100.00AAA35,470
120Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue4/28 at 112.76N/R122,308
 Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A,   
 8.375%, 4/01/41, 144A   
300Virginia Small Business Financing Authority, Tourism Development Financing Program10/30 at 120.40N/R329,358
 Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1,   
 8.000%, 10/01/43, 144A   
1,000Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series5/27 at 100.00AA+1,030,870
 2017, 4.000%, 5/15/42   
1,000Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series5/28 at 100.00AA+1,041,770
 2018, 4.000%, 5/15/38   

 

58


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Tax Obligation/Limited (continued)   
 Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding   
 Series 2016:   
$ 9205.000%, 12/01/3612/26 at 100.00Aa2$ 1,018,514
57,475Total Tax Obligation/Limited  57,374,841
 Transportation – 46.5% (27.9% of Total Investments)   
 Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Refunding Series 2016A:   
3754.000%, 7/01/347/26 at 100.00A2382,879
4004.000%, 7/01/357/26 at 100.00A2408,096
2504.000%, 7/01/387/26 at 100.00A2254,015
 Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds,   
 First Tier Series 2016:   
1,7055.000%, 7/01/41 – AGM Insured7/26 at 100.00AA1,814,000
8,3205.000%, 7/01/467/26 at 100.00BBB8,741,741
 Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital   
 Appreciation Series 2012B:   
2,0000.000%, 7/15/32 (5)7/28 at 100.00BBB+2,048,780
1,0000.000%, 7/15/40 – AGM Insured (5)7/28 at 100.00AA1,015,290
4,1250.000%, 7/15/40 (5)7/28 at 100.00BBB+4,218,308
 Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds,   
 Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B:   
4,5004.000%, 10/01/4410/29 at 100.00A–4,391,235
3,3354.000%, 10/01/53 – AGM Insured10/29 at 100.00AA3,369,350
 Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds,   
 Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B:   
4,0000.010%, 10/01/26No Opt. CallAA3,544,880
11,8250.010%, 10/01/34No Opt. CallAA7,571,784
1,1350.000%, 10/01/36No Opt. CallAA665,053
5,0100.010%, 10/01/39No Opt. CallAA2,544,279
6,700Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds,10/28 at 100.00A–7,837,459
 Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44   
7,300Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding10/26 at 100.00Aa37,764,134
 Series 2016A, 5.000%, 10/01/35, (AMT)   
375Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding10/27 at 100.00Aa3404,235
 Series 2017, 5.000%, 10/01/34, (AMT)   
 Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding   
 Series 2018A:   
2,0005.000%, 10/01/32, (AMT)10/28 at 100.00Aa32,197,580
3,2905.000%, 10/01/36, (AMT)10/28 at 100.00Aa33,580,573
2,0005.000%, 10/01/38, (AMT)10/28 at 100.00Aa32,172,140
 Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding   
 Series 2019A:   
1,0005.000%, 10/01/30, (AMT)10/29 at 100.00Aa31,119,630
4,0005.000%, 10/01/38, (AMT)10/29 at 100.00Aa34,392,120
 New York Transportation Development Corporation, New York, Special Facility Revenue   
 Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding   
 Series 2016:   
1505.000%, 8/01/26, (AMT)6/22 at 100.00B150,010
5955.000%, 8/01/31, (AMT)6/22 at 100.00B595,042
1,740Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series 2019, 5.000%, 7/01/437/29 at 100.00A–1,896,565
660Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System,No Opt. CallA662,792
 Series 2002, 5.250%, 7/15/22 – FGIC Insured   

 

59


 
 

 

 

  
NPVNuveen Virginia Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Transportation (continued)   
 Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform   
 66 P3 Project, Senior Lien Series 2017:   
$ 4,0005.000%, 12/31/49, (AMT)6/27 at 100.00BBB$ 4,168,400
5,7855.000%, 12/31/52, (AMT)6/27 at 100.00BBB6,011,078
 Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC   
 Project, Refunding Senior Lien Series 2022:   
1,1204.000%, 1/01/39, (AMT)1/32 at 100.00N/R1,104,174
1,0004.000%, 1/01/40, (AMT)1/32 at 100.00N/R982,540
1,0004.000%, 7/01/40, (AMT)1/32 at 100.00N/R982,200
2,0005.000%, 12/31/47, (AMT)12/32 at 100.00N/R2,168,540
1,6854.000%, 1/01/48, (AMT)1/32 at 100.00N/R1,623,262
 Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing,   
 OPCO LLC Project, Refunding Senior Lien Series 2022:   
2,5004.000%, 1/01/39, (AMT), (WI/DD, Settling 7/01/22)1/32 at 100.00N/R2,497,450
5,0003.000%, 1/01/41, (AMT), (WI/DD, Settling 7/01/22)1/32 at 100.00N/R4,209,900
 Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing,   
 OPCO LLC Project, Senior Lien Series 2012:   
7505.250%, 1/01/32, (AMT)7/22 at 100.00BBB752,265
5,7005.500%, 1/01/42, (AMT)7/22 at 100.00BBB5,718,354
 Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue   
 Bonds, Series 2017B:   
3,0005.000%, 7/01/367/27 at 100.00AA3,316,440
2,0005.000%, 7/01/427/27 at 100.00AA2,185,300
1,000Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue7/27 at 100.00AA–1,090,560
 Bonds, Series 2018, 5.000%, 7/01/43   
114,330Total Transportation  110,552,433
 U.S. Guaranteed – 24.2% (14.6% of Total Investments) (6)   
900Alexandria Industrial Development Authority, Virginia, Residential Care Facilities10/25 at 100.00BBB+981,396
 Mortgage Revenue Bonds, Goodwin House Incorporated, Series 2015, 5.000%, 10/01/50,   
 (Pre-refunded 10/01/25)   
935Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%,No Opt. CallAA973,672
 11/01/24 – AGM Insured, (ETM)   
1,030Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Bonds,No Opt. CallBaa21,107,404
 Refunding Series 1998, 5.500%, 7/01/25 – NPFG Insured, (ETM)   
3,375Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health1/23 at 100.00BBB+3,445,639
 Initiatives, Series 2013A, 5.250%, 1/01/40, (Pre-refunded 1/01/23)   
100Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds,3/25 at 100.00N/R108,809
 Series 2015, 5.600%, 3/01/45, (Pre-refunded 3/01/25), 144A   
1,000Fairfax County Economic Development Authority, Virginia, County Facilities Revenue10/27 at 100.00AA+1,142,250
 Bonds, Refunding Series 2017B, 5.000%, 10/01/33, (Pre-refunded 10/01/27)   
 Fairfax County Economic Development Authority, Virginia, Residential Care Facilities   
 Mortgage Revenue Bonds, Goodwin House, Inc., Series 2016A:   
7004.000%, 10/01/42, (Pre-refunded 10/01/24)10/24 at 102.00BBB+742,329
1,9655.000%, 10/01/42, (Pre-refunded 10/01/24)10/24 at 102.00BBB+2,128,232
1,000Fairfax County Economic Development Authority, Virginia, Residential Care Facilities12/23 at 100.00N/R1,046,860
 Revenue Bonds, Vinson Hall LLC, Series 2013A, 5.000%, 12/01/47, (Pre-refunded 12/01/23)   
810Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series7/23 at 100.00A–842,133
 2013, 5.500%, 7/01/43, (Pre-refunded 7/01/23)   
 Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Subordinate   
 Series 2018A:   
1,4155.000%, 10/01/40, (Pre-refunded 10/01/27)10/27 at 100.00AA+1,612,449
1,0105.000%, 10/01/42, (Pre-refunded 10/01/27)10/27 at 100.00AA+1,150,935
1,0005.000%, 10/01/43, (Pre-refunded 10/01/27)10/27 at 100.00AA+1,139,540

 

60


 
 

 

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 U.S. Guaranteed (6) (continued)   
 Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads   
 Transportation Fund Revenue Bonds, Senior Lien Series 2018A:   
$ 2,0005.000%, 7/01/52, (Pre-refunded 1/01/28)1/28 at 100.00AA+$ 2,281,460
13,0005.000%, 7/01/52, (Pre-refunded 1/01/28), (UB) (4)1/28 at 100.00AA+14,829,490
1,0005.500%, 7/01/57, (Pre-refunded 1/01/28)1/28 at 100.00AA+1,166,770
1,630Norfolk, Virginia, General Obligation Bonds, Refunding Series 2017C, 5.000%, 9/01/30,3/27 at 100.00AAA1,835,641
 (Pre-refunded 3/01/27)   
3,155Prince William County Industrial Development Authority, Virginia, Health Care Facilities11/22 at 100.00AA–3,202,767
 Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding   
 Series 2013B, 5.000%, 11/01/46, (Pre-refunded 11/01/22)   
710Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB,No Opt. CallA2712,293
 5.250%, 7/01/22 – AGM Insured, (ETM)   
1,000Roanoke Economic Development Authority, Virgina, Residential Care Facility Mortgage12/22 at 100.00N/R1,015,850
 Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012,   
 4.625%, 12/01/27, (Pre-refunded 12/01/22)   
1,460Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington1/25 at 100.00AA1,569,456
 and Lee University, Series 2015A, 5.000%, 1/01/40, (Pre-refunded 1/01/25)   
 Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program,   
 Series 2012A:   
5,2255.000%, 11/01/42, (Pre-refunded 11/01/22)11/22 at 100.00N/R5,305,204
1,000Virginia Resources Authority, Water and Sewerage System Revenue Bonds, Goochland11/22 at 63.13AA627,910
 County – Tuckahoe Creek Service District Project, Series 2012, 0.000%, 11/01/34,   
 (Pre-refunded 11/01/22)   
 Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing,   
 OPCO LLC Project, Senior Lien Series 2012:   
5,0256.000%, 1/01/37, (Pre-refunded 7/01/22), (AMT)7/22 at 100.00BBB5,043,140
 Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding   
 Series 2016:   
9155.000%, 12/01/36, (Pre-refunded 12/01/26)12/26 at 100.00N/R1,024,562
2,335Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley1/24 at 100.00A+2,448,341
 Health System Obligated Group, Refunding Series 2014A, 5.000%, 1/01/44,   
 (Pre-refunded 1/01/24)   
53,695Total U.S. Guaranteed  57,484,532
 Utilities – 11.2% (6.7% of Total Investments)   
 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue   
 Bonds, FirstEnergy Generation Project, Refunding Series 2006A:   
2,0004.375%, 1/01/35, (Mandatory Put 7/01/22)No Opt. CallN/R2,000,520
4,3004.375%, 1/01/35, (Mandatory Put 7/01/22), (WI/DD, Settling 7/01/22)No Opt. CallN/R4,300,000
1,675Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,7/26 at 100.00A–1,785,416
 Series 2016, 5.000%, 1/01/46   
1,000Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,7/30 at 100.00A–1,098,750
 Series 2020A, 5.000%, 1/01/50   
 Guam Power Authority, Revenue Bonds, Series 2012A:   
1,5005.000%, 10/01/30 – AGM Insured10/22 at 100.00AA1,517,385
4955.000%, 10/01/3410/22 at 100.00BBB500,737
3,000Norfolk, Virginia, Water Revenue Bonds, Series 2015A, 5.250%, 11/01/4411/24 at 100.00AA+3,216,480
1,000Norfolk, Virginia, Water Revenue Bonds, Series 2017, 5.000%, 11/01/4211/27 at 100.00AA+1,115,710
2,000Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien7/32 at 100.00N/R2,126,600
 Forward Delivery Series 2022A, 5.000%, 7/01/37, (WI/DD, Settling 6/15/22), 144A   
625Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A,7/22 at 100.00CCC626,944
 5.250%, 7/01/42   

 

61


 
 

 

 

  
NPVNuveen Virginia Quality Municipal Income Fund
 Portfolio of Investments (continued)
 May 31, 2022

 

     
Principal Optional Call  
Amount (000)Description (1)Provisions (2)Ratings (3)Value
 Utilities (continued)   
 Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A:   
$ 5,0005.000%, 1/15/331/26 at 100.00Aa1$ 5,426,950
1,0005.000%, 1/15/351/26 at 100.00Aa11,083,230
730Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding7/22 at 100.00CCC716,896
 Series 2007A, 5.000%, 7/01/24   
1,000Virginia Small Business Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta7/23 at 100.00B1,004,860
 Project, Series 2018, 5.000%, 1/01/48, (AMT), (Mandatory Put 7/01/38), 144A   
25,325Total Utilities  26,520,478
$ 395,850Total Long-Term Investments (cost $390,330,266)  395,651,183
 Floating Rate Obligations – (8.6)%  (20,350,000)
 Variable Rate Demand Preferred Shares, net of deferred offering costs – (53.8)% (7)  (127,678,546)
 Other Assets Less Liabilities – (4.2)%  (10,139,793)
 Net Assets Applicable to Common Shares – 100%  $ 237,482,844

 

(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 32.3%.
144AInvestment 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.
AMTAlternative Minimum Tax
ETMEscrowed to maturity
UBUnderlying bond of an inverse floating rate trust reflected as a financing transaction.
WI/DDPurchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

62


 
 

  

Statement of Assets and Liabilities

May 31, 2022

      
 NKGNMTNMSNOMNPV
Assets     
Long-term investments, at value (cost $212,686,611,     
$186,777,017, $132,069,130, $46,277,233 and     
$390,330,266, respectively)$207,870,177$185,509,710$131,979,747$46,427,070$395,651,183
Cash7,453,4081,888,2841,122,944
Receivable for:     
Interest2,940,3282,755,7251,616,067504,2235,109,049
Investments sold10,01240,0811,029,02114,150,155
Other assets5,05510,2894,8187,56835,453
Total assets210,815,560195,739,144135,528,99749,090,826414,945,840
Liabilities     
Cash overdraft259,3184,387,036
Floating rate obligations23,600,000600,00020,350,000
Payable for:     
Dividends429,716390,014297,29194,348826,121
Interest59,5602,01060,108
Investments purchased - regular settlement984,7035,003,500
Investments purchased - when-issued/delayed-delivery     
settlement1,051,8493,378,410562,26018,876,556
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares,     
net of deferred offering costs (liquidation preference     
$58,500,000, $ —, $52,800,000, $ — and     
$ —, respectively)58,451,58352,766,122
MuniFund Preferred (“MFP”) Shares, net of deferred     
offering costs (liquidation preference $ —, $ —,     
$ —, $18,000,000 and $ —, respectively)17,795,336
Variable Rate Demand Preferred (“VRDP”) Shares, net of     
deferred offering costs (liquidation preference $ —,     
$74,000,000, $ —, $ — and $128,000,000, respectively)73,758,542127,678,546
Accrued expenses:     
Management fees105,306101,36166,75724,055190,330
Trustees fees1,2491,27484830330,401
Other38,78342,17635,81923,74160,398
Total liabilities82,945,51575,345,21656,545,24720,086,756177,462,996
Commitments and contingencies (as disclosed in Note 8)     
Net assets applicable to common shares$127,870,045$120,393,928$ 78,983,750$29,004,070$237,482,844
Common shares outstanding10,399,8139,324,6175,785,1052,349,02217,916,936
Net asset value (“NAV”) per common share outstanding$ 12.30$ 12.91$ 13.65$ 12.35$ 13.25
Net assets applicable to common shares consist of:     
Common shares, $0.01 par value per share$ 103,998$ 93,246$ 57,851$ 23,490$ 179,169
Paid-in surplus137,111,658129,301,52580,926,37330,663,158250,709,701
Total distributable earnings (loss)(9,345,611)(9,000,843)(2,000,474)(1,682,578)(13,406,026)
Net assets applicable to common shares$127,870,045$120,393,928$ 78,983,750$29,004,070$237,482,844
Authorized shares:     
CommonUnlimitedUnlimitedUnlimitedUnlimitedUnlimited
PreferredUnlimitedUnlimitedUnlimitedUnlimitedUnlimited

 

See accompanying notes to financial statements.

63


 
 

  

Statement of Operations

Year Ended May 31, 2022

      
 NKGNMTNMSNOMNPV
Investment Income$ 7,437,949$ 6,908,960$ 5,228,886$ 1,803,366$ 14,899,174
Expenses     
Management fees1,336,6741,305,069844,717305,4592,443,488
Interest expense and amortization of offering costs729,659743,634566,095221,2311,682,585
Custodian expenses, net26,04329,66625,46315,56144,843
Trustees fees5,9486,1524,0741,45612,047
Professional fees40,14340,53136,26249,61759,003
Shareholder reporting expenses22,10820,52816,35612,25931,954
Shareholder servicing agent fees16,0912,55915,81115,2985,696
Stock exchange listing fees6,9466,9466,9466,9586,946
Investor relations expenses6,9037,0524,6951,61413,368
Other22,72230,21422,13219,38449,583
Total expenses2,213,2372,192,3511,542,551648,8374,349,513
Net investment income (loss)5,224,7124,716,6093,686,3351,154,52910,549,661
Realized and Unrealized Gain (Loss)     
Net realized gain (loss) from investments(474,274)(2,926,217)(1,218,627)(638,570)(3,206,206)
Change in net unrealized appreciation (depreciation)     
of investments(21,215,597)(19,745,586)(10,185,514)(3,534,342)(36,747,593)
Net realized and unrealized gain (loss)(21,689,871)(22,671,803)(11,404,141)(4,172,912)(39,953,799)
Net increase (decrease) in net assets applicable to common     
shares from operations$(16,465,159)$(17,955,194)$ (7,717,806)$(3,018,383)$(29,404,138)

 

See accompanying notes to financial statements.

64


 
 

 

 

Statement of Changes in Net Assets

  NKG  NMT 
 Year YearYear Year
 Ended EndedEnded Ended
 5/31/22 5/31/215/31/22 5/31/21
Operations      
Net investment income (loss)$ 5,224,712 $ 5,617,268$ 4,716,609 $ 5,314,505
Net realized gain (loss) from investments(474,274) 635,323(2,926,217) 168,132
Change in net unrealized appreciation (depreciation) of investments(21,215,597) 3,940,693(19,745,586) 6,279,772
Net increase (decrease) in net assets applicable to common shares      
from operations(16,465,159) 10,193,284(17,955,194) 11,762,409
Distributions to Common Shareholders      
Dividends(5,563,900) (5,407,903)(4,923,000) (5,090,213)
Decrease in net assets applicable to      
common shares from distributions      
to common shareholders(5,563,900) (5,407,903)(4,923,000) (5,090,213)
Capital Share Transactions      
Common shares:      
Net proceeds from shares issued      
to shareholders due to      
reinvestment of distributions 28,306 
Net increase (decrease) in net assets      
applicable to common shares from      
capital share transactions 28,306 
Net increase (decrease) in net assets      
applicable to common shares(22,029,059) 4,785,381(22,849,888) 6,672,196
Net assets applicable to common      
shares at the beginning of period149,899,104 145,113,723143,243,816 136,571,620
Net assets applicable to common      
shares at the end of period$127,870,045 $149,899,104$120,393,928 $143,243,816

 

See accompanying notes to financial statements.

65


 
 

 

 

Statement of Changes in Net Assets (continued)

       
  NMS  NOM 
 Year YearYear Year
 Ended EndedEnded Ended
 5/31/22 5/31/215/31/22 5/31/21
Operations      
Net investment income (loss)$ 3,686,335 $ 3,833,160$ 1,154,529 $ 1,296,201
Net realized gain (loss) from investments(1,218,627) 171(638,570) 12,619
Change in net unrealized appreciation (depreciation) of investments(10,185,514) 4,377,272(3,534,342) 1,097,030
Net increase (decrease) in net assets applicable to common shares      
from operations(7,717,806) 8,210,603(3,018,383) 2,405,850
Distributions to Common Shareholders      
Dividends(3,644,010) (3,550,405)(1,228,061) (1,196,695)
Decrease in net assets applicable to      
common shares from distributions      
to common shareholders(3,644,010) (3,550,405)(1,228,061) (1,196,695)
Capital Share Transactions      
Common shares:      
Net proceeds from shares issued      
to shareholders due to      
reinvestment of distributions35,696 5,73425,933 19,216
Net increase (decrease) in net assets      
applicable to common shares from      
capital share transactions35,696 5,73425,933 19,216
Net increase (decrease) in net assets      
applicable to common shares(11,326,120) 4,665,932(4,220,511) 1,228,371
Net assets applicable to common      
shares at the beginning of period90,309,870 85,643,93833,224,581 31,996,210
Net assets applicable to common      
shares at the end of period$ 78,983,750 $90,309,870$29,004,070 $33,224,581

 

See accompanying notes to financial statements.

66


 
 

 

 

  NPV 
 Year Year
 Ended Ended
 5/31/22 5/31/21
Operations   
Net investment income (loss)$ 10,549,661 $ 10,828,951
Net realized gain (loss) from investments(3,206,206) (28,052)
Change in net unrealized appreciation (depreciation) of investments(36,747,593) 16,874,300
Net increase (decrease) in net assets applicable to common shares   
from operations(29,404,138) 27,675,199
Distributions to Common Shareholders   
Dividends(10,423,824) (10,302,488)
Decrease in net assets applicable to   
common shares from distributions   
to common shareholders(10,423,824) (10,302,488)
Capital Share Transactions   
Common shares:   
Net proceeds from shares issued   
to shareholders due to   
reinvestment of distributions306,660 293,110
Net increase (decrease) in net assets   
applicable to common shares from   
capital share transactions306,660 293,110
Net increase (decrease) in net assets   
applicable to common shares(39,521,302) 17,665,821
Net assets applicable to common   
shares at the beginning of period277,004,146 259,338,325
Net assets applicable to common   
shares at the end of period$237,482,844 $277,004,146

 

See accompanying notes to financial statements.

67


 
 

 

 

Statement of Cash Flows

Year Ended May 31, 2022

      
 NKGNMTNMSNOMNPV
Cash Flows from Operating Activities:     
Net Increase (Decrease) in Net Assets Applicable to     
Common Shares from Operations$(16,465,159)$(17,955,194)$ (7,717,806)$ (3,018,383)$(29,404,138)
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(38,298,443)(38,039,683)(27,313,699)(12,196,026)(90,254,647)
Proceeds from sales and maturities of investments31,190,31041,859,04825,758,37712,421,27475,002,788
Taxes paid(55)(22)(477)(1,614)(265)
Amortization (Accretion) of premiums and discounts, net1,843,8072,124,127232,072260,0681,353,094
Amortization of deferred offering costs7,4389,7505,2048,07415,173
(Increase) Decrease in:     
Receivable for interest47,362108,40710,82917,221201,885
Receivable for investments sold1,489,98840,569(1,024,005)(14,135,155)
Other assets(5,055)(5,054)(4,818)(4,624)(6,212)
Increase (Decrease) in:     
Payable for interest(50,544)(1,301)(66,508)
Payable for investments purchased – regular settlement984,7035,003,500
Payable for investments purchased – when-issued/delayed     
delivery settlement1,051,8493,104,830562,26018,434,369
Accrued management fees(10,585)(12,717)(6,348)(2,515)(22,445)
Accrued Trustees fees(2,301)(2,414)(1,588)(568)(2,351)
Accrued other expenses(46,766)(42,294)(44,239)(38,308)(58,097)
Net realized (gain) loss from investments474,2742,926,2171,218,627638,5703,206,206
Change in net unrealized (appreciation) depreciation     
of investments21,215,59719,745,58610,185,5143,534,34236,747,593
Net cash provided by (used in) operating activities(100,120)13,257,5945,467,0472,139,1686,014,790
Cash Flows from Financing Activities:     
Increase (Decrease) in cash overdraft259,318(881,391)(11,869)4,099,072
Proceeds from borrowings117,005117,892169,007140,441940,230
(Repayments of) borrowings(117,005)(117,892)(169,007)(140,441)(940,230)
Proceeds from floating rate obligations4,000,000
Cash distributions paid to common shareholders(5,591,161)(4,922,795)(3,608,005)(1,207,374)(10,113,862)
Net cash provided by (used in) financing activities(1,331,843)(5,804,186)(3,619,874)(1,207,374)(6,014,790)
Net Increase (Decrease) in Cash(1,431,963)7,453,4081,847,173931,794
Cash at the beginning of period1,431,963191,150
Cash at the end of period$ —$ 7,453,408$ 1,847,173$ 1,122,944$ —
Supplemental Disclosure of Cash Flow InformationNKGNMTNMSNOMNPV
Cash paid for interest (excluding amortization of     
offering costs)$ 771,537$ 732,570$ 559,975$ 214,196$ 1,731,812
Non-cash financing activities not included herein consists     
of reinvestments of common share distributions28,30635,69625,933306,660

 

See accompanying notes to financial statements.

68


 
 

 

 

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69


 
 

 

 

Financial Highlights

Selected data for a common share outstanding throughout each period:

      Less Distributions to    
  Investment Operations Common Shareholders Common Share
       From  Discount  
 BeginningNetNet  FromAccumu-  Per  
 CommonInvestmentRealized/  Netlated Net  Share Ending
 ShareIncomeUnrealized  InvestmentRealized  RepurchasedEndingShare
 NAV(Loss)Gain (Loss)Total IncomeGainsTotal and RetiredNAVPrice
NKG            
Year Ended 5/31:            
2022$14.41$0.50$(2.07)$(1.57) $(0.54)$ —$(0.54) $ —$12.30$11.21
202113.950.540.440.98 (0.52)(0.52) 14.4113.60
202013.860.480.060.54 (0.45)(0.45) 13.9511.98
201913.320.460.480.94 (0.43)(0.43) 0.0313.8612.46
201813.800.49(0.46)0.03 (0.51)(0.51) 13.3211.38
NMT            
Year Ended 5/31:            
202215.360.51(2.43)(1.92) (0.53)(0.53) 12.9112.20
202114.650.570.691.26 (0.55)(0.55) 15.3614.92
202014.730.52(0.10)0.42 (0.50)(0.50) 14.6513.15
201914.280.520.420.94 (0.50)(0.50) 0.0114.7312.84
201814.720.59(0.40)0.19 (0.63)(0.63) 14.2812.64

 

(a) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

70


 
 

 

 

       
    Common Share Supplemental Data/ 
    Ratios Applicable to Common Shares 
Common Share     
Total Returns  Ratios to Average Net Assets(b) 
 Based Ending Net 
Basedon Net InvestmentPortfolio
onShare Assets IncomeTurnover
NAV(a)Price(a) (000)Expenses(Loss)Rate(c)
 
(11.25)%(14.09)% $127,8701.54%3.64%14%
7.1218.24 149,8991.463.787
3.90(0.33) 145,1142.133.409
7.4913.72 144,1522.453.5020
0.22(10.74) 140,4852.193.6415
 
(12.84)(15.12) 120,3941.603.4518
8.6917.81 143,2441.543.778
2.836.14 136,5722.203.4711
6.875.80 137,2812.453.7016
1.29(4.84) 133,4682.134.0417

 

(b) •Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares) and/or the interest   expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the   Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:

 

 Ratios of Interest Expense to  Ratios of Interest Expense to
 Average Net Assets  Average Net Assets
NKGApplicable to Common Shares NMTApplicable to Common Shares
Year Ended 5/31:  Year Ended 5/31: 
20220.51% 20220.54%
20210.44 20210.49
20201.09 20201.14
20191.36 20191.30
20181.11 20181.00

 

(c)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.

See accompanying notes to financial statements.

71


 
 

 

 

Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:

      Less Distributions to      
  Investment Operations Common Shareholders   Common Share 
           Premium   
       From   perDiscount  
 BeginningNetNet  FromAccumu-   SharePer  
 CommonInvestmentRealized/  Netlated Net   throughShare Ending
 ShareIncomeUnrealized  InvestmentRealizedReturn of  ShelfRepurchasedEndingShare
 NAV(Loss)Gain (Loss)Total IncomeGainsCapitalTotal Offeringand RetiredNAVPrice
NMS              
Year Ended 5/31:              
2022$15.62$0.64$(1.98)$(1.34) $(0.63)$ —$ —$(0.63) $ —$ —$13.65$15.45
202114.810.660.761.42 (0.61)(0.61) 15.6216.24
202015.190.59(0.40)0.19 (0.57)(0.57) 14.8113.55
201914.690.620.501.12 (0.62)(0.62) —*15.1913.76
201815.080.70(0.37)0.33 (0.74)(0.74) 0.0214.6913.60
NOM              
Year Ended 5/31:              
202214.160.49(1.78)(1.29) (0.52)(0.52) 12.3512.46
202113.640.550.481.03 (0.51)(0.51) 14.1614.70
202013.840.50(0.21)0.29 (0.49)(0.49) 13.6414.56
201913.480.520.360.88 (0.52)(0.52) 13.8413.97
201813.950.57(0.41)0.16 (0.62)(0.01)(0.63) 13.4813.34

 

(a)Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

72


 
 

 

 

       
    Common Share Supplemental Data/ 
    Ratios Applicable to Common Shares 
Common Share     
Total Returns  Ratios to Average Net Assets(b) 
 
 Based Ending Net 
Basedon Net InvestmentPortfolio
onShare Assets IncomeTurnover
NAV(a)Price(a) (000)Expenses(Loss)Rate(c)
 
(8.87)%(0.84)% $78,9841.77%4.22%19%
9.7424.89 90,3101.714.305
1.242.57 85,6442.463.8512
7.886.13 87,8122.754.2530
2.37(11.55) 85,0672.404.6613
 
(9.35)(11.98) 29,0042.033.6125
7.664.69 33,2251.933.9513
2.077.93 31,9962.663.5810
6.709.06 32,4442.723.9023
1.15(13.89) 31,6052.544.1520

 

(b)•Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:
     
 Ratios of Interest Expense to  Ratios of Interest Expense to
 Average Net Assets  Average Net Assets
NMSApplicable to Common Shares NOMApplicable to Common Shares
Year Ended 5/31:  Year Ended 5/31: 
20220.65% 20220.69%
20210.60 20210.63
20201.32 20201.29
20191.59 20191.40
20181.06 20181.19

 

(c)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
*Value rounded to zero.

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
          Discount  
 BeginningNetNet  FromAccumu-  Per  
 CommonInvestmentRealized/  Netlated Net  Share Ending
 ShareIncomeUnrealized  InvestmentRealized  RepurchasedEndingShare
 NAV(Loss)Gain (Loss)Total IncomeGainsTotal and RetiredNAVPrice
NPV            
Year Ended 5/31:            
2022$15.48$0.59$(2.24)$(1.65) $(0.58)$ —$(0.58) $ —$13.25$12.77
202114.510.610.941.55 (0.58)(0.58) 15.4816.13
202014.670.54(0.17)0.37 (0.53)(0.53) 14.5113.40
201914.170.530.491.02 (0.53)(0.53) 0.0114.6712.92
201814.490.56(0.32)0.24 (0.56)(0.56) 14.1712.35

 

(a)Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

74


 
 

 

 

    Common Share Supplemental Data/ 
    Ratios Applicable to Common Shares 
Common Share     
Total Returns  Ratios to Average Net Assets(b) 
 
 Based Ending Net 
Basedon Net InvestmentPortfolio
onShare Assets IncomeTurnover
NAV(a)Price(a) (000)Expenses(Loss)Rate(c)
 
(10.89)%(17.67)% $237,4831.64%3.97%18%
10.8025.01 277,0041.583.997
2.487.74 259,3382.203.6518
7.499.23 262,2022.483.8121
1.70(2.62) 254,1752.073.9222

 

(b) •Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:
  
 Ratios of Interest Expense to
 Average Net Assets
NPVApplicable to Common Shares
Year Ended 5/31: 
20220.63%
20210.58
20201.18
20191.42
20181.02

 

(c)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.

See accompanying notes to financial statements.

75


 
 

 

 

Financial Highlights (continued)

The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund's last five fiscal periods, as applicable.

          
 AMTP Shares VMTP Shares VRDP Shares
 AggregateAsset AggregateAsset Aggregate Asset
 AmountCoverage AmountCoverage AmountCoverage
 OutstandingPer $100,000 OutstandingPer $100,000 OutstandingPer $100,000
 (000)(a)Share(b) (000)(a)Share(b) (000)(a) Share(b)
NKG         
Year Ended 5/31:         
2022$58,500$318,581 $ —$ — $ —$ —
202158,500356,238   
202058,500348,058   
201958,500346,414   
2018 82,000271,323  
 
NMT         
Year Ended 5/31:         
2022  74,000 262,694
2021  74,000 293,573
2020  74,000 284,556
2019  74,000 285,515
2018  74,000 280,362

 

(a)Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.
(b)Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000.

See accompanying notes to financial statements.

76


 
 

 

 

         
 AMTP Shares VMTP Shares MFP Shares
 AggregateAsset AggregateAsset AggregateAsset
 AmountCoverage AmountCoverage AmountCoverage
 OutstandingPer $100,000 OutstandingPer $100,000 OutstandingPer $100,000
 (000)(a)Share(b) (000)(a)Share(b) (000)(a)Share(b)
NMS        
Year Ended 5/31:        
2022$52,800$249,590 $ —$ — $ —$ —
202152,800271,041  
202052,800262,204  
201952,800266,310  
2018 52,800261,111 
 
NOM        
Year Ended 5/31:        
2022  18,000261,134
2021  18,000284,581
2020  18,000277,757
2019  18,000280,242
2018  18,000275,584

 

(a)Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.
(b)Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000.

See accompanying notes to financial statements.

77


 
 

 

 

Financial Highlights (continued)

   
 VRDP Shares
 AggregateAsset
 AmountCoverage
 OutstandingPer $100,000
 (000)(a)Share(b)
NPV  
Year Ended 5/31:  
2022$128,000$285,533
2021128,000316,409
2020128,000302,608
2019128,000304,845
2018128,000298,574

 

(a)Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.
(b)Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000.

See accompanying notes to financial statements.

78


 
 

  

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.

Current Fiscal Period

The end of the reporting period for the Funds is May 31, 2022, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2022 (the “current fiscal period”).

Investment Adviser and Sub-Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Developments Regarding the Funds’ Control Share By-Law

On October 5, 2020, the Funds and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board of Trustees (the “Board”) amended the Funds’ by-laws to provide that the Funds’ Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Funds’ Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.

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.

79


 
 

 

 

Notes to Financial Statements (continued)

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation

The Funds pay no compensation directly to those of its trustees or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Custodian Fee Credit

As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the current reporting period, the custodian fee credit earned by each Fund was as follows:

      
 NKGNMTNMSNOMNPV
Custodian Fee Credit$627$779$409$161$713

 

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.

80


 
 

 

 

New Accounting Pronouncements and Rule Issuances

Reference Rate Reform

In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. 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 quotations 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 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.

Level1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level3 – 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.

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Notes to Financial Statements (continued)

The following table summarizes the market value of the Funds' investments as of the end of the reporting period, based on the inputs used to value them:

     
NKGLevel 1Level 2Level 3Total
Long-Term Investments*:    
Municipal Bonds$ —$207,700,645$169,532**$207,870,177
NMT    
Long-Term Investments*:    
Municipal Bonds$ —$185,509,710$ —$185,509,710
NMS    
Long-Term Investments*    
Municipal Bonds$ —$131,979,747$ —$131,979,747
NOM    
Long-Term Investments*:    
Municipal Bonds$ —$ 46,427,070$ —$ 46,427,070
NPV    
Long-Term Investments*:    
Municipal Bonds$ —$395,651,183$ —$395,651,183

 

*Refer to the Fund’s Portfolio of Investments for industry classifications.
**Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.

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

4. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”) in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

A Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

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An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities, respectively.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

Floating Rate Obligations OutstandingNKGNMTNMSNOMNPV
Floating rate obligations: self-deposited Inverse Floaters$23,600,000$ —$ —$600,000$20,350,000
Floating rate obligations: externally-deposited Inverse Floaters7,325,000
Total$23,600,000$7,325,000$ —$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 FloatersNKGNMTNMSNOMNPV
Average floating rate obligations outstanding$21,298,630$ —$ —$600,000$20,350,000
Average annual interest rate and fees0.67%—%—%0.63%0.70%

 

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any 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

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Notes to Financial Statements (continued)

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 TrustsNKGNMTNMSNOMNPV
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters$23,600,000$ —$ —$600,000$20,350,000
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters7,325,000
Total$23,600,000$7,325,000$ —$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.

Investment Transactions

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

 

 NKGNMTNMSNOMNPV
Purchases$38,298,443$38,039,683$27,313,699$12,196,026$90,254,647
Sales and maturities31,190,31041,859,04825,758,37712,421,27475,002,788

 

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when issued/ delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

Investments in Derivatives

In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

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5. Fund Shares

Common Share Transactions

Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable. were as follows:

 NMTNMSNOMNPV
 YearYearYearYearYearYearYearYear
 EndedEndedEndedEndedEndedEndedEndedEnded
 5/31/225/31/215/31/225/31/215/31/225/31/215/31/225/31/21
Common shares:        
Issued to shareholders due        
to reinvestment of distributions1,8662,3503691,8531,37219,47319,216

 

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:

     
    Liquidation
    Preference,
  SharesLiquidationnet of deferred
FundSeriesOutstandingPreferenceoffering costs
NKG2028585$58,500,000$58,451,583
NMS2028528$52,800,000$52,766,122

 

Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.

In addition, the Funds may be obligated to redeem a certain amount of the AMTP Shares if the Funds fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund’s AMTP Shares are as follows:

     
 Notice TermPremium
FundPeriodSeriesRedemption DateExpiration Date
NKG540-day2028December 1 2028*February 13, 2019
NMS360-day2028December 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:

   
 NKGNMS
Average liquidation preference of AMTP shares outstanding$58,500,000$52,800,000
Annualized dividend rate0.99%1.06%

 

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’

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Notes to Financial Statements (continued)

Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.

AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Costs incurred in connection with each Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

MuniFund Preferred Shares

NOM has issued and has outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 liquidation preference per share. These MFP Shares were issued via private placement and are not publicly available.

The Fund is obligated to redeem its MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Fund. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Fund. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Fund may establish additional mode structures with the MFP Share.

Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of their shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.

The Fund will pay a remarketing fee on the aggregate principal amount of all MFP shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.

Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.

The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread’ being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.

Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enables its shareholders to require a liquidity provider, 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.

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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
  SharesLiquidationnet of deferredRedemption Termination
FundSeriesOutstandingPreferenceoffering costsDateModeDate
NOMA180$18,000,000$17,795,336October 1, 2047VRMApril 1, 2024

 

The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:

 NOM
Average liquidation preference of MFP Shares outstanding$18,000,000
Annualized dividend rate1.16%

 

Variable Rate Demand Preferred Shares

The following Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.

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

 

     Liquidation  
     Preference,Special Rate 
  SharesRemarketingLiquidationnet of deferredPeriod 
FundSeriesOutstandingFees*Preferenceoffering costsExpirationMaturity
NMT1740N/A$ 74,000,000$ 73,758,542March 1, 2047March 1, 2047
NPV11,280N/A$128,000,000$127,678,546July 20, 2022August 3, 2043

 

*Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series.

N/A Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee.

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.

Each Fund’s Series 1 VRDP Shares are considered to be Special Rate Period VRDP, which are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider and are not subject to remarketing fees or liquidity fees. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, or the Board may approve a subsequent special rate period.

Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.

Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of 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.

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Notes to Financial Statements (continued)

The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

   
 NMTNPV
Average liquidation preference of VRDP Shares outstanding$74,000,000$128,000,000
Annualized dividend rate0.99%1.19%

 

For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.

Preferred Share Transactions

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 otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to nondeductible offering costs, taxable market discount, and taxes paid. Temporary and permanent differences have no impact on a Fund’s net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:

     
  GrossGross Net Unrealized
  UnrealizedUnrealizedAppreciation
FundTax CostAppreciation(Depreciation)(Depreciation)
NKG$188,989,677$ 2,930,264$(7,649,649)$(4,719,385)
NMT186,768,7473,441,078(4,700,115)(1,259,037)
NMS132,055,1822,414,590(2,490,025)(75,435)
NOM45,665,181927,093(765,203)161,890
NPV370,118,43512,666,027(7,483,215)5,182,812

 

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For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

         
 UndistributedUndistributedUndistributedUnrealized  Other 
 Tax-ExemptOrdinaryLong-TermAppreciationCapital LossLate-Year LossBook-to-Tax 
FundIncome1IncomeCapital Gains(Depreciation)CarryforwardsDeferralsDifferencesTotal
NKG$ 519,813$2,368$ —$(4,719,385)$ (4,706,415)$ —$(441,992)$ (9,345,611)
NMT464,283(1,259,037)(7,805,130)(400,959)(9,000,843)
NMS398,387(75,435)(2,019,708)(303,718)(2,000,474)
NOM125,395161,890(1,872,379)(97,484)(1,682,578)
NPV1,712,63653,2005,182,812(19,485,703)(868,971)(13,406,026)

 

1Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 2, 2022 and paid on June 1, 2022.

The tax character of distributions paid were as follows:

        
  5/31/22   5/31/21 
 Tax-ExemptOrdinaryLong-Term Tax-ExemptOrdinaryLong-Term
FundIncome1IncomeCapital Gains IncomeIncomeCapital Gains
NKG$ 5,533,377$30,523$ — $ 5,405,359$ 2,544$ —
NMT4,923,000 5,089,900313
NMS3,644,010 3,544,4795,926
NOM1,228,061 1,171,01825,677
NPV10,419,8443,980 10,301,2311,257

 

1 Each Fund designates these amounts paid during the period as Exempt Interest Dividends.

As of year end, the Funds had capital loss carryforwards, which will not expire:

    
FundShort-TermLong-TermTotal
NKG$2,903,602$ 1,802,813$ 4,706,415
NMT3,993,6973,811,4337,805,130
NMS1,463,344556,3642,019,708
NOM693,7401,178,6391,872,379
NPV7,769,04511,716,65819,485,703

 

7. Management Fees and Other Transactions with Affiliates

Management Fees

Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

 

Averaged Daily Managed Assets*Fund-Level Fee Rate
For the first $125 million0.4500%
For the next $125 million0.4375
For the next $250 million0.4250
For the next $500 million0.4125
For the next $1 billion0.4000
For the next $3 billion0.3750
For managed assets over $5 billion0.3625

 

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Notes to Financial Statements (continued)

The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Funds’ daily managed assets:

Complex-Level Eligible Asset Breakpoint Level*Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion0.2000%
$56 billion0.1996
$57 billion0.1989
$60 billion0.1961
$63 billion0.1931
$66 billion0.1900
$71 billion0.1851
$76 billion0.1806
$80 billion0.1773
$91 billion0.1691
$125 billion0.1599
$200 billion0.1505
$250 billion0.1469
$300 billion0.1445

 

*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, 2022, the complex-level fee for each Fund was 0.1559%.

Other Transactions with Affiliates

Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

During the current fiscal period, the following Funds engaged in cross-trades pursuant to these procedures as follows:

Cross-TradesNMTNMSNOMNPV
Purchases$13,716,688$ 7,559,200$1,648,889$20,586,460
Sales6,633,88510,071,9061,693,85720,544,583
Realized gain (loss)(871,649)(555,541)(190,357)(1,878,299)

 

8. Commitments and Contingencies

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

From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the reporting period, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds’ financial statements.

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9. Borrowing Arrangements

Committed Line of Credit

The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.635 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multifactor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2022 unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Prior to June 23, 2021, the drawn interest rate was equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. The Participating Funds also incurred a 0.05% upfront fee on the increase of the $230 million commitment amount during the reporting period. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:

      
 NKGNMTNMSNOMNPV
Maximum outstanding balance$117,005$117,892$169,007$140,441$940,230

 

During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:

      
 NKGNMTNMSNOMNPV
Utilization period (days outstanding)33333
Average daily balance outstanding$117,005$117,892$169,007$140,441$940,230
Average annual interest rate1.27%1.27%1.27%1.27%1.27%

 

Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.

Inter-Fund Borrowing and Lending

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

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Notes to Financial Statements (continued)

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

10. Subsequent Events

Committed Line of Credit

During June 2022, the Participating Funds renewed the standby credit facility through June 2023. In conjunction with this renewal the commitment amount increased from $2.635 billion to $2.700 billion. The Participating Funds also incurred a 0.05% upfront fee on the increased commitments from select lenders. All other terms remain unchanged.

Variable Rate Demand Preferred Shares

During July 2022, NPV extended the special rate period for its Series 1 VRDP Shares to July 19, 2023.

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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.

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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 tender option bond trusts (“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 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.

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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 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

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Shareholder Update (Unaudited) (continued)

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.

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 to30 years and the Fund may not achieve its investment objectives.

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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.

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.

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Shareholder Update (Unaudited) (continued)

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 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.

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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 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.

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Shareholder Update (Unaudited) (continued)

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 to30 years and the Fund may not achieve its investment objectives.

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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 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.

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Shareholder Update (Unaudited) (continued)

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.

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.

102


 
 

 

 

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 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 to 30 years and the Fund may not achieve its investment objectives.

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Shareholder Update (Unaudited) (continued)

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.

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.

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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 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.

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Shareholder Update (Unaudited) (continued)

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 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 to 30 years and the Fund may not achieve its investment objectives.

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NUVEEN VIRGINIA QUALITY MUNICIPAL INCOME FUND (NPV)

Investment Objectives

The Fund’s primary investment objective is to provide current income exempt from both regular federal and Virginia income taxes. The Fund’s secondary investment objective is to enhance portfolio value relative to the Virginia municipal bond market by investing in tax-exempt Virginia municipal securities that the Fund’s investment 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 Virginia 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 Virginia 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 Virginia income tax.

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Shareholder Update (Unaudited) (continued)

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 Commonwealth of Virginia, a municipality in Virginia, or a political subdivision or agency or instrumentality of such state 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 investment adviser to be reliable), is exempt from both regular federal income taxes and Virginia personal income tax, although the interest may be subject to the federal alternative minimum 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 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.

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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 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.

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Shareholder Update (Unaudited) (continued)

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 to 30 years and the Fund may not achieve its investment objectives.

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PRINCIPAL RISKS OF THE FUNDS

The factors that are most likely to have a material effect on a particular Fund’s portfolio as a whole are called “principal risks.” Each Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can change over time.

      
 NuveenNuveenNuveenNuveenNuveen
 GeorgiaMassachusettsMinnesotaMissouriVirginia
 QualityQualityQualityQualityQuality
 MunicipalMunicipalMunicipalMunicipalMunicipal
 IncomeIncomeIncomeIncomeIncome
 FundFundFundFundFund
Risk(NKG)(NMT)(NMS)(NOM)(NPV)
Portfolio Level Risks     
Alternative Minimum Tax RiskXXXXX
Below Investment Grade RiskXXXXX
Call RiskXXXXX
Credit RiskXXXXX
Credit Spread RiskXXXXX
Deflation RiskXXXXX
Derivatives RiskXXXXX
Distressed Securities RiskXXXXX
Duration RiskXXXXX
Economic Sector RiskXXXXX
Financial Futures and Options RiskXXXXX
Hedging RiskXXXXX
Illiquid Investments RiskXXXXX
Income RiskXXXXX
Inflation RiskXXXXX
Insurance RiskXXXXX
Interest Rate RiskXXXXX
Inverse Floating Rate Securities RiskXXXXX
London Interbank Offered Rate (“LIBOR”) Replacement RiskXXXXX
Municipal Securities Market Liquidity RiskXXXXX
Municipal Securities Market RiskXXXXX
Other Investment Companies RiskXXXXX
Puerto Rico Municipal Securities Market RiskXXXXX
Reinvestment RiskXXXXX
Sector and Industry RiskXXXXX
Sector Focus RiskXXXXX
Special Considerations Related to Single State Concentration RiskXXXXX
Special Risks Related to Certain Municipal ObligationsXXXXX
Swap Transactions RiskXXXXX
Tax RiskXXXXX
Taxability RiskXXXXX
Tobacco Settlement Bond RiskXXXXX
Unrated Securities RiskXXXXX
Valuation RiskXXXXX
Zero Coupon Bonds RiskXXXXX

 

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Shareholder Update (Unaudited) (continued)

      
 NuveenNuveenNuveenNuveenNuveen
 GeorgiaMassachusettsMinnesotaMissouriVirginia
 QualityQualityQualityQualityQuality
 MunicipalMunicipalMunicipalMunicipalMunicipal
 IncomeIncomeIncomeIncomeIncome
 FundFundFundFundFund
Risk(NKG)(NMT)(NMS)(NOM)(NPV)
Fund Level and Other Risks     
Anti-Takeover ProvisionsXXXXX
Counterparty RiskXXXXX
Cybersecurity RiskXXXXX
Economic and Political Events RiskXXXXX
Global Economic RiskXXXXX
Investment and Market RiskXXXXX
Legislation and Regulatory RiskXXXXX
Leverage RiskXXXXX
Market Discount from Net Asset ValueXXXXX
Recent Market ConditionsXXXXX
Reverse Repurchase Agreement RiskXXXXX

 

Portfolio Level Risks:

Alternative Minimum Tax Risk. The Fund may invest in AMT Bonds. Therefore, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.

Below Investment Grade Risk. Municipal securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal, and may be subject to higher price volatility and default risk than investment grade municipal securities of comparable terms and duration. Issuers of lower grade municipal securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated municipal securities may not be as liquid as the secondary market for more highly rated municipal securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular municipal security. If a below investment grade municipal security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price.

Call Risk. The Fund may invest in municipal securities that are subject to call risk. Such municipal securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding municipal securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.

Credit Risk. Issuers of municipal securities in which the Fund may invest may default on their obligations to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing non-payment and potentially a decrease in the net asset value (“NAV”) of the Fund. To the extent that the credit rating assigned to a municipal security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected.

Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.

Deflation Risk. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

Derivatives Risk. The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal security or other asset without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty

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also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty.

It is possible that regulatory or other developments in the derivatives market, including the SEC’s recently adopted new Rule 18f-4 under the 1940 Act, which imposes limits on the amount of derivatives a fund can enter into could adversely impact the Fund’s ability to successfully use derivative instruments.

Distressed Securities Risk. The Fund may invest in low-rated securities or securities unrated but judged by the sub-adviser to be of comparable quality. Some or many of these low-rated securities, although not in default, may be “distressed,” meaning that the issuer is experiencing financial difficulties or distress at the time of acquisition. Such securities would present a substantial risk of future default which may cause the Fund to incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio security, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities may be subject to restrictions on resale.

Duration Risk. Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

Economic Sector Risk. The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector. As concentration increases, so does the potential for fluctuation in the value of the Fund’s assets. In addition, the Fund may invest a significant portion of its assets in certain sectors of the municipal securities market, such as health care facilities, private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its assets in the sectors noted above, the Fund’s performance may be subject to additional risk and variability.

Financial Futures and Options Transactions Risk. The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged.

If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.

Hedging Risk. The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the sub-adviser’s ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the sub-adviser’s judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.

Illiquid Investments Risk. Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time.

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Shareholder Update (Unaudited) (continued)

Income Risk. The Fund’s income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could continue to increase.

Insurance Risk. The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to sub-prime mortgages and other lower credit quality investments. As a result, such losses reduced the insurers’ capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the NAV of the common shares represented by such insured obligation.

Interest Rate Risk. Interest rate risk is the risk that municipal securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of municipal securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of municipal securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term municipal securities generally fluctuate more than prices of shorter-term municipal securities as interest rates change. The risks associated with rising interest rates are greatly heightened in view of the US Federal Reserve Bank’s decision to raise the federal funds rate from historic lows, and may continue to raise interest rates if considered necessary to reduce the inflation to acceptable levels.

Inverse Floating Rate Securities Risk. The Fund may invest in inverse floating rate securities. In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund’s investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities.

The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund (i.e., the Fund typically bears the risk of loss with respect to any liquidity shortfall). In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities.

The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following:

If the Fund has a need for cash and the securities in a special purpose trust are not actively traded due to adverse market conditions;
If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and
If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund.

London Interbank Offered Rate (“LIBOR”) Replacement Risk. LIBOR is an index rate that historically has been widely used in lending transactions and remains a common reference rate for setting the floating interest rate on private loans. The use of the LIBOR will begin to be phased out in the near future, which may adversely affect the Fund’s investments whose value is tied to LIBOR. While the Secured Overnight Financing Rate (“SOFR”) has been recommended as the replacement rate for LIBOR, and some product markets have adopted the use of SOFR, LIBOR may still be used as a reference rate until such time that private markets have fully transitioned to using SOFR or other alternative reference rates recommended by applicable market regulators. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The potential effect of a discontinuation of LIBOR on the Fund’s investments will vary depending on, among other things: (1) existing fallback provisions that provide a replacement reference rate if LIBOR is no longer available; (2) termination provisions in individual contracts; and (3) how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments held by the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR until it is clearer how the Fund’s products and instruments will be impacted by this transition.

Municipal Securities Market Liquidity Risk. Inventories of municipal securities held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities at attractive prices, and increase municipal security price volatility and trading costs, particularly during periods of economic or

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market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal securities, which may further decrease the Fund’s ability to buy or sell municipal securities. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of municipal securities to raise cash to meet its obligations, those sales could further reduce the municipal securities’ prices and hurt performance.

Municipal Securities Market Risk. The amount of public information available about the municipal securities in the Fund’s portfolio is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the sub-adviser than if the Fund were a stock fund or taxable bond fund. The secondary market for municipal securities, particularly below investment grade municipal securities, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell its municipal securities at attractive prices.

Other Investment Companies Risk. The Fund may invest in the securities of other investment companies, including ETFs. Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk.

With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their NAV.

Puerto Rico Municipal Securities Market Risk. To the extent that the Fund invests a significant portion of its assets in the securities issued by the Commonwealth of Puerto Rico or its political subdivisions, agencies, instrumentalities, or public corporations (collectively referred to as “Puerto Rico” or the “Commonwealth”), it will be disproportionally affected by political, social and economic conditions and developments in the Commonwealth. In addition, economic, political or regulatory changes in that territory could adversely affect the value of the Fund’s investment portfolio.

Puerto Rico currently is experiencing significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent government budget deficits. These challenges may negatively affect the value of the Fund’s investments in Puerto Rican municipal securities. Several major ratings agencies have downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. Puerto Rico recently defaulted on its debt by failing to make full payment due on its outstanding bonds, and there can be no assurance that Puerto Rico will be able to satisfy its future debt obligations. Further downgrades or defaults may place additional strain on the Puerto Rico economy and may negatively affect the value, liquidity, and volatility of the Fund’s investments in Puerto Rican municipal securities. Additionally, numerous issuers have entered Title III of the Puerto Rico Oversite, Management and Economic Stability Act (“PROMESA”), which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. However, Puerto Rico’s case is the first ever heard under PROMESA and there is no existing case precedent to guide the proceedings. Accordingly, Puerto Rico’s debt restructuring process could take significantly longer than traditional municipal bankruptcy proceedings. Further, it is not clear whether a debt restructuring process will ultimately be approved or, if so, the extent to which it will apply to Puerto Rico municipal securities sold by an issuer other than the territory. A debt restructuring could reduce the principal amount due, the interest rate, the maturity, and other terms of Puerto Rico municipal securities, which could adversely affect the value of Puerto Rican municipal securities. Legislation that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of the Fund’s investments in Puerto Rican municipal securities.

These challenges and uncertainties have been exacerbated by multiple hurricanes and a series of earthquakes and the resulting natural disasters that have stuck Puerto Rico since 2017. The full extent of the natural disasters’ impact on Puerto Rico’s economy and foreign investment in Puerto Rico is difficult to estimate.

Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns.

Sector and Industry Risk. Subject to the concentration limits of the Fund’s investment policies and guidelines, a Fund may invest a significant portion of its net assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies such as airline companies, whose credit quality and performance may be more susceptible to economic, business, political,

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Shareholder Update (Unaudited) (continued)

regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its net assets in the sectors noted above, the Fund’s performance may be subject to additional risk and variability.

Sector Focus Risk. At times, the Fund may focus its investments (i.e., overweight its investments relative to the overall municipal securities market) in one or more particular sectors, which may subject the Fund to additional risk and variability. Securities issued in the same sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund’s Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the NAV of the Fund’s common shares.

Special Considerations Related to Single State Concentration Risk. Because the Fund primarily invests in municipal securities from a single state, the Fund is more susceptible to political, economic or regulatory factors affecting issuers of single state municipal securities. Information regarding the financial condition of the state is ordinarily included in various public documents issued thereby, such as the official statements prepared in connection with the issuance of general obligation bonds for the state.

Additionally, the states are party to numerous legal proceedings, many of which normally occur in governmental operations. The creditworthiness of obligations issued by local issuers of the state may be unrelated to the creditworthiness of obligations issued by the state, and that there is no obligation on the part of the state to make payment on such local obligations in the event of default.

Special Risks Related to Certain Municipal Obligations. Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of “non-appropriation” clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund’s original investment. In the event of non-appropriation, the issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued.

Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificates of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.

Swap Transactions Risk. The Fund may enter into debt-related derivative instruments such as credit default swap contracts and interest rate swaps. Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the adviser and/or the sub-adviser of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/or the sub-adviser is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used.

Tax Risk. The value of the Fund’s investments and its NAV may be adversely affected by changes in tax rates, rules and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates or changes in the tax exempt status of interest income from municipal securities. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax exempt or tax-deferred accounts, for investors who are not sensitive to the federal income tax consequences of their investments.

Taxability Risk. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes, and the sub-adviser will not independently verify that opinion. Subsequent to the Fund’s acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as “exempt-interest dividends” could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. Certain other investments made by the Fund, including derivatives transactions, may result in the receipt of taxable income or gains by the Fund.

Tobacco Settlement Bond Risk. The Fund may invest in tobacco settlement bonds. Tobacco settlement bonds are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state’s proportionate share in the Master Settlement Agreement, an agreement between 46 states and nearly all of the U.S. tobacco manufacturers (the “MSA”). Under the terms of the MSA, the actual amount of future settlement payments by tobacco-manufacturers is dependent on many factors, including, among other things, reduced cigarette consumption.

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Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.

Unrated Securities Risk. The Fund may purchase securities that are not rated by any rating organization. Unrated securities determined by the Fund’s investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated investments or issuers than rated investments or issuers. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would be the case when the Fund invests in rated securities.

Valuation Risk. The municipal securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price municipal securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV.

Zero Coupon Bonds Risk. Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.

Fund Level and Other Risks:

Anti-Takeover Provisions. The Fund’s organizational documents include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. Further, the Fund’s by-laws provide that a shareholder who obtains beneficial ownership of common shares in a “Control Share Acquisition” will have the same voting rights as other common shares only to the extent authorized by shareholders. Although the application of the "Control Share Acquisition" provisions has currently been suspended, these provisions could have the effect of depriving the common shareholders of opportunities to sell their common shares at a premium over the then-current market price of the common shares.

Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.

Cybersecurity Risk. The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund.

Economic and Political Events Risk. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or local political and economic conditions, and thus may lead to declines in the creditworthiness and value of such municipal securities.

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Shareholder Update (Unaudited) (continued)

Global Economic Risk. National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies like China’s, may have global negative economic and market repercussions. Additionally, instability in various countries, such as Afghanistan and Syria, and natural and environmental disasters and the spread of infectious illnesses or other public health emergencies, possible terrorist attacks in the United States and around the world, continued tensions between North Korea and the United States and the international community generally, growing social and political discord in the United States, the European debt crisis, the response of the international community—through economic sanctions and otherwise—further downgrade of U.S. government securities, the change in the U.S. president and the new administration and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. Recent examples of such events include the outbreak of a novel coronavirus known as COVID-19 that was first detected in China in December 2019 and heightened concerns regarding North Korea’s nuclear weapons and long-range ballistic missile programs. In addition, Russia’s recent invasion of Ukraine in February 2022 has resulted in sanctions imposed by several nations, such as the United States, United Kingdom, European Union and Canada. The current sanctions and potential further sanctions may negatively impact certain sectors of Russia’s economy, but also may negatively impact the value of the Fund’s investments that do not have direct exposure to Russia. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the investment adviser and sub-adviser, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Governmental and quasigovernmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments.

Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Legislation and Regulatory Risk. At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.

The SEC’s recently adopted Rule 18f-4 under the 1940 Act governing the use of derivatives by registered investment companies, could affect the nature and extent of derivatives used by the Fund. Rule 18f-4 could limit the Fund’s use of derivatives, which could have an adverse impact on the Fund.

Leverage Risk. The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage.

The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market.

The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders.

The amount of fees paid to the investment adviser and the sub-adviser for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets - this may create an incentive for the investment adviser and the sub-adviser to leverage the Fund or increase the Fund’s leverage.

Market Discount from Net Asset Value. Shares of closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and

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economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.

Recent Market Conditions. Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region.

The current outbreak of COVID-19 has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in travel restrictions, closed international borders, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, defaults and credit downgrades, among other significant economic impacts, all of which have disrupted global economic activity across many industries and may exacerbate other pre-existing political, social and economic risks, locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

To the extent the impacts of COVID-19 continue, the Fund may experience negative impacts to its business that could exacerbate other risks to which the Fund is subject, including: (1) operational impacts on and availability of key personnel of Nuveen Fund Advisors, the Sub-Advisers, and/or any of the Fund’s other service providers, vendors and counterparties as they face changed circumstances and/or illness related to the pandemic and (2) limitations on the Fund’s ability to make distributions or dividends, as applicable, to Common Shareholders.

Governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve, have in the past responded to major economic disruptions with changes to fiscal and monetary policy, including but not limited to, direct capital infusions, new monetary programs, and dramatically lower interest rates. Certain of those policy changes are being implemented or considered in response to the COVID-19 outbreak. Such policy changes may adversely affect the value, volatility and liquidity of instruments in which the Fund invests.

On June 23, 2016, the United Kingdom (“UK”) held a referendum on whether to remain a member state of the European Union (“EU”), in which voters favored the UK’s withdrawal from the EU, an event widely referred to as “Brexit.” On January 31, 2020, the UK formally withdrew from the EU. The transition period concluded on December 31, 2020, and EU law no longer applies in the UK. On December 30, 2020, the UK and EU signed an EU-UK Trade and Cooperation Agreement (“UK/EU Trade Agreement”), which went into effect on January 1, 2021 and sets out the foundation of the economic and legal framework for trade between the UK and EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result in uncertainty in its application and periods of volatility in both the UK and wider European markets. The longer term economic, legal, political and social framework to be put in place between the UK and the EU are unclear at this stage, remain subject to negotiation and are likely to lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets for some time. The outcomes may cause increased volatility and have a significant adverse impact on world financial markets, other international trade agreements, and the UK and European economies, as well as the broader global economy for some time. Additionally, a number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict, most recently in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

The ongoing trade war between China and the United States, including the imposition of tariffs by each country has recently imposed tariffs on the other country’s products, has created a tense political environment. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.

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Shareholder Update (Unaudited) (continued)

Reverse Repurchase Agreement Risk. A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon the bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of the excess collateral may be delayed. The Fund also may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences.

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EFFECTS OF LEVERAGE

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as reverse repurchase agreements and investments in inverse floating rate securities, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects each Fund’s (i) continued use of leverage as of May 31, 2022 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Funds on such instruments (based on actual leverage costs incurred during the fiscal year ended May 31, 2022) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s use of certain other forms of economic leverage achieved through the use of certain derivative instruments.

The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Funds. Your actual returns may be greater or less than those appearing below.

 NuveenNuveenNuveenNuveenNuveen
 GeorgiaMassachusettsMinnesotaMissouriVirginia
 QualityQualityQualityQualityQuality
 MunicipalMunicipalMunicipalMunicipalMunicipal
 IncomeIncomeIncomeIncomeIncome
 FundFundFundFundFund
 (NKG)(NMT)(NMS)(NOM)(NPV)
Estimated Leverage as a Percentage of Managed Assets     
(Including Assets Attributable to Leverage)39.10%40.32%40.07%39.07%38.45%
Estimated Annual Effective Leverage Expense Rate Payable     
by Fund on Leverage0.91%1.00%1.07%1.19%1.13%
Annual Return Fund Portfolio Must Experience (net of expenses)     
to Cover Estimated Annual Effective Interest Expense Rate     
on Leverage0.36%0.41%0.43%0.46%0.44%
Common Share Total Return for (10.00)% Assumed Portfolio     
Total Return-17.01%-17.43%-17.40%-17.17%-16.96%
Common Share Total Return for (5.00)% Assumed Portfolio     
Total Return-8.80%-9.06%-9.06%-8.97%-8.83%
Common Share Total Return for 0.00% Assumed Portfolio     
Total Return-0.59%-0.68%-0.72%-0.76%-0.71%
Common Share Total Return for 5.00% Assumed Portfolio     
Total Return7.62%7.70%7.63%7.44%7.41%
Common Share Total Return for 10.00% Assumed Portfolio     
Total Return15.83%16.08%15.97%15.65%15.54%

 

Common Share total return is composed of two elements — the distributions paid by the Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Funds are more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, the Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors.

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Shareholder Update (Unaudited) (continued)

DIVIDEND REINVESTMENT PLAN

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above NAV at the time of valuation, the Fund will issue new shares at the greater of the NAV or 95% of the then-current market price. If the shares are trading at less than NAV, shares for your account will be purchased on the open market. If Computershare Trust Company, N.A. (the “Plan Agent”) begins purchasing Fund shares on the open market while shares are trading below NAV, but the Fund’s shares subsequently trade at or above their NAV before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ NAV or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Dividend Reinvestment Plan (the “Plan”) participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial professional or call us at (800) 257-8787.

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CHANGES OCCURRING DURING THE FISCAL YEAR

The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund.

During the most recent fiscal year, there have been no changes to: (i) the Funds’ investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Funds; (iv) a Fund’s charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders except as follows:

Developments Regarding the Funds’ Control Share By-Law

On October 5, 2020, the Nuveen Georgia Quality Municipal Income Fund, Nuveen Minnesota Quality Municipal Income Fund, Nuveen Massachusetts Quality Municipal Income Fund, Nuveen Missouri Quality Municipal Income Fund and the Nuveen Virginia Quality Municipal Income Fund (each a “Fund” and collectively the “Funds”) and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board amended the Funds’ bylaws to provide that the Funds’ Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Funds’ Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.

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Important Tax Information (Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

 Net Long-Term
FundCapital Gains
NKG$ —
NMT
NMS
NOM
NPV

 

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Additional Fund Information (Unaudited)

      
Board of Trustees     
Jack B. EvansWilliam C. HunterAmy B. R. LancellottaJoanne T. MederoAlbin F. MoschnerJohn K. Nelson
Judith M. StockdaleCarole E. StoneMatthew Thornton IIITerence J. TothMargaret L. WolffRobert L. Young

Investment AdviserCustodianLegal CounselIndependent RegisteredTransfer Agent and
Nuveen Fund Advisors, LLCState Street BankChapman and Cutler LLPPublic Accounting FirmShareholder Services
333 West Wacker Drive& Trust CompanyChicago, IL 60603KPMG LLPComputershare Trust
Chicago, IL 60606One Lincoln Street 200 East Randolph StreetCompany, N.A.
 Boston, MA 02111 Chicago, IL 60601150 Royall Street
    Canton, MA 02021
    (800) 257-8787

 

Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

 

Nuveen Funds’ Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

 

CEO Certification Disclosure

Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

 

Common Share Repurchases

Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 NKGNMTNMSNOMNPV
Common shares repurchased

 

FINRA BrokerCheck

The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

 

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Glossary of Terms Used in this Report (Unaudited)

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
Pre-Refunded Bond/Pre-Refunding: Pre-Refunded Bond/Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

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S&P Municipal Bond Index: An index designed to measure the performance of the tax-exempt U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Georgia Index: An index designed to measure the performance of the tax-exempt Georgia municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Massachusetts Index: An index designed to measure the performance of the tax-exempt Massachusetts municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Minnesota Index: An index designed to measure the performance of the tax-exempt Minnesota municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Missouri Index: An index designed to measure the performance of the tax-exempt Missouri municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Virginia Index: An index designed to measure the performance of the tax-exempt Virginia municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Tax Obligation/General Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the ability to increase taxes by an unlimited amount to pay the bonds back.
Tax Obligation/Limited Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn't have the ability to increase taxes by an unlimited amount to pay the bonds back.
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

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Annual Investment Management Agreement Approval Process (Unaudited)

At a meeting held on May 23-25, 2022 (the “May Meeting”), the Boards of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of the Funds, which are comprised entirely of Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for their respective Fund, the renewal of the management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund for an additional one-year term. As the Board is comprised of all Independent Board Members, the references to the Board and the Independent Board Members are interchangeable.

Following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements,” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.” The Board has established various standing committees composed of various Independent Board Members that are assigned specific responsibilities to enhance the effectiveness of the Board’s oversight and decision making. Throughout the year, the Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and information that are relevant to the Board’s annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Adviser’s strategic plans; product initiatives for various funds; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the Nuveen funds; management of distributions; valuation of securities; fund expenses; securities lending; liquidity management; overall market and regulatory developments; and with respect to closed-end funds, capital management initiatives, institutional ownership, management of leverage financing and the secondary market trading of the closed-end funds and any actions to address discounts. The Board also seeks to meet periodically with the Nuveen funds’ sub-advisers and/or portfolio teams, when feasible. The Board further meets, among other things, to specifically consider the annual renewal of the advisory agreements for the Nuveen funds.

In connection with its annual consideration of the advisory agreements for the Nuveen funds, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of such advisory agreements by the Adviser and by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of product actions taken during 2021 (such as mergers, liquidations, fund launches, changes to investment teams, and changes to investment policies); a review of each sub-adviser to the Nuveen funds and/or the applicable investment teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a review of management fee schedules; a description of portfolio manager compensation; an overview of the secondary market trading of shares of the Nuveen closed-end funds (including, among other things, an analysis of secondary market performance and commentary regarding the leverage management, share repurchase and shelf offering programs of Nuveen closed-end funds); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued in 2021 and 2022 for the benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the Nuveen funds. The information prepared specifically for the annual review supplemented the information

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provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the advisory agreements for the Nuveen funds is based on all the information provided to the Board and its committees throughout the year as well as the information prepared specifically with respect to the annual review of such advisory agreements.

In continuing its practice, the Board met prior to the May Meeting to begin its considerations of the renewal of the Advisory Agreements. Accordingly, on April 13-14, 2022 (the “April Meeting”), the Board met to review and discuss, in part, the performance of the Nuveen funds and the Adviser’s evaluation of each sub-adviser to the Nuveen funds and/or its investment teams. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting.

The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated information, knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the advisory agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.

The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

The Board’s decision to renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the renewal process. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process and may place different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund with particular focus on the services and enhancements to such services provided during the last year. The Independent Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this approach, they considered the respective roles of the Adviser and the Sub-Adviser in providing services to the Funds.

The Board recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management, oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory, market and other developments. The Board accordingly considered the Adviser’s dedication of extensive resources, time, people and capital employed to support and manage the Nuveen funds as well as the Adviser’s continued program of developing improvements and innovations for the benefit of the funds and shareholders and to meet the ever increasing regulatory requirements applicable to the funds. In this regard, the Board received and reviewed information regarding, among other things, the Adviser’s investment oversight responsibilities, regulatory and compliance services, administrative duties and other services. The Board considered the Adviser’s investment oversight team’s extensive services in overseeing the various sub-advisers to the

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

Nuveen funds; evaluating fund performance; and preparing reports to the Board addressing, among other things, fund performance, market conditions, investment team matters, product developments and management proposals. The Board further recognized the range of services the various teams of the Adviser provided including, but not limited to, overseeing operational and risk management; managing liquidity; overseeing the daily valuation process and managing distributions in seeking to deliver long-term fund earnings to shareholders consistent with the respective Nuveen fund’s product design and positioning. The Board also considered the structure of investment personnel compensation of each Fund Adviser and whether the structure provides appropriate incentives to attract and maintain qualified personnel and to act in the best interests of the respective Nuveen fund.

The Board further recognized that the Adviser’s compliance and regulatory functions were integral to the investment management of the Nuveen funds. The Board recognized such services included, but were not limited to, managing compliance policies; monitoring compliance with applicable policies, law and regulations; devising internal compliance programs and a framework to review and assess compliance programs; overseeing sub-adviser compliance testing; preparing compliance training materials; and responding to regulatory requests. The Board further considered information regarding the Adviser’s business continuity and disaster recovery plans as well as information regarding its information security program, including presentations of such program provided at a site visit in 2022, to help identify and manage information security risks.

In addition to the above functions, the Board considered that the Adviser also provides, among other things, fund administration services (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; interacting with the Nuveen funds’ independent public accountants and overseeing other service providers; and managing fund budgets and expenses); product management services (such as evaluating and enhancing products and strategies); legal services (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory requirements and commenting on rule proposals impacting investment companies); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); and with respect to the Nuveen closed-end funds, managing leverage, monitoring asset coverage and seeking to promote an orderly secondary market.

The Board also considered the quality of support services and communications the Adviser provided the Board, including, in part, organizing and administrating Board meetings and supporting Board committees; preparing regular and ad hoc reports on fund performance, market conditions and investment team matters; providing due diligence reports addressing product development and management proposals; and coordinating site visits of the Board and presentations by investment teams and senior management.

In addition to the services provided, the Board considered the financial resources of the Adviser and its affiliates and their willingness to make investments in the technology, personnel and infrastructure to support the Nuveen funds, including maintaining a seed capital budget to support new or existing funds and/or facilitate changes for a respective fund. Further, the Board noted the benefits to shareholders of investing in a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the Nuveen funds including during stressed times. The Board recognized the overall reputation and capabilities of the Adviser and its affiliates, the Adviser’s continuing commitment to provide high quality services, its willingness to implement operational or organizational changes in seeking, among other things, to enhance efficiencies and services to the Nuveen funds and its responsiveness to the Board’s questions and/or concerns raised throughout the year and during the annual review of advisory agreements. The Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including

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entrepreneurial risks in sponsoring new funds and ongoing risks with managing the funds such as investment, operational, reputational, regulatory, compliance and litigation risks.

In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2021 and 2022 to benefit the Nuveen complex and/or particular Nuveen funds and meet the requirements of an increasingly complex regulatory environment including, but not limited to:

Centralization of Functions – ongoing initiatives to centralize investment leadership and create a more cohesive market approach and centralized shared support model (including through the consolidation of certain affiliated sub-advisers) in seeking to operate more effectively and enhance the research capabilities and services to the Nuveen funds;
Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; soft closing certain funds; modifying the conversion periods on certain share classes; and evaluating and adjusting portfolio management teams as appropriate for various funds;
Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds;
Compliance Program Initiatives – continuing efforts to mitigate compliance risk with a focus on environmental, social and governance (“ESG”) controls and processes, increase operating efficiencies, implement enhancements to strengthen ongoing execution of key compliance program elements, support international business growth and facilitate integration of Nuveen's operating model;
Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment team matters; product developments; changes to mandates, policies and benchmarks; and other management proposals as well as preparing and coordinating investment presentations to the Board;
Risk Management and Valuation Services - continuing to oversee and manage risk including, among other things, conducting ongoing calculations and monitoring of risk measures across the Nuveen funds, instituting investment risk controls, providing risk reporting throughout Nuveen, participating in internal oversight committees, dedicating the resources and time to develop the processes necessary to help address fund compliance with the new derivatives rule and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintain the valuation policies and procedures, facilitate valuation committee meetings, manage relationships with pricing vendors, prepare relevant valuation reports and design methods to simplify and enhance valuation workflow within the organization and implement processes and procedures to help address compliance with the new valuation rule applicable to the funds;
Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams;
Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented;
Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program that seeks to identify and manage information security risks, and provide reports to the Board, at least annually,

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports;

Distribution Management Services – continuing to manage the distributions among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds; and
with respect specifically to closed-end funds, such continuing services also included:
• Leverage Management Services – continuing to actively manage the various forms of leverage utilized across the complex, including through committing resources and focusing on sourcing/structure development and bank provider management;
• Capital Management, Market Intelligence and Secondary Market Services – ongoing capital management efforts which may include at times shelf offerings, tender offers, capital return programs and share repurchases as well as providing market data analysis to help understand closed-end fund ownership cycles and their impact on secondary market trading as well as to improve proxy solicitation efforts; and
• Closed-end Fund Investor Relations Program – maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen closed-end fund product line.

The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the assets under management of the applicable investment team and changes thereto, a summary of the applicable investment team and changes thereto, the investment process and philosophy of the applicable investment team, the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time and a summary of any significant policy and/or other changes to the Nuveen funds sub-advised by the Sub-Adviser. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser’s compliance programs and trade execution. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered a variety of investment performance data of the Nuveen funds they advise. In evaluating performance, the Board recognized that performance data may differ significantly depending on the ending date selected, particularly during periods of market volatility, and therefore considered the broader perspective of performance over a variety of time periods that may include full market cycles. In this regard, the Board reviewed, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2021 and March 31, 2022. The performance data prepared for the annual review of the advisory agreements for the Nuveen funds supplemented the fund performance data that the Board received throughout the year at its meetings representing differing time periods. In its review, the Board took into account the discussions with representatives of the Adviser; the Adviser’s analysis regarding fund performance that occurred at these Board meetings with particular focus on funds that were considered performance outliers (both overperformance and underperformance); the factors contributing to the performance; and any recommendations or steps taken to address performance concerns. Regardless of the

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time period reviewed by the Board, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.

In its review, the Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For Nuveen funds that had changes in portfolio managers or other significant changes to their investment strategies or policies since March 2019, the Board reviewed certain tracking performance data comparing the performance of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s); differences in the composition of the Performance Peer Group over time; and differences in the types and/or levels of any leverage and related costs with that of the Performance Peer Group would all necessarily contribute to differences in performance results and limit the value of the comparative information. Further, the Board recognized the inherent limitations in comparing the performance of an actively managed fund to a benchmark index due to the fund’s pursuit of an investment strategy that does not directly follow the index. To assist the Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the Funds as low, medium or high.

The Board also evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. In relation to general market conditions, the Board had recognized the recent periods in 2022 of general market volatility and underperformance. In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. Further, the Board recognized that the market and economic conditions may significantly impact a fund’s performa