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, 2018

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.

 

  Nuveen Municipal
Closed-End Funds

 

  NKG Nuveen Georgia Quality Municipal Income Fund
  NMY Nuveen Maryland Quality Municipal Income Fund
  NMS Nuveen Minnesota Quality Municipal Income Fund
  NOM Nuveen Missouri Quality Municipal Income Fund
  NNC Nuveen North Carolina Quality Municipal Income Fund
  NPV Nuveen Virginia Quality Municipal Income Fund

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

 

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.

 

You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, (i) by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on “Communication Preferences.” Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.

 

Semiannual
Report

 

 

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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

 

 

Table of Contents

 

Chairman’s Letter to Shareholders 4
   
Portfolio Managers’ Comments 5
   
Fund Leverage 8
   
Common Share Information 10
   
Risk Considerations 12
   
Performance Overview and Holding Summaries 14
   
Portfolios of Investments 20
   
Statement of Assets and Liabilities 65
   
Statement of Operations 67
   
Statement of Changes in Net Assets 69
   
Statement of Cash Flows 72
   
Financial Highlights 74
   
Notes to Financial Statements 83
   
Additional Fund Information 98
   
Glossary of Terms Used in this Report 99
   
Reinvest Automatically, Easily and Conveniently 101
3

Chairman’s Letter to Shareholders

Dear Shareholders,

The global economy seemed to reach a turning point in 2018. Growth was peaking in the U.S. and slowing everywhere else. Deregulation and tax law changes, which lowered corporate and individual tax rates and encouraged companies to repatriate overseas profits, helped boost U.S. economic growth and amplify corporate earnings during 2018. Meanwhile, a weakening housing market and a flattening yield curve in the U.S. and disappointing economic growth across Europe, China and Japan signaled caution. With future corporate profits looking less certain, rising interest rates, a stronger U.S. dollar, trade wars and unpredictable politics, bearish sentiment took hold, pressuring stocks, corporate bonds and commodities alike.

Although downside risks have been rising, the likelihood of a near-term recession remains low. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in change, but no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy as well as Brexit uncertainty, but underlying strengths in European economies, including low unemployment that drives domestic demand, remain supportive of a mild expansion. In a slower growth environment, there are opportunities for investors who seek them more selectively.

We expect volatility and challenging conditions to persist in 2019 but also think there is potential for upside. You can prepare your investment portfolio by working with your financial advisor to review your goals, timeline and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Terence J. Toth
Chairman of the Board
January 22, 2019

4

Portfolio Managers’ Comments

Nuveen Georgia Quality Municipal Income Fund (NKG)
Nuveen Maryland Quality Municipal Income Fund (NMY)
Nuveen Minnesota Quality Municipal Income Fund (NMS)
Nuveen Missouri Quality Municipal Income Fund (NOM)
Nuveen North Carolina Quality Municipal Income Fund (NNC)
Nuveen Virginia Quality Municipal Income Fund (NPV)

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Daniel J. Close, CFA, Stephen J. Candido, CFA, and Christopher L. Drahn, CFA, discuss 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. Steve assumed portfolio management responsibility for the Maryland and Virginia Funds in 2016. Chris has managed the Missouri Fund since 2011 and assumed responsibility for the Minnesota Fund in 2016.

What key strategies were used to manage these Funds during the six-month reporting period ended November 30, 2018?

In the six-month reporting period, municipal bond prices fell as yields rose across the yield curve. Rates rose unevenly, however, with larger increases among shorter and longer maturities than in the middle-range maturities. Despite some pockets of high yield outflows, supply and demand conditions remained favorable and credit fundamentals continued to be relatively robust. The municipal markets of Maryland and North Carolina outperformed the national municipal market, while the markets of Georgia, Minnesota, Missouri and Virginia underperformed the national market. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.

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. While the supply available in each state varied, to the extent possible, the Funds’ overall positioning emphasized intermediate and longer maturities, lower rated credits and sectors offering higher yields. The Funds also sold some depreciated bonds that were bought when interest rates were lower and reinvested the proceeds into similar bonds offering higher yield levels to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities. In the rising interest rate environment of this reporting period, we found more opportunities to buy attractive higher yielding bonds for this bond exchanging strategy.

 

 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

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

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

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

5

Portfolio Managers’ Comments (continued)

We initiated some transitions in NKG’s and NNC’s portfolios during the reporting period. First, we sought to reduce the cost of leverage by adding tender option bonds (TOBs) and using the proceeds to pay down some of the preferred shares leverage. (For more information, see the Fund Leverage commentary following this portfolio managers’ commentary.) Secondly, both Funds increased their exposure to out-of-state paper. The Georgia and North Carolina municipal bond markets offer generally lower yielding bonds, and with the recent yield curve flattening, we have found fewer opportunities to buy bonds that we believe have attractive long-term total return potential. We sold some of the in-state positions with the lowest embedded yields to buy discounted national credits offering 4% coupon rates. This buying comprised most of the elevated trading activity during the reporting period. Additionally, we made few purchases in state. NKG bought credits issued for Atlanta water and sewer and Metropolitan Atlanta Rapid Transit Authority, known as MARTA. NNC added a private higher education revenue bond issued for Wake Forest University, a local appropriation bond for the city of Greensboro and a health care revenue bond for Charlotte Mecklenburg Hospital.

NMY also worked to improve the cost-effectiveness of its portfolio leverage by replacing some of the preferred shares leverage with TOBs. This including a new TOB trust for Maryland CDA Residential revenue bonds and moving some existing holdings into TOB trusts. (For more information, see the Fund Leverage commentary following this portfolio managers’ commentary.) Additionally, we bought some higher grade issues for Maryland housing and appropriation bonds for Prince Georges County COP, and lower rated credits issued for Gaithersburg Asbury Methodist continuing care retirement center and Baltimore Parking System. The Maryland Fund also took advantage of prevailing market conditions to exchange bonds with lower embedded yields for similar bonds offering higher yields to improve the Fund’s tax efficiency and increase their income distribution.

For NMS and NOM, the proceeds for most of the two Fund’s purchases came from called and maturing bonds, the tax-loss exchanges and some trimming of lower coupon holdings as yields rose. From a credit ratings perspective, we made more purchases among higher grade bonds during this reporting period, reflecting our comfort with the Funds’ current allotment to lower rated, higher yielding bonds and, in NOM’s case, the scarcity of appealing opportunities amid shrinking new issuance in the Missouri market. The Missouri Fund’s sector allocations remained stable over the reporting period, with marginal increases in local GO and water and sewer exposures. In contrast to Missouri and the national market trend, the Minnesota market saw an increase in new issue supply over the trailing six- and twelve-month periods ended November 30, 2018. NMS added to the health care and GO sectors, buying newly issued revenue bonds for Minneapolis Fairview Health Services and Duluth Essentia Health, as well as GOs for Brainerd Independent School District.

Most of the trading activity in NPV involved exchanging positions with lower embedded yields for higher yielding bonds, including I-66 Expressway and Washington D.C. Metropolitan Transportation Authority. We also bought some newly issued revenue bonds for Washington D.C. Metropolitan Transportation Authority and Metropolitan Washington D.C. Airports Authority and added non-rated Peninsula Town Center tax obligation bonds. The Virginia Fund’s weighting in AAA rated bonds declined over the reporting period as pre-refunded bonds reached maturity and were reinvested into lower rated bonds. NPV’s duration also lengthened as the proceeds from called bonds and coupon payments were reinvested into longer-dated bonds.

As of November 30, 2018, NKG, NMY, NOM, NNC 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, 2018?

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, 2018. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes.

For the six-month reporting period ended November 30, 2018, the total return at common share NAV for all six Funds underperformed their respective state’s S&P Municipal Bond Index and the national S&P Municipal Bond Index.

The Funds’ performance was affected by duration and yield curve positioning, credit ratings allocations, sector allocations and credit selection. In addition, the use of regulatory leverage was a factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.

6

For NKG, NMY, NMS, NNC and NPV, duration and yield curve positioning were a detractor from relative performance. As the municipal bond yield curve steepened, shorter duration bonds outperformed, which was disadvantageous for the Funds’ overweight allocations to long duration credits and/or underweight allocations to short duration credits. For NKG and NMS, this positioning had a slightly negative impact on performance, while the majority of NMY’s and NPV’s relative underperformance was driven by duration and yield curve positioning. Although NOM was mildly overweighted in the longer end of the yield curve, the overall curve positioning was not a major determinant of relative performance.

Credit ratings allocations were generally disadvantageous to the Funds’ performance in this reporting period. NKG and NNC were mainly hurt by underweight allocations to AAA rated paper, as the highest grade group outperformed in their states. NMY and NPV each held overweight allocations to BBB rated bonds, which lagged in this reporting period due to spread widening caused by selling pressure from high yield funds. For NMY, many of the BBB rated holdings are hospital and project finance bonds while NPV’s BBB rated credits tend to be toll road bonds. Additionally, the Maryland Fund’s underweight to AAA rated credits and overweight to single A rated bonds were detrimental to relative results. The Virginia Fund’s overweight to the single B rated category, which includes a large proportion of tobacco settlement bonds, was another laggard because the tobacco sector underperformed in this reporting period. For NOM and NMS, credit ratings allocation had a relatively neutral impact on relative performance.

Sectors with higher proportions of high grade bonds outperformed in this reporting period. The tax-supported sectors, such as state and local GOs, and pre-refunded bonds outperformed revenue sectors, which tend to be composed of lower rated bonds. NKG’s overweight to local GOs and exposure to the water and sewer sector were positive contributors, offsetting the negative results from exposure to the higher education sector. NMY’s sector allocations were an overall detractor, as overweights to health care and tobacco (an out-of-state position, as Maryland does not offer tobacco settlement bonds), and a significant underweight to GOs weighed on relative performance. For NMS, an overweight to the health care sector was unfavorable but an overweight to public power bonds, which outperformed, offset the negative impact. NOM’s overweight to pre-refunded bonds, which performed well due to their shorter durations and higher credit quality, countered the underperformance of the overweight to the health care sector, which detracted. NNC’s sector positioning was a positive contributor overall as an overweight to pre-refunded bonds helped, despite relative weakness from an overweight to the water and sewer sector. NPV’s overweight to toll road sector and underweight to GOs were a drag on relative performance.

In terms of individual credit selection, the longest dated credits were generally among the Funds’ weakest performing holdings, especially TOBs and zero coupon bonds. However, NKG and NNC bought discounted 4% coupon bonds during the reporting period that increased in value by the end of the period and were top contributing holdings. NPV and NMY benefited from the strong performance of Puerto Rico bonds and FirstEnergy Solutions credits (see An Update on FirstEnergy Solutions Corp. following this commentary). Shorter duration bonds such as Richmond Expressway in NPV and Western Maryland Health System and Prince George’s County National Harbor in NMY also performed well.

An Update on FirstEnergy Solutions Corp.

FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 18, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy Corp., FirstEnergy Solution’s parent announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondholders, of which Nuveen Funds are included, entered into an “Agreement in Principal” with FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.

In terms of FirstEnergy holdings, shareholders should note that NMY had 0.37% and NPV had 0.50% exposure, which are all secured holdings.

7

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, 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 in recent years 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 Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.

Leverage from issuance of preferred shares had a positive impact on the total return performance of NKG, NMY, NMS, NOM and NNC over the reporting period, while leverage from issuance of preferred shares had a negligible impact on the total return performance of NPV over the reporting period. The use of leverage through inverse floating rate securities had a negligible impact on the total return performance of the Funds over the reporting period.

As of November 30, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Effective Leverage*     38.20 %   41.14 %   39.09 %   37.62 %   41.33 %   39.70 %
Regulatory Leverage*     30.16 %   38.00 %   39.09 %   36.85 %   38.41 %   34.26 %

 

* 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.

 

8

THE FUNDS’ REGULATORY LEVERAGE

As of November 30, 2018, the Funds have issued and outstanding preferred shares as shown in the accompanying table.

 

      Variable Rate
Preferred
*   Variable Rate
Remarketed
Preferred
**      
      Shares Issued at     Shares Issued at        
      Liquidation Preference     Liquidation Preference     Total  
                     
NKG   $ 58,500,000   $   $ 58,500,000  
                     
NMY   $ 197,000,000   $   $ 197,000,000  
                     
NMS   $ 52,800,000   $   $ 52,800,000  
                     
NOM   $ 18,000,000   $   $ 18,000,000  
                     
NNC   $ 143,500,000   $   $ 143,500,000  
                     
NPV   $ 128,000,000   $   $ 128,000,000  

 

* Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
** Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.

Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares and Note 10 – Subsequent Events for further details on preferred shares and each Fund’s respective transactions.

9

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of November 30, 2018. 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 2018   $ 0.0380   $ 0.0440   $ 0.0550   $ 0.0430   $ 0.0390   $ 0.0460  
July     0.0380     0.0440     0.0550     0.0430     0.0390     0.0460  
August     0.0380     0.0440     0.0550     0.0430     0.0390     0.0460  
September     0.0345     0.0440     0.0510     0.0430     0.0360     0.0435  
October     0.0345     0.0440     0.0510     0.0430     0.0360     0.0435  
November 2018     0.0345     0.0440     0.0510     0.0430     0.0360     0.0435  
Total Monthly Per Share Distributions   $ 0.2175   $ 0.2640   $ 0.3180   $ 0.2580   $ 0.2250   $ 0.2685  
Yields                                      
Market Yield*     3.79%     4.51%     5.02%     4.34%     3.66%     4.50%  
Taxable-Equivalent Yield*     5.41%     6.40%     7.37%     6.19%     5.19%     6.41%  

 

* Market Yield for a Fund is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the current 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 an assumed combined federal and state income tax rate of 30.0%, 29.5%, 31.9%, 29.9%, 29.5% and 29.8% for NKG, NMY, NMS, NOM, NNC and NPV, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. Taxable-Equivalent Yield also assumes that 100% of the income generated and paid by the Fund is exempt from both federal and state income tax; a Fund’s Taxable-Equivalent Yield will be lower to the extent the Fund invests in municipal securities paying income that is not exempt from state and/or federal income tax (e.g., certain out-of-state bonds). If the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.

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

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

10

COMMON SHARE EQUITY SHELF PROGRAM

During the current reporting period, NMS was authorized by the Securities and Exchange Commission (SEC) to issue additional common shares through an equity shelf program (Shelf Offering). 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. Under the Shelf Offering, the Fund was authorized to issue additional common shares as shown in the accompanying table.

 

  NMS  
Additional authorized common shares 500,000  

During the current reporting period, NMS did not sell any common shares through its Shelf Offering.

Refer to the Notes to Financial Statements, Note 4 – Fund Shares, Common Shares Equity Shelf Programs and Offering Costs for further details of Shelf Offerings and the Fund’s transactions.

COMMON SHARE REPURCHASES

During August 2018, 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, 2018, 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     125,000     975,101     4,390         265,600     45,063  
Common shares authorized for repurchase     1,055,000     2,335,000     580,000     235,000     1,640,000     1,795,000  

During the current reporting period, the following Funds repurchased and retired their common shares at a weighted average price per share and a weighted average discount per share as shown in the accompanying table.

 

      NKG     NMY     NMS     NNC     NPV  
Common shares repurchased and retired     125,000     217,601     4,390     112,200     45,063  
Weighted average price per common share repurchased and retired   $ 10.98   $ 11.78   $ 12.00   $ 11.86   $ 11.59  
Weighted average discount per common share repurchased and retired     15.46 %   15.53 %   15.08 %   15.62 %   15.31 %

OTHER COMMON SHARE INFORMATION

As of November 30, 2018, 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   $ 13.00   $ 13.90   $ 14.22   $ 13.16   $ 14.13   $ 13.73  
Common share price   $ 10.91   $ 11.70   $ 12.18   $ 11.88   $ 11.81   $ 11.60  
Premium/(Discount) to NAV     (16.08 )%   (15.83 )%   (14.35 )%   (9.76 )%   (16.42 )%   (15.51 )%
6-month average premium/(discount) to NAV     (15.20 )%   (15.24 )%   (10.23 )%   (5.78 )%   (14.81 )%   (13.66 )%
11

Risk Considerations

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen Georgia Quality Municipal Income Fund (NKG)

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

Nuveen Maryland Quality Municipal Income Fund (NMY)

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

Nuveen Minnesota Quality Municipal Income Fund (NMS)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return 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.

12

Nuveen Missouri Quality Municipal Income Fund (NOM)

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

Nuveen North Carolina Quality Municipal Income Fund (NNC)

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)

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.

13

 

NKG Nuveen Georgia Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2018

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, 2018

 

  Cumulative   Average Annual  
  6-Month   1-Year   5-Year   10-Year  
NKG at Common Share NAV (0.77)%   (0.64)%   3.86%   5.89%  
NKG at Common Share Price (2.24)%   (13.42)%   3.35%   4.40%  
S&P Municipal Bond Georgia Index 0.31%   0.86%   3.05%   4.73%  
S&P Municipal Bond Index 0.36%   1.16%   3.59%   5.07%  

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. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 155.4%1  
Short-Term Municipal Bonds 0.1%  
Other Assets Less Liabilities 2.2%  
 
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs 157.7%  
Floating Rate Obligations (14.5)%  
VMTP Shares, net of deferred offering costs (43.2)%  
Net Assets 100%  

 

1 Includes 12.8% of net assets (8.2% of total investments) in out of state bonds.

 

Portfolio Composition    
(% of total investments)    
Tax Obligation/General 22.5%  
Tax Obligation/Limited 15.9%  
Water and Sewer 12.5%  
Education and Civic Organizations 11.8%  
Utilities 10.7%  
Health Care 9.8%  
U.S. Guaranteed 8.7%  
Transportation 7.5%  
Other 0.6%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 8.1%  
AAA 7.2%  
AA 57.8%  
A 17.6%  
BBB 7.9%  
N/R (not rated) 1.4%  
Total 100%  
14

 

NMY Nuveen Maryland Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2018

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, 2018

 

    Cumulative   Average Annual  
    6-Month   1-Year   5-Year   10-Year  
NMY at Common Share NAV   (0.89)%   0.11%   4.45%   6.34%  
NMY at Common Share Price   (2.04)%   (2.85)%   4.81%   7.59%  
S&P Municipal Bond Maryland Index   0.49%   0.93%   2.78%   4.40%  
S&P Municipal Bond Index   0.36%   1.16%   3.59%   5.07%  

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. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 164.5%1  
Other Assets Less Liabilities 5.4%  
 
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs 169.9%  
Floating Rate Obligations (8.6)%  
VMTP Shares, net of deferred offering costs (61.3)%  
Net Assets 100%  

 

1 Includes 15.0% of net assets (9.1% of total investments) in bonds issued by U.S. Territories, including Puerto Rico, Guam and U.S. Virgin Islands and 10.4% of net assets (6.3% of total investments) in out of state bonds.

 

Portfolio Composition    
(% of total investments)    
Health Care 23.3%  
Tax Obligation/Limited 18.1%  
Tax Obligation/General 11.4%  
U.S. Guaranteed 8.5%  
Education and Civic Organizations 6.5%  
Transportation 6.2%  
Housing/Multifamily 5.4%  
Water and Sewer 4.6%  
Other 16.0%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 8.3%  
AAA 10.0%  
AA 27.1%  
A 20.7%  
BBB 19.2%  
BB or Lower 4.0%  
N/R (not rated) 10.7%  
Total 100%  
15

 

NMS Nuveen Minnesota Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2018

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, 2018

 

  Cumulative   Average Annual  
  6-Month   1-Year   5-Year   10-Year  
NMS at Common Share NAV (1.04)%   (0.49)%   4.74%   8.30%  
NMS at Common Share Price (8.21)%   (12.28)%   2.26%   7.40%  
S&P Municipal Bond Minnesota Index 0.23%   0.75%   2.95%   4.72%  
S&P Municipal Bond Index 0.36%   1.16%   3.59%   5.07%  

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. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 161.1%  
Short-Term Municipal Bonds 3.3%  
Other Assets Less Liabilities (0.2)%  
Net Assets Plus VMTP Shares, net of deferred offering costs 164.2%  
VMTP Shares, net of deferred offering costs (64.2)%  
Net Assets 100%  

 

Portfolio Composition    
(% of total investments)    
Health Care 18.9%  
Tax Obligation/General 18.7%  
Education and Civic Organizations 15.8%  
Utilities 12.9%  
Long-Term Care 8.5%  
Tax Obligation/Limited 8.4%  
U.S. Guaranteed 7.3%  
Other 9.5%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 5.3%  
AAA 19.4%  
AA 21.1%  
A 24.1%  
BBB 9.2%  
BB or Lower 6.8%  
N/R (not rated) 14.1%  
Total 100%  
16

 

NOM Nuveen Missouri Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2018

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, 2018

 

  Cumulative   Average Annual  
  6-Month   1-Year   5-Year   10-Year  
NOM at Common Share NAV (0.46)%   0.21%   4.84%   6.80%  
NOM at Common Share Price (9.15)%   (17.36)%   2.95%   5.85%  
S&P Municipal Bond Missouri Index 0.34%   1.13%   3.57%   5.61%  
S&P Municipal Bond Index 0.36%   1.16%   3.59%   5.07%  

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. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 153.7%  
Short-Term Municipal Bonds 2.6%  
Other Assets Less Liabilities 3.2%  
Net Assets Plus Floating Rate Obligations & MFP Shares, net of deferred offering costs 159.5%  
Floating Rate Obligations (1.9)%  
MFP Shares, net of deferred offering costs (57.6)%  
Net Assets 100%  

 

Portfolio Composition    
(% of total investments)    
Health Care 24.4%  
Education and Civic Organizations 14.7%  
Tax Obligation/Limited 13.0%  
Tax Obligation/General 12.0%  
Water and Sewer 11.4%  
U.S. Guaranteed 9.7%  
Long-Term Care 7.3%  
Other 7.5%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 9.7%  
AAA 7.5%  
AA 37.3%  
A 24.1%  
BBB 8.7%  
BB or Lower 5.2%  
N/R (not rated) 7.5%  
Total 100%  
17

 

NNC Nuveen North Carolina Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2018

 

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, 2018

 

  Cumulative   Average Annual  
  6-Month   1-Year   5-Year   10-Year  
NNC at Common Share NAV (0.59)%   (0.81)%   4.39%   5.88%  
NNC at Common Share Price (1.94)%   (4.80)%   4.34%   5.66%  
S&P Municipal Bond North Carolina Index 0.45%   0.81%   2.85%   4.43%  
S&P Municipal Bond Index 0.36%   1.16%   3.59%   5.07%  

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. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 167.7%1  
Other Assets Less Liabilities 2.8%  
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs 170.5%  
Floating Rate Obligations (8.1)%  
VMTP Shares, net of deferred offering costs (62.4)%  
Net Assets 100%  

 

1 Includes 11.9% of net assets (7.1% of total investments) in out of state bonds.

 

Portfolio Composition    
(% of total investments)    
Tax Obligation/Limited 16.2%  
U.S. Guaranteed 16.1%  
Education and Civic Organizations 15.5%  
Transportation 15.5%  
Health Care 14.1%  
Water and Sewer 13.3%  
Other 9.3%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 11.7%  
AAA 17.2%  
AA 50.0%  
A 12.5%  
BBB 6.8%  
N/R (not rated) 1.8%  
Total 100%  
18

 

NPV Nuveen Virginia Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of
  November 30, 2018

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, 2018

 

  Cumulative   Average Annual  
  6-Month   1-Year   5-Year   10-Year  
NPV at Common Share NAV (1.22)%   (0.34)%   5.00%   6.32%  
NPV at Common Share Price (3.95)%   (5.63)%   4.51%   5.39%  
S&P Municipal Bond Virginia Index 0.24%   0.89%   3.28%   4.62%  
S&P Municipal Bond Index 0.36%   1.16%   3.59%   5.07%  

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. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 158.3%1  
Short-Term Municipal Bonds 0.6%  
Other Assets Less Liabilities 1.4%  
Net Assets Plus Floating Rate Obligations & VRDP Shares, net of deferred offering costs 160.3%  
Floating Rate Obligations (8.3)%  
VRDP Shares, net of deferred offering costs (52.0)%  
Net Assets 100%  

 

1 Includes 13.9% of net assets (8.8% of total investments) in bonds issued by U.S. Territories, including Puerto Rico, Guam and U.S. Virgin Islands.

 

Portfolio Composition    
(% of total investments)    
Transportation 25.1%  
Tax Obligation/Limited 19.2%  
Health Care 13.4%  
U.S. Guaranteed 12.2%  
Education and Civic Organizations 8.5%  
Long-Term Care 4.4%  
Other 17.2%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 14.1%  
AAA 7.4%  
AA 38.4%  
A 9.9%  
BBB 15.5%  
BB or Lower 7.7%  
N/R (not rated) 7.0%  
Total 100%  
19

 

NKG Nuveen Georgia Quality Municipal
  Income Fund
  Portfolio of Investments
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 155.4% (99.9% of Total Investments)            
      MUNICIPAL BONDS – 155.4% (99.9% of Total Investments)            
      Education and Civic Organizations – 18.3% (11.8% of Total Investments)            
$ 700   Carrollton Payroll Development Authority, Georgia, Student Housing Revenue Bonds, University of West Georgia, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured 2/19 at 100.00   A1 $ 701,806  
  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   1,692,640  
  3,000   Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 3/28 at 100.00   AA   3,021,930  
  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   1,378,900  
  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   3,278,790  
  1,530   Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37 7/27 at 100.00   A+   1,713,141  
  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+   3,291,780  
      Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2009, Tender Option Bond Trust 2015-XF0073:            
  730   12.879%, 9/01/32, 144A (IF) 9/19 at 100.00   AA+   796,700  
  1,150   12.897%, 9/01/35, 144A (IF) 9/19 at 100.00   AA+   1,253,190  
  2,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2016A, 5.000%, 10/01/46 (UB) (4) 10/26 at 100.00   AA+   2,235,460  
  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   1,407,759  
  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   1,036,150  
  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   A3   3,165,990  
  23,375   Total Education and Civic Organizations         24,974,236  
      Health Care – 15.1% (9.7% of Total Investments)            
      Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:            
  205   5.250%, 12/01/22 (5), (6) 2/19 at 100.00   N/R    
  745   5.375%, 12/01/28 (5), (6) 12/18 at 100.00   N/R    
  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–   742,526  
  3,485   Development Authority of Fulton County Revenue Bonds, Georgia, Piedmont Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   AA–   3,751,533  
      Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc. Project, Series 2017A:            
  1,780   5.000%, 4/01/36 4/27 at 100.00   A   1,952,874  
  1,000   5.000%, 4/01/37 4/27 at 100.00   A   1,093,280  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  235   5.000%, 2/15/33 2/20 at 100.00   AA–   241,942  
  235   5.125%, 2/15/40 2/20 at 100.00   AA–   241,667  
  930   5.250%, 2/15/45 2/20 at 100.00   AA–   957,853  
20

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B:            
$ 3,000   5.500%, 2/15/42 (UB) (4) 2/27 at 100.00   AA $ 3,466,380  
  5,500   5.250%, 2/15/45 (UB) (4) 2/27 at 100.00   AA   6,195,145  
  1,620   Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 5.000%, 11/15/37 11/22 at 100.00   AA–   1,767,841  
  19,450   Total Health Care         20,411,041  
      Housing/Multifamily – 0.9% (0.6% of Total Investments)            
  1,205   Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35 11/23 at 100.00   BBB+   1,199,312  
      Tax Obligation/General – 35.0% (22.5% of Total Investments)            
  4,000   Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%, 8/01/42 (UB) (4) 8/26 at 100.00   AA+   4,453,840  
  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   3,272,670  
  2,000   Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building Series 2018A, 4.000%, 6/15/37 6/28 at 100.00   A+   2,005,560  
      East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding Series 2017:            
  1,000   5.000%, 2/01/29 – AGM Insured 2/27 at 100.00   AA   1,154,700  
  650   5.000%, 2/01/35 – AGM Insured 2/27 at 100.00   AA   732,407  
  2,350   Evanston, Illinois, General Obligation Bonds, Corporate Purpose Series 2016A, 4.000%, 12/01/43 6/28 at 100.00   AA+   2,354,371  
  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   2,227,440  
  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   3,308,670  
  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   3,375,750  
  10   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   10,073  
  3,550   Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28 2/25 at 100.00   AAA   4,077,565  
  3,500   Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 2/01/36 2/23 at 100.00   AAA   3,841,985  
  1,500   Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2014B, 5.000%, 2/01/37 2/24 at 100.00   Aa3   1,616,850  
  345   Lamar County School District, Georgia, General Obligation Bonds, Series 2017, 5.000%, 3/01/33 9/27 at 100.00   Aa1   398,844  
      Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:            
  302   5.500%, 7/15/23 7/21 at 100.00   N/R   301,876  
  601   5.500%, 7/15/30 7/21 at 100.00   N/R   597,319  
  659   5.500%, 1/15/36 7/21 at 100.00   N/R   655,164  
  500   Paulding County, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/31 2/28 at 100.00   Aa1   587,860  
  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   3,343,110  
  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   2,391,035  
      Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016:            
  500   5.000%, 8/01/30 2/26 at 100.00   Aa1   570,190  
  400   5.000%, 8/01/31 2/26 at 100.00   Aa1   454,488  
21

 

NKG Nuveen Georgia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/General (continued)            
$ 3,500   West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 4.000%, 6/01/42 6/28 at 100.00   Aa2 $ 3,540,740  
  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   2,138,480  
  43,627   Total Tax Obligation/General         47,410,987  
      Tax Obligation/Limited – 24.7% (15.9% of Total Investments)            
      Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta Parking Facility Project, Series 2017:            
  1,180   5.000%, 12/01/34 12/27 at 100.00   AA+   1,355,761  
  1,260   5.000%, 12/01/36 12/27 at 100.00   AA+   1,434,938  
  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   3,625,830  
  575   Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, 5.000%, 12/01/24 No Opt. Call   A3   647,709  
      Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D:            
  1,200   5.000%, 1/01/30 1/27 at 100.00   A2   1,357,164  
  1,525   5.000%, 1/01/31 1/27 at 100.00   A2   1,717,791  
  725   Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/41 7/23 at 100.00   A–   781,071  
  5,745   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993, 5.625%, 10/01/26 – NPFG Insured 10/19 at 100.00   Baa2   6,288,937  
  405   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26 – NPFG Insured No Opt. Call   A+   455,269  
  3,020   Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28 – NPFG Insured No Opt. Call   Baa2   3,156,142  
  700   Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue Bonds, Series 2017A, 5.000%, 6/01/29 6/27 at 100.00   AA   815,668  
  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+   1,113,800  
  3,000   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B, 5.000%, 7/01/42 7/26 at 100.00   AA+   3,339,300  
  5,000   Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, 4.000%, 7/01/48 7/28 at 100.00   AA   5,022,600  
  810   Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38 12/22 at 100.00   Aa2   879,182  
  1,500   Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018, 4.000%, 7/01/58 7/28 at 100.00   A1   1,421,820  
  30,895   Total Tax Obligation/Limited         33,412,982  
      Transportation – 11.7% (7.5% 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–   2,096,060  
  2,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31 1/22 at 100.00   AA–   2,146,040  
  2,810   Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (Alternative Minimum Tax) 1/22 at 100.00   AA–   2,964,803  
      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–   2,859,486  
  3,750   5.000%, 1/01/34 1/24 at 100.00   AA–   4,149,300  
  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   1,631,340  
  14,635   Total Transportation         15,847,029  
22

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed – 13.6% (8.7% of Total Investments) (7)            
$ 1,760   Athens Housing Authority, Georgia, Revenue Bonds, UGAREF East Campus Housing LLC, Project, Series 2009, 5.250%, 6/15/35 (Pre-refunded 6/15/19) 6/19 at 100.00   Aa2 $ 1,792,613  
  1,500   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 7.375%, 1/01/31 (Pre-refunded 1/01/19) 1/19 at 100.00   A2   1,506,315  
  250   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19) 1/19 at 100.00   A2   251,075  
  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 (Pre-refunded 1/01/22) 1/22 at 100.00   N/R   2,170,560  
  530   Cherokee County Resource Recovery Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ball Ground Recycling LLC Project, Series 2007A, 5.000%, 7/01/37 (Pre-refunded 1/01/19) – AMBAC Insured (Alternative Minimum Tax) 1/19 at 100.00   AA+   531,065  
  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   652,104  
  625   Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22) 5/22 at 100.00   AA+   685,819  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  765   5.000%, 2/15/33 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R   791,714  
  765   5.125%, 2/15/40 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R   792,838  
  3,015   5.250%, 2/15/45 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R   3,129,148  
      Georgia Municipal Association Inc., Certificates of Participation, Riverdale Public Purpose Project, Series 2009:            
  905   5.375%, 5/01/32 (Pre-refunded 5/01/19) – AGC Insured 5/19 at 100.00   AA   918,086  
  1,165   5.500%, 5/01/38 (Pre-refunded 5/01/19) – AGC Insured 5/19 at 100.00   AA   1,182,428  
  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   1,002,470  
      Macon-Bibb County Hospital Authority, Georgia, Revenue Anticipation Certificates, Medical Center of Central Georgia Inc., Series 2009:            
  425   5.000%, 8/01/32 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R   433,598  
  975   5.000%, 8/01/35 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R   994,724  
  570   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured (ETM) No Opt. Call   N/R   593,552  
  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   1,002,840  
  17,850   Total U.S. Guaranteed         18,430,949  
      Utilities – 16.7% (10.7% of Total Investments)            
  1,250   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 2/28 at 100.00   BBB+   1,192,262  
  1,250   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 2/28 at 100.00   BBB+   1,192,263  
      Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017:            
  2,000   5.000%, 3/01/29 3/27 at 100.00   A2   2,274,420  
  1,750   5.000%, 3/01/33 3/27 at 100.00   A2   1,955,030  
  3,000   Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43 1/23 at 100.00   A1   3,230,850  
  1,005   Georgia Municipal Electric Authority, Project One Revenue Bonds, Subordinated Series 2007A-2, 5.000%, 1/01/25 1/19 at 100.00   A2   1,007,513  
      Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B:            
  1,055   5.000%, 3/15/20 No Opt. Call   A+   1,089,815  
  1,300   5.000%, 3/15/21 No Opt. Call   A+   1,370,876  
  1,500   5.000%, 3/15/22 No Opt. Call   A+   1,610,955  
23

 

NKG Nuveen Georgia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities (continued)            
$ 2,000   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.000%, 3/15/22 No Opt. Call   A+ $ 2,157,760  
  2,000   Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Variable Rate Demand Bonds Series 2018A, 4.000%, 4/01/48 (Mandatory put 9/01/23) 6/23 at 100.40   AA2   2,087,020  
  1,500   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 0.000%, 1/01/32 No Opt. Call   A2   920,460  
  2,260   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2016A, 5.000%, 1/01/30 – BAM Insured 7/26 at 100.00   AA   2,518,793  
  21,870   Total Utilities         22,608,017  
      Water and Sewer – 19.4% (12.5% of Total Investments)            
  260   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 - AGM Insured No Opt. Call   AA   335,070  
  4,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2018A, 5.000%, 11/01/39 (UB) (4) 11/27 at 100.00   Aa2   4,547,480  
  5   Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%, 8/01/35 – AGM Insured 2/19 at 100.00   AA   5,012  
  500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/01/31 5/24 at 100.00   AA+   559,630  
  500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36 5/26 at 100.00   AA+   564,205  
  300   DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B, 5.000%, 10/01/35 – AGM Insured 10/26 at 100.00   AA   341,781  
  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   5,732,044  
  6,000   DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Series 2006B, 5.250%, 10/01/32 – AGM Insured (UB) (4) 10/26 at 100.00   AA   7,035,540  
  1,000   Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33 1/23 at 100.00   AA   1,095,450  
  635   Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 12/01/21 – AGM Insured No Opt. Call   AA   665,823  
      Oconee County, Georgia, Water and Sewer Revenue Bonds, Series 2017A:            
  155   5.000%, 9/01/35 9/27 at 100.00   AA   177,520  
  535   5.000%, 9/01/37 9/27 at 100.00   AA   608,777  
  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   2,207,760  
  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   2,378,777  
  23,555   Total Water and Sewer         26,254,869  
$ 196,462   Total Long-Term Investments (cost $207,398,304)         210,549,422  

24

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments)            
      MUNICIPAL BONDS – 0.1% (0.1% of Total Investments)            
      Health Care – 0.1% (0.1% of Total Investments)            
$ 231   Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 2016, 6.500%, 4/30/17 (5), (6) No Opt. Call   N/R $ 113,509  
$ 231   Total Short-Term Investments (cost $231,260)         113,509  
      Total Investments (cost $207,629,564) – 155.5%         210,662,931  
      Floating Rate Obligations – (14.5)%         (19,600,000)  
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (43.2)% (8)         (58,496,395)  
      Other Assets Less Liabilities – 2.2%         2,920,273  
      Net Assets Applicable to Common Shares – 100%       $ 135,486,809  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5) 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.
(6) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(8) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 27.8%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
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.

25

 

NMY Nuveen Maryland Quality Municipal
  Income Fund
  Portfolio of Investments
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 164.5% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 164.5% (100.0% of Total Investments)            
      Consumer Discretionary – 3.0% (1.8% of Total Investments)            
      Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:            
$ 2,800   5.000%, 9/01/39 9/27 at 100.00   BBB– $ 2,960,188  
  5,035   5.000%, 9/01/46 9/27 at 100.00   BBB–   5,277,989  
  2,000   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (4) 2/19 at 100.00   N/R   1,360,000  
  9,835   Total Consumer Discretionary         9,598,177  
      Consumer Staples – 6.5% (4.0% of Total Investments)            
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  1,695   5.875%, 6/01/30 1/19 at 100.00   B–   1,610,267  
  595   5.875%, 6/01/47 1/19 at 100.00   B–   564,572  
  210   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 (6) 6/22 at 100.00   B–   207,373  
  13,000   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 1/19 at 100.00   N/R   1,997,840  
      Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:            
  1,970   5.250%, 6/01/32 1/19 at 100.00   N/R   1,878,415  
  2,915   5.625%, 6/01/47 1/19 at 100.00   N/R   2,673,959  
  1,900   New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016A-1, 5.625%, 6/01/35 No Opt. Call   BBB   2,005,545  
  100   Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 1/19 at 100.00   B3   94,169  
  3,270   Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 2/19 at 100.00   Ba1   3,277,652  
  2,000   Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.000%, 6/01/37 1/19 at 100.00   BB+   1,999,920  
  1,405   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A, 5.000%, 6/01/46 6/28 at 100.00   BBB+   1,455,482  
  530   Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 5/19 at 100.00   A3   530,774  
  2,850   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 6/27 at 100.00   B+   2,736,028  
  32,440   Total Consumer Staples         21,031,996  
      Education and Civic Organizations – 10.7% (6.5% of Total Investments)            
      Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s University Inc., Series 2017A:            
  1,500   5.000%, 9/01/37, 144A 9/27 at 100.00   BB+   1,558,005  
  3,250   5.000%, 9/01/45, 144A 9/27 at 100.00   BB+   3,335,410  
  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–   750,554  
  1,100   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2017A, 5.000%, 7/01/37 7/27 at 100.00   A–   1,202,036  
  1,200   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2017A, 5.000%, 7/01/44 7/27 at 100.00   A–   1,294,920  
  265   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street Academy, Series 2017A, 5.125%, 7/01/37, 144A 7/27 at 100.00   N/R   258,937  
26

 

  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 2012A:            
$ 1,145   5.000%, 7/01/30 7/22 at 100.00   AA+ $ 1,252,573  
  1,050   5.000%, 7/01/37 7/22 at 100.00   AA+   1,142,988  
      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+   550,530  
  4,375   4.250%, 7/01/41 7/23 at 100.00   AA+   4,566,494  
  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   1,344,812  
      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   1,374,012  
  1,000   4.000%, 10/01/45 10/24 at 100.00   A   1,008,530  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2012:            
  1,500   5.000%, 6/01/34 6/22 at 100.00   Baa1   1,582,935  
  3,000   5.000%, 6/01/47 6/22 at 100.00   Baa1   3,119,670  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2016:            
  175   5.000%, 6/01/36 6/26 at 100.00   Baa1   189,409  
  2,500   4.000%, 6/01/42 6/26 at 100.00   Baa1   2,433,075  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2017:            
  525   5.000%, 6/01/35 6/26 at 100.00   Baa1   570,733  
  1,000   5.000%, 6/01/42 6/26 at 100.00   Baa1   1,070,190  
  745   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 7/19 at 100.00   BB+   747,585  
  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+   674,994  
  4,115   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   A+   4,275,238  
  32,770   Total Education and Civic Organizations         34,303,630  
      Energy – 0.7% (0.5% of Total Investments)            
  2,310   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   BB–   2,382,303  
      Health Care – 38.4% (23.3% 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+   1,010,008  
  2,470   4.250%, 7/01/35 7/25 at 100.00   BBB+   2,531,009  
  1,740   5.000%, 7/01/45 7/25 at 100.00   BBB+   1,842,712  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Series 2017B:            
  250   5.000%, 7/01/34 7/27 at 100.00   Baa3   270,775  
  4,820   5.000%, 7/01/38 7/27 at 100.00   Baa3   5,154,797  
      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   96,999  
  1,450   5.000%, 7/01/38 7/26 at 100.00   BBB   1,553,370  
  585   4.000%, 7/01/42 7/26 at 100.00   BBB   560,506  
      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   1,484,001  
  375   6.125%, 1/01/36 1/22 at 100.00   Baa3   407,152  
27

 

NMY Nuveen Maryland Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
$ 3,270   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A, 5.500%, 1/01/46 1/27 at 100.00   Baa3 $ 3,577,576  
  1,355   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System Issue, Series 2012, 5.000%, 7/01/24 7/22 at 100.00   A   1,481,814  
  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   AA–   2,142,060  
      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   1,036,610  
  1,775   5.000%, 7/01/37 7/22 at 100.00   A1   1,894,475  
  4,335   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A, 4.250%, 7/01/32 7/22 at 100.00   A–   4,410,993  
  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   Aa2   2,549,500  
      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   Aa2   536,800  
  500   5.000%, 5/15/26 5/21 at 100.00   Aa2   537,175  
  2,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2016, 5.000%, 7/01/47 7/26 at 100.00   A+   2,158,240  
  1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2017, 5.000%, 7/01/33 7/27 at 100.00   A+   1,126,900  
  1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2017, 5.000%, 7/01/44 7/27 at 100.00   A+   1,088,220  
      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+   1,526,790  
  1,125   5.000%, 7/01/40 7/25 at 100.00   A+   1,225,687  
  2,975   4.125%, 7/01/47 7/25 at 100.00   A+   2,999,960  
  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   A   2,704,500  
  6,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2017A, 5.000%, 5/15/42 5/27 at 100.00   A   6,501,720  
  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   3,006,351  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015:            
  1,000   5.000%, 7/01/39 7/24 at 100.00   A   1,079,170  
  5,500   5.000%, 7/01/45 7/24 at 100.00   A   5,899,850  
  1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2017MD, 5.000%, 12/01/46 6/27 at 100.00   AA–   1,108,280  
  3,260   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Trinity Health, Series 2017MD, 5.000%, 12/01/46 (UB) (5) 6/27 at 100.00   AA–   3,612,993  
      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   A   12,261,990  
  4,665   4.000%, 7/01/43 7/22 at 100.00   A   4,694,296  
  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   A   1,098,400  
  5,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2017B, 5.000%, 7/01/39 7/27 at 100.00   A   6,039,220  
  2,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Taxable Series 2017D, 4.000%, 7/01/48 1/28 at 100.00   A   1,981,920  
28

 

  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 $ 13,280,225  
  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–   8,632,720  
  6,000   Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 4.000%, 12/01/44 6/25 at 100.00   AA–   6,019,860  
  2,000   Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 5.000%, 12/01/44 (UB) (5) 6/25 at 100.00   AA–   2,187,240  
  115,980   Total Health Care         123,312,864  
      Housing/Multifamily – 8.9% (5.4% of Total Investments)            
  1,945   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+   2,024,317  
      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+   1,522,920  
  1,550   5.000%, 6/01/44 6/24 at 100.00   A+   1,631,979  
  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+   1,863,571  
      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+   3,259,110  
  2,000   4.625%, 10/01/28 10/23 at 100.00   A+   2,139,340  
  1,000   Howard County Housing Commission, Maryland, Revenue Bonds, Woodfield Oxford Square Apartments, Series 2017, 5.000%, 12/01/42 12/27 at 100.00   A+   1,085,910  
  1,195   Maryland Community Development Administration Department of Housing and Community Development, Housing Revenue Bonds, Series 2014D, 3.900%, 7/01/40 1/24 at 100.00   AA+   1,193,243  
  680   Maryland Community Development Administration Department of Housing and Community Development, Housing Revenue Bonds, Series 2017C, 3.550%, 7/01/42 1/27 at 100.00   AA+   643,511  
  1,000   Maryland Community Development Administration, Department of Housing and Community Development, Multifamily Development Revenue Bonds, Marlborough Apartments, Series 2014I, 3.450%, 12/15/31 12/24 at 100.00   Aaa   1,006,500  
      Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson University Project, Refunding Series 2017:            
  1,100   5.000%, 7/01/36 7/27 at 100.00   BBB   1,183,292  
  470   5.000%, 7/01/37 7/21 at 100.00   BBB   489,204  
      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   530,280  
  500   5.000%, 6/01/34 6/23 at 100.00   Baa3   521,205  
  1,500   Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt University Village, Series 2012, 5.000%, 7/01/33 7/22 at 100.00   BBB–   1,549,965  
  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–   519,849  
  1,215   Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, Baltimore County Project, Refunding Series 2016, 3.600%, 7/01/35 – AGM Insured 2/19 at 100.00   AA   1,194,102  
      Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, College Park Project, Refunding Series 2016:            
  875   5.000%, 6/01/30 – AGM Insured 6/26 at 100.00   AA   997,299  
  240   5.000%, 6/01/31 – AGM Insured 6/26 at 100.00   AA   272,508  
  2,405   5.000%, 6/01/35 – AGM Insured 6/26 at 100.00   AA   2,686,241  
  780   5.000%, 6/01/43 – AGM Insured 6/26 at 100.00   AA   859,217  
  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   1,510,065  
  27,310   Total Housing/Multifamily         28,683,628  
29

 

NMY Nuveen Maryland Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Housing/Single Family – 5.0% (3.0% of Total Investments)            
$ 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 $ 2,363,130  
  2,365   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   2,456,336  
      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   3,007,050  
  1,165   3.750%, 3/01/39 3/24 at 100.00   Aa2   1,166,049  
  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   1,515,060  
  4,000   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2018A, 4.100%, 9/01/38 (UB) (5) 9/27 at 100.00   Aa2   4,046,760  
  1,470   Montgomery County Housing Opportunities Commission, Maryland, Single Family Mortgage Revenue Bonds, Series 2017A, 3.650%, 7/01/37 7/26 at 100.00   Aa2   1,470,941  
  15,885   Total Housing/Single Family         16,025,326  
      Industrials – 1.8% (1.1% of Total Investments)            
      Maryland Economic Development Corporation Economic Development Revenue Bonds, Transportation Facilities Project, Refunding Series 2017A:            
  1,000   5.000%, 6/01/31 6/28 at 100.00   Baa3   1,122,830  
  1,000   5.000%, 6/01/32 6/28 at 100.00   Baa3   1,115,970  
  3,260   5.000%, 6/01/35 6/28 at 100.00   Baa3   3,596,595  
  5,260   Total Industrials         5,835,395  
      Long-Term Care – 7.6% (4.6% of Total Investments)            
      Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016:            
  2,220   5.000%, 1/01/37 1/26 at 100.00   N/R   2,406,769  
  1,000   3.625%, 1/01/37 1/26 at 100.00   N/R   965,810  
  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   2,128,248  
  3,000   Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Obligated Group Project, Refunding Series 2018A, 5.000%, 1/01/36 1/24 at 104.00   N/R   3,226,350  
  1,290   Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2016, 5.000%, 4/01/46 4/27 at 100.00   N/R   1,280,402  
  1,710   Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2017, 5.000%, 4/01/36 4/27 at 100.00   N/R   1,724,945  
      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   2,320,649  
  4,090   5.000%, 1/01/45 7/26 at 100.00   N/R   4,410,329  
  2,480   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34 1/19 at 100.00   A–   2,482,158  
  1,050   Prince George’s County, Maryland, Revenue Bonds, Collington Episcopal Life Care Community Inc., Series 2017, 5.250%, 4/01/37 4/27 at 100.00   N/R   1,095,958  
  1,000   Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, Refunding Series 2017, 5.000%, 11/01/35 11/24 at 103.00   N/R   1,042,290  
  1,000   Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, Series 2017A-1, 5.000%, 11/01/37 11/24 at 103.00   N/R   1,036,320  
  200   Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B, 5.000%, 11/01/47 11/24 at 103.00   N/R   204,904  
  23,215   Total Long-Term Care         24,325,132  
      Tax Obligation/General – 18.8% (11.4% of Total Investments)            
  1,500   Howard County, Maryland, General Obligation Bonds, Consolidated Public Improvement Project, Refunding Series 2017D, 5.000%, 2/15/23 No Opt. Call   AAA   1,676,400  
30

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/General (continued)            
$ 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 $ 3,500,687  
  4,060   Maryland State, General Obligation Bonds, State & Local Facilities Loan, Third Series 2009C, 5.000%, 11/01/19 No Opt. Call   AAA   4,174,979  
  3,645   Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series 2017A, 5.000%, 3/15/23 No Opt. Call   AAA   4,078,646  
  6,000   Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2014C-2, 5.000%, 8/01/21 No Opt. Call   AAA   6,465,180  
  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   4,310,120  
  1,500   Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2017A, 5.000%, 11/01/22 No Opt. Call   AAA   1,664,760  
  3,450   Montgomery County, Maryland, General Obligation Bonds, Refunding Consolidated Public Improvement Series 2009A, 5.000%, 11/01/19 No Opt. Call   AAA   3,546,738  
  1,405   Montgomery County, Maryland, General Obligation Bonds, Refunding Consolidated Public Improvement Series 2010A, 5.000%, 8/01/19 No Opt. Call   AAA   1,433,788  
  3,510   Montgomery County, Maryland, General Obligation Bonds, Refunding Consolidated Public Improvement Series 2017C, 5.000%, 10/01/21 No Opt. Call   AAA   3,798,733  
  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   1,865,561  
      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   3,179,790  
  3,000   4.000%, 9/01/31 9/24 at 100.00   AAA   3,163,530  
  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   5,838,156  
      Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Second Series 2016:            
  3,000   5.000%, 6/01/27 6/26 at 100.00   AAA   3,529,650  
  2,000   5.000%, 6/01/35 6/26 at 100.00   AAA   2,281,000  
  3,500   Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2017, 5.000%, 6/15/25 No Opt. Call   AAA   4,090,765  
  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   1,892,520  
  75,725   Total Tax Obligation/General         60,491,003  
      Tax Obligation/Limited – 29.7% (18.1% of Total Investments)            
  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+   1,310,448  
  30   Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 9/01/19 – NPFG Insured 2/19 at 100.00   Baa2   30,056  
      Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015:            
  525   5.000%, 6/15/30 6/24 at 100.00   BBB+   571,436  
  425   5.000%, 6/15/33 6/24 at 100.00   BBB+   458,350  
      Baltimore, Maryland, Special Obligation Bonds, East Baltimore Research Park Project, Series 2017A:            
  1,270   4.500%, 9/01/33 9/27 at 100.00   N/R   1,289,190  
  240   5.000%, 9/01/38 9/27 at 100.00   N/R   250,164  
      Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2016:            
  1,895   5.000%, 6/01/36 6/26 at 100.00   N/R   1,919,787  
  250   5.125%, 6/01/43 6/26 at 100.00   N/R   254,118  
31

 

NMY Nuveen Maryland Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
      Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation Bonds, Series 2001A:            
$ 39   5.600%, 7/01/20 – RAAI Insured 2/19 at 100.00   AA $ 39,110  
  450   5.700%, 7/01/29 – RAAI Insured 2/19 at 100.00   AA   459,909  
      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–   5,584,811  
  2,355   5.000%, 7/01/40 7/20 at 100.00   A–   2,433,869  
  2,000   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/34 11/25 at 100.00   A   2,125,100  
      Government of Guam, Business Privilege Tax Bonds, Series 2011A:            
  500   5.000%, 1/01/31 1/22 at 100.00   A   518,945  
  1,000   5.250%, 1/01/36 1/22 at 100.00   A   1,047,440  
      Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:            
  1,000   5.000%, 12/01/23 No Opt. Call   BBB+   1,101,790  
  2,275   5.000%, 12/01/32 12/26 at 100.00   BBB+   2,468,967  
  1,000   5.000%, 12/01/33 12/26 at 100.00   BBB+   1,078,920  
  1,000   5.000%, 12/01/36 12/26 at 100.00   BBB+   1,065,230  
  1,175   5.000%, 12/01/46 12/26 at 100.00   BBB+   1,235,477  
  1,420   Howard County, Maryland, Special Obligation Bonds, Annapolis Junction Town Center Project, Series 2014, 6.100%, 2/15/44 2/24 at 100.00   N/R   1,436,827  
      Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A:            
  1,500   4.125%, 2/15/34, 144A 2/26 at 100.00   N/R   1,465,935  
  1,550   4.375%, 2/15/39, 144A 2/26 at 100.00   N/R   1,524,348  
  850   4.500%, 2/15/47, 144A 2/26 at 100.00   N/R   836,596  
  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   662,168  
      Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2016:            
  2,125   5.000%, 7/01/31 7/25 at 100.00   N/R   2,166,650  
  1,640   5.000%, 7/01/34 7/25 at 100.00   N/R   1,656,400  
  355   Maryland Economic Development Corporation, Special Obligation Bonds, Metro Centre Owings Mills Project, Series 2017, 4.500%, 7/01/44 1/27 at 100.00   N/R   355,227  
      Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2016:            
  4,395   5.000%, 5/01/33 5/26 at 100.00   AA   4,950,045  
  3,650   5.000%, 5/01/35 5/26 at 100.00   AA   4,080,189  
  2,000   Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2018A, 5.000%, 5/01/35 5/28 at 100.00   AA   2,281,700  
  5,100   Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2016, 5.000%, 5/01/46 (UB) (5) 5/26 at 100.00   AA   5,595,261  
  2,000   Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2018A, 5.000%, 5/01/36 (UB) (5) 5/28 at 100.00   AA   2,271,280  
  6,250   Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2018A, 5.000%, 5/01/42 (UB) (5) 5/28 at 100.00   AA   7,001,125  
  2,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/32 No Opt. Call   A–   1,056,600  
  320   Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A 1/26 at 100.00   N/R   308,400  
  4,500   Prince George’s County, Maryland, Certificates of Participation, Series 2018, 5.000%, 10/01/43 (UB) (5) 10/28 at 100.00   AA+   5,031,630  
  5,970   Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series 2005, 5.200%, 7/01/34 2/19 at 100.00   N/R   5,989,522  
  1,300   Prince George’s County, Maryland, Special Obligation Bonds, Westphalia Town Center Project, Series 2018, 5.125%, 7/01/39, 144A 7/28 at 100.00   N/R   1,300,429  
  1,200   Prince George’s County, Maryland, Special Obligation Bonds, Westphalia Town Center Project, Series 2018, 5.250%, 7/01/48, 144A 7/28 at 100.00   N/R   1,182,228  
32

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 2,292   Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series 2005, 5.250%, 7/01/35 7/19 at 100.00   N/R $ 2,294,957  
  1,100   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured No Opt. Call   C   1,215,885  
  2,100   Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured 2/19 at 100.00   AA   2,162,118  
  2,830   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured No Opt. Call   Baa2   844,840  
      Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding Series 2007CC:            
  765   5.500%, 7/01/28 – NPFG Insured No Opt. Call   Baa2   821,526  
  2,300   5.500%, 7/01/30 – AGM Insured No Opt. Call   AA   2,588,650  
  1,500   Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A 9/25 at 100.00   A   1,564,440  
  2,000   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2006, 5.000%, 10/01/27 – FGIC Insured 2/19 at 100.00   Baa2   2,023,040  
  2,240   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/34, 144A – AGM Insured 10/24 at 100.00   AA   2,348,752  
  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   1,057,873  
  2,000   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   2,127,240  
  93,526   Total Tax Obligation/Limited         95,444,998  
      Transportation – 10.1% (6.2% of Total Investments)            
  85   Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A, 5.250%, 7/01/21 – FGIC Insured No Opt. Call   A1   89,032  
  125   Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) 10/23 at 100.00   BBB+   141,272  
      Guam Port Authority, Port Revenue Bonds, Private Activity Series 2018B:            
  510   5.000%, 7/01/32 (Alternative Minimum Tax) 7/28 at 100.00   A   549,755  
  355   5.000%, 7/01/33 (Alternative Minimum Tax) 7/28 at 100.00   A   380,975  
      Maryland Economic Development Corporation, Parking Facilities Revenue Bonds Baltimore City Project, Subordinate Parking Facilities Revenue Bonds, Series 2018C:            
  1,250   4.000%, 6/01/48 6/28 at 100.00   BBB–   1,182,500  
  1,170   4.000%, 6/01/58 6/28 at 100.00   BBB–   1,054,474  
  3,725   Maryland Economic Development Corporation, Parking Facilities Revenue Bonds, Baltimore City Project, Senior Parking Facilities Revenue Bonds, Series 2018A, 5.000%, 6/01/58 6/28 at 100.00   BBB   3,944,328  
      Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D:            
  2,000   5.000%, 9/30/28 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   2,199,340  
  1,270   5.000%, 9/30/31 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   1,376,693  
  2,200   5.000%, 3/31/41 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   2,319,174  
  3,625   5.000%, 3/31/46 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   3,809,041  
  2,200   5.000%, 3/31/51 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   2,304,632  
      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 1/19 at 100.00   N/R   1,303,276  
  1,000   5.000%, 7/01/34 – AMBAC Insured 1/19 at 100.00   N/R   1,002,420  
  425   Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Medical Institutions, Series 1996, 5.500%, 7/01/26 – AMBAC Insured 2/19 at 100.00   N/R   425,723  
      New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:            
  175   5.000%, 8/01/26 (Alternative Minimum Tax) 8/21 at 100.00   BB–   182,324  
  680   5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   702,154  
  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   3,148,500  
33

 

NMY Nuveen Maryland Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Transportation (continued)            
      Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:            
$ 15   5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax) 12/18 at 100.00   Baa1 $ 15,559  
  70   5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax) 12/18 at 100.00   Baa1   72,610  
  1,000   Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Refunding Crossover Series 2017A-2, 5.000%, 7/01/33 7/27 at 100.00   AA–   1,151,020  
      Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2017B:            
  1,500   5.000%, 7/01/29 7/27 at 100.00   AA–   1,756,230  
  2,000   5.000%, 7/01/42 7/27 at 100.00   AA–   2,240,980  
  1,000   Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2018, 5.000%, 7/01/38 (WI/DD, Settling 12/18/18) 7/27 at 100.00   AA–   1,127,940  
  30,680   Total Transportation         32,479,952  
      U.S. Guaranteed – 14.0% (8.5% of Total Investments) (7)            
      Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A:            
  1,000   5.000%, 10/15/29 (Pre-refunded 10/15/21) 10/21 at 100.00   AA   1,082,490  
  1,200   5.000%, 10/15/30 (Pre-refunded 10/15/21) 10/21 at 100.00   AA   1,298,988  
  2,000   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 – FGIC Insured (ETM) No Opt. Call   AA   2,218,620  
  3,120   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, 7/01/28 – FGIC Insured (ETM) No Opt. Call   AA   3,527,004  
  5,895   Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 (Pre-refunded 6/01/20) 6/20 at 100.00   N/R   6,226,358  
  2,445   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Refunding Series 2010, 5.750%, 7/01/38 (Pre-refunded 7/01/20) 7/20 at 100.00   N/R   2,587,592  
  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   1,541,295  
  2,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2010, 5.000%, 7/01/40 (Pre-refunded 7/01/19) 7/19 at 100.00   A   2,544,075  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2010:            
  1,695   6.125%, 1/01/30 (Pre-refunded 1/01/21) 1/21 at 100.00   N/R   1,832,431  
  5,070   6.250%, 1/01/45 (Pre-refunded 1/01/21) 1/21 at 100.00   N/R   5,493,852  
  3,050   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, Series 1997, 5.000%, 7/01/27 – AMBAC Insured (ETM) No Opt. Call   N/R   3,446,286  
  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 (Pre-refunded 5/15/20) 5/20 at 100.00   AA–   4,642,062  
  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+   544,980  
  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+   1,096,190  
  4,155   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2010, 5.125%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   A   4,232,408  
  1,100   Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured (ETM) No Opt. Call   Aaa   1,194,292  
  1,610   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM) No Opt. Call   Baa2   1,642,780  
  42,290   Total U.S. Guaranteed         45,151,703  
      Utilities – 1.7% (1.0% of Total Investments)            
  2,000   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory put 7/01/22) (4) No Opt. Call   N/R   1,940,000  
  1,300   Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured 10/22 at 100.00   AA   1,406,951  
34

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities (continued)            
      Guam Power Authority, Revenue Bonds, Series 2014A:            
$ 600   5.000%, 10/01/39 10/24 at 100.00   AA $ 646,878  
  575   5.000%, 10/01/44 10/24 at 100.00   AA   617,590  
  730   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24 2/19 at 100.00   Caa2   702,625  
  5,205   Total Utilities         5,314,044  
      Water and Sewer – 7.6% (4.6% of Total Investments)            
  2,480   Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B, 5.000%, 7/01/38 1/24 at 100.00   AA   2,733,927  
  2,000   Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2011A, 5.000%, 7/01/41 7/21 at 100.00   AA   2,129,580  
  2,000   Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2017A, 5.000%, 7/01/46 1/27 at 100.00   AA–   2,215,320  
      Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2017A:            
  6,000   5.000%, 7/01/41 (UB) 1/27 at 100.00   AA–   6,672,780  
  2,000   5.000%, 7/01/46 (UB) 1/27 at 100.00   AA–   2,215,320  
  640   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 – FGIC Insured No Opt. Call   AA   677,453  
  2,500   Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A, 5.000%, 7/01/44 1/25 at 100.00   AA–   2,736,475  
  1,300   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/35 7/24 at 100.00   A–   1,357,655  
  1,240   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 7/27 at 100.00   A–   1,302,050  
  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–   2,148,288  
  245   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 7/01/27 7/26 at 100.00   A–   268,963  
  22,435   Total Water and Sewer         24,457,811  
$ 534,866   Total Long-Term Investments (cost $518,768,871)         528,837,962  
      Floating Rate Obligations – (8.6)%         (27,685,000)  
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (61.3)% (8)         (196,992,372)  
      Other Assets Less Liabilities – 5.4%         17,251,335  
      Net Assets Applicable to Common Shares – 100%       $ 321,411,925  

 

(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) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(7) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(8) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 37.3%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
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.

35

 

NMS Nuveen Minnesota Quality Municipal
  Income Fund
  Portfolio of Investments
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 161.1% (98.0% of Total Investments)            
      MUNICIPAL BONDS – 161.1% (98.0% of Total Investments)            
      Consumer Staples – 0.9% (0.5% of Total Investments)            
$ 700   Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds, American Crystal Sugar Company Project, Series 2010, 5.650%, 6/01/27 6/20 at 100.00   BBB+ $ 723,541  
      Education and Civic Organizations – 26.0% (15.8% of Total Investments)            
      City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A:            
  100   4.000%, 7/01/28 7/24 at 102.00   N/R   95,318  
  50   5.000%, 7/01/36 7/24 at 102.00   N/R   49,709  
  830   City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/43 12/20 at 102.00   BBB–   850,260  
  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+   257,405  
  570   Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44 8/22 at 102.00   BB+   595,650  
  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   90,832  
  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+   2,219,074  
  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   1,480,815  
      Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A:            
  300   6.000%, 7/01/33 7/23 at 100.00   BB+   315,120  
  1,425   6.000%, 7/01/43 7/23 at 100.00   BB+   1,477,853  
      Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017:            
  750   5.000%, 5/01/37 5/27 at 100.00   BBB–   793,365  
  2,000   5.000%, 5/01/47 5/27 at 100.00   BBB–   2,092,080  
  1,580   Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017, 4.000%, 3/01/42 3/27 at 100.00   Aa2   1,613,528  
  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   290,848  
  600   Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunding Series 2017, 4.000%, 3/01/48 3/27 at 100.00   Aa3   607,290  
  600   Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 2012-7S, 3.250%, 5/01/36 5/21 at 100.00   Aa3   586,656  
  225   Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Refunding Series 2018A, 5.000%, 10/01/45 10/28 at 100.00   Baa1   242,550  
  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   672,563  
  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–   464,112  
  300   Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck Saint Mary’s School Project, Series 2015, 5.000%, 8/01/22, 144A No Opt. Call   BB+   313,104  
  500   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A, 5.250%, 9/01/32 9/20 at 101.00   BB+   506,050  
36

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Education and Civic Organizations (continued)            
$ 1,100   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.375%, 9/01/31 9/21 at 100.00   BBB– $ 1,185,800  
      Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Series 2015A:            
  360   5.300%, 7/01/45 7/25 at 100.00   BB   362,167  
  510   5.375%, 7/01/50 7/25 at 100.00   BB   512,922  
  1,680   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44 7/23 at 100.00   BB+   1,618,898  
  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   BB+   350,840  
  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   882,130  
  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–   823,000  
  21,255   Total Education and Civic Organizations         21,349,939  
      Health Care – 27.7% (16.9% of Total Investments)            
  250   Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016, 4.000%, 3/01/32 3/26 at 100.00   N/R   250,583  
  180   City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017, 5.000%, 4/01/41 4/27 at 100.00   BBB   191,106  
      Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A:            
  2,000   5.000%, 2/15/48 2/28 at 100.00   A–   2,135,060  
  1,000   5.000%, 2/15/53 2/28 at 100.00   A–   1,059,670  
      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   408,496  
  230   4.000%, 4/01/31 4/22 at 100.00   BBB   233,238  
  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   503,820  
      Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017:            
  200   5.000%, 5/01/31 5/27 at 100.00   Baa1   224,002  
  165   5.000%, 5/01/32 5/27 at 100.00   Baa1   184,015  
      Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A:            
  265   4.000%, 11/15/40 11/25 at 100.00   A+   264,375  
  1,000   5.000%, 11/15/44 11/25 at 100.00   A+   1,076,380  
      Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A:            
  3,670   4.000%, 11/15/48 11/28 at 100.00   A+   3,594,618  
  1,500   5.000%, 11/15/49 11/28 at 100.00   A+   1,624,875  
  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   691,469  
      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   243,190  
  190   4.750%, 12/01/27 12/20 at 100.00   N/R   192,962  
  160   5.000%, 12/01/28 12/20 at 100.00   N/R   162,502  
  310   5.400%, 12/01/33 12/20 at 100.00   N/R   315,177  
  915   Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 4.000%, 11/15/48 5/28 at 100.00   AA   922,887  
37

 

NMS Nuveen Minnesota Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
$ 30   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 5/20 at 100.00   AA– $ 31,236  
  635   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 4.000%, 5/01/37 5/26 at 100.00   AA–   653,434  
  4,000   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 7/25 at 100.00   A+   4,076,120  
  800   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–   827,912  
      Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A:            
  245   4.000%, 11/15/36 11/27 at 100.00   A+   247,109  
  240   4.000%, 11/15/37 11/27 at 100.00   A+   241,284  
  1,000   Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 2/19 at 100.00   N/R   1,001,350  
      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   780,484  
  630   5.000%, 9/01/34 9/24 at 100.00   A   674,321  
  22,230   Total Health Care         22,811,675  
      Housing/Multifamily – 4.7% (2.9% 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   1,739,933  
      Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011:            
  355   5.050%, 8/01/31 8/21 at 100.00   AA+   370,858  
  1,700   5.450%, 8/01/41 8/21 at 100.00   AA+   1,770,635  
  3,755   Total Housing/Multifamily         3,881,426  
      Housing/Single Family – 1.7% (1.0% of Total Investments)            
  29   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) 1/19 at 100.00   AA+   29,385  
  130   Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.700%, 1/01/31 7/21 at 100.00   Aaa   133,319  
  425   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2009E, 5.100%, 1/01/40 7/19 at 100.00   AA+   428,073  
  55   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 3.900%, 7/01/43 1/23 at 100.00   AA+   55,122  
  45   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.500%, 1/01/32 7/24 at 100.00   AA+   45,431  
  160   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 7/25 at 100.00   AA+   160,845  
  390   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 3.200%, 7/01/30 (Alternative Minimum Tax) 1/27 at 100.00   AA+   372,481  
  210   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2018A, 3.625%, 7/01/32 (Alternative Minimum Tax) 7/27 at 100.00   AA+   207,224  
  1,444   Total Housing/Single Family         1,431,880  
      Industrials – 2.5% (1.5% of Total Investments)            
      Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1:            
  1,400   4.500%, 6/01/33 6/21 at 100.00   A+   1,452,976  
  600   4.750%, 6/01/39 6/21 at 100.00   A+   626,130  
  2,000   Total Industrials         2,079,106  
38

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Long-Term Care – 13.9% (8.5% 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 $ 812,511  
  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   Baa1   354,418  
  500   Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 5.000%, 11/01/41 11/19 at 100.00   Baa1   507,485  
  875   Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2013, 5.200%, 3/01/43 3/20 at 100.00   N/R   854,893  
      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   178,136  
  850   5.250%, 1/01/46 1/23 at 100.00   N/R   863,659  
  500   Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A 8/22 at 100.00   N/R   490,495  
  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   1,321,691  
  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   763,530  
  500   Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc. Project, Refunding Series 2017A, 5.000%, 8/01/48 8/25 at 100.00   N/R   503,060  
  1,300   Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 4.900%, 6/01/49 6/26 at 100.00   N/R   1,317,069  
  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   484,840  
  1,119   Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 4/19 at 100.00   N/R   1,119,047  
  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 11/20 at 100.00   N/R   97,975  
      Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017:            
  500   4.125%, 9/01/34 9/24 at 100.00   N/R   508,805  
  350   4.125%, 9/01/35 9/24 at 100.00   N/R   355,803  
  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   589,358  
  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   339,184  
  11,469   Total Long-Term Care         11,461,959  
      Materials – 2.9% (1.8% 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, 144A (Alternative Minimum Tax) 10/22 at 100.00   BBB–   2,393,374  
      Tax Obligation/General – 30.7% (18.7% of Total Investments)            
  1,000   Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40 2/27 at 100.00   AAA   1,032,020  
      Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018D:            
  1,015   4.000%, 2/01/38 (WI/DD, Settling 12/06/18) 2/27 at 100.00   AAA   1,035,046  
  1,055   4.000%, 2/01/39 (WI/DD, Settling 12/06/18) 2/27 at 100.00   AAA   1,072,207  
      Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, School Building Series 2018A:            
  500   4.000%, 2/01/38 2/27 at 100.00   AAA   509,880  
  1,000   4.000%, 2/01/42 2/27 at 100.00   AAA   1,011,290  
39

 

NMS Nuveen Minnesota Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/General (continued)            
$ 1,020   Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, Series 2018A, 4.000%, 2/01/43 2/27 at 100.00   Aa2 $ 1,029,649  
      Buffalo, Minnesota, Water and Sewer Revenue Bonds, Series 2009B:            
  1,800   0.000%, 10/01/21 4/19 at 89.45   AAA   1,600,200  
  1,800   0.000%, 10/01/22 4/19 at 85.14   AAA   1,522,854  
  1,800   0.000%, 10/01/23 4/19 at 80.85   AAA   1,445,904  
  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   AAA   159,477  
  1,000   Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 2/25 at 100.00   Aa2   1,021,380  
  30   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   27,629  
      Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School Building Series 2015A:            
  940   0.000%, 2/01/37 No Opt. Call   Aa2   438,924  
  1,075   0.000%, 2/01/38 No Opt. Call   Aa2   477,343  
  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   1,520,880  
  2,000   Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 2/27 at 100.00   AAA   2,043,700  
  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   AAA   1,577,235  
  1,345   Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 2018, 4.000%, 12/01/40 12/26 at 100.00   AAA   1,377,630  
  1,000   Richfield Independent School District 280, Hennepin County, Minnesota, General Obligation Bonds, School Buildings Series 2018A, 4.000%, 2/01/40 2/27 at 100.00   AAA   1,024,890  
  1,000   Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, Series 1994, 4.000%, 2/01/37 2/27 at 100.00   Aa2   1,031,430  
  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   333,785  
  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   AAA   1,026,650  
  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   443,390  
  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   1,985,267  
  500   West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39 2/27 at 100.00   AAA   512,760  
  27,500   Total Tax Obligation/General         25,261,420  
      Tax Obligation/Limited – 13.9% (8.4% 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+   1,004,460  
  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   1,122,128  
  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   125,672  
  500   Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015, 5.000%, 3/01/29 3/24 at 100.00   N/R   508,370  
  200   Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2017A, 4.000%, 8/01/35 8/27 at 100.00   AA+   209,612  
  500   Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2018D, 4.000%, 8/01/39 8/28 at 100.00   AA+   505,580  
40

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 2,230   Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.000%, 8/01/31 8/21 at 100.00   AA+ $ 2,386,479  
  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   A2   987,600  
  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   A2   757,440  
      Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of Participation, Saint Cloud Area Public Schools, Series 2017A:            
  145   5.000%, 2/01/32 2/25 at 100.00   A1   161,647  
  500   4.000%, 2/01/38 2/25 at 100.00   A1   500,615  
      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   451,110  
  895   5.250%, 4/01/43 4/23 at 100.00   N/R   861,133  
      Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012:            
  500   5.000%, 9/01/26 3/20 at 102.00   N/R   516,135  
  500   5.000%, 3/01/29 3/20 at 102.00   N/R   512,585  
  800   Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33 11/24 at 100.00   A+   805,520  
  11,700   Total Tax Obligation/Limited         11,416,086  
      Transportation – 2.4% (1.5% of Total Investments)            
  1,600   Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C, 5.000%, 1/01/46 1/27 at 100.00   AA–   1,781,984  
  200   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+   202,876  
  1,800   Total Transportation         1,984,860  
      U.S. Guaranteed – 12.1% (7.3% of Total Investments) (4)            
  390   Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43 (Pre-refunded 6/01/20) 6/20 at 102.00   BBB–   414,621  
  2,000   Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A, 5.000%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   A2   2,050,120  
  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   Aaa   490,219  
  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   2,263,243  
  825   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29 (Pre-refunded 11/15/19) 11/19 at 100.00   N/R   850,575  
  580   St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, 5.000%, 11/15/44 (Pre-refunded 11/15/25) 11/25 at 100.00   N/R   673,948  
  2,000   University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 (Pre-refunded 12/01/20) 12/20 at 100.00   Aa1   2,128,720  
  1,000   West Saint Paul, Minnesota, Health Care Facilities Revenue Bonds, Walker Thompson Hill LLC Project, Series 2011A, 7.000%, 9/01/46 (Pre-refunded 9/01/19) 9/19 at 100.00   N/R   1,036,130  
  9,480   Total U.S. Guaranteed         9,907,576  
      Utilities – 21.2% (12.9% of Total Investments)            
  500   Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 4.000%, 10/01/33 10/24 at 100.00   A1   514,010  
  965   Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/35 10/26 at 100.00   A1   1,085,538  
  1,200   Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47 12/26 at 100.00   Aa3   1,329,720  
41

 

NMS Nuveen Minnesota Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities (continued)            
$ 500   Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 4.000%, 10/01/42 10/27 at 100.00   A– $ 506,750  
      Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A:            
  4,000   0.000%, 1/01/19 – NPFG Insured No Opt. Call   A+   3,994,320  
  1,100   0.000%, 1/01/23 – NPFG Insured No Opt. Call   A+   993,685  
  3,070   0.000%, 1/01/24 – NPFG Insured No Opt. Call   A+   2,687,386  
  100   0.000%, 1/01/26 – NPFG Insured No Opt. Call   A+   81,627  
  3,500   Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2018A, 5.000%, 1/01/49 7/28 at 100.00   Aa3   3,941,700  
      Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A:            
  1,000   4.000%, 1/01/40 1/24 at 100.00   Aa3   1,011,810  
  1,200   5.000%, 1/01/46 1/24 at 100.00   Aa3   1,306,392  
  17,135   Total Utilities         17,452,938  
      Water and Sewer – 0.5% (0.3% of Total Investments)            
  415   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 7/27 at 100.00   A–   435,767  
  133,533   Total Long-Term Investments (cost $130,612,264)         132,591,547  
                   
      SHORT-TERM INVESTMENTS – 3.3% (2.0% of Total Investments)            
      MUNICIPAL BONDS – 3.3% (2.0% of Total Investments)            
      Health Care – 3.3% (2.0% of Total Investments)            
  2,700   Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Variable Rate Demand Obligation, Series 2008A, 1.660%, 11/15/38 (5) 1/19 at 100.00   A-1+   2,700,000  
$ 2,700   Total Short-Term Investments (cost $2,700,000)         2,700,000  
      Total Investments (cost $133,312,264) – 164.4%         135,291,547  
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (64.2)% (6)         (52,786,232)  
      Other Assets Less Liabilities – (0.2)%         (225,568)  
      Net Assets Applicable to Common Shares – 100%       $ 82,279,747  

 

(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.
(5) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(6) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 39.0%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

 

See accompanying notes to financial statements.

42

 

NOM Nuveen Missouri Quality Municipal
  Income Fund
  Portfolio of Investments
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 153.7% (98.3% of Total Investments)            
      MUNICIPAL BONDS – 153.7% (98.3% of Total Investments)            
      Consumer Staples – 4.0% (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– $ 1,227,651  
      Education and Civic Organizations – 20.4% (13.0% 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+   313,662  
  250   Lincoln University, Missouri, Auxiliary System Revenue Bonds, Series 2007, 5.125%, 6/01/37 – AGC Insured 2/19 at 100.00   AA   253,247  
  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   447,933  
  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+   794,407  
  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–   620,838  
  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+   795,854  
  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–   675,385  
  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–   552,182  
  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–   1,015,030  
  550   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37 11/21 at 100.00   AA+   590,480  
  125   Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Refunding Series 2017, 4.000%, 4/01/34 4/27 at 100.00   A2   127,391  
  100   Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, Missouri Valley College, Series 2017, 4.500%, 10/01/40 10/23 at 100.00   N/R   94,285  
  5,950   Total Education and Civic Organizations         6,280,694  
      Health Care – 38.1% (24.4% of Total Investments)            
  300   Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016, 5.000%, 8/01/30 8/26 at 100.00   A–   313,581  
  400   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 3/27 at 100.00   BBB–   426,296  
  170   Clinton County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Cameron Regional Medical Center, Inc., Series 2017B, 4.400%, 12/01/34 12/25 at 100.00   N/R   164,257  
  250   Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Healthcare System, Series 2017, 5.000%, 10/01/47 10/27 at 100.00   BBB+   268,038  
  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   210,692  
  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   335,516  
  500   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45 1/25 at 100.00   AA   503,400  
  750   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2018D, 4.000%, 1/01/58 (UB) (4) 1/28 at 100.00   AA   754,763  
43

 

NOM Nuveen Missouri Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
$ 500   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50 (Mandatory put 1/01/46) 7/26 at 100.00   AA $ 503,240  
  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   Baa2   563,544  
  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   1,832,312  
  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   457,857  
  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   AA–   355,422  
  290   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2012, 4.000%, 11/15/42 11/22 at 100.00   AA–   291,154  
  550   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F, 4.250%, 11/15/48 11/24 at 100.00   AA–   560,125  
  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+   536,245  
  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+   2,090,340  
  350   Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy Hospital, Series 2017A, 4.000%, 5/15/48 5/25 at 102.00   A+   348,785  
  500   Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 5.000%, 11/15/46 11/25 at 100.00   N/R   501,635  
  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   BB+   746,129  
  11,315   Total Health Care         11,763,331  
      Housing/Single Family – 0.6% (0.4% of Total Investments)            
  200   Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37 11/26 at 100.00   AA+   200,946  
      Long-Term Care – 11.4% (7.3% 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   179,037  
  250   Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Series 2013, 4.500%, 5/01/28 2/19 at 100.00   N/R   243,258  
  100   Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37 5/27 at 100.00   N/R   104,078  
  250   Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2014A, 5.250%, 8/15/39 8/24 at 100.00   BB+   253,417  
  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   261,067  
      Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A:            
  385   5.000%, 2/01/35 2/24 at 100.00   BBB   396,608  
  500   5.000%, 2/01/44 2/24 at 100.00   BBB   509,520  
  250   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/46 2/26 at 100.00   N/R   256,025  
      St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012:            
  250   5.000%, 9/01/32 9/22 at 100.00   BB+   253,900  
  500   5.000%, 9/01/42 9/22 at 100.00   BB+   501,315  
44

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Long-Term Care (continued)            
$ 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   BB+ $ 459,120  
  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   102,567  
  3,455   Total Long-Term Care         3,519,912  
      Tax Obligation/General – 18.8% (12.0% of Total Investments)            
      Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2018:            
  1,000   4.000%, 3/01/34 3/26 at 100.00   AA   1,046,300  
  335   4.000%, 3/01/36 3/26 at 100.00   AA   347,077  
  340   Clay County Reorganized School District R-II Smithville, Missouri, General Obligation Bonds, Refunding Series 2015, 4.000%, 3/01/36 3/27 at 100.00   AA+   351,750  
  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+   526,005  
  200   Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018, 5.000%, 3/01/36 3/27 at 100.00   AA+   226,154  
  1,340   Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27 3/20 at 100.00   AA+   1,386,337  
  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–   528,750  
  1,000   Joplin Schools, Missouri, General Obligation Bonds, Refunding, Direct Deposit Program Series 2017, 4.000%, 3/01/32 3/27 at 100.00   AA+   1,060,360  
  300   Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A, 4.000%, 2/01/35 2/28 at 100.00   AA   313,068  
  5,515   Total Tax Obligation/General         5,785,801  
      Tax Obligation/Limited – 20.3% (13.0% 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+   995,385  
  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   342,720  
  145   Clay, Jackson & Platte Counties Consolidated Public Library District 3, Missouri, Certificates of Participation, Mid-Continent Public Library Project, Series 2018, 4.000%, 3/01/35 3/26 at 100.00   Aa3   148,522  
  250   Conley Road Transportation District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 5.125%, 5/01/41 5/25 at 100.00   N/R   249,493  
  315   Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28 2/19 at 100.00   N/R   214,200  
  430   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 1/22 at 100.00   A   440,741  
      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+   179,712  
  115   5.000%, 3/01/38 3/23 at 100.00   BB+   114,009  
  485   Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, Series 2011B, 4.350%, 12/01/23 12/21 at 100.00   Aa3   512,131  
  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–   319,983  
  150   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, 144A No Opt. Call   N/R   151,593  
  325   Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 2014C, 5.000%, 9/01/33 9/23 at 100.00   AA–   356,645  
45

 

NOM Nuveen Missouri Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
      Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B:            
$ 100   5.000%, 2/01/40, 144A 2/28 at 100.00   N/R $ 101,502  
  100   5.000%, 2/01/50, 144A 2/28 at 100.00   N/R   99,675  
  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   247,830  
  385   Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Project, Series 2006, 5.000%, 5/01/23 2/19 at 100.00   N/R   377,681  
  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   136,315  
  530   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured No Opt. Call   Baa2   158,221  
  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, 144A 7/24 at 100.00   N/R   240,793  
  600   Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, Series 2015, 4.000%, 4/01/35 4/25 at 100.00   Aa2   616,212  
  50   The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47 11/26 at 100.00   N/R   50,361  
  215   Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 4.500%, 6/01/36 6/26 at 100.00   BBB   218,141  
  6,570   Total Tax Obligation/Limited         6,271,865  
      Transportation – 2.4% (1.5% 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   375,642  
      Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Series 2017D:            
  220   5.000%, 7/01/34 – AGM Insured (Alternative Minimum Tax) 7/27 at 100.00   AA   245,254  
  100   5.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax) 7/27 at 100.00   AA   111,095  
  655   Total Transportation         731,991  
      U.S. Guaranteed – 15.2% (9.7% of Total Investments) (5)            
  500   Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012, 4.375%, 3/01/32 (Pre-refunded 3/01/22) 3/22 at 100.00   A+   535,940  
  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   N/R   534,949  
  345   Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27 (Pre-refunded 3/01/20) 3/20 at 100.00   N/R   356,844  
  600   Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/36 (Pre-refunded 4/01/21) 4/21 at 100.00   A2   639,690  
      Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:            
  400   5.000%, 1/01/32 (Pre-refunded 1/01/21) 1/21 at 100.00   A2   423,760  
  425   5.000%, 1/01/37 (Pre-refunded 1/01/21) 1/21 at 100.00   A2   450,245  
  1,035   Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM) 2/19 at 100.00   N/R   1,100,702  
  100   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) 9/22 at 100.00   N/R   109,925  
  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+   526,790  
  4,430   Total U.S. Guaranteed         4,678,845  
46

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities – 4.7% (3.0% 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 $ 387,114  
  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   516,905  
  500   Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2018, 5.000%, 12/01/43 6/27 at 100.00   A2   552,125  
  1,350   Total Utilities         1,456,144  
      Water and Sewer – 17.8% (11.4% of Total Investments)            
  250   Camden County Public Water Supply District 4, Missouri, Certificates of Participation, Series 2017, 5.000%, 1/01/47 1/25 at 100.00   A–   263,772  
  475   Franklin County Public Water Supply District 3, Missouri, Certificates of Participation, Series 2017, 4.000%, 12/01/37 12/24 at 100.00   A+   481,584  
  160   Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, 4.000%, 1/01/35 1/28 at 100.00   AA   166,970  
  125   Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Refunding & Improvement Series 2016C, 5.000%, 5/01/46 5/26 at 100.00   AAA   139,174  
  450   Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Refunding & Improvement Series 2017A, 5.000%, 5/01/47 5/27 at 100.00   AAA   505,161  
  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   2,167,200  
  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   551,270  
  585   Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refunding Series 2016C, 5.000%, 12/01/32 12/25 at 100.00   AA+   663,402  
  550   Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2018, 4.000%, 12/01/39 12/25 at 100.00   AA+   555,704  
  5,095   Total Water and Sewer         5,494,237  
$ 45,590   Total Long-Term Investments (cost $46,008,985)         47,411,417  
47

 

NOM Nuveen Missouri Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 2.6% (1.7% of Total Investments)            
      MUNICIPAL BONDS – 2.6% (1.7% of Total Investments)            
      Education and Civic Organizations – 2.6% (1.7% of Total Investments)            
$ 800   Missouri Health and Educational Facilities Authority, Revenue Bonds, St. Louis University, Variable Rate Demand Obligation, Series 2008B-2, 1.660%, 10/01/35 (6) 1/19 at 100.00   A-1 $ 800,000  
$ 800   Total Short-Term Investments (cost $800,000)         800,000  
      Total Investments (cost $46,808,985) – 156.3%         48,211,417  
      Floating Rate Obligations – (1.9)%         (600,000)  
      MuniFund Preferred Shares, net of deferred offering costs – (57.6)% (7)         (17,767,067)  
      Other Assets Less Liabilities – 3.2%         1,002,503  
      Net Assets Applicable to Common Shares – 100%       $ 30,846,853  

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(7) MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 36.9%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
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.

 

See accompanying notes to financial statements.

48

 

NNC Nuveen North Carolina Quality Municipal
  Income Fund
  Portfolio of Investments
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 167.7% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 167.7% (100.0% of Total Investments)            
      Education and Civic Organizations – 26.1% (15.5% of Total Investments)            
      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   A3 $ 3,148,771  
  1,000   5.125%, 4/01/43 4/22 at 100.00   A3   1,061,840  
  2,500   Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 3/28 at 100.00   AA   2,518,275  
  5,000   East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41 10/23 at 100.00   Aa2   5,471,750  
  2,310   East Carolina University, North Carolina, General Revenue Bonds, Series 2016A, 5.000%, 10/01/29 4/26 at 100.00   Aa2   2,662,968  
  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   1,570,620  
      North Carolina Capital Facilities Finance Agency, Revenue Bonds, Davidson College, Series 2014:            
  500   5.000%, 3/01/26 3/22 at 100.00   AA+   543,720  
  250   5.000%, 3/01/28 3/22 at 100.00   AA+   271,043  
  500   5.000%, 3/01/29 3/22 at 100.00   AA+   541,430  
  500   5.000%, 3/01/32 3/22 at 100.00   AA+   540,295  
  1,230   5.000%, 3/01/45 3/22 at 100.00   AA+   1,318,781  
  3,900   North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Refunding Series 2016B, 5.000%, 7/01/42 10/26 at 100.00   AA+   4,378,452  
  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+   1,781,839  
      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   A–   1,694,191  
  1,000   5.000%, 4/01/33 4/23 at 100.00   A–   1,084,320  
  5,000   North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Refunding Series 2016, 4.000%, 1/01/37 7/26 at 100.00   AA   5,205,700  
  2,500   North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Refunding Series 2018, 5.000%, 1/01/48 1/28 at 100.00   AA   2,809,450  
  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   4,598,064  
  2,020   North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/23 at 100.00   Aa1   2,224,141  
  290   University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/22 – AMBAC Insured 2/19 at 100.00   A   290,725  
  800   University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2015, 5.000%, 4/01/45 4/25 at 100.00   Aa3   891,104  
  170   University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/31 10/27 at 100.00   Aa3   196,474  
      University of North Carolina, Charlotte, General Revenue Bonds, Series 2014:            
  2,070   5.000%, 4/01/32 4/24 at 100.00   Aa3   2,323,182  
  1,175   5.000%, 4/01/33 4/24 at 100.00   Aa3   1,316,846  
  1,385   5.000%, 4/01/35 4/24 at 100.00   Aa3   1,546,352  
  2,235   University of North Carolina, Charlotte, General Revenue Bonds, Series 2017, 5.000%, 10/01/42 10/27 at 100.00   Aa3   2,496,942  
  1,415   University of North Carolina, Greensboro, General Revenue Bonds, Refunding Series 2017, 5.000%, 4/01/31 4/28 at 100.00   Aa3   1,655,451  
49

 

NNC Nuveen North Carolina Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Education and Civic Organizations (continued)            
      University of North Carolina, Greensboro, General Revenue Bonds, Series 2014:            
$ 1,000   5.000%, 4/01/32 4/24 at 100.00   Aa3 $ 1,120,190  
  3,065   5.000%, 4/01/39 4/24 at 100.00   Aa3   3,405,981  
  1,250   Western Carolina University, North Carolina, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/45 10/25 at 100.00   Aa3   1,385,300  
  55,120   Total Education and Civic Organizations         60,054,197  
      Health Care – 23.6% (14.1% of Total Investments)            
  2,000   Charlotte-Mecklenberg 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–   2,114,640  
  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–   5,624,482  
  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   BBB   4,494,717  
  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+   558,350  
  2,700   New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2017, 5.000%, 10/01/47 10/27 at 100.00   A+   2,951,451  
      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–   5,004,505  
  5,000   5.000%, 11/01/43 11/20 at 100.00   AA–   5,218,950  
  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   2,813,167  
  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 10/22 at 100.00   A–   2,552,816  
  1,250   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Refunding Series 2016D, 5.000%, 6/01/29 6/26 at 100.00   AA   1,440,188  
  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   2,152,700  
  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–   2,152,240  
  3,515   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 6/22 at 100.00   A+   3,747,095  
  3,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Series 2012A, 5.000%, 12/01/45 12/22 at 100.00   A   3,243,240  
  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+   2,190,720  
  500   North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined Group, Refunding Series 2017, 5.000%, 10/01/36 10/27 at 100.00   AA–   506,755  
  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   3,143,568  
  4,000   The Charlotte-Mecklenburg Hospital Authority, North Carolina, Doing Business as Atrium Health, Health Care Refunding Revenue Bonds, Series 2018A, 5.000%, 1/15/36 1/29 at 100.00   AA–   4,530,120  
  50,815   Total Health Care         54,439,704  
      Housing/Multifamily – 1.2% (0.7% of Total Investments)            
      Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock Apartments, Series 2003:            
  430   5.150%, 1/01/22 (Alternative Minimum Tax) 7/19 at 100.00   N/R   430,499  
  2,260   5.375%, 1/01/36 (Alternative Minimum Tax) 7/19 at 100.00   N/R   2,261,424  
  2,690   Total Housing/Multifamily         2,691,923  
50

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Housing/Single Family – 0.7% (0.4% of Total Investments)            
$ 1,505   North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 4.500%, 1/01/28 1/21 at 100.00   AA $ 1,536,048  
      Long-Term Care – 1.5% (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   2,929,706  
  450   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Refunding Series 2013A, 5.000%, 10/01/33 10/23 at 100.00   N/R   469,143  
  3,140   Total Long-Term Care         3,398,849  
      Tax Obligation/General – 7.2% (4.3% of Total Investments)            
  4,000   Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building Series 2018A, 4.000%, 6/15/37 6/28 at 100.00   A+   4,011,120  
  835   Durham, North Carolina, General Obligation Bonds, Refunding Series 2015, 5.000%, 10/01/26 No Opt. Call   AAA   992,949  
  3,500   Evanston, Illinois, General Obligation Bonds, Corporate Purpose Series 2016A, 4.000%, 12/01/43 6/28 at 100.00   AA+   3,506,510  
  1,050   Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 5.000%, 4/01/30 4/20 at 100.00   AA+   1,089,974  
  1,000   Raleigh, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 9/01/26 No Opt. Call   AAA   1,186,540  
  5,750   West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 4.000%, 6/01/42 6/28 at 100.00   Aa2   5,816,930  
  16,135   Total Tax Obligation/General         16,604,023  
      Tax Obligation/Limited – 27.1% (16.2% of Total Investments)            
      Buncombe County, North Carolina, Limited Obligation Bonds, Refunding Series 2014A:            
  1,085   5.000%, 6/01/33 6/24 at 100.00   AA+   1,213,334  
  1,600   5.000%, 6/01/34 6/24 at 100.00   AA+   1,784,928  
      Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A:            
  1,000   5.000%, 6/01/30 6/24 at 100.00   AA   1,104,300  
  730   5.000%, 6/01/31 6/24 at 100.00   AA   804,190  
  2,405   Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Refunding Series 2008A, 5.000%, 6/01/33 2/19 at 100.00   AA+   2,410,459  
  2,045   Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/39 12/24 at 100.00   AAA   2,295,185  
  5,810   Collier County, Florida, Tourist Development Tax Revenue Bonds, Series 2018, 4.000%, 10/01/43 10/28 at 100.00   AA+   5,806,514  
  2,085   Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B, 5.000%, 6/01/28 6/22 at 100.00   AA   2,259,702  
  2,000   Greensboro, North Carolina, Limited Obligation Bonds, Coliseum Complex Project, Series 2018A, 5.000%, 4/01/42 4/28 at 100.00   AA+   2,248,700  
  500   Henderson County, North Carolina, Limited Obligation Bonds, Series 2015, 5.000%, 10/01/31 10/25 at 100.00   AA   564,905  
  692   Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24 2/23 at 100.00   N/R   705,487  
  980   Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Refunding Series 2017, 5.000%, 4/01/29 4/28 at 100.00   Aa3   1,150,559  
  7,000   Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, 4.000%, 7/01/48 7/28 at 100.00   AA   7,031,640  
  5,000   North Carolina State, Limited Obligation Bonds, Refunding Series 2014C, 5.000%, 5/01/25 North Carolina State, Limited Obligation Bonds, Series 2017B: 5/24 at 100.00   AA+   5,699,150  
  2,000   5.000%, 5/01/29 (UB) (4) 5/27 at 100.00   AA+   2,348,840  
  4,000   5.000%, 5/01/30 (UB) (4) 5/27 at 100.00   AA+   4,674,720  
  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+   8,587,531  
51

NNC Nuveen North Carolina Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
      Orange County Public Facilities Company, North Carolina, Limited Obligation Bonds, Refunding Series 2017:            
$ 200   5.000%, 10/01/27 No Opt. Call   AA+ $ 238,670  
  150   5.000%, 10/01/28 10/27 at 100.00   AA+   177,960  
  400   5.000%, 10/01/30 10/27 at 100.00   AA+   469,740  
  1,000   Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33 10/23 at 100.00   AA+   1,109,090  
      Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A:            
  1,195   5.000%, 10/01/25 10/24 at 100.00   AA+   1,369,924  
  1,305   5.000%, 10/01/26 10/24 at 100.00   AA+   1,494,486  
  650   Rocky Mount, North Carolina, Special Obligation Bonds, Series 2016, 5.000%, 5/01/30 5/26 at 100.00   AA+   737,614  
      Sampson County, North Carolina, Limited Obligation Bonds, Refunding Series 2017:            
  300   5.000%, 9/01/32 9/27 at 100.00   A1   342,846  
  1,250   4.000%, 9/01/35 9/27 at 100.00   A1   1,294,763  
  1,265   4.000%, 9/01/36 9/27 at 100.00   A1   1,294,968  
  1,000   4.000%, 9/01/37 9/27 at 100.00   A1   1,017,690  
  2,325   Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018, 4.000%, 7/01/58 7/28 at 100.00   A1   2,203,821  
  58,037   Total Tax Obligation/Limited         62,441,716  
      Transportation – 26.0% (15.5% 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   AA–   5,211,850  
  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   AA–   10,480  
  1,425   Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2011A, 5.000%, 7/01/41 7/21 at 100.00   AA–   1,513,378  
      Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2014A:            
  2,865   5.000%, 7/01/27 7/24 at 100.00   AA–   3,211,522  
  3,000   5.000%, 7/01/28 7/24 at 100.00   AA–   3,352,950  
  1,400   Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2011B, 5.000%, 7/01/36 (Alternative Minimum Tax) 7/21 at 100.00   AA–   1,477,868  
      Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2017A:            
  1,365   5.000%, 7/01/42 (UB) (4) 7/27 at 100.00   Aa3   1,531,230  
  5,390   5.000%, 7/01/47 (UB) (4) 7/27 at 100.00   Aa3   6,023,163  
  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–   10,460,800  
  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   2,801,109  
  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   528,936  
      North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C:            
  835   0.000%, 7/01/28 7/26 at 91.99   BBB–   563,124  
  800   0.000%, 7/01/30 7/26 at 83.69   BBB–   483,656  
  850   0.000%, 7/01/31 7/26 at 79.58   BBB–   486,472  
  2,400   0.000%, 7/01/33 7/26 at 71.99   BBB–   1,231,560  
  3,160   0.000%, 7/01/36 7/26 at 61.63   BBB–   1,375,769  
  3,100   0.000%, 7/01/37 7/26 at 58.52   BBB–   1,279,835  
  1,900   0.000%, 7/01/40 7/26 at 50.36   BBB–   670,035  
  400   North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/47 7/26 at 100.00   BBB–   425,368  
52

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Transportation (continued)            
$ 2,200   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017, 5.000%, 1/01/39 – AGM Insured 1/27 at 100.00   AA $ 2,423,828  
      North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B:            
  150   0.000%, 1/01/31 – AGC Insured No Opt. Call   AA   96,461  
  4,375   0.000%, 1/01/33 – AGC Insured No Opt. Call   AA   2,554,344  
  2,300   0.000%, 1/01/34 – AGC Insured No Opt. Call   AA   1,275,396  
  2,380   0.000%, 1/01/35 – AGC Insured No Opt. Call   AA   1,255,188  
  7,575   0.000%, 1/01/37 – AGC Insured No Opt. Call   AA   3,618,123  
  1,470   0.000%, 1/01/38 – AGC Insured No Opt. Call   AA   667,747  
      Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2010A:            
  1,000   5.000%, 5/01/26 5/20 at 100.00   Aa3   1,039,890  
  4,125   5.000%, 5/01/36 5/20 at 100.00   Aa3   4,277,295  
  72,715   Total Transportation         59,847,377  
      U.S. Guaranteed – 27.0% (16.1% of Total Investments) (5)            
  2,135   Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Refunding Series 2011, 5.000%, 8/01/31 (Pre-refunded 8/01/21) 8/21 at 100.00   AA+   2,297,089  
  2,750   Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/39 (Pre-refunded 1/15/19) 1/19 at 100.00   AA–   2,760,643  
      Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011:            
  3,860   5.000%, 2/01/36 (Pre-refunded 2/01/21) 2/21 at 100.00   AA   4,106,693  
  1,250   5.000%, 2/01/41 (Pre-refunded 2/01/21) 2/21 at 100.00   AA   1,329,887  
  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   9,226,252  
      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   1,015,340  
  500   5.000%, 6/01/29 (Pre-refunded 6/01/19) – AGC Insured 6/19 at 100.00   AA   507,670  
      Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Series 2012:            
  1,065   5.000%, 4/01/29 (Pre-refunded 4/01/22) 4/22 at 100.00   Aa3   1,165,099  
  1,165   5.000%, 4/01/30 (Pre-refunded 4/01/22) 4/22 at 100.00   Aa3   1,274,498  
  1,000   5.000%, 4/01/31 (Pre-refunded 4/01/22) 4/22 at 100.00   Aa3   1,093,990  
  200   5.000%, 4/01/32 (Pre-refunded 4/01/22) 4/22 at 100.00   Aa3   218,798  
  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+   402,072  
  555   New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2006B, 5.125%, 10/01/31 (Pre-refunded 10/01/19) – AGM Insured 10/19 at 100.00   AA   569,519  
      North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993B:            
  100   6.000%, 1/01/22 (ETM) No Opt. Call   AAA   111,680  
  180   6.000%, 1/01/22 – NPFG Insured (ETM) No Opt. Call   Baa2   200,738  
  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   1,403,472  
  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   3,849,020  
  2,680   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian Regional HealthCare System, Series 2011A, 6.500%, 7/01/31 (Pre-refunded 7/01/21) 7/21 at 100.00   BBB+   2,974,023  
  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   1,805,261  
  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   786,947  
53

 

NNC Nuveen North Carolina Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (5) (continued)            
$ 2,180   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%, 1/01/20 (ETM) No Opt. Call   AAA $ 2,215,861  
      North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A:            
  140   5.000%, 1/01/21 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA   140,342  
  265   5.375%, 1/01/26 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA   265,721  
  1,700   5.500%, 1/01/29 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA   1,704,777  
  7,335   5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA   7,356,932  
      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   2,061,329  
  1,020   6.000%, 6/01/36 (Pre-refunded 6/01/19) – AGC Insured 6/19 at 100.00   AA   1,040,869  
  600   Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011, 5.625%, 6/01/30 (Pre-refunded 6/01/20) – AGC Insured 6/20 at 100.00   AA   632,172  
  2,100   Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011, 5.750%, 6/01/36 (Pre-refunded 6/01/20) – AGC Insured 6/20 at 100.00   AA   2,216,445  
      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   1,027,600  
  1,000   5.375%, 10/01/29 (Pre-refunded 10/01/19) 10/19 at 100.00   A3   1,028,620  
  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+   5,270,136  
  59,265   Total U.S. Guaranteed         62,059,495  
      Utilities – 5.0% (3.0% of Total Investments)            
      Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2016:            
  775   5.000%, 3/01/30 3/26 at 100.00   A+   876,796  
  900   4.000%, 3/01/33 3/26 at 100.00   A+   933,786  
  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   5,162,650  
  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   315,665  
      North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A:            
  1,545   5.000%, 1/01/28 1/26 at 100.00   A   1,763,880  
  1,500   5.000%, 1/01/32 1/26 at 100.00   A   1,687,890  
  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   866,712  
  10,795   Total Utilities         11,607,379  
      Water and Sewer – 22.3% (13.3% 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–   1,245,680  
      Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015:            
  940   5.000%, 7/01/32 7/25 at 100.00   AAA   1,074,298  
  2,325   5.000%, 7/01/40 7/25 at 100.00   AAA   2,600,559  
  16,865   Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2018, 5.000%, 7/01/44 (UB) (4) 7/28 at 100.00   AAA   19,381,258  
  4,750   Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2017A, 4.000%, 6/01/47 6/27 at 100.00   AAA   4,821,820  
  1,535   Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/28 5/22 at 100.00   AA   1,674,838  
  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   3,394,312  
54

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Water and Sewer (continued)            
      Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A:            
$ 550   5.000%, 3/01/30 3/22 at 100.00   AAA $ 596,294  
  1,600   5.000%, 3/01/31 3/22 at 100.00   AAA   1,733,104  
      Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A:            
  5,000   5.000%, 3/01/28 3/23 at 100.00   AAA   5,548,850  
  3,785   5.000%, 3/01/43 3/23 at 100.00   AAA   4,149,041  
  5,000   Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2016A, 4.000%, 3/01/46 3/27 at 100.00   AAA   5,091,250  
  46,535   Total Water and Sewer         51,311,304  
$ 376,752   Total Long-Term Investments (cost $374,635,256)         385,992,015  
      Floating Rate Obligations – (8.1)%         (18,630,000)  
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (62.4)% (6)         (143,493,291)  
      Other Assets Less Liabilities – 2.8%         6,245,026  
      Net Assets Applicable to Common Shares – 100%       $ 230,113,750  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 37.2%.
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.

 

See accompanying notes to financial statements.

55

 

NPV Nuveen Virginia Quality Municipal
  Income Fund
  Portfolio of Investments
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 158.3% (99.6% of Total Investments)            
      MUNICIPAL BONDS – 158.3% (99.6% of Total Investments)            
      Consumer Staples – 6.3% (4.0% of Total Investments)            
      Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:            
$ 560   5.250%, 6/01/32 1/19 at 100.00   N/R $ 533,966  
  700   5.625%, 6/01/47 1/19 at 100.00   N/R   642,117  
  8,135   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 1/19 at 100.00   B–   7,733,538  
  6,645   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46 (7) 6/21 at 100.00   B–   6,549,378  
  120   Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 5/19 at 100.00   A3   120,175  
  16,160   Total Consumer Staples         15,579,174  
      Education and Civic Organizations – 13.5% (8.5% of Total Investments)            
  1,615   Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Episcopal High School, Series 2012, 3.750%, 1/01/30 1/22 at 100.00   A1   1,637,868  
      Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Episcopal High School, Series 2017:            
  1,105   4.000%, 1/01/37 1/27 at 100.00   A1   1,131,067  
  565   4.000%, 1/01/40 1/27 at 100.00   A1   574,289  
  580   Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 2/19 at 100.00   B+   570,465  
  1,000   Industrial Development Authority of the City of Lexington, Virginia, Washington and Lee University, Educational Facility Revenue Bonds, Refunding Series 2018A, 5.000%, 1/01/43 1/28 at 100.00   AA   1,134,730  
  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   1,367,616  
  500   Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech Foundation, Refunding Series 2017A, 4.000%, 6/01/36 6/27 at 100.00   Aa2   516,585  
  750   Roanoke Economic Development Authority, Virginia, Educational Facilities Revenue Bonds, Lynchburg College, Series 2018A, 5.000%, 9/01/43 9/28 at 100.00   BBB+   803,093  
  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   2,789,275  
  1,515   The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Refunding Series 2017A, 5.000%, 4/01/42 4/27 at 100.00   AAA   1,720,010  
  9,000   The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Series 2017A, 5.000%, 4/01/42 (UB) (4) 4/27 at 100.00   AAA   10,217,880  
  1,000   Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B, 5.000%, 7/01/45, 144A 7/25 at 100.00   BB+   1,018,460  
      Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Refunding Series 2015A:            
  1,500   5.000%, 7/01/35, 144A 7/25 at 100.00   BB+   1,549,980  
  4,000   5.000%, 7/01/45, 144A 7/25 at 100.00   BB+   4,073,840  
  1,725   Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2001, 5.375%, 1/01/21 No Opt. Call   AA   1,790,378  
  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   1,626,790  
56

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Education and Civic Organizations (continued)            
$ 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+ $ 520,230  
  30,915   Total Education and Civic Organizations         33,042,556  
      Health Care – 20.6% (13.0% 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–   5,177,150  
  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   2,247,531  
  3,375   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/40 1/23 at 100.00   BBB+   3,586,612  
  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+   1,078,580  
  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+   5,383,471  
  2,500   Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/23 No Opt. Call   A–   2,767,075  
  795   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   A+   832,945  
  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, 144A 7/25 at 100.00   N/R   3,633,245  
      Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra Health Obligated Group, Refunding Series 2017A:            
  155   5.000%, 1/01/31 1/27 at 100.00   A   174,662  
  2,000   5.000%, 1/01/47 1/27 at 100.00   A   2,185,160  
  1,000   Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds, Sentara Healthcare Systems, Refunding Series 2018B, 4.000%, 11/01/48 11/28 at 100.00   AA   1,007,380  
  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–   3,337,990  
      Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016:            
  1,000   5.000%, 6/15/32 6/26 at 100.00   A–   1,102,800  
  1,440   5.000%, 6/15/35 6/26 at 100.00   A–   1,571,011  
  1,360   4.000%, 6/15/37 6/26 at 100.00   A–   1,339,913  
  3,200   Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series 2017B, 5.000%, 7/01/46 7/27 at 100.00   AA–   3,536,128  
  2,975   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   3,089,032  
  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+   2,488,970  
      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+   1,662,690  
  1,000   5.000%, 1/01/35 1/26 at 100.00   A+   1,102,020  
  2,000   4.000%, 1/01/37 1/26 at 100.00   A+   2,039,560  
  1,215   5.000%, 1/01/44 1/26 at 100.00   A+   1,308,774  
  47,600   Total Health Care         50,652,699  
      Housing/Multifamily – 5.5% (3.5% of Total Investments)            
  770   Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Arlington View Terrace Apartments, Series 2001, 5.150%, 11/01/31 (Alternative Minimum Tax) 12/18 at 100.00   AA   772,302  
57

 

NPV Nuveen Virginia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Housing/Multifamily (continued)            
$ 1,000   Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue Bonds, American Tobacco Apartments, Series 2017, 5.550%, 1/01/37, 144A 1/27 at 100.00   N/R $ 1,001,890  
  400   Virginia Housing Development Authority, Rental Housing Bonds, Series 2010A, 5.000%, 4/01/45 10/19 at 100.00   AA+   407,144  
  530   Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 4.550%, 8/01/32 2/20 at 100.00   AA+   542,927  
  1,000   Virginia Housing Development Authority, Rental Housing Bonds, Series 2012A, 3.625%, 3/01/32 3/21 at 100.00   AA+   1,010,380  
      Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A:            
  1,000   3.500%, 3/01/35 3/24 at 100.00   AA+   985,320  
  1,000   3.625%, 3/01/39 3/24 at 100.00   AA+   985,130  
  900   Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C, 4.000%, 8/01/45 8/24 at 100.00   AA+   909,054  
  2,750   Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E, 3.750%, 12/01/40 12/24 at 100.00   AA+   2,717,495  
  1,500   Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36 5/25 at 100.00   AA+   1,436,745  
  1,500   Virginia Housing Development Authority, Rental Housing Bonds, Series 2017A, 3.875%, 3/01/47 3/26 at 100.00   AA+   1,460,925  
  1,340   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+   1,358,626  
  13,690   Total Housing/Multifamily         13,587,938  
      Housing/Single Family – 1.6% (1.0% of Total Investments)            
      Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-8:            
  715   4.400%, 10/01/31 10/22 at 100.00   AAA   749,313  
  3,000   4.750%, 10/01/38 10/22 at 100.00   AAA   3,143,970  
  3,715   Total Housing/Single Family         3,893,283  
      Long-Term Care – 7.0% (4.4% of Total Investments)            
  900   Alexandria Industrial Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House Incorporated, Series 2015, 5.000%, 10/01/45 10/25 at 100.00   BBB+   929,880  
      Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2016A:            
  1,965   5.000%, 10/01/36 10/24 at 102.00   N/R   2,066,119  
  1,100   5.000%, 10/01/42 10/24 at 102.00   N/R   1,143,230  
  700   4.000%, 10/01/42 10/24 at 102.00   N/R   649,124  
  1,000   Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Revenue Bonds, Vinson Hall LLC, Series 2013A, 5.000%, 12/01/42 12/23 at 100.00   BBB+   1,040,250  
  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+   876,181  
      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   978,540  
  150   3.375%, 1/01/37 1/25 at 102.00   N/R   134,081  
  1,000   Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2017A, 5.000%, 1/01/42 1/23 at 103.00   N/R   1,054,760  
      Prince William County Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster at Lake Ridge, Refunding Series 2016:            
  670   5.000%, 1/01/37 1/25 at 102.00   N/R   677,966  
  2,000   5.000%, 1/01/46 1/25 at 102.00   N/R   2,005,200  
58

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Long-Term Care (continued)            
$ 1,000   Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 4.625%, 12/01/27 12/22 at 100.00   N/R $ 1,017,300  
  1,500   Roanoke Industrial Development Authority, Virginia, Residential Revenue Bonds, Virginia Lutheran Homes Incorporated, Series 2006, 5.000%, 12/01/39 2/19 at 100.00   N/R   1,500,195  
      Suffolk Economic Development Authority, Virginia, Retirement Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./United Church Homes and Services Obligated Group, Refunding Series 2016:            
  1,000   5.000%, 9/01/26 9/24 at 102.00   N/R   1,063,220  
  1,920   5.000%, 9/01/31 9/24 at 102.00   N/R   1,988,390  
  16,780   Total Long-Term Care         17,124,436  
      Tax Obligation/General – 2.9% (1.8% of Total Investments)            
  2,035   Arlington County, Virginia, General Obligation Bonds, Refunding Series 2014B, 5.000%, 8/15/22 No Opt. Call   AAA   2,246,274  
  830   Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 5.000%, 7/15/25 7/20 at 100.00   Aa1   868,246  
  1,510   Fairfax County, Virginia, General Obligation Bonds, Refunding Public Improvement Series 2011A, 5.000%, 4/01/20 No Opt. Call   AAA   1,572,348  
  1,630   Norfolk, Virginia, General Obligation Bonds, Refunding Series 2017C, 5.000%, 9/01/30 3/27 at 100.00   AA+   1,887,752  
  380   Richmond, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2017D, 5.000%, 3/01/33 No Opt. Call   AA+   466,560  
  6,385   Total Tax Obligation/General         7,041,180  
      Tax Obligation/Limited – 30.5% (19.2% of Total Investments)            
      Arlington County Industrial Development Authority, Virginia, Revenue Bonds, Refunding County Projects, Series 2017:            
  1,730   5.000%, 2/15/35 8/27 at 100.00   Aa1   1,969,899  
  1,340   5.000%, 2/15/37 8/27 at 100.00   Aa1   1,517,041  
      Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A:            
  415   5.250%, 7/15/25 – ACA Insured 2/19 at 100.00   N/R   412,303  
  520   5.500%, 7/15/35 – ACA Insured 2/19 at 100.00   N/R   491,291  
  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 3/22 at 100.00   N/R   591,876  
  100   Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015, 5.600%, 3/01/45, 144A 3/25 at 100.00   N/R   100,303  
  1,000   Fairfax County Economic Development Authority, Virginia, County Facilities Revenue Bonds, Refunding Series 2017B, 5.000%, 10/01/33 10/27 at 100.00   AA+   1,157,050  
  1,500   Fairfax County Economic Development Authority, Virginia, Revenue Bonds, Metrorail Parking System Project, Series 2017, 5.000%, 4/01/42 4/27 at 100.00   AA+   1,676,175  
  4,000   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/34 11/25 at 100.00   A   4,250,200  
      Government of Guam, Business Privilege Tax Bonds, Series 2011A:            
  1,020   5.000%, 1/01/31 1/22 at 100.00   A   1,058,648  
  500   5.250%, 1/01/36 1/22 at 100.00   A   523,720  
  925   Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Refunding Series 2015, 5.000%, 6/15/19 No Opt. Call   AA–   939,865  
  1,000   Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/34 12/26 at 100.00   BBB+   1,073,990  
  13,000   Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads Transportation Fund Revenue Bonds, Senior Lien Series 2018A, 5.000%, 7/01/52 (UB) (4) 1/28 at 100.00   AA+   14,670,370  
59

 

NPV Nuveen Virginia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
      Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads Transportation Fund Revenue Bonds, Senior Lien Series 2018A:            
$ 2,000   5.000%, 7/01/52 1/28 at 100.00   AA+ $ 2,256,980  
  1,000   5.500%, 7/01/57 1/28 at 100.00   AA   1,166,360  
  4,000   Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads Transportation Fund Revenue Bonds, Series 2018A, 5.000%, 7/01/48 (UB) (4) 1/28 at 100.00   AA+   4,525,200  
  960   Lower Magnolia Green Community Development Authority, Virginia, Special Assessment Bonds, Series 2015, 5.000%, 3/01/45, 144A 3/25 at 100.00   N/R   939,322  
      Peninsula Town Center Community Development Authority, Virginia, Special Obligation Bonds, Refunding Series 2018:            
  360   4.500%, 9/01/28, 144A 9/27 at 100.00   N/R   372,438  
  3,000   5.000%, 9/01/45, 144A 9/27 at 100.00   N/R   3,083,190  
  645   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured No Opt. Call   C   712,951  
  5,875   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding Series 2005C, 0.000%, 7/01/28 – AMBAC Insured No Opt. Call   C   3,537,866  
  5,085   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/29 – AMBAC Insured No Opt. Call   C   2,903,789  
  3,535   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured No Opt. Call   Baa2   1,055,304  
  760   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding Series 2007CC, 5.500%, 7/01/28 – NPFG Insured No Opt. Call   Baa2   816,156  
  1,500   Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A 9/25 at 100.00   A   1,564,440  
  2,240   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/34, 144A – AGM Insured 10/24 at 100.00   AA   2,348,752  
  1,600   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   1,701,792  
  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   2,127,340  
  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   1,841,282  
  3,500   Virginia Commonwealth Transportation Board, Federal Transportation Grant Anticipation Revenue Notes, Series 2016, 5.000%, 9/15/30 9/26 at 100.00   AA+   4,051,530  
  1,100   Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Refunding Series 2012A, 5.000%, 8/01/24 8/22 at 100.00   AA+   1,205,831  
  2,000   Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2015A, 5.000%, 8/01/26 8/25 at 100.00   AA+   2,315,560  
  1,530   Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, Series 2012A, 5.000%, 11/01/42 11/22 at 100.00   AAA   1,669,062  
  95   Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Loan Bond Program, Series 2002A, 5.000%, 5/01/19 2/19 at 100.00   AA   95,223  
  120   Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 8.375%, 4/01/41, 144A 4/28 at 112.76   N/R   136,109  
  1,000   Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2012, 4.000%, 5/15/37 5/22 at 100.00   AA+   1,024,200  
  1,000   Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2018, 4.000%, 5/15/38 5/28 at 100.00   AA+   1,023,860  
  1,835   Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/36 12/26 at 100.00   Aa2   2,050,264  
  76,115   Total Tax Obligation/Limited         74,957,532  
60

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Transportation – 39.9% (25.1% of Total Investments)            
      Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Refunding Series 2016A:            
$ 775   5.000%, 7/01/32 7/26 at 100.00   A2 $ 868,101  
  375   4.000%, 7/01/34 7/26 at 100.00   A2   389,846  
  400   4.000%, 7/01/35 7/26 at 100.00   A2   414,512  
  250   4.000%, 7/01/38 7/26 at 100.00   A2   257,520  
      Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016:            
  1,705   5.000%, 7/01/41 – AGM Insured 7/26 at 100.00   AA   1,898,671  
  8,320   5.000%, 7/01/46 7/26 at 100.00   BBB   8,965,882  
      Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B:            
  2,000   0.000%, 7/15/32 (7) 7/28 at 100.00   BBB   1,723,640  
  4,125   0.000%, 7/15/40 (7) 7/28 at 100.00   BBB   3,489,090  
  1,000   0.000%, 7/15/40 – AGM Insured (7) 7/28 at 100.00   AA   857,500  
  4,800   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 4/22 at 100.00   BBB+   4,947,792  
      Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B:            
  4,000   0.000%, 10/01/26 – AGC Insured No Opt. Call   AA   3,051,280  
  11,825   0.000%, 10/01/34 – AGC Insured No Opt. Call   AA   6,192,279  
  1,135   0.000%, 10/01/36 – AGC Insured No Opt. Call   AA   536,333  
  5,010   0.000%, 10/01/39 – AGC Insured No Opt. Call   AA   2,032,256  
  6,700   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 (7) 10/28 at 100.00   BBB+   8,239,325  
  750   Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2010B, 5.000%, 10/01/26 (Alternative Minimum Tax) 10/20 at 100.00   AA–   784,155  
      Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2010A:            
  3,400   5.000%, 10/01/30 10/20 at 100.00   AA–   3,566,022  
  420   5.000%, 10/01/35 10/20 at 100.00   AA–   439,664  
  7,300   Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/35 (Alternative Minimum Tax) 10/26 at 100.00   AA–   8,089,130  
  375   Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2017, 5.000%, 10/01/34 (Alternative Minimum Tax) 10/27 at 100.00   AA–   420,559  
      Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2018A:            
  2,000   5.000%, 10/01/32 (Alternative Minimum Tax) 10/28 at 100.00   AA–   2,291,280  
  3,290   5.000%, 10/01/36 (Alternative Minimum Tax) 10/28 at 100.00   AA–   3,697,335  
  2,000   5.000%, 10/01/38 (Alternative Minimum Tax) 10/28 at 100.00   AA–   2,232,780  
      New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:            
  150   5.000%, 8/01/26 (Alternative Minimum Tax) 8/21 at 100.00   BB–   156,278  
  595   5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   614,385  
  2,460   Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 2002, 5.250%, 7/15/22 – FGIC Insured No Opt. Call   A   2,587,182  
  8,460   Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/52 (Alternative Minimum Tax) 6/27 at 100.00   BBB   8,831,225  
  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   2,598,000  
61

 

NPV Nuveen Virginia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  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 $ 795,023  
  5,025   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   5,433,030  
  5,700   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   6,035,673  
      Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2017B:            
  3,000   5.000%, 7/01/36 7/27 at 100.00   AA–   3,404,490  
  1,000   5.000%, 7/01/42 7/27 at 100.00   AA–   1,120,490  
  1,000   Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2018, 5.000%, 7/01/43 (WI/DD, Settling 12/18/18) 7/27 at 100.00   AA–   1,117,670  
  102,595   Total Transportation         98,078,398  
      U.S. Guaranteed – 19.4% (12.2% of Total Investments) (5)            
  610   Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 5.000%, 7/15/25 (Pre-refunded 7/15/20) 7/20 at 100.00   N/R   638,810  
  1,750   Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 11/01/24 – AGM Insured (ETM) No Opt. Call   AA   1,908,410  
  630   Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 – AGM Insured (ETM) No Opt. Call   AA   656,699  
  1,030   Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Bonds, Refunding Series 1998, 5.500%, 7/01/25 – NPFG Insured (ETM) No Opt. Call   Baa2   1,196,664  
  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   Aaa   4,317,452  
  1,170   Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Tender Option Bond Trust 2016-XG0021, 11.675%, 5/15/35, 144A (Pre-refunded 5/15/19) (IF) 5/19 at 100.00   N/R   1,227,576  
  2,170   Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Tender Option Bond Trust 2016-XG0021, 11.675%, 5/15/35, 144A (Pre-refunded 5/15/19) (IF) 5/19 at 100.00   AA+   2,276,786  
  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+   1,137,488  
  5,205   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   AA+   5,526,201  
  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   1,374,914  
  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   N/R   1,015,340  
      Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D:            
  5,900   5.000%, 7/15/34 (Pre-refunded 7/15/20) 7/20 at 100.00   N/R   6,183,436  
  150   5.000%, 7/15/34 (Pre-refunded 7/15/20) 7/20 at 100.00   AA   157,329  
  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 (Pre-refunded 9/01/21) 9/21 at 100.00   A+   1,760,644  
  710   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22 – AGM Insured (ETM) No Opt. Call   A2   784,820  
  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+   1,019,680  
  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+   1,829,428  
  1,200   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2011A, 4.000%, 2/01/29 (Pre-refunded 2/01/21) 2/21 at 100.00   AA+   1,251,720  
62

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (5) (continued)            
$ 1,665   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Tender Option Bond Trust 2016-XL0011, 10.433%, 2/01/27, 144A (Pre-refunded 2/01/19) (IF) (4) 2/19 at 100.00   AA+ $ 1,690,907  
  1,665   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Tender Option Bond Trust 2016-XL0013, 10.433%, 2/01/28, 144A (Pre-refunded 2/01/19) (IF) (4) 2/19 at 100.00   AA+   1,690,907  
  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   A   3,252,063  
  3,730   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   4,136,756  
  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+   1,624,633  
  1,020   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39 (Pre-refunded 4/15/20) 4/20 at 100.00   AA   1,070,040  
  45,415   Total U.S. Guaranteed         47,728,703  
      Utilities – 6.6% (4.1% of Total Investments)            
  2,000   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory put 7/01/22) (6) No Opt. Call   N/R   1,940,000  
      Guam Power Authority, Revenue Bonds, Series 2012A:            
  1,500   5.000%, 10/01/30 – AGM Insured 10/22 at 100.00   AA   1,623,405  
  495   5.000%, 10/01/34 10/22 at 100.00   BBB   515,671  
  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   392,780  
      Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A:            
  5,000   5.000%, 1/15/33 1/26 at 100.00   AA   5,686,800  
  1,000   5.000%, 1/15/35 1/26 at 100.00   AA   1,127,990  
  730   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24 2/19 at 100.00   Caa2   702,625  
  900   Virginia Small Business Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2018, 5.000%, 1/01/48, 144A (Mandatory put 7/01/38) (Alternative Minimum Tax) 7/23 at 100.00   B   912,447  
  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   3,245,710  
  15,270   Total Utilities         16,147,428  
      Water and Sewer – 4.5% (2.8% of Total Investments)            
  1,675   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 7/27 at 100.00   A–   1,758,817  
  810   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   A–   857,199  
      Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Subordinate Series 2018A:            
  1,415   5.000%, 10/01/40 10/27 at 100.00   AA   1,602,134  
  1,010   5.000%, 10/01/42 10/27 at 100.00   AA   1,139,017  
  1,545   Henry County Public Service Authority, Virginia, Water and Sewerage Revenue Refunding Bonds, Series 2001, 5.500%, 11/15/19 – AGM Insured No Opt. Call   AA   1,591,335  
  3,000   Norfolk, Virginia, Water Revenue Bonds, Series 2015A, 5.250%, 11/01/44 11/24 at 100.00   AA+   3,423,840  
  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   550,190  
  10,455   Total Water and Sewer         10,922,532  
$ 385,095   Total Long-Term Investments (cost $378,824,342)         388,755,859  
63

 

NPV Nuveen Virginia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  November 30, 2018 (Unaudited)

 

  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)            
      Health Care – 0.6% (0.4% of Total Investments)            
$ 1,500   Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds, Sentara Healthcare Systems, Variable Rate Demand Obligation, Refunding Series 2016B, 1.550%, 11/01/34 (8) 1/19 at 100.00   A-1+ $ 1,500,000  
$ 1,500   Total Short-Term Investments (cost $1,500,000)         1,500,000  
      Total Investments (cost $380,324,342) – 158.9%         390,255,859  
      Floating Rate Obligations – (8.3)%         (20,350,000)  
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (52.0)% (9)         (127,625,419)  
      Other Assets Less Liabilities – 1.4%         3,333,479  
      Net Assets Applicable to Common Shares – 100%       $ 245,613,919  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6) 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.
(7) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(8) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(9) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 32.7%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
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.

64

 

Statement of Assets and Liabilities

November 30, 2018 (Unaudited)

 

      NKG     NMY     NMS  
Assets                    
Long-term investments, at value (cost $207,398,304, $518,768,871 and $130,612,264, respectively)   $ 210,549,422   $ 528,837,962   $ 132,591,547  
Short-term investments, at value (cost $231,260, $ — and $2,700,000, respectively)     113,509         2,700,000  
Cash     414,935         1,504,745  
Cash collateral at brokers(1)         15,003,255      
Receivable for:                    
Interest     2,946,708     8,232,363     1,534,943  
Investments sold     190,000     5,000     469,846  
Other assets     2,370     33,265     2,117  
Total assets     214,216,944     552,111,845     138,803,198  
Liabilities                    
Cash overdraft         3,096,640      
Floating rate obligations     19,600,000     27,685,000      
Payable for:                    
Dividends     352,584     989,517     289,658  
Interest     123,956     420,663     112,746  
Investments purchased         1,120,810     3,230,248  
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs (liquidation preference $ —, $ — and $ —, respectively)              
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $58,500,000, $197,000,000 and $52,800,000, respectively)     58,496,395     196,992,372     52,786,232  
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $ —, $ — and $ —, respectively)              
Accrued expenses:                    
Management fees     108,173     258,810     67,277  
Trustees fees     910     31,873     566  
Other     48,117     104,235     36,724  
Total liabilities     78,730,135     230,699,920     56,523,451  
Net assets applicable to common shares   $ 135,486,809   $ 321,411,925   $ 82,279,747  
Common shares outstanding     10,424,313     23,129,563     5,787,996  
Net asset value (“NAV”) per common share outstanding   $ 13.00   $ 13.90   $ 14.22  
Net assets applicable to common shares consist of:                    
Common shares, $0.01 par value per share   $ 104,243   $ 231,296   $ 57,880  
Paid-in surplus     137,469,490     325,297,544     81,200,085  
Total distributable earnings     (2,086,924 )   (4,116,915 )   1,021,782  
Net assets applicable to common shares   $ 135,486,809   $ 321,411,925   $ 82,279,747  
Authorized shares:                    
Common     Unlimited     Unlimited     Unlimited  
Preferred     Unlimited     Unlimited     Unlimited  

 

(1) Cash segregated for the net payment obligations for redemptions of VMTP Shares.

See accompanying notes to financial statements.

65

Statement of Assets and Liabilities (Unaudited) (continued)

 

      NOM     NNC     NPV  
Assets                    
Long-term investments, at value (cost $46,008,985, $374,635,256 and $378,824,342, respectively)   $ 47,411,417   $ 385,992,015   $ 388,755,859  
Short-term investments, at value (cost $800,000, $ — and $1,500,000, respectively)     800,000         1,500,000  
Cash     93,041     46,817     253,046  
Cash collateral at brokers(1)              
Receivable for:                    
Interest     550,970     5,213,530     5,208,553  
Investments sold     502,316     2,110,563      
Other assets     8,073     24,713     30,172  
Total assets     49,365,817     393,387,638     395,747,630  
Liabilities                    
Cash overdraft              
Floating rate obligations     600,000     18,630,000     20,350,000  
Payable for:                    
Dividends     96,289     559,763     734,487  
Interest         306,422      
Investments purchased             1,110,620  
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs (liquidation preference $18,000,000, $ — and $ —, respectively)     17,767,067          
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $ —, $143,500,000 and $ —, respectively)         143,493,291      
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $ —, $ — and $128,000,000, respectively)             127,625,419  
Accrued expenses:                    
Management fees     24,656     187,520     194,078  
Trustees fees     204     23,313     23,500  
Other     30,748     73,579     95,607  
Total liabilities     18,518,964     163,273,888     150,133,711  
Net assets applicable to common shares   $ 30,846,853   $ 230,113,750   $ 245,613,919  
Common shares outstanding     2,344,526     16,282,908     17,888,184  
Net asset value (“NAV”) per common share outstanding   $ 13.16   $ 14.13   $ 13.73  
Net assets applicable to common shares consist of:                    
Common shares, $0.01 par value per share   $ 23,445   $ 162,829   $ 178,882  
Paid-in surplus     30,622,916     222,226,180     250,276,212  
Total distributable earnings     200,492     7,724,741     (4,841,175 )
Net assets applicable to common shares   $ 30,846,853   $ 230,113,750   $ 245,613,919  
Authorized shares:                    
Common     Unlimited     Unlimited     Unlimited  
Preferred     Unlimited     Unlimited     Unlimited  

 

(1) Cash segregated for the net payment obligations for redemptions of VMTP Shares.

See accompanying notes to financial statements.

66

Statement of Operations

Six Months Ended November 30, 2018 (Unaudited)

 

      NKG     NMY     NMS  
Investment Income   $ 4,067,906   $ 10,470,632   $ 2,997,439  
Expenses                    
Management fees     678,640     1,595,583     415,638  
Interest expense and amortization of offering costs     956,662     2,474,004     637,905  
Custodian fees     15,745     33,898     13,953  
Trustees fees     3,266     7,819     2,027  
Professional fees     15,631     19,822     21,876  
Shareholder reporting expenses     12,282     16,197     8,575  
Shareholder servicing agent fees     7,930     11,079     7,462  
Stock exchange listing fees     3,395     3,395     3,777  
Investor relations expenses     7,261     16,452     4,674  
Shelf offering expenses             74,504  
Other     16,713     23,072     16,625  
Total expenses     1,717,525     4,201,321     1,207,016  
Net investment income (loss)     2,350,381     6,269,311     1,790,423  
Realized and Unrealized Gain (Loss)                    
Net realized gain (loss) from investments     (1,419,483 )   (1,889,967 )   (385,728 )
Change in net unrealized appreciation (depreciation) of investments     (2,267,783 )   (7,796,135 )   (2,371,386 )
Net realized and unrealized gain (loss)     (3,687,266 )   (9,686,102 )   (2,757,114 )
Net increase (decrease) in net assets applicable to common shares from operations   $ (1,336,885 ) $ (3,416,791 ) $ (966,691 )

See accompanying notes to financial statements.

67

Statement of Operations (Unaudited) (continued)

 

      NOM     NNC     NPV  
Investment Income   $ 1,047,033   $ 7,038,977   $ 8,002,207  
Expenses                    
Management fees     151,391     1,150,369     1,199,591  
Interest expense and amortization of offering costs     210,896     1,917,381     1,721,243  
Custodian fees     8,640     25,072     25,407  
Trustees fees     730     5,758     5,689  
Professional fees     13,149     16,836     86,835  
Shareholder reporting expenses     5,982     17,899     18,600  
Shareholder servicing agent fees     7,668     8,428     3,242  
Stock exchange listing fees     3,409     3,395     3,395  
Investor relations expenses     2,037     12,400     12,129  
Shelf offering expenses              
Other     16,060     19,070     22,745  
Total expenses     419,962     3,176,608     3,098,876  
Net investment income (loss)     627,071     3,862,369     4,903,331  
Realized and Unrealized Gain (Loss)                    
Net realized gain (loss) from investments     66,245     (2,609,757 )   (957,593 )
Change in net unrealized appreciation (depreciation) of investments     (846,738 )   (2,938,864 )   (7,170,387 )
Net realized and unrealized gain (loss)     (780,493 )   (5,548,621 )   (8,127,980 )
Net increase (decrease) in net assets applicable to common shares from operations   $ (153,422 ) $ (1,686,252 ) $ (3,224,649 )

See accompanying notes to financial statements.

68

Statement of Changes in Net Assets

(Unaudited)

 

      NKG     NMY  
      Six Months     Year (1)   Six Months     Year (1)
      Ended     Ended     Ended     Ended  
      11/30/18     5/31/18     11/30/18     5/31/18  
Operations                          
Net investment income (loss)   $ 2,350,381   $ 5,205,069   $ 6,269,311   $ 13,196,981  
Net realized gain (loss) from investments     (1,419,483 )   232,714     (1,889,967 )   (289,204 )
Change in net unrealized appreciation (depreciation) of Investments     (2,267,783 )   (5,147,480 )   (7,796,135 )   (7,420,445 )
Net increase (decrease) in net assets applicable to common shares from operations     (1,336,885 )   290,303     (3,416,791 )   5,487,332  
Distributions to Common Shareholders(2)                          
Dividends(3)     (2,286,167 )   (5,382,259 )   (6,145,941 )   (14,033,603 )
Return of capital                  
Decrease in net assets applicable to common shares from distributions to common shareholders     (2,286,167 )   (5,382,259 )   (6,145,941 )   (14,033,603 )
Capital Share Transactions                          
Common shares:                          
Proceeds from shelf offering, net of offering costs                  
Net proceeds from shares issued to shareholders due to reinvestment of distributions                  
Cost of shares repurchased and retired     (1,374,771 )       (2,567,474 )   (338,802 )
Net increase (decrease) in net assets applicable to common shares from capital share transactions     (1,374,771 )       (2,567,474 )   (338,802 )
Net increase (decrease) in net assets applicable to common shares     (4,997,823 )   (5,091,956 )   (12,130,206 )   (8,885,073 )
Net assets applicable to common shares at the beginning of period     140,484,632     145,576,588     333,542,131     342,427,204  
Net assets applicable to common shares at the end of period   $ 135,486,809   $ 140,484,632   $ 321,411,925   $ 333,542,131  

 

(1) Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
(2) The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
(3) For the fiscal year ended May 31, 2018, NKG’s, NMY’s, and NPV’s distributions to shareholders were paid from net investment income, while NMS’s and NNC’s distributions were paid from net investment income and accumulated net realized gains. NOM’s distributions were paid from net investment income and return of capital.

See accompanying notes to financial statements.

69

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

 

      NMS     NOM  
      Six Months     Year (1)   Six Months     Year (1)
      Ended     Ended     Ended     Ended  
      11/30/18     5/31/18     11/30/18     5/31/18  
Operations                          
Net investment income (loss)   $ 1,790,423   $ 4,006,483   $ 627,071   $ 1,331,582  
Net realized gain (loss) from investments     (385,728 )   (52,450 )   66,245     (30,213 )
Change in net unrealized appreciation (depreciation) of investments     (2,371,386 )   (2,004,493 )   (846,738 )   (934,729 )
Net increase (decrease) in net assets applicable to common shares from operations     (966,691 )   1,949,540     (153,422 )   366,640  
Distributions to Common Shareholders(2)                          
Dividends(3)     (1,841,979 )   (4,271,207 )   (604,888 )   (1,450,327 )
Return of capital                 (19,370 )
Decrease in net assets applicable to common shares from distributions to common shareholders     (1,841,979 )   (4,271,207 )   (604,888 )   (1,469,697 )
Capital Share Transactions                          
Common shares:                          
Proceeds from shelf offering, net of offering costs     74,504     2,634,474          
Net proceeds from shares issued to shareholders due to reinvestment of distributions         27,785         49,789  
Cost of shares repurchased and retired     (52,767 )            
Net increase (decrease) in net assets applicable to common shares from capital share transactions     21,737     2,662,259         49,789  
Net increase (decrease) in net assets applicable to common shares     (2,786,933 )   340,592     (758,310 )   (1,053,268 )
Net assets applicable to common shares at the beginning of period     85,066,680     84,726,088     31,605,163     32,658,431  
Net assets applicable to common shares at the end of period   $ 82,279,747   $ 85,066,680   $ 30,846,853   $ 31,605,163  

 

(1) Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
(2) The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
(3) For the fiscal year ended May 31, 2018, NKG’s, NMY’s, and NPV’s distributions to shareholders were paid from net investment income, while NMS’s and NNC’s distributions were paid from net investment income and accumulated net realized gains. NOM’s distributions were paid from net investment income and return of capital.

See accompanying notes to financial statements.

70

 

      NNC     NPV  
      Six Months     Year (1)   Six Months     Year (1)
      Ended     Ended     Ended     Ended  
      11/30/18     5/31/18     11/30/18     5/31/18  
Operations                          
Net investment income (loss)   $ 3,862,369   $ 8,300,021   $ 4,903,331   $ 10,063,915  
Net realized gain (loss) from investments     (2,609,757 )   359,698     (957,593 )   (719,109 )
Change in net unrealized appreciation (depreciation) of investments     (2,938,864 )   (9,023,451 )   (7,170,387 )   (4,936,839 )
Net increase (decrease) in net assets applicable to common shares from operations     (1,686,252 )   (363,732 )   (3,224,649 )   4,407,967  
Distributions to Common Shareholders(2)                          
Dividends(3)     (3,683,184 )   (8,548,513 )   (4,812,955 )   (10,064,138 )
Return of capital                  
Decrease in net assets applicable to common shares from distributions to common shareholders     (3,683,184 )   (8,548,513 )   (4,812,955 )   (10,064,138 )
Capital Share Transactions                          
Common shares:                          
Proceeds from shelf offering, net of offering costs                  
Net proceeds from shares issued to shareholders due to reinvestment of distributions                  
Cost of shares repurchased and retired     (1,332,772 )   (285,132 )   (523,378 )    
Net increase (decrease) in net assets applicable to common shares from capital share transactions     (1,332,772 )   (285,132 )   (523,378 )    
Net increase (decrease) in net assets applicable to common shares     (6,702,208 )   (9,197,377 )   (8,560,982 )   (5,656,171 )
Net assets applicable to common shares at the beginning of period     236,815,958     246,013,335     254,174,901     259,831,072  
Net assets applicable to common shares at the end of period   $ 230,113,750   $ 236,815,958   $ 245,613,919   $ 254,174,901  

 

(1) Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
(2) The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
(3) For the fiscal year ended May 31, 2018, NKG’s, NMY’s, and NPV’s distributions to shareholders were paid from net investment income, while NMS’s and NNC’s distributions were paid from net investment income and accumulated net realized gains. NOM’s distributions were paid from net investment income and return of capital.

See accompanying notes to financial statements.

71

Statement of Cash Flows

Six Months Ended November 30, 2018 (Unaudited)

 

      NKG     NMY     NMS  
Cash Flows from Operating Activities:                    
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations   $ (1,336,885 ) $ (3,416,791 ) $ (966,691 )
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     (31,218,950 )   (80,707,069 )   (31,643,549 )
Proceeds from sales and maturities of investments     33,065,749     72,396,551     33,580,862  
Proceeds from (Purchase of) short-term investments, net     13,208     2,400,000     (2,700,000 )
Taxes paid     (139 )   (393 )    
Amortization (Accretion) of premiums and discounts, net     994,770     1,407,547     (328,548 )
Amortization of deferred offering costs     4,808     5,723     10,323  
(Increase) Decrease in:                    
Receivable for interest     277,548     64,858     (3,532 )
Receivable for investments sold     2,090,000     2,932,976     (449,525 )
Other assets     1,787     (2,913 )   2,451  
Increase (Decrease) in:                    
Payable for interest     (40,696 )   21,751     5,830  
Payable for investments purchased         1,120,810     2,976,135  
Accrued management fees     (8,232 )   (12,829 )   (3,609 )
Accrued Trustees fees     (1,359 )   1,430     (843 )
Accrued other expenses     (19,853 )   (29,321 )   (20,509 )
Net realized (gain) loss from investments     1,419,483     1,889,967     385,728  
Change in net unrealized (appreciation) depreciation of investments     2,267,783     7,796,135     2,371,386  
Net cash provided by (used in) operating activities     7,509,022     5,868,432     3,215,909  
Cash Flows from Financing Activities:                    
(Payments for) VMTP Shares redeemed, at liquidation preference     (23,500,000 )        
Proceeds from shelf offering, net of offering costs             74,504  
Increase (Decrease) in:                    
Cash overdraft         2,847,819      
Floating rate obligations     19,600,000     15,085,000      
Cash distributions paid to common shareholders     (2,325,877 )   (6,230,522 )   (1,893,070 )
Cost of common shares repurchased and retired     (1,374,771 )   (2,567,474 )   (52,767 )
Net cash provided by (used in) financing activities     (7,600,648 )   9,134,823     (1,871,333 )
Net Increase (Decrease) in Cash and Cash Collateral at Brokers     (91,626 )   15,003,255     1,344,576  
Cash and cash collateral at brokers at the beginning of period     506,561         160,169  
Cash and cash collateral at brokers at the end of period   $ 414,935   $ 15,003,255   $ 1,504,745  
                     
Supplemental Disclosure of Cash Flow Information     NKG     NMY     NMS  
Cash paid for interest (excluding amortization of offering costs)   $ 992,549   $ 2,446,530   $ 621,752  

See accompanying notes to financial statements.

72

 

      NOM     NNC     NPV  
Cash Flows from Operating Activities:                    
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations   $ (153,422 ) $ (1,686,252 ) $ (3,224,649 )
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     (4,817,271 )   (52,896,938 )   (45,386,626 )
Proceeds from sales and maturities of investments     6,009,969     54,597,736     45,191,972  
Proceeds from (Purchase of) short-term investments, net     (800,000 )       (1,500,000 )
Taxes paid         (1,157 )   (280 )
Amortization (Accretion) of premiums and discounts, net     66,928     1,528,508     582,896  
Amortization of deferred offering costs     4,048     5,889     7,607  
(Increase) Decrease in:                    
Receivable for interest     4,628     (95,071 )   (110,399 )
Receivable for investments sold     (397,316 )   (2,100,375 )   3,600,000  
Other assets     (1,050 )   (1,449 )   (4,927 )
Increase (Decrease) in:                    
Payable for interest         (5,417 )    
Payable for investments purchased     (348,524 )       198,140  
Accrued management fees     (912 )   (13,758 )   (10,255 )
Accrued Trustees fees     (302 )   1,030     1,088  
Accrued other expenses     (10,782 )   (23,636 )   (24,433 )
Net realized (gain) loss from investments     (66,245 )   2,609,757     957,593  
Change in net unrealized (appreciation) depreciation of investments     846,738     2,938,864     7,170,387  
Net cash provided by (used in) operating activities     336,487     4,857,731     7,448,114  
Cash Flows from Financing Activities:                    
(Payments for) VMTP Shares redeemed, at liquidation preference         (10,500,000 )    
Proceeds from shelf offering, net of offering costs              
Increase (Decrease) in:                    
Cash overdraft     (231,915 )       (1,815,517 )
Floating rate obligations     600,000     10,200,000      
Cash distributions paid to common shareholders     (611,531 )   (3,746,147 )   (4,856,173 )
Cost of common shares repurchased and retired         (1,332,772 )   (523,378 )
Net cash provided by (used in) financing activities     (243,446 )   (5,378,919 )   (7,195,068 )
Net Increase (Decrease) in Cash and Cash Collateral at Brokers     93,041     (521,188 )   253,046  
Cash and cash collateral at brokers at the beginning of period         568,005      
Cash and cash collateral at brokers at the end of period   $ 93,041   $ 46,817   $ 253,046  
                     
Supplemental Disclosure of Cash Flow Information     NOM     NNC     NPV  
Cash paid for interest (excluding amortization of offering costs)   $ 206,848   $ 1,916,908   $ 1,713,635  

See accompanying notes to financial statements.

73

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
Share
Repurchased
and Retired
  Ending
NAV
  Ending
Share
Price
 
NKG                                                              
Year Ended 5/31:                                                        
2019(e)   $ 13.32   $ 0.22   $ (0.34 ) $ (0.12 ) $ (0.22 ) $   $ (0.22 ) $ 0.02   $ 13.00   $ 10.91  
2018     13.80     0.49     (0.46 )   0.03     (0.51 )       (0.51 )       13.32     11.38  
2017     14.40     0.55     (0.55 )       (0.60 )       (0.60 )       13.80     13.28  
2016     13.98     0.68     0.38     1.06     (0.64 )       (0.64 )       14.40     14.28  
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  
                                                               
NMY                                                              
Year Ended 5/31:                                                        
2019(e)     14.29     0.27     (0.42 )   (0.15 )   (0.26 )       (0.26 )   0.02     13.90     11.70  
2018     14.65     0.56     (0.32 )   0.24     (0.60 )       (0.60 )   *   14.29     12.21  
2017     15.08     0.61     (0.38 )   0.23     (0.66 )       (0.66 )       14.65     13.08  
2016     14.59     0.67     0.47     1.14     (0.67 )       (0.67 )   0.02     15.08     13.65  
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  

 

(a) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
  Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
74

 

              Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
  Common Share
Total Returns
          Ratios to Average Net Assets(b)        
        Based     Ending           Net        
  Based     on     Net           Investment     Portfolio  
  on     Share     Assets           Income     Turnover  
  NAV (a)   Price (a)   (000 )   Expenses (c)   (Loss )   Rate (d)
                                   
                                   
  (0.77 )%   (2.24 )% $ 135,487     2.49 %**   3.41 %**   14 %
  0.22     (10.74 )   140,485     2.19     3.64     15  
  0.07     (2.76 )   145,577     2.10     3.94     13  
  7.80     16.94     151,860     1.60     4.83     13  
  4.65     3.76     147,441     1.62     4.77     7  
  0.56     2.17     147,507     3.03     4.04     20  
                                   
                                   
  (0.89 )   (2.04 )   321,412     2.56 **   3.82 **   14  
  1.68     (2.10 )   333,542     2.25     3.91     20  
  1.61     0.69     342,427     2.08     4.14     42  
  8.13     14.77     352,581     1.55     4.56     19  
  4.28     2.29     344,300     1.55     4.65     23  
  (1.38 )   (1.43 )   353,010     2.87     4.25     20  

 

(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:

 

NKG        
Year Ended 5/31:        
2019(e)     1.39 %**
2018     1.11  
2017     1.03  
2016     0.55  
2015     0.54  
2014     1.89  

 

NMY        
Year Ended 5/31:        
2019(e)     1.51 %**
2018     1.21  
2017     1.04  
2016     0.55  
2015     0.52  
2014     1.81  

 

(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, 2018.
* Rounds to less than $0.01 per share.
** Annualized.

See accompanying notes to financial statements.

75

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
  Return of
Capital
  Total   Shelf
Offering
Costs
  Premium
per
Share
Sold
through
Shelf
Offering
  Discount
per
Share
Repurchased
and
Retired
  Ending
NAV
  Ending
Share
Price
 
NMS                                                                                            
Year Ended 5/31:                                                                                      
2019(h)   $ 14.69   $ 0.31   $ (0.47 ) $   $   $ (0.16 ) $ (0.32 ) $   $   $ (0.32 ) $ 0.01   $   $ —*   $ 14.22   $ 12.18  
2018     15.08     0.70     (0.37 )           0.33     (0.74 )           (0.74 )       0.02         14.69     13.60  
2017     15.78     0.70     (0.62 )           0.08     (0.79 )           (0.79 )       0.01         15.08     16.18  
2016     15.46     0.80     0.33             1.13     (0.81 )           (0.81 )               15.78     15.99  
2015(f)     15.50     0.74     0.03             0.77     (0.81 )           (0.81 )               15.46     14.95  
Year Ended 6/30:                                                                                      
2014(g)     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  
                                                                                             
NOM                                                                                            
Year Ended 5/31:                                                                                      
2019(h)     13.48     0.27     (0.33 )           (0.06 )   (0.26 )           (0.26 )               13.16     11.88  
2018     13.95     0.57     (0.41 )           0.16     (0.62 )       (0.01 )   (0.63 )               13.48     13.34  
2017     14.45     0.65     (0.44 )           0.21     (0.71 )           (0.71 )               13.95     16.20  
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  

 

(a) The amounts shown are based on common share equivalents. Represents distributions paid on Remarketed Preferred Shares (“RPS”) for 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.
76

 

              Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
  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)
                                   
                                   
  (1.04 )%   (8.21 )% $ 82,280     2.79 %**   4.36 %**   23 %
  2.37     (11.55 )   85,067     2.40     4.66     13  
  0.68     6.41     84,726     2.47     4.59     19  
  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  
                                   
                                   
  (0.46 )   (9.15 )   30,847     2.69 **   4.01 **   10  
  1.15     (13.89 )   31,605     2.54     4.15     20  
  1.53     5.77     32,658     2.27     4.65     14  
  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  

 

(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, 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:

 

NMS        
Year Ended 5/31:        
2019(h)     1.52 %**
2018     1.06  
2017     1.29  
2016     0.62  
2015(f)     0.61 ** 
Year Ended 6/30:        
2014(g)     0.18 ** 
Year Ended 8/31:        
2013      
2012      

 

NOM        
Year Ended 5/31:        
2019(h)     1.35 %**
2018     1.19  
2017     0.99  
2016     0.69  
2015     1.44  
2014     1.51  

 

(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 eleven months ended May 31, 2015.
(g) For the ten months ended June 30, 2014.
(h) For the six months ended November 30, 2018.
* Rounds to less than $0.01 per share.
** Annualized.

See accompanying notes to financial statements.

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
) Total   From
Net
Investment
Income
  Accumu-
lated Net
Realized
Gains
  Total   Discount
Per
Share
Repurchased
and Retired
  Ending
NAV
  Ending
Share
Price
 
NNC                                                              
Year Ended 5/31:                                                        
2019(f)   $ 14.44   $ 0.24   $ (0.34 ) $ (0.10 ) $ (0.23 ) $   $ (0.23 ) $ 0.02   $ 14.13   $ 11.81  
2018     14.98     0.51     (0.53 )   (0.02 )   (0.52 )   *   (0.52 )   —*     14.44     12.27  
2017     15.56     0.53     (0.54 )   (0.01 )   (0.56 )   (0.01 )   (0.57 )       14.98     13.29  
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  
                                                               
NPV                                                              
Year Ended 5/31:                                                        
2019(f)     14.17     0.27     (0.45 )   (0.18 )   (0.27 )       (0.27 )   0.01     13.73     11.60  
2018     14.49     0.56     (0.32 )   0.24     (0.56 )       (0.56 )       14.17     12.35  
2017     15.00     0.58     (0.50 )   0.08     (0.59 )       (0.59 )       14.49     13.25  
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  

 

(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.
78

 

              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)
                                   
                                   
  (0.59 )%   (1.94 )% $ 230,114     2.72 %**   3.31 %**   14 %
  (0.14 )   (3.88 )   236,816     2.33     3.43     13  
  (0.03 )   (2.37 )   246,013     2.14     3.54     13  
  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  
                                   
                                   
  (1.22 )   (3.95 )   245,614     2.47 **   3.91 **   11  
  1.70     (2.62 )   254,175     2.07     3.92     22  
  0.63     (4.14 )   259,831     1.97     3.98     38  
  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  

 

(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:

 

NNC        
Year Ended 5/31:        
2019(f)     1.64 %**
2018     1.26  
2017     1.08  
2016     0.54  
2015     0.52  
2014     1.70  

 

NPV        
Year Ended 5/31:        
2019(f)     1.37 %**
2018     1.02  
2017     0.94  
2016     0.62  
2015     0.59  
2014     1.18  

 

(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  
            Net Investment  
NPV     Expenses     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, 2018.
* Rounds to less than $0.01 per share.
** Annualized.

See accompanying notes to financial statements.

79

Financial Highlights (Unaudited) (continued)

 

      MTP Shares at
the End of Period(a)
    VMTP Shares
at the End of Period
 
      Aggregate     Asset     Aggregate     Asset  
      Amount     Coverage     Amount     Coverage  
      Outstanding     Per $10     Outstanding     Per $100,000  
      (000 )   Share     (000 )   Share  
NKG                          
Year Ended 5/31:                          
2019(c)   $   $   $ 58,500   $ 331,601  
2018             82,000     271,323  
2017             82,000     277,532  
2016             75,000     302,480  
2015             75,000     296,588  
2014             75,000     296,676  
                           
NMY                          
Year Ended 5/31:                          
2019(c)             197,000     263,153  
2018             197,000     269,311  
2017             197,000     273,821  
2016             167,000     311,126  
2015             167,000     306,168  
2014             167,000     311,383  

 

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

 

      2014  
NKG        
Series 2015 (NKG PRC)        
Ending Market Value per Share   $  
Average Market Value per Share     10.03
Series 2015-1 (NKG PRD)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.04
Series 2015-2 (NKG PRE)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03
         
NMY        
Series 2015 (NMY PRC)        
Ending Market Value per Share      
Average Market Value per Share     10.04
Series 2016 (NMY PRD)        
Ending Market Value per Share      
Average Market Value per Share     10.07
Series 2015 (NMY PRE)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03
Series 2015-1(NMY PRF)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03
Series 2015-1(NMY PRG)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.04
Series 2016 (NMY PRH)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.07

 

(b) MTP Shares issued in connection with the reorganizations.
(c) For the six months ended November 30, 2018.
For the period June 1, 2013 through May 30, 2014.

See accompanying notes to financial statements.

80

 

    RPS at the
End of Period
  MFP Shares
at the End of Period
  MTP Shares at
the End of Period(a)
  VMTP Shares
at the End of Period
 
    Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $25,000
Share
  Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $100,000
Share
  Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $10
Share
  Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $100,000
Share
 
NMS                                                  
Year Ended 5/31:                                              
2019(d)   $   $   $   $   $   $   $ 52,800   $ 255,833  
2018                             52,800     261,111  
2017                             52,800     260,466  
2016                             44,100     299,415  
2015(b)                             44,100     295,352  
Year Ended 6/30:                                              
2014(c)                             31,100     307*  
Year Ended 8/31:                                              
2013     31,100     73*                          
2012     31,100     79*                          
                                                   
NOM                                                  
Year Ended 5/31:                                              
2019(d)             18,000     271,371                  
2018             18,000     275,584                  
2017                             18,000     281,436  
2016                             18,000     287,651  
2015                             18,000     280,372  
2014                     17,880     28.50          

 

* 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  
NOM              
Series 2015 (NOM PRC)              
Ending Market Value per Share   $   $ 10.06  
Average Market Value per Share     10.03   10.04  

 

(b) For the eleven months ended May 31, 2015.
(c) For the ten months ended June 30, 2014.
(d) For the six months ended November 30, 2018.
For the period June 1, 2014, through February 9, 2015.

See accompanying notes to financial statements.

81

Financial Highlights (Unaudited) (continued)

 

      MTP Shares at
the End of Period(a)
    VMTP Shares
at the End of Period
    VRDP Shares
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  
NNC                                      
Year Ended 5/31:                                      
2019(c)   $   $   $ 143,500   $ 260,358   $   $  
2018             154,000     253,777          
2017             154,000     259,749          
2016             125,000     304,405          
2015             125,000     297,055          
2014             125,000     297,193          
                                       
NPV                                      
Year Ended 5/31:                                      
2019(c)                     128,000     291,886  
2018                     128,000     298,574  
2017                     128,000     302,993  
2016                     128,000     310,125  
2015                     128,000     303,206  
2014                     128,000     302,787  

 

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

 

      2014  
NNC        
Series 2015 (NNC PRC)        
Ending Market Value per Share   $  
Average Market Value per Share     10.03 ^
Series 2016 (NNC PRD)        
Ending Market Value per Share      
Average Market Value per Share     10.04 ^
Series 2015 (NNC PRE)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03 ^
Series 2015-1 (NNC PRF)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03 ^
Series 2015-1 (NNC PRG)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03 ^
         
NPV        
Series 2014 (NPV PRA)        
Ending Market Value per Share      
Average Market Value per Share     10.01 ^^
Series 2015 (NPV PRC)        
Ending Market Value per Share      
Average Market Value per Share     10.04 ^^
Series 2014 (NPV PRD)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.04 ^^
Series 2014-1 (NPV PRE)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.04 ^^

 

(b) MTP Shares issued in connection with the reorganizations.
(c) For the six months ended November 30, 2018.
^ 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.

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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”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

 

  Nuveen Georgia Quality Municipal Income Fund (NKG)
  Nuveen Maryland Quality Municipal Income Fund (NMY)
  Nuveen Minnesota Quality Municipal Income Fund (NMS)
  Nuveen Missouri Quality Municipal Income Fund (NOM)
  Nuveen North Carolina Quality Municipal Income Fund (NNC)
  Nuveen Virginia Quality Municipal Income Fund (NPV)

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NKG, NMS and NOM were organized as Massachusetts business trusts on October 26, 2001, April 28, 2014 and March 29, 1993, respectively. NMY, NNC and NPV were organized as Massachusetts business trusts on January 12, 1993.

The end of the reporting period for the Funds is November 30, 2018, and the period covered by these Notes to Financial Statements is the six months ended November 30, 2018 (the “current fiscal period”).

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

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. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax and a single state’s personal income tax. The Fund may invest up to 20% in municipal securities that are exempt from regular federal income tax, but not from that single state’s income tax if, in the Sub-Adviser’s judgement, such purchases are expected to enhance the Fund’s after-tax total return potential. To the extent that the Fund invests in bonds of municipal issuers located in other states, the Fund may have income that is not exempt from state personal income tax.

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”).

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.

83

Notes to Financial Statements (Unaudited) (continued)

As of the end of the reporting period, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

 

      NMY     NMS     NPV  
Outstanding when-issued/delayed delivery purchase commitments   $ 1,120,810   $ 2,087,784   $ 1,110,620  

Investment Income
Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.

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.

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

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 Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 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

84

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.

 

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. 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.

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:

 

NKG     Level 1     Level 2     Level 3     Total  
Long-Term Investments*:                          
Municipal Bonds**   $   $ 210,549,422   $ —***   $ 210,549,422  
Short-Term Investments*:                          
Municipal Bonds**             113,509     113,509  
Total   $   $ 210,549,422   $ 113,509   $ 210,662,931  
NMY                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 528,837,962   $   $ 528,837,962  
NMS                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 132,591,547   $   $ 132,591,547  
Short-Term Investments*:                          
Municipal Bonds         2,700,000         2,700,000  
Total   $   $ 135,291,547   $   $ 135,291,547  
85

Notes to Financial Statements (Unaudited) (continued)

 

NOM     Level 1     Level 2     Level 3     Total  
Long-Term Investments*:                          
Municipal Bonds   $   $ 47,411,417   $   $ 47,411,417  
Short-Term Investments*:                          
Municipal Bonds         800,000         800,000  
Total   $   $ 48,211,417   $   $ 48,211,417  
NNC                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 385,992,015   $   $ 385,992,015  
NPV                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 388,755,859   $   $ 388,755,859  
Short-Term Investments*:                          
Municipal Bonds         1,500,000         1,500,000  
Total   $   $ 390,255,859   $   $ 390,255,859  

 

* Refer to the Fund’s Portfolio of Investments for industry classifications.
** Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
*** Value equals zero as of the end of the reporting period.

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 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.

86

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

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

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

 

Floating Rate Obligations Outstanding     NKG     NMY     NMS     NOM     NNC     NPV  
Floating rate obligations: self-deposited Inverse Floaters   $ 19,600,000   $ 27,685,000   $   $ 600,000   $ 18,630,000   $ 20,350,000  
Floating rate obligations: externally-deposited Inverse Floaters     5,635,000                     13,330,000  
Total   $ 25,235,000   $ 27,685,000   $   $ 600,000   $ 18,630,000   $ 33,680,000  

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

 

Self-Deposited Inverse Floaters     NKG     NMY     NMS     NOM     NNC     NPV  
Average floating rate obligations outstanding   $ 4,712,568   $ 12,792,186   $   $ 419,672   $ 10,882,459   $ 20,350,000  
Average annual interest rate and fees     2.11 %   1.98 %   %   1.99 %   2.02 %   1.96 %

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

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

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

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

 

Floating Rate Obligations – Recourse Trusts     NKG     NMY     NMS     NOM     NNC     NPV  
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters   $ 19,600,000   $ 27,685,000   $   $ 600,000   $ 18,630,000   $ 20,350,000  
Maximum exposure to Recourse Trusts: externally-deposited                                      
Inverse Floaters                         13,330,000  
Total   $ 19,600,000   $ 27,685,000   $   $ 600,000   $ 18,630,000   $ 33,680,000  
87

Notes to Financial Statements (Unaudited) (continued)

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

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

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

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

4. Fund Shares

Common Shares

Common Shares Equity Shelf Programs and Offering Costs
NMS has filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing the Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during a prior fiscal period.

Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund’s NAV per common share. In the event the Fund’s Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.

Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s current and prior fiscal period were as follows:

 

      NMS  
      Six Months     Year  
      Ended     Ended  
      11/30/18     5/31/18  
Additional authorized common shares     500,000     500,000  
Common shares sold         173,280  
Offering proceeds, net of offering costs   $ 74,504   $ 2,634,474  

Costs incurred by the Fund in connection with its initial shelf registrations are recorded as a prepaid expense and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after the effectiveness of the initial shelf registration will be expensed. Costs incurred by the Fund to keep the shelf registration current are expensed as incurred and recognized as a component of “Shelf offering expenses” on the Statement of Operations.

88

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

 

      NKG     NMY     NMS  
      Six Months     Year     Six Months     Year     Six Months     Year  
      Ended     Ended     Ended     Ended     Ended     Ended  
      11/30/18     5/31/18     11/30/18     5/31/18     11/30/18     5/31/18  
Common shares:                                      
Sold through shelf offering                         173,280  
Issued to shareholders due to reinvestment of distributions                         1,832  
Repurchased and retired     (125,000 )       (217,601 )   (27,500 )   (4,390 )    
                                       
Weighted average common share:                                      
Premium to NAV per shelf offering share sold                         5.02 %
Price per share repurchased and retired   $ 10.98       $ 11.78   $ 12.30   $ 12.00      
Discount per share repurchased and retired     15.46 %       15.53 %   14.18 %   15.08 %    

 

      NOM     NNC     NPV  
      Six Months     Year     Six Months     Year     Six Months     Year  
      Ended     Ended     Ended     Ended     Ended     Ended  
      11/30/18     5/31/18     11/30/18     5/31/18     11/30/18     5/31/18  
Common shares:                                      
Issued to shareholders due to reinvestment of distributions         3,481                  
Repurchased and retired             (112,200 )   (23,400 )   (45,063 )    
                                       
Weighted average common share:                                      
Price per share repurchased and retired           $ 11.86   $ 12.17   $ 11.59      
Discount per share repurchased and retired             15.62 %   15.16 %   15.31 %    

Preferred Shares

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

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

 

  Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
     
    The Fund will pay a remarketing fee on the aggregate principal amount of all MFP shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
     
  Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
     
    The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread’ being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
89

Notes to Financial Statements (Unaudited) (continued)

 

  Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. The Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
     
    The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP Shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.

For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.

Costs incurred in connection with the Fund’s offering of MFP Shares were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

As of the end of the reporting period, details of the Fund’s MFP Shares outstanding were as follows:

 

                Liquidation                          
                Preference,           Term           Mode  
          Shares   net of deferred     Liquidation     Redemption           Termination  
Fund   Series     Outstanding   offering costs     Preference     Date     Mode     Date  
NOM   A     180   $ 17,767,067   $ 18,000,000   October 1, 2047     VRM   October 16, 2019  

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

 

      NOM  
Average liquidation preference of MFP Shares outstanding   $ 18,000,000  
Annualized dividend rate     2.25%  

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, details of the following Funds’ VMTP Shares outstanding were as follows:

 

                  Liquidation        
                  Preference,        
            Shares     net of deferred     Liquidation  
Fund     Series     Outstanding     offering costs     Preference  
NKG     2019     585   $ 58,496,395   $ 58,500,000  
NMY     2019     1,970   $ 196,992,372   $ 197,000,000  
NMS     2019     528   $ 52,786,232   $ 52,800,000  
NNC     2019     1,435   $ 143,493,291   $ 143,500,000  
90

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  
NKG     2019     September 1, 2019     August 31, 2017  
NMY     2019     August 1, 2019     June 30, 2017  
NMS     2019     August 1, 2019     June 30, 2017  
NNC     2019     August 1, 2019     June 30, 2017  

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

 

      NKG     NMY     NMS     NNC  
Average liquidation preference of VMTP Shares outstanding   $ 76,991,803   $ 197,000,000   $ 52,800,000   $ 151,762,295  
Annualized dividend rate     2.34%     2.37%     2.37%     2.37%  

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 Fund’s Adviser has determined that the 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 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 deferred offering costs” on the Statement of Assets and Liabilities and “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:

 

                  Liquidation              
                  Preference,              
            Shares     net of deferred     Liquidation        
Fund     Series     Outstanding     offering costs     Preference     Maturity  
NPV     1     1,280   $ 127,625,419   $ 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.

91

Notes to Financial Statements (Unaudited) (continued)

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

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

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

 

      NPV  
Average liquidation preference of VRDP Shares outstanding   $ 128,000,000  
Annualized dividend rate     2.36%  

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 MFP shares for the Funds, where applicable, were as follows:

 

      Year Ended  
      May 31, 2018  
NOM     Series     Shares     Amount  
MFP Shares issued     A     180   $ 18,000,000  

 

Transactions in VMTP Shares for the Funds, where applicable, were as follows:

 

      Six Months Ended  
      November 30, 2018  
NKG     Series     Shares     Amount  
VMTP Shares redeemed     2019     (235 ) $ (23,500,000 )

 

      Six Months Ended  
      November 30, 2018  
NNC     Series     Shares     Amount  
VMTP Shares redeemed     2019     (105 ) $ (10,500,000 )

 

      Year Ended  
      May 31, 2018  
NOM     Series     Shares     Amount  
VMTP Shares redeemed     2018     (180 ) $ (18,000,000 )
92

5. Investment Transactions

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

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Purchases   $ 31,218,950   $ 80,707,069   $ 31,643,549   $ 4,817,271   $ 52,896,938   $ 45,386,626  
Sales and maturities     33,065,749     72,396,551     33,580,862     6,009,969     54,597,736     45,191,972  

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of November 30, 2018.

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Tax cost of investments   $ 187,910,584   $ 490,713,806   $ 133,235,915   $ 46,156,623   $ 355,861,158   $ 359,814,366  
Gross unrealized:                                      
Appreciation   $ 5,203,997   $ 13,542,196   $ 3,090,314   $ 1,713,551   $ 13,052,368   $ 12,914,498  
Depreciation     (2,051,687 )   (3,103,030 )   (1,034,682 )   (258,759 )   (1,551,607 )   (2,822,997 )
Net unrealized appreciation (depreciation) of investments   $ 3,152,310   $ 10,439,166   $ 2,055,632   $ 1,454,792   $ 11,500,761   $ 10,091,501  

Permanent differences, primarily due to taxable market discount, federal taxes paid, nondeductible offering costs, distribution reallocations and expiration of capital loss carryforwards resulted in reclassifications among the Funds’ components of common share net assets as of May 31, 2018, the Funds’ last tax year end, as follows:

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Paid-in-surplus   $ (1,222,296 ) $ 112,903   $ 169,785   $ (125,184 ) $ 115,564   $ (11,762 )
Undistributed (Over-distribution of) net investment income     (107,995 )   (214,198 )   (170,697 )   21,674     (115,049 )   (81,356 )
Accumulated net realized gain (loss)     1,330,291     101,295     912     103,510     (515 )   93,118  

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2018, the Funds’ last tax year end, were as follows:

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Undistributed net tax-exempt income1   $ 159,456   $ 607,644   $ 45,312   $   $ 294,594   $ 758,978  
Undistributed net ordinary income2     3,998     11,765             28,865     9,335  
Undistributed net long-term capital gains                          

 

1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 1, 2018, paid on June 1, 2018.
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
93

Notes to Financial Statements (Unaudited) (continued)

The tax character of distributions paid during the Funds’ last tax year ended May 31, 2018, was designated for purposes of the dividends paid deduction as follows:

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Distributions from net tax-exempt income   $ 7,071,164   $ 17,874,348   $ 5,258,361   $ 1,843,442   $ 11,562,668   $ 12,302,938  
Distributions from net ordinary income2     17,934     189,315     64,018     4,645     112,438     164,986  
Distributions from net long-term capital gains             5,194         13,985      
Return of capital                 19,370          

 

2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

As of May 31, 2018, 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.

 

      NKG     NMY     NOM     NNC     NPV  
Expiration:                                
May 31, 2019   $ 48,370   $   $   $   $  
Not subject to expiration:                                
Short-term     1,013,517     6,016,854     362,664     712,669     4,753,374  
Long-term     2,409,263     5,837,844     897,804         9,234,469  
Total   $ 3,471,150   $ 11,854,698   $ 1,260,468   $ 712,669   $ 13,987,843  

During the Funds’ last tax year ended May 31, 2018, the following funds utilized capital loss carryforwards as follows:

 

      NKG     NMS  
Utilized capital loss carryforwards   $ 233,457   $ 124,580  

As of May 31, 2018, the Funds’ last tax year end, the following Funds’ capital loss carryforwards expired as follows:

 

      NKG     NOM  
Expired capital loss carryforwards   $ 1,329,548   $ 91,539  

The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Fund has elected to defer losses as follows:

 

      NMS  
Post-October capital losses3   $ 180,752  
Late-year ordinary losses4      

 

3 Capital losses incurred from November 1, 2017 through May 31, 2018, the Funds’ last tax year end.
4 Ordinary losses incurred from January 1, 2018 through May 31, 2018 and/or specified losses incurred from November 1, 2017 through May 31, 2018.

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.

94

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

 

Average Daily Managed Assets*     Fund-Level Fee Rate
For the first $125 million     0.4500 %
For the next $125 million     0.4375  
For the next $250 million     0.4250  
For the next $500 million     0.4125  
For the next $1 billion     0.4000  
For the next $3 billion     0.3750  
For managed assets over $5 billion     0.3625  

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

 

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

 

* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of November 30, 2018, the complex-level fee for each Fund was 0.1595%.

Other Transactions with Affiliates
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 following Funds engaged in inter-fund trades pursuant to these procedures as follows:

 

Inter-Fund Trades     NMY     NMS     NOM     NPV  
Purchases   $ 6,286,876   $ 5,280,555   $ 345,198   $ 20,059,594  
Sales     6,139,230     4,559,817     348,926     20,759,961  
95

Notes to Financial Statements (Unaudited) (continued)

8. Borrowing Arrangements

Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 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 1.00% per annum or (b) the Fed Funds rate plus 1.00% 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.

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

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

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

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

9. New Accounting Pronouncements

FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.

96

Disclosure Update and Simplification

During August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.

The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.

For the prior fiscal period, the total amount of distributions paid to shareholders from net investment income and from accumulated net realized gains, if any, are recognized as “Dividends” on the Statement of Changes in Net Assets.

As of May 31, 2018, the Funds’ Statement of Changes in Net Assets reflected the following balances.

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Distributions to Shareholders                                      
From net investment income   $ (5,382,259 ) $ (14,033,603 ) $ (4,266,573 ) $ (1,450,327 ) $ (8,533,736 ) $ (10,064,138 )
From accumulated net realized gains             (4,634 )       (14,777 )    
Return of capital                 (19,370 )        
Decrease in net assets applicable to common shares from distributions to common shareholders     (5,382,259 )   (14,033,603 )   (4,271,207 )   (1,469,697 )   (8,548,513 )   (10,064,138 )
UNII at the end of period   $ (294,011 ) $ (443,788 ) $ (339,465 ) $ (29,900 ) $ (489,934 ) $ 160,559  

10. Subsequent Events

Variable Rate MuniFund Term Preferred Shares
During December 2018, NMY redeemed 150 Series 2019 VMTP Shares.

Adjustable Rate MuniFund Term Preferred Shares
During December 2018, NKG, NMY, NMS and NNC issued 585, 1,820, 528 and 1,435 Series 2028 Adjustable Rate Term Preferred Shares, respectively, in exchange for 585, 1,820, 528 and 1,435 Series 2019 VMTP Shares.

97

Additional Fund Information

 

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

 

* Interested Board Member.
** Retired from the Funds’ Board of Trustees effective December 31, 2018.
   

 

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   Computershare Trust
Chicago, IL 60606   One Lincoln Street       200 East Randolph Street   Company, N.A.
    Boston, MA 02111       Chicago, IL 60601   250 Royall Street
                Canton, MA 02021
                (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     125,000     217,601     4,390         112,200     45,063  

 

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.
 
98

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.
99

Glossary of Terms Used in this Report (continued)

 

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.
100

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 immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by 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.

101

Notes

 

102

Notes

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 solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

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.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

 

Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com ESA-A-1118D 702451-INV-B-01/19
 

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 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
 
ITEM 13. 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.

(a)(4)
Change in the registrant’s independent public accountant. 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 7, 2019
 
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 7, 2019
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: February 7, 2019