UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21152

Nuveen Georgia Quality Municipal Income Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2016

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.



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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Managers' Comments
5
   
Fund Leverage
9
   
Common Share Information
11
   
Risk Considerations
13
   
Performance Overview and Holding Summaries
15
   
Portfolios of Investments
21
   
Statement of Assets and Liabilities
66
   
Statement of Operations
68
 
 
Statement of Changes in Net Assets
70
   
Statement of Cash Flows
73
   
Financial Highlights
76
   
Notes to Financial Statements
85
   
Additional Fund Information
99
   
Glossary of Terms Used in this Report
100
   
Reinvest Automatically, Easily and Conveniently
102

NUVEEN
3


Chairman's Letter to Shareholders
Dear Shareholders,
After a sluggish first half of 2016, the U.S. economy gained some momentum in the third quarter. In fact, it was the economy's strongest quarterly acceleration in two years, propelled by healthy consumer spending, a temporary surge in exports and a turnaround in inventories. As the year wound down, 2016 looked on track to deliver the same steady-but-slow growth that has characterized the seven-year recovery.
A year ago, the U.S. Federal Reserve (Fed) took the first step toward policy "normalization" by raising its benchmark interest rate at its December 2015 meeting. Speculation about the Fed's intentions since then has been a strong influence on the markets throughout 2016. After remaining on hold for a year, the Fed judged that the economy's modest growth, the return to "full" employment and an uptick in inflation were sufficient to raise the target rate at the December 2016 meeting.
The global economy stayed on a path of low growth overall. Some concerns eased in 2016: China managed a gradual slowdown, stabilizing commodity prices provided some relief to emerging markets and the U.K. and eurozone economies held steady despite the U.K.'s surprise vote to leave the European Union. However, other uncertainties have surfaced. The threat of protectionism and potential trade wars has risen amid the populist sentiment underscoring the Brexit majority and the election of Donald Trump, as well as appearing in campaign rhetoric across Europe as elections loom in 2017. Moreover, there are growing concerns that global central banks' unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently at or near zero across the developed world and only slightly higher than that in the U.S.; nonetheless, growth has remained subdued.
Since the election, U.S. stocks have rallied strongly on expectations that the Republican controlled Congress and Trump administration will pursue more business friendly policies. But the details have yet to be seen. Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook (not just in the U.S. but also in Europe), we anticipate that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
January 23, 2017

4
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Portfolio Managers' Comments
Nuveen Georgia Quality Municipal Income Fund (NKG)
(formerly known as Nuveen Georgia Dividend Advantage Municipal Fund 2)
Nuveen Maryland Quality Municipal Income Fund (NMY)
(formerly known as Nuveen Maryland Premium Income Municipal Fund)
Nuveen Minnesota Quality Municipal Income Fund (NMS)
(formerly known as Nuveen Minnesota Municipal Income Fund)
Nuveen Missouri Quality Municipal Income Fund (NOM)
(formerly known as Nuveen Missouri Premium Income Municipal Fund)
Nuveen North Carolina Quality Municipal Income Fund (NNC)
(formerly known as Nuveen North Carolina Premium Income Municipal Fund)
Nuveen Virginia Quality Municipal Income Fund (NPV)
(formerly known as Nuveen Virginia Premium Income Municipal Fund)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio managers Daniel J. Close, CFA, Stephen J. Candido, CFA, and Christopher L. Drahn, CFA, key investment strategies and the six-month performance of these six Nuveen Funds. Dan has managed the Nuveen Georgia and North Carolina Funds since 2007.
Effective May 31, 2016, Stephen J. Candido replaced Thomas C. Spalding, CFA as portfolio manager of the Maryland and Virginia Funds.
Effective November 8, 2016, Christopher Drahn replaced Douglas J. White, CFA, as portfolio manager of the Minnesota Fund.
What key strategies were used to manage these Funds during the six-month reporting period ended November 30, 2016?
After declining in the first half of the reporting period, interest rates began to rise moderately at first then accelerated steeply in the aftermath of the November U.S. presidential election. Fixed income yields, including those of municipal bonds, ended the six-month period higher. Municipal bond credit spreads also widened in this reporting period, driven by a reversal of investor flows from high yield municipal bond mutual funds. This environment was negative for municipal bond performance, leading the broad market lower for the reporting period as whole.
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

NUVEEN
5


Portfolio Managers' Comments (continued)
Despite the more challenging backdrop, our trading activity continued to focus on pursuing the Funds' investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Funds' positioning emphasized intermediate and longer maturities, lower-rated credits and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as selling short-dated, higher quality issues that we tend to hold over short timeframes as a source of liquidity. For NKG, NMY, NMS and NNC, we also invested the proceeds from incremental preferred share offerings that were conducted as part of the overall management of the Funds' leverage.
NKG bought one state of Georgia general obligation (GO) bond, two AA rated local GOs, two higher quality water and sewer credits and one private higher education bond. Most of these purchases were in the intermediate duration range. We funded the buys from the proceeds of called bonds and also sold some shorter duration, higher quality bonds.
In NMY, we added several investment grade bonds from a range of sectors, including credits issued for Maryland Stadium Authority Baltimore City Public Schools, Oak Crest Village (a continuing care retirement center or CCRC) and the Purple Line (a rail system in Prince George County and Montgomery County). We also bought a lower investment grade rated Maryland Institute College of Art credit and secured First Energy Solutions bonds, an energy producer. First Energy announced financial difficulties and possible debt restructuring causing a drop in bond prices, but we believe the secured bonds are in a good position for a strong recovery. In addition to funding buys from call proceeds, NMY sold some Puerto Rico revenue bonds and some uninsured Virgin Islands territorial paper.
Buying activity in NMS and NOM was muted during this reporting period. The Minnesota Fund bought a number of school district GOs, charter school credits including Beacon Academy and Aspen Academy, and an electric revenue bond issued for the Minnesota Municipal Power Agency. The purchases were funded mainly from the proceeds from incremental preferred share offerings conducted during this reporting period and from called bonds. Given the minimal amount of call activity and maturities in NOM during this reporting period, as well as our belief that the Fund's positioning remained well-aligned with our investment objectives, the Fund's only notable addition was a St. Charles County Public Water District Number 2 credit.
NNC's purchases were focused on the intermediate segment of yield curve. We added three AAA rated local GOs, one higher education credit, two utilities issues, one hospital bond, and one CCRC bond. We mainly used the proceeds from called bonds to fund new purchases, as well as reinvested the cash from selling some pre-refunded bonds.
NPV invested in bonds issued by Metropolitan Washington D.C. Airport Authority (which is backed by revenues from Dulles International and Reagan National airports), Fairfax County Goodwin House (a CCRC), Richmond Public Utility and Chesapeake Bay Bridge and Tunnel (tollroad). NPV also purchased secured First Energy Solutions bonds, an energy producer. First Energy announced financial difficulties and possible debt restructuring causing a drop in bond prices, but we believe the secured bonds are in a good position for a strong recovery. Like NMY, NPV also sold both zero coupon Puerto Rico tobacco settlement bonds and uninsured Virgin Islands territorial paper and reinvested the proceeds into more attractive opportunities. Additionally, NPV sold a depreciated bond and simultaneously replaced it with a similarly structured bond to realize a capital loss and boost the Fund's income.
As of November 30, 2016, NKG, NMY, NOM and NPV continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform during the six-month reporting period ended November 30, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year and ten-year periods ended November 30, 2016. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes.

6
NUVEEN


For the reporting period ended November 30, 2016, the total return at common share NAV for the six Funds trailed the return for their respective state's S&P Municipal Bond Index as well as the national S&P Municipal Bond Index.
Positive contributors to the Funds' relative performance during this reporting period were ratings allocations, sector allocations and credit selection, while duration and yield curve positioning detracted. In addition, the use of regulatory leverage was an important factor negatively affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
Rising yields, with the longest end of the yield curve experiencing the largest increases, hampered the Funds' overweight positioning in longer duration bonds and their corresponding underweight allocations in shorter duration bonds. For all six Funds, this positioning was disadvantageous during the reporting period, as longer maturity bonds exhibited the strongest underperformance.
The Funds' credit quality allocations added value during the reporting period. The performance of lower-rated bonds generally held up better than that of higher grade bonds during this reporting period. The Funds' allocations were overweight to the medium and lower quality (A rated and below) segments and underweight to the higher quality (AAA and AA rated) segments, which was beneficial to relative returns for the six Funds. In particular, NKG was most helped by its underweight to AAA rated bonds. NMY's overweight to BB rated and non-rated credits contributed positively, helping to offset the negative impact of overweight allocations to the AA, B and BBB segments. Exposure to the lower investment grade and non-rated categories buoyed NMS and NOM. NNC's overweight to BBB rated bonds resulted in relative gains. In NPV, non-rated bonds added to performance, while the Fund's exposures to B and BBB rated credits underperformed.
On a sector basis, weaker performing areas of the municipal market included tobacco, zero coupon bonds, health care (especially hospitals) and higher education. The performance of NMY and NPV was hurt by the Funds' overweight allocations to tobacco securitization bonds, as these bonds were hurt by the outflows from high yield municipal bond funds. NKG, NMS, NOM and NNC had no exposure to the tobacco sector. Zero coupon bonds performed poorly during this reporting period due to their long maturities. NMS and NPV held the largest weightings in zero coupon bonds and NKG and NOM held the smallest amounts.
Other sector allocations fared better, contributing positive relative performance. NKG's underweight allocation to the "other utilities" sector, which consisted of prepaid gas bonds, was advantageous to relative performance. Municipalities issue these debt securities to use the proceeds to buy in advance a long-term supply of natural gas. Positive sector performance in NMY and NPV was helped by their exposure to Puerto Rico credits, which performed well in this reporting period. Additionally, American Airlines stock held in NMY performed well during the reporting period. The Fund received American Airlines stock when the Fund's holding of bonds issued by Puerto Rico Ports Authority for American Airlines was converted into equity as part of the merger with US Airways, which was completed in December 2013. Over time, we expect to sell these shares and reinvest the proceeds into municipal bonds. NNC and NPV benefited from overweight allocations to pre-refunded bonds, one of the better performing sectors over the reporting period. For NMS and NOM, sector allocation had a neutral impact on relative performance for this reporting period.
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.

NUVEEN
7


Portfolio Managers' Comments (continued)
In terms of Puerto Rico holdings, shareholders should note that NMY, NOM and NPV had exposure to Puerto Rico debt, 5.11%, 0.79% and 3.24%, respectively, at the end of the reporting period, consisting of mostly insured bonds. NKG, NMS, NNC did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but may do so in the future. Thus there is an increased risk that the organization acting as each Fund's pricing service may change, or that the Funds' pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

8
NUVEEN


Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds 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, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, 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. Leverage from borrowings had a negative impact on the performance of the Funds over the reporting period. Leverage from inverse floaters had a negative impact on the performance of NKG, NMY, and NPV and had a negligible impact on the performance of NMS, NOM, and NNC over the reporting period.
As of November 30, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

     
NKG
   
NMY
   
NMS
   
NOM
   
NNC
   
NPV
 
Effective Leverage*
   
39.26
%
 
39.13
%
 
39.59
%
 
36.29
%
 
39.46
%
 
38.88
%
Regulatory Leverage*
   
36.84
%
 
37.67
%
 
39.59
%
 
36.29
%
 
39.46
%
 
34.10
%

*
Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund's effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
THE FUNDS' REGULATORY LEVERAGE
As of November 30, 2016, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.
     
VMTP Shares
   
VRDP Shares
       
         
Shares Issued at
       
Shares Issued at
       
     
Series
 
Liquidation Preference
   
Series
 
Liquidation Preference
   
Total
 
NKG
   
2019
 
$
82,000,000
   
   
 
$
82,000,000
 
NMY
   
2019
 
$
197,000,000
   
   
 
$
197,000,000
 
NMS
   
2019
 
$
52,800,000
   
   
 
$
52,800,000
 
NOM
   
2018
 
$
18,000,000
   
   
 
$
18,000,000
 
NNC
   
2019
 
$
154,000,000
   
   
 
$
154,000,000
 
NPV
   
   
   
1
 
$
128,000,000
 
$
128,000,000
 
During the current reporting period, NKG refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing NKG issued an additional $7,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.

NUVEEN
9


Fund Leverage (continued)
During the current reporting period, NMY refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing NMY issued an additional $30,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
During the current reporting period, NMS refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing NMS issued an additional $8,700,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
During the current reporting period, NNC refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing NNC issued an additional $29,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund's respective transactions.
Subsequent to the end of the reporting period, Virginia Quality Income (NPV) designated a special rate period until January 24, 2018, for the Fund's Series 1 VRDP Shares. In connection with the transition to the special rate period, the VRDP Shares of each series have been remarketed and sold to an institutional investor. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or supported by a liquidity provider. During the period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula.

10
NUVEEN


Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of November 30, 2016. 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 Distribution (Ex-Dividend Date)
   
NKG
   
NMY
   
NMS
   
NOM
   
NNC
   
NPV
 
June 2016
 
$
0.0535
 
$
0.0555
 
$
0.0665
 
$
0.0610
 
$
0.0490
 
$
0.0545
 
July
   
0.0535
   
0.0555
   
0.0665
   
0.0610
   
0.0490
   
0.0545
 
August
   
0.0535
   
0.0555
   
0.0665
   
0.0610
   
0.0490
   
0.0545
 
September
   
0.0510
   
0.0555
   
0.0665
   
0.0610
   
0.0465
   
0.0495
 
October
   
0.0510
   
0.0555
   
0.0665
   
0.0610
   
0.0465
   
0.0495
 
November 2016
   
0.0510
   
0.0555
   
0.0665
   
0.0610
   
0.0465
   
0.0495
 
Total Distributions from Net Investment Income
 
$
0.3135
 
$
0.3330
 
$
0.3990
 
$
0.3660
 
$
0.2865
 
$
0.3120
 
                                       
Yields
                                     
Market Yield*
   
4.72
%
 
5.41
%
 
4.91
%
 
4.22
%
 
4.29
%
 
4.64
%
Taxable-Equivalent Yield*
   
6.97
%
 
7.96
%
 
7.57
%
 
6.23
%
 
6.32
%
 
6.83
%

*
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 32.3%, 32.0%, 35.1%, 32.3%, 32.1% and 32.1% for Georgia, Maryland, Minnesota, Missouri, North Carolina and Virginia, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.
Each Fund in this report 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. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of November 30, 2016, the Funds had positive UNII balances, based upon our best estimate, for tax purposes. NMY, NMS, NOM and NPV had positive UNII balances, while NKG and NNC had negative UNII balances for financial reporting purposes.
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 was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. 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.

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11


Common Share Information (continued)
COMMON SHARE EQUITY SHELF PROGRAM
During the current reporting period, NMS filed a registration statement with the Securities and Exchange Commission to issue additional common shares through an equity shelf program, which is not yet effective. Under this program NMS, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share.
COMMON SHARE REPURCHASES
During August 2016, the Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of November 30, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

 
NKG
NMY
NMS
NOM
NNC
NPV
 
Common shares cumulatively repurchased and retired
730,000
130,000
 
Common shares authorized for repurchase
1,055,000
2,335,000
555,000
235,000
1,640,000
1,795,000
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of November 30, 2016, and during the current reporting period, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

   
NKG
   
NMY
   
NMS
   
NOM
   
NNC
   
NPV
 
Common share NAV
 
$
13.33
   
$
13.95
   
$
14.45
   
$
13.51
   
$
14.39
   
$
13.79
 
Common share price
 
$
12.97
   
$
12.31
   
$
16.25
   
$
17.35
   
$
13.01
   
$
12.81
 
Premium/(Discount) to NAV
   
(2.70
)%
   
(11.76
)%
   
12.46
%
   
28.42
%
   
(9.59
)%
   
(7.11
)%
6-month average premium/(discount) to NAV
   
(1.74
)%
   
(8.30
)%
   
7.80
%
   
16.01
%
   
(7.86
)%
   
(2.96
)%

12
NUVEEN


Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Georgia Quality Municipal Income Fund (NKG)
(formerly known as Nuveen Georgia Dividend Advantage Municipal Fund 2)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NKG.
Nuveen Maryland Quality Municipal Income Fund (NMY)
(formerly known as Nuveen Maryland Premium Income Municipal Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NMY.
Nuveen Minnesota Quality Municipal Income Fund (NMS)
(formerly known as Nuveen Minnesota Municipal Income Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NMS.

NUVEEN
13


Risk Considerations (continued)
Nuveen Missouri Quality Municipal Income Fund (NOM)
(formerly known as Nuveen Missouri Premium Income Municipal Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NOM.
Nuveen North Carolina Quality Municipal Income Fund (NNC)
(formerly known as Nuveen North Carolina Premium Income Municipal Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NNC.
Nuveen Virginia Quality Municipal Income Fund (NPV)
(formerly known as Nuveen Virginia Premium Income Municipal Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NPV.
 
14
NUVEEN

NKG
 
 
Nuveen Georgia Quality Municipal Income Fund
 
(formerly known as Nuveen Georgia Dividend Advantage Municipal Fund 2)
 
Performance Overview and Holding Summaries as of November 30, 2016
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, 2016

 
6-Months
 
Average Annual
 
Cumulative
 
1-Year
5-Year
10-Year
 
NKG at Common Share NAV
(5.38)%
   
(0.88)%
3.59%
3.73%
 
NKG at Common Share Price
(7.12)%
   
3.21%
3.24%
4.46%
 
S&P Municipal Bond Georgia Index
(2.67)%
   
0.22%
3.22%
3.85%
 
S&P Municipal Bond Index
(2.82)%
   
0.48%
3.74%
4.07%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
157.4%
Other Assets Less Liabilities
3.2%
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Preference
160.6%
Floating Rate Obligations
(2.3)%
VMTP Shares, at Liquidation Preference
(58.3)%
Net Assets
100%
   
Portfolio Composition
 
(% of total investments)
 
Tax Obligation/General
25.9%
U.S. Guaranteed
17.5%
Water and Sewer
11.2%
Tax Obligation/Limited
10.7%
Education and Civic Organizations
10.6%
Utilities
7.7%
Other
16.4%
Total
100%
   
Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
26.8%
AA
53.2%
A
12.0%
BBB
3.9%
BB or Lower
0.3%
N/R (not rated)
3.8%
Total
100%

NUVEEN
15

NMY
 
 
Nuveen Maryland Quality Municipal Income Fund
 
(formerly known as Nuveen Maryland Premium Income Municipal Fund)
 
Performance Overview and Holding Summaries as of November 30, 2016
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, 2016

 
6-Month
 
Average Annual
 
Cumulative
 
1-Year
5-Year
10-Year
 
NMY at Common Share NAV
(5.41)%
   
(0.98)%
3.61%
4.12%
 
NMY at Common Share Price
(7.60)%
   
3.57%
2.18%
3.49%
 
S&P Municipal Bond Maryland Index
(2.30)%
   
0.35%
2.95%
3.73%
 
S&P Municipal Bond Index
(2.82)%
   
0.48%
3.74%
4.07%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
163.3%
Common Stocks
0.6%
Short-Term Municipal Bonds
0.6%
Other Assets Less Liabilities
(0.3)%
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Preference
164.2%
Floating Rate Obligations
(3.8)%
VMTP Shares, at Liquidation Preference
(60.4)%
Net Assets
100%
   
Portfolio Composition
 
(% of total investments)
 
Health Care
22.8%
Tax Obligation/Limited
14.1%
Tax Obligation/General
12.2%
U.S. Guaranteed
11.2%
Education and Civic Organizations
6.8%
Transportation
5.6%
Housing/Single Family
5.5%
Housing/Multifamily
5.0%
Other
16.8%
Total
100%
   
Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
21.5%
AA
32.7%
A
17.4%
BBB
15.1%
BB or Lower
5.8%
N/R (not rated)
7.1%
N/A (not applicable)
0.4%
Total
100%

16
NUVEEN

NMS
 
 
Nuveen Minnesota Quality Municipal Income Fund
 
(formerly known as Nuveen Minnesota Municipal Income Fund)
 
Performance Overview and Holding Summaries as of November 30, 2016

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, 2016

 
6-Month
 
Average Annual
 
Cumulative
 
1-Year
5-Year
10-Year
 
NMS at Common Share NAV
(6.06)%
   
(2.22)%
5.14%
5.26%
 
NMS at Common Share Price
4.18%
   
17.87%
5.07%
7.12%
 
S&P Municipal Bond Minnesota Index
(2.52)%
   
0.04%
3.28%
3.99%
 
S&P Municipal Bond Index
(2.82)%
   
0.48%
3.74%
4.07%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
162.1%
Other Assets Less Liabilities
3.4%
Net Assets Plus VMTP Shares, at Liquidation Preference
165.5%
VMTP Shares, at Liquidation Preference
(65.5)%
Net Assets
100%
   
Portfolio Composition
 
(% of total investments)
 
Education and Civic Organizations
18.5%
Health Care
15.3%
Tax Obligation/General
14.6%
Utilities
13.6%
Long-Term Care
10.3%
U.S. Guaranteed
7.9%
Other
19.8%
Total
100%
   
Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
10.9%
AA
39.7%
A
16.8%
BBB
8.7%
BB or Lower
6.5%
N/R (not rated)
17.4%
Total
100%

NUVEEN
17

NOM
 
 
Nuveen Missouri Quality Municipal Income Fund
 
(formerly known as Nuveen Missouri Premium Income Municipal Fund)
 
Performance Overview and Holding Summaries as of November 30, 2016
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, 2016

 
6-Month
 
Average Annual
 
Cumulative
 
1-Year
5-Year
10-Year
 
NOM at Common Share NAV
(4.10)%
   
1.32%
4.96%
4.54%
 
NOM at Common Share Price
10.71%
   
18.42%
6.91%
5.50%
 
S&P Municipal Bond Missouri Index
(2.70)%
   
0.39%
3.73%
4.13%
 
S&P Municipal Bond Index
(2.82)%
   
0.48%
3.74%
4.07%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
150.8%
Other Assets Less Liabilities
6.2%
Net Assets Plus VMTP Shares, at Liquidation Preference
157.0%
VMTP Shares, at Liquidation Preference
(57.0)%
Net Assets
100%
   
Portfolio Composition
 
(% of total investments)
 
Health Care
21.3%
Education and Civic Organizations
15.6%
Tax Obligation/Limited
15.5%
Long-Term Care
10.2%
Transportation
8.4%
U.S. Guaranteed
8.2%
Tax Obligation/General
7.2%
Other
13.6%
Total
100%
   
Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
14.1%
AA
32.4%
A
28.9%
BBB
10.9%
BB or Lower
4.9%
N/R (not rated)
8.8%
Total
100%

18
NUVEEN

NNC
 
 
Nuveen North Carolina Quality Municipal Income Fund
 
(formerly known as Nuveen North Carolina Premium Income Municipal Fund)
 
Performance Overview and Holding Summaries as of November 30, 2016
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, 2016

 
6-Month
 
Average Annual
 
Cumulative
 
1-Year
5-Year
10-Year
 
NNC at Common Share NAV
(5.79)%
   
(1.23)%
3.89%
4.27%
 
NNC at Common Share Price
(6.45)%
   
4.92%
1.95%
3.61%
 
S&P Municipal Bond North Carolina Index
(2.38)%
   
0.17%
3.09%
3.97%
 
S&P Municipal Bond Index
(2.82)%
   
0.48%
3.74%
4.07%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
162.0%
Other Assets Less Liabilities
3.2%
Net Assets Plus VMTP Shares, at Liquidation Preference
165.2%
VMTP Shares, at Liquidation Preference
(65.2)%
Net Assets
100%
   
Portfolio Composition
 
(% of total investments)
 
U.S. Guaranteed
24.5%
Education and Civic Organizations
14.6%
Transportation
14.6%
Health Care
13.8%
Tax Obligation/Limited
9.8%
Water and Sewer
9.3%
Other
13.4%
Total
100%
   
Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
32.9%
AA
45.8%
A
13.9%
BBB
5.3%
N/R (not rated)
2.1%
Total
100%

NUVEEN
19

NPV
 
 
Nuveen Virginia Quality Municipal Income Fund
 
(formerly known as Virginia Premium Income Municipal Fund)
 
Performance Overview and Holding Summaries as of November 30, 2016
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, 2016

 
6-Month
 
Average Annual
 
Cumulative
 
1-Year
5-Year
10-Year
 
NPV at Common Share NAV
(6.12)%
   
(1.29)%
3.55%
4.15%
 
NPV at Common Share Price
(9.28)%
   
(1.55)%
1.54%
3.58%
 
S&P Municipal Bond Virginia Index
(2.76)%
   
0.42%
3.26%
3.73%
 
S&P Municipal Bond Index
(2.82)%
   
0.48%
3.74%
4.07%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
151.1%
Other Assets Less Liabilities
4.4%
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Preference
155.5%
Floating Rate Obligations
(3.7)%
VRDP Shares, at Liquidation Preference
(51.8)%
Net Assets
100%
   
Portfolio Composition
 
(% of total investments)
 
Transportation
20.3%
U.S. Guaranteed
19.5%
Health Care
15.6%
Tax Obligation/Limited
15.5%
Education and Civic Organizations
7.3%
Water and Sewer
4.3%
Other
17.5%
Total
100%
   
Portfolio Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
28.6%
AA
38.8%
A
9.4%
BBB
12.4%
BB or Lower
6.7%
N/R (not rated)
4.1%
Total
100%

20
NUVEEN

 
NKG
   
 
Nuveen Georgia Quality Municipal Income Fund
 
 
(formerly known as Nuveen Georgia Dividend Advantage Municipal Fund 2)
 
 
Portfolio of Investments
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 157.4% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 157.4% (100.0% of Total Investments)
           
     
Education and Civic Organizations – 16.6% (10.6% of Total Investments)
           
$
1,760
 
Athens Housing Authority, Georgia, Student Housing Lease Revenue Bonds, UGAREF East Campus Housing LLC Project, Series 2009, 5.250%, 6/15/35
6/19 at 100.00
 
Aa2
$
1,893,531
 
 
700
 
Carrollton Payroll Development Authority, Georgia, Student Housing Revenue Bonds, University of West Georgia, Series 2004A, 5.000%,
9/01/21 – SYNCORA GTY Insured
2/17 at 100.00
 
A1
 
702,359
 
 
1,600
 
Cobb County Development Authority, Georgia, Revenue Bonds, KSU University II Real Estate Foundation, LLC Project, Series 2011, 5.000%, 7/15/41 – AGM Insured
7/21 at 100.00
 
AA
 
1,732,928
 
 
1,340
 
Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten Academy Project, Series 2013B, 7.000%, 10/01/43
10/23 at 100.00
 
N/R
 
1,417,934
 
 
625
 
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31
5/22 at 100.00
 
AA+
 
695,131
 
 
3,000
 
Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts Center, Inc. Project, Refunding Series 2015A, 5.000%, 3/15/36
3/26 at 100.00
 
A2
 
3,286,830
 
 
3,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2013A, 5.000%, 10/01/43
10/23 at 100.00
 
AA+
 
3,323,250
 
 
2,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46
10/26 at 100.00
 
AA+
 
2,240,660
 
     
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2009, Tender Option Bond Trust 2015-XF0073:
           
 
730
 
16.440%, 9/01/32 (IF)
9/19 at 100.00
 
AA+
 
974,681
 
 
1,150
 
16.467%, 9/01/35 (IF)
9/19 at 100.00
 
AA+
 
1,514,228
 
 
1,325
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/30
10/22 at 100.00
 
Baa2
 
1,416,067
 
 
1,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.000%, 10/01/32
10/21 at 100.00
 
Baa2
 
1,059,760
 
 
3,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of Art & Design Projects, Series 2014, 5.000%, 4/01/44
4/24 at 100.00
 
Baa1
 
3,098,340
 
 
21,230
 
Total Education and Civic Organizations
       
23,355,699
 
     
Health Care – 11.2% (7.1% of Total Investments)
           
     
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:
           
 
205
 
5.250%, 12/01/22 (4)
2/17 at 100.00
 
D
 
163,951
 
 
745
 
5.375%, 12/01/28 (4)
12/16 at 100.00
 
D
 
595,821
 
 
665
 
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 2016, 6.500%, 3/31/17
1/17 at 100.00
 
N/R
 
662,127
 
 
715
 
Coweta County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2010, 5.000%, 6/15/40
6/20 at 100.00
 
AA–
 
779,786
 
     
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
           
 
1,000
 
5.000%, 2/15/33
2/20 at 100.00
 
AA–
 
1,062,670
 
 
1,000
 
5.125%, 2/15/40
2/20 at 100.00
 
AA–
 
1,061,970
 
 
3,945
 
5.250%, 2/15/45
2/41 at 100.00
 
AA–
 
4,208,171
 
 
1,620
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 5.000%, 11/15/37
No Opt. Call
 
AA
 
1,748,741
 
     
Macon-Bibb County Hospital Authority, Georgia, Revenue Anticipation Certificates, Medical Center of Central Georgia Inc., Series 2009:
           
 
425
 
5.000%, 8/01/32
8/19 at 100.00
 
AA–
 
451,350
 
 
975
 
5.000%, 8/01/35
8/19 at 100.00
 
AA–
 
1,032,866
 

NUVEEN
21


NKG
Nuveen Georgia Quality Municipal Income Fund
 
 
(formerly known as Nuveen Georgia Dividend Advantage Municipal Fund 2)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
1,470
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2010, 5.000%, 8/01/21 – AGM Insured
No Opt. Call
 
AA
$
1,612,928
 
 
2,300
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center, Series 2007, 5.000%, 10/01/33
10/17 at 100.00
 
A2
 
2,339,054
 
 
15,065
 
Total Health Care
       
15,719,435
 
     
Housing/Multifamily – 2.8% (1.8% of Total Investments)
           
 
1,205
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Trestletree Village Apartments, Series 2013A, 4.500%, 11/01/35
11/23 at 100.00
 
BBB+
 
1,153,113
 
     
Savannah Economic Development Authority, Georgia, GNMA Collateralized Multifamily Housing Revenue Bonds, Snap I-II-III Apartments, Series 2002A:
           
 
400
 
5.150%, 11/20/22 (Alternative Minimum Tax)
2/17 at 100.00
 
AA+
 
400,676
 
 
980
 
5.200%, 11/20/27 (Alternative Minimum Tax)
2/17 at 100.00
 
AA+
 
981,117
 
 
1,465
 
5.250%, 11/20/32 (Alternative Minimum Tax)
2/17 at 100.00
 
AA+
 
1,466,157
 
 
4,050
 
Total Housing/Multifamily
       
4,001,063
 
     
Materials – 0.3% (0.2% of Total Investments)
           
 
390
 
Savannah Economic Development Authority, Georgia, Pollution Control Revenue Bonds, Union Camp Corporation, Series 1995, 6.150%, 3/01/17
No Opt. Call
 
Baa2
 
393,409
 
     
Tax Obligation/General – 40.8% (25.9% of Total Investments)
           
 
3,000
 
Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates Tanner Medical Center, Inc. Project, Series 2015, 5.000%, 7/01/41
7/25 at 100.00
 
AA
 
3,268,440
 
 
2,000
 
Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Refunding and Improvement Revenue Bonds, Memorial Health University Medical Center, Inc., Series 2012A, 5.000%, 1/01/31
1/22 at 100.00
 
AA
 
2,208,180
 
 
1,500
 
Cherokee County Resource Recovery Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ball Ground Recycling LLC Project, Series 2007A, 5.000%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax)
7/17 at 100.00
 
AA+
 
1,524,660
 
 
1,725
 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Performing Arts Center, Refunding Series 2013, 5.000%, 1/01/21
No Opt. Call
 
AAA
 
1,945,127
 
 
2,000
 
DeKalb County, Georgia, General Obligation Bonds, Special Transportation, Parks and Greenspace and Libraries Tax District Series 2016, 5.000%, 12/01/27
12/26 at 100.00
 
Aa3
 
2,364,940
 
     
East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A:
           
 
3,000
 
5.000%, 2/01/30 – SYNCORA GTY Insured
2/17 at 100.00
 
N/R
 
3,002,280
 
 
2,000
 
5.000%, 2/01/34 – SYNCORA GTY Insured
2/17 at 100.00
 
N/R
 
2,001,280
 
 
1,135
 
Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2012B, 5.000%, 7/01/23
No Opt. Call
 
Aa2
 
1,282,709
 
 
2,000
 
Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2016, 5.000%, 7/01/35
7/26 at 100.00
 
Aa2
 
2,206,460
 
 
3,000
 
Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 4/01/44
4/25 at 100.00
 
AAA
 
3,353,250
 
 
3,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54
2/25 at 100.00
 
AA–
 
3,415,320
 
 
15
 
Georgia Environmental Loan Acquisition Corporation, Local Government Loan Securitization Bonds, Loan Pool Series 2011, 5.125%, 3/15/31
3/21 at 100.00
 
Aaa
 
15,704
 
 
2,000
 
Georgia State, General Obligation Bonds, Refunding Series 2009I, 5.000%, 7/01/19
No Opt. Call
 
AAA
 
2,183,280
 
 
3,550
 
Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28
2/25 at 100.00
 
AAA
 
4,174,232
 
 
2,530
 
Georgia State, General Obligation Bonds, Tranche 2 Series 2016A, 5.000%, 2/01/30
2/26 at 100.00
 
AAA
 
2,979,530
 
 
3,500
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 2/01/36
2/23 at 100.00
 
AAA
 
3,918,635
 
 
1,500
 
Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2014B, 5.000%, 2/01/37
No Opt. Call
 
Aa3
 
1,635,540
 
 
3,000
 
Henry County School District, Georgia, General Obligation Bonds, Series 2016, 5.000%, 8/01/27
8/26 at 100.00
 
AA+
 
3,565,860
 

22
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
445
 
La Grange-Troup County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2008A, 5.500%, 7/01/38
7/18 at 100.00
 
Aa2
$
467,259
 
     
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:
           
 
302
 
5.500%, 7/15/23
7/21 at 100.00
 
N/R
 
301,368
 
 
601
 
5.500%, 7/15/30
7/21 at 100.00
 
N/R
 
596,856
 
 
659
 
5.500%, 1/15/36
7/21 at 100.00
 
N/R
 
654,050
 
 
3,000
 
Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City Center Project, Series 2015, 5.000%, 5/01/47
5/26 at 100.00
 
Aaa
 
3,360,930
 
 
2,260
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
 
Aa2
 
2,420,935
 
     
Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016:
           
 
1,000
 
5.000%, 8/01/30
2/26 at 100.00
 
Aa1
 
1,156,650
 
 
1,035
 
5.000%, 8/01/31
2/26 at 100.00
 
Aa1
 
1,193,541
 
 
2,000
 
Winder-Barrow Industrial Building Authority, Georgia, Revenue Bonds, City of Winder Project, Refunding Series 2012, 5.000%, 12/01/29 – AGM Insured
12/21 at 100.00
 
A1
 
2,186,880
 
 
51,757
 
Total Tax Obligation/General
       
57,383,896
 
     
Tax Obligation/Limited – 16.9% (10.7% of Total Investments)
           
 
3,250
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44
7/25 at 100.00
 
Aa3
 
3,637,855
 
     
Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2007:
           
 
110
 
5.250%, 12/01/19 – AGC Insured
12/17 at 100.00
 
AA
 
113,917
 
 
350
 
5.250%, 12/01/20
No Opt. Call
 
AA
 
362,464
 
 
80
 
5.250%, 12/01/21 – AGC Insured
12/17 at 100.00
 
AA
 
82,767
 
 
1,080
 
5.000%, 12/01/23 – AGC Insured
12/17 at 100.00
 
AA
 
1,112,281
 
 
1,500
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 7.375%, 1/01/31
1/19 at 100.00
 
A2
 
1,640,940
 
 
270
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31
1/19 at 100.00
 
A2
 
296,050
 
 
725
 
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/41
7/23 at 100.00
 
A–
 
766,586
 
     
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993:
           
 
170
 
5.500%, 10/01/18 – NPFG Insured
No Opt. Call
 
AA–
 
174,830
 
 
5,745
 
5.625%, 10/01/26 – NPFG Insured
10/19 at 100.00
 
AA–
 
6,459,793
 
 
405
 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26 – NPFG Insured
No Opt. Call
 
AA–
 
464,576
 
 
3,020
 
Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28 – NPFG Insured
No Opt. Call
 
AA–
 
3,207,874
 
     
Georgia Municipal Association Inc., Certificates of Participation, Riverdale Public Purpose Project, Series 2009:
           
 
905
 
5.375%, 5/01/32 – AGC Insured
5/19 at 100.00
 
AA
 
970,269
 
 
1,165
 
5.500%, 5/01/38 – AGC Insured
5/19 at 100.00
 
AA
 
1,252,713
 
 
1,070
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured
No Opt. Call
 
Aa1
 
1,169,371
 
 
1,000
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B, 5.000%, 7/01/41
7/26 at 100.00
 
AA+
 
1,121,230
 
 
810
 
Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38
No Opt. Call
 
Aa2
 
890,911
 
 
21,655
 
Total Tax Obligation/Limited
       
23,724,427
 

NUVEEN
23


NKG
Nuveen Georgia Quality Municipal Income Fund
 
 
(formerly known as Nuveen Georgia Dividend Advantage Municipal Fund 2)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation – 11.5% (7.3% of Total Investments)
           
$
2,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2011B, 5.000%, 1/01/30 (Alternative Minimum Tax)
1/21 at 100.00
 
AA–
$
2,150,300
 
 
2,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31
No Opt. Call
 
AA–
 
2,206,200
 
 
2,810
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (Alternative Minimum Tax)
1/22 at 100.00
 
AA–
 
2,972,530
 
     
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–
 
2,868,447
 
 
3,750
 
5.000%, 1/01/34
1/24 at 100.00
 
AA–
 
4,147,275
 
 
1,500
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
6/20 at 100.00
 
Baa3
 
1,791,165
 
 
14,635
 
Total Transportation
       
16,135,917
 
     
U.S. Guaranteed – 27.6% (17.5% of Total Investments) (5)
           
 
5,000
 
Atlanta Development Authority, Georgia, Educational Facilities Revenue Bonds, Science Park LLC Project, Series 2007, 5.000%, 7/01/39 (Pre-refunded 7/01/17)
7/17 at 100.00
 
Aa3 (5)
 
5,121,900
 
 
5,100
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%, 8/01/35 (Pre-refunded 8/01/18) – AGM Insured
8/18 at 100.00
 
AA (5)
 
5,423,799
 
 
1,000
 
Clark County Hospital Authority, Georgia, Hospital Revenue Bonds, Athens Regional Medical Center, Refunding Series 2007, 5.000%, 1/01/27 (Pre-refunded 1/01/17) – NPFG Insured
1/17 at 100.00
 
Aa1 (5)
 
1,003,640
 
 
600
 
Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22)
1/22 at 100.00
 
Aa1 (5)
 
689,442
 
 
1,375
 
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Senior Series 2007A, 5.250%, 7/15/38 (Pre-refunded 7/15/17) – AMBAC Insured
7/17 at 100.00
 
N/R (5)
 
1,411,960
 
     
Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2007:
           
 
1,000
 
5.000%, 6/01/32 (Pre-refunded 6/01/18)
6/18 at 100.00
 
Aa2 (5)
 
1,057,610
 
 
275
 
5.000%, 6/01/37 (Pre-refunded 6/01/18)
6/18 at 100.00
 
N/R (5)
 
290,843
 
 
1,725
 
5.000%, 6/01/37 (Pre-refunded 6/01/18)
6/18 at 100.00
 
Aa2 (5)
 
1,824,377
 
 
2,225
 
Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewerage Revenue Bonds, Series 2007, 5.000%, 6/01/37 (Pre-refunded 6/01/17) – NPFG Insured
6/17 at 100.00
 
AA– (5)
 
2,270,946
 
 
1,500
 
Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2007, 5.000%, 4/01/37 (Pre-refunded 4/01/17) – AGM Insured
4/17 at 100.00
 
AAA
 
1,521,165
 
     
Georgia Higher Education Facilities Authority, Revenue Bonds, USG Real Estate Foundation I LLC Project, Series 2008:
           
 
25
 
6.000%, 6/15/28 (Pre-refunded 6/15/18)
6/18 at 100.00
 
AA (5)
 
26,843
 
 
125
 
6.000%, 6/15/28 (Pre-refunded 6/15/18)
6/18 at 100.00
 
AA (5)
 
134,215
 
 
995
 
Georgia Municipal Electric Authority, Project One Revenue Bonds, Subordinated Series 2007A-2, 5.000%, 1/01/25 (Pre-refunded 1/01/17)
1/17 at 100.00
 
AA– (5)
 
998,582
 
 
2,500
 
Georgia State, General Obligation Bonds, Series 2007E, 5.000%, 8/01/24 (Pre-refunded 8/01/17)
8/17 at 100.00
 
AAA
 
2,569,425
 
 
1,000
 
Georgia State, General Obligation Bonds, Series 2009B, 5.000%, 1/01/26 (Pre-refunded 1/01/19)
1/19 at 100.00
 
AAA
 
1,075,460
 
 
4,900
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18) (UB)
2/18 at 100.00
 
AAA
 
5,122,117
 
 
2,540
 
Houston County Hospital Authority, Georgia, Revenue Bonds, Houston Healthcare Project, Series 2007, 5.250%, 10/01/35 (Pre-refunded 10/01/17)
10/17 at 100.00
 
A+ (5)
 
2,632,558
 
 
2,475
 
Paulding County School District, Georgia, General Obligation Bonds, Series 2007, 5.000%, 2/01/33 (Pre-refunded 2/01/17)
2/17 at 100.00
 
AA+ (5)
 
2,492,672
 
 
1,000
 
Unified Government of Athens-Clarke County, Georgia, Water and Sewerage Revenue Bonds, Series 2008, 5.500%, 1/01/38 (Pre-refunded 1/01/19)
1/19 at 100.00
 
Aa1 (5)
 
1,085,720
 

24
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (5) (continued)
           
     
Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek Reservoir Project, Series 2008:
           
$
1,280
 
5.000%, 2/01/38 (Pre-refunded 2/01/18) – AGM Insured
2/18 at 100.00
 
A2 (5)
$
1,338,637
 
 
695
 
5.000%, 2/01/38 (Pre-refunded 2/01/18) – AGM Insured
2/18 at 100.00
 
A2 (5)
 
726,588
 
 
37,335
 
Total U.S. Guaranteed
       
38,818,499
 
     
Utilities – 12.0% (7.7% of Total Investments)
           
 
525
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, First Series 2012, 1.750%, 12/01/49 (Mandatory put 6/01/17)
No Opt. Call
 
A+
 
526,428
 
 
3,000
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43
1/23 at 100.00
 
A+
 
3,239,550
 
 
1,005
 
Georgia Municipal Electric Authority, Project One Revenue Bonds, Subordinated Series 2007A-2, 5.000%, 1/01/25
1/17 at 100.00
 
AA–
 
1,007,894
 
 
130
 
Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993Z, 5.500%, 1/01/20 – FGIC Insured
No Opt. Call
 
A+
 
137,784
 
     
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B:
           
 
1,055
 
5.000%, 3/15/20
No Opt. Call
 
A
 
1,130,549
 
 
1,300
 
5.000%, 3/15/21
No Opt. Call
 
A
 
1,419,795
 
 
1,500
 
5.000%, 3/15/22
No Opt. Call
 
A
 
1,636,515
 
     
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A:
           
 
350
 
5.125%, 9/15/17
No Opt. Call
 
A
 
358,453
 
 
950
 
5.000%, 3/15/18
No Opt. Call
 
A+
 
988,247
 
 
2,000
 
5.000%, 3/15/22
No Opt. Call
 
A+
 
2,185,080
 
 
1,500
 
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 0.000%, 1/01/32
No Opt. Call
 
A+
 
847,440
 
 
3,000
 
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2016A, 5.000%, 1/01/28
7/26 at 100.00
 
A+
 
3,448,020
 
 
16,315
 
Total Utilities
       
16,925,755
 
     
Water and Sewer – 17.7% (11.2% of Total Investments)
           
 
260
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 – AGM Insured
No Opt. Call
 
AA
 
334,675
 
 
5
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%, 8/01/35 – AGM Insured
8/18 at 100.00
 
AA
 
5,258
 
 
500
 
Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/01/31
5/24 at 100.00
 
AA+
 
564,645
 
 
500
 
Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36
5/26 at 100.00
 
AA+
 
568,325
 
     
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
 
AA
 
7,003,080
 
 
300
 
5.000%, 10/01/35 – AGM Insured
No Opt. Call
 
AA
 
338,226
 
 
5,350
 
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41
10/21 at 100.00
 
Aa3
 
6,003,128
 
 
1,000
 
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33
1/23 at 100.00
 
AA
 
1,104,620
 
 
1,000
 
Milledgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 12/01/21 – AGM Insured
No Opt. Call
 
AA
 
1,103,110
 
 
2,805
 
Paulding County, Georgia, Water and Sewerage Revenue Bonds, Refunding & Improvement Series 2016, 5.000%, 12/01/22
No Opt. Call
 
AA
 
3,259,073
 

NUVEEN
25


NKG
Nuveen Georgia Quality Municipal Income Fund
 
 
(formerly known as Nuveen Georgia Dividend Advantage Municipal Fund 2)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
           
$
2,000
 
South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/30
1/24 at 100.00
 
AA
$
2,217,220
 
 
2,315
 
Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek Reservoir Project, Series 2016, 4.000%, 2/01/38
2/26 at 100.00
 
Aa2
 
2,337,942
 
 
22,035
 
Total Water and Sewer
       
24,839,302
 
$
204,467
 
Total Long-Term Investments (cost $216,155,891)
       
221,297,402
 
     
Floating Rate Obligations – (2.3)%
       
(3,245,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (58.3)% (6)
       
(82,000,000
)
     
Other Assets Less Liabilities – 3.2%
       
4,531,386
 
     
Net Assets Applicable to Common Shares – 100%
     
$
140,583,788
 

(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)
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 37.1%.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 See accompanying notes to financial statements.

26
NUVEEN


NMY
   
 
Nuveen Maryland Quality Municipal Income Fund
 
 
(formerly known as Nuveen Maryland Premium Income Municipal Fund)
 
 
Portfolio of Investments
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 163.9% (99.6% of Total Investments)
           
     
MUNICIPAL BONDS – 163.3% (99.2% of Total Investments)
           
     
Consumer Discretionary – 5.0% (3.0% of Total Investments)
           
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
           
$
400
 
5.250%, 9/01/19 – SYNCORA GTY Insured
2/17 at 100.00
 
Ba1
$
400,944
 
 
330
 
5.250%, 9/01/25 – SYNCORA GTY Insured
2/17 at 100.00
 
Ba1
 
330,713
 
 
350
 
5.250%, 9/01/27 – SYNCORA GTY Insured
2/17 at 100.00
 
Ba1
 
350,756
 
 
535
 
4.600%, 9/01/30 – SYNCORA GTY Insured
2/17 at 100.00
 
Ba1
 
536,161
 
 
100
 
5.000%, 9/01/32 – SYNCORA GTY Insured
2/17 at 100.00
 
Ba1
 
100,216
 
 
12,165
 
5.250%, 9/01/39 – SYNCORA GTY Insured
2/17 at 100.00
 
Ba1
 
12,191,276
 
 
1,000
 
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
2/17 at 100.00
 
BB
 
1,001,710
 
 
2,000
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (4)
12/16 at 100.00
 
N/R
 
1,193,400
 
 
16,880
 
Total Consumer Discretionary
       
16,105,176
 
     
Consumer Staples – 5.7% (3.5% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
595
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
521,208
 
 
1,695
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
1,434,190
 
 
210
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
 
B–
 
182,517
 
 
13,000
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46
2/17 at 16.43
 
N/R
 
1,467,180
 
     
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:
           
 
2,215
 
5.250%, 6/01/32
6/17 at 100.00
 
N/R
 
2,197,612
 
 
2,915
 
5.625%, 6/01/47
6/17 at 100.00
 
N/R
 
2,675,853
 
 
100
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
2/17 at 100.00
 
B3
 
81,265
 
 
3,270
 
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39
2/17 at 100.00
 
BBB–
 
3,281,772
 
 
2,000
 
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed
2/17 at 100.00
 
BB+
 
1,816,020
 
     
Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.000%, 6/01/37
           
 
1,500
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29
6/17 at 100.00
 
B
 
1,390,050
 
 
780
 
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31
5/17 at 100.00
 
A3
 
779,961
 
 
3,000
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42
2/17 at 100.00
 
B–
 
2,787,030
 
 
31,280
 
Total Consumer Staples
       
18,614,658
 
     
Education and Civic Organizations – 11.2% (6.8% of Total Investments)
           
 
2,375
 
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary's University, Series 2006, 5.625%, 9/01/38
2/17 at 100.00
 
BB+
 
2,375,356
 
 
700
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2012A, 5.000%, 7/01/34
7/22 at 100.00
 
A–
 
763,595
 

NUVEEN
27


NMY
Nuveen Maryland Quality Municipal Income Fund
 
 
(formerly known as Nuveen Maryland Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2008A:
           
$
2,000
 
5.000%, 7/01/18
No Opt. Call
 
AA+
$
2,122,620
 
 
530
 
5.250%, 7/01/38
No Opt. Call
 
AA+
 
557,693
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2012A:
           
 
1,145
 
5.000%, 7/01/30
No Opt. Call
 
AA+
 
1,278,175
 
 
1,050
 
5.000%, 7/01/37
No Opt. Call
 
AA+
 
1,172,126
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2013B:
           
 
500
 
5.000%, 7/01/38
7/23 at 100.00
 
AA+
 
550,555
 
 
4,375
 
4.250%, 7/01/41
7/23 at 100.00
 
AA+
 
4,558,575
 
 
1,250
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University Maryland, Series 2012A, 5.000%, 10/01/39
10/22 at 100.00
 
A
 
1,360,525
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University Maryland, Series 2014:
           
 
1,250
 
5.000%, 10/01/45
10/24 at 100.00
 
A
 
1,360,488
 
 
1,000
 
4.000%, 10/01/45
10/24 at 100.00
 
A
 
1,001,960
 
 
745
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2007, 5.000%, 6/01/36
6/17 at 100.00
 
Baa1
 
754,961
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2012:
           
 
1,500
 
5.000%, 6/01/34
No Opt. Call
 
Baa1
 
1,607,850
 
 
3,000
 
5.000%, 6/01/47
6/22 at 100.00
 
Baa1
 
3,189,060
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2016:
           
 
700
 
5.000%, 6/01/33
6/26 at 100.00
 
Baa1
 
747,467
 
 
1,875
 
4.000%, 6/01/42
6/26 at 100.00
 
Baa1
 
1,752,525
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2017:
           
 
525
 
5.000%, 6/01/35 (WI/DD, Settling 3/07/17)
6/26 at 100.00
 
Baa1
 
560,317
 
 
1,000
 
5.000%, 6/01/42 (WI/DD, Settling 3/07/17)
6/26 at 100.00
 
Baa1
 
1,055,630
 
 
745
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40
7/20 at 100.00
 
BB+
 
764,281
 
 
625
 
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and Auxiliary Facilities, Series 2012, 5.000%, 7/01/29
7/22 at 100.00
 
A+
 
692,056
 
 
7,775
 
Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, Academic Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
8,421,802
 
 
34,665
 
Total Education and Civic Organizations
       
36,647,617
 
     
Energy – 0.1% (0.0% of Total Investments)
           
 
140
 
Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25
9/20 at 100.00
 
B
 
138,481
 
     
Health Care – 37.5% (22.8% of Total Investments)
           
     
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015:
           
 
990
 
4.000%, 7/01/32
7/25 at 100.00
 
BBB
 
983,159
 
 
2,470
 
4.250%, 7/01/35
7/25 at 100.00
 
BBB
 
2,460,491
 
 
2,725
 
5.000%, 7/01/45
7/25 at 100.00
 
BBB
 
2,876,674
 
 
2,445
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Refunding Series 2010, 5.750%, 7/01/38
7/20 at 100.00
 
Baa3
 
2,651,114
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A:
           
 
1,350
 
6.250%, 1/01/31
1/22 at 100.00
 
Baa3
 
1,552,743
 
 
375
 
6.125%, 1/01/36
1/22 at 100.00
 
Baa3
 
424,590
 

28
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
1,355
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System Issue, Series 2012, 5.000%, 7/01/24
No Opt. Call
 
A
$
1,541,177
 
 
2,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2010, 5.000%, 7/01/40
7/19 at 100.00
 
A
 
2,605,725
 
 
2,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Health System Issue, Refunding Series 2013, 5.000%, 7/01/38
7/23 at 100.00
 
A
 
2,147,060
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital Center, Series 2012A:
           
 
1,000
 
4.000%, 7/01/30
7/22 at 100.00
 
A1
 
1,034,390
 
 
1,775
 
5.000%, 7/01/37
7/22 at 100.00
 
A1
 
1,918,331
 
 
4,335
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A, 4.250%, 7/01/32
No Opt. Call
 
Baa1
 
4,419,099
 
 
2,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Issue, Series 2015A, 4.000%, 5/15/40
5/25 at 100.00
 
AA–
 
2,484,900
 
 
4,450
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40
5/20 at 100.00
 
AA–
 
4,775,073
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Obligated Group Issue, Series 2011A:
           
 
500
 
5.000%, 5/15/25
5/21 at 100.00
 
AA–
 
552,105
 
 
500
 
5.000%, 5/15/26
5/21 at 100.00
 
AA–
 
549,550
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2016:
           
 
2,000
 
4.000%, 7/01/41
7/26 at 100.00
 
A+
 
1,924,120
 
 
4,745
 
5.000%, 7/01/47
7/26 at 100.00
 
A+
 
5,103,912
 
 
1,685
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28 – AGM Insured
7/17 at 100.00
 
AA
 
1,711,404
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015:
           
 
1,500
 
4.000%, 7/01/35
7/25 at 100.00
 
A+
 
1,511,910
 
 
1,125
 
5.000%, 7/01/40
7/25 at 100.00
 
A+
 
1,235,183
 
 
2,975
 
4.125%, 7/01/47
7/25 at 100.00
 
A+
 
2,969,764
 
 
535
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Medlantic/Helix, Series 1998A, 5.250%, 8/15/38 – AGM Insured
No Opt. Call
 
AA
 
621,782
 
 
2,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2015, 5.000%, 8/15/38
2/25 at 100.00
 
A2
 
2,704,200
 
 
2,850
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 5.000%, 7/01/31
7/22 at 100.00
 
BBB
 
3,063,636
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A:
           
 
90
 
5.000%, 7/01/36
7/26 at 100.00
 
BBB
 
97,403
 
 
1,895
 
5.000%, 7/01/38
7/26 at 100.00
 
BBB
 
2,046,164
 
 
2,010
 
4.000%, 7/01/42
7/26 at 100.00
 
BBB
 
1,916,917
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015:
           
 
1,185
 
5.000%, 7/01/39
7/24 at 100.00
 
A
 
1,286,863
 
 
4,000
 
5.000%, 7/01/45
7/24 at 100.00
 
A
 
4,313,640
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A:
           
 
11,500
 
5.000%, 7/01/43
7/22 at 100.00
 
A2
 
12,440,814
 
 
4,665
 
4.000%, 7/01/43
7/22 at 100.00
 
A2
 
4,702,087
 
 
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2015, 5.000%, 7/01/35
7/25 at 100.00
 
A2
 
1,102,580
 
 
4,155
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2010, 5.125%, 7/01/39
7/19 at 100.00
 
A2
 
4,351,905
 

NUVEEN
29


NMY
Nuveen Maryland Quality Municipal Income Fund
 
 
(formerly known as Nuveen Maryland Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
12,250
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014, 5.250%, 7/01/34
7/24 at 100.00
 
BBB
$
13,376,995
 
 
8,000
 
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MD, 5.000%, 12/01/40
12/21 at 100.00
 
AA
 
8,633,919
 
     
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015:
           
 
2,000
 
5.000%, 12/01/44
6/25 at 100.00
 
AA
 
2,188,200
 
 
7,500
 
4.000%, 12/01/44
6/25 at 100.00
 
AA
 
7,521,450
 
 
4,100
 
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2016, 5.000%, 12/01/45
6/26 at 100.00
 
AA
 
4,534,149
 
 
115,535
 
Total Health Care
       
122,335,178
 
     
Housing/Multifamily – 8.2% (5.0% of Total Investments)
           
 
1,990
 
Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens Apartments Project, Series 2009, 5.000%, 1/01/28 (Mandatory put 1/01/27)
1/20 at 102.00
 
AA+
 
2,109,898
 
     
Howard County Housing Commission, Maryland, Revenue Bonds, Columbia Commons Apartments, Series 2014A:
           
 
1,500
 
4.000%, 6/01/34
6/24 at 100.00
 
A+
 
1,500,960
 
 
2,550
 
5.000%, 6/01/44
6/24 at 100.00
 
A+
 
2,693,565
 
 
1,860
 
Howard County Housing Commission, Maryland, Revenue Bonds, Gateway Village Apartments, Series 2016, 4.000%, 6/01/46
6/26 at 100.00
 
A+
 
1,831,468
 
     
Howard County Housing Commission, Maryland, Revenue Bonds, The Verona at Oakland Mills Project, Series 2013:
           
 
3,000
 
5.000%, 10/01/28
10/23 at 100.00
 
A+
 
3,293,820
 
 
2,000
 
4.625%, 10/01/28
10/23 at 100.00
 
A+
 
2,137,840
 
 
2,110
 
Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess Anne Apartments, Series 2001D, 5.450%, 12/15/33 (Alternative Minimum Tax)
12/16 at 100.00
 
Aaa
 
2,111,920
 
     
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Refunding Series 2013:
           
 
500
 
5.000%, 6/01/27
6/23 at 100.00
 
Baa3
 
536,085
 
 
500
 
5.000%, 6/01/34
6/23 at 100.00
 
Baa3
 
524,310
 
 
1,500
 
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt University Village, Series 2012, 5.000%, 7/01/33
No Opt. Call
 
BBB–
 
1,573,095
 
 
495
 
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland – Baltimore Project, Refunding Senior Lien Series 2015, 5.000%, 7/01/39
7/25 at 100.00
 
BBB–
 
519,067
 
 
1,500
 
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, Baltimore County Project, Refunding Series 2016, 3.600%, 7/01/35 – AGM Insured
2/17 at 100.00
 
AA
 
1,391,040
 
     
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, College Park Project, Refunding Series 2016:
           
 
900
 
5.000%, 6/01/29 – AGM Insured
6/26 at 100.00
 
AA
 
1,039,761
 
 
1,240
 
5.000%, 6/01/31 – AGM Insured
6/26 at 100.00
 
AA
 
1,414,009
 
 
1,440
 
5.000%, 6/01/35 – AGM Insured
6/26 at 100.00
 
AA
 
1,610,870
 
 
780
 
5.000%, 6/01/43 – AGM Insured
6/26 at 100.00
 
AA
 
861,276
 
 
1,500
 
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2014A, 3.875%, 7/01/39
7/24 at 100.00
 
Aaa
 
1,463,520
 
 
25,365
 
Total Housing/Multifamily
       
26,612,504
 
     
Housing/Single Family – 9.0% (5.5% of Total Investments)
           
 
3,000
 
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2009B, 4.750%, 9/01/39
9/18 at 100.00
 
Aa2
 
3,061,020
 
 
2,385
 
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2011B, 3.250%, 3/01/36
3/26 at 100.00
 
Aa2
 
2,216,214
 
 
2,400
 
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2014A, 4.300%, 9/01/32
9/23 at 100.00
 
Aa2
 
2,476,536
 

30
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Housing/Single Family (continued)
           
     
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2014C:
           
$
3,000
 
3.400%, 3/01/31
3/24 at 100.00
 
Aa2
$
2,940,000
 
 
1,165
 
3.750%, 3/01/39
3/24 at 100.00
 
Aa2
 
1,132,345
 
 
1,000
 
Maryland Community Development Administration Department of Housing and Community Development,Residential Revenue Bonds, Series 2014I, 3.450%, 12/15/31
12/24 at 100.00
 
Aaa
 
996,500
 
 
1,500
 
Maryland Community Development Administration Department of Housing and Community Development,Residential Revenue Bonds, Series 2015A, 3.800%, 9/01/35
9/25 at 100.00
 
Aa2
 
1,472,280
 
     
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2009:
           
 
6,915
 
4.875%, 9/01/26 (Alternative Minimum Tax) (UB) (5)
2/17 at 100.00
 
Aa2
 
6,922,330
 
 
1,500
 
5.000%, 9/01/27 (Alternative Minimum Tax) (UB) (5)
3/17 at 100.00
 
Aa2
 
1,505,834
 
 
2,820
 
4.850%, 9/01/37 (Alternative Minimum Tax) (UB) (5)
3/17 at 100.00
 
Aa2
 
2,838,386
 
     
Montgomery County Housing Opportunities Commission, Maryland, Single Family Mortgage Revenue Bonds, Series 2016A:
           
 
3,570
 
2.875%, 7/01/31
7/25 at 100.00
 
Aa2
 
3,247,808
 
 
715
 
2.950%, 1/01/34
7/25 at 100.00
 
Aa2
 
633,311
 
 
29,970
 
Total Housing/Single Family
       
29,442,564
 
     
Industrials – 2.0% (1.2% of Total Investments)
           
 
5,895
 
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35
6/20 at 100.00
 
Baa3
 
6,357,934
 
     
Long-Term Care – 5.5% (3.3% of Total Investments)
           
     
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016:
           
 
1,090
 
5.000%, 1/01/37
1/26 at 100.00
 
N/R
 
1,166,311
 
 
1,000
 
3.625%, 1/01/37
1/26 at 100.00
 
N/R
 
900,410
 
 
2,050
 
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc., Series 2009B, 6.000%, 1/01/23
1/20 at 100.00
 
BBB
 
2,223,943
 
 
3,000
 
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2016, 5.000%, 4/01/46
4/27 at 100.00
 
N/R
 
2,794,950
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2016A:
           
 
2,125
 
5.000%, 1/01/36
7/26 at 100.00
 
N/R
 
2,275,259
 
 
3,340
 
5.000%, 1/01/45
7/26 at 100.00
 
N/R
 
3,538,129
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm Presbyterian Community, Series 2007A:
           
 
210
 
5.000%, 1/01/17
No Opt. Call
 
N/R
 
209,456
 
 
1,460
 
5.250%, 1/01/27
1/17 at 100.00
 
N/R
 
1,382,182
 
 
1,050
 
5.300%, 1/01/37
1/17 at 100.00
 
N/R
 
965,832
 
 
2,480
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34
7/17 at 100.00
 
A–
 
2,490,168
 
 
17,805
 
Total Long-Term Care
       
17,946,640
 
     
Tax Obligation/General – 20.0% (12.2% of Total Investments)
           
 
1,615
 
Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvement, Series 2015, 5.000%, 4/01/17
No Opt. Call
 
AAA
 
1,637,788
 
     
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A:
           
 
1,000
 
5.000%, 10/15/29
10/21 at 100.00
 
AA
 
1,125,940
 
 
1,200
 
5.000%, 10/15/30
10/21 at 100.00
 
AA
 
1,332,684
 
 
3,100
 
Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, Refunding Series 2014A, 5.000%, 2/15/23
2/22 at 100.00
 
AAA
 
3,553,437
 
 
5,240
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/30 – AGM Insured
No Opt. Call
 
AA
 
3,086,412
 

NUVEEN
31


NMY
Nuveen Maryland Quality Municipal Income Fund
 
 
(formerly known as Nuveen Maryland Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
2,305
 
Maryland National Capital Park Planning Commission, Prince George's County, General Obligation Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17
1/17 at 100.00
 
AAA
$
2,312,906
 
 
1,000
 
Maryland State, General Obligation Bonds, State & Local Facilities Loan, First Series 2011B, 5.000%, 3/15/17
No Opt. Call
 
AAA
 
1,012,300
 
 
1,895
 
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009A, 3.000%, 8/15/17
No Opt. Call
 
AAA
 
1,923,027
 
 
3,750
 
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B, 5.250%, 8/15/17
No Opt. Call
 
AAA
 
3,866,250
 
 
1,000
 
Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series 2016, 5.000%, 6/01/20
No Opt. Call
 
AAA
 
1,115,180
 
 
1,500
 
Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2011B, 5.000%, 8/01/18
No Opt. Call
 
AAA
 
1,595,970
 
 
4,000
 
Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2015A-2, 5.000%, 8/01/21
No Opt. Call
 
AAA
 
4,562,360
 
 
1,715
 
Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2014A, 5.000%, 11/01/18
No Opt. Call
 
AAA
 
1,839,972
 
 
4,930
 
Patterson Joint Unified School District, Stanislaus County, California, General Obligation Bonds, 2008 Election Series 2009B, 0.000%, 8/01/42 – AGM Insured
No Opt. Call
 
AA
 
1,765,827
 
     
Prince George's County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2014A:
           
 
3,000
 
4.000%, 9/01/30
9/24 at 100.00
 
AAA
 
3,203,880
 
 
3,000
 
4.000%, 9/01/31
9/24 at 100.00
 
AAA
 
3,186,810
 
 
3,000
 
Prince George's County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2014B, 5.000%, 12/01/16
No Opt. Call
 
AAA
 
3,000,360
 
 
2,155
 
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.500%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
2,349,855
 
 
2,270
 
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
2,475,253
 
 
14,985
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/40 – AGM Insured
No Opt. Call
 
AA
 
4,842,403
 
 
1,025
 
Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2009, 5.000%, 6/01/17
No Opt. Call
 
AAA
 
1,046,535
 
 
2,700
 
Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2013, 4.000%, 6/01/17
No Opt. Call
 
AAA
 
2,743,200
 
     
Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Second Series 2016:
           
 
5,000
 
5.000%, 6/01/27 (WI/DD, Settling 12/01/16)
6/26 at 100.00
 
AAA
 
6,027,400
 
 
3,400
 
5.000%, 6/01/35 (WI/DD, Settling 12/01/16)
6/26 at 100.00
 
AAA
 
3,940,192
 
 
7,000
 
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital Appreciation Series 2015, 0.000%, 8/15/50
8/25 at 35.55
 
Aaa
 
1,757,630
 
 
81,785
 
Total Tax Obligation/General
       
65,303,571
 
     
Tax Obligation/Limited – 23.1% (14.1% of Total Investments)
           
 
990
 
Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North Project, Series 2010, 6.100%, 7/01/40
7/18 at 102.00
 
N/R
 
1,025,561
 
 
1,200
 
Anne Arundel County, Maryland, Special Tax District Revenue Bonds, Villages of Dorchester & Farmington Village Projects, Series 2013, 5.000%, 7/01/32
7/23 at 100.00
 
A+
 
1,316,856
 
 
90
 
Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 9/01/19 – NPFG Insured
3/17 at 100.00
 
AA–
 
90,297
 

32
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
     
Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015:
           
$
525
 
5.000%, 6/15/30
6/24 at 100.00
 
BBB+
$
563,829
 
 
425
 
5.000%, 6/15/33
6/24 at 100.00
 
BBB+
 
450,721
 
 
1,895
 
Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2016, 5.000%, 6/01/36 (WI/DD, Settling 12/05/16)
6/26 at 100.00
 
N/R
 
1,860,284
 
     
Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation Bonds, Series 2001A:
           
 
72
 
5.600%, 7/01/20 – RAAI Insured
7/17 at 100.00
 
AA
 
72,230
 
 
450
 
5.700%, 7/01/29 – RAAI Insured
7/17 at 100.00
 
AA
 
451,476
 
     
Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority, Series 2010A:
           
 
5,350
 
5.000%, 7/01/30
7/20 at 100.00
 
A–
 
5,833,801
 
 
2,355
 
5.000%, 7/01/40
7/20 at 100.00
 
A–
 
2,541,799
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
           
 
1,000
 
5.250%, 1/01/36
1/22 at 100.00
 
A
 
1,051,810
 
 
500
 
5.125%, 1/01/42
1/22 at 100.00
 
A
 
521,895
 
 
245
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37
1/22 at 100.00
 
A
 
254,224
 
     
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:
           
 
1,280
 
5.000%, 12/01/24
No Opt. Call
 
BBB+
 
1,450,214
 
 
2,275
 
5.000%, 12/01/33
12/26 at 100.00
 
BBB+
 
2,492,490
 
 
1,260
 
Huntington Beach Union High School District, Orange County, California, Certificates of Participation, Capital Project, Series 2007, 0.000%,
9/01/35 – AGM Insured
No Opt. Call
 
AA
 
549,965
 
     
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2016:
           
 
2,125
 
5.000%, 7/01/31 (WI/DD, Settling 12/20/16)
7/25 at 100.00
 
N/R
 
2,173,875
 
 
1,640
 
5.000%, 7/01/34 (WI/DD, Settling 12/20/16)
7/25 at 100.00
 
N/R
 
1,657,007
 
 
3,290
 
Maryland Economic Development Corporation, Lease Revenue Bonds, Maryland Public Health Laboratory Project, Series 2011, 5.000%, 6/01/17
No Opt. Call
 
AA+
 
3,358,564
 
     
Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2016:
           
 
7,045
 
5.000%, 5/01/33
5/26 at 100.00
 
AA
 
8,019,887
 
 
9,600
 
5.000%, 5/01/46
5/26 at 100.00
 
AA
 
10,714,079
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/32
No Opt. Call
 
A3
 
859,460
 
 
320
 
Prince George's County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46
1/26 at 100.00
 
N/R
 
308,547
 
 
6,424
 
Prince George's County, Maryland, Special Obligation Bonds, National Harbor Project, Series 2005, 5.200%, 7/01/34
2/17 at 100.00
 
N/R
 
6,231,473
 
 
1,406
 
Prince George's County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series 2005, 5.250%, 7/01/35
7/17 at 100.00
 
N/R
 
1,407,139
 
 
1,100
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured
No Opt. Call
 
CC
 
1,182,192
 
 
1,530
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/44 – AMBAC Insured
No Opt. Call
 
Ca
 
283,157
 
 
2,100
 
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
2/17 at 100.00
 
AA
 
2,129,484
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
7,000
 
0.000%, 8/01/40 – NPFG Insured
No Opt. Call
 
AA–
 
1,861,510
 
 
8,000
 
0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
 
2,011,600
 
 
210
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
 
Caa3
 
34,058
 
     
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding Series 2007CC:
           
 
765
 
5.500%, 7/01/28 – NPFG Insured
No Opt. Call
 
AA–
 
843,198
 
 
2,300
 
5.500%, 7/01/30 – AGM Insured
No Opt. Call
 
AA
 
2,656,201
 

NUVEEN
33


NMY
Nuveen Maryland Quality Municipal Income Fund
 
 
(formerly known as Nuveen Maryland Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
1,500
 
Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/30
9/25 at 100.00
 
A
$
1,595,325
 
 
2,000
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2006, 5.000%, 10/01/27 – FGIC Insured
2/17 at 100.00
 
AA–
 
2,004,760
 
 
2,240
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/34 – AGM Insured
10/24 at 100.00
 
AA
 
2,355,427
 
 
1,035
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2009A-1, 5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
 
AA
 
1,092,567
 
 
2,000
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien, Series 2013A, 5.000%, 10/01/24 – AGM Insured
No Opt. Call
 
AA
 
2,133,300
 
 
85,542
 
Total Tax Obligation/Limited
       
75,440,262
 
     
Transportation – 9.3% (5.6% of Total Investments)
           
     
Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A:
           
 
375
 
5.250%, 7/01/17 – FGIC Insured
No Opt. Call
 
AA–
 
382,346
 
 
110
 
5.250%, 7/01/21 – FGIC Insured
No Opt. Call
 
AA–
 
118,488
 
 
520
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
 
BBB
 
599,576
 
     
Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D:
           
 
1,015
 
5.000%, 3/31/29 (Alternative Minimum Tax)
9/26 at 100.00
 
BBB+
 
1,122,905
 
 
2,100
 
5.000%, 9/30/29 (Alternative Minimum Tax)
9/26 at 100.00
 
BBB+
 
2,319,597
 
 
420
 
5.000%, 3/31/36 (Alternative Minimum Tax)
9/26 at 100.00
 
BBB+
 
449,261
 
 
4,575
 
5.000%, 3/31/46 (Alternative Minimum Tax)
9/26 at 100.00
 
BBB+
 
4,848,173
 
 
3,150
 
5.000%, 3/31/51 (Alternative Minimum Tax)
9/26 at 100.00
 
BBB+
 
3,319,943
 
     
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Hospital, Series 2001:
           
 
1,300
 
5.000%, 7/01/27 – AMBAC Insured
1/17 at 100.00
 
N/R
 
1,301,898
 
 
1,000
 
5.000%, 7/01/34 – AMBAC Insured
1/17 at 100.00
 
N/R
 
1,000,980
 
 
460
 
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Medical Institutions, Series 1996, 5.500%, 7/01/26 – AMBAC Insured
2/17 at 100.00
 
N/R
 
460,787
 
 
10,110
 
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series, 5.000%, 7/01/30 – AGM Insured (UB) (5)
No Opt. Call
 
AA
 
10,329,084
 
     
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:
           
 
680
 
5.000%, 8/01/26 (Alternative Minimum Tax)
8/21 at 100.00
 
BB–
 
713,898
 
 
175
 
5.000%, 8/01/31 (Alternative Minimum Tax)
8/21 at 100.00
 
BB–
 
177,849
 
 
3,000
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax)
7/24 at 100.00
 
BBB
 
3,054,630
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
           
 
20
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
12/16 at 100.00
 
AA–
 
20,410
 
 
70
 
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
12/16 at 100.00
 
AA–
 
71,292
 
 
29,080
 
Total Transportation
       
30,291,117
 
     
U.S. Guaranteed – 18.5% (11.2% of Total Investments) (6)
           
 
5,215
 
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17)
1/17 at 100.00
 
A (6)
 
5,232,210
 
 
3,000
 
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2007D, 5.000%, 7/01/32 (Pre-refunded 7/01/17) – AMBAC Insured
7/17 at 100.00
 
AA (6)
 
3,073,140
 
 
2,000
 
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 – FGIC Insured (ETM)
No Opt. Call
 
AA (6)
 
2,293,620
 
 
3,120
 
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, 7/01/28 – FGIC Insured (ETM)
No Opt. Call
 
AA (6)
 
3,590,839
 

34
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (6) (continued)
           
$
2,230
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Second Issue Series 2008, 5.000%, 9/01/22 (Pre-refunded 9/01/18)
9/18 at 100.00
 
AAA
$
2,377,425
 
 
1,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2009A, 6.750%, 7/01/39 (Pre-refunded 7/01/19)
7/19 at 100.00
 
A (6)
 
1,702,695
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2010:
           
 
1,695
 
6.125%, 1/01/30 (Pre-refunded 1/01/21)
1/21 at 100.00
 
A (6)
 
1,983,252
 
 
5,070
 
6.250%, 1/01/45 (Pre-refunded 1/01/21)
1/21 at 100.00
 
A (6)
 
5,957,047
 
 
4,050
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community Hospital, Series 2007A, 5.000%, 7/01/29 (Pre-refunded 7/01/17)
7/17 at 100.00
 
Baa3 (6)
 
4,147,767
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, Series 1997:
           
 
340
 
5.000%, 7/01/17 – AMBAC Insured (ETM)
No Opt. Call
 
N/R (6)
 
348,208
 
 
3,245
 
5.000%, 7/01/27 – AMBAC Insured (ETM)
No Opt. Call
 
N/R (6)
 
3,747,164
 
 
1,050
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
AA (6)
 
1,075,473
 
 
500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2011, 5.750%, 7/01/31 (Pre-refunded 7/01/21)
7/21 at 100.00
 
A+ (6)
 
586,315
 
 
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2011, 6.000%, 7/01/41 (Pre-refunded 7/01/21)
7/21 at 100.00
 
A+ (6)
 
1,183,580
 
 
385
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2007, 5.000%, 6/01/36 (Pre-refunded 6/01/17)
6/17 at 100.00
 
N/R (6)
 
392,989
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center Project, Series 2007A:
           
 
2,375
 
5.000%, 7/01/37 (Pre-refunded 7/01/17)
7/17 at 100.00
 
BBB (6)
 
2,432,618
 
 
2,905
 
5.500%, 7/01/42 (Pre-refunded 7/01/17)
7/17 at 100.00
 
BBB (6)
 
2,983,958
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008:
           
 
135
 
5.750%, 1/01/33 (Pre-refunded 1/01/18)
1/18 at 100.00
 
BBB (6)
 
141,849
 
 
7,075
 
5.750%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
 
BBB (6)
 
7,433,915
 
 
3,950
 
6.000%, 1/01/43 (Pre-refunded 1/01/18)
1/18 at 100.00
 
BBB (6)
 
4,161,009
 
 
2,110
 
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B, 5.000%, 8/15/21 (Pre-refunded 8/15/19)
8/19 at 100.00
 
AAA
 
2,309,965
 
 
1,100
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured (ETM)
No Opt. Call
 
Aaa
 
1,245,530
 
 
1,610
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM)
No Opt. Call
 
A3 (6)
 
1,777,488
 
 
55,660
 
Total U.S. Guaranteed
       
60,178,056
 
     
Utilities – 3.2% (1.9% of Total Investments)
           
 
2,000
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory put 4/01/21)
No Opt. Call
 
B1
 
1,849,100
 
 
1,300
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured
10/22 at 100.00
 
AA
 
1,436,006
 
     
Guam Power Authority, Revenue Bonds, Series 2014A:
           
 
600
 
5.000%, 10/01/39
10/24 at 100.00
 
AA
 
650,484
 
 
575
 
5.000%, 10/01/44
10/24 at 100.00
 
AA
 
620,948
 

NUVEEN
35


NMY
Nuveen Maryland Quality Municipal Income Fund
 
(formerly known as Nuveen Maryland Premium Income Municipal Fund)
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Utilities (continued)
           
$
3,600
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 – NPFG Insured
2/17 at 100.00
 
AA–
$
3,605,796
 
 
1,570
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
2/17 at 100.00
 
AA–
 
1,574,851
 
 
730
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24
7/17 at 100.00
 
BB–
 
694,741
 
 
10,375
 
Total Utilities
       
10,431,926
 
     
Water and Sewer – 5.0% (3.1% of Total Investments)
           
 
2,500
 
Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B, 5.000%, 7/01/38
1/24 at 100.00
 
AA
 
2,758,200
 
 
2,000
 
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
 
AA
 
2,201,680
 
 
915
 
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 – FGIC Insured
No Opt. Call
 
AA
 
997,387
 
     
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A:
           
 
1,000
 
5.000%, 7/01/37
1/25 at 100.00
 
AA–
 
1,109,280
 
 
2,500
 
5.000%, 7/01/44
1/25 at 100.00
 
AA–
 
2,752,800
 
 
1,400
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/35
7/24 at 100.00
 
A–
 
1,491,728
 
 
2,030
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
2,210,832
 
 
2,645
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46
7/26 at 100.00
 
A–
 
2,842,899
 
 
14,990
 
Total Water and Sewer
       
16,364,806
 
$
554,967
 
Total Municipal Bonds (cost $525,631,999)
       
532,210,490
 
                   
 
Shares
 
Description (1)
       
Value
 
     
COMMON STOCKS – 0.6% (0.4% of Total Investments)
           
     
Airlines – 0.6% (0.4% of Total Investments)
           
 
44,607
 
American Airlines Group Inc., (7)
     
$
2,071,549
 
     
Total Common Stocks (cost $1,288,472)
       
2,071,549
 
     
Total Long-Term Investments (cost $526,920,471)
       
534,282,039
 

36
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.6% (0.4% of Total Investments)
           
     
MUNICIPAL BONDS – 0.6% (0.4% of Total Investments)
           
     
Water and Sewer – 0.6% (0.4% of Total Investments)
           
$
2,000
 
Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, Bond Anticipation Notes, General Obligation Multi-Modal, Variable Rate Demand Obligations Series 2016A-3, 0.850%, 6/01/23 (8)
2/17 at 100.00
 
VMIG-1
$
2,000,000
 
$
2,000
 
Total Short-Term Investments (cost $2,000,000)
       
2,000,000
 
     
Total Investments (cost $528,920,471) – 164.5%
       
536,282,039
 
     
Floating Rate Obligations – (3.8)%
       
(12,540,000
) 
     
Variable Rate MuniTerm Preferred Shares, at Liquidation
Preference – (60.4)% (9)
       
(197,000,000
) 
     
Other Assets Less Liabilities – (0.3)%
       
(761,132
) 
     
Net Assets Applicable to Common Shares – 100%
     
$
325,980,907
 

(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)
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(8)
Investment has a maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(9)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 36.7%.
(ETM)
Escrowed to maturity.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 See accompanying notes to financial statements.

NUVEEN
37


NMS
   
 
Nuveen Minnesota Quality Municipal Income Fund
 
 
(formerly known as Nuveen Minnesota Municipal Income Fund)
 
 
Portfolio of Investments
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 162.1% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 162.1% (100.0% of Total Investments)
           
     
Consumer Staples – 0.9% (0.6% of Total Investments)
           
$
700
 
Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds, American Crystal Sugar Company Project, Series 2010, 5.650%, 6/01/27
7/20 at 100.00
 
BBB+
$
754,509
 
     
Education and Civic Organizations – 29.9% (18.5% of Total Investments)
           
 
390
 
Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43
No Opt. Call
 
BBB–
 
404,808
 
 
50
 
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A, 5.000%, 7/01/36
7/24 at 102.00
 
N/R
 
47,483
 
 
830
 
City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/43
No Opt. Call
 
BBB–
 
849,073
 
 
250
 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.250%, 7/01/40
7/25 at 100.00
 
BB+
 
260,330
 
 
1,000
 
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.600%, 11/01/30
11/18 at 102.00
 
BBB–
 
1,042,660
 
 
570
 
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44
8/22 at 100.00
 
BB+
 
604,998
 
 
100
 
Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A, 5.000%, 7/01/47
7/26 at 100.00
 
N/R
 
84,459
 
 
2,200
 
Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A, 5.000%, 7/01/44
7/24 at 100.00
 
BB+
 
2,089,516
 
 
1,575
 
Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A, 5.000%, 7/01/46
7/26 at 100.00
 
N/R
 
1,372,235
 
 
1,425
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
BB
 
1,491,049
 
     
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R:
           
 
500
 
5.500%, 5/01/24
5/17 at 100.00
 
N/R
 
503,640
 
 
1,000
 
5.500%, 5/01/27
5/17 at 100.00
 
N/R
 
1,006,240
 
 
200
 
5.500%, 5/01/37
5/17 at 100.00
 
N/R
 
200,236
 
 
305
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2016-8K, 4.000%, 3/01/43
3/26 at 100.00
 
Baa1
 
284,748
 
 
600
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 2012-7S, 3.250%, 5/01/36
No Opt. Call
 
Aa3
 
569,892
 
 
500
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 2016-8-N, 4.000%, 10/01/35
No Opt. Call
 
A1
 
506,070
 
 
2,000
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A, 5.000%, 10/01/39
10/19 at 100.00
 
A2
 
2,145,960
 
 
705
 
Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/44
9/24 at 100.00
 
BB+
 
709,449
 
 
450
 
Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series 2004A, 5.500%, 12/01/33
12/21 at 100.00
 
BBB–
 
473,868
 
 
310
 
Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck ? Saint Mary's School Project, Series 2015, 5.000%, 8/01/22
No Opt. Call
 
BB
 
323,811
 
 
500
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A, 5.250%, 9/01/32
No Opt. Call
 
BB+
 
515,090
 
 
1,100
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.375%, 9/01/31
9/21 at 100.00
 
BBB–
 
1,208,713
 

38
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
     
Saint Paul Housing and 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
$
357,466
 
 
510
 
5.375%, 7/01/50
7/25 at 100.00
 
BB
 
508,791
 
 
1,680
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44
No Opt. Call
 
BB+
 
1,689,290
 
 
500
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Educational Facility Revenue Refunding Bonds, Saint Paul Academy and Summit School Project, Series 2007, 5.000%, 10/01/24
10/17 at 100.00
 
A3
 
514,540
 
 
390
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43
3/23 at 100.00
 
BBB–
 
383,276
 
 
1,000
 
Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A, 5.000%, 10/01/41
10/26 at 100.00
 
N/R
 
885,740
 
 
800
 
St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33
12/22 at 100.00
 
BBB–
 
818,384
 
 
2,000
 
University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29
12/20 at 100.00
 
Aa1
 
2,265,040
 
 
23,800
 
Total Education and Civic Organizations
       
24,116,855
 
     
Health Care – 24.9% (15.3% of Total Investments)
           
 
1,000
 
Chyna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/29
6/17 at 100.00
 
N/R
 
1,003,870
 
     
Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013:
           
 
400
 
4.000%, 4/01/27
4/22 at 100.00
 
BBB
 
409,696
 
 
230
 
4.000%, 4/01/31
4/22 at 100.00
 
BBB
 
233,751
 
 
3,920
 
Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Health Care Facilities Revenue Refunding Bonds, HealthPartners Obligated Group, Series 2015A, 4.000%, 7/01/35
7/25 at 100.00
 
A
 
3,909,690
 
     
Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007:
           
 
20
 
5.000%, 5/01/20
5/17 at 100.00
 
Baa1
 
20,299
 
 
1,000
 
5.250%, 5/01/25
5/17 at 100.00
 
Baa1
 
1,013,170
 
 
500
 
Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015, 4.000%, 9/01/35
9/25 at 100.00
 
Baa1
 
496,710
 
 
450
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
11/18 at 100.00
 
AA
 
487,566
 
     
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A:
           
 
265
 
4.000%, 11/15/40
11/25 at 100.00
 
A+
 
260,182
 
 
1,000
 
5.000%, 11/15/44
11/25 at 100.00
 
A+
 
1,081,690
 
 
3,750
 
Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2008E, 5.000%, 2/15/37 – AGC Insured
2/18 at 100.00
 
AA
 
3,843,150
 
 
710
 
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding Series 2013A, 4.400%, 12/01/33
12/20 at 100.00
 
N/R
 
680,436
 
     
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Series 2013C:
           
 
240
 
4.500%, 12/01/25
12/20 at 100.00
 
N/R
 
244,027
 
 
190
 
4.750%, 12/01/27
12/20 at 100.00
 
N/R
 
194,188
 
 
160
 
5.000%, 12/01/28
12/20 at 100.00
 
N/R
 
163,576
 
 
310
 
5.400%, 12/01/33
12/20 at 100.00
 
N/R
 
318,745
 
 
30
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30
5/20 at 100.00
 
A1
 
32,493
 
 
500
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 4.000%, 5/01/37
5/26 at 100.00
 
A1
 
497,910
 

NUVEEN
39


NMS
Nuveen Minnesota Quality Municipal Income Fund
 
 
(formerly known as Nuveen Minnesota Municipal Income Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
1,625
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29
11/19 at 100.00
 
AA–
$
1,789,434
 
 
1,000
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36
2/17 at 100.00
 
N/R
 
1,000,130
 
     
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
 
787,598
 
 
630
 
5.000%, 9/01/34
9/24 at 100.00
 
A
 
689,170
 
     
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A:
           
 
225
 
5.000%, 11/15/23
No Opt. Call
 
BBB–
 
255,566
 
 
580
 
5.000%, 11/15/44
11/25 at 100.00
 
BBB–
 
610,351
 
 
19,500
 
Total Health Care
       
20,023,398
 
     
Housing/Multifamily – 4.9% (3.0% of Total Investments)
           
 
1,700
 
Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments Project, Series 2010, 4.500%, 6/01/26
6/20 at 100.00
 
Aaa
 
1,775,939
 
     
Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011:
           
 
355
 
5.050%, 8/01/31
8/21 at 100.00
 
AA+
 
377,177
 
 
1,700
 
5.450%, 8/01/41
8/21 at 100.00
 
AA+
 
1,803,938
 
 
3,755
 
Total Housing/Multifamily
       
3,957,054
 
     
Housing/Single Family – 1.8% (1.1% of Total Investments)
           
 
137
 
Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (Alternative Minimum Tax)
2/17 at 100.00
 
AA+
 
139,965
 
 
190
 
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.700%, 1/01/31
7/21 at 100.00
 
Aaa
 
200,342
 
 
180
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2008B, 5.650%, 7/01/33 (Alternative Minimum Tax)
1/18 at 100.00
 
AA+
 
183,265
 
 
570
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2009E, 5.100%, 1/01/40
7/19 at 100.00
 
AA+
 
590,201
 
 
80
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 3.900%, 7/01/43
1/23 at 100.00
 
AA+
 
76,176
 
 
65
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.500%, 1/01/32
7/24 at 100.00
 
AA+
 
63,950
 
 
235
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29
7/25 at 100.00
 
AA+
 
228,961
 
 
1,457
 
Total Housing/Single Family
       
1,482,860
 
     
Industrials – 2.6% (1.6% of Total Investments)
           
     
Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1:
           
 
1,400
 
4.500%, 6/01/33
6/21 at 100.00
 
A+
 
1,453,718
 
 
600
 
4.750%, 6/01/39
6/21 at 100.00
 
A+
 
627,432
 
 
2,000
 
Total Industrials
       
2,081,150
 
     
Long-Term Care – 16.7% (10.3% of Total Investments)
           
 
805
 
Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at Anoka, Inc. Project, Series 2014, 5.125%, 11/01/49
11/24 at 100.00
 
N/R
 
806,030
 
 
380
 
Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 4.000%, 11/01/39
11/24 at 100.00
 
A3
 
381,273
 
 
500
 
Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 5.000%, 11/01/41
11/19 at 100.00
 
A3
 
518,375
 
 
875
 
Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2013, 5.200%, 3/01/43
7/20 at 100.00
 
N/R
 
877,258
 

40
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Long-Term Care (continued)
           
     
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
$
175,082
 
 
850
 
5.250%, 1/01/46
1/23 at 100.00
 
N/R
 
832,584
 
 
400
 
Cottage Grove, Minnesota, Senior Housing Revenue Bonds, PHS/Cottage Grove, Inc., Project, Series 2006A, 5.000%, 12/01/31
2/17 at 100.00
 
N/R
 
400,124
 
 
500
 
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51
8/22 at 100.00
 
N/R
 
471,745
 
 
1,350
 
Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012, 4.750%, 11/15/28
11/22 at 100.00
 
N/R
 
1,365,687
 
 
750
 
Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen Abiitan Mill City Project, Series 2015, 5.250%, 11/01/45
5/23 at 100.00
 
N/R
 
750,368
 
 
1,000
 
Moorhead Economic Development Authority, Minnesota, Multifamily Revenue Bonds, Eventide Senior Housing, Series 2006A, 5.150%, 6/01/29
2/17 at 100.00
 
N/R
 
1,000,520
 
 
1,300
 
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 0.000%, 6/01/49
6/26 at 100.00
 
N/R
 
1,163,656
 
 
500
 
Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48
5/23 at 100.00
 
N/R
 
508,880
 
 
1,210
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33
4/17 at 100.00
 
N/R
 
1,213,845
 
 
900
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Rossy & Richard Shaller Family Sholom East Campus, Series 2007A, 5.250%, 10/01/42
10/17 at 100.00
 
N/R
 
903,879
 
 
100
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42
No Opt. Call
 
N/R
 
101,361
 
 
585
 
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39
1/23 at 100.00
 
N/R
 
575,178
 
 
330
 
Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A, 6.000%, 5/01/47
5/19 at 102.00
 
N/R
 
349,949
 
 
1,000
 
West St. Paul, Minnesota, Health Care Facilities Revenue Bonds, Walker Thompson Hill LLC Project, Series 2011A, 7.000%, 9/01/46
9/19 at 100.00
 
N/R
 
1,039,530
 
 
13,510
 
Total Long-Term Care
       
13,435,324
 
     
Materials – 2.7% (1.7% of Total Investments)
           
 
2,650
 
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax)
10/22 at 100.00
 
BBB–
 
2,158,054
 
     
Tax Obligation/General – 23.7% (14.6% of Total Investments)
           
 
300
 
Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds, School Building Series 2015A, 0.000%, 2/01/35
2/25 at 67.23
 
AA+
 
149,610
 
 
1,000
 
Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36
2/25 at 100.00
 
Aa2
 
1,008,290
 
 
1,000
 
Delano Independent School District 879, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A, 3.000%, 2/01/35
2/26 at 100.00
 
Aa2
 
883,480
 
 
300
 
East Central Independent School District 2580, Pine County, Minnesota, General Obligation Bonds, Refunding Series 2016A, 3.000%, 2/01/37
2/26 at 100.00
 
Aa2
 
263,463
 
 
1,085
 
Ely Housing and Redevelopment Authority, Minnesota, Governmental Housing Revenue Bonds, Saint Louis County General Obligation, Refunding Series 2016A, 3.000%, 11/01/41
No Opt. Call
 
AA+
 
901,255
 
 
700
 
Forest Lake Independent School District 831, Washington County, Minnesota, General Obligation Bonds, School Building Series 2016A, 3.125%, 2/01/39
2/26 at 100.00
 
AA+
 
617,953
 
 
620
 
Fridley Independent School District 14, Anoka County, Minnesota, General Obligation Bonds, Alternative Facility, Series 2016B, 5.000%, 2/01/27
2/26 at 100.00
 
Aa2
 
726,690
 

NUVEEN
41


NMS
Nuveen Minnesota Quality Municipal Income Fund
 
 
(formerly known as Nuveen Minnesota Municipal Income Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
     
Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School Building Series 2015A:
           
$
940
 
0.000%, 2/01/37
No Opt. Call
 
Aa2
$
377,109
 
 
1,075
 
0.000%, 2/01/38
No Opt. Call
 
Aa2
 
409,629
 
 
1,500
 
Independent School District 2310(Sibley East), Minnesota, General Obligation School Building Bonds, Series 2015A, 4.000%, 2/01/40
2/25 at 100.00
 
Aa2
 
1,505,130
 
 
500
 
Little Falls Independent School District 482, Minnesota, General Obligation Bonds, Series 2016A, 2.625%, 2/01/37
8/26 at 100.00
 
Aa2
 
412,710
 
 
1,500
 
Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/30
2/24 at 100.00
 
AA+
 
1,577,265
 
 
1,000
 
Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2007-2A, 5.125%, 6/01/22 (Alternative Minimum Tax)
6/17 at 100.00
 
A+
 
1,011,840
 
 
1,000
 
Moorhead Independent School District 152, Clay County, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A, 3.000%, 2/01/36
2/26 at 100.00
 
Aa2
 
884,730
 
 
700
 
Mountain Iron-Buhl Independent School District 712, St. Louis County, Minnesota, General Obligation Bonds, School Building Series 2016A, 3.000%, 2/01/35
2/26 at 100.00
 
Aa2
 
624,421
 
 
1,000
 
Perham Independent School District 549, Minnesota, General Obligation Bonds, Series 2016A, 3.000%, 2/01/35
2/24 at 100.00
 
Aa2
 
894,220
 
 
350
 
Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A, 3.125%, 2/01/34
2/25 at 100.00
 
Aa2
 
327,835
 
 
1,000
 
Saint James Independent School District 840, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/45
2/26 at 100.00
 
AA+
 
1,027,030
 
 
1,000
 
Sartell Independent School District 748, Stearns County, Minnesota, General Obligation Bonds, School Building Capital Appreciation Series 2016B, 0.000%, 2/01/39
2/25 at 62.98
 
Aa2
 
395,430
 
 
2,000
 
Spring Lake Independent School District 16, Anoka County, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A, 3.000%, 2/01/35
2/26 at 100.00
 
Aa2
 
1,750,500
 
 
1,970
 
Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2014A, 3.500%, 2/01/31
2/23 at 100.00
 
AAA
 
1,977,545
 
 
1,500
 
Westonka Independent School District 277, Hennepin County, Minnesota, General Obligation Bonds, Series 2016A., 3.000%, 2/01/32
2/26 at 100.00
 
Aa2
 
1,391,985
 
 
22,040
 
Total Tax Obligation/General
       
19,118,120
 
     
Tax Obligation/Limited – 11.8% (7.3% of Total Investments)
           
 
1,000
 
Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation, Series 2015A, 4.000%, 2/01/41
2/23 at 100.00
 
A+
 
1,013,060
 
 
1,600
 
Duluth Independent School District 709, Minnesota, Certificates of Participation, Capital Appreciation Series 2012A, 0.000%, 2/01/28 – AGM Insured
2/22 at 77.70
 
Aa2
 
1,050,144
 
 
125
 
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015, 4.000%, 3/01/30
3/23 at 100.00
 
N/R
 
120,671
 
 
500
 
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015, 5.000%, 3/01/29
3/24 at 100.00
 
N/R
 
515,985
 
 
2,230
 
Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.000%, 8/01/31
8/21 at 100.00
 
AA
 
2,424,924
 
 
1,000
 
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015A, 3.750%, 2/01/36
2/25 at 100.00
 
A1
 
960,850
 
 
750
 
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B, 4.000%, 2/01/42
2/25 at 100.00
 
A1
 
739,418
 
     
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 2700 University at Westgate Station, Series 2015B:
           
 
455
 
4.875%, 4/01/30
4/23 at 100.00
 
N/R
 
447,529
 
 
895
 
5.250%, 4/01/43
4/23 at 100.00
 
N/R
 
860,390
 

42
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
     
Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012:
           
$
450
 
5.000%, 9/01/26
No Opt. Call
 
N/R
$
463,793
 
 
130
 
5.000%, 3/01/29
No Opt. Call
 
N/R
 
133,059
 
 
800
 
Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33
11/24 at 100.00
 
A+
 
781,336
 
 
9,935
 
Total Tax Obligation/Limited
       
9,511,159
 
     
Transportation – 1.4% (0.8% of Total Investments)
           
 
225
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax)
1/20 at 100.00
 
A+
 
233,397
 
 
800
 
St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking Facilities Project, Refunding Series 2010A, 5.000%, 8/01/30
8/18 at 102.00
 
A+
 
853,648
 
 
1,025
 
Total Transportation
       
1,087,045
 
     
U.S. Guaranteed – 12.8% (7.9% of Total Investments) (4)
           
 
1,600
 
Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, Series 2008A, 4.750%, 2/01/24 (Pre-refunded 2/01/18)
2/18 at 100.00
 
Aa2 (4)
 
1,665,408
 
 
85
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured
11/18 at 100.00
 
AA (4)
 
93,680
 
 
2,675
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18)
11/18 at 100.00
 
A+ (4)
 
2,954,618
 
 
1,000
 
Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 4.250%, 8/01/20 (Pre-refunded 8/01/18)
8/18 at 100.00
 
N/R (4)
 
1,048,910
 
 
1,000
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-6X, 5.250%, 4/01/39 (Pre-refunded 4/01/17)
4/17 at 100.00
 
A2 (4)
 
1,014,980
 
 
470
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 (Pre-refunded 5/01/20)
5/20 at 100.00
 
N/R (4)
 
524,633
 
 
2,215
 
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19)
7/19 at 100.00
 
Aaa
 
2,458,251
 
 
500
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Facility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008, 5.000%, 12/01/32 (Pre-refunded 12/01/17)
12/17 at 100.00
 
AA+ (4)
 
520,570
 
 
9,545
 
Total U.S. Guaranteed
       
10,281,050
 
     
Utilities – 22.0% (13.6% of Total Investments)
           
 
500
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 4.000%, 10/01/33
10/24 at 100.00
 
A2
 
503,325
 
     
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016:
           
 
1,310
 
4.000%, 10/01/41
10/26 at 100.00
 
A2
 
1,312,057
 
 
615
 
5.000%, 10/01/47
10/26 at 100.00
 
A2
 
672,423
 
     
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A:
           
 
300
 
5.000%, 1/01/18 – AGC Insured
No Opt. Call
 
AA
 
312,030
 
 
1,000
 
5.000%, 1/01/20 – AGC Insured
1/18 at 100.00
 
AA
 
1,033,920
 
 
1,000
 
5.000%, 1/01/21 – AGC Insured
1/18 at 100.00
 
AA
 
1,036,560
 
     
Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A:
           
 
8,600
 
0.000%, 1/01/19 – NPFG Insured
No Opt. Call
 
AA–
 
8,256,254
 
 
1,100
 
0.000%, 1/01/23 – NPFG Insured
No Opt. Call
 
AA–
 
939,686
 
 
3,070
 
0.000%, 1/01/24 – NPFG Insured
No Opt. Call
 
AA–
 
2,537,754
 
 
135
 
0.000%, 1/01/26 – NPFG Insured
No Opt. Call
 
AA–
 
104,251
 
 
1,000
 
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 4.000%, 1/01/40
1/24 at 100.00
 
Aa3
 
1,003,040
 
 
18,630
 
Total Utilities
       
17,711,300
 

NUVEEN
43


NMS
Nuveen Minnesota Quality Municipal Income Fund
 
 
(formerly known as Nuveen Minnesota Municipal Income Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer – 6.0% (3.7% of Total Investments)
           
     
Buffalo, Minnesota, Water and Sewer Revenue Bonds, Series 2009B:
           
$
1,800
 
0.000%, 10/01/21
4/19 at 89.45
 
AA+
$
1,550,340
 
 
1,800
 
0.000%, 10/01/22
4/19 at 85.14
 
AA+
 
1,474,164
 
 
1,800
 
0.000%, 10/01/23
4/19 at 80.85
 
AA+
 
1,396,530
 
 
415
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46
7/26 at 100.00
 
A–
 
446,050
 
 
5,815
 
Total Water and Sewer
       
4,867,084
 
$
134,362
 
Total Long-Term Investments (cost $128,288,828)
       
130,584,962
 
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (65.5)% (5)
       
(52,800,000
) 
     
Other Assets Less Liabilities – 3.4%
       
2,773,990
 
     
Net Assets Applicable to Common Shares – 100%
     
$
80,558,952
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 40.4%.
 See accompanying notes to financial statements.

44
NUVEEN


NOM
   
 
Nuveen Missouri Quality Municipal Income Fund
 
 
(formerly known as Nuveen Missouri Premium Income Municipal Fund)
 
 
Portfolio of Investments
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 150.8% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 150.8% (100.0% of Total Investments)
           
     
Consumer Staples – 3.9% (2.6% of Total Investments)
           
$
1,055
 
Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax)
No Opt. Call
 
AA–
$
1,228,948
 
     
Education and Civic Organizations – 23.6% (15.6% of Total Investments)
           
 
300
 
Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/33
11/24 at 100.00
 
AA+
 
310,920
 
 
250
 
Lincoln University, Missouri, Auxiliary System Revenue Bonds, Series 2007, 5.125%, 6/01/37 – AGC Insured
6/17 at 100.00
 
AA
 
254,370
 
 
410
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33
6/23 at 100.00
 
A1
 
441,045
 
 
750
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
5/23 at 100.00
 
BBB+
 
799,125
 
 
600
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33
10/22 at 100.00
 
BBB–
 
618,084
 
 
725
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34
10/23 at 100.00
 
A+
 
790,120
 
 
630
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2011, 5.250%, 10/01/41
10/21 at 100.00
 
A–
 
681,301
 
 
510
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2014, 5.000%, 10/01/39
10/23 at 100.00
 
A–
 
551,937
 
 
700
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 6.500%, 10/01/35
10/18 at 103.00
 
BBB–
 
757,610
 
 
1,000
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2015A, 4.000%, 10/01/42
10/25 at 100.00
 
AA–
 
1,002,910
 
 
550
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37
11/21 at 100.00
 
AAA
 
608,735
 
 
600
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/36
4/21 at 100.00
 
A2
 
634,386
 
 
7,025
 
Total Education and Civic Organizations
       
7,450,543
 
     
Health Care – 32.2% (21.3% of Total Investments)
           
     
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007:
           
 
760
 
5.000%, 6/01/27
6/17 at 100.00
 
BB+
 
761,079
 
 
560
 
5.000%, 6/01/36
6/17 at 100.00
 
BB+
 
553,129
 
 
480
 
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007, 5.000%, 12/01/37
12/17 at 100.00
 
N/R
 
478,147
 
 
200
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2011, 5.500%, 2/15/31
2/21 at 100.00
 
A–
 
216,656
 
 
315
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2015, 5.000%, 2/15/35
2/24 at 100.00
 
A–
 
341,721
 
 
250
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45
No Opt. Call
 
AA
 
244,620
 

NUVEEN
45


NOM
Nuveen Missouri Quality Municipal Income Fund
 
 
(formerly known as Nuveen Missouri Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
540
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011, 5.000%, 11/01/27
11/20 at 100.00
 
A3
$
583,000
 
 
1,730
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/44
11/23 at 100.00
 
A2
 
1,851,498
 
 
415
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2015A, 5.000%, 11/15/32
11/25 at 100.00
 
A2
 
458,143
 
 
335
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37
2/22 at 100.00
 
A1
 
360,701
 
 
290
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2012, 4.000%, 11/15/42
No Opt. Call
 
AA–
 
278,661
 
 
500
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25
12/21 at 100.00
 
A+
 
554,690
 
 
500
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2014A, 5.000%, 6/01/31
6/24 at 100.00
 
AA–
 
557,845
 
 
2,000
 
Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, Saint Luke's Health System, Series 2010A, 5.000%, 11/15/30
11/20 at 100.00
 
A+
 
2,150,540
 
 
720
 
Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc., Series 2010, 5.600%, 12/01/28
12/20 at 100.00
 
BBB–
 
778,133
 
 
9,595
 
Total Health Care
       
10,168,563
 
     
Housing/Single Family – 0.1% (0.1% of Total Investments)
           
 
50
 
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007C-1, 4.800%, 9/01/38 (Alternative Minimum Tax)
3/17 at 100.00
 
AA+
 
49,996
 
     
Long-Term Care – 15.4% (10.2% of Total Investments)
           
 
190
 
Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016, 4.000%, 5/01/33
5/25 at 100.00
 
N/R
 
176,024
 
 
250
 
Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Series 2013, 4.500%, 5/01/28
5/18 at 100.00
 
N/R
 
247,570
 
 
500
 
Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.750%, 5/15/31
5/17 at 100.00
 
BBB–
 
502,575
 
 
475
 
Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A, 5.125%, 8/15/32
8/17 at 100.00
 
BB+
 
479,047
 
 
250
 
Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2014A, 5.250%, 8/15/39
No Opt. Call
 
BB+
 
259,770
 
 
250
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 6.000%, 2/01/41
2/21 at 100.00
 
BBB+
 
273,023
 
     
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A:
           
 
250
 
5.000%, 2/01/35
2/24 at 100.00
 
BBB+
 
260,998
 
 
500
 
5.000%, 2/01/44
2/24 at 100.00
 
BBB+
 
517,315
 
 
190
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A, 5.000%, 2/01/46
2/26 at 100.00
 
N/R
 
195,048
 
 
100
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42
No Opt. Call
 
BBB–
 
100,439
 
     
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012:
           
 
250
 
5.000%, 9/01/32
No Opt. Call
 
A–
 
264,165
 
 
425
 
5.000%, 9/01/42
9/22 at 100.00
 
A–
 
444,176
 
 
430
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
 
A–
 
476,195
 

46
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Long-Term Care (continued)
           
$
570
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.500%, 9/01/28
9/17 at 100.00
 
BBB–
$
574,184
 
 
100
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A, 5.125%, 12/01/45
12/25 at 100.00
 
N/R
 
98,222
 
 
4,730
 
Total Long-Term Care
       
4,868,751
 
     
Tax Obligation/General – 10.8% (7.2% of Total Investments)
           
 
500
 
Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012, 4.375%, 3/01/32
3/22 at 100.00
 
A+
 
517,160
 
 
500
 
Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/32
3/24 at 100.00
 
AA+
 
515,545
 
 
1,685
 
Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27
3/20 at 100.00
 
AA+
 
1,844,873
 
 
500
 
Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, School Building Series 2013A, 5.000%, 3/01/31
3/21 at 100.00
 
AA–
 
548,285
 
 
3,185
 
Total Tax Obligation/General
       
3,425,863
 
     
Tax Obligation/Limited – 23.4% (15.5% of Total Investments)
           
 
910
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33
10/22 at 100.00
 
AA+
 
995,249
 
 
350
 
Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30
6/24 at 100.00
 
N/R
 
339,045
 
 
315
 
Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28
2/17 at 100.00
 
N/R
 
267,341
 
 
430
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
1/22 at 100.00
 
A
 
445,992
 
     
Howard Bend Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 2013B:
           
 
180
 
4.875%, 3/01/33
3/23 at 100.00
 
BB+
 
179,687
 
 
115
 
5.000%, 3/01/38
3/23 at 100.00
 
BB+
 
115,543
 
 
485
 
Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, Series 2011B, 4.350%, 12/01/23
12/21 at 100.00
 
Aa3
 
523,393
 
 
300
 
Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District Revenue Bonds, Series 2011A, 5.000%, 9/01/32
9/21 at 100.00
 
AA–
 
319,800
 
 
155
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 4.250%, 4/01/26
No Opt. Call
 
N/R
 
144,448
 
 
475
 
Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24
2/17 at 100.00
 
N/R
 
455,919
 
 
110
 
Kansas City, Missouri, Special Obligation Bonds, Downtown Arena Project, Refunding & Improvement Series 2016E, 4.000%, 4/01/36
4/25 at 100.00
 
AA–
 
109,555
 
 
325
 
Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 2014C, 5.000%, 9/01/33
9/23 at 100.00
 
AA–
 
361,930
 
 
245
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Branson – Branson Landing Project, Series 2015A, 4.000%, 6/01/34
6/23 at 100.00
 
A
 
236,023
 
 
110
 
Monarch-Chesterfield Levee District, Saint Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 – NPFG Insured
3/17 at 100.00
 
AA–
 
110,432
 
 
500
 
Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 5.000%, 5/01/23
2/17 at 100.00
 
N/R
 
481,190
 

NUVEEN
47


NOM
Nuveen Missouri Quality Municipal Income Fund
 
 
(formerly known as Nuveen Missouri Premium Income Municipal Fund
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
140
 
Plaza at Noah's Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30
5/21 at 100.00
 
N/R
$
141,284
 
 
1,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
 
377,175
 
 
250
 
Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, 7/01/44
7/24 at 100.00
 
N/R
 
245,555
 
 
600
 
Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, Series 2015, 4.000%, 4/01/35
4/25 at 100.00
 
Aa2
 
602,934
 
     
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A:
           
 
340
 
5.375%, 11/01/24
2/17 at 100.00
 
N/R
 
340,105
 
 
400
 
5.500%, 11/01/27
2/17 at 100.00
 
N/R
 
400,104
 
 
200
 
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%, 11/01/27
2/17 at 100.00
 
N/R
 
200,188
 
 
8,435
 
Total Tax Obligation/Limited
       
7,392,892
 
     
Transportation – 12.7% (8.4% of Total Investments)
           
 
335
 
Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 – AGM Insured
10/23 at 100.00
 
AA
 
380,637
 
 
1,000
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured
No Opt. Call
 
AA–
 
1,064,890
 
 
2,500
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/21 – AGM Insured
7/17 at 100.00
 
AA
 
2,554,247
 
 
3,835
 
Total Transportation
       
3,999,774
 
     
U.S. Guaranteed – 12.3% (8.2% of Total Investments) (4)
           
 
525
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2009A, 5.750%, 6/01/39 (Pre-refunded 6/01/19)
6/19 at 100.00
 
AA– (4)
 
580,587
 
 
600
 
Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 6.000%, 3/01/39 (Pre-refunded 3/01/18)
3/18 at 100.00
 
A– (4)
 
636,756
 
 
200
 
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2006C, 5.000%, 5/01/36 (Pre-refunded 5/01/17) – NPFG Insured
5/17 at 100.00
 
AAA
 
203,524
 
 
500
 
Missouri School Boards Association, Lease Participation Certificates, Clay County School District 53 Liberty, Series 2007, 5.250%, 3/01/27 (Pre-refunded 3/01/17) – AGM Insured
3/17 at 100.00
 
AA (4)
 
505,585
 
 
1,235
 
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM)
2/17 at 100.00
 
N/R (4)
 
1,398,699
 
 
500
 
St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
AA+ (4)
 
560,445
 
 
3,560
 
Total U.S. Guaranteed
       
3,885,596
 
     
Utilities – 5.6% (3.7% of Total Investments)
           
 
350
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/32
1/25 at 100.00
 
A
 
383,845
 
 
500
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2015A, 4.000%, 1/01/35
1/26 at 100.00
 
A
 
504,545
 
     
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:
           
 
400
 
5.000%, 1/01/32
1/21 at 100.00
 
A2
 
428,312
 
 
425
 
5.000%, 1/01/37
1/21 at 100.00
 
A2
 
451,894
 
 
1,675
 
Total Utilities
       
1,768,596
 

48
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer – 10.8% (7.2% of Total Investments)
           
$
2,000
 
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2012A, 5.000%, 5/01/42
5/22 at 100.00
 
AAA
$
2,226,160
 
 
500
 
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40
1/25 at 100.00
 
Aa3
 
544,690
 
 
585
 
Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refunding Series 2016C, 5.000%, 12/01/32 (WI/DD, Settling 12/22/16)
12/25 at 100.00
 
AA
 
648,543
 
 
3,085
 
Total Water and Sewer
       
3,419,393
 
$
46,230
 
Total Long-Term Investments (cost $45,584,264)
       
47,658,915
 
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (57.0)% (5)
       
(18,000,000
) 
     
Other Assets Less Liabilities – 6.2%
       
1,937,889
 
     
Net Assets Applicable to Common Shares – 100%
     
$
31,596,804
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 37.8%.
(ETM)
Escrowed to maturity.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
   
See accompanying notes to financial statements.

NUVEEN
49


NNC
   
 
Nuveen North Carolina Quality Municipal Income Fund
 
 
(formerly known as Nuveen North Carolina Premium Income Municipal Fund)
   
 
Portfolio of Investments
November 30, 2016 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 162.0% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 162.0% (100.0% of Total Investments)
           
     
Education and Civic Organizations – 23.7% (14.6% of Total Investments)
           
$
30
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17 – NPFG Insured
No Opt. Call
 
Aa3
$
30,810
 
     
Board of Governors of the University of North Carolina, Winston-Salem State University General Revenue Bonds, Series 2013:
           
 
2,950
 
5.000%, 4/01/33
4/22 at 100.00
 
A–
 
3,162,076
 
 
1,000
 
5.125%, 4/01/43
4/22 at 100.00
 
A–
 
1,069,880
 
 
5,000
 
East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41
10/23 at 100.00
 
Aa2
 
5,506,550
 
 
2,310
 
East Carolina University, North Carolina, General Revenue Bonds, Series 2016A, 5.000%, 10/01/29
4/26 at 100.00
 
Aa2
 
2,675,511
 
 
1,500
 
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured
4/21 at 100.00
 
AA
 
1,624,155
 
     
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Davidson College, Series 2014:
           
 
500
 
5.000%, 3/01/26
3/22 at 100.00
 
AA+
 
566,250
 
 
250
 
5.000%, 3/01/28
3/22 at 100.00
 
AA+
 
282,333
 
 
500
 
5.000%, 3/01/29
3/22 at 100.00
 
AA+
 
564,135
 
 
500
 
5.000%, 3/01/32
3/22 at 100.00
 
AA+
 
554,835
 
 
1,230
 
5.000%, 3/01/45
3/22 at 100.00
 
AA+
 
1,347,416
 
 
1,605
 
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015 A, 5.000%, 10/01/55
10/25 at 100.00
 
AA+
 
1,763,494
 
     
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Johnson & Wales University, Series 2013A:
           
 
1,560
 
5.000%, 4/01/32
4/23 at 100.00
 
A2
 
1,701,133
 
 
1,000
 
5.000%, 4/01/33
4/23 at 100.00
 
A2
 
1,086,310
 
 
4,440
 
North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 5.000%, 3/01/34
3/22 at 100.00
 
BBB
 
4,607,699
 
     
North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Refunding Series 2016:
           
 
5,000
 
4.000%, 1/01/38
7/26 at 100.00
 
AA
 
4,978,700
 
 
1,750
 
4.000%, 1/01/39
7/26 at 100.00
 
AA
 
1,734,740
 
     
North Carolina Central University, General Revenue Bonds, Refunding Series 2016:
           
 
2,915
 
5.000%, 10/01/23
No Opt. Call
 
A3
 
3,330,854
 
 
3,070
 
5.000%, 10/01/24
No Opt. Call
 
A3
 
3,523,500
 
 
1,360
 
5.000%, 10/01/25
No Opt. Call
 
A3
 
1,563,429
 
 
2,020
 
North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/23 at 100.00
 
Aa1
 
2,237,655
 
 
290
 
University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/22 – AMBAC Insured
2/17 at 100.00
 
A
 
290,963
 
 
800
 
University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2015, 5.000%, 4/01/45
4/25 at 100.00
 
Aa3
 
883,640
 
     
University of North Carolina, Charlotte, General Revenue Bonds, Series 2014:
           
 
2,070
 
5.000%, 4/01/32
4/24 at 100.00
 
Aa3
 
2,306,104
 
 
1,175
 
5.000%, 4/01/33
4/24 at 100.00
 
Aa3
 
1,303,345
 
 
1,385
 
5.000%, 4/01/35
4/24 at 100.00
 
Aa3
 
1,528,694
 
     
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014:
           
 
1,000
 
5.000%, 4/01/32
4/24 at 100.00
 
Aa3
 
1,115,440
 
 
3,065
 
5.000%, 4/01/39
4/24 at 100.00
 
Aa3
 
3,362,121
 

50
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
$
1,250
 
Western Carolina University, North Carolina, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/45
No Opt. Call
 
Aa3
$
1,377,413
 
 
51,525
 
Total Education and Civic Organizations
       
56,079,185
 
     
Health Care – 22.4% (13.8% of Total Investments)
           
 
2,750
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/39
1/19 at 100.00
 
AA–
 
2,920,555
 
 
5,250
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/43
1/22 at 100.00
 
AA–
 
5,695,830
 
 
2,000
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42
1/21 at 100.00
 
AA–
 
2,185,500
 
 
4,295
 
Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2012, 5.000%, 11/01/41
5/22 at 100.00
 
A–
 
4,521,518
 
 
500
 
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Refunding Series 2013, 5.000%, 10/01/26
10/23 at 100.00
 
A+
 
555,495
 
 
555
 
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2006B, 5.125%, 10/01/31 – AGM Insured
10/19 at 100.00
 
AA
 
597,319
 
     
North Carolina Medical Care Commission Health Care Facilities Revenue Bonds Novant Health Inc., Series 2010A:
           
 
4,750
 
5.250%, 11/01/40
11/20 at 100.00
 
AA–
 
5,125,868
 
 
5,000
 
5.000%, 11/01/43
11/20 at 100.00
 
AA–
 
5,330,850
 
 
2,680
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian Regional HealthCare System, Series 2011A, 6.500%, 7/01/31
7/21 at 100.00
 
BBB+
 
3,012,990
 
 
2,750
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Blue Ridge HealthCare, Refunding Series 2010A, 5.000%, 1/01/36
1/20 at 100.00
 
A
 
2,895,118
 
 
2,375
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cape Fear Valley Health System, Refunding Series 2012A, 5.000%, 10/01/27
No Opt. Call
 
A–
 
2,576,804
 
 
2,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
 
AA
 
2,195,140
 
 
2,335
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, FirstHealth of the Carolinas Project, Refunding Series 2012A, 4.000%, 10/01/39
10/17 at 100.00
 
AA
 
2,335,654
 
 
2,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Rex Healthcare, Series 2015A, 5.000%, 7/01/44
7/25 at 100.00
 
AA–
 
2,162,180
 
 
1,125
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Refunding Series 2012B, 5.000%, 12/01/27
12/22 at 100.00
 
A
 
1,272,544
 
 
3,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Series 2012A, 5.000%, 12/01/45
No Opt. Call
 
A
 
3,325,620
 
 
2,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A, 5.000%, 10/01/27
10/22 at 100.00
 
A+
 
2,222,520
 
 
2,930
 
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical Center, Refunding Series 2012, 5.000%, 6/01/32
6/22 at 100.00
 
A
 
3,104,599
 
 
750
 
Northern Hospital District Surry County, North Carolina, Health Care Facilities Revenue Bonds, Series 2008, 6.250%, 10/01/38
4/18 at 100.00
 
BBB
 
780,653
 
 
49,045
 
Total Health Care
       
52,816,757
 
     
Housing/Multifamily – 1.2% (0.8% of Total Investments)
           
     
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock Apartments, Series 2003:
           
 
635
 
5.150%, 1/01/22 (Alternative Minimum Tax)
7/18 at 100.00
 
N/R
 
648,875
 
 
2,260
 
5.375%, 1/01/36 (Alternative Minimum Tax)
7/18 at 100.00
 
N/R
 
2,281,244
 
 
2,895
 
Total Housing/Multifamily
       
2,930,119
 

NUVEEN
51


NNC
Nuveen North Carolina Quality Municipal Income Fund
 
 
(formerly known as Nuveen North Carolina Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Housing/Single Family – 0.8% (0.4% of Total Investments)
           
$
1,705
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 4.500%, 1/01/28
1/21 at 100.00
 
AA
$
1,777,923
 
     
Long-Term Care – 1.4% (0.9% of Total Investments)
           
 
2,690
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Deerfield Episcopal Retirement Community, Refunding First Mortgage Series 2016, 5.000%, 11/01/37
11/26 at 100.00
 
N/R
 
2,890,136
 
 
450
 
North Carolina Medical Care Commission, Revenue Bonds, United Methodist Retirement Homes Inc., Refunding Series 2013A, 5.000%, 10/01/33
10/23 at 100.00
 
N/R
 
459,635
 
 
3,140
 
Total Long-Term Care
       
3,349,771
 
     
Materials – 0.6% (0.4% of Total Investments)
           
 
1,400
 
Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007A, 4.625%, 3/01/27 (Alternative Minimum Tax)
3/17 at 100.00
 
BBB
 
1,401,526
 
     
Tax Obligation/General – 10.7% (6.6% of Total Investments)
           
     
Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A:
           
 
1,000
 
5.000%, 6/01/30
6/24 at 100.00
 
Aa2
 
1,115,690
 
 
730
 
5.000%, 6/01/31
6/24 at 100.00
 
Aa2
 
811,585
 
     
Charlotte, North Carolina, General Obligation Bonds, Refunding Series 2016A:
           
 
1,000
 
5.000%, 7/01/28
7/26 at 100.00
 
AAA
 
1,194,040
 
 
1,150
 
5.000%, 7/01/29
7/26 at 100.00
 
AAA
 
1,364,602
 
 
1,000
 
5.000%, 7/01/30
7/26 at 100.00
 
AAA
 
1,179,210
 
     
Davidson County, North Carolina, General Obligation Bonds, Refunding Series 2016:
           
 
300
 
5.000%, 6/01/25
No Opt. Call
 
AA
 
355,533
 
 
1,450
 
5.000%, 6/01/27
No Opt. Call
 
AA
 
1,739,029
 
 
835
 
Durham, North Carolina, General Obligation Bonds, Refunding Series 2015, 5.000%, 10/01/26
No Opt. Call
 
AAA
 
1,013,573
 
     
Durham, North Carolina, General Obligation Bonds, Series 2007:
           
 
2,820
 
5.000%, 4/01/21
4/17 at 100.00
 
AAA
 
2,856,152
 
 
1,475
 
5.000%, 4/01/22
4/17 at 100.00
 
AAA
 
1,494,190
 
 
1,050
 
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 5.000%, 4/01/30
4/20 at 100.00
 
AA+
 
1,149,624
 
 
1,745
 
Mecklenburg County, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 9/01/25
No Opt. Call
 
AAA
 
2,099,148
 
 
2,020
 
Raleigh, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 9/01/26
No Opt. Call
 
AAA
 
2,451,977
 
     
Wake County, North Carolina, Limited Obligation Bonds, Refunding Series 2016A:
           
 
3,500
 
5.000%, 12/01/27
12/26 at 100.00
 
AA+
 
4,168,815
 
 
2,000
 
5.000%, 12/01/35
12/26 at 100.00
 
AA+
 
2,287,660
 
 
22,075
 
Total Tax Obligation/General
       
25,280,828
 
     
Tax Obligation/Limited – 15.9% (9.8% of Total Investments)
           
     
Buncombe County, North Carolina, Limited Obligation Bonds, Series 2014A:
           
 
1,085
 
5.000%, 6/01/33
6/24 at 100.00
 
AA+
 
1,215,124
 
 
1,600
 
5.000%, 6/01/34
6/24 at 100.00
 
AA+
 
1,786,224
 
 
2,405
 
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Refunding Series 2008A, 5.000%, 6/01/33
6/18 at 100.00
 
AA+
 
2,514,211
 
 
2,045
 
Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/39
12/24 at 100.00
 
AAA
 
2,326,269
 
 
2,085
 
Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B, 5.000%, 6/01/28
6/22 at 100.00
 
AA
 
2,306,969
 
 
500
 
Henderson County, North Carolina, Limited Obligation Bonds, Series 2015, 5.000%, 10/01/31
10/25 at 100.00
 
AA
 
570,015
 
 
868
 
Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24
2/23 at 100.00
 
N/R
 
902,303
 

52
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
     
Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Series 2012:
           
$
1,065
 
5.000%, 4/01/29
4/22 at 100.00
 
A1
$
1,173,002
 
 
1,165
 
5.000%, 4/01/30
4/22 at 100.00
 
A1
 
1,279,659
 
 
1,000
 
5.000%, 4/01/31
4/22 at 100.00
 
A1
 
1,095,320
 
 
200
 
5.000%, 4/01/32
4/22 at 100.00
 
A1
 
218,240
 
     
North Carolina State, Limited Obligation Bonds, Refunding Series 2014C:
           
 
3,000
 
5.000%, 5/01/24
No Opt. Call
 
AA+
 
3,528,720
 
 
5,000
 
5.000%, 5/01/25
5/24 at 100.00
 
AA+
 
5,813,550
 
 
8,065
 
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011, 5.000%, 7/01/41
7/21 at 100.00
 
AA
 
8,863,595
 
 
1,000
 
Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33
10/23 at 100.00
 
AA+
 
1,115,540
 
     
Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A:
           
 
1,195
 
5.000%, 10/01/25
10/24 at 100.00
 
AA+
 
1,398,019
 
 
1,305
 
5.000%, 10/01/26
10/24 at 100.00
 
AA+
 
1,516,919
 
 
33,583
 
Total Tax Obligation/Limited
       
37,623,679
 
     
Transportation – 23.6% (14.6% of Total Investments)
           
 
5,000
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010A, 5.000%, 7/01/39
7/20 at 100.00
 
Aa3
 
5,418,100
 
 
10
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010B, 5.375%, 7/01/28 (Alternative Minimum Tax)
7/20 at 100.00
 
Aa3
 
10,905
 
     
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2014A:
           
 
2,865
 
5.000%, 7/01/27
7/24 at 100.00
 
Aa3
 
3,272,031
 
 
3,000
 
5.000%, 7/01/28
7/24 at 100.00
 
Aa3
 
3,407,610
 
 
1,400
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2010B, 5.000%, 7/01/36 (Alternative Minimum Tax)
7/21 at 100.00
 
Aa3
 
1,483,356
 
 
1,425
 
Charlotte, North Carolina, Airport Revenue Bonds, Refunding Series 2011A, 5.000%, 7/01/41
No Opt. Call
 
Aa3
 
1,550,015
 
 
10,000
 
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015, 5.000%, 6/30/54 (Alternative Minimum Tax)
6/25 at 100.00
 
BBB–
 
10,447,999
 
 
2,725
 
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A, 5.250%, 2/01/40
2/20 at 100.00
 
A3
 
2,946,761
 
 
515
 
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010B, 5.000%, 2/01/29
2/20 at 100.00
 
A3
 
553,424
 
     
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A:
           
 
140
 
5.000%, 1/01/21 – AGC Insured
1/19 at 100.00
 
AA
 
147,801
 
 
265
 
5.375%, 1/01/26 – AGC Insured
1/19 at 100.00
 
AA
 
283,123
 
 
1,650
 
5.500%, 1/01/29 – AGC Insured
1/19 at 100.00
 
AA
 
1,760,748
 
 
7,335
 
5.750%, 1/01/39 – AGC Insured
1/19 at 100.00
 
AA
 
7,824,170
 
     
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds, Series 2009B:
           
 
150
 
0.000%, 1/01/31 – AGC Insured
No Opt. Call
 
AA
 
86,997
 
 
4,375
 
0.000%, 1/01/33 – AGC Insured
No Opt. Call
 
AA
 
2,272,025
 
 
2,300
 
0.000%, 1/01/34 – AGC Insured
No Opt. Call
 
AA
 
1,142,985
 
 
2,380
 
0.000%, 1/01/35 – AGC Insured
No Opt. Call
 
AA
 
1,121,361
 
 
7,575
 
0.000%, 1/01/37 – AGC Insured
No Opt. Call
 
AA
 
3,290,807
 
 
1,470
 
0.000%, 1/01/38 – AGC Insured
No Opt. Call
 
AA
 
612,667
 
     
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2010A:
           
 
2,490
 
5.000%, 5/01/26
No Opt. Call
 
Aa3
 
2,749,881
 
 
4,125
 
5.000%, 5/01/36
5/20 at 100.00
 
Aa3
 
4,479,750
 

NUVEEN
53


NNC
Nuveen North Carolina Quality Municipal Income Fund
 
 
(formerly known as Nuveen North Carolina Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation (continued)
           
$
1,000
 
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2007, 5.000%, 5/01/37 – FGIC Insured (Alternative Minimum Tax)
5/17 at 100.00
 
AA+
$
1,012,570
 
 
62,195
 
Total Transportation
       
55,875,086
 
     
U.S. Guaranteed – 39.7% (24.5% of Total Investments) (4)
           
     
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 2007:
           
 
1,840
 
5.250%, 10/01/27 (Pre-refunded 10/01/17)
10/17 at 100.00
 
N/R (4)
 
1,905,007
 
 
1,725
 
5.250%, 10/01/38 (Pre-refunded 10/01/17)
10/17 at 100.00
 
N/R (4)
 
1,787,186
 
 
3,100
 
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 4/01/31 (Pre-refunded 4/01/18) – AGM Insured
4/18 at 100.00
 
AA (4)
 
3,260,735
 
     
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series 2008:
           
 
425
 
5.000%, 8/01/28 (Pre-refunded 8/01/18)
8/18 at 100.00
 
AA+ (4)
 
452,204
 
 
1,005
 
5.000%, 8/01/35 (Pre-refunded 8/01/18)
8/18 at 100.00
 
AA+ (4)
 
1,069,330
 
 
4,950
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47 (Pre-refunded 1/15/18)
1/18 at 100.00
 
AA– (4)
 
5,168,741
 
     
Craven County, North Carolina, Certificates of Participation, Series 2007:
           
 
160
 
5.000%, 6/01/23 (Pre-refunded 6/01/17) – NPFG Insured
6/17 at 100.00
 
AA– (4)
 
163,363
 
 
3,000
 
5.000%, 6/01/27 (Pre-refunded 6/01/17) – NPFG Insured
6/17 at 100.00
 
AA– (4)
 
3,063,060
 
 
8,600
 
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41 (Pre-refunded 6/01/21)
6/21 at 100.00
 
AAA
 
9,780,521
 
     
Harnett County, North Carolina, Certificates of Participation, Series 2009:
           
 
1,000
 
5.000%, 6/01/28 (Pre-refunded 6/01/19) – AGC Insured
6/19 at 100.00
 
AA (4)
 
1,087,760
 
 
500
 
5.000%, 6/01/29 (Pre-refunded 6/01/19) – AGC Insured
6/19 at 100.00
 
AA (4)
 
543,880
 
 
2,225
 
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston
4/18 at 100.00
 
AA (4)
 
2,347,420
 
     
Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 (Pre-refunded 4/01/18) – AGM Insured
           
 
400
 
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 5.000%, 2/01/27 (Pre-refunded 2/01/19)
2/19 at 100.00
 
AA+ (4)
 
431,356
 
 
1,000
 
North Carolina Capital Facilities Finance Agency, General Revenue Bonds, Duke University, Series 2009B, 5.000%, 10/01/38 (Pre-refunded 4/01/19)
4/19 at 100.00
 
AA+ (4)
 
1,079,440
 
     
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993B:
           
 
100
 
6.000%, 1/01/22 (ETM)
No Opt. Call
 
AAA
 
119,411
 
 
180
 
6.000%, 1/01/22 – NPFG Insured (ETM)
No Opt. Call
 
A3 (4)
 
214,940
 
 
1,400
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B, 5.000%, 1/01/26 (Pre-refunded 1/01/19)
1/19 at 100.00
 
AAA
 
1,505,042
 
 
3,500
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A, 5.000%, 1/01/25 (Pre-refunded 7/01/22)
7/22 at 100.00
 
AAA
 
4,062,380
 
 
1,095
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%, 7/01/33 (Pre-refunded 1/01/17) (Alternative Minimum Tax)
1/17 at 100.00
 
AA (4)
 
1,098,624
 
 
1,680
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35 (Pre-refunded 1/01/21)
1/21 at 100.00
 
N/R (4)
 
1,938,838
 
     
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series 2007:
           
 
500
 
5.000%, 11/01/20 (Pre-refunded 11/01/17)
11/17 at 100.00
 
N/R (4)
 
518,880
 
 
3,425
 
5.000%, 11/01/27 (Pre-refunded 11/01/17)
11/17 at 100.00
 
N/R (4)
 
3,554,328
 
 
785
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/30 (Pre-refunded 1/01/19)
1/19 at 100.00
 
N/R (4)
 
842,556
 
 
4,260
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%, 1/01/20 (ETM)
No Opt. Call
 
Aaa
 
4,637,564
 
 
1,535
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2012B, 5.000%, 1/01/21 (ETM)
No Opt. Call
 
AAA
 
1,731,526
 

54
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (4) (continued)
           
     
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009:
           
$
2,020
 
6.000%, 6/01/34 (Pre-refunded 6/01/19) – AGC Insured
6/19 at 100.00
 
AA (4)
$
2,248,361
 
 
1,020
 
6.000%, 6/01/36 (Pre-refunded 6/01/19) – AGC Insured
6/19 at 100.00
 
AA (4)
 
1,135,311
 
 
1,135
 
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27 (Pre-refunded 2/01/17)
2/17 at 100.00
 
AA+ (4)
 
1,143,081
 
 
2,250
 
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 12/01/27 (Pre-refunded 12/01/17) – AGM Insured
12/17 at 100.00
 
AA (4)
 
2,342,993
 
 
5,000
 
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 (Pre-refunded 6/01/17) – AGM Insured
6/17 at 100.00
 
AA (4)
 
5,104,300
 
 
10,200
 
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2007, 5.000%, 12/01/36 (Pre-refunded 12/01/17)
12/17 at 100.00
 
AAA
 
10,622,582
 
     
University of North Carolina, System Pooled Revenue Bonds, Series 2009C:
           
 
1,000
 
5.250%, 10/01/28 (Pre-refunded 10/01/19)
10/19 at 100.00
 
A3 (4)
 
1,105,190
 
 
1,000
 
5.375%, 10/01/29 (Pre-refunded 10/01/19)
10/19 at 100.00
 
A3 (4)
 
1,108,650
 
 
5,100
 
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37 (Pre-refunded 1/01/20)
1/20 at 100.00
 
AA+ (4)
 
5,620,047
 
 
2,450
 
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29 (Pre-refunded 6/01/18)
6/18 at 100.00
 
AA+ (4)
 
2,591,512
 
 
1,750
 
Wilson County, North Carolina, Certificates of Participation, School Facilities Project, Series 2007, 5.000%, 4/01/25 (Pre-refunded 4/01/17) – AMBAC Insured
4/17 at 100.00
 
Aa3 (4)
 
1,774,623
 
 
6,400
 
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%, 6/01/37 (Pre-refunded 6/01/17)
6/17 at 100.00
 
AAA
 
6,531,840
 
 
87,715
 
Total U.S. Guaranteed
       
93,692,582
 
     
Utilities – 6.9% (4.3% of Total Investments)
           
 
1,040
 
Greenville, North Carolina, Combined Enterprise System Revenue Bonds, Series 2016, 5.000%, 4/01/26
No Opt. Call
 
Aa2
 
1,231,506
 
     
Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2016:
           
 
1,110
 
5.000%, 3/01/24
No Opt. Call
 
A+
 
1,282,527
 
 
395
 
5.000%, 3/01/25
No Opt. Call
 
A+
 
457,378
 
 
1,330
 
5.000%, 3/01/28
3/26 at 100.00
 
A+
 
1,522,478
 
 
775
 
5.000%, 3/01/30
3/26 at 100.00
 
A+
 
872,038
 
 
1,710
 
5.000%, 3/01/32
3/26 at 100.00
 
A+
 
1,906,855
 
 
900
 
4.000%, 3/01/33
3/26 at 100.00
 
A+
 
916,002
 
 
5,000
 
North Carolina Capital Facilities Financing Agency, Solid Waste Disposal Revenue Bond, Duke Energy Carolinas Project, Refunding Series 2008B, 4.625%, 11/01/40
11/20 at 100.00
 
Aa2
 
5,298,250
 
 
315
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/30
1/19 at 100.00
 
A
 
334,407
 
 
1,500
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/32
1/26 at 100.00
 
A
 
1,670,085
 
 
760
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/30
7/26 at 100.00
 
A
 
858,086
 
 
14,835
 
Total Utilities
       
16,349,612
 
     
Water and Sewer – 15.1% (9.3% of Total Investments)
           
 
1,145
 
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/25
4/22 at 100.00
 
AA–
 
1,296,461
 
 
2,135
 
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Refunding Series 2011, 5.000%, 8/01/31
8/21 at 100.00
 
AA+
 
2,361,502
 
     
Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015:
           
 
940
 
5.000%, 7/01/32
7/25 at 100.00
 
AAA
 
1,086,743
 
 
2,325
 
5.000%, 7/01/40
7/25 at 100.00
 
AAA
 
2,638,829
 
 
1,000
 
Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2008, 5.000%, 7/01/38
7/18 at 100.00
 
AAA
 
1,051,260
 

NUVEEN
55


NNC
Nuveen North Carolina Quality Municipal Income Fund
 
 
(formerly known as Nuveen North Carolina Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
           
     
Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011:
           
$
3,860
 
5.000%, 2/01/36
2/21 at 100.00
 
AA
$
4,226,353
 
 
1,250
 
5.000%, 2/01/41
2/21 at 100.00
 
AA
 
1,367,075
 
 
1,535
 
Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/28
5/22 at 100.00
 
AA
 
1,728,901
 
 
3,040
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2015, 5.000%, 6/01/33 – AGM Insured
6/25 at 100.00
 
AA
 
3,372,850
 
 
1,210
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 6/01/23 – NPFG Insured
6/18 at 100.00
 
AA–
 
1,271,274
 
     
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011:
           
 
600
 
5.625%, 6/01/30 – AGC Insured
6/21 at 100.00
 
AA
 
666,114
 
 
2,100
 
5.750%, 6/01/36 – AGC Insured
6/21 at 100.00
 
AA
 
2,331,567
 
     
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A:
           
 
550
 
5.000%, 3/01/30
3/22 at 100.00
 
AAA
 
618,431
 
 
1,600
 
5.000%, 3/01/31
3/22 at 100.00
 
AAA
 
1,775,472
 
     
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A:
           
 
5,000
 
5.000%, 3/01/28
3/23 at 100.00
 
AAA
 
5,715,150
 
 
3,785
 
5.000%, 3/01/43
3/23 at 100.00
 
AAA
 
4,218,080
 
 
32,075
 
Total Water and Sewer
       
35,726,062
 
$
362,188
 
Total Long-Term Investments (cost $370,185,784)
       
382,903,130
 
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (65.2)% (5)
       
(154,000,000
) 
     
Other Assets Less Liabilities – 3.2%
       
7,393,470
 
     
Net Assets Applicable to Common Shares – 100%
     
$
236,296,600
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 40.2%.
(ETM)
Escrowed to maturity.

 See accompanying notes to financial statements.

56
NUVEEN


NPV
   
 
Nuveen Virginia Quality Municipal Income Fund
 
 
(formerly known as Nuveen Virginia Premium Income Municipal Fund)
 
 
Portfolio of Investments
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 151.1% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 151.1% (100.0% of Total Investments)
           
     
Consumer Staples – 5.5% (3.7% of Total Investments)
           
     
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:
           
$
630
 
5.250%, 6/01/32
6/17 at 100.00
 
N/R
$
625,055
 
 
700
 
5.625%, 6/01/47
6/17 at 100.00
 
N/R
 
642,572
 
 
8,135
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
6/17 at 100.00
 
B–
 
6,614,974
 
 
6,645
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46
6/17 at 100.00
 
B–
 
5,640,409
 
 
180
 
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31
5/17 at 100.00
 
A3
 
179,991
 
 
16,290
 
Total Consumer Staples
       
13,703,001
 
     
Education and Civic Organizations – 11.0% (7.3% of Total Investments)
           
 
1,615
 
Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Episcopal High School, Series 2012, 3.750%, 1/01/30
No Opt. Call
 
A1
 
1,617,923
 
 
580
 
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26
2/17 at 100.00
 
B
 
544,962
 
 
1,600
 
Madison County Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Woodberry Forest School, Refunding Series 2016A, 3.000%, 10/01/46
10/25 at 100.00
 
Aa1
 
1,339,376
 
 
1,630
 
Prince William County Industrial Development Authority, Virginia, Student Housing Revenue Bonds, George Mason University Foundation Prince William Housing LLC Project, Series 2011A, 5.125%, 9/01/41
9/21 at 100.00
 
A
 
1,797,727
 
 
2,500
 
The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Green Series 2015A-2, 5.000%, 4/01/45
4/25 at 100.00
 
AAA
 
2,819,075
 
 
8,500
 
The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2008, 5.000%, 6/01/40
6/18 at 100.00
 
AAA
 
8,927,464
 
 
1,900
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B, 5.000%, 7/01/45
7/25 at 100.00
 
BB+
 
1,763,808
 
     
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Refunding Series 2015A:
           
 
600
 
5.000%, 7/01/35
7/25 at 100.00
 
BB+
 
572,712
 
 
1,000
 
5.000%, 7/01/45
7/25 at 100.00
 
BB+
 
928,320
 
 
2,000
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher Education Financing Program, Refunding Series 2016A, 5.000%, 9/01/27
9/26 at 100.00
 
Aa1
 
2,368,160
 
 
2,225
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2001, 5.375%, 1/01/21
No Opt. Call
 
AA
 
2,412,501
 
 
1,460
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2015A, 5.000%, 1/01/40
1/25 at 100.00
 
AA
 
1,618,454
 
 
500
 
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Roanoke College, Series 2011, 5.750%, 4/01/41
4/20 at 100.00
 
BBB+
 
551,050
 
 
26,110
 
Total Education and Civic Organizations
       
27,261,532
 

NUVEEN
57


NPV
Nuveen Virginia Quality Municipal Income Fund
 
 
(formerly known as Nuveen Virginia Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care – 23.6% (15.6% of Total Investments)
           
$
5,000
 
Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue Bonds, Virginia Hospital Center Arlington Health System, Refunding Series 2010, 5.000%, 7/01/31
7/20 at 100.00
 
AA–
$
5,339,200
 
     
Charlotte County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Halifax Regional Hospital Incorporated, Series 2007:
           
 
1,545
 
5.000%, 9/01/27
9/17 at 100.00
 
A
 
1,572,949
 
 
250
 
5.000%, 9/01/37
9/17 at 100.00
 
A
 
253,720
 
 
2,145
 
Chesterfield County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health, Series 2010C-2, 5.000%, 11/01/42 – AGC Insured
11/20 at 100.00
 
AA
 
2,314,841
 
 
3,375
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/40
1/23 at 100.00
 
A–
 
3,627,180
 
 
1,060
 
Fairfax County Industrial Development Authority, Virginia, Health Care Revenue Bonds, Inova Health System Project, Series 2009A, 5.500%, 5/15/35
5/19 at 100.00
 
AA+
 
1,148,817
 
 
1,000
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2012A, 5.000%, 5/15/40
5/22 at 100.00
 
AA+
 
1,103,700
 
 
3,340
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Tender Option Bond Trust 2016-XG0021, 14.054%, 11/15/29 (IF)
5/19 at 100.00
 
AA+
 
4,230,010
 
 
4,950
 
Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23
No Opt. Call
 
AA+
 
5,612,360
 
     
Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007:
           
 
1,080
 
5.250%, 6/15/18
No Opt. Call
 
Baa1
 
1,128,265
 
 
2,500
 
5.250%, 6/15/23
No Opt. Call
 
Baa1
 
2,777,800
 
 
300
 
Hanover County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Memorial Regional Medical Center, Series 1995, 6.375%,
8/15/18 – NPFG Insured
No Opt. Call
 
AA–
 
311,772
 
 
1,500
 
Henrico County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Bon Secours Health System, Series 1996, 6.250%, 8/15/20 – NPFG Insured
No Opt. Call
 
AA–
 
1,629,090
 
 
3,500
 
Industrial Development Authority of the City of Newport News, Virginia, Health System Revenue Bonds, Riverside Health System, Series 2015A, 5.330%, 7/01/45
7/25 at 100.00
 
N/R
 
3,525,970
 
 
3,155
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 5.000%, 11/01/46
11/22 at 100.00
 
AA–
 
3,359,065
 
     
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016:
           
 
1,440
 
5.000%, 6/15/35
6/26 at 100.00
 
Baa1
 
1,560,398
 
 
1,360
 
4.000%, 6/15/37
6/26 at 100.00
 
Baa1
 
1,319,146
 
 
2,955
 
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara Healthcare, Refunding Series 2010, 5.000%, 11/01/40
5/20 at 100.00
 
AA
 
3,191,577
 
 
4,425
 
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds, Series 2007A, 5.250%, 9/01/37
9/17 at 100.00
 
BBB+
 
4,495,358
 
 
2,335
 
Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley Health System Obligated Group, Refunding Series 2014A, 5.000%, 1/01/44
1/24 at 100.00
 
A+
 
2,515,075
 
     
Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley Health System Obligated Group, Refunding Series 2015:
           
 
1,500
 
5.000%, 1/01/33
1/26 at 100.00
 
A+
 
1,663,920
 
 
1,000
 
5.000%, 1/01/35
1/26 at 100.00
 
A+
 
1,103,570
 
 
2,000
 
4.000%, 1/01/37
1/26 at 100.00
 
A+
 
2,038,140
 
 
1,215
 
5.000%, 1/01/44
1/26 at 100.00
 
A+
 
1,317,352
 
 
1,020
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39
4/20 at 100.00
 
A+
 
1,100,192
 
 
53,950
 
Total Health Care
       
58,239,467
 

58
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Housing/Multifamily – 5.1% (3.3% of Total Investments)
           
$
845
 
Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Arlington View Terrace Apartments, Series 2001, 5.150%, 11/01/31 (Mandatory put 11/01/19) (Alternative Minimum Tax)
3/17 at 100.00
 
AA
$
847,239
 
 
400
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010A, 5.000%, 4/01/45
10/19 at 100.00
 
AA+
 
409,848
 
 
530
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 4.550%, 8/01/32
2/20 at 100.00
 
AA+
 
553,765
 
 
1,000
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2012A, 3.625%, 3/01/32
3/21 at 100.00
 
AA+
 
1,001,330
 
     
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A:
           
 
1,000
 
3.500%, 3/01/35
3/24 at 100.00
 
AA+
 
943,070
 
 
1,000
 
3.625%, 3/01/39
3/24 at 100.00
 
AA+
 
956,420
 
 
900
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C, 4.000%, 8/01/45
8/24 at 100.00
 
AA+
 
898,434
 
 
2,750
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E, 3.750%, 12/01/40
12/24 at 100.00
 
AA+
 
2,715,653
 
     
Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B:
           
 
1,500
 
3.350%, 5/01/36
5/25 at 100.00
 
AA+
 
1,384,485
 
 
1,500
 
3.550%, 5/01/41
5/25 at 100.00
 
AA+
 
1,390,950
 
 
1,380
 
Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51
4/20 at 100.00
 
AA+
 
1,417,536
 
 
12,805
 
Total Housing/Multifamily
       
12,518,730
 
     
Housing/Single Family – 2.6% (1.7% of Total Investments)
           
     
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-5:
           
 
2,500
 
4.550%, 7/01/31
10/22 at 100.00
 
AAA
 
2,644,150
 
 
2,000
 
4.800%, 7/01/38
10/22 at 100.00
 
AAA
 
2,098,360
 
     
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-8:
           
 
715
 
4.400%, 10/01/31
10/22 at 100.00
 
AAA
 
746,753
 
 
1,000
 
4.750%, 10/01/38
10/22 at 100.00
 
AAA
 
1,043,940
 
 
6,215
 
Total Housing/Single Family
       
6,533,203
 
     
Long-Term Care – 4.1% (2.7% of Total Investments)
           
     
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2016A:
           
 
1,125
 
5.000%, 10/01/36
10/24 at 102.00
 
N/R
 
1,201,523
 
 
2,375
 
5.000%, 10/01/42
10/24 at 102.00
 
N/R
 
2,518,806
 
 
700
 
4.000%, 10/01/42
10/24 at 102.00
 
N/R
 
658,028
 
 
875
 
Henrico County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury of Richmond, Refunding Series 2015, 4.000%, 10/01/35
10/20 at 100.00
 
BBB+
 
862,426
 
     
Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2016:
           
 
1,000
 
4.000%, 1/01/37
1/25 at 102.00
 
N/R
 
959,890
 
 
150
 
3.375%, 1/01/37
1/25 at 102.00
 
N/R
 
126,074
 
 
1,500
 
Prince William County Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster at Lake Ridge, Refunding Series 2016, 5.000%, 1/01/37 (WI/DD, Settling 12/01/16)
1/25 at 102.00
 
N/R
 
1,481,220
 
 
1,000
 
Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 4.625%, 12/01/27
12/22 at 100.00
 
N/R
 
955,350
 
 
1,500
 
Roanoke Industrial Development Authority, Virginia, Residential Revenue Bonds, Virginia Lutheran Homes Incorporated, Series 2006, 5.000%, 12/01/39
12/16 at 100.00
 
N/R
 
1,360,650
 
 
10,225
 
Total Long-Term Care
       
10,123,967
 

NUVEEN
59


NPV
Nuveen Virginia Quality Municipal Income Fund
 
 
(formerly known as Nuveen Virginia Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General – 3.0% (1.9% of Total Investments)
           
$
1,440
 
Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 5.000%, 7/15/25
7/20 at 100.00
 
A
$
1,565,842
 
 
2,000
 
Fairfax County, Virginia, General Obligation Bonds, Public Improvement Series 2015A, 5.000%, 10/01/19
No Opt. Call
 
AAA
 
2,198,880
 
 
1,900
 
Fairfax County, Virginia, General Obligation Bonds, Refunding Public Improvement Series 2015C, 5.000%, 10/01/18
No Opt. Call
 
AAA
 
2,032,848
 
 
150
 
Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D, 5.000%, 7/15/34
7/20 at 100.00
 
AA
 
164,613
 
 
1,250
 
Richmond, Virginia, General Obligation Bonds, Refunding Public Improvement Series 2014A, 5.000%, 3/01/19
No Opt. Call
 
AA+
 
1,348,288
 
 
6,740
 
Total Tax Obligation/General
       
7,310,471
 
     
Tax Obligation/Limited – 23.4% (15.5% of Total Investments)
           
     
Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A:
           
 
510
 
5.250%, 7/15/25 – ACA Insured
2/17 at 100.00
 
N/R
 
443,491
 
 
520
 
5.500%, 7/15/35 – ACA Insured
2/17 at 100.00
 
N/R
 
434,205
 
 
315
 
Cumberland County, Virginia, Certificates of Participation, Series 1997, 6.375%, 7/15/17
No Opt. Call
 
N/R
 
320,191
 
 
600
 
Dulles Town Center Community Development Authority, Loudon County, Virginia Special Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.250%, 3/01/26
No Opt. Call
 
N/R
 
599,340
 
 
100
 
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015, 5.600%, 3/01/45
3/25 at 100.00
 
N/R
 
96,088
 
 
1,635
 
Fairfax County Economic Development Authority, Virginia, Transportation Contract Revenue Bonds, Route 28 Project, Refunding Series 2016B, 3.000%, 4/01/37
4/26 at 100.00
 
AA+
 
1,413,000
 
     
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:
           
 
3,000
 
5.000%, 11/15/31
11/25 at 100.00
 
A
 
3,245,070
 
 
3,000
 
5.000%, 11/15/33
11/25 at 100.00
 
A
 
3,216,960
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
           
 
1,020
 
5.000%, 1/01/31
1/22 at 100.00
 
A
 
1,070,796
 
 
500
 
5.250%, 1/01/36
1/22 at 100.00
 
A
 
525,905
 
 
925
 
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Refunding Series 2015, 5.000%, 6/15/19
No Opt. Call
 
A+
 
1,001,747
 
     
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:
           
 
1,000
 
5.000%, 12/01/33
12/26 at 100.00
 
BBB+
 
1,095,600
 
 
1,675
 
5.000%, 12/01/46
12/26 at 100.00
 
BBB+
 
1,804,813
 
 
645
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured
No Opt. Call
 
CC
 
693,194
 
     
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A:
           
 
5,085
 
0.000%, 7/01/29 – AMBAC Insured
No Opt. Call
 
Ca
 
2,422,189
 
 
5,000
 
0.000%, 7/01/43 – AMBAC Insured
No Opt. Call
 
Ca
 
986,250
 
 
5,875
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 0.000%, 7/01/28 – AMBAC Insured
No Opt. Call
 
Ca
 
2,968,344
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
 
2,514,500
 
 
760
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding Series 2007CC, 5.500%, 7/01/28 – NPFG Insured
No Opt. Call
 
AA–
 
837,687
 
 
5
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/18 – NPFG Insured
No Opt. Call
 
AA–
 
5,249
 

60
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
65
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 – SYNCORA GTY Insured
2/17 at 100.00
 
N/R
$
65,102
 
 
1,000
 
Stafford County Economic Development Authority, Virginia, Public Project Lease Revenue Bonds, Series 2008, 5.000%, 4/01/33 – AGC Insured (UB)
4/18 at 100.00
 
AA+
 
1,039,880
 
 
1,500
 
Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/30
9/25 at 100.00
 
A
 
1,595,325
 
 
2,240
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/34 – AGM Insured
10/24 at 100.00
 
AA
 
2,355,427
 
 
2,600
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured
No Opt. Call
 
AA
 
2,908,490
 
 
1,000
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien, Series 2013A, 5.000%, 10/01/24 – AGM Insured
No Opt. Call
 
AA
 
1,066,650
 
 
1,725
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured
10/22 at 100.00
 
AA
 
1,830,501
 
     
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2011A:
           
 
500
 
5.000%, 2/01/17
No Opt. Call
 
AA+
 
503,585
 
 
1,200
 
4.000%, 2/01/29
No Opt. Call
 
AA+
 
1,260,036
 
 
1,100
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Refunding Series 2012A, 5.000%, 8/01/24
No Opt. Call
 
AA+
 
1,261,975
 
 
2,970
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2016A, 5.000%, 8/01/17
No Opt. Call
 
AA+
 
3,052,091
 
 
1,840
 
Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, Series 2012A, 5.000%, 11/01/42
11/22 at 100.00
 
AAA
 
2,065,768
 
 
95
 
Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Loan Bond Program, Series 2002A, 5.000%, 5/01/19
2/17 at 100.00
 
AA
 
95,322
 
 
2,325
 
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2011, 5.000%, 5/15/17
No Opt. Call
 
AA+
 
2,369,873
 
 
4,500
 
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2014, 4.000%, 5/15/31
5/24 at 100.00
 
AA+
 
4,697,595
 
 
1,220
 
Virginia Transportation Board, Transportation Revenue Bonds, U.S. Route 58 Corridor Development Program, Series 2007B, 5.000%, 5/15/17
No Opt. Call
 
AA+
 
1,243,546
 
 
2,500
 
Virginia Transportation Board, Transportation Revenue Bonds, U.S. Route 58 Corridor Development Program, Series 2014B, 5.000%, 5/15/17
No Opt. Call
 
AA+
 
2,548,250
 
 
2,000
 
Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/37
12/26 at 100.00
 
Aa2
 
2,244,160
 
 
72,550
 
Total Tax Obligation/Limited
       
57,898,195
 
     
Transportation – 30.6% (20.3% of Total Investments)
           
     
Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Refunding Series 2016A:
           
 
40
 
5.000%, 7/01/31
7/26 at 100.00
 
A2
 
45,232
 
 
735
 
5.000%, 7/01/33
7/26 at 100.00
 
A2
 
824,744
 
 
350
 
4.000%, 7/01/36
7/26 at 100.00
 
A2
 
359,825
 
 
650
 
4.000%, 7/01/38
7/26 at 100.00
 
A2
 
667,719
 
 
1,030
 
Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Bonds, Refunding Series 1998, 5.500%, 7/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
1,208,736
 

NUVEEN
61


NPV
Nuveen Virginia Quality Municipal Income Fund
 
 
(formerly known as Nuveen Virginia Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation (continued)
           
     
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016:
           
$
1,240
 
5.000%, 7/01/41 – AGM Insured
7/26 at 100.00
 
AA
$
1,348,178
 
 
2,000
 
5.000%, 7/01/46
7/26 at 100.00
 
BBB
 
2,148,000
 
     
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B:
           
 
2,000
 
0.000%, 7/15/32 (4)
7/28 at 100.00
 
BBB
 
1,527,700
 
 
4,125
 
0.000%, 7/15/40 (4)
7/28 at 100.00
 
BBB
 
3,044,374
 
 
1,000
 
0.000%, 7/15/40 – AGM Insured (4)
7/28 at 100.00
 
AA
 
758,930
 
 
750
 
Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2010B, 5.000%, 10/01/26 (Alternative Minimum Tax)
10/20 at 100.00
 
AA–
 
815,648
 
 
2,500
 
Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2007B, 5.000%, 10/01/35 – AMBAC Insured (Alternative Minimum Tax)
10/17 at 100.00
 
AA–
 
2,564,125
 
     
Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2009C:
           
 
1,380
 
5.250%, 10/01/22
No Opt. Call
 
AA–
 
1,471,328
 
 
1,200
 
5.000%, 10/01/28
10/18 at 100.00
 
AA–
 
1,270,644
 
     
Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A:
           
 
3,400
 
5.000%, 10/01/30
10/20 at 100.00
 
AA–
 
3,751,254
 
 
420
 
5.000%, 10/01/35
10/20 at 100.00
 
AA–
 
459,900
 
 
3,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles
4/22 at 100.00
 
BBB+
 
3,106,140
 
     
Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
           
 
6,700
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (4)
10/28 at 100.00
 
BBB+
 
7,411,874
 
     
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B:
           
 
4,000
 
0.000%, 10/01/26 – AGC Insured
No Opt. Call
 
AA
 
2,752,240
 
 
11,825
 
0.000%, 10/01/34 – AGC Insured
No Opt. Call
 
AA
 
5,352,113
 
 
1,135
 
0.000%, 10/01/36 – AGC Insured
No Opt. Call
 
AA
 
462,819
 
 
5,010
 
0.000%, 10/01/39 – AGC Insured
No Opt. Call
 
AA
 
1,771,987
 
     
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2016A:
           
 
1,705
 
5.000%, 10/01/32 (Alternative Minimum Tax)
10/26 at 100.00
 
AA–
 
1,885,542
 
 
9,640
 
5.000%, 10/01/35 (Alternative Minimum Tax)
10/26 at 100.00
 
AA–
 
10,548,374
 
 
500
 
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2016B, 5.000%, 10/01/32
10/26 at 100.00
 
AA–
 
564,155
 
     
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:
           
 
595
 
5.000%, 8/01/26 (Alternative Minimum Tax)
8/21 at 100.00
 
BB
 
624,661
 
 
150
 
5.000%, 8/01/31 (Alternative Minimum Tax)
8/21 at 100.00
 
BB
 
152,442
 
 
395
 
Peninsula Ports Authority of Virginia, Coal Terminal Revenue Bonds, Dominion Terminal Associates Project-DETC Issue, Refunding Series 2003, 1.550%, 10/01/33 (Mandatory put 10/01/19)
No Opt. Call
 
BBB+
 
388,980
 
 
3,000
 
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 2002, 5.250%, 7/15/22 – FGIC Insured
No Opt. Call
 
AA–
 
3,342,030
 
 
2,500
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/22 at 100.00
 
BBB–
 
2,538,325
 

62
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation (continued)
           
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
           
$
750
 
5.250%, 1/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
$
805,418
 
 
5,025
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
 
5,651,819
 
 
5,700
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB
 
6,107,208
 
 
84,450
 
Total Transportation
       
75,732,464
 
     
U.S. Guaranteed – 29.5% (19.5% of Total Investments) (5)
           
 
2,000
 
Albemarle County Industrial Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Westminster-Canterbury of the Blue Ridge, Series 2007, 5.000%, 1/01/31 (Pre-refunded 1/01/17)
1/17 at 100.00
 
N/R (5)
 
2,007,060
 
 
1,750
 
Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 11/01/24 – AGM Insured (ETM)
No Opt. Call
 
AA (5)
 
1,990,765
 
 
1,000
 
Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 – AGM Insured (ETM)
No Opt. Call
 
AA (5)
 
1,082,320
 
 
5,585
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/37 (Pre-refunded 10/01/17)
10/17 at 100.00
 
BBB (5)
 
5,782,486
 
 
4,150
 
Fairfax County Economic Development Authority, Virginia, Transportation District Improvement Revenue Bonds, Silver Line Phase 1 Project, Series 2011, 5.000%, 4/01/27 (Pre-refunded 4/01/20)
4/20 at 100.00
 
Aa1 (5)
 
4,607,953
 
 
1,100
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.375%, 12/01/24 (Pre-refunded 12/01/19)
12/19 at 100.00
 
BBB+ (5)
 
1,226,291
 
 
1,295
 
Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Series 2012A, 5.000%, 1/01/39 (Pre-refunded 1/01/21)
1/21 at 100.00
 
N/R (5)
 
1,460,799
 
 
1,000
 
Lexington Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, VMI Development Board Project, Series 2006C, 5.000%, 12/01/36 (Pre-refunded 6/01/19)
6/19 at 100.00
 
Aa2 (5)
 
1,088,020
 
 
890
 
Montgomery County Industrial Development Authority, Virginia, Public Facility Lease Revenue Bonds, Public Projects Series 2008, 5.000%, 2/01/29 (Pre-refunded 2/01/18)
2/18 at 100.00
 
Aa2 (5)
 
930,664
 
 
5,900
 
Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D, 5.000%, 7/15/34 (Pre-refunded 7/15/20)
7/20 at 100.00
 
N/R (5)
 
6,600,919
 
 
3,590
 
Prince William County Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster at Lake Ridge, First Mortgage, Series 2006, 5.125%, 1/01/26 (Pre-refunded 1/01/17)
1/17 at 100.00
 
N/R (5)
 
3,603,068
 
 
145
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/18 – NPFG Insured (ETM)
No Opt. Call
 
A3 (5)
 
154,837
 
 
710
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22 – AGM Insured (ETM)
No Opt. Call
 
A2 (5)
 
828,109
 
 
1,000
 
Richmond, Virginia, General Obligation Bonds, Public Improvement Series 2009A, 5.000%, 7/15/22 (Pre-refunded 7/15/19)
7/19 at 100.00
 
AA+ (5)
 
1,090,740
 
     
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C:
           
 
30
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
 
N/R (5)
 
30,211
 
 
50
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
 
N/R (5)
 
50,352
 
 
60
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
 
N/R (5)
 
60,422
 
 
105
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
 
N/R (5)
 
105,752
 
 
190
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
 
N/R (5)
 
191,338
 
 
4,000
 
Stafford County Economic Development Authority, Virginia, Public Project Lease Revenue Bonds, Series 2008, 5.000%, 4/01/33 – AGC Insured (Pre-refunded 4/01/18) (UB)
4/18 at 100.00
 
AA (5)
 
4,205,200
 

NUVEEN
63


NPV
Nuveen Virginia Quality Municipal Income Fund
 
 
(formerly known as Nuveen Virginia Premium Income Municipal Fund)
 
 
Portfolio of Investments (continued)
November 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (5) (continued)
           
     
Virginia Beach, Virginia, General Obligation Bonds, Series 2008:
           
$
4,500
 
5.000%, 10/01/26 (Pre-refunded 10/01/17) (UB)
10/17 at 100.00
 
AAA
$
4,655,970
 
 
4,500
 
5.000%, 10/01/27 (Pre-refunded 10/01/17) (UB)
10/17 at 100.00
 
AAA
 
4,655,970
 
 
1,820
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2009A, 5.000%, 2/01/22 (Pre-refunded 2/01/19)
2/19 at 100.00
 
AA+ (5)
 
1,962,251
 
 
1,665
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Tender Option Bond Trust 2016-XL0011, 12.483%, 2/01/27 (Pre-refunded 2/01/19) (IF) (6)
2/19 at 100.00
 
AA+ (5)
 
2,055,792
 
 
1,665
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Tender Option Bond Trust 2016-XL0013, 12.483%, 2/01/28 (Pre-refunded 2/01/19) (IF) (6)
2/19 at 100.00
 
AA+ (5)
 
2,052,446
 
     
Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher Education Financing Program, Series 2009A:
           
 
30
 
5.000%, 9/01/28 (Pre-refunded 9/01/18)
9/18 at 100.00
 
N/R (5)
 
32,005
 
 
3,570
 
5.000%, 9/01/28 (Pre-refunded 9/01/18)
9/18 at 100.00
 
Aa1 (5)
 
3,808,583
 
 
3,195
 
Virginia Port Authority, Port Facilities Revenue Bonds, Refunding Series 2010, 5.000%, 7/01/40 (Pre-refunded 7/01/19)
7/19 at 100.00
 
Aa3 (5)
 
3,484,403
 
 
1,000
 
Virginia Resources Authority, Clean Water State Revolving Fund Revenue Bonds, Series 2008, 5.000%, 10/01/19 (Pre-refunded 10/01/18)
10/18 at 100.00
 
AAA
 
1,069,640
 
 
3,420
 
Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, Series 2012A, 5.000%, 11/01/42 (Pre-refunded 11/01/22)
11/22 at 100.00
 
N/R (5)
 
3,996,920
 
 
3,050
 
Virginia State Resources Authority, Clean Water Revenue Bonds, Series 2007, Trust 3036, 12.228%, 10/01/29 (Pre-refunded 10/01/17) (IF)
10/17 at 100.00
 
Aaa
 
3,562,888
 
 
1,620
 
Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds Valley Health System Obligated Group, Series 2009E, 5.625%, 1/01/44 (Pre-refunded 1/01/19)
1/19 at 100.00
 
A+ (5)
 
1,761,264
 
 
2,855
 
Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds, Winchester Medical Center, Series 2007, 5.125%, 1/01/31 (Pre-refunded 1/01/17)
1/17 at 100.00
 
A+ (5)
 
2,865,621
 
 
67,440
 
Total U.S. Guaranteed
       
73,061,059
 
     
Utilities – 6.3% (4.2% of Total Investments)
           
 
2,000
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory put 4/01/21)
No Opt. Call
 
B1
 
1,849,100
 
     
Guam Power Authority, Revenue Bonds, Series 2012A:
           
 
1,550
 
5.000%, 10/01/30 – AGM Insured
10/22 at 100.00
 
AA
 
1,712,161
 
 
495
 
5.000%, 10/01/34
10/22 at 100.00
 
BBB
 
515,023
 
 
655
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007UU, 5.000%, 7/01/19 – NPFG Insured
No Opt. Call
 
AA–
 
692,538
 
     
Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A:
           
 
5,000
 
5.000%, 1/15/33 (WI/DD, Settling 12/07/16)
1/26 at 100.00
 
AA
 
5,688,950
 
 
1,000
 
5.000%, 1/15/35 (WI/DD, Settling 12/07/16)
1/26 at 100.00
 
AA
 
1,131,050
 
 
730
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24
7/17 at 100.00
 
BB–
 
694,741
 
 
3,250
 
York County Economic Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company Project, Refunding Series 2009A, 1.875%, 5/01/33 (Mandatory put 5/16/19)
No Opt. Call
 
A2
 
3,263,065
 
 
14,680
 
Total Utilities
       
15,546,628
 

64
NUVEEN


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer – 6.4% (4.3% of Total Investments)
           
$
1,395
 
Fairfax County, Virginia, Sewer Revenue Bonds, Series 2012, 5.000%, 7/15/18
No Opt. Call
 
AAA
$
1,482,020
 
 
810
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
882,155
 
 
5,205
 
Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Series 2012A, 5.000%, 1/01/39
1/21 at 100.00
 
AA+
 
5,671,420
 
     
Henry County Public Service Authority, Virginia, Water and Sewerage Revenue Refunding Bonds, Series 2001:
           
 
650
 
5.500%, 11/15/17 – AGM Insured
No Opt. Call
 
AA
 
674,551
 
 
3,000
 
5.500%, 11/15/19 – AGM Insured
No Opt. Call
 
AA
 
3,278,190
 
 
3,000
 
Norfolk, Virginia, Water Revenue Bonds, Series 2015A, 5.250%, 11/01/44
11/24 at 100.00
 
AA+
 
3,395,760
 
 
1,000
 
Virginia Resources Authority, Water and Sewerage System Revenue Bonds, Goochland County – Tuckahoe Creek Service District Project, Series 2012, 0.000%, 11/01/34
11/22 at 63.13
 
AA
 
521,590
 
 
15,060
 
Total Water and Sewer
       
15,905,686
 
$
386,515
 
Total Long-Term Investments (cost $365,445,948)
       
373,834,403
 
     
Floating Rate Obligations – (3.7)%
       
(9,250,000
) 
     
Variable Rate Demand Preferred Shares, at Liquidation
Preference – (51.8)% (7)
       
(128,000,000
) 
     
Other Assets Less Liabilities – 4.4%
       
10,742,658
 
     
Net Assets Applicable to Common Shares – 100%
     
$
247,327,061
 

(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)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate obligations.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 34.2%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investments, or portion of investment, purchased on a when-issued or delayed delivery basis.
 See accompanying notes to financial statements.

NUVEEN
65

 
Statement of
   
 
Assets and Liabilities
November 30, 2016 (Unaudited)

     
Georgia
(1)
 
Maryland
(2)
 
Minnesota
(3)
     
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NMS
)
Assets
                   
Long-term investments, at value (cost $216,155,891, $526,920,471 and $128,288,828, respectively)
 
$
221,297,402
 
$
534,282,039
 
$
130,584,962
 
Short-term investments, at value (cost approximates value)
   
   
2,000,000
   
 
Cash
   
2,061,129
   
8,621,562
   
1,326,465
 
Receivable for:
                   
Interest
   
3,318,452
   
8,341,596
   
1,598,516
 
Investments sold
   
   
11,457,032
   
1,545,921
 
Other assets
   
663
   
19,100
   
663
 
Total assets
   
226,677,646
   
564,721,329
   
135,056,527
 
Liabilities
                   
Cash overdraft
   
   
   
 
Floating rate obligations
   
3,245,000
   
12,540,000
   
 
Payable for:
                   
Dividends
   
524,491
   
1,255,670
   
362,413
 
Interest
   
99,990
   
243,451
   
65,249
 
Investments purchased
   
   
27,250,304
   
932,127
 
Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred offering costs (liquidation preference $82,000,000, $197,000,000 and $52,800,000, respectively)
   
81,981,544
   
196,980,808
   
52,768,315
 
Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs (liquidation preference $—, $— and $—, respectively)
   
   
   
 
Accrued expenses:
                   
Management fees
   
115,855
   
267,068
   
220,360
 
Trustees fees
   
2,475
   
23,034
   
1,489
 
Other
   
124,503
   
180,087
   
147,622
 
Total liabilities
   
86,093,858
   
238,740,422
   
54,497,575
 
Net assets applicable to common shares
 
$
140,583,788
 
$
325,980,907
 
$
80,558,952
 
Common shares outstanding
   
10,549,313
   
23,374,664
   
5,573,617
 
Net asset value ("NAV") per common share outstanding
 
$
13.33
 
$
13.95
 
$
14.45
 
Net assets applicable to common shares consist of:
                   
Common shares, $0.01 par value per share
 
$
105,493
 
$
233,747
 
$
55,736
 
Paid-in surplus
   
141,902,466
   
328,519,606
   
78,355,500
 
Undistributed (Over-distribution of) net investment income
   
(19,350
)
 
634,471
   
30,487
 
Accumulated net realized gain (loss)
   
(6,546,332
)
 
(10,768,485
)
 
(178,905
)
Net unrealized appreciation (depreciation)
   
5,141,511
   
7,361,568
   
2,296,134
 
Net assets applicable to common shares
 
$
140,583,788
 
$
325,980,907
 
$
80,558,952
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 

(1)
Formerly known as Georgia Dividend Advantage 2.
(2)
Formerly known as Maryland Premium Income.
(3)
Formerly known as Minnesota Quality Income.
See accompanying notes to financial statements.

66
NUVEEN


           
North
(5)
     
     
Missouri
(4)
 
Carolina
   
Virginia
(6)
     
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
 
     
(NOM
)
 
(NNC
)
 
(NPV
)
Assets
                   
Long-term investments, at value (cost $45,584,264, $370,185,784 and $365,445,948, respectively)
 
$
47,658,915
 
$
382,903,130
 
$
373,834,403
 
Short-term investments, at value (cost approximates value)
   
   
   
 
Cash
   
141,168
   
   
12,464,694
 
Receivable for:
                   
Interest
   
634,101
   
5,458,971
   
4,578,260
 
Investments sold
   
1,974,580
   
6,048,682
   
5,927,604
 
Other assets
   
46
   
14,011
   
120,738
 
Total assets
   
50,408,810
   
394,424,794
   
396,925,699
 
Liabilities
                   
Cash overdraft
   
   
313,755
   
 
Floating rate obligations
   
   
   
9,250,000
 
Payable for:
                   
Dividends
   
135,435
   
742,144
   
830,230
 
Interest
   
21,507
   
190,312
   
 
Investments purchased
   
648,543
   
2,556,472
   
11,650,470
 
Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred offering costs (liquidation preference $18,000,000, $154,000,000 and $—, respectively)
   
17,950,599
   
153,987,601
   
 
Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs (liquidation preference $—, $— and $128,000,000, respectively)
   
   
   
127,595,073
 
Accrued expenses:
                   
Management fees
   
25,402
   
195,914
   
195,570
 
Trustees fees
   
558
   
16,750
   
17,175
 
Other
   
29,962
   
125,246
   
60,120
 
Total liabilities
   
18,812,006
   
158,128,194
   
149,598,638
 
Net assets applicable to common shares
 
$
31,596,804
 
$
236,296,600
 
$
247,327,061
 
Common shares outstanding
   
2,339,323
   
16,418,508
   
17,933,247
 
Net asset value ("NAV") per common share outstanding
 
$
13.51
 
$
14.39
 
$
13.79
 
Net assets applicable to common shares consist of:
                   
Common shares, $0.01 par value per share
 
$
23,393
 
$
164,185
 
$
179,332
 
Paid-in surplus
   
30,809,091
   
223,988,143
   
251,024,302
 
Undistributed (Over-distribution of) net investment income
   
92,609
   
(391,781
)
 
45,053
 
Accumulated net realized gain (loss)
   
(1,402,940
)
 
(181,293
)
 
(12,310,081
)
Net unrealized appreciation (depreciation)
   
2,074,651
   
12,717,346
   
8,388,455
 
Net assets applicable to common shares
 
$
31,596,804
 
$
236,296,600
 
$
247,327,061
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 

(4)
Formerly known as Missouri Premium Income.
(5)
Formerly known as North Carolina Premium Income.
(6)
Formerly known as Virginia Premium Income.
See accompanying notes to financial statements.

NUVEEN
67


Statement of
   
 
Operations
Six Months Ended November 30, 2016 (Unaudited)

     
Georgia
   
Maryland
   
Minnesota
 
     
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NMS
)
Investment Income
 
$
4,465,486
 
$
10,377,516
 
$
2,975,744
 
Expenses
                   
Management fees
   
714,343
   
1,655,224
   
424,135
 
Interest expense and amortization of offering costs
   
748,329
   
1,749,373
   
571,287
 
Liquidity fees
   
   
   
 
Remarketing fees
   
   
   
 
Custodian fees
   
16,171
   
32,755
   
13,333
 
Trustees fees
   
3,410
   
7,990
   
2,096
 
Professional fees
   
14,586
   
18,952
   
22,547
 
Shareholder reporting expenses
   
13,845
   
19,853
   
9,603
 
Shareholder servicing agent fees
   
11,151
   
15,985
   
10,551
 
Stock exchange listing fees
   
3,916
   
3,916
   
3,916
 
Investor relations expenses
   
9,687
   
21,078
   
5,862
 
Other
   
9,202
   
23,913
   
14,879
 
Total expenses
   
1,544,640
   
3,549,039
   
1,078,209
 
Net investment income (loss)
   
2,920,846
   
6,828,477
   
1,897,535
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from Investments
   
(41,135
)
 
(2,145,227
)
 
806,029
 
Change in net unrealized appreciation (depreciation) of Investments
   
(10,848,688
)
 
(23,499,772
)
 
(7,894,117
)
Net realized and unrealized gain (loss)
   
(10,889,823
)
 
(25,644,999
)
 
(7,088,088
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
(7,968,977
)
$
(18,816,522
)
$
(5,190,553
)
See accompanying notes to financial statements.

68
NUVEEN


           
North
       
     
Missouri
   
Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
 
     
(NOM
)
 
(NNC
)
 
(NPV
)
Investment Income
 
$
1,165,202
 
$
6,965,326
 
$
7,588,588
 
Expenses
                   
Management fees
   
158,693
   
1,209,527
   
1,224,384
 
Interest expense and amortization of offering costs
   
161,094
   
1,337,987
   
490,248
 
Liquidity fees
   
   
   
596,434
 
Remarketing fees
   
   
   
65,065
 
Custodian fees
   
7,697
   
24,386
   
26,479
 
Trustees fees
   
810
   
5,915
   
5,899
 
Professional fees
   
12,387
   
17,157
   
18,981
 
Shareholder reporting expenses
   
7,456
   
20,147
   
16,254
 
Shareholder servicing agent fees
   
9,297
   
12,184
   
5,119
 
Stock exchange listing fees
   
264
   
3,916
   
3,916
 
Investor relations expenses
   
2,848
   
15,814
   
16,598
 
Other
   
11,080
   
10,273
   
31,494
 
Total expenses
   
371,626
   
2,657,306
   
2,500,871
 
Net investment income (loss)
   
793,576
   
4,308,020
   
5,087,717
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from Investments
   
(21,525
)
 
(200,720
)
 
(1,474,371
)
Change in net unrealized appreciation (depreciation) of Investments
   
(2,123,938
)
 
(18,613,285
)
 
(19,650,810
)
Net realized and unrealized gain (loss)
   
(2,145,463
)
 
(18,814,005
)
 
(21,125,181
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
(1,351,887
)
$
(14,505,985
)
$
(16,037,464
)
See accompanying notes to financial statements.

NUVEEN
69


Statement of
   
 
Changes in Net Assets
(Unaudited)

   
Georgia Quality Income (NKG)
 
Maryland Quality Income (NMY)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
11/30/16
   
5/31/16
   
11/30/16
   
5/31/16
 
Operations
                         
Net investment income (loss)
 
$
2,920,846
 
$
7,192,977
 
$
6,828,477
 
$
15,778,865
 
Net realized gain (loss) from:
                         
Investments
   
(41,135
)
 
(1,581,813
)
 
(2,145,227
)
 
491,125
 
Swaps
   
   
30,033
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
(10,848,688
)
 
5,592,582
   
(23,499,772
)
 
10,451,731
 
Swaps
   
   
(25,771
)
 
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
(7,968,977
)
 
11,208,008
   
(18,816,522
)
 
26,721,721
 
Distributions to Common Shareholders
                         
From net investment income
   
(3,307,210
)
 
(6,796,613
)
 
(7,783,764
)
 
(15,649,344
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(3,307,210
)
 
(6,796,613
)
 
(7,783,764
)
 
(15,649,344
)
Capital Share Transactions
                         
Common shares:
                         
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
7,528
   
   
 
Cost of shares repurchased and retired
   
   
   
   
(2,791,231
)
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
7,528
   
   
(2,791,231
)
Net increase (decrease) in net assets applicable to common shares
   
(11,276,187
)
 
4,418,923
   
(26,600,286
)
 
8,281,146
 
Net assets applicable to common shares at the beginning of period
   
151,859,975
   
147,441,052
   
352,581,193
   
344,300,047
 
Net assets applicable to common shares at the end of period
 
$
140,583,788
 
$
151,859,975
 
$
325,980,907
 
$
352,581,193
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
(19,350
)
$
367,014
 
$
634,471
 
$
1,589,758
 
See accompanying notes to financial statements.

70
NUVEEN


   
Minnesota Quality Income (NMS)
 
Missouri Quality Income (NOM)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
11/30/16
   
5/31/16
   
11/30/16
   
5/31/16
 
Operations
                         
Net investment income (loss)
 
$
1,897,535
 
$
4,455,477
 
$
793,576
 
$
1,689,406
 
Net realized gain (loss) from:
                         
Investments
   
806,029
   
191,048
   
(21,525
)
 
50,409
 
Swaps
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
(7,894,117
)
 
1,618,757
   
(2,123,938
)
 
1,225,769
 
Swaps
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
(5,190,553
)
 
6,265,282
   
(1,351,887
)
 
2,965,584
 
Distributions to Common Shareholders
                         
From net investment income
   
(2,223,544
)
 
(4,487,400
)
 
(855,927
)
 
(1,709,898
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(2,223,544
)
 
(4,487,400
)
 
(855,927
)
 
(1,709,898
)
Capital Share Transactions
                         
Common shares:
                         
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
31,237
   
13,839
   
27,444
   
54,447
 
Cost of shares repurchased and retired
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
31,237
   
13,839
   
27,444
   
54,447
 
Net increase (decrease) in net assets applicable to common shares
   
(7,382,860
)
 
1,791,721
   
(2,180,370
)
 
1,310,133
 
Net assets applicable to common shares at the beginning of period
   
87,941,812
   
86,150,091
   
33,777,174
   
32,467,041
 
Net assets applicable to common shares at the end of period
 
$
80,558,952
 
$
87,941,812
 
$
31,596,804
 
$
33,777,174
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
30,487
 
$
356,496
 
$
92,609
 
$
154,960
 
See accompanying notes to financial statements.

NUVEEN
71


Statement of Changes in Net Assets (Unaudited) (continued)

   
North Carolina Quality Income (NNC)
 
Virginia Quality Income (NPV)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
11/30/16
   
5/31/16
   
11/30/16
   
5/31/16
 
Operations
                         
Net investment income (loss)
 
$
4,308,020
 
$
9,899,398
 
$
5,087,717
 
$
11,823,483
 
Net realized gain (loss) from:
                         
Investments
   
(200,720
)
 
418,715
   
(1,474,371
)
 
1,943,982
 
Swaps
   
   
50,670
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
(18,613,285
)
 
9,029,073
   
(19,650,810
)
 
7,419,283
 
Swaps
   
   
(43,394
)
 
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
(14,505,985
)
 
19,354,462
   
(16,037,464
)
 
21,186,748
 
Distributions to Common Shareholders
                         
From net investment income
   
(4,703,904
)
 
(9,656,474
)
 
(5,595,174
)
 
(12,330,901
)
From accumulated net realized gains
   
   
(223,292
)
 
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(4,703,904
)
 
(9,879,766
)
 
(5,595,174
)
 
(12,330,901
)
Capital Share Transactions
                         
Common shares:
                         
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
   
   
 
Cost of shares repurchased and retired
   
   
(287,244
)
 
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
(287,244
)
 
   
 
Net increase (decrease) in net assets applicable to common shares
   
(19,209,889
)
 
9,187,452
   
(21,632,638
)
 
8,855,847
 
Net assets applicable to common shares at the beginning of period
   
255,506,489
   
246,319,037
   
268,959,699
   
260,103,852
 
Net assets applicable to common shares at the end of period
 
$
236,296,600
 
$
255,506,489
 
$
247,327,061
 
$
268,959,699
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
(391,781
)
$
4,103
 
$
45,053
 
$
552,510
 
See accompanying notes to financial statements.

72
NUVEEN


Statement of
   
 
Cash Flows
Six Months Ended November 30, 2016 (Unaudited)

     
Georgia
   
Maryland
   
Minnesota
 
     
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NMS
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(7,968,977
)
$
(18,816,522
)
$
(5,190,553
)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
                   
Purchases of investments
   
(17,924,807
)
 
(169,031,249
)
 
(23,293,075
)
Proceeds from sales and maturities of investments
   
8,565,651
   
126,132,201
   
16,879,732
 
Proceeds from (Payments for) short-term investments, net
   
   
(2,000,000
)
 
 
Taxes paid
   
(378
)
 
(743
)
 
(164
)
Amortization (Accretion) of premiums and discounts, net
   
804,476
   
1,486,432
   
(358,625
)
Amortization of deferred offering costs
   
8,435
   
19,195
   
38,147
 
(Increase) Decrease in:
                   
Receivable for interest
   
(229,209
)
 
169,904
   
(51,532
)
Receivable for investments sold
   
5,836,823
   
(5,511,032
)
 
384,292
 
Other assets
   
4,127
   
1,830
   
4,063
 
Increase (Decrease) in:
                   
Payable for interest
   
15,708
   
52,952
   
14,944
 
Payable for investments purchased
   
(3,748,590
)
 
25,294,049
   
932,127
 
Accrued management fees
   
(3,771
)
 
(2,747
)
 
150,736
 
Accrued Trustees fees
   
1,675
   
5,225
   
1,023
 
Accrued other expenses
   
62,061
   
43,661
   
77,962
 
Net realized (gain) loss from investments
   
41,135
   
2,145,227
   
(806,029
)
Change in net unrealized (appreciation) depreciation of Investments
   
10,848,688
   
23,499,772
   
7,894,117
 
Net cash provided by (used in) operating activities
   
(3,686,953
)
 
(16,511,845
)
 
(3,322,835
)
Cash Flows from Financing Activities:
                   
Proceeds from VMTP shares issued, at liquidation preference
   
7,000,000
   
30,000,000
   
8,700,000
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
   
(1,858,123
)
Floating rate obligations
   
   
(2,675,000
)
 
 
Cash distributions paid to common shareholders
   
(3,332,997
)
 
(7,783,475
)
 
(2,192,577
)
Net cash provided by (used in) financing activities
   
3,667,003
   
19,541,525
   
4,649,300
 
Net Increase (Decrease) in Cash
   
(19,950
)
 
3,029,680
   
1,326,465
 
Cash at the beginning of period
   
2,081,079
   
5,591,882
   
 
Cash at the end of period
 
$
2,061,129
 
$
8,621,562
 
$
1,326,465
 

     
Georgia
   
Maryland
   
Minnesota
 
     
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
 
Supplemental Disclosure of Cash Flow Information
   
(NKG
)
 
(NMY
)
 
(NMS
)
Cash paid for interest (excluding amortization of offering costs)
 
$
589,186
 
$
1,477,226
 
$
373,197
 
Non-cash financing activities not included herein consists of reinvestments of common share distributions
   
   
   
31,327
 
See accompanying notes to financial statements.

NUVEEN
73


Statement of Cash Flows (Unaudited) (continued)

     
Missouri
   
North Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
 
     
(NOM
)
 
(NNC
)
 
(NPV
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(1,351,887
)
$
(14,505,985
)
$
(16,037,464
)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
                   
Purchases of investments
   
(1,007,038
)
 
(38,669,631
)
 
(111,728,601
)
Proceeds from sales and maturities of investments
   
4,411,135
   
15,653,979
   
98,426,302
 
Proceeds from (Payments for) short-term investments, net
   
   
   
 
Taxes paid
   
   
(594
)
 
 
Amortization (Accretion) of premiums and discounts, net
   
48,833
   
1,607,513
   
770,820
 
Amortization of deferred offering costs
   
19,824
   
24,937
   
7,607
 
(Increase) Decrease in:
                   
Receivable for interest
   
23,690
   
(141,320
)
 
290,789
 
Receivable for investments sold
   
(1,889,580
)
 
(2,113,682
)
 
10,893,106
 
Other assets
   
368
   
2,388
   
(4,354
)
Increase (Decrease) in:
                   
Payable for interest
   
1,736
   
47,723
   
 
Payable for investments purchased
   
648,543
   
(6,492,483
)
 
11,650,470
 
Accrued management fees
   
(1,462
)
 
2,332
   
(12,635
)
Accrued Trustees fees
   
376
   
3,883
   
3,809
 
Accrued other expenses
   
9,634
   
52,160
   
(23,644
)
Net realized (gain) loss from investments
   
21,525
   
200,720
   
1,474,371
 
Change in net unrealized (appreciation) depreciation of investments
   
2,123,938
   
18,613,285
   
19,650,810
 
Net cash provided by (used in) operating activities
   
3,059,635
   
(25,714,775
)
 
15,361,386
 
Cash Flows from Financing Activities
                   
Proceeds from VMTP shares issued, at liquidation preference
   
   
29,000,000
   
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
313,755
   
 
Floating rate obligations
   
(2,225,000
)
 
   
 
Cash distribution paid to common shareholders
   
(828,446
)
 
(4,744,281
)
 
(5,672,260
)
Net cash provided by (used in) financing activities
   
(3,053,446
)
 
24,569,474
   
(5,672,260
)
Net Increase (Decrease) in Cash
   
6,189
   
(1,145,301
)
 
9,689,126
 
Cash at the beginning of period
   
134,979
   
1,145,301
   
2,775,568
 
Cash at the end of period
 
$
141,168
 
$
 
$
12,464,694
 

     
Missouri
   
North Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
 
Supplemental Disclosure of Cash Flow Information
   
(NOM
)
 
(NNC
)
 
(NPV
)
Cash paid for interest (excluding amortization of offering costs)
 
$
139,534
 
$
1,080,327
 
$
482,641
 
Non-cash financing activities not included herein consists of reinvestments of common share distributions
   
27,444
   
   
 
See accompanying notes to financial statements.

74
NUVEEN


THIS PAGE INTENTIONALLY LEFT BLANK

NUVEEN
75

Financial
 
 
Highlights (Unaudited)
Selected data for a common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
 
                                           
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Total
 
From
Net
Investment
Income
 
From
Accumu-
lated Net
Realized
Gains
 
Total
 
Discount
Per
Shares
Repurchased
and Retired
 
Ending
NAV
 
Ending
Share
Price
 
Georgia Quality Income (NKG)
                                                 
Year Ended 5/31:
                                                 
2017(e)
 
$
14.40
 
$
0.28
 
$
(1.04
)
$
(0.76
)
$
(0.31
)
$
 
$
(0.31
)
$
 
$
13.33
 
$
12.97
 
2016
   
13.98
   
0.68
   
0.38
   
1.06
   
(0.64
)
 
   
(0.64
)
 
   
14.40
   
14.28
 
2015
   
13.98
   
0.67
   
(0.03
)
 
0.64
   
(0.64
)
 
   
(0.64
)
 
   
13.98
   
12.81
 
2014
   
14.58
   
0.54
   
(0.50
)
 
0.04
   
(0.64
)
 
   
(0.64
)
 
   
13.98
   
12.98
 
2013
   
14.71
   
0.60
   
(0.06
)
 
0.54
   
(0.67
)
 
   
(0.67
)
 
   
14.58
   
13.39
 
2012
   
13.78
   
0.61
   
1.01
   
1.62
   
(0.69
)
 
   
(0.69
)
 
   
14.71
   
14.73
 
                                                               
Maryland Quality Income (NMY)
                                                 
Year Ended 5/31:
                                                 
2017(e)
   
15.08
   
0.29
   
(1.09
)
 
(0.80
)
 
(0.33
)
 
   
(0.33
)
 
   
13.95
   
12.31
 
2016
   
14.59
   
0.67
   
0.47
   
1.14
   
(0.67
)
 
   
(0.67
)
 
0.02
   
15.08
   
13.65
 
2015
   
14.64
   
0.68
   
(0.10
)
 
0.58
   
(0.67
)
 
   
(0.67
)
 
0.04
   
14.59
   
12.53
 
2014
   
15.56
   
0.60
   
(0.85
)
 
(0.25
)
 
(0.67
)
 
   
(0.67
)
 
   
14.64
   
12.91
 
2013
   
15.68
   
0.58
   
0.07
   
0.65
   
(0.77
)
 
   
(0.77
)
 
   
15.56
   
13.82
 
2012
   
14.37
   
0.68
   
1.40
   
2.08
   
(0.77
)
 
   
(0.77
)
 
   
15.68
   
15.64
 

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

76
NUVEEN


               
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
   
Common Share
Total Returns
       
Ratios to Average Net Assets(b)
       
                                       
           
Based
   
Ending
         
Net
       
     
Based
   
on
   
Net
         
Investment
   
Portfolio
 
     
on
   
Share
   
Assets
         
Income
   
Turnover
 
     
NAV
(a)
 
Price
(a)
 
(000
)
 
Expenses
(c)
 
(Loss
)
 
Rate(d
)
                                       
                                       
     
(5.38
)%
 
(7.12
)%
$
140,584
   
1.95
%*
 
3.93
%*
 
4
%
     
7.80
   
16.94
   
151,860
   
1.60
   
4.83
   
13
 
     
4.65
   
3.76
   
147,441
   
1.62
   
4.77
   
7
 
     
0.56
   
2.17
   
147,507
   
3.03
   
4.04
   
20
 
     
3.68
   
(4.83
)
 
153,832
   
2.66
   
4.09
   
18
 
     
12.04
   
11.12
   
67,039
   
2.95
   
4.30
   
11
 
                                       
                                       
     
(5.41
)
 
(7.60
)
 
325,981
   
1.96
*
 
3.93
*
 
23
 
     
8.13
   
14.77
   
352,581
   
1.55
   
4.56
   
19
 
     
4.28
   
2.29
   
344,300
   
1.55
   
4.65
   
23
 
     
(1.38
)
 
(1.43
)
 
353,010
   
2.87
   
4.25
   
20
 
     
4.18
   
(7.10
)
 
375,162
   
2.58
   
4.12
   
17
 
     
14.82
   
17.69
   
167,208
   
2.91
   
4.54
   
7
 

(b)
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

Georgia Quality Income (NKG)
   
Year Ended 5/31:
   
2017(e)
0.90
%*
2016
0.55
 
2015
0.54
 
2014
1.89
 
2013
1.51
 
2012
1.56
 

Maryland Quality Income (NMY)
   
Year Ended 5/31:
   
2017(e)
0.94
%*
2016
0.55
 
2015
0.52
 
2014
1.81
 
2013
1.46
 
2012
1.56
 

(d)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e)
For the six months ended November 30, 2016.
*
Annualized.
See accompanying notes to financial statements.

NUVEEN
77


Financial Highlights (Unaudited) (continued)
Selected data for a common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
 
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Preferred
Share-
holders
(a)
Distributions
from
Accumulated
Net Realized
Gains to
Preferred
Share-
holders
(a)
Total
 
From
Net
Investment
Income
 
From
Accumu-
lated Net
Realized
Gains
 
Total
 
Ending
NAV
 
Ending
Share
Price
 
Minnesota Quality Income (NMS)
                                                       
Year Ended 5/31:
                                                       
2017(f)
 
$
15.78
 
$
0.34
 
$
(1.27
)
$
 
$
 
$
(0.93
)
$
(0.40
)
$
 
$
(0.40
)
$
14.45
 
$
16.25
 
2016
   
15.46
   
0.80
   
0.33
   
   
   
1.13
   
(0.81
)
 
   
(0.81
)
 
15.78
   
15.99
 
2015(g)
   
15.50
   
0.74
   
0.03
   
   
   
0.77
   
(0.81
)
 
   
(0.81
)
 
15.46
   
14.95
 
Year Ended 6/30:
                                                             
2014(h)
   
14.25
   
0.71
   
1.29
   
(0.01
)
 
   
1.99
   
(0.74
)
 
   
(0.74
)
 
15.50
   
16.48
 
Year Ended 8/31:
                                                             
2013
   
16.16
   
0.90
   
(1.90
)
 
(0.02
)
 
   
(1.02
)
 
(0.89
)
 
   
(0.89
)
 
14.25
   
14.82
 
2012
   
14.56
   
0.90
   
1.56
   
(0.02
)
 
   
2.44
   
(0.84
)
 
   
(0.84
)
 
16.16
   
17.52
 
2011
   
15.28
   
0.88
   
(0.71
)
 
(0.03
)
 
   
0.14
   
(0.86
)
 
   
(0.86
)
 
14.56
   
15.37
 
2010
   
13.39
   
0.92
   
1.91
   
(0.03
)
 
   
2.80
   
(0.91
)
 
   
(0.91
)
 
15.28
   
15.70
 
                                                                     
Missouri Quality Income (NOM)
                                                       
Year Ended 5/31:
                                                       
2017(f)
   
14.45
   
0.34
   
(0.91
)
 
   
   
(0.57
)
 
(0.37
)
 
   
(0.37
)
 
13.51
   
17.35
 
2016
   
13.91
   
0.72
   
0.55
   
   
   
1.27
   
(0.73
)
 
   
(0.73
)
 
14.45
   
16.03
 
2015
   
14.19
   
0.62
   
(0.17
)
 
   
   
0.45
   
(0.73
)
 
   
(0.73
)
 
13.91
   
15.27
 
2014
   
14.61
   
0.65
   
(0.34
)
 
   
   
0.31
   
(0.73
)
 
   
(0.73
)
 
14.19
   
15.08
 
2013
   
14.62
   
0.66
   
0.06
   
   
   
0.72
   
(0.73
)
 
   
(0.73
)
 
14.61
   
16.04
 
2012
   
13.19
   
0.69
   
1.52
   
   
   
2.21
   
(0.78
)
 
   
(0.78
)
 
14.62
   
16.90
 

(a)
The amounts shown are based on common share equivalents. Represents distributions paid on Remarketed Preferred Shares ("RPS") for Minnesota Quality Income (NMS).
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

78
NUVEEN


       
Common Share Supplemental Data/
Ratios Applicable to Common Share
 
   
Common Share
Total Returns
       
Ratios to Average Net Assets(c)
       
                                       
     
 
   
Based
   
Ending
         
Net
       
     
Based
   
on
   
Net
   
 
   
Investment
   
Portfolio
 
     
on
   
Share
   
Assets
   
 
   
Income
   
Turnover
 
     
NAV
(b)
 
Price
(b)
 
(000
)
 
Expenses
(d)
 
(Loss
)
 
Rate
(e)
                                       
                                       
     
(6.06
)%
 
4.18
%
$
80,559
   
2.29
%*
 
4.49
%*
 
12
%
     
7.47
   
12.84
   
87,942
   
1.69
   
5.14
   
17
 
     
5.02
   
(4.37
)
 
86,150
   
1.80
*
 
5.19
*
 
14
 
                                       
     
14.33
   
16.61
   
64,277
   
1.64
*
 
5.75
*
 
8
 
                                       
     
(6.77
)
 
(10.99
)
 
59,100
   
1.35
   
5.68
   
11
 
     
17.25
   
19.91
   
67,029
   
1.42
   
5.82
   
6
 
     
1.30
   
3.73
   
60,408
   
1.46
   
6.25
   
10
 
     
21.66
   
12.86
   
63,358
   
1.29
   
6.46
   
16
 
                                       
                                       
     
(4.10
)
 
10.71
   
31,597
   
2.19
*
 
4.68
*
 
8
 
     
9.40
   
10.34
   
33,777
   
1.94
   
5.13
   
5
 
     
3.21
   
6.50
   
32,467
   
2.80
   
4.38
   
8
 
     
2.52
   
(0.83
)
 
33,072
   
2.86
   
4.85
   
21
 
     
4.98
   
(0.67
)
 
34,011
   
2.77
   
4.45
   
12
 
     
17.16
   
28.21
   
33,979
   
2.95
   
4.93
   
13
 

(c)
Ratios do not reflect the effect of dividend payments to RPS shareholders, during periods when RPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to RPS and other subsequent forms of preferred shares issued by the Fund, where applicable. For the years ended June 30, 2014 and prior, Minnesota Quality Income (NMS) includes the RPS of Minnesota Municipal Income Portfolio (MXA).
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

Minnesota Quality Income (NMS)
   
Year Ended 5/31:
   
2017(f)
1.14
%*
2016
0.62
 
2015(g)
0.61
*
Year Ended 6/30:
   
2014(h)
0.18
*
Year Ended 8/31:
   
2013
 
2012
 
2011
 
2010
 

Missouri Quality Income (NOM)
   
Year Ended 5/31:
   
2017(f)
0.95
%*
2016
0.69
 
2015
1.44
 
2014
1.51
 
2013
1.45
 
2012
1.55
 

(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f)
For the six months ended November 30, 2016.
(g)
For the eleven months ended May 31, 2015.
(h)
For the ten months ended June 30, 2014.
*
Annualized.
See accompanying notes to financial statements.

NUVEEN
79


Financial Highlights (Unaudited) (continued)
Selected data for a common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
 
                     
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Total
 
From
Net
Investment
Income
 
From
Accumu-
lated Net
Realized
Gains
 
Total
 
Discount
Per
Share
Repurchased
and Retired
 
Ending
NAV
 
Ending
Share
Price
 
North Carolina Quality Income (NNC)
                                                 
Year Ended 5/31:
                                                             
2017(f)
 
$
15.56
 
$
0.26
 
$
(1.14
)
$
(0.88
)
$
(0.29
)
$
 
$
(0.29
)
$
 
$
14.39
 
$
13.01
 
2016
   
14.98
   
0.60
   
0.58
   
1.18
   
(0.60
)
 
*
 
(0.60
)
 
*
 
15.56
   
14.19
 
2015
   
14.90
   
0.61
   
0.11
   
0.72
   
(0.62
)
 
(0.03
)
 
(0.65
)
 
0.01
   
14.98
   
12.95
 
2014
   
15.02
   
0.54
   
(0.06
)
 
0.48
   
(0.60
)
 
   
(0.60
)
 
   
14.90
   
13.24
 
2013
   
15.30
   
0.56
   
(0.17
)
 
0.39
   
(0.67
)
 
   
(0.67
)
 
   
15.02
   
13.88
 
2012
   
14.34
   
0.57
   
1.10
   
1.67
   
(0.71
)
 
   
(0.71
)
 
   
15.30
   
15.97
 
                                                               
Virginia Quality Income (NPV)
                                                 
Year Ended 5/31:
                                                             
2017(f)
   
15.00
   
0.28
   
(1.18
)
 
(0.90
)
 
(0.31
)
 
   
(0.31
)
 
   
13.79
   
12.81
 
2016
   
14.50
   
0.66
   
0.53
   
1.19
   
(0.69
)
 
   
(0.69
)
 
   
15.00
   
14.43
 
2015
   
14.47
   
0.72
   
0.06
   
0.78
   
(0.75
)
 
   
(0.75
)
 
   
14.50
   
13.39
 
2014
   
15.38
   
0.71
   
(0.89
)
 
(0.18
)
 
(0.72
)
 
(0.01
)
 
(0.73
)
 
   
14.47
   
13.39
 
2013
   
15.60
   
0.66
   
(0.10
)
 
0.56
   
(0.76
)
 
(0.02
)
 
(0.78
)
 
   
15.38
   
14.32
 
2012
   
14.42
   
0.68
   
1.32
   
2.00
   
(0.80
)
 
(0.02
)
 
(0.82
)
 
   
15.60
   
17.05
 

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

80
NUVEEN


               
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
   
Common Share
Total Returns
       
Ratios to Average Net Assets(b)
       
                                       
     
 
   
Based
   
Ending
         
Net
       
     
Based
   
on
   
Net
   
 
   
Investment
   
Portfolio
 
     
on
   
Share
   
Assets
   
 
   
Income
   
Turnover
 
     
NAV
(a)
 
Price
(a)
 
(000
)
 
Expenses
(c)
 
(Loss
)
 
Rate
(e)
                                       
                                       
     
(5.79
)%
 
(6.45
)%
$
236,297
   
2.00
%**
 
3.44
%**
 
4
%
     
8.05
   
14.65
   
255,506
   
1.54
   
3.97
   
7
 
     
4.91
   
2.72
   
246,319
   
1.54
   
4.03
   
12
 
     
3.54
   
0.10
   
246,492
   
2.81
   
3.85
   
17
 
     
2.50
   
(9.16
)
 
248,601
   
2.72
   
3.88
   
17
 
     
11.88
   
16.23
   
97,497
   
3.28
   
3.85
   
18
 
                                       
                                       
     
(6.12
)
 
(9.28
)
 
247,327
   
1.86
**
 
3.79
**
 
25
 
     
8.41
   
13.22
   
268,960
   
1.64
   
4.51
   
18
 
     
5.45
   
5.72
   
260,104
   
1.67
(d)
 
4.91
(d)
 
17
 
     
(0.79
)
 
(0.93
)
 
259,568
   
2.25
   
5.15
   
19
 
     
3.56
   
(11.76
)
 
275,865
   
2.57
   
4.19
   
21
 
     
14.26
   
20.61
   
141,099
   
2.78
   
4.49
   
12
 

(b)
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

North Carolina Quality Income (NNC)
   
Year Ended 5/31:
   
2017(f)
0.97
%**
2016
0.54
 
2015
0.52
 
2014
1.70
 
2013
1.60
 
2012
1.71
 

Virginia Quality Income (NPV)
   
Year Ended 5/31:
   
2017(f)
0.86
%**
2016
0.62
 
2015
0.59
 
2014
1.18
 
2013
1.44
 
2012
1.41
 

(d)
During the period ended May 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a common shares equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement from Adviser. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser were as follows:

Ratios to Average Net Assets
 

Virginia Quality Income (NPV)

Expenses
Net Investment
Income (Loss

)
Year Ended 5/31:
     
2015
1.70%
4.88%
 

(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f)
For the six months ended November 30, 2016.
*
Rounds to less than $0.01 per share.
**
Annualized.
See accompanying notes to financial statements.

NUVEEN
81


Financial Highlights (Unaudited) (continued)

   
MTP Shares at
 
VMTP Shares
 
   
the End of Period(a)
 
at the End of Period
 
   
Aggregate
 
Asset
 
Aggregate
 
Asset
 
   
Amount
 
Coverage
 
Amount
 
Coverage
 
   
Outstanding
 
Per $10
 
Outstanding
 
Per $100,000
 
   
(000
)
Share
 
(000
)
Share
 
Georgia Quality Income (NKG)
                         
Year Ended 5/31:
                         
2017(c)
 
$
 
$
 
$
82,000
 
$
271,444
 
2016
   
   
   
75,000
   
302,480
 
2015
   
   
   
75,000
   
296,588
 
2014
   
   
   
75,000
   
296,676
 
2013
   
74,945
   
30.53
   
   
 
2012
   
32,265
   
30.78
   
   
 
                           
Maryland Quality Income (NMY)
                         
Year Ended 5/31:
                         
2017(c)
   
   
   
197,000
   
265,473
 
2016
   
   
   
167,000
   
311,126
 
2015
   
   
   
167,000
   
306,168
 
2014
   
   
   
167,000
   
311,383
 
2013
   
166,144
   
32.58
   
   
 
2012
   
74,593
   
32.42
   
   
 

(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

     
2014
   
2013
   
2012
 
Georgia Quality Income (NKG)
                   
Series 2015 (NKG PRC)
                   
Ending Market Value per Share
 
$
 
$
10.08
 
$
10.10
 
Average Market Value per Share
   
10.03
 
10.08
   
10.07
 
Series 2015-1 (NKG PRD)(b)
                   
Ending Market Value per Share
   
   
10.10
   
 
Average Market Value per Share
   
10.04
 
10.07
Ω
 
 
Series 2015-2 (NKG PRE)(b)
                   
Ending Market Value per Share
   
   
10.12
   
 
Average Market Value per Share
   
10.03
 
10.07
Ω
 
 
Maryland Quality Income (NMY)
                   
Series 2015 (NMY PRC)
                   
Ending Market Value per Share
   
   
10.06
   
10.06
 
Average Market Value per Share
   
10.04
 
10.09
   
10.10
 
Series 2016 (NMY PRD)
                   
Ending Market Value per Share
   
   
10.16
   
10.11
 
Average Market Value per Share
   
10.07
 
10.17
   
10.14
 
Series 2015 (NMY PRE)(b)
                   
Ending Market Value per Share
   
   
10.05
   
 
Average Market Value per Share
   
10.03
 
10.07
ΩΩ
 
 
Series 2015-1(NMY PRF)(b)
                   
Ending Market Value per Share
   
   
10.06
   
 
Average Market Value per Share
   
10.03
 
10.07
ΩΩ
 
 
Series 2015-1(NMY PRG)(b)
                   
Ending Market Value per Share
   
   
10.05
   
 
Average Market Value per Share
   
10.04
 
10.08
ΩΩ
 
 
Series 2016 (NMY PRH)(b)
                   
Ending Market Value per Share
   
   
10.13
   
 
Average Market Value per Share
   
10.07
 
10.14
ΩΩ
 
 

(b)
MTP Shares issued in connection with the reorganizations.
(c)
For the six months ended November 30, 2016.
Ω
For the period July 9, 2012 (effective date of the reorganizations) through May 31, 2013.
ΩΩ
For the period August 6, 2012 (effective date of the reorganizations) through May 31, 2013.
For the period June 1, 2013 through May 30, 2014.
See accompanying notes to financial statements.

82
NUVEEN


   
RPS at the
 
MTP Shares at
 
VMTP Shares
 
   
End of Period
 
the End of Period(a)
 
at the End of Period
 
   
Aggregate
 
Asset
 
Aggregate
 
Asset
 
Aggregate
 
Asset
 
   
Amount
 
Coverage
 
Amount
 
Coverage
 
Amount
 
Coverage
 
   
Outstanding
 
Per $25,000
 
Outstanding
 
Per $10
 
Outstanding
 
Per $100,000
 
   
(000
)
Share
 
(000
)
Share
 
(000
)
Share
 
Minnesota Quality Income (NMS)
                               
Year Ended 5/31:
                               
2017(b)
 
$
 
$
 
$
 
$
 
$
52,800
 
$
352,574
 
2016
   
   
   
   
   
44,100
   
299,415
 
2015(c)
   
   
   
   
   
44,100
   
295,352
 
Year Ended 6/30:
                               
2014(d)
   
   
   
   
   
31,100
   
307
*
Year Ended 8/31:
                               
2013
   
31,100
   
73
*
 
   
   
   
 
2012
   
31,100
   
79
*
 
   
   
   
 
2011
   
31,100
   
74
*
 
   
   
   
 
2010
   
31,100
   
76
*
 
   
   
   
 
Missouri Quality Income (NOM)
                               
Year Ended 5/31:
                               
2017(b)
   
   
   
   
   
18,000
   
275,538
 
2016
   
   
   
   
   
18,000
   
287,651
 
2015
   
   
   
   
   
18,000
   
280,372
 
2014
   
   
   
17,880
   
28.50
   
   
 
2013
   
   
   
17,880
   
29.02
   
       
2012
   
   
   
17,880
   
29.00
   
   
 

*
Rounded to the nearest thousand (000).
(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

     
2015
   
2014
   
2013
   
2012
 
Missouri Quality Income (NOM)
                         
Series 2015 (NOM PRC)
                         
Ending Market Value per Share
 
$
 
$
10.06
 
$
10.03
 
$
10.40
 
Average Market Value per Share
   
10.03
 
10.04
   
10.08
   
9.98
 

(b)
For the six months ended November 30, 2016.
(c)
For the eleven months ended May 31, 2015.
(d)
For the ten months ended June 30, 2014.
For the period June 1, 2014, through February 9, 2015.
See accompanying notes to financial statements.

NUVEEN
83


Financial Highlights (Unaudited) (continued)

   
MTP Shares at
 
VMTP Shares
 
VRDP Shares
 
   
the End of Period(a)
 
at the End of Period
 
at the End of Period
 
   
Aggregate
 
Asset
 
Aggregate
 
Asset
 
Aggregate
 
Asset
 
   
Amount
 
Coverage
 
Amount
 
Coverage
 
Amount
 
Coverage
 
   
Outstanding
 
Per $10
 
Outstanding
 
Per $100,000
 
Outstanding
 
Per $100,000
 
   
(000
)
Share
 
(000
)
Share
 
(000
)
Share
 
North Carolina Quality Income (NNC)
                       
Year Ended 5/31:
                                     
2017(b)
 
$
 
$
 
$
154,000
 
$
253,439
 
$
 
$
 
2016
   
   
   
125,000
   
304,405
   
   
 
2015
   
   
   
125,000
   
297,055
   
   
 
2014
   
   
   
125,000
   
297,193
   
   
 
2013
   
124,860
   
29.91
   
   
   
   
 
2012
   
49,835
   
29.56
   
   
   
   
 
Virginia Quality Income (NPV)   
                     
Year Ended 5/31:
                                     
2017(b)
   
   
   
   
   
128,000
   
293,224
 
2016
   
   
   
   
   
128,000
   
310,125
 
2015
   
   
   
   
   
128,000
   
303,206
 
2014
   
   
   
   
   
128,000
   
302,787
 
2013
   
127,408
   
31.65
   
   
   
   
 
2012
   
61,408
   
32.98
   
   
   
   
 

(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

     
2014
   
2013
   
2012
 
North Carolina Quality Income (NNC)
                   
Series 2015 (NNC PRC)
                   
Ending Market Value per Share
 
$
 
$
10.07
 
$
10.11
 
Average Market Value per Share
   
10.03
^
 
10.10
   
10.09
 
Series 2016 (NNC PRD)
                   
Ending Market Value per Share
   
   
10.08
   
10.10
 
Average Market Value per Share
   
10.04
^
 
10.09
   
10.07
 
Series 2015 (NNC PRE)(c)
                   
Ending Market Value per Share
   
   
10.06
   
 
Average Market Value per Share
   
10.03
^
 
10.07
Ω
 
 
Series 2015-1 (NNC PRF)(c)
                   
Ending Market Value per Share
   
   
10.06
   
 
Average Market Value per Share
   
10.03
^
 
10.07
Ω
 
 
Series 2015-1 (NNC PRG)(c)
                   
Ending Market Value per Share
   
   
10.06
   
 
Average Market Value per Share
   
10.03
^
 
10.07
Ω
 
 
Virginia Quality Income (NPV)
                   
Series 2014 (NPV PRA)
                   
Ending Market Value per Share
   
   
10.03
   
10.12
 
Average Market Value per Share
   
10.01
^^
 
10.08
   
10.10
 
Series 2015 (NPV PRC)
                   
Ending Market Value per Share
   
   
10.09
   
10.13
 
Average Market Value per Share
   
10.04
^^
 
10.09
   
10.09
 
Series 2014 (NPV PRD)(c)
                   
Ending Market Value per Share
   
   
10.06
   
 
Average Market Value per Share
   
10.04
^^
 
10.09
ΩΩ
 
 
Series 2014-1 (NPV PRE)(c)
                   
Ending Market Value per Share
   
   
10.09
   
 
Average Market Value per Share
   
10.04
^^
 
10.09
ΩΩ
 
 

(b)
For the six months ended November 30, 2016.
(c)
MTP Shares issued in connection with the reorganizations.
Ω
For the period July 9, 2012 (effective date of the reorganizations) through May 31, 2013.
ΩΩ
For the period August 6, 2012 (effective date of the reorganizations) through May 31, 2013.
^
For the period June 1, 2013 through March 3, 2014.
^^
For the period June 1, 2013 through September 9, 2013.
See accompanying notes to financial statements.

84
NUVEEN


Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The state funds covered in this report and their corresponding New York Stock Exchange ("NYSE") or NYSE MKT symbols are as follows (each a "Fund" and collectively, the "Funds"):

 
Nuveen Georgia Quality Municipal Income Fund (NKG) ("Georgia Quality Income (NKG)")
 
Nuveen Maryland Quality Municipal Income Fund (NMY) ("Maryland Quality Income (NMY)")
 
Nuveen Minnesota Quality Municipal Income Fund (NMS) ("Minnesota Quality Income (NMS)")
 
Nuveen Missouri Quality Municipal Income Fund (NOM) ("Missouri Quality Income (NOM)")
 
Nuveen North Carolina Quality Municipal Income Fund (NNC) ("North Carolina Quality Income (NNC)")
 
Nuveen Virginia Quality Municipal Income Fund (NPV) ("Virginia Quality Income (NPV)")
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. Common shares of each Fund are traded on the NYSE (common shares of Missouri Quality Income (NOM) were formerly traded on the NYSE MKT). Georgia Quality Income (NKG), Minnesota Quality Income (NMS) and Missouri Quality Income (NOM) were organized as Massachusetts business trusts on October 26, 2001, April 28, 2014 and March 29, 1993, respectively. Maryland Quality Income (NMY), North Carolina Quality Income (NNC) and Virginia Quality Income (NPV) were organized as Massachusetts business trusts on January 12, 1993.
The end of the reporting period for the Funds is November 30, 2016, and the period covered by these Notes to Financial Statements is the six months ended November 30, 2016 (the "current fiscal period").
Effective December 28, 2016, subsequent to the end of the reporting period, the Funds had the following name changes:

 
Georgia Quality Income (NKG) changed its name from Nuveen Georgia Dividend Advantage Municipal Fund 2 ("Georgia Dividend Advantage 2")
 
Maryland Quality Income (NMY) changed its name from Nuveen Maryland Premium Income Municipal Income Fund ("Maryland Premium Income")
 
Minnesota Quality Income (NMS) changed its name from Nuveen Minnesota Municipal Income Fund ("Minnesota Municipal Income")
 
Missouri Quality Income (NOM) changed its name from Nuveen Missouri Premium Income Municipal Fund ("Missouri Premium Income")
 
North Carolina Quality Income (NNC) changed its name from Nuveen North Carolina Premium Income Municipal Fund ("North Carolina Premium Income")
 
Virginia Quality Income (NOV) changed its name from Nuveen Virginia Premium Income Municipal Fund ("Virginia Premium Income")
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.
Effective August 5, 2016, Georgia Quality Income (NKG), Maryland Quality Income (NMY), Missouri Quality Income (NOM), North Carolina Quality Income (NNC) and Virginia Quality Income (NPV) have added an investment policy to limit the amount of securities subject to the alternative minimum tax ("AMT") to no more than 20% of the Fund's managed assets (as defined in Note 7 – Management Fees and Other Transactions with Affiliates).
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 "Financial Services – Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

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85


Notes to Financial Statements (Unaudited) (continued)
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the following Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:

     
Maryland
   
Missouri
   
Virginia
 
     
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
 
     
(NMY
)
 
(NOM
)
 
(NPV
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
17,575,968
 
$
648,543
 
$
8,529,620
 
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

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Level 1 – 
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – 
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – 
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Funds' Board of Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:

Georgia Quality Income (NKG)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
221,297,402
 
$
 
$
221,297,402
 
Maryland Quality Income (NMY)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
532,210,490
 
$
 
$
532,210,490
 
Common Stocks
   
2,071,549
   
   
   
2,071,549
 
Short-Term Investments:
                         
Municipal Bonds
   
   
2,000,000
   
   
2,000,000
 
Total
 
$
2,071,549
 
$
534,210,490
 
$
 
$
536,282,039
 
Minnesota Quality Income (NMS)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
130,584,962
 
$
 
$
130,584,962
 
Missouri Quality Income (NOM)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
47,658,915
 
$
 
$
47,658,915
 
North Carolina Quality Income (NNC)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
382,903,130
 
$
 
$
382,903,130
 
Virginia Quality Income (NPV)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
373,834,403
 
$
 
$
373,834,403
 
* Refer to the Fund's Portfolio of Investments for industry classifications.

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87


Notes to Financial Statements (Unaudited) (continued)
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters") in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's

88
NUVEEN


borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

                             
North
       
     
Georgia
   
Maryland
   
Minnesota
   
Missouri
   
Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
   
Income
   
Income
 
Floating Rate Obligations Outstanding
   
(NKG
)
 
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
3,245,000
 
$
12,540,000
 
$
 
$
 
$
 
$
9,250,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
5,635,000
   
   
   
   
   
20,070,000
 
Total
 
$
8,880,000
 
$
12,540,000
 
$
 
$
 
$
 
$
29,320,000
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

                             
North
       
     
Georgia
   
Maryland
   
Minnesota
   
Missouri
   
Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
   
Income
   
Income
 
Self-Deposited Inverse Floaters
   
(NKG
)
 
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Average floating rate obligations outstanding
 
$
3,245,000
 
$
13,899,426
 
$
 
$
1,872,404
 
$
 
$
9,250,000
 
Average annual interest rate and fees
   
1.18
%
 
1.14
%
 
%
 
1.08
%
 
%
 
0.83
%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.

NUVEEN
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Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

                             
North
       
     
Georgia
   
Maryland
   
Minnesota
   
Missouri
   
Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
   
Income
   
Income
 
Floating Rate Obligations – Recourse Trusts
   
(NKG
)
 
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
 
$
 
$
8,785,000
 
$
 
$
 
$
 
$
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
   
   
   
   
   
   
13,330,000
 
Total
 
$
 
$
8,785,000
 
$
 
$
 
$
 
$
13,330,000
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative investments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable. were as follows:

     
Georgia Quality
   
Maryland Quality
   
Minnesota Quality
 
     
Income (NKG)
   
Income (NMY)
   
Income (NMS)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
11/30/16
   
5/31/16
   
11/30/16
   
5/31/16
   
11/30/16
   
5/31/16
 
Common shares:
                                     
Issued to shareholders due to reinvestment of distributions
   
   
523
   
   
   
1,931
   
880
 
Repurchased and retired
   
   
   
   
(225,902
)
 
   
 
                                       
Weighted average common share:
                                     
Price per share repurchased and retired
   
   
   
 
$
12.34
   
   
 
Discount per share repurchased and retired
   
   
   
   
15.25
%
 
   
 

90
NUVEEN


     
Missouri Quality
   
North Carolina
   
Virginia
 
     
Income (NOM)
   
Quality Income (NNC)
   
Quality Income (NPV)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
11/30/16
   
5/31/16
   
11/30/16
   
5/31/16
   
11/30/16
   
5/31/16
 
Common shares:
                                     
Issued to shareholders due to reinvestment of distributions
   
1,726
   
3,736
   
   
   
   
 
Repurchased and retired
   
   
   
   
(22,501
)
 
   
 
                                       
Weighted average common share:
                                     
Price per share repurchased and retired
   
   
   
 
$
12.75
   
   
 
Discount per share repurchased and retired
   
   
   
   
15.01
%
 
   
 
Preferred Shares
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation preference, for each Fund were as follows:

           
Shares
   
Liquidation
 
Fund
   
Series
   
Outstanding
   
Preference
 
Georgia Quality Income (NKG)
   
2019
   
820
 
$
82,000,000
 
Maryland Quality Income (NMY)
   
2019
   
1,970
 
$
197,000,000
 
Minnesota Quality Income (NMS)
   
2019
   
528
 
$
52,800,000
 
Missouri Quality Income (NOM)
   
2018
   
180
 
$
18,000,000
 
North Carolina Quality Income (NNC)
   
2019
   
1,540
 
$
154,000,000
 
During the current reporting period, Georgia Quality Income (NKG) refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing the Fund issued an additional $7,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
During the current reporting period, Maryland Quality Income (NMY) refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing the Fund issued an additional $30,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
During the current reporting period, Minnesota Quality Income (NMS) refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing the Fund issued an additional $8,700,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
During the current reporting period, North Carolina Quality Income (NNC) refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing the Fund issued an additional $29,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately one year following the date of issuance ("Premium Expiration Date"), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. Each Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund's VMTP Shares are as follows:

           
Term
   
Premium
 
Fund
   
Series
   
Redemption Date
   
Expiration Date
 
Georgia Quality Income (NKG)
   
2019
   
September 1, 2019
   
August 31, 2017
 
Maryland Quality Income (NMY)
   
2019
   
August 1, 2019
   
June 30, 2017
 
Minnesota Quality Income (NMS)
   
2019
   
August 1, 2019
   
June 30, 2017
 
Missouri Quality Income (NOM)
   
2018
   
March 1, 2018
   
January 31, 2016
 
North Carolina Quality Income (NNC)
   
2019
   
August 1, 2019
   
June 30, 2017
 

NUVEEN
91


Notes to Financial Statements (Unaudited) (continued)
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

                             
North
 
     
Georgia
   
Maryland
   
Minnesota
   
Missouri
   
Carolina
 
     
Quality
   
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NNC
)
Average liquidation preference of VMTP Shares outstanding
 
$
78,480,874
 
$
192,081,967
 
$
51,373,770
 
$
18,000,000
 
$
149,245,902
 
Annualized dividend rate
   
1.49
%
 
1.51
%
 
1.51
%
 
1.45
%
 
1.51
%
VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the VMTP Shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds' Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of "Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities.
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Costs incurred in connection with each Fund's offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of "Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
Georgia Quality Income (NKG), Maryland Quality Income (NMY), Minnesota Quality Income (NMS) and North Carolina Quality Income (NNC) incurred offering costs of $135,000, $200,000, $145,000 and $185,000, respectively, in connection with their issuance of Series 2019 VMTP Shares, which were expensed as incurred and are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Fund has issued and has outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of the Fund's VRDP Shares outstanding were as follows:

           
Shares
   
Liquidation
       
Fund
   
Series
   
Outstanding
   
Preference
   
Maturity
 
Virginia Quality Income (NPV)
   
1
   
1,280
 
$
128,000,000
   
August 3, 2043
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. The Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. The Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. The Fund's VRDP Shares have successfully remarketed since issuance.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:

     
Virginia
 
     
Premium
 
     
Income
 
     
(NPV
)
Average liquidation preference of VRDP Shares outstanding
 
$
128,000,000
 
Annualized dividend rate
   
0.69
%

92
NUVEEN


For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of "Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Fund in connection with its offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of "Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in VMTP Shares for the Funds, where applicable, were as follows:

   
Six Months Ended
   
November 31, 2016
     
Series
   
Shares
   
Amount
 
Georgia Quality Income (NKG)
                   
VMTP Shares issued
   
2019
   
820
 
$
82,000,000
 
VMTP Shares exchanged
   
2017
   
(750
)
$
(75,000,000
)
Net Increase (decrease)
         
70
 
$
7,000,000
 
                     
   
Six Months Ended
   
November 31, 2016
     
Series
   
Shares
   
Amount
 
Maryland Quality Income (NMY)
                   
VMTP Shares issued
   
2019
   
1,970
 
$
197,000,000
 
VMTP Shares exchanged
   
2017
   
(1,670
)
$
(167,000,000
)
Net Increase (decrease)
         
300
 
$
30,000,000
 
                     
   
Six Months Ended
   
November 31, 2016
     
Series
   
Shares
   
Amount
 
Minnesota Quality Income (NMS)
                   
VMTP Shares issued
   
2019
   
528
 
$
52,800,000
 
VMTP Shares exchanged
   
2017
   
(441
)
$
(44,100,000
)
Net Increase (decrease)
         
87
 
$
8,700,000
 
                     
   
Six Months Ended
   
November 31, 2016
     
Series
   
Shares
   
Amount
 
North Carolina Quality Income (NNC)
                   
VMTP Shares issued
   
2019
   
1,540
 
$
154,000,000
 
VMTP Shares exchanged
   
2017
   
(1,250
)
$
(125,000,000
)
Net Increase (decrease)
         
290
 
$
29,000,000
 

NUVEEN
93


Notes to Financial Statements (Unaudited) (continued)
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:

                             
North
       
     
Georgia
   
Maryland
   
Minnesota
   
Missouri
   
Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Purchases
 
$
17,924,807
 
$
169,031,249
 
$
23,293,075
 
$
1,007,038
 
$
38,669,631
 
$
111,728,601
 
Sales and maturities
   
8,565,651
   
126,132,201
   
16,879,732
   
4,411,135
   
15,653,979
   
98,426,302
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income taxes and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of November 30, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

                             
North
       
     
Georgia
   
Maryland
   
Minnesota
   
Missouri
   
Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Cost of investments
 
$
212,799,533
 
$
517,614,136
 
$
128,213,008
 
$
45,504,696
 
$
369,921,740
 
$
355,747,826
 
Gross unrealized:
                                     
Appreciation
 
$
7,784,038
 
$
17,403,616
 
$
5,364,709
 
$
2,362,428
 
$
17,597,394
 
$
17,903,004
 
Depreciation
   
(2,531,003
)
 
(11,275,732
)
 
(2,992,755
)
 
(208,209
)
 
(4,616,004
)
 
(9,066,432
)
Net unrealized appreciation (depreciation) of investments
 
$
5,253,035
 
$
6,127,884
 
$
2,371,954
 
$
2,154,219
 
$
12,981,390
 
$
8,836,572
 
Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, treatment of notional principal contracts, expiration of capital loss carryforwards, and nondeductible reorganization expenses resulted in reclassifications among the Funds' components of common share net assets as of May 31, 2016, the Funds' last tax year end, as follows:

                             
North
       
     
Georgia
   
Maryland
   
Minnesota
   
Missouri
   
Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Paid-in-surplus
 
$
(506,008
)
$
(936,155
)
$
(47,898
)
$
(42,527
)
$
(58,875
)
$
(55,303
)
Undistributed (Over-distribution of) net investment income
   
25,468
   
18,470
   
77,570
   
39,611
   
67,790
   
42,435
 
Accumulated net realized gain (loss)
   
480,540
   
917,685
   
(29,672
)
 
2,916
   
(8,915
)
 
12,868
 

94
NUVEEN


The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2016, the Funds' last tax year end, were as follows:

                             
North
       
     
Georgia
   
Maryland
   
Minnesota
   
Missouri
   
Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Undistributed net tax-exempt income1
 
$
893,077
 
$
2,192,312
 
$
645,646
 
$
226,350
 
$
698,271
 
$
897,141
 
Undistributed net ordinary income2
   
25,128
   
50,455
   
12,090
   
   
7,635
   
 
Undistributed net long-term capital gains
   
   
   
   
   
11,198
   
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 2, 2016, paid on June 1, 2016.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended May 31, 2016, was designated for purposes of the dividends paid deduction as follows:

                             
North
       
     
Georgia
   
Maryland
   
Minnesota
   
Missouri
   
Carolina
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Distributions from net tax-exempt income
 
$
7,523,653
 
$
17,322,178
 
$
4,951,887
 
$
1,884,450
 
$
10,934,839
 
$
12,572,974
 
Distributions from net ordinary income2
   
24,262
   
46,769
   
   
129
   
162,543
   
120,447
 
Distributions from net long-term capital gains
   
   
   
   
   
60,749
   
 

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
As of May 31, 2016, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

     
Georgia
   
Maryland
   
Minnesota
   
Missouri
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)3
 
(NMS
)
 
(NOM
)
 
(NPV
)
Expiration:
                               
May 31, 2017
 
$
1,635,823
 
$
172,377
 
$
452,405
 
$
77,824
 
$
 
May 31, 2018
   
1,329,548
   
   
   
91,539
   
 
May 31, 2019
   
48,370
   
   
   
   
 
Not subject to expiration
   
3,491,834
   
6,491,362
   
532,693
   
1,212,052
   
10,835,710
 
Total
 
$
6,505,575
 
$
6,663,739
 
$
985,098
 
$
1,381,415
 
$
10,835,710
 

3
A portion of Maryland Quality Income's (NMY) capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.
During the Funds' last tax year ended May 31, 2016, the following Funds utilized capital loss carryforwards as follows:

     
Maryland
   
Minnesota
   
Missouri
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
 
     
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NPV
)
Utilized capital loss carryforwards
 
$
239,690
 
$
211,943
 
$
53,325
 
$
1,956,850
 
As of May 31, 2016, the Funds' last tax year end, the following Funds' capital loss carryforwards expired as follows:

     
Georgia
   
Maryland
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NKG
)
 
(NMY
)
Expired capital loss carryforwards
 
$
462,549
 
$
851,610
 

NUVEEN
95


Notes to Financial Statements (Unaudited) (continued)
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
For the period June 1, 2016 through July 31, 2016, the annual Fund-level fee, payable monthly, for each Fund was calculated according to the following schedules:

     
Georgia Quality Income (NKG)
Average Daily Managed Assets*
   
Fund-Level Fee
For the first $125 million
   
0.4500
%
For the next $125 million
   
0.4375
 
For the next $250 million
   
0.4250
 
For the next $500 million
   
0.4125
 
For the next $1 billion
   
0.4000
 
For managed assets over $2 billion
   
0.3750
 
         
     
Minnesota Quality Income (NMS)
Average Daily Managed Assets*
   
Fund-Level Fee
For the first $125 million
   
0.4500
%
For the next $125 million
   
0.4375
 
For the next $250 million
   
0.4250
 
For the next $500 million
   
0.4125
 
For managed assets over $1 billion
   
0.4000
 
       
     
Maryland Quality Income (NMY)
     
Missouri Quality Income (NOM)
     
North Carolina Quality Income (NNC)
     
Virginia Quality Income (NPV)
Average Daily Managed Assets*
   
Fund-Level Fee
For the first $125 million
   
0.4500
%
For the next $125 million
   
0.4375
 
For the next $250 million
   
0.4250
 
For the next $500 million
   
0.4125
 
For the next $1 billion
   
0.4000
 
For the next $3 billion
   
0.3875
 
For managed assets over $5 billion
   
0.3750
 
Effective August 1, 2016, the annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

     
Georgia Quality Income (NKG)
     
Maryland Quality Income (NMY)
     
Minnesota Quality Income (NMS)
     
Missouri Quality Income (NOM)
     
North Carolina Quality Income (NNC)
     
Virginia Quality Income (NPV)
Average Daily Managed Assets*
   
Fund-Level Fee
For the first $125 million
   
0.4500
%
For the next $125 million
   
0.4375
 
For the next $250 million
   
0.4250
 
For the next $500 million
   
0.4125
 
For the next $1 billion
   
0.4000
 
For the next $3 billion
   
0.3875
 
For managed assets over $5 billion
   
0.3625
 

96
NUVEEN


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

Complex-Level Managed Asset Breakpoint Level*
   
Effective Rate at Breakpoint Level
$55 billion
   
0.2000
%
$56 billion
   
0.1996
 
$57 billion
   
0.1989
 
$60 billion
   
0.1961
 
$63 billion
   
0.1931
 
$66 billion
   
0.1900
 
$71 billion
   
0.1851
 
$76 billion
   
0.1806
 
$80 billion
   
0.1773
 
$91 billion
   
0.1691
 
$125 billion
   
0.1599
 
$200 billion
   
0.1505
 
$250 billion
   
0.1469
 
$300 billion
   
0.1445
 

*
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of November 30, 2016, the complex-level fee for each Fund was 0.1621%.
Other Transactions with Affiliates
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the Funds engaged in inter-fund trades pursuant to these procedures as follows:

     
Maryland
   
Minnesota
   
Missouri
   
Virginia
 
     
Quality
   
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
   
Income
 
Inter-Fund Trades
   
(NMY
)
 
(NMS
)
 
(NOM
)
 
(NPV
)
Purchases
 
$
1,695,526
 
$
 
$
 
$
1,271,189
 
Sales
   
   
1,382,875
   
1,001,580
   
 
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, approximately $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility

NUVEEN
97


Notes to Financial Statements (Unaudited) (continued)
(and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2017 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9. New Accounting Pronouncements
Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2015-03: Interest-Imputation of Interest
The Funds have adopted the disclosure provisions of ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the Statement of Assets and Liabilities as a direct deduction from the carrying amount of the associated debt liability. Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented in the Statement of Assets and Liabilities as a deferred charge (i.e., an asset). ASU 2015-03 is limited to simplifying the presentation of debt issuance costs. ASU 2015-03 does not affect the recognition and measurement of debt issuance costs.
10. Subsequent Event
Fund Information
As mentioned in Note 1 – General Information and Significant Accounting Policies, the Funds had the following name changes effective December 28, 2016:

 
Georgia Quality Income (NKG) changed its name from Georgia Dividend Advantage 2
 
Maryland Quality Income (NMY) changed its name from Maryland Premium Income
 
Minnesota Quality Income (NMS) changed its name from Minnesota Municipal Income
 
Missouri Quality Income (NOM) changed its name from Missouri Premium Income
 
North Carolina Quality Income (NNC) changed its name from North Carolina Premium Income
 
Virginia Quality Income (NOV) changed its name from Virginia Premium Income
Variable Rate Demand Preferred Shares
Subsequent to the end of the reporting period, Virginia Quality Income (NPV) designated a special rate period until January 24, 2018, for the Fund's Series 1 VRDP Shares. In connection with the transition to the special rate period, the VRDP Shares of each series have been remarketed and sold to an institutional investor. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or supported by a liquidity provider. During the period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula.
Uncommitted Line of Credit
On December 31, 2016, the following Funds borrowed the following amounts from the Unsecured Credit Line, each at an annualized interest rate of 2.02% on their respective outstanding balance.

     
Georgia
   
Maryland
   
Virginia
 
     
Quality
   
Quality
   
Quality
 
     
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NPV
)
Outstanding balance at December 31, 2016
 
$
1,751,157
 
$
4,891,567
 
$
2,402,743
 

98
NUVEEN


Additional Fund Information

Board of Trustees
                   
William Adams IV*
 
Margo Cook*
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
Albin F. Moschner
John K. Nelson
 
William J. Schneider
 
Judith M. Stockdale
 
Carole E. Stone
 
Terence J. Toth
 
Margaret L. Wolff

*
Interested Board Member.
   

Fund Manager
 
Custodian
 
Legal Counsel
 
Independent Registered
 
Transfer Agent and
Nuveen Fund Advisors, LLC
 
State Street Bank
 
Chapman and Cutler LLP
 
Public Accounting Firm
 
Shareholder Services
333 West Wacker Drive
 
& Trust Company
 
Chicago, IL 60603
 
KPMG LLP
 
State Street Bank
Chicago, IL 60606
 
One Lincoln Street
     
200 East Randolph Street
 
& Trust Company
   
Boston, MA 02111
     
Chicago, IL 60601
 
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
                 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 
CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

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

NUVEEN
99


Glossary of Terms Used in this Report

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

100
NUVEEN



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

NUVEEN
101


Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

102
NUVEEN


Notes

NUVEEN
103


Nuveen:
                    Serving Investors for Generations

 
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

 
Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages $236 billion in assets as of December 31, 2016.

 
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
ESA-A-1116D 22026-INV-B-01/18

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.



 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Georgia Quality Municipal Income Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary

Date: February 3, 2017
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)

Date: February 3, 2017
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: February 3, 2017