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 811-07490

 

Nuveen Virginia Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

 

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

 

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

 

Date of fiscal year end: May 31

 

Date of reporting period: November 30, 2022

 

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

 

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

 
 


 

ITEM 1. REPORTS TO STOCKHOLDERS.

 

 

Closed-End 30 November
Funds 2022

 

Nuveen Municipal Closed-End Funds

   
NKG Nuveen Georgia Quality Municipal Income Fund
NMT Nuveen Massachusetts Quality Municipal Income Fund
NMS Nuveen Minnesota Quality Municipal Income Fund
NOM Nuveen Missouri Quality Municipal Income Fund
NPV Nuveen Virginia Quality Municipal Income Fund

 

Semiannual Report


 
 

 

 

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NOT FDIC INSURED MAY LOSE
VALUE NO BANK GUARANTEE


 
 

 

 

Table of Contents

   
Chair’s Letter to Shareholders 4
Important Notices 5
Fund Leverage 6
Common Share Information 8
Performance Overview and Holding Summaries 10
Shareholder Meeting Report 20
Portfolios of Investments 21
Statement of Assets and Liabilities 53
Statement of Operations 54
Statement of Changes in Net Assets 55
Statement of Cash Flows 58
Financial Highlights 60
Notes to Financial Statements 69
Risk Considerations 83
Additional Fund Information 85
Glossary of Terms Used in this Report 86

 

3


 
 

  

Chair’s Letter
to Shareholders

Dear Shareholders,

With more economic indicators pointing to a broadening contraction across the world’s economies, the conversation has shifted from debating whether a global recession would happen to considering by how much and for how long. Higher than expected inflation has made the outcome more unpredictable, as it has dampened consumer sentiment, pushed central banks into raising interest rates more aggressively and contributed to considerable turbulence in the markets this year.

Inflation has surged partially due to pandemic-related supply chain bottlenecks, exacerbated by Russia’s war in Ukraine and China’s recurring COVID-19 lockdowns throughout the year until their zero-COVID policy effectively ended in December 2022. This has necessitated increasingly forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who have signaled their intentions to slow inflation while tolerating materially slower economic growth and some softening in the labor market. In March 2022, the Fed began the fastest interest rate hiking cycle in its history, raising the target fed funds rate by 4.25% over a nine-month span to a range of 4.25% to 4.50% by year-end. While inflation began to ease over the second half of 2022, it remains far higher than the Fed’s inflation target. Additional rate hikes are expected in 2023, as Fed officials closely monitor inflation data along with other economic measures and will modify their rate setting policy based upon these factors. After contracting in the first half of 2022, U.S. gross domestic product resumed positive growth in the third quarter, according to the government’s estimates. The recent strength was largely attributed to a narrowing in the trade deficit while consumer and business activity has remained slower in part due to higher prices and borrowing costs. The sharp increase in the U.S. dollar’s value relative to other currencies in 2022 has added further uncertainty to the economic outlook. However, the still strong labor market suggests not all areas of the economy are weakening in unison.

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

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

Terence J. Toth
Chair of the Board
January 20, 2023

4


 
 

  

Important Notices

Nuveen Georgia Quality Municipal Income Fund (NKG)
Nuveen Massachusetts Quality Municipal Income Fund (NMT)
Nuveen Minnesota Quality Municipal Income Fund (NMS)
Nuveen Missouri Quality Municipal Income Fund (NOM)
Nuveen Virginia Quality Municipal Income Fund (NPV)

Portfolio Manager Commentaries in Semiannual Shareholder Reports

The Funds include portfolio manager commentary in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of each Fund’s May 31, 2022 annual shareholder report.

For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.

For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

Fund Mergers

During November 2022, the mergers of Nuveen Ohio Quality Municipal Income Fund (NUO) and NKG into Nuveen Municipal Credit Income Fund (NZF) was approved by each Fund’s Board of Trustees. Each merger is pending shareholder approval by NUO and NKG, respectively.

5


 
 

 

 

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. All this will make the shares’ total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

The Funds’ use of leverage significantly detracted from relative performance during the reporting period. However, the Funds’ use of leverage was accretive to overall common share income.

As of November 30, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.

           
  NKG NMT NMS NOM NPV
Effective Leverage* 37.71% 41.79% 40.50% 40.77% 40.36%
Regulatory Leverage* 32.58% 39.51% 40.50% 39.98% 36.86%

 

*Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

6


 
 

 

 

THE FUNDS’ REGULATORY LEVERAGE

As of November 30, 2022, the Funds have issued and outstanding preferred shares as shown in the accompanying table.

         
      Variable Rate  
  Variable Rate   Remarketed  
  Preferred*   Preferred**  
  Shares Issued at   Shares Issued at  
  Liquidation Preference   Liquidation Preference Total
NKG $ 58,500,000   $ — $ 58,500,000
NMT $ 74,000,000   $ — $ 74,000,000
NMS $ 49,800,000   $ — $ 49,800,000
NOM $ 18,000,000   $ — $ 18,000,000
NPV $128,000,000   $ — $128,000,000

 

*Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.
**Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.

Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on preferred shares and each Fund’s respective transactions.

7


 
 

  

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of November 30, 2022. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.

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

           
  Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date) NKG NMT NMS NOM NPV
June 2022 $0.0425 $0.0430 $0.0525 $0.0415 $0.0485
July 0.0385 0.0390 0.0480 0.0375 0.0485
August 0.0385 0.0390 0.0480 0.0375 0.0485
September 0.0385 0.0390 0.0480 0.0375 0.0485
October 0.0330 0.0335 0.0435 0.0320 0.0435
November 2022 0.0330 0.0335 0.0435 0.0320 0.0435
Total Distributions from Net Investment Income $0.2240 $0.2270 $0.2835 $0.2180 $0.2810

 

Yields          
Market Yield* 3.82% 3.73% 4.51% 3.57% 4.33%
Taxable-Equivalent Yield* 7.08% 6.88% 9.14% 6.61% 8.08%

 

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

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

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

8


 
 

  

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE REPURCHASES

During August 2022, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of November 30, 2022, (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

           
  NKG NMT NMS NOM NPV
Common shares cumulatively repurchased and retired 149,500 26,148 10,000 0 55,000
Common shares authorized for repurchase 1,035,000 930,000 575,000 230,000 1,790,000
OTHER COMMON SHARE INFORMATION          

 

As of November 30, 2022, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:

           
  NKG NMT NMS NOM NPV
Common share NAV $11.64 $12.15 $12.64 $11.50 $12.23
Common share price $10.36 $10.78 $11.58 $10.77 $12.06
Premium/(Discount) to NAV (11.00)% (11.28)% (8.39)% (6.35)% (1.39)%
Average premium/(discount) to NAV (10.07)% (8.01)% 6.80% 4.87% 2.29%

 

9


 
 

 

 

   
NKG Nuveen Georgia Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2022

 

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

Average Annual Total Returns as of November 30, 2022*

           
  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year
NKG at Common Share NAV (3.52)%   (15.08)% 0.51% 1.33%
NKG at Common Share Price (5.56)%   (21.82)% (0.75)% 0.51%
S&P Municipal Bond Index (1.43)%   (7.94)% 1.51% 2.05%
S&P Municipal Bond Georgia Index (1.35)%   (8.12)% 1.17% 1.73%

 

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

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

Daily Common Share NAV and Share Price

 

10


 
 

 

 

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

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

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 158.7%
Other Assets Less Liabilities 1.8%
Net Assets Plus Floating Rate Obligations  
& AMTP Shares, net of deferred  
offering costs 160.5%
Floating Rate Obligations (12.2)%
AMTP Shares, net of deferred  
offering costs (48.3)%
Net Assets 100%

 

   
States and Territories2  
(% of total municipal bonds)  
Georgia 90.0%
Florida 2.4%
West Virginia 1.8%
Colorado 1.5%
Puerto Rico 1.5%
Illinois 1.2%
Nevada 1.1%
Washington 0.5%
Total 100%

 

   
Portfolio Composition1  
(% of total investments)  
Utilities 29.9%
Tax Obligation/General 20.0%
Tax Obligation/Limited 18.1%
Education and Civic Organizations 8.7%
Health Care 7.4%
U.S. Guaranteed 7.3%
Transportation 7.1%
Other 1.5%
Total 100%

 

   
Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 4.4%
AAA 10.9%
AA 60.7%
A 16.0%
BBB 5.3%
BB or Lower 0.5%
N/R (not rated) 2.2%
Total 100%

 

1See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table 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.

11


 
 

 

 

   
NMT Nuveen Massachusetts Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2022

 

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

Average Annual Total Returns as of November 30, 2022*

           
  Cumulative     Average Annual  
  6-Month   1-Year 5-Year 10-Year
NMT at Common Share NAV (4.12)%   (16.98)% 0.01% 1.45%
NMT at Common Share Price (9.84)%   (26.88)% (2.09)% 0.77%
S&P Municipal Bond Index (1.43)%   (7.94)% 1.51% 2.05%
S&P Municipal Bond Massachusetts Index (1.09)%   (7.74)% 1.27% 1.77%

 

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

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

Daily Common Share NAV and Share Price

 

12


 
 

 

 

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

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

   
Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 164.4%
Other Assets Less Liabilities 0.7%
Net Assets Plus VRDP Shares,  
net of deferred offering costs 165.1%
VRDP Shares, net of deferred  
offering cost (65.1)%
Net Assets 100%
States and Territories2  
(% of total municipal bonds)  
Massachusetts 94.0%
Puerto Rico 4.2%
Guam 1.2%
Virgin Islands 0.6%
Total 100%

 

   
Portfolio Composition1  
(% of total investments)  
Education and Civic Organizations 30.8%
Tax Obligation/General 16.6%
Health Care 16.5%
Tax Obligation/Limited 15.1%
Utilities 5.8%
Transportation 4.8%
Other 10.4%
Total 100%

 

   
Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 3.9%
AAA 7.4%
AA 51.5%
A 19.5%
BBB 11.3%
BB or Lower 1.3%
N/R (not rated) 5.1%
Total 100%

 

1See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table 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.

13


 
 

 

 

   
NMS Nuveen Minnesota Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2022

 

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

Average Annual Total Returns as of November 30, 2022*

           
  Cumulative     Average Annual  
  6-Month   1-Year 5-Year 10-Year
NMS at Common Share NAV (5.30)%   (15.15)% 0.79% 2.17%
NMS at Common Share Price (23.36)%   (19.89)% (0.25)% 0.43%
S&P Municipal Bond Index (1.43)%   (7.94)% 1.51% 2.05%
S&P Municipal Bond Minnesota Index (1.50)%   (7.23)% 1.40% 1.90%

 

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

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

Daily Common Share NAV and Share Price

 

14


 
 

 

 

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

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

   
Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 166.3%
Other Assets Less Liabilities 1.7%
Net Assets Plus AMTP Shares,  
net of deferred offering costs 168.0%
AMTP Shares, net of deferred  
offering costs (68.0)%
Net Assets 100%
States and Territories2  
(% of total municipal bonds)  
Minnesota 99.6%
Guam 0.4%
Total 100%

 

   
Portfolio Composition1  
(% of total investments)  
Health Care 22.5%
Education and Civic Organizations 20.2%
Tax Obligation/General 17.1%
Tax Obligation/Limited 9.1%
Utilities 9.0%
Long-Term Care 6.8%
Transportation 5.4%
Other 9.9%
Total 100%

 

   
Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 3.2%
AAA 13.7%
AA 23.9%
A 30.9%
BBB 6.8%
BB or Lower 10.0%
N/R (not rated) 11.5%
Total 100%

 

1See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table 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.

15


 
 

 

 

   
NOM Nuveen Missouri Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2022

 

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

Average Annual Total Returns as of November 30, 2022*

           
  Cumulative     Average Annual  
  6-Month   1-Year 5-Year 10-Year
NOM at Common Share NAV (5.10)%   (14.73)% 0.31% 1.73%
NOM at Common Share Price (11.93)%   (23.28)% (2.76)% (0.43)%
S&P Municipal Bond Index (1.43)%   (7.94)% 1.51% 2.05%
S&P Municipal Bond Missouri Index (1.77)%   (7.84)% 1.50% 2.15%

 

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

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

Daily Common Share NAV and Share Price

 

 

16


 
 

 

 

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

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

   
Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 164.5%
Other Assets Less Liabilities 3.6%
Net Assets Plus Floating Rate Obligations  
& MFP Shares, net of deferred  
offering costs 168.1%
Floating Rate Obligations (2.2)%
MFP Shares, net of deferred  
offering costs (65.9)%
Net Assets 100%
States and Territories2  
(% of total municipal bonds)  
Missouri 96.8%
Puerto Rico 2.4%
Guam 0.8%
Total 100%

 

   
Portfolio Composition1  
(% of total investments)  
Health Care 24.1%
Tax Obligation/Limited 18.1%
Tax Obligation/General 17.5%
Utilities 13.5%
Education and Civic Organizations 10.6%
Long-Term Care 6.0%
Transportation 5.6%
Other 4.6%
Total 100%

 

   
Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 1.9%
AAA 3.6%
AA 45.3%
A 26.6%
BBB 10.2%
BB or Lower 3.8%
N/R (not rated) 8.6%
Total 100%

 

1See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table 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.

17


 
 

 

 

   
NPV Nuveen Virginia Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2022

 

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

Average Annual Total Returns as of November 30, 2022*

           
  Cumulative     Average Annual  
  6-Month   1-Year 5-Year 10-Year
NPV at Common Share NAV (5.63)%   (16.61)% 0.70% 1.56%
NPV at Common Share Price (3.38)%   (25.01)% 2.83% 1.41%
S&P Municipal Bond Index (1.43)%   (7.94)% 1.51% 2.05%
S&P Municipal Bond Virginia Index (1.24)%   (7.29)% 1.38% 1.90%

 

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

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

Daily Common Share NAV and Share Price

 

 

18


 
 

 

 

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

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

   
Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 164.8%
Other Assets Less Liabilities 2.7%
Net Assets Plus Floating Rate Obligations  
& VRDP shares, net of deferred  
offering costs 167.5%
Floating Rate Obligations (9.3)%
VRDP Shares, net of deferred  
offering costs (58.2)%
Net Assets 100%
States and Territories2  
(% of total municipal bonds)  
Virginia 70.8%
District Of Columbia 15.4%
Puerto Rico 6.0%
Guam 2.8%
Colorado 2.0%
Virgin Islands 1.6%
Pennsylvania 1.2%
New York 0.2%
Total 100%

 

   
Portfolio Composition1  
(% of total investments)  
Transportation 28.0%
Health Care 17.5%
Tax Obligation/Limited 14.8%
U.S. Guaranteed 11.0%
Education and Civic Organizations 7.9%
Utilities 6.1%
Long-Term Care 5.1%
Other 9.6%
Total 100%

 

   
Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 10.2%
AAA 5.2%
AA 36.6%
A 15.2%
BBB 13.5%
BB or Lower 7.7%
N/R (not rated) 11.6%
Total 100%

 

1See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table 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.

19


 
 

 

 

Shareholder Meeting Report

The annual meeting of shareholders was held on November 18, 2022 for NMT. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.

       
    NMT  
  Common and    
  Preferred   Preferred
  shares voting   shares voting
  together   together
  as a class   as a class
Approval of the Board Members was reached as follows:      
Judith M. Stockdale      
For 7,771,729  
Withhold 359,422  
Total 8,131,151  
Carole E. Stone      
For 7,788,949  
Withhold 342,202  
Total 8,131,151  
Margaret L. Wolff      
For 7,794,042  
Withhold 337,109  
Total 8,131,151  
William C. Hunter      
For   740
Withhold  
Total   740
Albin F. Moschner      
For   740
Withhold  
Total   740

 

20


 
 

 

 

   
NKG Nuveen Georgia Quality Municipal
  Income Fund
  Portfolio of Investments
  November 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 158.7% (100.0% of Total Investments)      
  MUNICIPAL BONDS – 158.7% (100.0% of Total Investments)      
  Consumer Discretionary – 1.6% (1.0% of Total Investments)      
  Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center      
  Hotel Revenue Bonds, First Tier Series 2021A:      
$ 1,000 4.000%, 1/01/36 1/31 at 100.00 BBB– $ 922,800
1,220 4.000%, 1/01/54 1/31 at 100.00 BBB– 993,019
2,220 Total Consumer Discretionary     1,915,819
  Education and Civic Organizations – 13.9% (8.7% of Total Investments)      
3,000 Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 3/28 at 100.00 AA 2,958,180
  Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43      
1,340 Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten 10/23 at 100.00 N/R 1,349,568
  Academy Project, Series 2013B, 7.000%, 10/01/43      
3,000 Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts 3/26 at 100.00 A2 3,147,660
  Center, Inc. Project, Refunding Series 2015A, 5.000%, 3/15/36      
1,530 Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College 7/27 at 100.00 A+ 1,610,891
  Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37      
3,000 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 10/23 at 100.00 AA 3,031,410
  Refunding Series 2013A, 5.000%, 10/01/43      
2,000 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 10/26 at 100.00 AA 2,074,660
  Refunding Series 2016A, 5.000%, 10/01/46, (UB) (4)      
830 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 10/31 at 100.00 A3 740,468
  Series 2021, 4.000%, 10/01/50      
2,000 Savannah Economic Development Authority, Georgia, Revenue Bonds, Savannah State 6/31 at 100.00 A+ 1,888,880
  University Projects, Refunding & Improvement Series 2021B, 4.000%, 6/15/44      
16,700 Total Education and Civic Organizations     16,801,717
  Health Care – 11.8% (7.4% of Total Investments)      
  Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical      
  Center, Series 1998:      
205 5.250%, 12/01/23 (5),(6) 12/22 at 100.00 N/R 14,096
745 5.375%, 12/01/28 (5),(6) 1/23 at 100.00 N/R 51,226
4,245 Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of 7/29 at 100.00 AA+ 4,076,559
  Atlanta, Inc. Project, Series 2019A, 4.000%, 7/01/49      
550 Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, 4/32 at 100.00 A+ 499,345
  Wellstar Health System, Inc. Project, Series 2022A, 4.000%, 4/01/52      
875 Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, 4/30 at 100.00 A+ 880,556
  Wellstar Health System, Series 2020A, 5.000%, 4/01/50      
  Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health      
  System, Inc Project, Series 2017A:      
1,780 5.000%, 4/01/36 4/27 at 100.00 A+ 1,848,263
1,000 5.000%, 4/01/37 4/27 at 100.00 A+ 1,034,410
3,485 Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. 7/24 at 100.00 AA– 3,501,658
  Project, Series 2014A, 5.000%, 7/01/44      
2,500 Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. 7/29 at 100.00 AA 2,381,650
  Project, Series 2019A, 4.000%, 7/01/49 – BAM Insured      
15,385 Total Health Care     14,287,763

 

21


 
 

 

 

   
NKG Nuveen Georgia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Housing/Multifamily – 0.8% (0.5% of Total Investments)      
$ 1,205 Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 11/23 at 100.00 B $ 998,330
  Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35      
  Tax Obligation/General – 31.7% (20.0% of Total Investments)      
2,030 Atlanta, Georgia, General Obligation Bonds, Public Improvement Social Series 2022A-1, 12/32 at 100.00 Aa1 2,280,867
  5.000%, 12/01/41      
4,000 Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%, 8/26 at 100.00 AA+ 4,190,520
  8/01/42, (UB) (4)      
700 Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, 7/30 at 100.00 AA 671,195
  Tanner Medical Center Inc. Project, Series 2020, 4.000%, 7/01/50      
3,000 Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, 7/25 at 100.00 AA 3,057,060
  Tanner Medical Center, Inc. Project, Series 2015, 5.000%, 7/01/41      
2,000 Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building 6/28 at 100.00 A+ 2,021,420
  Series 2018A, 4.000%, 6/15/37      
1,760 Crisp County Hospital Authority, Georgia, Revenue Anticipation Certificates, Crisp 7/31 at 100.00 A1 1,670,170
  County Hospital Project, Series 2021, 4.000%, 7/01/46      
  East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding      
  Series 2017:      
1,000 5.000%, 2/01/29 – AGM Insured 2/27 at 100.00 AA 1,078,490
650 5.000%, 2/01/35 – AGM Insured 2/27 at 100.00 AA 693,244
2,350 Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series 6/28 at 100.00 AA+ 2,302,741
  2018A, 4.000%, 12/01/43      
  Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation      
  Certificates, Northeast Georgia Health Services Inc., Series 2017B:      
3,000 5.500%, 2/15/42, (UB) (4) 2/27 at 100.00 AA 3,196,290
5,500 5.250%, 2/15/45, (UB) (4) 2/27 at 100.00 AA 5,745,960
1,500 Georgia State Road and Tollway Authority, Guaranteed Revenue Bonds, Managed Lane System, 7/31 at 100.00 AAA 1,555,035
  Series 2021A, 4.000%, 7/15/37      
3,550 Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28 2/25 at 100.00 AAA 3,728,423
170 Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, 3/29 at 100.00 AA+ 191,026
  5.000%, 3/01/32      
345 Lamar County School District, Georgia, General Obligation Bonds, Series 2017, 9/27 at 100.00 Aa1 376,381
  5.000%, 3/01/33      
  Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation      
  Certificates, Refunding Series 2019A:      
500 5.000%, 10/01/34 10/29 at 100.00 Aa2 559,810
370 5.000%, 10/01/36 10/29 at 100.00 Aa2 408,613
195 5.000%, 10/01/37 10/29 at 100.00 Aa2 214,206
  Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016:      
500 5.000%, 8/01/30 2/26 at 100.00 Aa1 534,815
400 5.000%, 8/01/31 2/26 at 100.00 Aa1 427,440
3,500 West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 6/28 at 100.00 Aa2 3,442,390
  4.000%, 6/01/42      
37,020 Total Tax Obligation/General     38,346,096
  Tax Obligation/Limited – 28.7% (18.1% of Total Investments)      
  Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta      
  Parking Facility Project, Series 2017:      
1,180 5.000%, 12/01/34 12/27 at 100.00 AA+ 1,282,802
1,260 5.000%, 12/01/36 12/27 at 100.00 AA+ 1,361,543
3,250 Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium 7/25 at 100.00 A1 3,347,760
  Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44      
575 Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, No Opt. Call A3 597,712
  5.000%, 12/01/24      

 

22


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Tax Obligation/Limited (continued)      
  Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D:      
$ 1,200 5.000%, 1/01/30 1/27 at 100.00 A2 $ 1,282,332
1,525 5.000%, 1/01/31 1/27 at 100.00 A2 1,625,864
725 Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 7/23 at 100.00 A 729,205
  5.000%, 7/01/41      
3,190 Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding No Opt. Call Baa2 3,357,475
  Series 1993, 5.625%, 10/01/26 – NPFG Insured      
245 Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding No Opt. Call AA– 259,078
  Series 2005, 5.500%, 10/01/26 – NPFG Insured      
3,020 Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, No Opt. Call AAA 3,179,456
  Series 1998A, 4.750%, 6/01/28 – NPFG Insured      
700 Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue 6/27 at 100.00 AA 766,661
  Bonds, Series 2017A, 5.000%, 6/01/29      
  Jones County Public Facilities Authority, Georgia, Revenue Bonds, Jones County Water &      
  Sewer Projects, Series 2022:      
1,055 4.000%, 4/01/35 – BAM Insured 4/32 at 100.00 AA 1,098,466
1,425 4.000%, 4/01/39 – BAM Insured 4/32 at 100.00 AA 1,433,493
1,725 4.000%, 4/01/42 – BAM Insured 4/32 at 100.00 AA 1,706,767
  Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third      
  Indenture, Series 2015B:      
1,000 5.000%, 7/01/41 7/26 at 100.00 AA+ 1,047,540
3,000 5.000%, 7/01/42 7/26 at 100.00 AA+ 3,139,890
5,000 Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, 7/28 at 100.00 AA 4,658,450
  4.000%, 7/01/48      
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:      
710 4.500%, 7/01/34 7/25 at 100.00 N/R 670,268
2,312 4.550%, 7/01/40 7/28 at 100.00 N/R 2,153,235
1,675 Washington State Convention Center Public Facilities District, Lodging Tax Revenue 7/31 at 100.00 Baa3 1,000,042
  Bonds, Refunding Subordinate Series 2021B. Exchange Purchase, 3.000%, 7/01/58      
34,772 Total Tax Obligation/Limited     34,698,039
  Transportation – 11.3% (7.1% of Total Investments)      
  Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds,      
  Refunding Subordinate Lien Series 2014A:      
2,575 5.000%, 1/01/32 1/24 at 100.00 AA– 2,627,916
3,750 5.000%, 1/01/34 1/24 at 100.00 AA– 3,820,463
  Georgia Ports Authority, Revenue Bonds, Series 2021:      
4,500 4.000%, 7/01/46 7/31 at 100.00 AA 4,380,480
3,000 4.000%, 7/01/51 7/31 at 100.00 AA 2,843,430
13,825 Total Transportation     13,672,289
  U.S. Guaranteed – 11.5% (7.3% of Total Investments) (7)      
500 Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/24 at 100.00 AA+ 516,860
  5/01/31, (Pre-refunded 5/01/24)      
2,000 Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & 4/25 at 100.00 AAA 2,107,940
  Improvement Series 2015, 5.000%, 4/01/44, (Pre-refunded 4/01/25)      
3,000 Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 2/25 at 100.00 AA 3,185,430
  Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54,      
  (Pre-refunded 2/15/25)      
3,500 Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 2/23 at 100.00 AAA 3,514,665
  2/01/36, (Pre-refunded 2/01/23)      
1,500 Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2/24 at 100.00 Aa3 1,541,925
  2014B, 5.000%, 2/01/37, (Pre-refunded 2/01/24)      
3,000 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of 4/24 at 100.00 A2 3,095,400
  Art & Design Projects, Series 2014, 5.000%, 4/01/44, (Pre-refunded 4/01/24)      
13,500 Total U.S. Guaranteed     13,962,220

 

23


 
 

 

 

   
NKG Nuveen Georgia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Utilities – 47.4% (29.9% of Total Investments)      
  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A:      
$ 4,000 5.000%, 11/01/39, (UB) (4) 11/27 at 100.00 Aa2 $ 4,271,840
3,210 5.000%, 11/01/41 11/27 at 100.00 Aa2 3,408,763
1,790 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, 11/27 at 100.00 Aa2 1,886,356
  5.000%, 11/01/47      
260 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 - No Opt. Call AA 314,293
  AGM Insured      
  Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series 2021:      
2,875 4.000%, 12/01/46 – BAM Insured 12/31 at 100.00 AA 2,832,220
5,000 4.000%, 12/01/51 – BAM Insured 12/31 at 100.00 AA 4,858,150
1,250 Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 2/28 at 100.00 BBB+ 1,135,137
  Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45      
1,250 Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 2/28 at 100.00 BBB+ 1,135,138
  Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45      
5 Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 1/23 at 100.00 Aa1 5,008
  5.000%, 8/01/35 – AGM Insured      
500 Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36 5/26 at 100.00 AA+ 529,555
1,750 Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33 3/27 at 100.00 A2 1,859,602
1,000 Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 3/01/40 3/30 at 100.00 A2 954,300
  DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B:      
6,000 5.250%, 10/01/32 – AGM Insured 10/26 at 100.00 AAA 6,512,340
300 5.000%, 10/01/35 – AGM Insured 10/26 at 100.00 AAA 319,590
5,350 DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 1/23 at 100.00 Aa3 5,356,580
  2011A, 5.250%, 10/01/41      
1,000 Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 1/23 at 100.00 AA 1,001,720
  5.000%, 1/01/33      
3,000 Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 1/23 at 100.00 A1 3,000,750
  5.000%, 1/01/43      
1,000 Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, No Opt. Call A 1,001,290
  5.000%, 5/15/49      
1,525 Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%, 9/24 at 100.43 Aa2 1,535,172
  8/01/49, (Mandatory Put 12/02/24)      
2,000 Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Variable Rate Demand 6/23 at 100.40 Aa1 2,007,560
  Bonds Series 2018A, 4.000%, 4/01/48, (Mandatory Put 9/01/23)      
3,325 Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 12/01/45 – 12/30 at 100.00 AA 3,280,844
  AGM Insured      
650 Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project P Bonds, 1/30 at 100.00 BBB+ 644,202
  Series 2021A, 5.000%, 1/01/56      
1,500 Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien No Opt. Call A2 1,037,175
  Series 2015A, 0.000%, 1/01/32      
2,260 Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien 7/26 at 100.00 AA 2,393,182
  Series 2016A, 5.000%, 1/01/30 – BAM Insured      
1,000 Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien 7/28 at 100.00 BBB+ 990,790
  Series 2020A, 5.000%, 1/01/59      
  Oconee County, Georgia, Water and Sewerage Revenue Bonds, Series 2017A:      
155 5.000%, 9/01/35 9/27 at 100.00 AA 167,056
535 5.000%, 9/01/37 9/27 at 100.00 AA 572,140

 

24


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Utilities (continued)      
$ 2,000 South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, 1/24 at 100.00 AA $ 2,042,320
  Refunding Series 2014, 5.000%, 1/01/30      
2,315 Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek 2/26 at 100.00 Aa1 2,337,502
  Reservoir Project, Series 2016, 4.000%, 2/01/38      
56,805 Total Utilities     57,390,575
$ 191,432 Total Long-Term Investments (cost $197,310,705)     192,072,848
  Floating Rate Obligations – (12.2)%     (14,800,000)
  Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (48.3)% (8)     (58,455,313)
  Other Assets Less Liabilities – 1.8%     2,240,161
  Net Assets Applicable to Common Shares – 100%     $ 121,057,696

 

(1)All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(6)For fair value measurement disclosure purposes, investment classified as Level 3.
(7)Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(8)Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 30.4%
UBUnderlying bond of an inverse floating rate trust reflected as a financing transaction.

See accompanying notes to financial statements.

25


 
 

 

 

   
NMT Nuveen Massachusetts Quality Municipal
  Income Fund
  Portfolio of Investments
  November 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 164.4% (100.0% of Total Investments)      
  MUNICIPAL BONDS – 164.4% (100.0% of Total Investments)      
  Education and Civic Organizations – 50.7% (30.8% of Total Investments)      
$ 210 Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, 6/26 at 100.00 N/R $ 195,983
  5.000%, 6/15/49      
450 Massachusetts Development Finance Agency, Revenue Bonds, Babson College, Refunding 4/32 at 100.00 A+ 433,800
  Series 2022, 4.000%, 10/01/41      
  Massachusetts Development Finance Agency, Revenue Bonds, Bentley College Issue, Series 2021A:      
1,000 4.000%, 7/01/38 7/31 at 100.00 A2 973,880
735 4.000%, 7/01/39 7/31 at 100.00 A2 712,208
3,515 Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music, 10/26 at 100.00 A 3,653,350
  Series 2016, 5.000%, 10/01/39      
2,200 Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2013S, 7/23 at 100.00 AA– 2,222,374
  5.000%, 7/01/38      
730 Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T, 7/27 at 100.00 AA– 769,960
  5.000%, 7/01/42      
  Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender      
  Option Bond Trust 2016-XG0070:      
575 12.103%, 10/01/48, 144A, (IF) (4) 10/23 at 100.00 AA– 599,581
1,880 12.161%, 10/01/48, 144A, (IF) (4) 10/23 at 100.00 AA– 1,960,464
  Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A:      
2,000 5.000%, 1/01/34 1/28 at 100.00 BBB+ 2,083,200
2,240 5.000%, 1/01/37 1/28 at 100.00 BBB+ 2,305,363
1,955 Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016, 7/26 at 100.00 BBB+ 1,992,301
  5.000%, 7/01/35      
  Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue,      
  Series 2015H:      
450 3.500%, 7/01/35 7/25 at 100.00 AA 442,931
190 5.000%, 7/01/37 7/25 at 100.00 AA 198,244
1,200 Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, 7/26 at 100.00 BBB– 1,215,300
  5.000%, 7/01/47      
  Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University,      
  Series 2014A:      
875 5.000%, 3/01/39 3/24 at 100.00 A1 883,706
1,400 5.000%, 3/01/44 3/24 at 100.00 A1 1,414,602
500 Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, 10/23 at 100.00 BBB 504,360
  5.250%, 10/01/39      
1,100 Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue, 10/30 at 100.00 BBB 1,016,917
  Series 2020M, 4.000%, 10/01/38      
1,230 Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art 7/25 at 100.00 AA 1,292,939
  Institute, Series 2015, 5.000%, 7/01/33      
450 Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding 7/29 at 100.00 Baa2 469,233
  Series 2019, 5.000%, 7/01/36      
1,175 Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Series 7/31 at 100.00 Baa2 1,003,685
  2021, 4.000%, 7/01/51      
  Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2017:      
2,200 5.000%, 4/01/35 10/27 at 100.00 AA– 2,370,874
1,250 5.000%, 4/01/36 10/27 at 100.00 AA– 1,343,263

 

26


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Education and Civic Organizations (continued)      
$ 875 Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, 8/25 at 100.00 AA– $ 908,836
  5.000%, 8/15/38      
1,325 Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H, 1/28 at 100.00 Baa2 1,349,354
  5.000%, 1/01/42      
1,510 Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic 6/28 at 100.00 AA– 1,618,237
  Institution, Series 2018, 5.000%, 6/01/43      
840 Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 9/26 at 100.00 A 873,281
  Institute, Series 2016, 5.000%, 9/01/37      
  Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic      
  Institute, Series 2017:      
550 5.000%, 9/01/42 9/27 at 100.00 A 568,260
700 5.000%, 9/01/47 9/27 at 100.00 A 718,424
2,500 Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 9/27 at 100.00 A 2,583,000
  Institute, Series 2017B, 5.000%, 9/01/42      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 9/29 at 100.00 A 929,490
  Institute, Series 2019, 4.000%, 9/01/44      
500 Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, 7/27 at 100.00 Baa2 516,560
  Refunding Series 2017, 5.000%, 7/01/35      
3,000 Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, No Opt. Call AAA 3,728,760
  Series 2002A, 5.750%, 1/01/42 – AMBAC Insured      
2,495 Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 7/26 at 100.00 AA– 2,609,545
  Series 2016, 5.000%, 1/01/40      
  Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University,      
  Series 1999P:      
1,090 6.000%, 5/15/29 No Opt. Call Aa3 1,227,340
1,000 6.000%, 5/15/59 5/29 at 105.00 Aa3 1,175,160
500 Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue L, No Opt. Call AA 537,140
  Senior Series 2020B, 5.000%, 7/01/28, (AMT)      
4,000 University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 11/25 at 100.00 Aa2 4,185,000
  2015-1, 5.000%, 11/01/40      
690 University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 11/29 at 100.00 Aa2 757,682
  2020-1, 5.000%, 11/01/36      
2,900 University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 5/30 at 100.00 Aa2 3,081,395
  2022-1, 5.000%, 11/01/52      
54,985 Total Education and Civic Organizations     57,425,982
  Health Care – 27.1% (16.5% of Total Investments)      
1,340 Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series 7/26 at 100.00 BBB 1,356,013
  2016I, 5.000%, 7/01/41      
1,100 Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue, 7/24 at 100.00 A+ 1,106,424
  Series 2014N, 5.000%, 7/01/44      
500 Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 7/26 at 100.00 BBB 514,180
  Series 2016E, 5.000%, 7/01/32      
1,675 Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding 7/26 at 100.00 A 1,764,160
  Series 2016-I, 5.000%, 7/01/30      
  Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2015H-1:      
900 5.000%, 7/01/30 7/25 at 100.00 A 937,134
1,000 5.000%, 7/01/32 7/25 at 100.00 A 1,038,460
500 5.000%, 7/01/33 7/25 at 100.00 A 518,265
  Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series      
  2018J-2:      
1,500 5.000%, 7/01/38 7/28 at 100.00 A 1,577,340
2,000 5.000%, 7/01/43 7/28 at 100.00 A 2,048,500

 

27


 
 

 

 

   
NMT Nuveen Massachusetts Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Health Care (continued)      
$ 2,800 Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute 12/26 at 100.00 A1 $ 2,835,560
  Issue, Series 2016N, 5.000%, 12/01/46      
3,500 Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated 8/25 at 100.00 A 3,538,535
  Group Issue, Series 2015F, 5.000%, 8/15/45      
2,145 Massachusetts Development Finance Agency, Revenue Bonds, Mass General Brigham, Series 1/30 at 100.00 AA– 2,251,435
  2020A-2, 5.000%, 7/01/39      
1,080 Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center 7/23 at 100.00 BB 1,088,996
  Issue, Series 2014F, 5.750%, 7/15/43      
100 Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center 7/30 at 100.00 BB 95,875
  Issue, Series 2020G, 5.000%, 7/15/46, 144A      
2,100 Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System 1/28 at 100.00 AA– 2,053,401
  Issue, Series 2017S-1, 4.000%, 7/01/41      
820 Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System 7/23 at 100.00 BBB+ 823,165
  Obligated Group Issue, Series 2013F, 5.000%, 7/01/37      
170 Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System 7/31 at 100.00 A– 171,947
  Obligated Group Issue, Series 2021G, 5.000%, 7/01/50      
  Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital,      
  Series 2013G:      
1,000 5.000%, 7/01/37 7/23 at 100.00 BBB+ 1,003,860
2,200 5.000%, 7/01/44 7/23 at 100.00 BBB+ 2,204,884
610 Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care 1/27 at 100.00 A– 621,224
  Obligated Group Issue, Series 2017K, 5.000%, 7/01/38      
  Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care      
  Obligated Group Issue, Series 2017L:      
400 3.625%, 7/01/37 7/27 at 100.00 A– 348,832
1,095 5.000%, 7/01/44 7/27 at 100.00 A– 1,107,001
445 Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, 7/26 at 100.00 A– 456,881
  Series 2016I, 5.000%, 7/01/36      
280 Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, 1/29 at 100.00 BBB+ 280,426
  5.000%, 7/01/44      
1,020 Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2020C, 10/30 at 100.00 AA 932,576
  4.000%, 10/01/45 – AGM Insured      
30,280 Total Health Care     30,675,074
  Housing/Multifamily – 4.7% (2.8% of Total Investments)      
215 Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43 12/22 at 100.00 AA+ 215,211
725 Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/44 12/28 at 100.00 AA+ 585,068
1,000 Massachusetts Housing Finance Agency, Housing Bonds, Series 2020A-1, 3.000%, 12/01/50 12/28 at 100.00 AA+ 725,020
1,335 Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 6/30 at 100.00 AA+ 891,459
  2020D-1, 2.550%, 12/01/50      
400 Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 6/30 at 100.00 AA+ 253,224
  2021A-1, 2.450%, 12/01/51      
2,500 Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 6/32 at 100.00 AA+ 2,605,950
  2022C-1, 5.100%, 12/01/52      
6,175 Total Housing/Multifamily     5,275,932
  Housing/Single Family – 0.4% (0.3% of Total Investments)      
500 Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 6/32 at 100.00 AA+ 491,520
  2022-224, 4.350%, 12/01/42      

 

28


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Long-Term Care – 4.8% (2.9% of Total Investments)      
  Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the      
  Charles, Inc. Issue, Series 2017:      
$ 1,040 4.125%, 10/01/42, 144A 12/22 at 105.00 BB+ $ 986,513
250 5.000%, 10/01/47, 144A 12/22 at 105.00 BB+ 254,705
460 Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community 7/25 at 100.00 A+ 471,072
  Lennox, Series 2015, 5.000%, 7/01/31      
485 Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, 12/25 at 103.00 A– 445,473
  Series 2019, 4.000%, 12/01/42      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 1/23 at 100.00 BBB 1,002,220
  2013A, 5.250%, 1/01/26      
525 Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 1/27 at 103.00 BBB 416,792
  2022. Forward Delivery, 4.000%, 1/01/51, 144A      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc., Refunding 10/24 at 104.00 BBB 976,820
  Series 2019, 5.000%, 10/01/49      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, Salem Community Corporation, 1/32 at 100.00 N/R 890,390
  Refunding Series 2022, 5.250%, 1/01/50      
5,760 Total Long-Term Care     5,443,985
  Tax Obligation/General – 27.4% (16.6% of Total Investments)      
1,240 Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 1/23 at 100.00 AA 1,242,120
  5.000%, 2/15/32      
1,885 Ludlow, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2019, 2/27 at 100.00 AA– 1,471,129
  3.000%, 2/01/49      
2,000 Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, 7/25 at 100.00 Aa1 2,060,900
  5.000%, 7/01/45      
3,895 Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F, 11/27 at 100.00 Aa1 4,106,498
  5.000%, 11/01/46      
4,000 Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A, 1/29 at 100.00 Aa1 4,244,800
  5.000%, 1/01/49      
3,000 Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2022C, 10/32 at 100.00 Aa1 3,293,310
  5.000%, 10/01/47      
525 Massachusetts State, General Obligation Bonds, Refunding Series 2020D, 3.000%, 11/01/42 11/30 at 100.00 Aa1 437,666
1,775 North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 1/23 at 100.00 Aa2 1,777,751
  2012, 5.000%, 5/15/35      
1,685 Northeast Metropolitan Regional Vocational Technical School District, Massachusetts, 4/31 at 100.00 AA 1,634,265
  General Obligation Bonds, School Series 2022, 4.000%, 4/15/47      
1,950 Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series 9/27 at 100.00 Aa2 1,613,333
  2019, 3.000%, 9/01/42      
2,000 Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1, 4.000%, 7/01/46 7/31 at 103.00 N/R 1,544,680
815 Quincy, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2022A, 6/32 at 100.00 AA 889,320
  5.000%, 6/01/50      
3,000 Quincy, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2022B, 7/32 at 100.00 AA 3,287,160
  5.000%, 7/01/47      
  Revere, Massachusetts, General Obligation Bonds, State Qualified Municipal Purpose Loan      
  Series 2022:      
1,625 4.000%, 8/01/42 , (WI/DD, Settling 12/08/22) 8/31 at 100.00 AA 1,636,846
1,745 4.000%, 8/01/43 , (WI/DD, Settling 12/08/22) 8/31 at 100.00 AA 1,753,429
31,140 Total Tax Obligation/General     30,993,207

 

29


 
 

 

 

   
NMT Nuveen Massachusetts Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Tax Obligation/Limited – 24.8% (15.1% of Total Investments)      
$ 855 Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014, 11/24 at 100.00 AA $ 887,943
  5.000%, 5/01/33 – BAM Insured      
500 Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2017, 5/27 at 100.00 AA 535,810
  5.000%, 5/01/35 – BAM Insured      
2,000 Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series 7/30 at 100.00 AA 2,288,520
  2020B-1, 5.000%, 7/01/32      
1,000 Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B, No Opt. Call AA 1,012,130
  5.375%, 5/01/23 – SYNCORA GTY Insured      
550 Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2022A, 5/32 at 100.00 Aa2 526,993
  4.000%, 5/01/47      
1,350 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Refunding 8/25 at 100.00 AAA 1,413,707
  Senior Series 2015C, 5.000%, 8/15/37      
3,185 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 11/26 at 100.00 AAA 3,332,561
  Series 2016B, 5.000%, 11/15/46      
2,000 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 2/28 at 100.00 AA+ 2,133,080
  Series 2018A, 5.250%, 2/15/48      
1,500 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 2/29 at 100.00 AA+ 1,601,115
  Series 2019A, 5.000%, 2/15/44      
3,075 Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Refunding Series No Opt. Call AAA 3,368,755
  2005, 5.500%, 1/01/27 – NPFG Insured      
2,000 Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated 6/29 at 100.00 AA+ 2,139,340
  Bridge Programs, Series 2019A, 5.000%, 6/01/49      
1,500 Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 6/25 at 100.00 AA+ 1,547,565
  2015A, 5.000%, 6/01/45      
485 Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, 10/32 at 100.00 N/R 489,084
  Series 2022A, 5.000%, 10/01/39      
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:      
865 4.550%, 7/01/40 7/28 at 100.00 N/R 805,600
843 0.000%, 7/01/46 7/28 at 41.38 N/R 212,453
4,218 0.000%, 7/01/51 7/28 at 30.01 N/R 793,659
775 4.750%, 7/01/53 7/28 at 100.00 N/R 708,117
1,260 5.000%, 7/01/58 7/28 at 100.00 N/R 1,195,501
2,867 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 7/28 at 100.00 N/R 2,597,273
  Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40      
520 Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 1/23 at 100.00 AA 520,270
  Series 2012A, 5.000%, 10/01/32 – AGM Insured      
31,348 Total Tax Obligation/Limited     28,109,476
  Transportation – 7.8% (4.8% of Total Investments)      
2,500 Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 7/01/47, (AMT) 7/27 at 100.00 AA 2,559,600
  Massachusetts Port Authority, Revenue Bonds, Series 2014A:      
1,000 5.000%, 7/01/39 7/24 at 100.00 AA 1,026,060
2,500 5.000%, 7/01/44 7/24 at 100.00 AA 2,550,525
  Massachusetts Port Authority, Revenue Bonds, Series 2015A:      
715 5.000%, 7/01/40 7/25 at 100.00 AA 743,729
1,000 5.000%, 7/01/45 7/25 at 100.00 AA 1,031,690
1,000 Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, 7/29 at 100.00 A1 919,710
  Series 2019A, 4.000%, 7/01/44, (AMT)      
8,715 Total Transportation     8,831,314

 

30


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  U.S. Guaranteed – 7.2% (4.4% of Total Investments) (5)      
$ 1,265 Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts 7/23 at 100.00 A1 $ 1,283,355
  Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32, (Pre-refunded 7/01/23)      
1,610 Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B, 5/24 at 100.00 Aa2 1,664,289
  5.000%, 5/01/44, (Pre-refunded 5/01/24)      
1,000 Massachusetts Development Finance Agency Revenue Bonds, Children?s Hospital Issue, 10/24 at 100.00 AA 1,043,110
  Series 2014P, 5.000%, 10/01/46, (Pre-refunded 10/01/24)      
1,410 Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 11/23 at 100.00 N/R 1,445,165
  Obligated Group, Series 2013, 5.250%, 11/15/41, (Pre-refunded 11/15/23)      
335 Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue, 11/23 at 100.00 N/R 345,623
  Series 2013A, 6.250%, 11/15/28, (Pre-refunded 11/15/23), 144A      
  Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior      
  Series 2013A:      
990 5.000%, 5/15/38, (Pre-refunded 5/15/23) 5/23 at 100.00 N/R 1,001,128
885 5.000%, 5/15/38, (Pre-refunded 5/15/23) 5/23 at 100.00 AAA 895,151
500 Massachusetts Water Resources Authority, General Revenue Bonds, Series 2016B, 5.000%, 8/26 at 100.00 AA+ 541,045
  8/01/40, (Pre-refunded 8/01/26)      
7,995 Total U.S. Guaranteed     8,218,866
  Utilities – 9.5% (5.8% of Total Investments)      
565 Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 7/24 at 100.00 A– 572,803
  Refunding Series 2014A, 5.000%, 7/01/29      
  Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,      
  Refunding Series 2017:      
1,250 5.000%, 7/01/37 7/27 at 100.00 A– 1,272,312
420 5.000%, 7/01/40 7/27 at 100.00 A– 426,674
415 Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, 1/23 at 100.00 A+ 415,685
  5.000%, 12/01/32 – NPFG Insured      
1,000 Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015, 2/24 at 100.00 AAA 1,017,490
  5.000%, 2/01/45      
4,445 Massachusetts Municipal Wholesale Electric Company, MMWEC, Revenue Bonds, Project 2015A, 1/32 at 100.00 AA– 4,101,090
  Series 2021A, 4.000%, 7/01/46      
1,230 Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B, 8/27 at 100.00 AA+ 1,306,014
  5.000%, 8/01/42      
1,000 Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 4/27 at 100.00 AA 1,064,300
  2017C, 5.000%, 4/15/37      
635 Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 4/29 at 100.00 AA 641,369
  2019E, 4.000%, 4/15/38      
10,960 Total Utilities     10,817,737
$ 187,858 Total Long-Term Investments (cost $191,997,656)     186,283,093
  Variable Rate Demand Preferred Shares, net of deferred offering costs – (65.1)% (6)     (73,763,430)
  Other Assets Less Liabilities – 0.7%     760,399
  Net Assets Applicable to Common Shares – 100%     $ 113,280,062

 

31


 
 

 

 

   
NMT Nuveen Massachusetts Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2022 (Unaudited)

 

(1)All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 39.6%.
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.

32


 
 

 

 

   
NMS Nuveen Minnesota Quality Municipal
  Income Fund
  Portfolio of Investments
  November 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 166.3% (100.0% of Total Investments)      
  MUNICIPAL BONDS – 166.3% (100.0% of Total Investments)      
  Education and Civic Organizations – 33.7% (20.2% of Total Investments)      
  City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy      
  Project,Series 2016A:      
$ 500 4.000%, 7/01/28 7/24 at 102.00 N/R $ 475,895
50 5.000%, 7/01/36 7/24 at 102.00 N/R 48,324
250 Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, 7/25 at 100.00 BB+ 248,135
  Series 2015A, 5.250%, 7/01/40      
570 Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 1/23 at 102.00 BB+ 571,647
  Academy, Series 2014A, 5.750%, 8/01/44      
750 Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 8/27 at 102.00 BB+ 719,805
  Academy, Series 2019A, 5.250%, 8/01/43      
100 Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of 7/26 at 100.00 N/R 84,070
  Performing Arts Project, Series 2016A, 5.000%, 7/01/47      
2,200 Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 7/24 at 100.00 BB 2,004,948
  2014A, 5.000%, 7/01/44      
1,575 Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, 7/26 at 100.00 N/R 1,352,736
  Series 2016A, 5.000%, 7/01/46      
  Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project,      
  Series 2013A:      
300 6.000%, 7/01/33 7/23 at 100.00 BB+ 301,611
1,425 6.000%, 7/01/43 7/23 at 100.00 BB+ 1,428,121
  Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University,      
  Refunding Series 2017:      
500 5.000%, 5/01/37 5/27 at 100.00 BB+ 489,920
2,000 5.000%, 5/01/47 5/27 at 100.00 BB+ 1,838,680
1,580 Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, 3/27 at 100.00 Aa2 1,581,138
  Refunding Series 2017, 4.000%, 3/01/42      
  Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint      
  Scholastica, Inc., Refunding Series 2019:      
500 4.000%, 12/01/34 12/29 at 100.00 Baa2 483,575
425 4.000%, 12/01/40 12/29 at 100.00 Baa2 389,121
305 Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, 3/26 at 100.00 Baa2 277,925
  Series 2016-8K, 4.000%, 3/01/43      
600 Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, 3/27 at 100.00 Aa3 572,958
  Refunding Series 2017, 4.000%, 3/01/48      
225 Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine 10/28 at 100.00 Baa1 230,472
  University, Refunding Series 2018A, 5.000%, 10/01/45      
750 Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, 10/30 at 100.00 A1 704,250
  Series 2021, 4.000%, 10/01/50      
  Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint      
  Thomas, Series 2019:      
750 5.000%, 10/01/33 10/29 at 100.00 A2 818,108
235 5.000%, 10/01/40 10/29 at 100.00 A2 246,900
  Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint      
  Thomas, Series 2022B:      
2,125 5.000%, 10/01/39 10/30 at 100.00 A2 2,247,124
710 4.125%, 10/01/41 10/30 at 100.00 A2 685,796
400 5.000%, 10/01/47 10/30 at 100.00 A2 417,928

 

33


 
 

 

 

   
NMS Nuveen Minnesota Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Education and Civic Organizations (continued)      
$ 705 Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School 9/24 at 100.00 BB– $ 619,914
  Project, Series 2014A, 5.000%, 9/01/44      
1,250 Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 12/29 at 100.00 BBB– 998,237
  Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49      
  Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue      
  Bonds, Twin Cities Academy Project, Series 2015A:      
360 5.300%, 7/01/45 7/25 at 100.00 BB 336,193
510 5.375%, 7/01/50 7/25 at 100.00 BB 473,066
1,680 Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 7/23 at 100.00 BB 1,521,408
  Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44      
800 Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, 1/23 at 100.00 BB+ 781,720
  Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33      
390 Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint 3/23 at 100.00 BB 331,652
  Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43      
1,000 Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 10/26 at 100.00 N/R 895,270
  2016A, 5.000%, 10/01/41      
500 St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, 12/26 at 102.00 BB+ 445,520
  Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49      
26,020 Total Education and Civic Organizations     24,622,167
  Health Care – 37.5% (22.5% of Total Investments)      
250 Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, 3/26 at 100.00 N/R 245,143
  Refunding Series 2016, 4.000%, 3/01/32      
180 City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health 4/27 at 100.00 BBB 183,121
  Services Project, Series 2017, 5.000%, 4/01/41      
  Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds,      
  Essentia Health Obligated Group, Series 2018A:      
110 4.250%, 2/15/43 2/28 at 100.00 A– 105,062
700 5.000%, 2/15/43 2/28 at 100.00 A– 713,006
4,750 5.000%, 2/15/48 2/28 at 100.00 A– 4,798,165
1,000 5.000%, 2/15/53 2/28 at 100.00 A– 1,005,130
510 5.000%, 2/15/58 2/28 at 100.00 A– 511,454
  Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds,      
  Saint Luke’s Hospital of Duluth Obligated Group, Series 2021A:      
200 4.000%, 6/15/33 6/31 at 100.00 BBB– 190,986
430 3.000%, 6/15/44 6/31 at 100.00 BBB– 295,634
150 Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 6/32 at 100.00 BBB– 152,151
  Saint Luke’s Hospital of Duluth Obligated Group, Series 2022B, 5.250%, 6/15/47      
  Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health      
  Services Project, Series 2013:      
400 4.000%, 4/01/27 1/23 at 100.00 BBB 397,364
230 4.000%, 4/01/31 1/23 at 100.00 BBB 224,314
720 Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial 9/25 at 100.00 Baa1 671,198
  Health Care, Series 2015, 4.000%, 9/01/35      
  Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care,      
  Series 2017:      
200 5.000%, 5/01/31 5/27 at 100.00 Baa1 208,834
165 5.000%, 5/01/32 5/27 at 100.00 Baa1 171,325
  Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2021:      
1,500 4.000%, 11/15/36 11/31 at 100.00 AA– 1,482,915
500 4.000%, 11/15/39 11/31 at 100.00 AA– 488,990
265 Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, 11/25 at 100.00 A 252,240
  Series 2015A, 4.000%, 11/15/40      

 

34


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Health Care (continued)      
  Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services,      
  Series 2018A:      
$ 1,500 4.000%, 11/15/48 11/28 at 100.00 A $ 1,345,470
1,000 5.000%, 11/15/49 11/28 at 100.00 A 1,021,620
915 Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 5/28 at 100.00 AA 886,781
  4.000%, 11/15/48      
1,000 Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2022, 11/32 at 100.00 AA 1,078,390
  5.000%, 11/15/57      
1,275 Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 5/26 at 100.00 AA– 1,259,458
  2016A, 4.000%, 5/01/37      
1,000 Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 5/29 at 100.00 AA– 1,022,740
  2019, 5.000%, 5/01/48      
3,920 Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue 7/25 at 100.00 A 3,886,719
  Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35      
  Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds,      
  Fairview Health Services, Series 2017A:      
245 4.000%, 11/15/36 11/27 at 100.00 A 240,168
240 4.000%, 11/15/37 11/27 at 100.00 A 233,076
2,170 4.000%, 11/15/43 11/27 at 100.00 A 1,996,270
955 Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 1/23 at 100.00 N/R 955,191
  Project, Series 2007-1, 5.000%, 8/01/36      
  Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional      
  Medical Center, Refunding Series 2014:      
765 4.000%, 9/01/31 9/24 at 100.00 A 761,343
630 5.000%, 9/01/34 9/24 at 100.00 A 636,275
27,875 Total Health Care     27,420,533
  Housing/Multifamily – 2.2% (1.3% of Total Investments)      
1,635 Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments 1/23 at 100.00 Aaa 1,636,700
  Project, Series 2010, 4.500%, 6/01/26      
  Housing/Single Family – 0.6% (0.4% of Total Investments)      
50 Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 1/23 at 100.00 AA+ 46,298
  3.900%, 7/01/43      
20 Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 7/24 at 100.00 AA+ 19,676
  3.500%, 1/01/32      
445 Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I, 1/30 at 100.00 AA+ 391,787
  1.700%, 1/01/31      
515 Total Housing/Single Family     457,761
  Industrials – 6.2% (3.7% of Total Investments)      
  Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond      
  Fund Series 2013-1:      
1,400 4.500%, 6/01/33 6/23 at 100.00 A+ 1,414,224
600 4.750%, 6/01/39 6/23 at 100.00 A+ 607,632
2,650 Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint 1/23 at 100.00 BBB 2,488,668
  Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37, (AMT), 144A      
4,650 Total Industrials     4,510,524
  Long-Term Care – 11.3% (6.8% of Total Investments)      
805 Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at 11/24 at 100.00 N/R 674,010
  Anoka, Inc. Project, Series 2014, 5.125%, 11/01/49      
380 Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford 11/24 at 100.00 Baa1 347,936
  Foundation Project, Series 2014, 4.000%, 11/01/39      

 

35


 
 

 

 

   
NMS Nuveen Minnesota Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Long-Term Care (continued)      
$ 875 Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., 1/23 at 100.00 N/R $ 701,750
  Refunding Series 2013, 5.200%, 3/01/43      
  Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc.,      
  Refunding Series 2015:      
175 5.250%, 1/01/40 1/23 at 100.00 N/R 141,752
850 5.250%, 1/01/46 1/23 at 100.00 N/R 650,675
500 Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, 1/23 at 100.00 N/R 458,720
  Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A      
1,350 Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding 1/23 at 100.00 N/R 1,246,145
  Series 2012, 4.750%, 11/15/28      
750 Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen Abiitan Mill 5/23 at 100.00 N/R 683,003
  City Project, Series 2015, 5.250%, 11/01/45      
215 Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of 7/24 at 102.00 N/R 176,248
  Country Manor Project, Series 2019 A, 5.000%, 7/01/55      
1,300 Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview 6/26 at 100.00 N/R 1,021,020
  Home Project, Series 2016B, 4.900%, 6/01/49      
500 Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care 5/23 at 100.00 N/R 423,210
  Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48      
  Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian      
  Homes Bloomington Project, Refunding Series 2017:      
500 4.125%, 9/01/34 9/24 at 100.00 N/R 464,395
350 4.125%, 9/01/35 9/24 at 100.00 N/R 321,051
585 Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd 1/23 at 100.00 N/R 509,675
  Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39      
500 Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, 8/24 at 102.00 N/R 475,255
  Refunding Series 2019, 5.000%, 8/01/49      
9,635 Total Long-Term Care     8,294,845
  Tax Obligation/General – 28.4% (17.1% of Total Investments)      
  Brainerd Independent School District 181, Crow Wing County, Minnesota, General      
  Obligation Bonds, Facilities Maintenance Series 2018D:      
1,015 4.000%, 2/01/38 2/27 at 100.00 AAA 1,031,686
1,055 4.000%, 2/01/39 2/27 at 100.00 AAA 1,070,224
1,000 Brainerd Independent School District 181, Crow Wing County, Minnesota, General 2/27 at 100.00 AAA 1,008,770
  Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42      
1,020 Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, 2/27 at 100.00 Aa1 1,014,645
  Series 2018A, 4.000%, 2/01/43      
300 Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation 2/25 at 67.23 AAA 189,498
  Bonds, School Building Series 2015A, 0.000%, 2/01/35      
1,000 Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, 2/25 at 100.00 Aa1 1,011,160
  General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36      
540 Duluth Independent School District 709, Saint Louis County, Minnesota, General 2/28 at 89.86 Aa1 357,950
  Obligation Bonds, Capital Appreciation Series 2021C, 0.000%, 2/01/33      
1,000 Hennepin County, Minnesota, General Obligation Bonds, Series 2020A, 5.000%, 12/01/36 12/30 at 100.00 AAA 1,129,120
2,000 Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, 2/27 at 100.00 AAA 2,011,400
  School Building Series 2018A, 4.000%, 2/01/42      
  Independent School District No. 2397 (Le Sueur-Henderson), Minnesota, General Obligation      
  School Building Bonds, Series 2022A:      
1,145 5.000%, 2/01/36 2/31 at 100.00 AAA 1,292,373
1,000 4.500%, 2/01/41 2/31 at 100.00 AAA 1,039,950
1,000 Independent School District No. 319, Nashwauk-Keewatin, Minnesota, General Obligation 2/31 at 100.00 AAA 989,610
  School Building Bonds, Series 2022A, 4.000%, 2/01/48      

 

36


 
 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Tax Obligation/General (continued)      
$ 1,345 Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 12/26 at 100.00 AAA $ 1,355,868
  2018, 4.000%, 12/01/40      
1,000 Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation 2/27 at 100.00 Aa1 1,027,250