Nuveen Missouri Quality Municipal Income Fund

07/30/2021 | Press release | Distributed by Public on 07/30/2021 11:27

Annual/Semi-Annual Report by Investment Company (SEC Filing - N-CSR)


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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07616

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

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

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

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

Date of fiscal year end: Date: May 31

Date of reporting period: May 31, 2021

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

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




ITEM 1. REPORTS TO STOCKHOLDERS.






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Table of Contents
Chair's Letter to Shareholders
4
Portfolio Managers' Comments
5
Fund Leverage
13
Common Share Information
15
Performance Overview and Holding Summaries
17
Shareholder Meeting Report
27
Report of Independent Registered Public Accounting Firm
29
Portfolios of Investments
30
Statement of Assets and Liabilities
65
Statement of Operations
66
Statement of Changes in Net Assets
67
Statement of Cash Flows
70
Financial Highlights
72
Notes to Financial Statements
81
Shareholder Update
94
Additional Fund Information
121
Glossary of Terms Used in this Report
122
Annual Investment Management Agreement Approval Process
124
Board Members & Officers
135
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Chair's Letter
to Shareholders


Dear Shareholders,
More than a year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a year marked by a global economic downturn, financial market turbulence and some immeasurable losses. Although the health crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our 'new normal' might be.
Global economic activity has continued to rebound, driving both gross domestic product growth and inflation higher, especially in the U.S. Vaccinations have enabled a further reopening of economies while governments and central banks have taken extraordinary measures to support the recoveries. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals and businesses in late December 2020. Another $1.9 trillion relief package was signed into law in March 2021 providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants to education and public health, and other support. Currently, Congress is working on an infrastructure spending plan, although its final shape and whether it passes remains to be seen. The U.S. Federal Reserve (Fed) and other central banks around the world have upgraded their economic forecasts but remain committed to sustaining the recovery by maintaining accommodative monetary conditions. However, as economies have reopened, the surge in consumer demand has outpaced supply chain capacity, resulting in a jump in inflation indicators in recent months. Whether inflation persists is a subject of debate by economists and market observers, while the Fed and other central banks believe it to be more transitory.
While the markets' longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. Markets are closely monitoring central bank signals, particularly if inflation remains elevated, as a sooner-than-expected shift to monetary tightening could slow the economic recovery. Additionally, COVID-19 cases are still elevated in some regions, as more virulent strains have spread and vaccination rollouts have been uneven around the country and around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully restored and what level of public inoculation would be sufficient to contain the virus spread. On the political front, the Biden administration's full policy agenda and the potential for Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen's focus on delivering long-term results to our shareholders.
If you have concerns about what's coming next, it can be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
July 22, 2021
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Portfolio Managers' Comments
Nuveen Georgia Quality Municipal Income Fund (NKG)
Nuveen Massachusetts Quality Municipal Income Fund (NMT)
Nuveen Minnesota Quality Municipal Income Fund (NMS)
Nuveen Missouri Quality Municipal Income Fund (NOM)
Nuveen Virginia Quality Municipal Income Fund (NPV)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds' investment adviser. Portfolio managers Daniel J. Close, CFA, Stephen J. Candido, CFA, Christopher L. Drahn, CFA, and Michael S. Hamilton discuss U.S. economic and market conditions, key investment strategies and the twelve-month performance of these five Nuveen Funds. Dan has managed the Nuveen Georgia Fund since 2007. Steve assumed portfolio management responsibility for the Virginia Fund in 2016. Chris has managed the Missouri Fund since 2011 and assumed responsibility for the Minnesota Fund in 2016. Michael assumed portfolio management responsibility for the Massachusetts Fund in 2011.
What factors affected the U.S. economy and the national municipal bond market during the twelve-month annual reporting period ended May 31, 2021?
The U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures, but gross domestic product (GDP) shrank 3.5% in 2020 compared to 2019's annual level. After falling into a deep recession in February 2020 due to the restrictions put on business and social activity to mitigate the COVID-19 spread, the economy bounced back with the help of several factors. These included: Federal government stimulus aiding individuals and businesses, accommodative monetary policy by the Fed that kept borrowing costs low and a gradual reopening of businesses with the roll-out of several FDA approved vaccines. U.S. GDP growth picked up pace in the first quarter of 2021, growing at an annualized rate of 6.4% according to the Bureau of Economic Analysis 'second' estimate, an increase from 4.3% (annualized) in the fourth quarter of 2020. GDP measures the value of goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes.
Consumer spending, the largest driver of the economy, rebounded markedly from the steep declines early in the health crisis. Although the momentum slowed toward the end of 2020 amid a resurgence of COVID-19 infections, consumer demand resumed in

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Portfolio Managers' Comments (continued)
2021 as vaccination rates increased and lockdown restrictions eased, eligible Americans received another government stimulus check and the job market continued to improve. By May 2021, the U.S. unemployment rate had fallen to 5.8%, a significant improvement from 13.3% in May 2020 and from the pandemic peak of 14.8% in April 2020, according to the Bureau of Labor Statistics (BLS). The average hourly earnings rate increased, growing at an annualized rate of 2.0% in May 2021, despite the spike in unemployment. However, the BLS pointed out that wage growth trends have been difficult to analyze given the wide variation in average hourly earnings across industries and large fluctuations in employment since February 2020. The overall trend of inflation accelerated, largely due to rising energy prices and the improving economy. The higher annual inflation rate in May 2021 is also the result of the comparison from a year ago, when consumer prices fell sharply as the first lockdowns were imposed in March 2020. The BLS said the Consumer Price Index (CPI) increased 5.0% over the twelve-month reporting period ended May 31, 2021, before seasonal adjustment.
With the onset of the COVID-19 crisis, the Federal Reserve (Fed) enacted an array of emergency measures in March 2020 to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and engaging in expanded bond purchases, known as quantitative easing. In August 2020, the Fed announced a change in its inflation targeting policy, moving from a program of absolute targeting to an average inflation targeting policy. Under this regime, the Fed will tolerate the inflation rate temporarily overshooting the target rate to offset periods of below-target inflation, so that inflation averages a 2% target rate over time. In their meetings throughout the first half of 2021, Fed officials continued to signal that accommodative policy measures will stay in place, asserting that recently higher inflation readings are transitory and the economic recovery remains far from the Fed's goals.
The federal government also intervened with historic relief measures, starting with three aid packages in March and April 2020. These included $2 trillion allocated across direct payments to individuals, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments, and more than $100 billion in funding to employers offering paid leave. In December 2020, the government enacted a $900 billion relief package extending some of these programs, and followed in March 2021 with another $1.9 trillion deal providing support to individuals and families, small businesses, state and local governments, education and public health/vaccination. The Biden administration has proposed another $2 trillion stimulus plan focused on infrastructure and jobs, but it is facing legislative hurdles.
By the start of this reporting period, markets had largely stabilized from the initial health crisis shock. In March 2020, equity and commodity markets sold off and safe-haven assets rallied as countries initiated quarantines, restricted travel and shuttered factories and businesses, while an ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia amplified the volatility. In late 2020, the announcement of high efficacy rates in several COVID-19 vaccine trials, followed by regulatory authorizations and public vaccination drives across Western countries improved the outlook for 2021 and led to risk-on sentiment in the markets. Increasing vaccination rates and some surprisingly strong economic readings in the first few months of 2021 led to rising inflation concerns and an increase in long-term interest rates, but central banks reassured the markets that it was too soon to withdraw stimulus measures.
Geopolitical uncertainty remained elevated during 2020 in anticipation of the U.S. presidential election in November 2020 and the Brexit transition period set to expire in December 2020. However, political risks began to ease with the election of President Joe Biden and a final deal struck between the European Union and U.K. before the end of the transition period. Although China and the U.S. signed a 'phase one' trade deal in January 2020, tensions continued to flare over other trade and technology/security issues, Hong Kong's sovereignty and the management of the COVID-19 crisis. In 2021, geopolitical concerns in the Middle East, Russia and Belarus made news headlines, but market impacts were relatively minimal.
Municipal bonds performed well in this reporting period, reflecting a significant recovery from the COVID-19 crisis sell-off in March 2020. At the time, U.S. Treasury yields fell to historic lows and interest rate volatility increased sharply while municipal bond prices became severely dislocated from Treasury prices and credit spreads widened significantly. With ongoing monetary and fiscal interventions from the Fed and U.S. government and credit fundamentals that demonstrated more resilience than initially expected, investor sentiment improved and credit spreads narrowed significantly by the end of the reporting period. Municipal bond yields generally moved lower through the first half of the reporting period, then rose over the second half as fixed income markets priced in a stronger economic growth and inflation outlook and the prospect of more government stimulus. For the 12-month reporting
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period overall, municipal yields were little changed at the short end of the yield curve, higher in the intermediate segment and lower at the longest maturities, which flattened the yield curve.
Municipal bond gross issuance nationwide remained strong in the reporting period, with deals postponed rather than canceled during the COVID-19 crisis driven sell-off. The overall low level of interest rates has encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have represented roughly a third of total issuance in 2021 so far. Additionally, the proportion of taxable issuance has risen to about one third of total gross issuance since the advent of the Tax Cut and Jobs Act of 2017, which prohibits municipal issuers from issuing new tax-exempt bonds to pre-refund existing tax-exempt bonds. Thus, the net issuance (all bonds issued less bonds redeemed) of tax exempt municipal bonds is actually much lower than the gross issuance. This lower net issuance was an overall positive technical factor on municipal bond investment performance in recent years and in this reporting period.
While municipal bond funds suffered significant outflows in March 2020, particularly from high yield municipal bond funds, fund flows rebounded strongly over the remainder of 2020 and sustained a robust pace through early 2021. Demand has been resilient even though municipal defaults, as expected, have increased somewhat during the COVID-19 crisis. However, default activity has occurred mainly in sectors with greater COVID-19 risk exposure, such as senior living, corporate-backed and real estate-backed. Moreover, while there are some pockets of municipal credit ratings stress, a wave of downgrades has not materialized. With interest rates in the U.S. and globally still near all-time lows, even after the recent increase in long-term rates, the appetite for yield has continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. Additionally, as taxpayers have adjusted to the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, there has been increased demand for tax-exempt municipal bonds, especially in states with high income taxes and/or property taxes.
What were the economic and market conditions in Georgia, Massachusetts, Minnesota, Missouri and Virginia during the twelvemonth reporting period ended May 31, 2021?
Georgia is the eighth largest state, with a population of 10.7 million. Population growth has been around 1% annually for more than a decade. Its GDP totaled $619 billion in 2020, ranking eighth among states. Georgia's economic growth has been robust since 2014, outpacing that of the nation, but has slowed a bit in recent years. As of May 2021, the unemployment rate was 4.1%, compared to 5.8% for the U.S. The state's primary economic engine is the Atlanta metropolitan area, which prior to the COVID-19 crisis had been adding jobs and attracting businesses in a diverse range of industries, with construction and the education and health services sectors growing at a faster rate. Per capita personal income is below average for the state of Georgia and was 91.2% of the U.S. average in 2020, but is growing at faster rate than the nation. Home prices in the Atlanta region rose 12.3% year-over-year, as of April 2021 (most recent available data at the time this report was prepared), just below the national average of 14.6%, according to the S&P CoreLogic Case-Shiller Index. Before the COVID-19 crisis, strong economic growth drove robust revenue growth for Georgia; although growth slowed in Fiscal Year 2020, it remained positive. Tax revenue collections of $23.8 billion for Fiscal Year 2019 were 4.8% higher than for Fiscal Year 2018, while tax revenue collections of $24 billion for Fiscal Year 2020 increased 1.4%. Overall, general fund revenue increased at a higher rate in Fiscal Year 2020 (3.7%) than in Fiscal Year 2019 (2.4%), in part due to strong growth in intergovernmental revenues. Recent years of solid revenue growth allowed the state to build up its rainy day fund, or revenue shortfall reserve, which totals $2.7 billion in 2020. This provides the state with a substantial buffer to help weather the current downturn, along with expenditure cuts. The state's $27.2 billion Fiscal Year 2022 budget restores most cuts made last year due to the COVID-19 crisis with the assistance of federal relief funds to plug budgetary holes. Georgia has $10.6 billion of net tax-supported debt outstanding, which represents 1.9% of personal income. The Moody's 50-state median for 2020 is also 1.9% of personal income. Georgia's pension liabilities are below average, so the state's combined net debt and net pension liabilities are lower than the majority of states. As of June 2021, Georgia's general obligation debt continued to be rated Aaa/AAA/AAA with stable outlooks from Moody's, S&P and Fitch, respectively.
Massachusetts' economy is led by the health care, education, financial services and technology sectors. Massachusetts enjoys a concentration of colleges and universities, which provide employment stability and a source of well educated workers for the Commonwealth's service industries. Education accounts for about 5% of Massachusetts' employment, twice the national average.
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Portfolio Managers' Comments (continued)
Among the 50 states, Massachusetts has the highest percentage of population over 25 years old with a bachelor's degree, at 43.5%. This compares with the national average of 32.6%. According to the U.S. Department of Commerce Bureau of Economic Analysis, Massachusetts' per capita income is second highest among the 50 states. At $74,187 for calendar year 2019, it is 131.3% of the national average. Massachusetts, like all other states, was affected by the COVID-19 crisis. Unemployment in the Commonwealth peaked at 16.4% in April 2020, as compared to the nation at 14.8%. Massachusetts' unemployment stood at 6.1% in May 2021, above the national average of 5.8% for the same period. On a statutory basis, Massachusetts' general fund ended Fiscal Year 2020 with a $287 million surplus. This allowed for a $15 million deposit into the Commonwealth's rainy day fund, bringing that fund to a balance of $3.5 billion on June 30, 2020. The Fiscal Year 2021 budget was adopted six months late and anticipates a $1.35 billion draw on the rainy day fund. The proposed Fiscal Year 2022 budget also relies on a $1.6 billion dollar withdrawal from the rainy day fund, leaving a projected balance of $1.1 billion at the end of Fiscal Year 2022. Massachusetts received nearly $5.3 billion from the American Rescue Plan Act. According to Moody's, Massachusetts' debt burden is second highest in the nation (after Connecticut) on a per capita basis ($6,258 versus the median of $1,071) and third highest as a percentage of the state GDP (7.2% versus the median of 1.9%). As of March 2021, Moody's rated Massachusetts Aa1 with a stable outlook, and S&P rated the Commonwealth AA with a stable outlook. For the twelve months ended May 31, 2021, Massachusetts' municipal bond supply totaled $14.5 billion, an 8.1% increase over the prior twelve-month period.
Minnesota continues to benefit from a highly diverse economy and well educated work force. However, economic growth continues to lag the nation, with Minnesota's nominal GDP declining 2.5% in 2020 (ranking 28th among states) compared to a decline of 2.3% for the nation. As of May 2021, Minnesota's unemployment rate was a low 4.0% and remains well below the national unemployment rate of 5.8%. Home prices in the Minneapolis area were up 11.3% year-over-year as of April 2021 (most recent data available at the time this report was prepared), according to the S&P CoreLogic Case-Shiller Index. Minnesota is now anticipating a Fiscal Year 2021 surplus of $3.4 billion, a $1.8 billion increase from February's projections due to higher than anticipated income, sales and corporate tax revenues. Notably, the state's rainy day funds were at the highest levels ever, at nearly $2.8 billion in Fiscal Year 2020, providing a sufficient cushion that will be bolstered by the additional surplus in Fiscal Year 2021. In addition, the state is scheduled to receive $2.8 billion in American Rescue Plan funding, which will provide additional financial flexibility for the state over the near term. The state's biennium 2022-2023 budget contains $52 billion in appropriations. Moody's has maintained the state's Aa1 rating and stable outlook. S&P recently affirmed the state's AAA rating with negative outlook on February 18, 2021.
Missouri's economic growth has kept pace with its Midwestern peers and was nearly on par with the nation through the pandemic. After being ranked 29th among states for nominal GDP growth, Missouri's 2020 ranking improved to 23rd. The state's GDP declined 2.0% due to the pandemic, compared to national GDP growth of -2.3%. The state's unemployment rate of 4.2% is lower than the national rate of 5.8% as of May 2021. The state saw growth in the finance and insurance, retail trade, and health care and social assistance sectors. Missouri's population has grown just 2.7% since 2010 to 6.1 million, which lags the nation's growth rate of 6.3% over the same time period. The Missouri Constitution requires that the state pass a balanced budget. Fiscal Year 2020 concluded with a $535 million surplus, which bolstered available reserves to roughly $2.1 billion. Rebounding tax revenue coupled with federal pandemic aid are attributed to the likelihood of an approximate $2.0 billion surplus for Fiscal Year 2021. In addition, the state is scheduled to receive $2.8 billion in American Rescue Plan funding from the federal government, which will provide additional financial flexibility over the near term. The Fiscal Year 2022 budget is not yet enacted, but the approved budget contains $35.6 billion in appropriations. Moody's, S&P and Fitch rate Missouri general obligation debt at Aaa/AAA/AAA and all have stable outlooks.
Virginia's economy is led by the government, professional and business services sectors. Its proximity to the Washington D.C. area has historically provided stability in the northern portion of the state. Government employment represents 18.1% of the Commonwealth's job base (compared to the national average of 15.2%). The defense industry in particular plays an important role in Virginia's economy, with the Commonwealth's Hampton Roads area home to the nation's largest concentration of military installations. In 2020, as a result of the pandemic, Virginia's gross state product contracted by 0.9% compared to a decline of 2.3% for the nation's GDP as a whole. As of May 2021, the Commonwealth's unemployment rate registered 4.5%, below the national rate of 5.8%. Virginia continues to benefit from good socioeconomics with per capita income at 115.2% of the national average, and the Commonwealth's poverty level of 10.6% compares favorably to the national average of 13.4%. Virginia has a history of both proac-tive and conservative fiscal management. The Commonwealth's operating revenues are primarily dependent upon income taxes, followed by sales tax collections. With regard to expenditures, education accounts for the greatest share of operating expenses
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followed by health and human services. Despite the pandemic, the Commonwealth's general fund posted a $1.7 billion surplus in Fiscal Year 2020. Fiscal Year 2020 general revenue collections were 2.0% higher than Fiscal Year 2019, though they were still $234 million, or 1.1%, below initial forecasts. Income tax collections grew by 3.0% in Fiscal Year 2020 over the previous year, compared with the official forecast of 4.7% growth. Fiscal Year 2020 sales tax collections grew by 3.5% over the previous year, lower than the official forecast of 7.4% growth. Year-to-date tax collections in Fiscal Year 2021 (through March) are 9.0% above Fiscal Year 2020 figures, compared to an assumed rate of 3.0% growth. The Commonwealth is now projecting a small general fund surplus for Fiscal Year 2021. The Commonwealth's total general fund balance is good, at 14.3% of general fund revenues in Fiscal Year 2020. Included in the total fund balance are the Commonwealth's two rainy day funds: the revenue stabilization fund and the revenue reserve fund. As of June 30, 2020, the revenue stabilization fund contained $636 million and the revenue reserve fund contained $513 million. Together, those two funds equal 4.9% of general fund revenues. Virginia also maintains a sizable reserve in its Commonwealth transportation fund. State government received $1.8 billion under the CARES Act and expects to receive $3.8 billion under the American Rescue Plan. The Commonwealth's overall debt metrics are slightly above U.S. state averages. Moody's June 2021 state debt median report notes that Virginia ranked 15th in net tax-supported debt per capita ($1,746 versus the national median of $1,039) and ranked 17th as a percent of personal income (2.8% versus the national median of 1.9%). The Commonwealth's ability to issue debt is controlled through a very complex debt capacity model that is revised on an annual basis. The majority of the Commonwealth's outstanding debt is subject to appropriation, and only about 9% of outstanding debt carries the general obligation pledge. As of May 2021, Moody's, S&P and Fitch rated Virginia general obligation debt at Aaa/AAA/AAA with stable outlooks.
What key strategies were used to manage the Funds during the twelve-month reporting period ended May 31, 2021?
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax and a single state's personal income tax. The Funds may invest up to 20% in municipal securities that are exempt from regular federal income tax, but not from that single state's income tax if, in the portfolio manager's judgement, such purchases are expected to enhance the Fund's after-tax total return potential. The Nuveen Minnesota Quality Municipal Income Fund (NMS) may invest only to a lesser extent in bonds not exempt from Minnesota income tax, in order to conform to a requirement imposed by the State of Minnesota that a fund derive at least 95% of its exempt-interest dividends from bonds of issuers located in Minnesota in order for the fund's dividends to be exempt from those Minnesota income taxes. To the extent that the Fund invests in bonds of municipal issuers located in other states, the Fund's dividends may not be exempt from state personal income tax.
Municipal bond performance was positive in this reporting period. Municipal bond yields rose across much of the yield curve (except for longer maturities, where yields fell) over the reporting period. An improving municipal credit outlook, along with demand for higher yielding investments lower down the credit spectrum and the increasing scarcity value of tax exempt municipal bonds, provided a favorable backdrop for credit spreads to continue to grind tighter, driving performance gains for lower rated and high yield municipal credit. Missouri's state municipal market outperformed the national market in this reporting period, while the state markets of Georgia, Massachusetts, Minnesota and Virginia underperformed the national market.
We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. As in the first half of the reporting period, NKG continued to buy a mix of 4% and 5% coupon structures with longer maturities and skewed toward higher credit quality. In addition to the purchases detailed in the Georgia Fund's semiannual report dated November 30, 2020, the Fund bought bonds across three sectors in the second half of the reporting period: health care (Children's Healthcare of Atlanta), higher education (Emory University) and industrial development revenue (George L. Smith Convention Center, a lower rated investment grade bond). The purchases were funded from the proceeds of called and maturing bonds, as well as the sale of a small position.
NMT was an active buyer during the reporting period, reinvesting the proceeds from called and maturing bonds and selling some very short-dated bonds to invest in longer-term opportunities. The Massachusetts Fund added issues for dedicated tax, housing, ports and higher education.
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Portfolio Managers' Comments (continued)
For NMS and NOM, certain sectors which held up better in the March-April 2020 timeframe, such as general obligations (GOs) and utilities, perhaps not surprisingly, underperformed in the subsequent twelve-month reporting period. The Funds generally tried to maintain (and opportunistically add) allocations to certain other sectors and categories that had been hit harder in the March-April 2020 sell-off However, for NMS, there seemed a relative scarcity of lower investment grade credits (or other opportunities) in the Minnesota public new issue market compared to many other states during the reporting period. Also, a significant number of new issues in Minnesota continue to be structured with very low coupons and dollar prices near par, which may not perform as well from a price standpoint in the event of an eventual rise in yields. Most issuance structured with premium coupons tended to be high grade and offered little to no incremental yield spread. From an activity standpoint, the most notable changes in NMS was an increase in it's single A rated credit weighting during the reporting period, mainly by adding to weightings in the private higher education sector. The Minnesota Fund did experience some small downgrades to several holdings, predominantly in the education sector, which resulted in a slight uptick in the Fund's below investment grade weightings by the end of the reporting period.
NOM's overall sector composition did not change dramatically. There was an increase in the Missouri Fund's transportation sector weighting, primarily from adding positions in Kansas City Airport bonds, which continued its modernization capital program with a bond issue in mid-October 2020. NOM also saw a decrease in the pre-refunded sector, as older holdings reached their call dates or matured.
NPV's trading activity was mainly driven by the reinvestment of proceeds from maturing bonds and some called bonds. There was no material selling activity during the reporting period. The Virginia Fund added to hospitals (Arlington Health System, Bon Secours Mercy Health and Carilion Clinic revenue bonds), airports (Metropolitan Washington D.C. Airports Authority revenue bonds) and Puerto Rico (sales tax revenue bonds known as COFINAs).
As of May 31, 2021, NKG, NMT, NOM and NPV continued to use inverse floating rate securities. The Fund's employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform during the twelve-month reporting period ended May 31, 2021?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns at net asset value (NAV) for the period ended May 31, 2021. Each Fund's total returns at common share NAV are compared with the performance of a corresponding market index.
For the twelve-month reporting period ended May 31, 2021, the total return at common share NAV for the five Funds outperformed their respective state's S&P Municipal Bond Index and the national S&P Municipal Bond Index. For the purposes of this Performance Commentary, the references to relative performance of all the Fund's is in comparison to their respective state's S&P Municipal Bond Index.
The Funds' performance relative to their respective state benchmarks was affected by duration and yield curve positioning, credit ratings allocations, sector allocations and credit selection. In addition, the use of regulatory leverage was a factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
Given the 'bullish' flattening in the yield curve, that is, longer-term rates declined by more than shorter-term rates, longer duration bonds generally outperformed shorter duration bonds in this reporting period. All five Funds were positioned favorably for this environment, with overweights to the longer duration range and underweights to shorter duration paper relative to their respective state benchmarks. Relative to the Georgia index, NKG was most helped by its underweight to durations of 4 years and shorter and an overweight to the 10- to 12-year duration category. NMT benefited relative to the Massachusetts index from its underweight to zero to 2-year durations and overweights to the 6- to 10-year duration segment and the 12 years and longer segment. NMS's overweight in both long intermediate and long durations (and underweight in shorter durations) were positive contributors to relative performance versus the Minnesota index. Duration and yield curve positioning was a small positive performance attribution factor for NOM relative to the Missouri index, driven by the Fund's slight overweight in both long-intermediate and long durations (and underweight in certain shorter durations). For NPV, an overweight to 8- to 12-year and longer durations added the most value relative to the Virginia index, with a smaller contribution from an underweight to 2- to 4-year durations.
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Looking at credit ratings, lower rated and high yield bonds outperformed high grade (AAA and AA rated) bonds during the reporting period, driven by the recovery in credit spreads. The five Funds generally maintained an overweight to the lower rated, higher yielding credit categories and an underweight to the highest credit qualities, which provided a performance advantage relative to their respective state benchmarks. For NKG, the benefit of an underweight to AAA rated paper and overweight BBB rated debt more than offset an overweight to AA rated bonds, which was a small detractor. NMT's credit quality positioning was the largest positive attribution factor in this reporting period, with relative outperformance driven by the Fund's underweights to AAA and AA rated bonds and an overweight to credits rated A and lower. Although NMT's overweight to BB rated debt was also advantageous to relative performance, the Fund's BB rated holdings were generally shorter duration and therefore less beneficial than if the Fund had held longer duration positions. In NMS, its overweights to the A, BBB, below investment grade and non-rated categories were a significant positive contributor, as were underweight allocations to both the AAA and the AA rated categories. NOM held overweight allocations to BBB, below investment grade and non-rated bonds, which were a major positive performance attribution factor, while underweights to AAA and AA rated paper also served the Fund well. Credit ratings allocations were the main positive contributor to NPV's relative performance versus the Virginia index, with outperformance driven by an overweight to the BBB rated segment, exposure to below investment grade bonds and an underweight to AAA rated bonds.
Sectors generally performed in line with credit quality, as the significant narrowing of credit spreads across lower rated bonds tended to drive stronger performance among revenue sectors, where lower rated bonds are more prevalent. Conversely, higher quality sectors, such as state and local GOs and pre-refunded, generally lagged.
NKG's sector positioning detracted modestly from performance relative to the Georgia index. Although NKG's overweight to dedicated tax added to relative performance, an overweight to water and sewer, a sector that underperformed, detracted from performance.
NMT's sector allocations bolstered relative performance versus the Massachusetts index. NMT's exposure to the tax supported sector detracted, despite the Fund's underweight and the longer duration of its holdings in the sector. However, its overweight allocations to health care, education and transportation outperformed, which more than offset the negative impact of the tax supported sector. NMS's sector positioning overall was a somewhat positive factor driving performance relative to the Minnesota index. The Fund benefited from an underweight to state and local GO holdings, given the sector's underperformance. But an overweight in appropriation-backed holdings, which also underperformed the broader state index, was a negative influence. NMS's overweight and security selection in hospitals contributed positively, as hospitals were a strong performing sector. The Minnesota Fund's overweight in the predominantly non-rated senior living/life care sector was a meaningful positive, as this sector rebounded and was one of the market's strongest performing sectors over this reporting period. NMS also benefited from a rebound in its numerous charter school holdings, as well as several positions in private higher education credits. The Fund's overweight in industrial development revenue bonds (and specifically holdings of the St. Paul Port Authority Gerdau Steel Mill Project bonds) was also additive. Other sector positions that detracted included a slight underweight to airports, despite the advantage of holding longer duration airport bonds, as well as an overweight to the public power sector.
NOM's sector positioning overall had a mostly neutral impact on performance relative to the Missouri index. The Fund's overweight to the pre-refunded sector was disadvantageous, while holdings of higher yielding Missouri special tax and transportation development districts boosted relative performance. An underweight to GOs was helpful to performance, as GOs generally underperformed revenue bonds in the state. These gains were partially offset by an overweight in appropriation-backed securities (a commonly used financing tool in Missouri). The Fund's appropriation-backed holdings generally outperformed GO's but underperformed the broader market. Within health care, NOM's overweight in hospitals and the strong performing senior living/life care sector were positive contributors. In the airport sector, the Fund's underweight detracted but security selection was favorable, primarily reflecting NOM's position in the bonds of Kansas City Airport. NOM's underweight to the utility sector was also a small positive contributor to relative performance.
Relative gains in NPV came from an overweight to toll roads/transportation, which included strong performing names such as I-66 Express Mobility Partners, Metropolitan Washington D.C. Airports Authority Dulles Toll Road, Chesapeake Bay Bridge and Tunnel, and Chesapeake Expressway Toll Road, and an overweight to hospitals/health care. NPV's underweight to tax supported debt was another positive contributor, as state and local GOs underperformed. A small overweight to Virginia tobacco was also modestly beneficial.
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Portfolio Managers' Comments (continued)
Individual credit selection was the largest driver of NKG's outperformance relative to the Georgia index. NKG's selection in tender option bonds and longer dated credits held for the full reporting period added meaningfully to relative performance, while the relative laggards were primarily positions in shorter dated, high quality paper and in credits bought in late 2020/early 2021 (after which prevailing rates moved higher). NMT's security selection was also a positive factor affecting performance relative to the Massachusetts index. Holdings in lower quality, longer duration, higher education names (such as Berklee College of Music, Emerson College and Worcester Polytechnic Institute) and in some health care positions (including Beth Israel Lahey Health System) were among NMT's top contributing holdings. NPV's best performing credits were dominated by lower rated toll road positions such as Metropolitan Washington D.C. Airports Authority Dulles Toll Road zero coupon bonds, Chesapeake Bay Bridge and Tunnel and I-66 Express Mobility Partners. Also within the transportation sector, airport holding Metropolitan Washington D.C. Airports Authority also performed well for the Virginia Fund. Within NPV's high yield positions, Marymount University was a standout performer. Detractors from NPV's relative performance versus the Virginia index were shorter dated, high quality credits including certain GO bonds and pre-refunded bonds, which had positive performance but trailed the stronger performance of longer dated and lower rated holdings.
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Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds' common shares relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund's common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. All this will make the shares' total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
The use of leverage had a positive impact on the total return performance of the Funds over the reporting period.
As of May 31, 2021, the Funds' percentages of leverage are as shown in the accompanying table.
NKG
NMT
NMS
NOM
NPV
Effective Leverage*
34.25%
36.21%
36.89%
35.89%
34.88%
Regulatory Leverage*
28.07%
34.06%
36.89%
35.14%
31.60%
*
Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund's effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
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Fund Leverage (continued)
THE FUNDS' REGULATORY LEVERAGE
As of May 31, 2021, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
Variable Rate
Variable Rate
Remarketed
Preferred*
Preferred**
Shares Issued at
Shares Issued at
Liquidation Preference
Liquidation Preference
Total
NKG
$ 58,500,000
$ -
$ 58,500,000
NMT
$ 74,000,000
$ -
$ 74,000,000
NMS
$ 52,800,000
$ -
$ 52,800,000
NOM
$ 18,000,000
$ -
$ 18,000,000
NPV
$128,000,000
$ -
$128,000,000
*
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 - Fund Shares for further details.
**
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP- VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 - Fund Shares for further details.
Refer to Notes to Financial Statements, Note 5 - Fund Shares for further details on preferred shares and each Fund's respective transactions.
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Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of May 31, 2021. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investments value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.
Per Common Share Amounts
Month Distributions (Ex-Dividend Date)
NKG
NMT
NMS
NOM
NPV
June 2020
$0.0400
$0.0445
$0.0485
$0.0395
$0.0470
July
0.0400
0.0445
0.0485
0.0395
0.0470
August
0.0400
0.0445
0.0485
0.0395
0.0470
September
0.0400
0.0445
0.0485
0.0395
0.0470
October
0.0450
0.0460
0.0525
0.0440
0.0485
November
0.0450
0.0460
0.0525
0.0440
0.0485
December
0.0450
0.0460
0.0525
0.0440
0.0485
January
0.0450
0.0460
0.0525
0.0440
0.0485
February
0.0450
0.0460
0.0525
0.0440
0.0485
March
0.0450
0.0460
0.0525
0.0440
0.0485
April
0.0450
0.0460
0.0525
0.0440
0.0485
May 2021
0.0450
0.0460
0.0525
0.0440
0.0485
Total Distributions from Net Investment Income
$0.5200
$0.5460
$0.6140
$0.5100
$0.5760
Yields
Market Yield*
3.97%
3.70%
3.88%
3.59%
3.61%
Taxable-Equivalent Yield*
7.37%
6.83%
7.86%
6.61%
6.73%
*
Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 46.6%, 45.8%, 50.7%, 46.2% and 46.6% for NKG, NMT, NMS, NOM and NPV, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund's income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual's ordinary graduated tax rate, the fund's Taxable-Equivalent Yield would be lower.
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 - Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions is sourced or comprised of elements other than net investment income, including capital gains
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Common Share Information (continued)
and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund's distributions for the reporting period are presented in this report's Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 - Income Tax Information within the Notes to Financial Statements of this report.
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds' monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen's enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE REPURCHASES
During August 2020, the Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
As of May 31, 2021, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
NKG
NMT
NMS
NOM
NPV
Common shares cumulatively repurchased and retired
149,500
26,148
10,000
0
55,000
Common shares authorized for repurchase
1,035,000
930,000
575,000
230,000
1,785,000
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of May 31, 2021, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:
NKG
NMT
NMS
NOM
NPV
Common share NAV
$14.41
$15.36
$15.62
$14.16
$15.48
Common share price
$13.60
$14.92
$16.24
$14.70
$16.13
Premium/(Discount) to NAV
(5.62)%
(2.86)%
3.97%
3.81%
4.20%
Average premium/(discount) to NAV
(10.95)%
(5.07)%
(3.97)%
2.19%
2.10%
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NKG
Nuveen Georgia Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2021
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2021

Average Annual
1-Year
5-Year
10-Year
NKG at Common Share NAV
7.12%
3.71%
4.69%
NKG at Common Share Price
18.24%
3.07%
4.31%
S&P Municipal Bond Georgia Index
4.07%
3.07%
3.85%
S&P Municipal Bond Index
4.70%
3.48%
4.35%
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
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NKG
Performance Overview and Holding Summaries as of May 31, 2021 (continued)
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds
149.5%
Short-Term Municipal Bonds
0.1%
Other Assets Less Liabilities
2.5%
Net Assets Plus Floating Rate Obligations
& AMTP Shares, net of deferred
offering costs
152.1%
Floating Rate Obligations
(13.1)%
AMTP Shares, net of deferred
offering costs
(39.0)%
Net Assets
100%

States and Territories
(% of total municipal bonds)
Georgia
89.6%
Florida
2.6%
West Virginia
1.8%
Colorado
1.6%
Puerto Rico
1.5%
Illinois
1.2%
Nevada
1.0%
Washington
0.7%
Total
100%
Portfolio Composition
(% of total investments)
Utilities
28.7%
Tax Obligation/General
18.8%
Tax Obligation/Limited
16.5%
Health Care
11.9%
Education and Civic Organizations
11.0%
U.S. Guaranteed
6.6%
Transportation
5.4%
Other
1.1%
Total
100%
Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed
4.9%
AAA
6.3%
AA
60.5%
A
18.1%
BBB
7.5%
BB or Lower
0.5%
N/R (not rated)
2.2%
Total
100%
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NMT
Nuveen Massachusetts Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2021
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2021
Average Annual
1-Year
5-Year
10-Year
NMT at Common Share NAV
8.69%
3.97%
5.34%
NMT at Common Share Price
17.81%
4.12%
5.77%
S&P Municipal Bond Massachusetts Index
3.25%
3.10%
3.88%
S&P Municipal Bond Index
4.70%
3.48%
4.35%
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
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NMT
Performance Overview and Holding Summaries as of May 31, 2021 (continued)
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds
149.5%
Other Assets Less Liabilities
2.0%
Net Assets Plus VRDP Shares,
net of deferred offering costs
151.5%
VRDP Shares, net of deferred
offering costs
(51.5)%
Net Assets
100%

States and Territories
(% of total municipal bonds)
Massachusetts
93.6%
Guam
3.5%
Puerto Rico
2.1%
Virgin Islands
0.8%
Total
100%
Portfolio Composition
(% of total investments)
Education and Civic Organizations
30.8%
Health Care
19.7%
Tax Obligation/Limited
15.4%
Tax Obligation/General
11.3%
Transportation
6.5%
Utilities
6.4%
U.S. Guaranteed
6.1%
Other
3.8%
Total
100%
Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed
5.0%
AAA
3.7%
AA
54.6%
A
20.9%
BBB
10.2%
BB or Lower
3.4%
N/R (not rated)
2.2%
Total
100%
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NMS
Nuveen Minnesota Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2021
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2021
Average Annual
1-Year
5-Year
10-Year
NMS at Common Share NAV
9.74%
4.32%
6.19%
NMS at Common Share Price
24.89%
5.05%
6.39%
S&P Municipal Bond Minnesota Index
3.83%
3.18%
3.90%
S&P Municipal Bond Index
4.70%
3.48%
4.35%
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
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NMS
Performance Overview and Holding Summaries as of May 31, 2021 (continued)
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds
157.3%
Other Assets Less Liabilities
1.1%
Net Assets Plus AMTP Shares,
net of deferred offering costs
158.4%
AMTP Shares, net of deferred
offering costs
(58.4)%
Net Assets
100%

States and Territories
(% of total municipal bonds)
Minnesota
99.6%
Guam
0.4%
Total
100%
Portfolio Composition
(% of total investments)
Education and Civic Organizations
21.3%
Health Care
21.2%
Tax Obligation/General
18.8%
Utilities
9.1%
Long-Term Care
8.1%
Tax Obligation/Limited
8.0%
Other
13.5%
Total
100%
Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed
3.1%
AAA
17.8%
AA
19.6%
A
29.0%
BBB
5.9%
BB or Lower
11.0%
N/R (not rated)
13.6%
Total
100%
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NOM
Nuveen Missouri Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2021
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2021
Average Annual
1-Year
5-Year
10-Year
NOM at Common Share NAV
7.66%
3.78%
5.54%
NOM at Common Share Price
4.69%
2.34%
5.25%
S&P Municipal Bond Missouri Index
5.03%
3.51%
4.36%
S&P Municipal Bond Index
4.70%
3.48%
4.35%
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
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NOM
Performance Overview and Holding Summaries as of May 31, 2021 (continued)
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds
153.8%
Other Assets Less Liabilities
1.5%
Net Assets Plus Floating Rate Obligations
& MFP Shares, net of deferred
offering costs
155.3%
Floating Rate Obligations
(1.8)%
MFP Shares, net of deferred
offering costs
(53.5)%
Net Assets
100%

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

Table of Contents


NPV
Nuveen Virginia Quality Municipal Income Fund
Performance Overview and Holding Summaries as of May 31, 2021
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of May 31, 2021
Average Annual
1-Year
5-Year
10-Year
NPV at Common Share NAV
10.80%
4.55%
5.30%
NPV at Common Share Price
25.01%
6.55%
5.65%
S&P Municipal Bond Virginia Index
3.20%
3.20%
3.89%
S&P Municipal Bond Index
4.70%
3.48%
4.35%
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
25
Table of Contents


NPV
Performance Overview and Holding Summaries as of May 31, 2021 (continued)
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds
152.2%
Other Assets Less Liabilities
1.2%
Net Assets Plus Floating Rate Obligations
& VRDP Shares, net of deferred
offering costs
153.4%
Floating Rate Obligations
(7.3)%
VRDP Shares, net of deferred
offering costs
(46.1)%
Net Assets
100%

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


Shareholder Meeting Report (continued)
NOM
NPV
Common and
Common and
Preferred
Preferred
shares voting
shares voting
together
Preferred
together
Preferred
as a class
Shares*
as a class
Shares
Approval of the Board Members was reached
as follows:
Jack B. Evans
For
1,551,545
-
12,357,230
-
Withhold
276,934
-
1,785,397
-
Total
1,828,479
-
14,142,627
-
Matthew Thornton III
For
1,748,686
-
13,893,102
-
Withhold
79,793
-
249,525
-
Total
1,828,479
-
14,142,627
-
William C. Hunter
For
-
-
-
1,280
Withhold
-
180
-
-
Total
-
180
-
1,280
Albin F. Moschner
For
-
-
-
1,280
Withhold
-
180
-
-
Total
-
180
-
1,280
* Each Board Member will continue to serve on the Board as a 'holdover' Board Member until his successor has been duly elected and qualified.
28

Table of Contents
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
Nuveen Georgia Quality Municipal Income Fund
Nuveen Massachusetts Quality Municipal Income Fund
Nuveen Minnesota Quality Municipal Income Fund
Nuveen Missouri Quality Income Fund
Nuveen Virginia Quality Municipal Income Fund:

Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen Georgia Quality Municipal Income Fund, Nuveen Massachusetts Quality Municipal Income Fund, Nuveen Minnesota Quality Municipal Income Fund, Nuveen Missouri Quality Income Fund, and Nuveen Virginia Quality Municipal Income Fund (the Funds), including the portfolios of investments, as of May 31, 2021, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of May 31, 2021, the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of May 31, 2021, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.

Chicago, Illinois
July 28, 2021
29
Table of Contents


NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
LONG-TERM INVESTMENTS - 149.5% (100.0% of Total Investments)
MUNICIPAL BONDS - 149.5% (100.0% of Total Investments)
Education and Civic Organizations - 16.5% (11.0% of Total Investments)
$ 1,600
Cobb County Development Authority, Georgia, Revenue Bonds, KSU University II Real Estate
7/21 at 100.00
AA
$ 1,608,448
Foundation, LLC Project, Series 2011, 5.000%, 7/15/41 - AGM Insured
3,000
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System
3/28 at 100.00
AA
3,449,940
Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43
1,340
Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten
10/23 at 100.00
N/R
1,426,966
Academy Project, Series 2013B, 7.000%, 10/01/43
3,000
Fulton County Development Authority, Georgia, Revenue Bonds, Robert W Woodruff Arts
3/26 at 100.00
A2
3,488,400
Center, Inc Project, Refunding Series 2015A, 5.000%, 3/15/36
1,530
Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College
7/27 at 100.00
A+
1,848,454
Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37
1,155
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University,
9/29 at 100.00
AA
1,452,666
Green Series 2019B, 5.000%, 9/01/48
3,000
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University,
10/23 at 100.00
AA
3,300,540
Refunding Series 2013A, 5.000%, 10/01/43
2,000
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University,
10/26 at 100.00
AA
2,413,840
Refunding Series 2016A, 5.000%, 10/01/46 (UB) (4)
1,325
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University,
10/22 at 100.00
Baa1
1,384,241
Refunding Series 2012C, 5.250%, 10/01/30
1,000
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University,
10/21 at 100.00
Baa1
1,011,050
Series 2012A, 5.000%, 10/01/32
3,000
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of
4/24 at 100.00
A+
3,292,140
Art & Design Projects, Series 2014, 5.000%, 4/01/44
21,950
Total Education and Civic Organizations
24,676,685
Health Care - 17.9% (11.9% of Total Investments)
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical
Center, Series 1998:
205
5.250%, 12/01/22 (5), (6)
6/21 at 100.00
N/R
16,872
745
5.375%, 12/01/28 (5), (6)
6/21 at 100.00
N/R
61,314
Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of
Atlanta, Inc Project, Series 2019A:
3,245
4.000%, 7/01/44
7/29 at 100.00
AA+
3,819,235
1,000
4.000%, 7/01/49
7/29 at 100.00
AA+
1,165,570
875
Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates,
4/30 at 100.00
A
1,093,592
Wellstar Health System, Series 2020A, 5.000%, 4/01/50
Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health
System, Inc Project, Series 2017A:
1,780
5.000%, 4/01/36
4/27 at 100.00
A
2,141,251
1,000
5.000%, 4/01/37
4/27 at 100.00
A
1,200,490
3,485
Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc
7/26 at 100.00
AA-
4,098,813
Project, Series 2016A, 5.000%, 7/01/46
2,500
Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc
7/29 at 100.00
AA-
2,907,800
Project, Series 2019A, 4.000%, 7/01/49
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation
Certificates, Northeast Georgia Health Services Inc, Series 2017B:
3,000
5.500%, 2/15/42 (UB) (4)
2/27 at 100.00
AA
3,662,340
5,500
5.250%, 2/15/45 (UB) (4)
2/27 at 100.00
AA
6,625,850
23,335
Total Health Care
26,793,127
30

Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Housing/Multifamily - 0.8% (0.5% of Total Investments)
$ 1,205
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds,
11/23 at 100.00
BB+
$ 1,214,544
Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35
Industrials - 0.9% (0.6% of Total Investments)
1,220
Geo L Smith II Georgia World Congress Center Authority, Georgia, Convention Center Hotel
1/31 at 100.00
BBB-
1,424,594
Revenue Bonds, First Tier Series 2021A, 4.000%, 1/01/54
Tax Obligation/General - 28.1% (18.8% of Total Investments)
4,000
Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%,
8/26 at 100.00
AA+
4,848,960
8/01/42 (UB) (4)
700
Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates,
7/30 at 100.00
AA
826,210
Tanner Medical Center Inc Project, Series 2020, 4.000%, 7/01/50
3,000
Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates,
7/25 at 100.00
AA
3,498,420
Tanner Medical Center, Inc Project, Series 2015, 5.000%, 7/01/41
2,000
Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building
6/28 at 100.00
A+
2,301,820
Series 2018A, 4.000%, 6/15/37
East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding
Series 2017:
1,000
5.000%, 2/01/29 - AGM Insured
2/27 at 100.00
AA
1,217,870
650
5.000%, 2/01/35 - AGM Insured
2/27 at 100.00
AA
790,088
2,350
Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series
6/28 at 100.00
AA+
2,686,144
2018A, 4.000%, 12/01/43
2,000
Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd
7/26 at 100.00
Aa2
2,392,160
Medical Center, Series 2016, 5.000%, 7/01/35
2,000
Forsyth County School District, Georgia, General Obligation Bonds, Series 2020,
2/30 at 100.00
AAA
2,613,240
5.000%, 2/01/38
3,000
Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding &
4/25 at 100.00
AAA
3,500,490
Improvement Series 2015, 5.000%, 4/01/44
3,000
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation
2/25 at 100.00
AA
3,443,070
Certificates, Northeast Georgia Health Services Inc, Series 2014A, 5.500%, 8/15/54
3,550
Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28
2/25 at 100.00
AAA
4,134,791
170
Jackson County School District, Georgia, General Obligation Bonds, School Series 2019,
3/29 at 100.00
AA+
220,271
5.000%, 3/01/32
345
Lamar County School District, Georgia, General Obligation Bonds, Series 2017,
9/27 at 100.00
Aa1
429,729
5.000%, 3/01/33
500
Paulding County, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/31
2/28 at 100.00
Aa1
626,740
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation
Certificates, Refunding Series 2019A:
500
5.000%, 10/01/34
10/29 at 100.00
Aa2
642,390
370
5.000%, 10/01/36
10/29 at 100.00
Aa2
473,182
195
5.000%, 10/01/37
10/29 at 100.00
Aa2
248,724
Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016:
500
5.000%, 8/01/30
2/26 at 100.00
Aa1
598,210
400
5.000%, 8/01/31
2/26 at 100.00
Aa1
478,828
3,500
West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B,
6/28 at 100.00
Aa2
4,114,250
4.000%, 6/01/42
2,000
Winder-Barrow Industrial Building Authority, Georgia, Revenue Bonds, City of Winder
12/21 at 100.00
A1
2,047,580
Project, Refunding Series 2012, 5.000%, 12/01/29 - AGM Insured
35,730
Total Tax Obligation/General
42,133,167
31
Table of Contents


NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Tax Obligation/Limited - 24.6% (16.5% of Total Investments)
Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta
Parking Facility Project, Series 2017:
$ 1,180
5.000%, 12/01/34
12/27 at 100.00
AA+
$ 1,479,201
1,260
5.000%, 12/01/36
12/27 at 100.00
AA+
1,579,649
3,250
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium
7/25 at 100.00
A1
3,740,133
Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44
575
Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017,
No Opt. Call
A3
656,069
5.000%, 12/01/24
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D:
1,200
5.000%, 1/01/30
1/27 at 100.00
A2
1,446,540
1,525
5.000%, 1/01/31
1/27 at 100.00
A2
1,830,854
725
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000% 7/01/41,
7/23 at 100.00
A-
791,896
4,540
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding
No Opt. Call
Baa2
5,123,799
Series 1993, 5.625%, 10/01/26 - NPFG Insured
355
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding
No Opt. Call
AA-
402,602
Series 2005, 5.500%, 10/01/26 - NPFG Insured
3,020
Georgia Local Governments, Certificates of Participation, Georgia Municipal Association,
No Opt. Call
Baa2
3,393,785
Series 1998A, 4.750%, 6/01/28 - NPFG Insured
700
Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue
6/27 at 100.00
AA
868,602
Bonds, Series 2017A, 5.000%, 6/01/29
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third
Indenture, Series 2015B:
1,000
5.000%, 7/01/41
7/26 at 100.00
AA+
1,209,310
3,000
5.000%, 7/01/42
7/26 at 100.00
AA+
3,628,680
5,000
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018,
7/28 at 100.00
AA
5,727,400
4.000%, 7/01/48
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
710
4.500%, 7/01/34
7/25 at 100.00
N/R
781,554
2,312
4.550%, 7/01/40
7/28 at 100.00
N/R
2,597,994
1,500
Washington State Convention Center Public Facilities District, Lodging Tax Revenue
7/28 at 100.00
Baa3
1,645,560
Bonds, Series 2018, 4.000%, 7/01/58
31,852
Total Tax Obligation/Limited
36,903,628
Transportation - 8.0% (5.4% of Total Investments)
2,000
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31
1/22 at 100.00
Aa3
2,055,260
2,810
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (AMT)
1/22 at 100.00
Aa3
2,882,638
Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds,
Refunding Subordinate Lien Series 2014A:
2,575
5.000%, 1/01/32
1/24 at 100.00
Aa3
2,872,619
3,750
5.000%, 1/01/34
1/24 at 100.00
Aa3
4,183,425
11,135
Total Transportation
11,993,942
U.S. Guaranteed - 9.8% (6.6% of Total Investments) (7)
2,000
Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Revenue Bonds,
1/22 at 100.00
N/R
2,056,140
Memorial Health University Medical Center, Inc, Refunding & Improvement Series 2012A, 5.000%,
1/01/31 (Pre-refunded 1/01/22)
600
Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens
1/22 at 100.00
AA
617,196
Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22)
500
Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%,
5/24 at 100.00
AA+
569,380
5/01/31 (Pre-refunded 5/01/24)
32
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
U.S. Guaranteed (7) (continued)
$ 625
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation
5/22 at 100.00
AA+
$ 653,144
Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22)
1,620
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic
11/22 at 100.00
AA-
1,734,210
Health East Issue, Series 2012, 5.000%, 11/15/37 (Pre-refunded 11/15/22)
3,500
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%,
2/23 at 100.00
AAA
3,785,040
2/01/36 (Pre-refunded 2/01/23)
1,500
Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series
2/24 at 100.00
Aa3
1,690,755
2014B, 5.000%, 2/01/37 (Pre-refunded 2/01/24)
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:
163
5.500%, 7/15/23 (Pre-refunded 7/15/21)
7/21 at 100.00
N/R
164,105
601
5.500%, 7/15/30 (Pre-refunded 7/15/21)
7/21 at 100.00
N/R
604,588
659
5.500%, 1/15/36 (Pre-refunded 7/15/21)
7/21 at 100.00
N/R
663,531
810
Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012,
12/22 at 100.00
Aa2
869,486
5.000%, 12/01/38 (Pre-refunded 12/01/22)
1,260
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South
10/21 at 100.00
Aa2
1,280,563
Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21)
13,838
Total U.S. Guaranteed
14,688,138
Utilities - 42.9% (28.7% of Total Investments)
4,000
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A, 5.000%,
11/27 at 100.00
Aa2
4,981,000
11/01/39 (UB) (4)
5,000
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B,
11/27 at 100.00
Aa2
6,227,600
5.000%, 11/01/47
260
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 -
No Opt. Call
AA
369,093
AGM Insured
1,975
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia
No Opt. Call
A-
2,046,396
Power Company, Fourth Series 1994, 2.250%, 10/01/32 (Mandatory Put 5/25/23)
1,250
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe
2/28 at 100.00
BBB+
1,402,738
Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45
1,250
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe
2/28 at 100.00
BBB+
1,402,738
Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45
5
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001,
6/21 at 100.00
Aa1
5,017
5.000%, 8/01/35 - AGM Insured
500
Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36
5/26 at 100.00
AA+
601,805
1,750
Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33
3/27 at 100.00
A2
2,116,853
1,000
Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 3/01/41
3/30 at 100.00
A2
1,174,890
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B:
6,000
5.250%, 10/01/32 - AGM Insured (UB) (4)
10/26 at 100.00
AA
7,435,020
300
5.000%, 10/01/35 - AGM Insured
10/26 at 100.00
AA
364,782
5,350
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series
10/21 at 100.00
Aa3
5,436,616
2011A, 5.250%, 10/01/41
1,000
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013,
1/23 at 100.00
AA
1,072,310
5.000%, 1/01/33
3,000
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG,
1/23 at 100.00
A1
3,191,700
5.000%, 1/01/43
Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2006B:
1,500
5.000%, 3/15/22
No Opt. Call
A+
1,555,140
33
Table of Contents


NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Utilities (continued)
$ 2,000
Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2007A,
No Opt. Call
A+
$ 2,071,580
5.000%, 3/15/22
1,000
Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A,
No Opt. Call
A3
1,508,040
5.000%, 5/15/49
1,525
Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%,
9/24 at 100.43
Aa1
1,704,111
8/01/49 (Mandatory Put 12/02/24)
2,000
Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Variable Rate Demand
6/23 at 100.40
Aa2
2,156,000
Bonds Series 2018A, 4.000%, 4/01/48 (Mandatory Put 9/01/23)
225
Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%,
No Opt. Call
AA
230,663
12/01/21 - AGM Insured
3,500
Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 12/01/50 -
12/30 at 100.00
AA
4,125,905
AGM Insured
1,500
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien
No Opt. Call
A2
1,152,795
Series 2015A, 0.000%, 1/01/32
2,260
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien
7/26 at 100.00
AA
2,690,101
Series 2016A, 5.000%, 1/01/30 - BAM Insured
Oconee County, Georgia, Water and Sewerage Revenue Bonds, Series 2017A:
155
5.000%, 9/01/35
9/27 at 100.00
AA
192,296
535
5.000%, 9/01/37
9/27 at 100.00
AA
663,523
2,000
South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds,
1/24 at 100.00
AA
2,228,580
Refunding Series 2014, 5.000%, 1/01/30
2,315
Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek
2/26 at 100.00
Aa2
2,629,099
Reservoir Project, Series 2016, 4.000%, 2/01/38
3,105
Warner Robins, Georgia, Water and Sewerage Revenue Bonds, Refunding & Improvement Series
7/30 at 100.00
Aa3
3,636,483
2020, 4.000%, 7/01/50
56,260
Total Utilities
64,372,874
$ 196,525
Total Long-Term Investments (cost $207,808,382)
224,200,699
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
SHORT-TERM INVESTMENTS - 0.1% (0.0% of Total Investments)
MUNICIPAL BONDS - 0.1% (0.0% of Total Investments)
Health Care - 0.1% (0.0% of Total Investments)
$ 88
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center,
No Opt. Call
N/R
$ 94,968
Variable Rate Demand Obligations, Series 2016, 6.500%, 10/01/21 (5), (6)
$ 88
Total Short-Term Investments (cost $88,122)
94,968
Total Investments (cost $207,896,504) - 149.6%
224,295,667
Floating Rate Obligations - (13.1)%
(19,600,000)
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs - (39.0)% (8)
(58,444,145)
Other Assets Less Liabilities - 2.5%
3,647,582
Net Asset Applicable to Common Shares - 100%
$ 149,899,104
34

Table of Contents


(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public
accounting firm.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ('Standard & Poor's'), Moody'sInvestors Service, Inc. ('Moody's') or Fitch,
Inc. ('Fitch') rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard &
Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings
are not covered by the report of independent registered public accounting firm.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment
classified as Level 3. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information.
(6)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(7)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(8)
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 26.1%.
AMT
Alternative Minimum Tax
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 - Portfolio Securities and Investments in
Derivatives for more information.
See accompanying notes to financial statements.
35
Table of Contents


NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
LONG-TERM INVESTMENTS - 149.5% (100.0% of Total Investments)
MUNICIPAL BONDS - 149.5% (100.0% of Total Investments)
Education and Civic Organizations - 46.0% (30.8% of Total Investments)
$ 210
Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019,
6/26 at 100.00
N/R
$ 230,729
5.000%, 6/15/49
3,515
Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music,
10/26 at 100.00
A
4,169,528
Series 2016, 5.000%, 10/01/39
2,200
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2013S,
7/23 at 100.00
AA-
2,398,176
5.000%, 7/01/38
730
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T,
7/27 at 100.00
AA-
889,600
5.000%, 7/01/42
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender
Option Bond Trust 2016-XG0070:
1,880
17.979%, 10/01/48, 144A (IF) (4)
10/23 at 100.00
AA-
2,605,003
575
17.874%, 10/01/48, 144A (IF) (4)
10/23 at 100.00
AA-
796,467
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A:
2,000
5.000%, 1/01/34
1/28 at 100.00
BBB+
2,431,920
2,240
5.000%, 1/01/37
1/28 at 100.00
BBB+
2,714,477
1,955
Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016,
7/26 at 100.00
A-
2,314,915
5.000%, 7/01/35
1,500
Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts Institute of
No Opt. Call
AAA
2,409,585
Technology, Series 2020P, 5.000%, 7/01/50
Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue,
Series 2015H:
450
3.500%, 7/01/35
7/25 at 100.00
AA
487,557
190
5.000%, 7/01/37
7/25 at 100.00
AA
221,179
1,200
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017,
7/26 at 100.00
BBB-
1,394,484
5.000%, 7/01/47
550
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series
10/22 at 100.00
A1
583,633
2012, 5.000%, 10/01/31
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University,
Series 2014A:
875
5.000%, 3/01/39
3/24 at 100.00
A1
980,376
1,400
5.000%, 3/01/44
3/24 at 100.00
A1
1,567,776
500
Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J,
10/23 at 100.00
BBB+
545,960
5.250%, 10/01/39
1,100
Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue,
10/30 at 100.00
BBB+
1,310,551
Series 2020M, 4.000%, 10/01/38
1,230
Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art
7/25 at 100.00
AA
1,445,828
Institute, Series 2015, 5.000%, 7/01/33
450
Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding
7/29 at 100.00
Baa2
565,691
Series 2019, 5.000%, 7/01/36
1,175
Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Series
7/31 at 100.00
Baa2
1,383,057
2021, 4.000%, 7/01/51
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute,
Series 2017:
2,200
5.000%, 4/01/35
10/27 at 100.00
AA-
2,718,430
1,250
5.000%, 4/01/36
10/27 at 100.00
AA-
1,541,587
875
Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q,
8/25 at 100.00
AA-
1,019,016
5.000%, 8/15/38
36
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Education and Civic Organizations (continued)
$ 1,325
Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H,
1/28 at 100.00
Baa1
$ 1,586,369
5.000%, 1/01/42
1,510
Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic
6/28 at 100.00
AA-
1,843,076
Institution, Series 2018, 5.000%, 6/01/43
1,365
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
9/22 at 100.00
A
1,440,785
Institute, Series 2012, 5.000%, 9/01/50
840
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
9/26 at 100.00
A
1,005,598
Institute, Series 2016, 5.000%, 9/01/37
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
Institute, Series 2017:
550
5.000%, 9/01/42
9/27 at 100.00
A
663,328
700
5.000%, 9/01/47
9/27 at 100.00
A
844,564
2,500
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
9/27 at 100.00
A
3,015,125
Institute, Series 2017B, 5.000%, 9/01/42
1,000
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic
9/29 at 100.00
A
1,154,060
Institute, Series 2019, 4.000%, 9/01/44
500
Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University,
7/27 at 100.00
Baa2
602,665
Refunding Series 2017, 5.000%, 7/01/35
3,000
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,
No Opt. Call
AA-
4,676,280
Series 2002A, 5.750%, 1/01/42 - AMBAC Insured
2,495
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,
7/26 at 100.00
AA-
3,012,712
Series 2016, 5.000%, 1/01/40
Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University,
Series 1999P:
1,090
6.000%, 5/15/29
No Opt. Call
Aa3
1,403,898
1,000
6.000%, 5/15/59
5/29 at 105.00
Aa3
1,362,650
500
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue L,
No Opt. Call
AA
618,630
Senior Series 2020B, 5.000%, 7/01/28 (AMT)
280
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series
7/21 at 100.00
AA
280,997
2011J, 5.625%, 7/01/33 (AMT)
4,000
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series
11/25 at 100.00
Aa2
4,743,240
2015-1, 5.000%, 11/01/40
690
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series
11/29 at 100.00
Aa2
897,994
2020-1, 5.000%, 11/01/36
53,595
Total Education and Civic Organizations
65,877,496
Health Care - 29.4% (19.7% of Total Investments)
1,000
Massachusetts Development Finance Agency Revenue Bonds, Children?s Hospital Issue,
10/24 at 100.00
AA
1,132,290
Series 2014P, 5.000%, 10/01/46
1,340
Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series
7/26 at 100.00
BBB+
1,557,964
2016I, 5.000%, 7/01/41
1,000
Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue,
7/24 at 100.00
A+
1,118,690
Series 2014N, 5.000%, 7/01/44
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems,
Series 2012G:
895
5.000%, 10/01/29
10/21 at 100.00
AA-
908,291
700
5.000%, 10/01/31
10/21 at 100.00
AA-
709,905
500
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue,
7/26 at 100.00
BBB
588,145
Series 2016E, 5.000%, 7/01/32
1,675
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding
7/26 at 100.00
A
2,009,246
Series 2016-I, 5.000%, 7/01/30
37
Table of Contents


NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Health Care (continued)
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2015H-1:
$ 900
5.000%, 7/01/30
7/25 at 100.00
A
$ 1,049,526
1,000
5.000%, 7/01/32
7/25 at 100.00
A
1,163,520
500
5.000%, 7/01/33
7/25 at 100.00
A
581,105
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2:
1,500
5.000%, 7/01/38
7/28 at 100.00
A
1,849,440
2,000
5.000%, 7/01/43
7/28 at 100.00
A
2,433,800
1,000
Massachusetts Development Finance Agency, Revenue Bonds, Covenant Health System
7/22 at 100.00
BBB
1,031,950
Obligated Group, Series 2012, 5.000%, 7/01/31
2,800
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute
12/26 at 100.00
A1
3,323,068
Issue, Series 2016N, 5.000%, 12/01/46
3,500
Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated
8/25 at 100.00
A
4,057,235
Group Issue, Series 2015F, 5.000%, 8/15/45
1,080
Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center
7/23 at 100.00
BB+
1,159,337
Issue, Series 2014F, 5.750%, 7/15/43
100
Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center
7/30 at 100.00
BB+
118,329
Issue, Series 2020G, 5.000%, 7/15/46, 144A
3,450
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System
7/26 at 100.00
AA-
4,130,064
Issue, Series 2016Q, 5.000%, 7/01/47
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System
Issue, Series 2017S-1:
2,200
5.000%, 7/01/37
1/28 at 100.00
AA-
2,721,884
2,100
4.000%, 7/01/41
1/28 at 100.00
AA-
2,426,529
820
Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System
7/23 at 100.00
BBB+
877,769
Obligated Group Issue, Series 2013F, 5.000%, 7/01/37
170
Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System
7/31 at 100.00
A-
217,505
Obligated Group Issue, Series 2021G, 5.000%, 7/01/50
Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital,
Series 2013G:
1,000
5.000%, 7/01/37
7/23 at 100.00
BBB+
1,091,370
2,200
5.000%, 7/01/44
7/23 at 100.00
BBB+
2,393,050
610
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care
1/27 at 100.00
A-
731,933
Obligated Group Issue, Series 2017K, 5.000%, 7/01/38
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care
Obligated Group Issue, Series 2017L:
400
3.625%, 7/01/37
7/27 at 100.00
A-
434,996
1,095
5.000%, 7/01/44
7/27 at 100.00
A-
1,326,023
445
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care,
7/26 at 100.00
A-
529,888
Series 2016I, 5.000%, 7/01/36
25
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series
7/21 at 100.00
BBB+
25,107
2011H, 5.500%, 7/01/31
280
Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A,
1/29 at 100.00
BBB+
339,651
5.000%, 7/01/44
100
Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2020C,
10/30 at 100.00
AA
117,356
4.000%, 10/01/45 - AGM Insured
36,385
Total Health Care
42,154,966
Housing/Multifamily - 2.4% (1.6% of Total Investments)
215
Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43
6/21 at 100.00
AA
215,288
740
Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/44
12/28 at 100.00
AA
788,174
1,000
Massachusetts Housing Finance Agency, Housing Bonds, Series 2020A-1, 3.000%, 12/01/50
12/28 at 100.00
AA
1,048,640
1,335
Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series
6/30 at 100.00
AA
1,350,019
2020D-1, 2.550%, 12/01/50
3,290
Total Housing/Multifamily
3,402,121
38
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Long-Term Care - 3.2% (2.2% of Total Investments)
Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the
Charles, Inc Issue, Series 2017:
$ 1,040
4.125%, 10/01/42, 144A
10/22 at 105.00
BB+
$ 1,120,652
250
5.000%, 10/01/47, 144A
10/22 at 105.00
BB+
273,590
460
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community
7/25 at 100.00
A+
525,362
Lennox, Series 2015, 5.000%, 7/01/31
485
Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village,
12/25 at 103.00
A-
531,938
Series 2019, 4.000%, 12/01/42
1,000
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series
1/23 at 100.00
BBB
1,072,460
2013A, 5.250%, 1/01/26
1,000
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc, Refunding
10/24 at 104.00
BBB+
1,126,950
Series 2019, 5.000%, 10/01/49
4,235
Total Long-Term Care
4,650,952
Tax Obligation/General - 17.0% (11.3% of Total Investments)
1,250
Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011,
6/21 at 100.00
AA
1,254,250
5.000%, 2/15/32
1,885
Ludlow, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2019,
2/27 at 100.00
AA-
1,994,500
3.000%, 2/01/49
1,500
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2004B, 5.250%,
No Opt. Call
Aa1
1,512,795
8/01/21 - AGM Insured
2,000
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C,
7/25 at 100.00
Aa1
2,348,700
5.000%, 7/01/45
3,895
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F,
11/27 at 100.00
Aa1
4,882,305
5.000%, 11/01/46
4,000
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A,
1/29 at 100.00
Aa1
5,141,560
5.250%, 1/01/44
2,500
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2020C,
3/30 at 100.00
Aa1
2,681,925
3.000%, 3/01/47
525
Massachusetts State, General Obligation Bonds, Refunding Series 2020D, 3.000%, 11/01/42
11/30 at 100.00
Aa1
577,736
1,775
North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series
5/22 at 100.00
Aa2
1,853,544
2012, 5.000%, 5/15/35
1,950
Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series
9/27 at 100.00
Aa2
2,075,911
2019, 3.000%, 9/01/42
21,280
Total Tax Obligation/General
24,323,226
Tax Obligation/Limited - 23.0% (15.4% of Total Investments)
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
2,000
5.250%, 1/01/36
1/22 at 100.00
BB
2,057,840
1,310
5.125%, 1/01/42
1/22 at 100.00
BB
1,346,942
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1:
400
5.000%, 1/01/37
1/22 at 100.00
BB
410,988
1,115
5.000%, 1/01/42
1/22 at 100.00
BB
1,145,629
855
Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014,
11/24 at 100.00
AA
971,973
5.000%, 5/01/33 - BAM Insured
500
Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2017,
5/27 at 100.00
AA
608,670
5.000%, 5/01/35
1,000
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A,
7/22 at 100.00
AAA
1,050,240
5.000%, 7/01/41
770
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior
No Opt. Call
AA
773,203
Lien Series 2004C, 5.250%, 7/01/21
39
Table of Contents


NMT
Nuveen Massachusetts Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Tax Obligation/Limited (continued)
$ 2,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series
7/28 at 100.00
AA
$ 2,514,580
2020B-1, 5.000%, 7/01/41
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated
Series 2021A-1:
2,165
4.000%, 7/01/39
7/31 at 100.00
AA
2,671,913
1,000
4.000%, 7/01/51
7/31 at 100.00
AA
1,205,360
1,000
Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B,
No Opt. Call
AA
1,098,770
5.375%, 5/01/23 - SYNCORA GTY Insured
1,350
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Refunding
8/25 at 100.00
AAA
1,595,579
Senior Series 2015C, 5.000%, 8/15/37
2,000
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated
2/28 at 100.00
AA+
2,527,900
Series 2018A, 5.250%, 2/15/48
1,500
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated
2/29 at 100.00
AA+
1,890,450
Series 2019A, 5.000%, 2/15/44
1,500
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Refunding Series
No Opt. Call
A1
1,876,350
2005, 5.500%, 1/01/27 - NPFG Insured
1,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated
6/29 at 100.00
AA+
1,269,860
Bridge Programs, Series 2019A, 5.000%, 6/01/49
1,500
Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series
6/25 at 100.00
AA+
1,755,690
2015A, 5.000%, 6/01/45
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
863
4.550%, 7/01/40
7/28 at 100.00
N/R
969,753
820
0.000%, 7/01/46
7/28 at 41.38
N/R
266,967
4,205
0.000%, 7/01/51
7/28 at 30.01
N/R
994,398
775
4.750%, 7/01/53
7/28 at 100.00
N/R
871,224
1,259
5.000%, 7/01/58
7/28 at 100.00
N/R
1,436,267
520
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
10/22 at 100.00
AA
545,184
Series 2012A, 5.000%, 10/01/32 - AGM Insured
1,000
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series
10/22 at 100.00
AA
1,048,430
2012A, 5.000%, 10/01/32 - AGM Insured
32,407
Total Tax Obligation/Limited
32,904,160
Transportation - 9.8% (6.5% of Total Investments)
2,500
Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 7/01/47 (AMT)
7/27 at 100.00
Aa2
2,984,250
Massachusetts Port Authority, Revenue Bonds, Series 2014A:
1,000
5.000%, 7/01/39
7/24 at 100.00
Aa2
1,135,080
2,500
5.000%, 7/01/44
7/24 at 100.00
Aa2
2,838,400
Massachusetts Port Authority, Revenue Bonds, Series 2015A:
715
5.000%, 7/01/40
7/25 at 100.00
Aa2
839,274
1,000
5.000%, 7/01/45
7/25 at 100.00
Aa2
1,173,460
2,500
Massachusetts Port Authority, Revenue Bonds, Series 2021E, 5.000%, 7/01/51 (AMT)
7/31 at 100.00
Aa2
3,187,650
1,000
Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation,
7/29 at 100.00
A1
1,146,800
Series 2019A, 4.000%, 7/01/44 (AMT)
730
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking
7/21 at 100.00
A1
732,869
Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41
11,945
Total Transportation
14,037,783
40
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
U.S. Guaranteed - 9.1% (6.1% of Total Investments) (5)
$ 1,610
Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B,
5/24 at 100.00
Aa2
$ 1,833,404
5.000%, 5/01/44 (Pre-refunded 5/01/24)
855
Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%,
5/22 at 100.00
Aa2
893,501
5/01/37 (Pre-refunded 5/01/22)
1,410
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare
11/23 at 100.00
A
1,581,160
Obligated Group, Series 2013, 5.250%, 11/15/41 (Pre-refunded 11/15/23)
401
Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue,
11/23 at 100.00
N/R
448,462
Series 2013A, 6.250%, 11/15/28 (Pre-refunded 11/15/23), 144A
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System,
Series 2012L:
995
5.000%, 7/01/36 (Pre-refunded 7/01/21)
7/21 at 100.00
N/R
998,871
5
5.000%, 7/01/36 (Pre-refunded 7/01/21)
7/21 at 100.00
AA-
5,020
475
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series
7/21 at 100.00
N/R
477,080
2011H, 5.500%, 7/01/31 (Pre-refunded 7/01/21)
410
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc,
7/21 at 100.00
N/R
411,529
Series 1998A, 5.000%, 7/01/25 (Pre-refunded 7/01/21) - NPFG Insured
1,000
Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/33
7/22 at 100.00
Aa2
1,053,010
(Pre-refunded 7/01/22)
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior
Series 2013A:
990
5.000%, 5/15/38 (Pre-refunded 5/15/23)
5/23 at 100.00
N/R
1,084,406
885
5.000%, 5/15/38 (Pre-refunded 5/15/23)
5/23 at 100.00
AAA
969,394
1,000
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series
10/21 at 100.00
AAA
1,018,240
2011B, 5.000%, 10/15/41 (Pre-refunded 10/15/21)
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 2014-1:
1,620
5.000%, 11/01/44 (Pre-refunded 11/01/24)
11/24 at 100.00
N/R
1,881,403
380
5.000%, 11/01/44 (Pre-refunded 11/01/24)
11/24 at 100.00
Aa2
441,317
12,036
Total U.S. Guaranteed
13,096,797
Utilities - 9.6% (6.4% of Total Investments)
565
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
7/24 at 100.00
A-
624,687
Refunding Series 2014A, 5.000%, 7/01/29
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
Refunding Series 2017:
1,250
5.000%, 7/01/37
7/27 at 100.00
A-
1,459,363
420
5.000%, 7/01/40
7/27 at 100.00
A-
488,027
415
Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A,
6/21 at 100.00
A1
416,394
5.000%, 12/01/32 - NPFG Insured
1,265
Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts
7/23 at 100.00
AA-
1,375,675
Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32
1,000
Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015,
2/24 at 100.00
AAA
1,120,450
5.000%, 2/01/45
60
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9,
6/21 at 100.00
AAA
60,213
5.000%, 8/01/22
500
Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B,
8/26 at 100.00
AA+
605,255
5.000%, 8/01/40
1,230
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B,
8/27 at 100.00
AA+
1,527,832
5.000%, 8/01/42
2,000
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2019B,
8/29 at 100.00
AA+
2,547,540
5.000%, 8/01/44
41
Table of Contents


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

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

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public
accounting firm.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ('Standard & Poor's'), Moody'sInvestors Service, Inc. ('Moody's') or Fitch,
Inc. ('Fitch') rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard &
Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings
are not covered by the report of independent registered public accounting firm.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 34.4%.
144A
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration,
which are normally those transactions with qualified institutional buyers.
AMT
Alternative Minimum Tax
IF
Inverse floating rate security issued by a tender option bond ('TOB') trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association
(SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
See accompanying notes to financial statements.
42
Table of Contents


NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
LONG-TERM INVESTMENTS - 157.3% (100.0% of Total Investments)
MUNICIPAL BONDS - 157.3% (100.0% of Total Investments)
Education and Civic Organizations - 33.5% (21.3% of Total Investments)
$ 50
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy
7/24 at 102.00
N/R
$ 54,688
Project, Series 2016A, 5.000%, 7/01/36
500
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy
7/24 at 102.00
N/R
537,565
Project,Series 2016A, 4.000%, 7/01/28
250
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project,
7/25 at 100.00
BB+
277,943
Series 2015A, 5.250%, 7/01/40
570
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language
8/22 at 102.00
BB+
602,718
Academy, Series 2014A, 5.750%, 8/01/44
750
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language
8/27 at 102.00
BB+
861,353
Academy, Series 2019A, 5.250%, 8/01/43
100
Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of
7/26 at 100.00
N/R
105,493
Performing Arts Project, Series 2016A, 5.000%, 7/01/47
2,200
Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series
7/24 at 100.00
BB
2,318,536
2014A, 5.000%, 7/01/44
1,575
Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project,
7/26 at 100.00
N/R
1,648,537
Series 2016A, 5.000%, 7/01/46
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project,
Series 2013A:
300
6.000%, 7/01/33
7/23 at 100.00
BB+
323,754
1,425
6.000%, 7/01/43
7/23 at 100.00
BB+
1,522,769
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University,
Refunding Series 2017:
750
5.000%, 5/01/37
5/27 at 100.00
BB+
824,760
2,000
5.000%, 5/01/47
5/27 at 100.00
BB+
2,168,100
1,580
Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College,
3/27 at 100.00
Aa2
1,796,413
Refunding Series 2017, 4.000%, 3/01/42
Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint
Scholastica, Inc, Refunding Series 2019:
500
4.000%, 12/01/34
12/29 at 100.00
Baa2
561,800
425
4.000%, 12/01/40
12/29 at 100.00
Baa2
471,176
305
Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St Benedict,
3/26 at 100.00
Baa1
322,650
Series 2016-8K, 4.000%, 3/01/43
600
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College,
3/27 at 100.00
Aa3
682,020
Refunding Series 2017, 4.000%, 3/01/48
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College,
Refunding Series 2021:
180
3.000%, 3/01/40
3/31 at 100.00
Aa3
198,628
165
3.000%, 3/01/43
3/31 at 100.00
Aa3
180,272
225
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine
10/28 at 100.00
Baa1
268,846
University, Refunding Series 2018A, 5.000%, 10/01/45
250
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John's University,
10/30 at 100.00
A2
274,798
Refunding Series 2021, 3.000%, 10/01/38, (WI/DD, Settling 6/10/21)
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College,
Series 2021:
1,750
4.000%, 10/01/46
10/30 at 100.00
A1
2,080,977
100
4.000%, 10/01/50
10/30 at 100.00
A1
118,362
43
Table of Contents


NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Education and Civic Organizations (continued)
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint
Thomas, Series 2019:
$ 750
5.000%, 10/01/33
10/29 at 100.00
A2
$ 959,108
235
5.000%, 10/01/40
10/29 at 100.00
A2
295,769
705
Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School
9/24 at 100.00
BB-
738,699
Project, Series 2014A, 5.000%, 9/01/44
450
Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project,
12/21 at 100.00
BBB-
457,362
Series 2004A, 5.500%, 12/01/33
295
Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary's School
No Opt. Call
BB
302,502
Project, Series 2015, 5.000%, 8/01/22, 144A
1,250
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue
12/29 at 100.00
BBB-
1,331,887
Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49
1,100
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue
9/21 at 100.00
BB+
1,113,695
Bonds, Nova Classical Academy, Series 2011A, 6.375%, 9/01/31
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue
Bonds, Twin Cities Academy Project, Series 2015A:
360
5.300%, 7/01/45
7/25 at 100.00
BB
391,280
510
5.375%, 7/01/50
7/25 at 100.00
BB
554,747
1,680
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue
7/23 at 100.00
BB
1,756,238
Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44
800
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds,
12/22 at 100.00
BB+
834,424
Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33
390
Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint
3/23 at 100.00
BB
399,617
Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43
1,000
Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series
10/26 at 100.00
N/R
1,063,310
2016A, 5.000%, 10/01/41
500
St Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds,
12/26 at 102.00
BB+
566,730
Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49
1,000
University of Minnesota, General Obligation Bonds, Series 2020A, 5.000%, 11/01/42
11/30 at 100.00
Aa1
1,303,820
27,575
Total Education and Civic Organizations
30,271,346
Health Care - 33.4% (21.2% of Total Investments)
250
Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project,
3/26 at 100.00
N/R
266,100
Refunding Series 2016, 4.000%, 3/01/32
180
City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health
4/27 at 100.00
BBB
204,372
Services Project, Series 2017, 5.000%, 4/01/41
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds,
Essentia Health Obligated Group, Series 2018A:
700
5.000%, 2/15/43
2/28 at 100.00
A-
844,193
3,000
5.000%, 2/15/48
2/28 at 100.00
A-
3,595,740
2,750
5.000%, 2/15/53
2/28 at 100.00
A-
3,283,472
500
5.000%, 2/15/58
2/28 at 100.00
A-
595,855
Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health
Services Project, Series 2013:
400
4.000%, 4/01/27
4/22 at 100.00
BBB
409,116
230
4.000%, 4/01/31
4/22 at 100.00
BBB
233,685
500
Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial
9/25 at 100.00
Baa1
535,555
Health Care, Series 2015, 4.000%, 9/01/35
Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care,
Series 2017:
200
5.000%, 5/01/31
5/27 at 100.00
Baa1
241,780
165
5.000%, 5/01/32
5/27 at 100.00
Baa1
199,049
44
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Health Care (continued)
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services,
Series 2015A:
$ 265
4.000%, 11/15/40
11/25 at 100.00
A+
$ 287,740
1,000
5.000%, 11/15/44
11/25 at 100.00
A+
1,164,840
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services,
Series 2018A:
1,500
4.000%, 11/15/48
11/28 at 100.00
A+
1,684,770
1,500
5.000%, 11/15/49
11/28 at 100.00
A+
1,809,450
710
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds,
6/21 at 100.00
N/R
665,526
Refunding Series 2013A, 4.400%, 12/01/33
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds,
Series 2013C:
240
4.500%, 12/01/25
6/21 at 100.00
N/R
240,014
190
4.750%, 12/01/27
6/21 at 100.00
N/R
189,989
160
5.000%, 12/01/28
6/21 at 100.00
N/R
160,005
310
5.400%, 12/01/33
6/21 at 100.00
N/R
310,043
915
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A,
5/28 at 100.00
AA
1,052,515
4.000%, 11/15/48
720
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series
5/26 at 100.00
AA-
810,072
2016A, 4.000%, 5/01/37
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019:
500
5.000%, 5/01/48
5/29 at 100.00
AA-
618,365
750
4.000%, 5/01/49
5/29 at 100.00
AA-
841,342
4,000
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue
7/25 at 100.00
A
4,438,120
Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds,
Fairview Health Services, Series 2017A:
245
4.000%, 11/15/36
11/27 at 100.00
A+
276,407
240
4.000%, 11/15/37
11/27 at 100.00
A+
270,202
2,170
4.000%, 11/15/43
11/27 at 100.00
A+
2,417,206
1,000
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp
6/21 at 100.00
N/R
1,001,040
Project, Series 2007-1, 5.000%, 8/01/36
Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional
Medical Center, Refunding Series 2014:
765
4.000%, 9/01/31
9/24 at 100.00
A
811,336
630
5.000%, 9/01/34
9/24 at 100.00
A
685,610
26,685
Total Health Care
30,143,509
Housing/Multifamily - 4.1% (2.6% of Total Investments)
1,670
Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments
6/21 at 100.00
Aaa
1,674,175
Project, Series 2010, 4.500%, 6/01/26
Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011:
355
5.050%, 8/01/31
8/21 at 100.00
AAA
356,974
1,700
5.450%, 8/01/41
8/21 at 100.00
AAA
1,709,299
3,725
Total Housing/Multifamily
3,740,448
Housing/Single Family - 0.8% (0.5% of Total Investments)
10
Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue
6/21 at 100.00
AA+
10,154
Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (AMT)
90
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed
7/21 at 100.00
Aaa
90,336
Securities Program, Series 2011D, 4.700%, 1/01/31
55
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C,
1/23 at 100.00
AA+
56,498
3.900%, 7/01/43
25
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C,
7/24 at 100.00
AA+
26,107
3.500%, 1/01/32
15
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F,
7/25 at 100.00
AA+
15,676
3.300%, 7/01/29
45
Table of Contents


NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Housing/Single Family (continued)
$ 65
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A,
1/27 at 100.00
AA+
$ 66,042
3.200%, 7/01/30 (AMT)
490
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I,
1/30 at 100.00
AA+
496,037
1.700%, 1/01/31
750
Total Housing/Single Family
760,850
Industrials - 5.3% (3.4% of Total Investments)
Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond
Fund Series 2013-1:
1,400
4.500%, 6/01/33
12/21 at 100.00
A+
1,425,830
600
4.750%, 6/01/39
12/21 at 100.00
A+
611,196
2,650
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint
10/22 at 100.00
BBB-
2,713,203
Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A
4,650
Total Industrials
4,750,229
Long-Term Care - 12.7% (8.1% of Total Investments)
805
Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at
11/24 at 100.00
N/R
846,981
Anoka, Inc Project, Series 2014, 5.125%, 11/01/49
380
Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford
11/24 at 100.00
Baa1
405,639
Foundation Project, Series 2014, 4.000%, 11/01/39
875
Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc,
6/21 at 100.00
N/R
875,236
Refunding Series 2013, 5.200%, 3/01/43
Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc,
Refunding Series 2015:
175
5.250%, 1/01/40
1/23 at 100.00
N/R
174,169
850
5.250%, 1/01/46
1/23 at 100.00
N/R
824,287
500
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds,
8/22 at 100.00
N/R
512,375
Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A
1,350
Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding
11/22 at 100.00
N/R
1,361,083
Series 2012, 4.750%, 11/15/28
750
Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen, Abiitan
5/23 at 100.00
N/R
759,487
Mill City Project, Series 2015, 5.250%, 11/01/45
500
Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc
8/25 at 100.00
N/R
524,450
Project, Refunding Series 2017A, 5.000%, 8/01/48
215
Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of
7/24 at 102.00
N/R
218,556
Country Manor Project, Series 2019 A, 5.000%, 7/01/55
1,300
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview
6/26 at 100.00
N/R
1,323,036
Home Project, Series 2016B, 4.900%, 6/01/49
500
Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care
5/23 at 100.00
N/R
502,005
Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48
991
Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds,
10/21 at 100.00
N/R
994,309
Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33
100
Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health
6/21 at 100.00
N/R
100,067
Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42
Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian
Homes Bloomington Project, Refunding Series 2017:
500
4.125%, 9/01/34
9/24 at 100.00
N/R
520,250
350
4.125%, 9/01/35
9/24 at 100.00
N/R
363,073
585
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd
1/23 at 100.00
N/R
589,873
Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39
500
Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community,
8/24 at 102.00
N/R
538,100
Refunding Series 2019, 5.000%, 8/01/49
11,226
Total Long-Term Care
11,432,976
46
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Tax Obligation/General - 29.6% (18.8% of Total Investments)
$ 1,000
Bloomington Independent School District 271, Hennepin County, Minnesota, General
2/27 at 100.00
AAA
$ 1,132,720
Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40
Brainerd Independent School District 181, Crow Wing County, Minnesota, General
Obligation Bonds, Facilities Maintenance Series 2018D:
1,015
4.000%, 2/01/38
2/27 at 100.00
AAA
1,159,160
1,055
4.000%, 2/01/39
2/27 at 100.00
AAA
1,202,805
Brainerd Independent School District 181, Crow Wing County, Minnesota, General
Obligation Bonds, School Building Series 2018A:
500
4.000%, 2/01/38
2/27 at 100.00
AAA
571,015
1,000
4.000%, 2/01/42
2/27 at 100.00
AAA
1,134,670
1,020
Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds,
2/27 at 100.00
Aa2
1,140,880
Series 2018A, 4.000%, 2/01/43
300
Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation
2/25 at 67.23
AAA
189,858
Bonds, School Building Series 2015A, 0.000%, 2/01/35
1,000
Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota,
2/25 at 100.00
Aa2
1,105,350
General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36
500
Forest Lake, Washington County, Minnesota, General Obligation Bonds, Series 2019A,
2/29 at 100.00
AA+
601,515
4.000%, 2/01/32
Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School
Building Series 2015A:
940
0.000%, 2/01/37
2/24 at 56.07
Aa2
521,644
1,075
0.000%, 2/01/38
2/24 at 53.49
Aa2
569,030
2,000
Independent School District 621, Mounds View, Minnesota, General Obligation Bonds,
2/27 at 100.00
AAA
2,275,160
School Building Series 2018A, 4.000%, 2/01/42
345
Lake Crystal, Minnesota, General Obligation Bonds, Series 2019A, 3.000%, 12/15/33
12/27 at 100.00
AA
376,091
500
Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation
2/28 at 100.00
AAA
584,500
Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/36
1,345
Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series
12/26 at 100.00
AAA
1,539,474
2018, 4.000%, 12/01/40
2,175
Minnesota State, General Obligation Bonds, State Trunk Highway Series 2018B,
8/28 at 100.00
AAA
2,620,353
4.000%, 8/01/31
600
Moorhead Independent School District 152, Clay County, Minnesota, General Obligation
2/28 at 100.00
Aa2
645,012
Bonds, School Building Series 2020A, 3.000%, 2/01/43
1,000
Richfield Independent School District 280, Hennepin County, Minnesota, General
2/27 at 100.00
AAA
1,132,720
Obligation Bonds, School Buildings Series 2018A, 4.000%, 2/01/40
1,000
Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation
2/27 at 100.00
Aa2
1,135,280
Bonds, Series 1994, 4.000%, 2/01/37
1,000
Saint James Independent School District 840, Minnesota, General Obligation Bonds, School
2/26 at 100.00
AAA
1,107,410
Building Series 2015B, 4.000%, 2/01/45
1,000
Sartell Independent School District 748, Stearns County, Minnesota, General Obligation
2/25 at 62.98
Aa2
583,230
Bonds, School Building Capital Appreciation Series 2016B, 0.000%, 2/01/39
1,500
Sibley East Independent School District 2310, Sibley, Minnesota, General Obligation
2/25 at 100.00
Aa2
1,650,450
Bonds, School Building Series 2015A, 4.000%, 2/01/40
1,970
Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation
2/23 at 100.00
AAA
2,053,666
Bonds, School Building Series 2014A, 3.500%, 2/01/31
500
West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County,
2/27 at 100.00
AAA
567,135
Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39
1,000
White Bear Lake Independent School District 624, Ramsey County, Minnesota, General
2/28 at 100.00
AAA
1,084,190
Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/42
25,340
Total Tax Obligation/General
26,683,318
47
Table of Contents


NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Tax Obligation/Limited - 12.6% (8.0% of Total Investments)
$ 1,000
Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation,
2/23 at 100.00
A+
$ 1,050,880
Series 2015A, 4.000%, 2/01/41
125
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding
3/23 at 100.00
N/R
128,184
Series 2015, 4.000%, 3/01/30
500
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015,
3/24 at 100.00
N/R
527,280
5.000%, 3/01/29
375
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds,
8/25 at 100.00
AA+
420,083
Series 2016C, 4.000%, 8/01/35
200
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds,
8/27 at 100.00
AA+
231,990
Series 2017A, 4.000%, 8/01/35
500
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds,
8/28 at 100.00
AA+
580,840
Series 2018D, 4.000%, 8/01/39
2,230
Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series
8/21 at 100.00
AA+
2,247,416
2011, 5.000%, 8/01/31
1,000
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota,
2/25 at 100.00
A1
1,066,610
Certificates of Participation, Series 2015A, 3.750%, 2/01/36
750
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota,
2/25 at 100.00
A1
806,580
Certificates of Participation, Series 2015B, 4.000%, 2/01/42
Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of
Participation, Saint Cloud Area Public Schools, Series 2017A:
145
5.000%, 2/01/32
2/25 at 100.00
A1
166,448
500
4.000%, 2/01/38
2/25 at 100.00
A1
535,625
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue
Bonds, 2700 University at Westgate Station, Series 2015B:
455
4.875%, 4/01/30
4/23 at 100.00
N/R
467,772
895
5.250%, 4/01/43
4/23 at 100.00
N/R
912,596
1,150
Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of
2/29 at 100.00
AAA
1,391,523
Participation, Series 2019B, 4.000%, 2/01/31
800
Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33
11/24 at 100.00
A+
850,320
10,625
Total Tax Obligation/Limited
11,384,147
Transportation - 4.3% (2.8% of Total Investments)
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,
Refunding Subordinate Lien Series 2019A:
500
5.000%, 1/01/44
7/29 at 100.00
A+
625,085
350
5.000%, 1/01/49
7/29 at 100.00
A+
434,732
750
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,
7/29 at 100.00
A+
920,167
Refunding Subordinate Lien Series 2019B, 5.000%, 1/01/49 (AMT)
1,600
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,
1/27 at 100.00
AA-
1,936,912
Senior Lien Series 2016C, 5.000%, 1/01/46
3,200
Total Transportation
3,916,896
U.S. Guaranteed - 6.7% (4.2% of Total Investments) (4)
1,600
Duluth Independent School District 709, Minnesota, Certificates of Participation,
2/22 at 77.70
Aa2
1,241,616
Capital Appreciation Series 2012A, 0.000%, 2/01/28 (Pre-refunded 2/01/22) - AGM Insured
1,500
Mankato Independent School District 77, Nicollet and Le Sueur Counties, Minnesota,
2/24 at 100.00
AAA
1,646,295
General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/30 (Pre-refunded 2/01/24)
580
St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds,
11/25 at 100.00
N/R
694,788
HealthEast Inc, Series 2015A, 5.000%, 11/15/44 (Pre-refunded 11/15/25)
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds,
Series 2014A:
1,000
4.000%, 1/01/40 (Pre-refunded 1/01/24)
1/24 at 100.00
Aa3
1,097,750
1,200
5.000%, 1/01/46 (Pre-refunded 1/01/24)
1/24 at 100.00
Aa3
1,348,176
5,880
Total U.S. Guaranteed
6,028,625
48
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Utilities - 14.3% (9.1% of Total Investments)
$ 415
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
7/26 at 100.00
A-
$ 468,871
2016, 5.000%, 1/01/46
30
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
7/30 at 100.00
A-
36,637
2020A, 5.000%, 1/01/50
500
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A,
10/24 at 100.00
A1
540,340
4.000%, 10/01/33
965
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/35
10/26 at 100.00
A1
1,170,265
1,200
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%,
12/26 at 100.00
AA
1,426,908
12/01/47
500
Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3,
10/27 at 100.00
A-
556,625
4.000%, 10/01/42
Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds,
Series 1994A:
1,100
0.000%, 1/01/23 - NPFG Insured
No Opt. Call
A+
1,090,177
3,070
0.000%, 1/01/24 - NPFG Insured
No Opt. Call
A+
3,013,021
100
0.000%, 1/01/26 - NPFG Insured
No Opt. Call
A+
95,268
3,700
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series
7/28 at 100.00
Aa3
4,549,705
2018A, 5.000%, 1/01/49
11,580
Total Utilities
12,947,817
$ 131,236
Total Long-Term Investments (cost $131,964,030)
142,060,161
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs - (58.4)% (5)
(52,760,918)
Other Assets Less Liabilities - 1.1%
1,010,627
Net Asset Applicable to Common Shares - 100%
$ 90,309,870
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public
accounting firm.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ('Standard & Poor's'), Moody's Investors Service, Inc. ('Moody's') or Fitch,
Inc. ('Fitch') rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard &
Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings
are not covered by the report of independent registered public accounting firm.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5)
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 37.1%.
144A
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration,
which are normally those transactions with qualified institutional buyers.
AMT
Alternative Minimum Tax
WI/DD
Purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
49

Table of Contents


NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
LONG-TERM INVESTMENTS - 153.8% (100.0% of Total Investments)
MUNICIPAL BONDS - 153.8% (100.0% of Total Investments)
Consumer Staples - 4.1% (2.6% of Total Investments)
$ 1,055
Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and
No Opt. Call
AA-
$ 1,350,221
Gamble Inc, Series 1999, 5.200%, 3/15/29 (AMT)
Education and Civic Organizations - 15.6% (10.2% of Total Investments)
300
Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2014A,
11/24 at 100.00
AA+
334,197
4.000%, 11/01/33
410
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue
6/23 at 100.00
A1
447,622
Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33
750
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue
5/23 at 100.00
BBB
797,325
Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
600
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue
10/22 at 100.00
BBB-
613,800
Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33
725
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue
10/23 at 100.00
A+
802,263
Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34
1,000
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis
10/25 at 100.00
AA-
1,109,710
University, Series 2015A, 4.000%, 10/01/42
500
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis
4/29 at 100.00
AA-
615,140
University, Series 2019A, 5.000%, 10/01/46
115
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University,
4/27 at 100.00
Baa2
125,279
Refunding Series 2017, 4.000%, 4/01/34
210
Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series
10/29 at 100.00
AA
237,161
2019A, 4.000%, 10/01/39 - AGM Insured
100
Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds,
10/23 at 100.00
N/R
102,395
Missouri Valley College, Series 2017, 4.500%, 10/01/40
4,710
Total Education and Civic Organizations
5,184,892
Health Care - 35.9% (23.4% of Total Investments)
300
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series
8/26 at 100.00
BBB-
336,102
2016, 5.000%, 8/01/30
400
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities
3/27 at 100.00
BBB-
471,172
Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36
250
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds,
10/27 at 100.00
A-
296,955
Hannibal Regional Healthcare System, Series 2017, 5.000%, 10/01/47
315
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds,
2/24 at 100.00
A
343,819
Freeman Health System, Series 2015, 5.000%, 2/15/35
500
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
1/25 at 100.00
AA
542,725
BJC Health System, Series 2015A, 4.000%, 1/01/45
1,010
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
7/31 at 100.00
AA
1,207,172
BJC Health System, Series 2021A, 4.000%, 7/01/46
500
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
7/26 at 100.00
AA
552,285
BJC Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50 (Mandatory
Put 1/01/46)
750
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
1/28 at 100.00
AA
842,737
BJC Health System, Series 2017D, 4.000%, 1/01/58 (Mandatory Put 1/01/48) (UB) (4)
130
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
11/30 at 100.00
Baa2
154,400
Capital Region Medical Center, Series 2020, 5.000%, 11/01/40
50
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Health Care (continued)
$ 1,730
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
11/23 at 100.00
A2
$ 1,890,440
CoxHealth, Series 2013A, 5.000%, 11/15/44
415
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
11/25 at 100.00
A2
477,370
CoxHealth, Series 2015A, 5.000%, 11/15/32
150
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
5/29 at 100.00
A2
189,383
CoxHealth, Series 2019A, 5.000%, 11/15/37
335
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
2/22 at 100.00
AA-
344,202
Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37
390
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
11/22 at 100.00
A+
405,479
Mercy Health, Series 2012, 4.000%, 11/15/42
550
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
11/24 at 100.00
A+
598,208
Mercy Health, Series 2014F, 4.250%, 11/15/48
515
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
11/27 at 100.00
A+
623,202
Mercy Health, Series 2017C, 5.000%, 11/15/47
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
Mercy Health, Series 2020:
500
4.000%, 6/01/50
6/30 at 100.00
A+
581,330
1,000
4.000%, 6/01/53
6/30 at 100.00
A+
1,159,820
350
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy
5/25 at 102.00
A+
384,636
Hospital, Series 2017A, 4.000%, 5/15/48
500
Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue
11/25 at 100.00
N/R
527,290
Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 5.000%, 11/15/46
10,590
Total Health Care
11,928,727
Housing/Single Family - 0.3% (0.2% of Total Investments)
100
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First
11/26 at 100.00
AA+
109,159
Place Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37
Long-Term Care - 9.2% (6.0% of Total Investments)
190
Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The
5/25 at 100.00
N/R
190,815
Sarah Community Project, Refunding Series 2016, 4.000%, 5/01/33
100
Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds,
5/27 at 100.00
BB
112,471
Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37
500
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior
2/24 at 100.00
BBB
540,060
Services Projects, Series 2014A, 5.000%, 2/01/44
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior
Services Projects, Series 2016A:
400
5.000%, 2/01/36
2/26 at 100.00
BBB
457,388
500
5.000%, 2/01/46
2/26 at 100.00
BBB
562,660
100
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior
2/29 at 100.00
BBB
111,137
Services Projects, Series 2019C, 4.000%, 2/01/48
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship
Village of Sunset Hills, Series 2012:
250
5.000%, 9/01/32
9/22 at 100.00
BB+
259,688
250
5.000%, 9/01/42
9/22 at 100.00
BB+
257,930
430
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship
9/23 at 100.00
BB+
465,036
Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
100
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint
12/25 at 100.00
N/R
106,965
Andrew's Resources for Seniors, Series 2015A, 5.125%, 12/01/45
2,820
Total Long-Term Care
3,064,150
51
Table of Contents


NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Tax Obligation/General - 22.4% (14.6% of Total Investments)
$ 500
Branson Reorganized School District R-4, Taney County, Missouri, General Obligation
3/22 at 100.00
A+
$ 515,500
Bonds, School Building Series 2012, 4.375%, 3/01/32
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds,
Series 2018:
1,000
4.000%, 3/01/34
3/26 at 100.00
AA
1,142,060
335
4.000%, 3/01/36
3/26 at 100.00
AA
380,088
340
Clay County Reorganized School District R-II Smithville, Missouri, General Obligation
3/27 at 100.00
AA+
396,137
Bonds, Refunding Series 2015, 4.000%, 3/01/36
350
Fenton Missouri Fire Protection District, Missouri, General Obligation Bonds, Series
3/27 at 100.00
AA+
394,513
2019, 4.000%, 3/01/39
500
Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds,
3/24 at 100.00
AA+
546,960
Refunding & Improvement Series 2015, 4.000%, 3/01/32
200
Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds,
3/27 at 100.00
AA+
243,778
Refunding & Improvement Series 2018, 5.000%, 3/01/36
1,000
Joplin Schools, Missouri, General Obligation Bonds, Refunding, Direct Deposit Program
3/27 at 100.00
AA+
1,172,000
Series 2017, 4.000%, 3/01/32
300
Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A,
2/28 at 100.00
AA
353,889
4.000%, 2/01/35
1,000
Valley Park Fire Protection District, Missouri, General Obligation Bonds, Series 2019,
3/27 at 100.00
AA
1,127,180
4.000%, 3/01/39
1,000
Washington School District, Franklin County, Missouri, General Obligation Bonds,
3/27 at 100.00
AA+
1,167,750
Missouri Direct Deposit Program, Series 2019, 4.000%, 3/01/35
6,525
Total Tax Obligation/General
7,439,855
Tax Obligation/Limited - 28.0% (18.2% of Total Investments)
500
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit
10/29 at 100.00
AA
580,260
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2019, 4.000%, 10/01/48
720
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit
10/30 at 100.00
AA
852,790
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2020A, 4.000%, 10/01/44
350
Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project,
6/24 at 100.00
N/R
356,552
Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30
145
Clay, Jackson & Platte Counties Consolidated Public Library District 3, Missouri,
3/26 at 100.00
Aa3
163,606
Certificates of Participation, Mid-Continent Public Library Project, Series 2018,
4.000%, 3/01/35
250
Conley Road Transportation District, Missouri, Transportation Sales Tax Revenue Bonds,
5/25 at 100.00
N/R
259,352
Series 2017, 5.125%, 5/01/41
315
Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project,
6/21 at 100.00
N/R
163,800
Series 2006, 5.000%, 6/01/28 (5)
430
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
1/22 at 100.00
BB
441,812
Howard Bend Levee District, St Louis County, Missouri, Levee District Improvement Bonds,
Series 2013B:
250
4.875%, 3/01/33
3/23 at 100.00
BB+
255,593
200
5.000%, 3/01/38
3/23 at 100.00
BB+
204,382
485
Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project,
12/21 at 100.00
Aa2
494,351
Series 2011B, 4.350%, 12/01/23
300
Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District
9/21 at 100.00
AA-
303,477
Revenue Bonds, Series 2011A, 5.000%, 9/01/32
110
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward
No Opt. Call
N/R
116,289
Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016,
4.250%, 4/01/26, 144A
325
Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series
9/23 at 100.00
AA-
358,228
2014C, 5.000%, 9/01/33
52
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Tax Obligation/Limited (continued)
Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue
Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B:
$ 100
5.000%, 2/01/40, 144A
2/28 at 100.00
N/R
$ 108,532
100
5.000%, 2/01/50, 144A
2/28 at 100.00
N/R
107,855
245
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of
6/23 at 100.00
A-
260,535
Branson - Branson Landing Project, Series 2015A, 4.000%, 6/01/34
140
Plaza at Noah's Ark Community Improvement District, Saint Charles, Missouri, Tax
6/21 at 100.00
N/R
140,113
Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
200
4.550%, 7/01/40
7/28 at 100.00
N/R
224,740
409
0.000%, 7/01/46
7/28 at 41.38
N/R
133,158
170
5.000%, 7/01/58
7/28 at 100.00
N/R
193,936
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable
Restructured Cofina Project Series 2019A-2:
252
4.329%, 7/01/40
7/28 at 100.00
N/R
279,599
100
4.784%, 7/01/58
7/28 at 100.00
N/R
112,360
50
Saint Charles County Industrial Development Authority, Missouri, Sales Tax Revenue
11/29 at 102.00
N/R
51,745
Bonds, Wentzville Parkway Regional Community Improvement District Project, Series 2019B,
4.250%, 11/01/49, 144A
250
Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds,
7/24 at 100.00
N/R
256,265
Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%,
7/01/44, 144A
500
Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention
10/30 at 100.00
AA
621,125
Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/49 - AGM Insured
300
Saint Louis Municipal Library District, Missouri, Certificates of Participation,
3/30 at 100.00
AA
344,922
Refunding Series 2020, 4.000%, 3/15/44 - BAM Insured
600
Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project,
4/25 at 100.00
Aa2
672,240
Series 2015, 4.000%, 4/01/35
500
St Charles, Missouri, Certificates of Participation, Refunding Series 2020B, 3.000%, 2/01/39
8/30 at 100.00
Aa3
543,115
450
The Industrial Development Authority of the City of Saint Louis, Missouri, Development
11/26 at 100.00
N/R
461,389
Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A,
4.750%, 11/15/47
215
Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds,
6/26 at 100.00
BBB
233,370
Series 2017, 4.500%, 6/01/36
8,961
Total Tax Obligation/Limited
9,295,491
Transportation - 6.2% (4.0% of Total Investments)
335
Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 -
10/23 at 100.00
AA
365,110
AGM Insured
1,350
Kansas City Industrial Development Authority, Missouri, Airport Special Obligation
3/30 at 100.00
AA
1,686,258
Bonds, Kansas City International Airport Terminal Modernization Project, Series 2020A,
5.000%, 3/01/57 - AGM Insured (AMT)
1,685
Total Transportation
2,051,368
U.S. Guaranteed - 17.7% (11.5% of Total Investments) (6)
910
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit
10/22 at 100.00
Aa2
969,396
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33
(Pre-refunded 10/01/22)
2,000
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds,
5/22 at 100.00
AAA
2,090,060
Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/22)
500
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
12/21 at 100.00
N/R
511,895
Saint Luke's Episcopal & Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25
(Pre-refunded 12/01/21)
53
Table of Contents


NOM
Nuveen Missouri Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
U.S. Guaranteed (6) (continued)
$ 630
Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University
10/21 at 100.00
A-
$ 640,804
of Health Sciences, Series 2011, 5.250%, 10/01/41 (Pre-refunded 10/01/21)
510
Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University
10/23 at 100.00
A-
567,773
of Health Sciences, Series 2014, 5.000%, 10/01/39 (Pre-refunded 10/01/23)
550
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington
11/21 at 100.00
AA+
562,298
University, Series 2011B, 5.000%, 11/15/37 (Pre-refunded 11/15/21)
100
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship
9/22 at 100.00
N/R
106,053
Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22)
445
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley
5/21 at 100.00
N/R
445,000
Park Projects, Series 2000A, 6.125%, 6/01/21 - AMBAC Insured (ETM)
5,645
Total U.S. Guaranteed
5,893,279
Utilities - 14.4% (9.3% of Total Investments)
250
Camden County Public Water Supply District 4, Missouri, Certificates of Participation,
1/25 at 100.00
A-
276,763
Series 2017, 5.000%, 1/01/47
150
Franklin County Public Water Supply District 3, Missouri, Certificates of Participation,
12/24 at 100.00
A+
163,487
Series 2017, 4.000%, 12/01/37
160
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A,
1/28 at 100.00
AA
189,306
4.000%, 1/01/35
125
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds,
5/26 at 100.00
AAA
148,691
Refunding & Improvement Series 2016C, 5.000%, 5/01/46
450
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds,
5/27 at 100.00
AAA
544,828
Refunding & Improvement Series 2017A, 5.000%, 5/01/47
500
Missouri Environmental Improvement and Energy Resources Authority, Water Facility
1/25 at 100.00
Aa3
572,420
Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40
350
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum
1/25 at 100.00
A
402,133
Point Project, Refunding Series 2014A, 5.000%, 1/01/32
500
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum
1/26 at 100.00
A
558,035
Point Project, Refunding Series 2015A, 4.000%, 1/01/35
500
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds,
6/27 at 100.00
A2
603,710
MoPEP Facilities, Series 2018, 5.000%, 12/01/43
585
Saint Charles County Public Water Supply District 2, Missouri, Certificates of
12/25 at 100.00
AA+
695,553
Participation, Refunding Series 2016C, 5.000%, 12/01/32
550
Saint Charles County Public Water Supply District 2, Missouri, Certificates of
12/25 at 100.00
AA+
611,616
Participation, Series 2018, 4.000%, 12/01/39
4,120
Total Utilities
4,766,542
$ 46,211
Total Long-Term Investments (cost $47,399,505)
51,083,684
Floating Rate Obligations - (1.8)%
(600,000)
MuniFund Preferred Shares, net of deferred offering costs - (53.5)% (7)
(17,787,262)
Other Assets Less Liabilities - 1.5%
528,159
Net Asset Applicable to Common Shares - 100%
$ 33,224,581
54
Table of Contents


(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public
accounting firm.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ('Standard & Poor's'), Moody's Investors Service, Inc. ('Moody's') or Fitch,
Inc. ('Fitch') rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard &
Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings
are not covered by the report of independent registered public accounting firm.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(7)
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 34.8%.
144A
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration,
which are normally those transactions with qualified institutional buyers.
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 - Portfolio Securities and Investments in
Derivatives for more information.
See accompanying notes to financial statements.
55
Table of Contents


NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
LONG-TERM INVESTMENTS - 152.2% (100.0% of Total Investments)
MUNICIPAL BONDS - 152.2% (100.0% of Total Investments)
Consumer Staples - 4.3% (2.9% of Total Investments)
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds,
Series 2007A:
$ 530
5.250%, 6/01/32
6/21 at 100.00
N/R
$ 530,223
705
5.625%, 6/01/47
6/21 at 100.00
N/R
705,254
4,135
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed
6/21 at 100.00
B-
4,156,254
Bonds, Series 2007B1, 5.000%, 6/01/47
6,645
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed
6/21 at 100.00
B-
6,648,721
Bonds, Series 2007B2, 5.200%, 6/01/46
50
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement
6/21 at 100.00
A1
50,124
Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31
12,065
Total Consumer Staples
12,090,576
Education and Civic Organizations - 13.7% (9.0% of Total Investments)
1,615
Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue
1/22 at 100.00
A1
1,643,521
Bonds, Episcopal High School, Series 2012, 3.750%, 1/01/30
Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue
Bonds, Episcopal High School, Series 2017:
1,105
4.000%, 1/01/37
1/27 at 100.00
A1
1,255,766
565
4.000%, 1/01/40
1/27 at 100.00
A1
638,676
460
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College,
6/21 at 100.00
BB-
459,972
Series 2006, 5.000%, 9/01/26
1,000
Industrial Development Authority of the City of Lexington, Virginia, Washington and Lee
1/28 at 100.00
AA
1,223,590
University, Educational Facility Revenue Bonds, Refunding Series 2018A, 5.000%, 1/01/43
2,000
Madison County Industrial Development Authority, Virginia, Educational Facilities
10/30 at 100.00
Aa1
2,176,860
Revenue Bonds, Woodberry Forest School, Series 2021, 3.000%, 10/01/50
500
Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech
6/27 at 100.00
Aa2
581,010
Foundation, Refunding Series 2017A, 4.000%, 6/01/36
Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech
Foundation, Refunding Series 2019A:
500
4.000%, 6/01/37
6/29 at 100.00
Aa2
595,420
905
4.000%, 6/01/39
6/29 at 100.00
Aa2
1,072,814
750
Roanoke Economic Development Authority, Virginia, Educational Facilities Revenue Bonds,
9/28 at 100.00
BBB+
887,378
Lynchburg College, Series 2018A, 5.000%, 9/01/43
2,500
The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds,
4/25 at 100.00
AAA
2,880,375
Green Series 2015A-2, 5.000%, 4/01/45
The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds,
Refunding Series 2017A:
9,000
5.000%, 4/01/42 (UB) (4)
4/27 at 100.00
AAA
11,024,730
1,515
5.000%, 4/01/42
4/27 at 100.00
AAA
1,855,830
1,000
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount
7/25 at 100.00
BB+
1,055,380
University Project, Green Series 2015B, 5.000%, 7/01/45, 144A
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount
University Project, Refunding Series 2015A:
1,500
5.000%, 7/01/35, 144A
7/25 at 100.00
BB+
1,601,280
4,000
5.000%, 7/01/45, 144A
7/25 at 100.00
BB+
4,221,520
500
Virginia College Building Authority, Educational Facilities Revenue Bonds, Regent
6/31 at 100.00
BBB-
594,060
University Project, Series 2021, 4.000%, 6/01/36
56
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Education and Civic Organizations (continued)
$ 1,460
Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington
1/25 at 100.00
AA
$ 1,667,013
and Lee University, Series 2015A, 5.000%, 1/01/40
2,000
Virginia Commonwealth University, General Pledge Revenue Bonds, Refunding Series 2020A,
11/30 at 100.00
AA-
2,608,320
5.000%, 11/01/33
32,875
Total Education and Civic Organizations
38,043,515
Health Care - 22.7% (14.9% of Total Investments)
Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue
Bonds, Virginia Hospital Center, Series 2020:
1,050
5.000%, 7/01/32
7/30 at 100.00
AA-
1,385,569
2,000
4.000%, 7/01/39
7/30 at 100.00
AA-
2,392,980
225
4.000%, 7/01/40
7/30 at 100.00
AA-
268,702
2,055
4.000%, 7/01/45
7/30 at 100.00
AA-
2,424,201
1,000
Chesapeake Hospital Authority, Virginia, Hospital Facility Revenue Bonds, Chesapeake
7/29 at 100.00
A
1,166,400
Regional Medical Center, Series 2019, 4.000%, 7/01/39
1,920
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,
8/29 at 100.00
BBB+
2,183,962
Series 2019A-1, 4.000%, 8/01/44
1,000
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds,
5/22 at 100.00
AA+
1,042,380
Inova Health System, Series 2012A, 5.000%, 5/15/40
2,000
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds,
5/28 at 100.00
AA+
2,286,320
Inova Health System, Series 2018A, 4.000%, 5/15/48
3,800
Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding
No Opt. Call
AA+
4,022,262
Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23
2,500
Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue
No Opt. Call
A3
2,749,400
Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/23
1,000
Front Royal and Warren County Industrial Development Authority, Virginia, Hospital
1/25 at 103.00
A+
1,110,110
Revenue Bonds, Valley Health System Obligated Group, Series 2018, 4.000%, 1/01/50
3,500
Industrial Development Authority of the City of Newport News, Virginia, Health System
7/25 at 100.00
N/R
3,968,825
Revenue Bonds, Riverside Health System, Series 2015A, 5.330%, 7/01/45, 144A
Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra
Health Obligated Group, Refunding Series 2017A:
195
5.000%, 1/01/31
1/27 at 100.00
A-
232,025
2,000
5.000%, 1/01/47
1/27 at 100.00
A-
2,333,340
1,000
Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds,
11/28 at 100.00
AA
1,137,300
Sentara Healthcare Systems, Refunding Series 2018B, 4.000%, 11/01/48
3,155
Prince William County Industrial Development Authority, Virginia, Health Care Facilities
11/22 at 100.00
AA-
3,339,473
Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B,
5.000%, 11/01/46
4,000
Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion
7/30 at 100.00
AA-
4,687,720
Clinic Obligated Group, Series 2020A, 4.000%, 7/01/51
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue
Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016:
1,000
5.000%, 6/15/32
6/26 at 100.00
A3
1,181,840
1,440
5.000%, 6/15/35
6/26 at 100.00
A3
1,693,742
1,360
4.000%, 6/15/37
6/26 at 100.00
A3
1,517,733
3,200
Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series
7/27 at 100.00
AA-
3,841,024
2017B, 5.000%, 7/01/46
5,000
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Bon
6/30 at 100.00
AA-
5,825,750
Secours Mercy Health, Inc, Series 2020A, 4.000%, 12/01/49
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara
Healthcare, Refunding Series 2020:
1,000
4.000%, 11/01/38
11/29 at 100.00
AA
1,175,440
1,150
4.000%, 11/01/39
11/29 at 100.00
AA
1,348,893
57
Table of Contents


NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Health Care (continued)
$ 2,700
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series
8/29 at 100.00
BBB+
$ 3,071,196
2019A-1, 4.000%, 8/01/44
Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley
Health System Obligated Group, Refunding Series 2015:
1,500
5.000%, 1/01/33
1/26 at 100.00
A+
1,747,080
1,000
5.000%, 1/01/35
1/26 at 100.00
A+
1,162,730
2,000
4.000%, 1/01/37
1/26 at 100.00
A+
2,204,080
1,215
5.000%, 1/01/44
1/26 at 100.00
A+
1,411,538
54,965
Total Health Care
62,912,015
Housing/Multifamily - 6.9% (4.5% of Total Investments)
990
Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue
1/27 at 100.00
N/R
1,044,252
Bonds, American Tobacco Apartments, Series 2017, 5.550%, 1/01/37, 144A
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A:
1,000
3.500%, 3/01/35
3/24 at 100.00
AA+
1,048,090
1,000
3.625%, 3/01/39
3/24 at 100.00
AA+
1,047,590
900
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C,
8/24 at 100.00
AA+
951,111
4.000%, 8/01/45
2,750
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E,
12/24 at 100.00
AA+
2,914,780
3.750%, 12/01/40
1,500
Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B,
5/25 at 100.00
AA+
1,587,495
3.350%, 5/01/36
1,700
Virginia Housing Development Authority, Rental Housing Bonds, Series 2017A,
3/26 at 100.00
AA+
1,819,289
3.875%, 3/01/47
3,000
Virginia Housing Development Authority, Rental Housing Bonds, Series 2019A,
3/28 at 100.00
AA+
3,294,060
3.800%, 9/01/44
1,855
Virginia Housing Development Authority, Rental Housing Bonds, Series 2020E,
7/29 at 100.00
AA+
1,920,760
2.500%, 7/01/45
2,165
Virginia Housing Development Authority, Rental Housing Bonds, Series 2020G, ,
9/29 at 100.00
AA+
2,186,910
2.400% 9/01/45
1,290
Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue
6/21 at 100.00
AA+
1,293,973
Bonds, Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51
18,150
Total Housing/Multifamily
19,108,310
Long-Term Care - 7.3% (4.8% of Total Investments)
900
Alexandria Industrial Development Authority, Virginia, Residential Care Facilities
10/25 at 100.00
BBB+
1,015,434
Mortgage Revenue Bonds, Goodwin House Incorporated, Series 2015, 5.000%, 10/01/50
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities
Mortgage Revenue Bonds, Goodwin House, Inc, Series 2016A:
1,965
5.000%, 10/01/42
10/24 at 102.00
BBB+
2,207,088
700
4.000%, 10/01/42
10/24 at 102.00
BBB+
758,926
1,000
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities
12/23 at 100.00
BBB+
1,070,690
Revenue Bonds, Vinson Hall LLC, Series 2013A, 5.000%, 12/01/47
1,000
Henrico County Economic Development Authority, Virginia, Residential Care Facility
10/26 at 103.00
A-
1,112,530
Revenue Bonds, Westminster Canterbury of Richmond, Refunding Series 2020,
4.000%, 10/01/50
1,000
Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue
1/25 at 102.00
BBB-
1,048,390
Bonds, Kendal at Lexington Retirement Community Inc, Refunding Series 2016,
4.000%, 1/01/37
1,250
Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue
1/23 at 103.00
BBB-
1,333,950
Bonds, Kendal at Lexington Retirement Community Inc, Refunding Series 2017A,
5.000%, 1/01/48
58
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Long-Term Care (continued)
Norfolk Redevelopment and Housing Authority, Virginia, Fort Norfolk Retirement
Community, Inc, Harbor's Edge Project, Series 2019A:
$ 625
5.000%, 1/01/49
1/24 at 104.00
N/R
$ 663,425
2,700
5.250%, 1/01/54
1/24 at 104.00
N/R
2,880,765
Prince William County Industrial Development Authority, Virginia, Residential Care
Facility Revenue Bonds, Westminster at Lake Ridge, Refunding Series 2016:
670
5.000%, 1/01/37
1/25 at 102.00
BB
705,128
2,000
5.000%, 1/01/46
1/25 at 102.00
BB
2,074,760
Suffolk Economic Development Authority, Virginia, Retirement Facilities First Mortgage
Revenue Bonds, Lake Prince Center, Inc/United Church Homes and Services Obligated Group,
Refunding Series 2016:
1,000
5.000%, 9/01/26
9/24 at 102.00
N/R
1,106,880
1,920
5.000%, 9/01/31
9/24 at 102.00
N/R
2,093,414
1,900
Virginia Small Business Financing Authority, Revenue Bonds, National Senior Campuses Inc
7/27 at 103.00
A
2,098,398
Obligated Group, Series 2020A, 4.000%, 1/01/51
18,630
Total Long-Term Care
20,169,778
Tax Obligation/General - 1.0% (0.7% of Total Investments)
2,035
Arlington County, Virginia, General Obligation Bonds, Refunding Series 2014B,
No Opt. Call
AAA
2,155,268
5.000%, 8/15/22
380
Richmond, Virginia, General Obligation Bonds, Refunding & Public Improvement Series
No Opt. Call
AA+
541,223
2017D, 5.000%, 3/01/33
2,415
Total Tax Obligation/General
2,696,491
Tax Obligation/Limited - 34.3% (22.5% of Total Investments)
Arlington County Industrial Development Authority, Virginia, Revenue Bonds, Refunding
County Projects, Series 2017:
1,730
5.000%, 2/15/35
8/27 at 100.00
Aa1
2,142,916
1,340
5.000%, 2/15/37
8/27 at 100.00
Aa1
1,653,292
Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds,
Golf Course Project, Series 2005A:
310
5.250%, 7/15/25 - ACA Insured
6/21 at 100.00
N/R
310,437
520
5.500%, 7/15/35 - ACA Insured
6/21 at 100.00
N/R
520,541
1,150
Dulles Town Center Community Development Authority, Loudon County, Virginia Special
3/22 at 100.00
N/R
1,161,431
Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.250%, 3/01/26
100
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds,
3/25 at 100.00
N/R
106,549
Series 2015, 5.600%, 3/01/45, 144A
1,000
Fairfax County Economic Development Authority, Virginia, County Facilities Revenue
10/27 at 100.00
AA+
1,249,170
Bonds, Refunding Series 2017B, 5.000%, 10/01/33
1,500
Fairfax County Economic Development Authority, Virginia, Revenue Bonds, Metrorail
4/27 at 100.00
AA+
1,811,955
Parking System Project, Series 2017, 5.000%, 4/01/42
4,000
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D,
11/25 at 100.00
BB
4,557,560
5.000%, 11/15/34
395
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2021F Forward
1/31 at 100.00
Ba1
450,320
Delivery, 4.000%, 1/01/42, (WI/DD, Settling 10/07/21)
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
1,020
5.000%, 1/01/31
1/22 at 100.00
BB
1,048,019
500
5.250%, 1/01/36
1/22 at 100.00
BB
514,460
1,000
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A,
12/26 at 100.00
BB
1,165,380
5.000%, 12/01/34
2,000
Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Senior
7/30 at 100.00
AA
2,595,840
Lien Series 2020A, 5.250%, 7/01/60
59
Table of Contents


NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Tax Obligation/Limited (continued)
Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads
Transportation Fund Revenue Bonds, Senior Lien Series 2018A:
$ 4,000
5.000%, 7/01/48 (UB) (4)
1/28 at 100.00
AA+
$ 4,873,520
2,000
5.000%, 7/01/52
1/28 at 100.00
AA+
2,433,280
13,000
5.000%, 7/01/52 (UB) (4)
1/28 at 100.00
AA+
15,816,320
1,000
5.500%, 7/01/57
1/28 at 100.00
AA+
1,245,060
965
Lower Magnolia Green Community Development Authority, Virginia, Special Assessment
3/25 at 100.00
N/R
1,018,490
Bonds, Series 2015, 5.000%, 3/01/35, 144A
Peninsula Town Center Community Development Authority, Virginia, Special Obligation
Bonds, Refunding Series 2018:
360
4.500%, 9/01/28, 144A
9/27 at 100.00
N/R
388,231
3,000
5.000%, 9/01/45, 144A
9/27 at 100.00
N/R
3,287,340
645
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N,
No Opt. Call
C
709,842
5.500%, 7/01/29 - AMBAC Insured
5,875
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding
No Opt. Call
C
4,453,191
Series 2005C, 0.000%, 7/01/28 - AMBAC Insured
5,085
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,
No Opt. Call
C
3,676,404
0.000%, 7/01/29 - AMBAC Insured
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
57
0.000%, 7/01/24
No Opt. Call
N/R
54,299
96
0.000%, 7/01/27
No Opt. Call
N/R
86,283
94
0.000%, 7/01/29
7/28 at 98.64
N/R
80,098
121
0.000%, 7/01/31
7/28 at 91.88
N/R
95,389
136
0.000%, 7/01/33
7/28 at 86.06
N/R
99,329
1,173
4.500%, 7/01/34
7/25 at 100.00
N/R
1,291,215
3,609
0.000%, 7/01/51
7/28 at 30.01
N/R
853,456
6,310
5.000%, 7/01/58
7/28 at 100.00
N/R
7,198,448
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable
Restructured Cofina Project Series 2019A-2:
550
4.329%, 7/01/40
7/28 at 100.00
N/R
610,236
4
4.536%, 7/01/53
7/28 at 100.00
N/R
4,437
62
4.784%, 7/01/58
7/28 at 100.00
N/R
69,663
760
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding
No Opt. Call
Baa2
832,983
Series 2007CC, 5.500%, 7/01/28 - NPFG Insured
1,500
Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note
9/25 at 100.00
A
1,719,645
Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A
2,240
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital
10/24 at 100.00
AA
2,475,200
Series 2014A, 5.000%, 10/01/34 - AGM Insured, 144A
1,145
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior
No Opt. Call
AA
1,219,562
Lien, Refunding Series 2013B, 5.000%, 10/01/24 - AGM Insured
1,330
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior
No Opt. Call
AA
1,416,743
Lien, Series 2013A, 5.000%, 10/01/24 - AGM Insured
1,725
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series
10/22 at 100.00
AA
1,808,542
2012A, 5.000%, 10/01/32 - AGM Insured
1,500
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century
2/30 at 100.00
AA+
1,817,970
College & Equipment Programs, Series 2020A, 4.000%, 2/01/38
3,500
Virginia Commonwealth Transportation Board, Federal Transportation Grant Anticipation
9/26 at 100.00
AA+
4,281,935
Revenue Notes, Series 2016, 5.000%, 9/15/30
2,000
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2019B,
8/29 at 100.00
AA+
2,413,500
4.000%, 8/01/38 (AMT)
1,500
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Refunding
8/30 at 100.00
AA+
1,875,645
Series 2020B, 4.000%, 8/01/32
2,000
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2015A,
8/25 at 100.00
AA+
2,381,580
5.000%, 8/01/26
60
Table of Contents


Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Tax Obligation/Limited (continued)
$ 35
Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program,
11/22 at 100.00
AAA
$ 37,267
Series 2012A, 5.000%, 11/01/42
120
Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue
4/28 at 112.76
N/R
149,087
Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A,
8.375%, 4/01/41, 144A
300
Virginia Small Business Financing Authority, Tourism Development Financing Program
10/30 at 120.40
N/R
388,326
Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1,
8.000%, 10/01/43, 144A
1,000
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series
5/22 at 100.00
AA+
1,035,550
2012, 4.000%, 5/15/37
1,000
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series
5/27 at 100.00
AA+
1,151,670
2017, 4.000%, 5/15/42
1,000
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series
5/28 at 100.00
AA+
1,183,080
2018, 4.000%, 5/15/38
920
Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding
12/26 at 100.00
Aa2
1,122,262
Series 2016, 5.000%, 12/01/36
88,282
Total Tax Obligation/Limited
94,942,948
Transportation - 44.4% (29.2% of Total Investments)
Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Refunding Series 2016A:
775
5.000%, 7/01/32
7/26 at 100.00
A2
930,163
375
4.000%, 7/01/34
7/26 at 100.00
A2
423,926
400
4.000%, 7/01/35
7/26 at 100.00
A2
451,272
250
4.000%, 7/01/38
7/26 at 100.00
A2
282,062
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds,
First Tier Series 2016:
1,705
5.000%, 7/01/41 - AGM Insured
7/26 at 100.00
AA
2,027,603
8,320
5.000%, 7/01/46
7/26 at 100.00
BBB
9,803,373
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital
Appreciation Series 2012B:
2,000
0.000%, 7/15/32 (5)
7/28 at 100.00
BBB+
2,189,340
4,125
0.000%, 7/15/40 (5)
7/28 at 100.00
BBB+
4,503,262
1,000
0.000%, 7/15/40 - AGM Insured (5)
7/28 at 100.00
AA
1,110,580
4,500
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
10/29 at 100.00
A-
5,183,775
Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B,
4.000%, 10/01/44
3,800
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
4/22 at 100.00
A-
3,930,834
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A,
5.000%, 10/01/53
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B:
4,000
0.000%, 10/01/26 - AGC Insured
No Opt. Call
AA
3,806,280
11,825
0.000%, 10/01/34 - AGC Insured
No Opt. Call
AA
9,201,387
1,135
0.000%, 10/01/36 - AGC Insured
No Opt. Call
AA
834,531
5,010
0.000%, 10/01/39 - AGC Insured
No Opt. Call
AA
3,369,526
6,700
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
10/28 at 100.00
A-
9,000,847
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44
7,300
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding
10/26 at 100.00
Aa3
8,833,949
Series 2016A, 5.000%, 10/01/35 (AMT)
375
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding
10/27 at 100.00
Aa3
464,951
Series 2017, 5.000%, 10/01/34 (AMT)
61
Table of Contents


NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Transportation (continued)
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding
Series 2018A:
$ 2,000
5.000%, 10/01/32 (AMT)
10/28 at 100.00
Aa3
$ 2,565,000
3,290
5.000%, 10/01/36 (AMT)
10/28 at 100.00
Aa3
4,186,986
2,000
5.000%, 10/01/38 (AMT)
10/28 at 100.00
Aa3
2,534,060
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding
Series 2019A:
1,000
5.000%, 10/01/30 (AMT)
10/29 at 100.00
Aa3
1,289,320
4,000
5.000%, 10/01/38 (AMT)
10/29 at 100.00
Aa3
5,036,880
New York Transportation Development Corporation, New York, Special Facility Revenue
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding
Series 2016:
150
5.000%, 8/01/26 (AMT)
8/21 at 100.00
B
151,097
595
5.000%, 8/01/31 (AMT)
8/21 at 100.00
B
599,207
1,740
Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series 2019, 5.000%, 7/01/43
7/29 at 100.00
A-
2,177,506
1,290
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System,
No Opt. Call
A
1,325,604
Series 2002, 5.250%, 7/15/22 - FGIC Insured
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform
66 P3 Project, Senior Lien Series 2017:
4,000
5.000%, 12/31/49 (AMT)
6/27 at 100.00
BBB
4,820,600
5,785
5.000%, 12/31/52 (AMT)
6/27 at 100.00
BBB
6,960,628
1,500
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes
1/22 at 100.00
BBB
1,539,510
LLC Project, Series 2012, 5.000%, 1/01/40 (AMT)
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes
LLC Project, Series 2019:
250
5.000%, 1/01/44 (AMT)
1/22 at 100.00
BBB
256,525
3,785
5.000%, 7/01/49 (AMT)
1/22 at 100.00
BBB
3,883,145
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
Crossing, Opco LLC Project, Series 2012:
750
5.250%, 1/01/32 (AMT)
7/22 at 100.00
BBB
787,245
5,025
6.000%, 1/01/37 (AMT)
7/22 at 100.00
BBB
5,317,907
5,700
5.500%, 1/01/42 (AMT)
7/22 at 100.00
BBB
5,992,011
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue
Bonds, Series 2017B:
3,000
5.000%, 7/01/36
7/27 at 100.00
AA
3,669,300
2,000
5.000%, 7/01/42
7/27 at 100.00
AA
2,420,300
1,000
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue
7/27 at 100.00
AA-
1,208,370
Bonds, Series 2018, 5.000%, 7/01/43
112,455
Total Transportation
123,068,862
U.S. Guaranteed - 9.8% (6.4% of Total Investments) (6)
1,220
Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%,
No Opt. Call
AA
1,324,615
11/01/24 - AGM Insured (ETM)
225
Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 -
No Opt. Call
AA
226,312
AGM Insured (ETM)
1,030
Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Bonds,
No Opt. Call
Baa2
1,197,767
Refunding Series 1998, 5.500%, 7/01/25 - NPFG Insured (ETM)
3,375
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health
1/23 at 100.00
BBB+
3,641,018
Initiatives, Series 2013A, 5.250%, 1/01/40 (Pre-refunded 1/01/23)
62
Table of Contents


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

Table of Contents


NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments (continued)
May 31, 2021
Principal
Optional Call
Amount (000)
Description (1)
Provisions (2)
Ratings (3)
Value
Utilities (continued)
Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A:
$ 5,000
5.000%, 1/15/33
1/26 at 100.00
Aa1
$ 5,999,450
1,000
5.000%, 1/15/35
1/26 at 100.00
Aa1
1,198,370
730
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding
6/21 at 100.00
CCC
716,918
Series 2007A, 5.000%, 7/01/24
1,000
Virginia Small Business Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta
7/23 at 100.00
B
1,045,170
Project, Series 2018, 5.000%, 1/01/48 (AMT) (Mandatory Put 7/01/38) , 144A
19,025
Total Utilities
21,598,047
$ 383,392
Total Long-Term Investments (cost $379,637,442)
421,705,952
Floating Rate Obligations - (7.3)%
(20,350,000)
Variable Rate Demand Preferred Shares, net of deferred offering costs - (46.1)% (7)
(127,663,373)
Other Assets Less Liabilities - 1.2%
3,311,567
Net Asset Applicable to Common Shares - 100%
$ 277,004,146
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public
accounting firm.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ('Standard & Poor's'), Moody's Investors Service, Inc. ('Moody's') or Fitch,
Inc. ('Fitch') rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard &
Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings
are not covered by the report of independent registered public accounting firm.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Step-up coupon bond, a bond with a coupon that increases ('steps up'), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end
of the reporting period.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(7)
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.3%.
144A
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration,
which are normally those transactions with qualified institutional buyers.
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 - Portfolio Securities and Investments in
Derivatives for more information.
WI/DD
Purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
64
Table of Contents

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

See accompanying notes to financial statements.
65
Table of Contents


Statement of Operations
Year Ended May 31, 2021

NKG
NMT
NMS
NOM
NPV
Investment Income
$
7,782,231
$
7,483,348
$
5,358,590
$
1,928,545
$
15,107,308
Expenses
Management fees
1,360,798
1,335,270
858,155
311,456
2,483,996
Interest expense and amortization of offering costs
651,374
684,641
530,890
207,010
1,565,634
Custodian fees
25,358
28,986
25,061
16,308
43,842
Trustees fees
5,861
6,080
4,014
1,437
10,752
Professional fees
37,258
39,346
35,147
36,321
61,220
Shareholder reporting expenses
21,866
14,443
16,752
11,742
31,769
Shareholder servicing agent fees
15,629
2,451
14,782
15,269
5,788
Stock exchange listing fees
6,522
6,522
6,522
6,527
6,522
Investor relations expenses
9,066
9,373
6,251
2,294
17,441
Other
31,231
41,731
27,856
23,980
51,393
Total expenses
2,164,963
2,168,843
1,525,430
632,344
4,278,357
Net investment income (loss)
5,617,268
5,314,505
3,833,160
1,296,201
10,828,951
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments
635,323
168,132
171
12,619
(28,052
)
Change in net unrealized appreciation (depreciation) of investments
3,940,693
6,279,772
4,377,272
1,097,030
16,874,300
Net realized and unrealized gain (loss)
4,576,016
6,447,904
4,377,443
1,109,649
16,846,248
Net increase (decrease) in net assets applicable to common shares
from operations
$
10,193,284
$
11,762,409
$
8,210,603
$
2,405,850
$
27,675,199
See accompanying notes to financial statements.
66
Table of Contents

Statement of Changes in Net Assets
NKG
NMT
Year
Year
Year
Year
Ended
Ended
Ended
Ended
5/31/21
5/31/20
5/31/21
5/31/20
Operations
Net investment income (loss)
$
5,617,268
$
4,953,285
$
5,314,505
$
4,806,292
Net realized gain (loss) from investments
635,323
(719,960
)
168,132
125,397
Change in net unrealized appreciation (depreciation) of investments
3,940,693
1,377,176
6,279,772
(1,022,034
)
Net increase (decrease) in net assets applicable to common shares
from operations
10,193,284
5,610,501
11,762,409
3,909,655
Distributions to Common Shareholders
Dividends
(5,407,903
)
(4,648,716
)
(5,090,213
)
(4,619,423
)
Decrease in net assets applicable to
common shares from distributions
to common shareholders
(5,407,903
)
(4,648,716
)
(5,090,213
)
(4,619,423
)
Capital Share Transactions
Common shares:
Net proceeds from shares issued
to shareholders due to
reinvestment of distributions
-
-
-
-
Net increase (decrease) in net assets
applicable to common shares from
capital share transactions
-
-
-
-
Net increase (decrease) in net assets
applicable to common shares
4,785,381
961,785
6,672,196
(709,768
)
Net assets applicable to common
shares at the beginning of period
145,113,723
144,151,938
136,571,620
137,281,388
Net assets applicable to common
shares at the end of period
$
149,899,104
$
145,113,723
$
143,243,816
$
136,571,620
See accompanying notes to financial statements.
67
Table of Contents


Statement of Changes in Net Assets (continued)

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


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


Statement of Cash Flows
Year Ended May 31, 2021

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

71

Table of Contents


Financial Highlights

Selected data for a common share outstanding throughout each period:

Less Distributions to
Investment Operations
Common Shareholders
Common Share
From
Discount
Beginning
Net
Net
From
Accumu-
Per
Common
Investment
Realized/
Net
lated Net
Share
Ending
Share
Income
Unrealized
Investment
Realized
Repurchased
Ending
Share
NAV
(Loss)
Gain (Loss)
Total
Income
Gains
Total
and Retired
NAV
Price
NKG
Year Ended 5/31:
2021
$13.95
$0.54
$0.44
$0.98
$(0.52)
$ -
$(0.52)
$ -
$14.41
$13.60
2020
13.86
0.48
0.06
0.54
(0.45)
-
(0.45)
-
13.95
11.98
2019
13.32
0.46
0.48
0.94
(0.43)
-
(0.43)
0.03
13.86
12.46
2018
13.80
0.49
(0.46)
0.03
(0.51)
-
(0.51)
-
13.32
11.38
2017
14.40
0.55
(0.55)
-
(0.60)
-
(0.60)
-
13.80
13.28
NMT
Year Ended 5/31:
2021
14.65
0.57
0.69
1.26
(0.55)
-
(0.55)
-
15.36
14.92
2020
14.73
0.52
(0.10)
0.42
(0.50)
-
(0.50)
-
14.65
13.15
2019
14.28
0.52
0.42
0.94
(0.50)
-
(0.50)
0.01
14.73
12.84
2018
14.72
0.59
(0.40)
0.19
(0.63)
-
(0.63)
-
14.28
12.64
2017
15.34
0.64
(0.58)
0.06
(0.68)
-
(0.68)
-
14.72
13.90
(a)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
72
Table of Contents


Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average Net Assets(b)
Based
Ending
Net
Based
on
Net
Investment
Portfolio
on
Share
Assets
Income
Turnover
NAV(a)
Price(a)
(000)

Expenses
(Loss)
Rate(c)
7.12
%
18.24
%

$ 149,899
1.46
%
3.78
%
7
%
3.90
(0.33
)
145,114
2.13
3.40
9
7.49
13.72
144,152
2.45
3.50
20
0.22
(10.74
)
140,485
2.19
3.64
15
0.07
(2.76
)
145,577
2.10
3.94
13
8.69
17.81
143,244
1.54
3.77
8
2.83
6.14
136,572
2.20
3.47
11
6.87
5.80
137,281
2.45
3.70
16
1.29
(4.84
)
133,468
2.13
4.04
17
0.43
(2.78
)
137,639
1.91
4.29
12
(b)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 - Fund Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 - Portfolio Securities and Investments in Derivatives), where applicable, as follows:

NKG
NMT
Year Ended 5/31:
Year Ended 5/31:
2021
0.44%
2021
0.49%
2020
1.09
2020
1.14
2019
1.36
2019
1.30
2018
1.11
2018
1.00
2017
1.03
2017
0.83
(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 - Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
See accompanying notes to financial statements.
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Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:

Less Distributions to
Investment Operations
Common Shareholders
Common Share
Premium
From
per
Discount
Beginning
Net
Net
From
Accumu-
Share
Per
Common
Investment
Realized/
Net
lated Net
through
Share
Ending
Share
Income
Unrealized
Investment
Realized
Return of
Shelf
Repurchased
Ending
Share
NAV
(Loss)
Gain (Loss)
Total
Income
Gains
Capital
Total
Offering
and Retired
NAV
Price
NMS
Year Ended 5/31:
2021
$14.81
$0.66
$0.76
$1.42
$(0.61)
$ -
$ -
$(0.61)
$ -
$ -
$15.62
$16.24
2020
15.19
0.59
(0.40)
0.19
(0.57)
-
-
(0.57)
-
-
14.81
13.55
2019
14.69
0.62
0.50
1.12
(0.62)
-
-
(0.62)
-
-*
15.19
13.76
2018
15.08
0.70
(0.37)
0.33
(0.74)
-
-
(0.74)
0.02
-
14.69
13.60
2017
15.78
0.70
(0.62)
0.08
(0.79)
-
-
(0.79)
0.01
-
15.08
16.18
NOM
Year Ended 5/31:
2021
13.64
0.55
0.48
1.03
(0.51)
-
-
(0.51)
-
-
14.16
14.70
2020
13.84
0.50
(0.21)
0.29
(0.49)
-
-
(0.49)
-
-
13.64
14.56
2019
13.48
0.52
0.36
0.88
(0.52)
-
-
(0.52)
-
-
13.84
13.97
2018
13.95
0.57
(0.41)
0.16
(0.62)
-
(0.01)
(0.63)
-
-
13.48
13.34
2017
14.45
0.65
(0.44)
0.21
(0.71)
-
-
(0.71)
-
-
13.95
16.20
(a)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
74
Table of Contents


Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average Net Assets(b)
Based
Ending
Net
Based
on
Net
Investment
Portfolio
on
Share
Assets
Income
Turnover
NAV(a)
Price(a)
(000)

Expenses
(Loss)
Rate(c)
9.74
%
24.89
%

$ 90,310
1.71
%
4.30
%
5
%
1.24
2.57
85,644
2.46
3.85
12
7.88
6.13
87,812
2.75
4.25
30
2.37
(11.55
)
85,067
2.40
4.66
13
0.68
6.41
84,726
2.47
4.59
19
7.66
4.69
33,225
1.93
3.95
13
2.07
7.93
31,996
2.66
3.58
10
6.70
9.06
32,444
2.72
3.90
23
1.15
(13.89
)
31,605
2.54
4.15
20
1.53
5.77
32,658
2.27
4.65
14
(b)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 - Fund Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 - Portfolio Securities and Investments in Derivatives), where applicable, as follows:

NMS
NOM
Year Ended 5/31:
Year Ended 5/31:
2021
0.60%
2021
0.63%
2020
1.32
2020
1.29
2019
1.59
2019
1.40
2018
1.06
2018
1.19
2017
1.29
2017
0.99
(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 - Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
*
Rounds to less than $0.01 per share.
See accompanying notes to financial statements.
75
Table of Contents


Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:


Less Distributions to
Investment Operations
Common Shareholders
Common Share
Discount
Beginning
Net
Net
From
Accumu-
Per
Common
Investment
Realized/
Net
lated Net
Share
Ending
Share
Income
Unrealized
Investment
Realized
Return of
Repurchased
Ending
Share
NAV
(Loss)
Gain (Loss)
Total
Income
Gains
Capital
Total
and Retired
NAV
Price
NPV
Year Ended 5/31:
2021
$14.51
$0.61
$ 0.94
$1.55
$(0.58)
$ -
$ -
$(0.58)
$ -
$15.48
$16.13
2020
14.67
0.54
(0.17)
0.37
(0.53)
-
-
(0.53)
-
14.51
13.40
2019
14.17
0.53
0.49
1.02
(0.53)
-
-
(0.53)
0.01
14.67
12.92
2018
14.49
0.56
(0.32)
0.24
(0.56)
-
-
(0.56)
-
14.17
12.35
2017
15.00
0.58
(0.50)
0.08
(0.59)
-
-
(0.59)
-
14.49
13.25
(a)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
76
Table of Contents


Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average Net Assets(b)
Based
Ending
Net
Based
on
Net
Investment
Portfolio
on
Share
Assets
Income
Turnover
NAV(a)
Price(a)
(000
)
Expenses
(Loss)
Rate(c)
10.80
%
25.01
%

$ 277,004
1.58
%
3.99
%
7
%
2.48
7.74
259,338
2.20
3.65
18
7.49
9.23
262,202
2.48
3.81
21
1.70
(2.62
)
254,175
2.07
3.92
22
0.63
(4.14
)
259,831
1.97
3.98
38
(b)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 - Fund Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 - Portfolio Securities and Investments in Derivatives), where applicable, as follows:

NPV
Year Ended 5/31:
2021
0.58%
2020
1.18
2019
1.42
2018
1.02
2017
0.94
(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 - Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
See accompanying notes to financial statements.
77
Table of Contents
Financial Highlights (continued)
AMTP Shares
VMTP Shares
VRDP Shares
at the End of Period
at the End of Period
at the End of Period
Aggregate
Asset
Aggregate
Asset
Aggregate
Asset
Amount
Coverage
Amount
Coverage
Amount
Coverage
Outstanding
Per $100,000
Outstanding
Per $100,000
Outstanding
Per $100,000
(000)
Share
(000)
Share
(000)
Share
NKG
Year Ended 5/31:
2021
$58,500
$356,238
$ -
$ -
$ -
$ -
2020
58,500
348,058
-
-
-
-
2019
58,500
346,414
-
-
-
-
2018
-
-
82,000
271,323
-
-
2017
-
-
82,000
277,532
-
-
NMT
Year Ended 5/31:
2021
-
-
-
-
74,000
293,573
2020
-
-
-
-
74,000
284,556
2019
-
-
-
-
74,000
285,515
2018
-
-
-
-
74,000
280,362
2017
-
-
-
-
74,000
285,999
See accompanying notes to financial statements.
78
Table of Contents


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

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


Notes to
Financial Statements
1. General Information

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

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

observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 - Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 - Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 - Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:
Prices of fixed-income securities are generally provided by an independent pricing service ('pricing service') approved by the Board. The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds' investments as of the end of the reporting period, based on the inputs used to value them:
NKG
Level 1
Level 2
Level 3
Total
Long-Term Investments*:
Municipal Bonds
$
-
$
224,122,513
$
78,186
**
$
224,200,699
Short-Term Investments*:
Municipal Bonds
-
-
94,968
**
94,968
Total
$
-
$
224,122,513
$
173,154
$
224,295,667
NMT
Long-Term Investments*:
Municipal Bonds
$
-
$
214,124,983
$
-
$
214,124,983
NMS
Long-Term Investments*
Municipal Bonds
$
-
$
142,060,161
$
-
$
142,060,161
NOM
Long-Term Investments*:
Municipal Bonds
$
-
$
51,083,684
$
-
$
51,083,684
NPV
Long-Term Investments*:
Municipal Bonds
$
-
$
421,705,952
$
-
$
421,705,952
*
Refer to the Fund's Portfolio of Investments for industry classifications.
**
Refer to the Fund's Portfolio of Investments for securities classified as Level 3.
83
Table of Contents
Notes to Financial Statements (continued)
The Funds hold liabilities in floating rate obligations and preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds' liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in Note 4 - Portfolio Securities and Investments in Derivatives. The fair values of the Funds' liabilities for preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in Note 5 - Fund Shares.
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an 'Underlying Bond'), typically with a fixed interest rate, into a special purpose tender option bond ('TOB') trust (referred to as the 'TOB Trust') created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as 'Floaters') in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an 'Inverse Floater') that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ('Liquidity Provider'), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the 'Trustee') transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
A Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a 'self-deposited Inverse Floater'). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an 'externally-deposited Inverse Floater').
An investment in a self-deposited Inverse Floater is accounted for as a 'financing' transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as '(UB) - Underlying bond of an inverse floating rate trust reflected as a financing transaction,' with the Fund recognizing as liabilities, labeled 'Floating rate obligations' on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in 'Investment Income' the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of 'Interest expense and amortization of offering costs' on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of 'Receivable for interest' and 'Payable for interest' on the Statement of Assets and Liabilities, respectively.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as '(IF) - Inverse floating rate investment.' For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in 'Investment Income' only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
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As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
Floating Rate Obligations Outstanding
NKG
NMT
NMS
NOM
NPV
Floating rate obligations: self-deposited Inverse Floaters
$
19,600,000
$
-
$
-
$
600,000
$
20,350,000
Floating rate obligations: externally-deposited Inverse Floaters
-
7,325,000
-
-
-
Total
$
19,600,000
$
7,325,000
$
-
$
600,000
$
20,350,000
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
Self-Deposited Inverse Floaters
NKG
NMT
NMS
NOM
NPV
Average floating rate obligations outstanding
$
19,600,000
$
-
$
-
$
600,000
$
20,350,000
Average annual interest rate and fees
0.56
%
-
%
-
%
0.55
%
0.62
%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of 'Floating rate obligations' on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a 'recourse arrangement') (TOB Trusts involving such agreements are referred to herein as 'Recourse Trusts'), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as 'Unrealized depreciation on Recourse Trusts' on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
Floating Rate Obligations - Recourse Trusts
NKG
NMT
NMS
NOM
NPV
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
$
19,600,000
$
-
$
-
$
600,000
$
20,350,000
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
-
7,325,000
-
-
-
Total
$
19,600,000
$
7,325,000
$
-
$
600,000
$
20,350,000
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
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Notes to Financial Statements (continued)
Investment Transactions

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

NKG
NMT
NMS
NOM
NPV
Purchases
$
17,466,558
$
21,405,770
$
10,458,246
$
6,763,176
$
31,278,453
Sales and maturities
15,639,997
17,881,313
5,846,551
6,599,637
27,066,226
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when issued/ delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
5. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable. were as follows:
NMS
NOM
NPV
Year
Year
Year
Year
Year
Year
Ended
Ended
Ended
Ended
Ended
Ended
5/31/21
5/31/20
5/31/21
5/31/20
5/31/21
5/31/20
Common shares:
Issued to shareholders due to reinvestment of distributions
369
-
1,372
1,271
19,216
-
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Adjustable Rate MuniFund Term Preferred ('AMTP') Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publically available.
The details of the each Fund's AMTP Shares outstanding as of the end of the reporting period, were as follows:
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Liquidation
Preference,
Shares
Liquidation
net of deferred
Fund
Series
Outstanding
Preference
offering costs
NKG
2028
585
$58,500,000
$58,444,145
NMS
2028
528
$52,800,000
$52,760,918
Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document ('Term Redemption Date'), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance ('Premium Expiration Date'), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed 'spread' amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.
In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund's AMTP Shares are as follows:
Notice
Term
Premium
Fund
Period
Series
Redemption Date
Expiration Date
NKG
540-day
2028
December 1 2028*
February 13, 2019
NMS
360-day
2028
December 1 2028*
November 30, 2019
* Subject to early termination by either the Fund or the holder.
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
NKG
NMS
Average liquidation preference of AMTP shares outstanding
$58,500,000
$52,800,000
Annualized dividend rate
0.91%
1.00%
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed 'spread' on the AMTP Shares remains roughly in line with the 'spread' being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds' Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of 'Adjustable Rate MuniFund Term Preferred ('AMTP') Shares, net of deferred offering costs' on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of 'Interest payable' on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of 'Interest expense and amortization of offering costs' on the Statement of Operations.
Costs incurred in connection with each Fund's offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of 'Adjustable Rate MuniFund Term Preferred ('AMTP') Shares, net of deferred offering costs' on the Statement of Assets and Liabilities and 'Interest expense and amortization of offering costs' on the Statement of Operations.
MuniFund Preferred Shares
NOM has issued and has outstanding MuniFund Preferred ('MFP') Shares, with a $100,000 liquidation preference per share. These MFP Shares were issued via private placement and are not publicly available.
The Fund is obligated to redeem its MFP Shares by the date as specified in its offering documents ('Term Redemption Date'), unless earlier redeemed by the Fund. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Fund. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Fund may establish additional mode structures with the MFP Share.
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Notes to Financial Statements (continued)
• Variable Rate Remarketed Mode ('VRRM') - Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of their shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
The Fund will pay a remarketing fee on the aggregate principal amount of all MFP shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as 'Remarketing fees' on the Statement of Operations.
• Variable Rate Mode ('VRM') - Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed 'spread' amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed 'spread' on the shares remains roughly in line with the 'spread' being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
• Variable Rate Demand Mode ('VRDM') - Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enables its shareholders to require a liquidity provider, with which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares.
The Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP Shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as 'Liquidity fees' and 'Remarketing fees', respectively, on the Statement of Operations.
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of 'MuniFund Preferred ('MFP') Shares, net of deferred offering costs' on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on 'Interest payable' on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of 'Interest expense and amortization of offering costs' on the Statement of Operations.
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
Costs incurred in connection with the Fund's offering of MFP Shares were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of 'MuniFund Preferred ('MFP') Shares, net of deferred offering costs' on the Statement of Assets and Liabilities and 'Interest expense and amortization of offering costs' on the Statement of Operations.
As of the end of the reporting period, details of the Fund's MFP Shares outstanding were as follows:
Liquidation
Preference,
Term
Mode
Shares
Liquidation
net of deferred
Redemption
Termination
Fund
Series
Outstanding
Preference
offering costs
Date
Mode
Date
NOM
A
180
$18,000,000
$17,787,262
October 1, 2047
VRM
October 12, 2022
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
NOM
Average liquidation preference of MFP Shares outstanding
$18,000,000
Annualized dividend rate
1.09%
Variable Rate Demand Preferred Shares
The following Funds have issued and have outstanding Variable Rate Demand Preferred ('VRDP') Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
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As of the end of the reporting period, details of the Funds' VRDP Shares outstanding were as follows:

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

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

Cross-Trades
NMS
NOM
Purchases
$
1,339,635
$
-
Sales
1,334,840
356,392
Realized gain (loss)
(39,865
)
(7,908
)
8. Commitments and Contingencies
In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.
From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds' rights under contracts. As of the end of the reporting period, the Funds are not subject to any material legal proceedings.
9. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ('Participating Funds'), have established a 364-day, $2.405 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility's capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2021 unless extended or renewed.
The credit facility has the following terms: a 0.10% upfront fee, 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% (1.00% prior to June 24, 2020) per annum or (b) the Fed Funds rate plus 1.25% (1.00% prior to June 24, 2020) per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of 'Interest Expense' on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of 'Other expenses' on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, certain Funds utilized this facility. The Funds' maximum outstanding balance during the utilization period was as follows:
NKG
NMT
NPV
Maximum outstanding balance
$744,968
$463,155
$1,696,272
During the Funds' utilization period(s), during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
NKG
NMT
NPV
Utilization period (days outstanding)
4
4
4
Average daily balance outstanding
$744,968
$463,155
$1,696,272
Average annual interest rate
1.39%
1.39%
1.39%
Borrowings outstanding as of the end of the reporting period are recognized as 'Borrowings' on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities 'fails,' resulting in an unanticipated cash shortfall) (the 'Inter-Fund Program'). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other
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things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund's investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
10. Subsequent Events
Committed Line of Credit
During June 2021, the Participating Funds renewed the standby credit facility through June 2022. In conjunction with this renewal the commitment amount increased from $2.405 billion to $2.635 billion and the interest rate changed from the higher of a) LIBOR plus 1.25% or b) the Fed Funds rate plus 1.25% to the higher of a) OBFR (Overnight Bank Funding Rate) plus 1.20% or b) the Fed Funds Rate plus 1.20%. The Participating Funds also incurred a 0.05% upfront fee on the increase of the commitment amount. All other terms remain relatively unchanged.
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Shareholder Update (Unaudited)
CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS
NUVEEN GEORGIA QUALITY MUNICIPAL INCOME FUND (NKG)
Investment Objectives
The Fund's investment objectives are current income exempt from regular federal and Georgia income tax and the enhancement of portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund's investment adviser or sub-adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.
Investment Policies
As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from regular federal and Georgia income taxes.
The Fund emphasizes investments in municipal securities with long- or intermediate-term maturities. The Fund buys municipal securities with different maturities and intends to maintain an average portfolio maturity of 15 to 30 years, although this may be shortened depending on market conditions. As a result, the Fund's portfolio may include long-term and intermediate-term municipal securities.
'Assets' mean the net assets of the Fund plus the amount of any borrowings for investment purposes. 'Managed Assets' mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund's use of leverage (whether or not those assets are reflected in the Fund's financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal circumstances:
• The Fund will invest at least 80% of its Managed Assets in municipal securities that at the time of investment are investment grade quality. A security is considered investment grade quality if it is rated within the four highest letter grades (Baa or BBB or better) by at least one nationally recognized statistical rating organization ('NRSRO') that rate such security (even if it is rated lower by another), or if it is unrated by any NRSRO but judged to be of comparable quality by the Fund's sub-adviser.
• The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated by any NRSRO but judged to be of comparable quality by the Fund's sub-adviser.
• No more than 10% of the Fund's Managed Assets may be invested in municipal securities rated below B-/B3 or that are unrated but judged to be of comparable quality by the Fund's sub-adviser.
• The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to individuals ('AMT Bonds').
The foregoing policies apply only at the time of any new investment.

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

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

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

Fund Level and Other Risks
Anti-Takeover Provisions
X
X
X
X
X
Counterparty Risk
X
X
X
X
X
Cybersecurity Risk
X
X
X
X
X
Economic and Political Events Risk
X
X
X
X
X
Global Economic Risk
X
X
X
X
X
Investment and Market Risk
X
X
X
X
X
Legislation and Regulatory Risk
X
X
X
X
X
Leverage Risk
X
X
X
X
X
Market Discount from Net Asset Value
X
X
X
X
X
Recent Market Conditions
X
X
X
X
X
Reverse Repurchase Agreement Risk
X
X
X
X
X
Portfolio Level Risks:
Alternative Minimum Tax Risk. The Fund may invest in AMT Bonds. Therefore, a portion of the Fund's otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.
Below Investment Grade Risk. Municipal securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer's capacity to pay interest and repay principal, and may be subject to higher price volatility and default risk than investment grade municipal securities of comparable terms and duration. Issuers of lower grade municipal securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer's revenues or a general economic downturn. The secondary market for lower rated municipal securities may not be as liquid as the secondary market for more highly rated municipal securities, a factor which may have an adverse effect on the Fund's ability to dispose of a particular municipal security. If a below investment grade municipal security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price.
Call Risk. The Fund may invest in municipal securities that are subject to call risk. Such municipal securities may be redeemed at the option of the issuer, or 'called,' before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding municipal securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income.
Credit Risk. Issuers of municipal securities in which the Fund may invest may default on their obligations to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing non-payment and
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potentially a decrease in the net asset value ('NAV') of the Fund. To the extent that the credit rating assigned to a municipal security in the Fund's portfolio is downgraded, the market price and liquidity of such security may be adversely affected.
Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund's securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.
Deflation Risk. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.
Derivatives Risk. The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal security or other asset without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty.
It is possible that developments in the derivatives market, including changes in government regulation, could adversely impact the Fund's ability to invest in certain derivatives.
Distressed Securities Risk. The Fund may invest in low-rated securities or securities unrated but judged by the sub-adviser to be of comparable quality. Some or many of these low-rated securities, although not in default, may be 'distressed,' meaning that the issuer is experiencing financial difficulties or distress at the time of acquisition. Such securities would present a substantial risk of future default which may cause the Fund to incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio security, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities may be subject to restrictions on resale.
Duration Risk. Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security's coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.
Economic Sector Risk. The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector. As concentration increases, so does the potential for fluctuation in the value of the Fund's assets. In addition, the Fund may invest a significant portion of its assets in certain sectors of the municipal securities market, such as health care facilities, private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its assets in the sectors noted above, the Fund's performance may be subject to additional risk and variability.
Financial Futures and Options Transactions Risk. The Fund may use certain transactions for hedging the portfolio's exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged.
If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission ('CFTC'). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.
Hedging Risk. The Fund's use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser's and/or the sub-adviser's ability to predict correctly changes in the relationships of such hedge instruments to the Fund's portfolio holdings or other factors. No assurance can be given that the investment adviser's and/or the sub-adviser's judgment in this respect will be correct, and no assurance can be given
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that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund's opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.
Illiquid Investments Risk. Illiquid investments are investments that are not readily marketable and may include restricted securities, which are securities that may not be resold unless they have been registered under the 1933 Act or that can be sold in a private transaction pursuant to an available exemption from such registration. Illiquid investments involve the risk that the investments will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying the investments on its books from time to time.
Income Risk. The Fund's income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities.
Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline.
Insurance Risk. The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to sub-prime mortgages and other lower credit quality investments. As a result, such losses reduced the insurers' capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the NAV of the common shares represented by such insured obligation.
Interest Rate Risk. Interest rate risk is the risk that municipal securities in the Fund's portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of municipal securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund's income. As interest rates increase, slower than expected principal payments may extend the average life of municipal securities, potentially locking in a below-market interest rate and reducing the Fund's value. In typical market interest rate environments, the prices of longer-term municipal securities generally fluctuate more than prices of shorter-term municipal securities as interest rates change.
Inverse Floating Rate Securities Risk. The Fund may invest in inverse floating rate securities. In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund's investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities.
The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities.
The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following:
• If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions;
• If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and
• If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund.
London Interbank Offered Rate ('LIBOR') Replacement Risk. The use of LIBOR will begin to be phased out in the near future, which may adversely affect the Fund's investments whose value is tied to LIBOR. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement reference rate. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies and markets are slowly developing in response to these new rates. The transition process away from LIBOR may involve, among other things, increased volatility in markets for instruments that currently rely on LIBOR. The potential effect of a discontinuation of LIBOR on the Fund's investments will vary depending on, among other things: (1) existing fallback provisions that provide a replacement reference rate if LIBOR is no longer available; (2) termination provisions in individual contracts; and (3) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments held by the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR until it is clearer how the Fund's products and instruments will be impacted by this transition.
Municipal Securities Market Liquidity Risk. Inventories of municipal securities held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund's ability to buy or sell
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municipal securities at attractive prices, and increase municipal security price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal securities, which may further decrease the Fund's ability to buy or sell municipal securities. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of municipal securities to raise cash to meet its obligations, those sales could further reduce the municipal securities' prices and hurt performance.
Municipal Securities Market Risk. The amount of public information available about the municipal securities in the Fund's portfolio is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the sub-adviser than if the Fund were a stock fund or taxable bond fund. The secondary market for municipal securities, particularly below investment grade municipal securities, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund's ability to sell its municipal securities at attractive prices.
Other Investment Companies Risk. The Fund may invest in the securities of other investment companies, including ETFs. Investing in an investment company exposes the Fund to all of the risks of that investment company's investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies' expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund's own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund's leverage risk.
With respect to ETF's, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their NAV.
Puerto Rico Municipal Securities Market Risk. To the extent that the Fund invests a significant portion of its assets in the securities issued by the Commonwealth of Puerto Rico or its political subdivisions, agencies, instrumentalities, or public corporations (collectively referred to as 'Puerto Rico' or the 'Commonwealth'), it will be disproportionally affected by political, social and economic conditions and developments in the Commonwealth. In addition, economic, political or regulatory changes in that territory could adversely affect the value of the Fund's investment portfolio.
Puerto Rico currently is experiencing significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent government budget deficits. These challenges may negatively affect the value of the Fund's investments in Puerto Rican municipal securities. Several major ratings agencies have downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. Puerto Rico recently defaulted on its debt by failing to make full payment due on its outstanding bonds, and there can be no assurance that Puerto Rico will be able to satisfy its future debt obligations. Further downgrades or defaults may place additional strain on the Puerto Rico economy and may negatively affect the value, liquidity, and volatility of the Fund's investments in Puerto Rican municipal securities. Additionally, numerous issuers have entered Title III of the Puerto Rico Oversite, Management and Economic Stability Act ('PROMESA'), which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. However, Puerto Rico's case is the first ever heard under PROMESA and there is no existing case precedent to guide the proceedings. Accordingly, Puerto Rico's debt restructuring process could take significantly longer than traditional municipal bankruptcy proceedings. Further, it is not clear whether a debt restructuring process will ultimately be approved or, if so, the extent to which it will apply to Puerto Rico municipal securities sold by an issuer other than the territory. A debt restructuring could reduce the principal amount due, the interest rate, the maturity, and other terms of Puerto Rico municipal securities, which could adversely affect the value of Puerto Rican municipal securities. Legislation that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of the Fund's investments in Puerto Rican municipal securities.
These challenges and uncertainties have been exacerbated by multiple hurricanes and the resulting natural disasters that have stuck Puerto Rico since 2017. The full extent of the natural disasters' impact on Puerto Rico's economy and foreign investment in Puerto Rico is difficult to estimate.
Reinvestment Risk. Reinvestment risk is the risk that income from the Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect the common shares' market price, NAV and/or a common shareholder's overall returns.
Sector and Industry Risk. Subject to the concentration limits of the Fund's investment policies and guidelines, a Fund may invest a significant portion of its net assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies such as airline companies, whose credit quality and performance may be more susceptible to economic, business, political,
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regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its net assets in the sectors noted above, the Fund's performance may be subject to additional risk and variability.
Sector Focus Risk. At times, the Fund may focus its investments (i.e., overweight its investments relative to the overall municipal securities market) in one or more particular sectors, which may subject the Fund to additional risk and variability. Securities issued in the same sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund's Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the NAV of the Fund's common shares.
Special Considerations Related to Single State Concentration Risk. Because the Fund primarily invests in municipal securities from a single state, the Fund is more susceptible to political, economic or regulatory factors affecting issuers of single state municipal securities. Information regarding the financial condition of the state is ordinarily included in various public documents issued thereby, such as the official statements prepared in connection with the issuance of general obligation bonds for the state.
Additionally, the states are party to numerous legal proceedings, many of which normally occur in governmental operations. The creditworthiness of obligations issued by local issuers of the state may be unrelated to the creditworthiness of obligations issued by the state, and that there is no obligation on the part of the state to make payment on such local obligations in the event of default.
Special Risks Related to Certain Municipal Obligations. Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of 'non-appropriation' clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund's original investment. In the event of non-appropriation, the issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued.
Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificates of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.
Swap Transactions Risk. The Fund may enter into debt-related derivative instruments such as credit default swap contracts and interest rate swaps. Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the adviser and/or the sub-adviser of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/or the sub-adviser is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used.
Tax Risk. The value of the Fund's investments and its NAV may be adversely affected by changes in tax rates, rules and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates or changes in the tax exempt status of interest income from municipal securities. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax exempt or tax-deferred accounts, for investors who are not sensitive to the federal income tax consequences of their investments.
Taxability Risk. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes, and the sub-adviser will not independently verify that opinion. Subsequent to the Fund's acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as 'exempt-interest dividends' could be adversely affected, subjecting the Fund's shareholders to increased federal income tax liabilities. Certain other investments made by the Fund, including derivatives transactions, may result in the receipt of taxable income or gains by the Fund.
Tobacco Settlement Bond Risk. The Fund may invest in tobacco settlement bonds. Tobacco settlement bonds are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state's proportionate share in the Master Settlement Agreement, an agreement between 46 states and nearly all of the U.S. tobacco manufacturers (the 'MSA'). Under the terms of the MSA, the actual amount of future settlement payments by tobacco-manufacturers is dependent on many factors, including, among other things, reduced cigarette consumption.
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Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.
Unrated Securities Risk. The Fund may purchase securities that are not rated by any rating organization. The investment adviser may, after assessing such securities' credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund's ability to achieve its investment objectives will be more dependent on the investment adviser's credit analysis than would be the case when the Fund invests in rated securities.
Valuation Risk. The municipal securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price municipal securities assuming orderly transactions of an institutional 'round lot' size, but some trades may occur in smaller, 'odd lot' sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund's pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund's NAV.
Zero Coupon Bonds Risk. Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.
Fund Level and Other Risks:
Anti-Takeover Provisions. The Fund's organizational documents include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could have the effect of depriving the common shareholders of opportunities to sell their common shares at a premium over the then-current market price of the common shares.
Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund's counterparties with respect to derivatives or other transactions supported by another party's credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities' capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.
Cybersecurity Risk. The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through 'hacking' or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund.
Economic and Political Events Risk. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or local political and economic conditions, and thus may lead to declines in the creditworthiness and value of such municipal securities.
Global Economic Risk. National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of the Fund's investments. Major economic or political disruptions, particularly in large economies like China's, may have global negative economic and market repercussions. Additionally, events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which the Fund invests.
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Shareholder Update (Unaudited) (continued)
Recent examples of such events include the outbreak of a novel coronavirus known as COVID-19 that was first detected in China in December 2019 and heightened concerns regarding North Korea's nuclear weapons and long-range ballistic missile programs. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which the Fund's service providers, including the investment adviser and sub-adviser, rely, and could otherwise disrupt the ability of employees of the Fund's service providers to perform essential tasks on behalf of the Fund. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund's investments.
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Legislation and Regulatory Risk. At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.
The SEC recently adopted rules governing the use of derivatives by registered investment companies, which could affect the nature and extent of derivatives used by the Fund. The full impact of such rules is uncertain at this time. It is possible that such rules, as interpreted, applied and enforced by the SEC, could limit the implementation of the Fund's use of derivatives, which could have an adverse impact on the Fund.
Leverage Risk. The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund's NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage.
The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund's use of leverage, which will result in a reduction in the Fund's NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund's holdings, increase or decrease the amount of leverage. Such changes may impact the Fund's distributions and the price of the common shares in the secondary market.
The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders.
The amount of fees paid to the investment adviser and the sub-adviser for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund's Managed Assets - this may create an incentive for the investment adviser and the sub-adviser to leverage the Fund or increase the Fund's leverage.
Market Discount from Net Asset Value. Shares of closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund's NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund's NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor's purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund's investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of market turmoil and as investors' perceptions regarding closed-end funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.
Recent Market Conditions. In response to the financial crisis and recent market events, policy and legislative changes by the United States government and the Federal Reserve to assist in the ongoing support of financial markets, both domestically and in other countries, are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Withdrawal of government support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding, could adversely impact the value and liquidity of certain securities. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations, including changes in tax laws and the imposition of trade barriers. The impact of new financial regulation legislation on the markets and the practical implications for market participants may not be fully known for some time. Changes to the Federal Reserve policy may affect the value, volatility and liquidity of dividend and interest paying securities. In addition, the
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contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government's debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.
Interest rates have been unusually low in recent years in the United States and abroad but there is consensus that interest rates will increase during the life of the Fund, which could negatively impact the price of debt securities. Because there is little precedent for this situation, it is difficult to predict the impact of a significant rate increase on various markets.
The current political climate has intensified concerns about a potential trade war between China and the United States, as each country has recently imposed tariffs on the other country's products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, which could have a negative impact on the Fund's performance.
The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.
Reverse Repurchase Agreement Risk. A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or 'roll' a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon the bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of the excess collateral may be delayed. The Fund also may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences.
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Shareholder Update (Unaudited) (continued)
EFFECTS OF LEVERAGE
The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as reverse repurchase agreements and investments in inverse floating rate securities, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects each Fund's (i) continued use of leverage as of May 31, 2021 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Funds on such instruments (based on actual leverage costs incurred during the fiscal year ended May 31, 2021) as set forth in the table, and (iii) the annual return that the Fund's portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund's use of certain other forms of economic leverage achieved through the use of certain derivative instruments.
The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Funds. Your actual returns may be greater or less than those appearing below.
Nuveen Georgia
Nuveen Massachusetts
Nuveen Minnesota
Nuveen Missouri
Nuveen Virginia
Quality Municipal
Quality Municipal
Quality Municipal
Quality Municipal
Quality Municipal
Income Fund (NKG)
Income Fund (NMT)
Income Fund (NMS)
Income Fund (NOM)
Income Fund (NPV)
Estimated Leverage as a Percentage of
Managed Assets (Including Assets
Attributable to Leverage)
34.25%
36.21%
36.89%
35.89%
34.88%
Estimated Annual Effective Leverage
Expense Rate Payable by Fund on Leverage
0.83%
0.93%
1.01%
1.11%
1.06%
Annual Return Fund Portfolio Must Experience
(net of expenses) to Cover Estimated Annual
Effective Interest Expense Rate on Leverage
0.29%
0.34%
0.37%
0.40%
0.37%
Common Share Total Return for (10.00)%
Assumed Portfolio Total Return
-15.64%
-16.20%
-16.43%
-16.22%
-15.92%
Common Share Total Return for (5.00)%
Assumed Portfolio Total Return
-8.04%
-8.36%
-8.51%
-8.42%
-8.24%
Common Share Total Return for 0.00%
Assumed Portfolio Total Return
-0.43%
-0.53%
-0.59%
-0.62%
-0.57%
Common Share Total Return for 5.00%
Assumed Portfolio Total Return
7.17%
7.31%
7.33%
7.18%
7.11%
Common Share Total Return for 10.00%
Assumed Portfolio Total Return
14.77%
15.15%
15.26%
14.98%
14.79%
Common Share total return is composed of two elements - the distributions paid by the Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Funds are more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund's portfolio and not the actual performance of the Fund's common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund's investment objectives and policies. As noted above, the Fund's willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors.

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DIVIDEND REINVESTMENT PLAN

Nuveen Closed-End Funds Automatic Reinvestment Plan
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above NAV at the time of valuation, the Fund will issue new shares at the greater of the NAV or 95% of the then-current market price. If the shares are trading at less than NAV, shares for your account will be purchased on the open market. If Computershare Trust Company, N.A. (the 'Plan Agent') begins purchasing Fund shares on the open market while shares are trading below NAV, but the Fund's shares subsequently trade at or above their NAV before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' NAV or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Dividend Reinvestment Plan (the 'Plan') participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial professional or call us at (800) 257-8787.
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Shareholder Update (Unaudited) (continued)
CHANGES OCCURRING DURING THE FISCAL YEAR
The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund.
During the most recent fiscal year, there have been no changes to: (i) the Funds' investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Funds; (iv) a Fund's charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders except as follows:
Amended and Restated By-Laws
On October 5, 2020, after a rigorous and deliberative review, and consistent with the interests of the Nuveen Georgia Quality Municipal Income Fund, Nuveen Massachusetts Quality Municipal Income Fund, Nuveen Minnesota Quality Municipal Income Fund, Nuveen Missouri Quality Municipal Income Fund and the Nuveen Virginia Quality Municipal Income Fund (each a 'Fund' and collectively the 'Funds') long-term shareholders, the Board of Trustees of each Fund adopted Amended and Restated By-Laws.
Among other changes, the Amended and Restated By-Laws require compliance with certain amended deadlines and procedural and informational requirements in connection with advance notice of shareholder proposals or nominations, including certain information about the proponent and the proposal, or in the case of a nomination, the nominee. Any shareholder considering making a nomination or other proposal should carefully review and comply with those provisions of the Amended and Restated By-Laws.
The Amended and Restated By-Laws also include provisions (the 'Control Share By-Law') pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares of a Fund in a 'Control Share Acquisition' may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control Share By-Law is primarily intended to protect the interests of the Fund and its long-term shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic traders pursuing short-term agendas adverse to the best interests of the Fund and its long-term shareholders. The Control Share By-Law does not eliminate voting rights for common shares acquired in Control Share Acquisitions, but rather entrusts the Fund's other 'non-interested' shareholders with determining whether to approve the authorization of the voting rights of the person acquiring such shares.
Subject to various conditions and exceptions, the Control Share By-Law defines a 'Control Share Acquisition' to include an acquisition of common shares that, but for the Control Share By-Law, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise voting power in the election of Trustees of a Fund in any of the following ranges:
(i) one-tenth or more, but less than one-fifth of all voting power;

(ii) one-fifth or more, but less than one-third of all voting power;

(iii) one-third or more, but less than a majority of all voting power; or

(iv) a majority or more of all voting power.
The Control Share By-Law generally excludes certain acquisitions of common shares from the definition of a Control Share Acquisition, including acquisitions of common shares that occurred prior to October 5, 2020, though such shares are included in assessing whether any subsequent share acquisition exceeds one of the enumerated thresholds.
Subject to certain conditions and procedural requirements set forth in the Control Share By-Law, including the delivery of a 'Control Share Acquisition Statement' to the Funds' Secretary setting forth certain required information, a shareholder who obtains or proposes to obtain beneficial ownership of common shares in a Control Share Acquisition generally may demand a special meeting of shareholders for the purpose of considering whether the voting rights of such acquiring person with respect to such shares shall be authorized.
This discussion is only a high-level summary of certain aspects of the Amended and Restated By-Laws, and is qualified in its entirety by reference to the Amended and Restated By-Laws. Shareholders should refer to the Amended and Restated By-Laws for more information. A copy of the Amended and Restated By-Laws can be found in the Current Report on Form 8-K filed by the Funds with the Securities and Exchange Commission on October 6, 2020, which is available at www.sec.gov, and may also be obtained by writing to the Secretary of the Funds at 333 West Wacker Drive, Chicago, Illinois 60606.
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Additional Fund Information (Unaudited)
Board of Trustees
Jack B. Evans
William C. Hunter
Amy B. R. Lancellotta*
Joanne T. Medero*
Albin F. Moschner
John K. Nelson
Judith M. Stockdale
Carole E. Stone
Mathew Thornton III
Terence J. Toth
Margaret L. Wolff
Robert L. Young
* Effective June 1, 2021.

Investment Adviser
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
150 Royall Street
Canton, MA 02021
(800) 257-8787
Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
NKG
NMT
NMS
NOM
NPV
Common shares repurchased
-
-
-
-
-
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
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Glossary of Terms Used in this Report (Unaudited)
■Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
■ 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.
■ Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
■ Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an 'inverse floater') to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
■ Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
■Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
■ Pre-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.
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■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.
■ 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 Massachusetts Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Massachusetts municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
■S&P Municipal Bond Minnesota Index: An 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 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.
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Annual Investment Management Agreement Approval Process (Unaudited)
At a meeting held on May 25-27, 2021 (the 'May Meeting'), the Boards of Trustees (collectively, the 'Board' and each Trustee, a 'Board Member') of the Funds, which are comprised entirely of Board Members who are not 'interested persons' (as defined under the Investment Company Act of 1940 (the '1940 Act')) (the 'Independent Board Members'), approved, for their respective Fund, the renewal of the management agreement (each, an 'Investment Management Agreement') with Nuveen Fund Advisors, LLC (the 'Adviser') pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (each, a 'Sub-Advisory Agreement') with Nuveen Asset Management, LLC (the 'Sub-Adviser') pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund. Although the 1940 Act requires that continuances of the Advisory Agreements (as defined below) be approved by the in-person vote of a majority of the Independent Board Members, the May Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The May Meeting was held virtually in reliance on certain exemptive relief the Securities and Exchange Commission provided to registered investment companies providing temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund's advisory agreement in light of these challenges.
Following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the 'Advisory Agreements' and the Adviser and the Sub-Adviser are collectively, the 'Fund Advisers' and each, a 'Fund Adviser.' Throughout the year, the Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and information that are relevant to its annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Adviser's strategic plans; product initiatives for various funds; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the funds; valuation of securities; fund expenses; securities lending; liquidity management; overall market and regulatory developments; and with respect to closed-end funds, capital management initiatives, institutional ownership, management of leverage financing and the secondary market trading of the closed-end funds and any actions to address discounts. The Board also seeks to meet periodically with the Nuveen funds' sub-advisers and portfolio teams, when feasible.
In addition, in connection with the annual consideration of the advisory agreements for the Nuveen funds, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its annual consideration of the renewal of such advisory agreements by the Adviser and by Broadridge Financial Solutions, Inc. ('Broadridge'), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of product actions taken during 2020 (such as mergers, liquidations, fund launches, changes to investment teams, and changes to investment policies); a review of each sub-adviser to the Nuveen funds and the applicable investment teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a review of management fee schedules; a description of portfolio manager compensation; an overview of the secondary market trading of shares of the Nuveen closed-end funds (including, among other things, an analysis of performance, distribution and valuation and capital-raising trends in the broader closed-end fund market and with respect to Nuveen closed-end funds and a review of the leverage management actions taken on behalf of the closed-end funds particularly during the periods of market volatility generally caused by the COVID-19 pandemic); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the
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complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the Nuveen funds. The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year.
In continuing its practice, the Board met prior to the May Meeting to begin its considerations of the renewal of the Advisory Agreements. Accordingly, on April 21-22, 2021 (the 'April Meeting'), the Board met to review and discuss, in part, the performance of the Nuveen funds and the Adviser's evaluation of each sub-adviser to the Nuveen funds. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting. The Board reviewed fund performance throughout the year and in its review, the Board recognized the volatile market conditions that occurred in early 2020 arising, in part, from the public health crisis caused by the novel coronavirus known as COVID-19 and the resulting impact on a fund's performance for 2020 and thereafter. Accordingly, the Board considered performance data measured over various periods of time as summarized in more detail below.
The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated information, knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the advisory agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards' annual review of the Nuveen funds' advisory arrangements and oversight of the Nuveen funds.
The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
The Board's decision to renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided throughout the year and at the April and May Meetings, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements as well as the Board's conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the respective Fund with particular focus on the services and enhancements to such services provided during the last year. The Independent Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this approach, they considered the respective roles of the Adviser and the Sub-Adviser in providing services to the Funds.
The Board recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management, oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory and other developments. The Board accordingly considered the extensive resources, tools and capabilities available to the Adviser to operate and manage the Nuveen funds. With respect to the Adviser, as a general matter, some of these services it and its affiliates provide to the Nuveen funds include, but are not limited to: product management (such as setting dividends, analyzing fund expenses, providing competitive analysis, and providing due diligence support); investment oversight, risk management and securities valuation services (such as overseeing and reviewing the various sub-advisers to the Nuveen funds and their investment teams;
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
analyzing fund performance and risk data; overseeing operational and risk management; participating in financial statement, marketing and risk disclosures; providing daily valuation services and developing related valuation policies, procedures and methodologies; periodic testing of audit and regulatory requirements; participating in product development and management processes; participating in leverage management, liquidity monitoring and counterparty credit oversight; providing due diligence and overseeing fund accounting and custody providers; overseeing third party pricing services and periodically assessing investment and liquidity risks); fund administration (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; overseeing the funds' independent public accountants and other service providers; analyzing products and enhancements; and managing fund budgets and expenses); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as managing compliance policies; monitoring compliance with applicable fund policies and laws and regulations; devising internal compliance programs and a framework to review and assess compliance programs; evaluating the compliance programs of the various sub-advisers to the Nuveen funds and certain other service providers; responding to regulatory requests; and preparing compliance training materials); legal support and oversight of outside law firms (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory requirements and commenting on rule proposals impacting investment companies); and with respect to closed-end funds, managing leverage, monitoring asset coverage and promoting an orderly secondary market.
In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2020 to benefit the Nuveen complex and/or particular Nuveen funds and meet the requirements of an increasingly complex regulatory environment including, but not limited to:
• Centralization of Functions - ongoing initiatives to centralize investment leadership, market approach and shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the services to the Nuveen funds;
• Fund Improvements and Product Management Initiatives - continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; and modifying portfolio management teams for various funds;
• Investment Team Integrations - continuing to integrate and adjust the members of certain investment teams, in part, to allow greater access to tools and resources within the Nuveen organization and its affiliates;
• Capital Initiatives - continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds and facilitate regulatory or logistical changes;
• Compliance Program Initiatives - continuing efforts to mitigate compliance risk, increase operating efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives;
• Investment Oversight - preparing reports to the Board addressing, among other things, fund performance; market conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals;
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• Risk Management and Valuation Services - continuing to oversee and manage risk including, among other things, conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen's operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintains the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow within the organization;
• Regulatory Matters - continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams;
• Government Relations - continuing efforts of various Nuveen teams and Nuveen's affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented;
• Business Continuity, Disaster Recovery and Information Security - continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management's security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports;
• Dividend Management Services - continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund's product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds; and
• with respect specifically to closed-end funds, such continuing services also included:
•• Leverage Management Services - continuing to actively manage the various forms of leverage utilized across the complex, including through committing resources and focusing on sourcing/structure development and bank provider management, which was key to navigating the respective funds through the COVID-related market volatility in 2020;
•• Capital Management, Market Intelligence and Secondary Market Services - ongoing capital management efforts through shelf offerings, share repurchases, tender offers and capital return programs as well as providing market data analysis to help understand closed-end fund ownership cycles and their impact on secondary market trading as well as to improve proxy solicitation efforts; and
•• Closed-end Fund Investor Relations Program - maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen closed-end fund product line.
In its review, the Board recognized that Nuveen's risk management, compliance, technology and operations capabilities are all integral to providing its investment management services to the Nuveen funds. Further, the Board noted the benefits to shareholders of investing in a Nuveen fund, as each Nuveen fund is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times as occurred in the market in the first half of 2020. The Board recognized the impact of the COVID-19 pandemic during the year and the adaptations required by service providers to continue to deliver their services to the Nuveen funds, including working remotely. In this regard, the Board noted the ability of the Adviser and the various sub-advisers to the Nuveen funds to provide
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
continuously their services notwithstanding the significant disruptions caused by the pandemic. In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund's portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the assets under management of the applicable investment team and changes thereto, a summary of the applicable investment team and changes thereto, the investment process and philosophy of the applicable investment team, the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time and a summary of any significant policy and/or other changes to the Nuveen funds sub-advised by the Sub-Adviser. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser's compliance programs and trade execution. The Board also considered the structure of investment personnel compensation programs and whether this structure provides appropriate incentives to act in the best interests of the respective Nuveen funds. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered a variety of investment performance data of the Nuveen funds they advise. In evaluating performance, the Board recognized that performance data may differ significantly depending on the ending date selected, particularly during periods of market volatility, and therefore considered performance over a variety of time periods that may include full market cycles. In this regard, the Board reviewed, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2020 as well as performance data periods ending nearer to the May Meeting, including the quarter, one-, three-and five-year periods ending March 31, 2021 and May 14, 2021. The performance data prepared for the annual review of the advisory agreements for the Nuveen funds supplemented the fund performance data that the Board received throughout the year at its meetings representing differing time periods. In its review, the Board took into account the discussions with representatives of the Adviser; the Adviser's analysis regarding fund performance that occurred at these Board meetings with particular focus on funds that were considered performance outliers (both overperformance and underperformance); the factors contributing to the performance; and any recommendations or steps taken to address performance concerns. Regardless of the time period reviewed by the Board, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.
In its review, the Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the 'Performance Peer Group') and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For Nuveen funds that had changes in portfolio managers since 2018 or significant changes, among other things, to their investment strategies or policies since 2019, the Board reviewed certain performance data comparing the performance of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s) (such as differences in the use of leverage) as well as differences in the composition of the Performance Peer Group over time will necessarily contribute to differences in performance results and limit the value of the comparative information. To assist the
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Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the funds as low, medium or high.
The Board also evaluated performance in light of various relevant factors, including, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. In relation to general market conditions, the Board recognized the significant market decline in the early part of 2020 in connection with, among other things, the impact of the COVID-19 pandemic and that such a period of underperformance and market volatility may significantly weigh on the longer term performance results. Accordingly, depending on the facts and circumstances including any differences between the respective Nuveen fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark or peer group for certain periods. However, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any steps undertaken.
The secondary market trading of shares of the Nuveen closed-end funds continues to be a priority for the Board given its importance to shareholders, and therefore data reflecting the premiums and discounts at which the shares of the closed-end funds trade are reviewed by the Board during its annual review and by the Board and/or its Closed-end Fund committee during its respective quarterly meetings throughout the year. The Board continuously reviews all closed-end fund discounts and the fund's performance relative to both primary and secondary benchmarks and peers. In its review, the Board considers, among other things, changes to investment mandates and guidelines, enhanced and attractive distribution policies, leverage levels and types, fund reorganizations, share repurchases and similar capital market actions and effective communications programs to build greater awareness and deepen understanding of closed-end funds.
The Board's determinations with respect to each Fund are summarized below.
For Nuveen Georgia Quality Municipal Income Fund (the 'Georgia Fund'), the Board noted that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2020. The Fund also ranked in the second quartile of its Performance Peer Group for the one- and three-year periods and third quartile of its Performance Peer Group for the five-year period ended December 31, 2020. Although the Fund ranked in the fourth quartile of its Performance Peer Group for the one-year period ended March 31, 2021, the Fund ranked in the second quartile for the three-year period and third quartile for the five-year period ended March 31, 2021 and outperformed its benchmark for the one-, three- and five-year periods ended March 31, 2021. Similarly, for the periods ended May 14, 2021, although the Fund ranked in the fourth quartile of its Performance Peer Group for the one-year period, the Fund ranked in the second quartile for the three-year period and third quartile for the five-year period and outperformed its benchmark for the one-, three- and five-year periods. In its review, the Board recognized that the Performance Peer Group was classified as low for relevancy for certain periods. Based on its review, the Board was satisfied with the Fund's overall performance.
For Nuveen Massachusetts Quality Municipal Income Fund (the 'Massachusetts Fund'), the Board noted that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2020. The Fund further ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2020 and third quartile for the three- and five-year periods ended December 31, 2020. The Fund also outperformed its benchmark for the one-, three- and five-year periods ended March 31, 2021 and ranked in the second quartile of its Performance Peer Group for the one- and five-year periods ended March 31, 2021 and the third quartile for the three-year period ended March 31, 2021. In addition, the Fund outperformed its benchmark and ranked in the second quartile of its Performance Peer Group for the one-, three- and five-year periods ended May 14, 2021. In its review, the Board recognized that the Performance Peer Group was classified as low for relevancy for certain periods. Based on its review, the Board was satisfied with the Fund's overall performance.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
For Nuveen Minnesota Quality Municipal Income Fund (the 'Minnesota Fund'), the Board noted that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2020. The Fund further ranked in the third quartile of its Performance Peer Group for the one-year period ended December 31, 2020 and second quartile for the three- and five-year periods ended December 31, 2020. In addition, the Fund outperformed its benchmark and ranked in the second quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2021. For the periods ended May 14, 2021, the Fund outperformed its benchmark for the one-, three- and five-year periods and ranked in the first quartile of its Performance Peer Group for the one- and five-year periods and second quartile for the three-year period. In its review, the Board recognized that the Performance Peer Group was classified as low for relevancy for certain periods. Based on its review, the Board was satisfied with the Fund's overall performance.
For Nuveen Missouri Quality Municipal Income Fund (the 'Missouri Fund'), the Board noted that although the Fund ranked in the fourth quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2020, the Fund ranked in the third quartile for the five-year period ended December 31, 2020 and outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2020. Although the Fund ranked in the fourth quartile of its Performance Peer Group for the one-year period ended March 31, 2021, the Fund ranked in the third quartile of its Performance Peer Group for the three- and five-year periods ended March 31, 2021 and outperformed its benchmark for the one-, three- and five-year periods ended March 31, 2021. The Fund also outperformed its benchmark and ranked in the third quartile of its Performance Peer Group for the one-, three- and five-year periods ended May 14, 2021. In its review, the Board recognized that the Performance Peer Group was classified as low for relevancy for certain periods. Based on its review, the Board was satisfied with the Fund's overall performance.
For Nuveen Virginia Quality Municipal Income Fund (the 'Virginia Fund'), the Board noted that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2020. The Fund further ranked in the second quartile of its Performance Peer Group for the one-year period ended March 31, 2021 and first quartile for the three- and five-year periods ended March 31, 2021 and outperformed its benchmark for the one-, three- and five-year periods ended March 31, 2021. In addition, the Fund ranked in the first quartile of its Performance Peer Group and outperformed its benchmark for the one-, three- and five-year periods ended May 14, 2021. In its review, the Board recognized that the Performance Peer Group was classified as low for relevancy for certain periods. Based on its review, the Board was satisfied with the Fund's overall performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
As part of its annual review, the Board considered the contractual management fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen fund to the Adviser in light of the nature, extent and quality of the services provided. The Board also considered the total operating expense ratio of each fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed, among other things, each fund's gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the 'Peer Universe') established by Broadridge (subject to certain exceptions). The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe as well as changes to the composition of the Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members also considered a fund's operating expense ratio as it more directly reflected the shareholder's costs in investing in the respective fund.
In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage) of six basis points or higher compared to that of its peer average (each, an 'Expense
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Outlier Fund'), including the Missouri Fund, and an analysis as to the factors contributing to each such fund's higher relative net expense ratio. In addition, although the Board reviewed a fund's total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund's net expense ratio and fees (excluding leverage costs and leveraged assets) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Independent Board Members also considered, in relevant part, a fund's net management fee and net total expense ratio in light of its performance history.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately $58.4 million and fund-level breakpoints reduced fees by approximately $69.6 million in 2020.
With respect to the Sub-Adviser, the Board also considered the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund, the breakpoint schedule and comparative data of the fees the Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.
The Independent Board Members noted that (a) the Georgia Fund, the Massachusetts Fund and the Virginia Fund each had a net management fee that was slightly higher than the peer average, but a net expense ratio that was below the peer average; (b) the Minnesota Fund had a net management fee that was higher than the peer average, but a net expense ratio that was below the peer average; and (c) the Missouri Fund had a net management fee that was slightly higher than the peer average and a net expense ratio that was higher than the peer average. The Independent Board Members recognized that the Missouri Fund's net expense ratio was higher than the peer average due, in part, to the small size of such Fund compared to peers in the peer set.
Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also considered information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include retail and institutional managed accounts, passively managed exchange-traded funds ('ETFs') sub-advised by the Sub-Adviser that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser. With respect to the Sub-Adviser, the Board reviewed, among other things, the fee range and average fee of municipal retail advisory accounts and municipal institutional accounts as well as the sub-advisory fee the Sub-Adviser received for serving as sub-adviser to passive ETFs offered outside the Nuveen family.
In considering the fee data of other clients, the Board recognized, among other things, the differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board recognized the breadth of services the Adviser had provided to the Nuveen funds compared to the other types of clients as the funds operate in a highly regulated industry with increasing regulatory requirements as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs, the Board considered that Nuveen ETFs are passively managed compared to the active management of the other
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
Nuveen funds which contributed to the differences in fee levels between the Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In their review, the Independent Board Members considered information regarding Nuveen's level of profitability for its advisory services to the Nuveen funds for the calendar years 2020 and 2019. The Board reviewed, among other things, Nuveen's net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax and excluding distribution) from Nuveen funds only; revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen for fund advisory services; and comparative profitability data comparing the operating margins of Nuveen compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. In reviewing the peer comparison data, the Independent Board Members noted that Nuveen Investments, Inc.'s operating margins were on the low range compared to the total company adjusted operating margins of the peers. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2019 and 2020 calendar years.
In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate corporate-wide expenses to the Nuveen complex and its affiliates and to further allocate such Nuveen complex expenses between the Nuveen fund and non-fund businesses. Generally, fund-specific expenses are allocated to the Nuveen funds and partial fund-related expenses and/or corporate overhead and shared costs (such as legal and compliance, accounting and finance, information technology and human resources and office services) are partially attributed to the funds pursuant to cost allocation methodologies. The Independent Board Members reviewed a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2020, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and total company margins from Nuveen Investments, Inc. compared to the firm-wide adjusted margins of the peers for each calendar year from 2010 to 2020. The Board had also appointed three Independent Board Members to serve as the Board's liaisons, with the assistance of independent counsel, to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to report to the full Board. The Board recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members also considered the key drivers behind the revenue and expense changes that impacted Nuveen's net margins between 2019 and 2020. The Board also noted the reinvestments Nuveen and/or its parent made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to information technology, portfolio accounting systems and the global trading platform.
In reviewing the comparative peer data noted above, the Board considered that the operating margins of Nuveen Investments, Inc. were in the lower half of the peer group range; however, the Independent Board Members also recognized the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.
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Aside from Nuveen's profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ('TIAA'). Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2020 and 2019 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility as experienced with the COVID-19 pandemic.
In addition to Nuveen, the Independent Board Members considered the profitability of the Sub-Adviser from its relationships with the Nuveen funds. In this regard, the Independent Board Members reviewed, among other things, the Sub-Adviser's revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2020 as well as its pre- and post-tax net revenue margins for 2020 compared to such margins for 2019. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre-and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2020 and the pre- and post-tax revenue margins from 2020 and 2019.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen's and the Sub-Adviser's level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveen's business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods, and the Board considered the extent to which the Nuveen funds will benefit from economies of scale as their assets grow. In this regard, the Board noted that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and complex-level fee schedules. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale with shareholders if the particular fund grows, and the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined. With respect to the Nuveen closed-end funds, the Independent Board Members noted that, although such funds may from time to time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. Further, in the calculation of the complex-level component, the Board noted that it had approved the acquisition of several Nuveen funds by similar TIAA-CREF funds in 2019. However, to mitigate the loss of the assets of these Nuveen funds deemed eligible to be included in the calculation of the complex-wide fee when these Nuveen funds left the complex upon acquisition, Nuveen agreed to credit approximately $604.5 million to assets under management to the Nuveen complex in calculating the complex-wide component.
The Independent Board Members also recognized the Adviser's continued reinvestment in its business through various initiatives including maintaining a seed account available for investments into Nuveen funds and investing in its internal infrastructure, information technology and other systems that will, among other things, consolidate and enhance accounting systems, integrate technology platforms to support growth and efficient data processing, and further develop its global trading platform to enhance the investment process for the investment teams.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
Based on its review, the Board concluded that the current fee arrangements together with the Adviser's reinvestment in its business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Board considered the compensation that an affiliate of the Adviser received for serving as co-manager in the initial public offerings of new closed-end funds and for serving as an underwriter on shelf offerings of existing closed-end funds. In addition, the Independent Board Members also noted that various sub-advisers (including the Sub-Adviser) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. However, the Board noted that any benefits for the Sub-Adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.
Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
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Board Members &
Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. None of the trustees who are not 'interested' persons of the Funds (referred to herein as 'independent board members') has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.
Name,
Position(s) Held
Year First
Principal
Number
Year of Birth
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
Appointed
Including other
in Fund Complex
and Term(1)
Directorships
Overseen by
During Past 5 Years
Board Member
Independent Board Members:
TERENCE J. TOTH
Formerly, a Co-Founding Partner, Promus Capital (investment advisory
1959
firm) (2008-2017); Director, Quality Control Corporation (manufacturing)
333 W. Wacker Drive
Chair and
2008
(since 2012); member: Catalyst Schools of Chicago Board (since 2008)
143
Chicago, IL 60606
Board Member
Class II
and Mather Foundation Board (philanthropy) (since 2012), and chair of
its Investment Committee; formerly, Director, Fulcrum IT Services LLC
(information technology services firm to government entities) (2010-2019);
formerly, Director, LogicMark LLC (health services) (2012-2016); formerly,
Director, Legal & General Investment Management America, Inc. (asset
management) (2008-2013); formerly, CEO and President, Northern Trust
Global Investments (financial services) (2004-2007): Executive Vice
President, Quantitative Management & Securities Lending (2000-2004);
prior thereto, various positions with Northern Trust Company (financial
services) (since 1994); formerly, Member, Northern Trust Mutual Funds
Board (2005-2007), Northern Trust Global Investments Board (2004-2007),
Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc.
Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
JACK B. EVANS
Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine
1948
Foundation, (private philanthropic corporation); Life Trustee of Coe
333 W. Wacker Drive
Board Member
1999
College and the Iowa College Foundation; formerly, Member and
143
Chicago, IL 60606
Class III
President Pro-Tem of the Board of Regents for the State of Iowa University
System (2007- 2013); Director and Chairman (2009-2021), United Fire
Group, a publicly held company; Director, Public Member, American
Board of Orthopaedic Surgery (2015-2020); Director (2000-2004), Alliant
Energy; Director (1996-2015), The Gazette Company (media and publishing);
Director (1997- 2003), Federal Reserve Bank of Chicago; President and
Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional
financial services firm).
WILLIAM C. HUNTER
Dean Emeritus, formerly, Dean, Tippie College of Business, University of
1948
Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director
333 W. Wacker Drive
Board Member
2003
(2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc.,
143
Chicago, IL 60606
Class I
The International Business Honor Society; formerly, Director (2004-2018)
of Xerox Corporation; formerly, Dean and Distinguished Professor of
Finance, School of Business at the University of Connecticut (2003-2006);
previously, Senior Vice President and Director of Research at the Federal
Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007),
Credit Research Center at Georgetown University.
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Board Members & Officers (Unaudited) (continued)

Name,
Position(s) Held
Year First
Principal
Number
Year of Birth
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
Appointed
Including other
in Fund Complex
and Term(1)
Directorships
Overseen by
During Past 5 Years
Board Member
Independent Board Members (continued):
AMY B. R. LANCELLOTTA
Formerly, Managing Director, Independent Directors Council (IDC)
1959
(supports the fund independent director community and is part of
333 W. Wacker Drive
Board Member
2021
the Investment Company Institute (ICI), which represents regulated
143
Chicago, IL 60606
Class II
investment companies) (2006-2019); formerly, various positions with
ICI (1989-2006); Member of the Board of Directors, Jewish Coalition
Against Domestic Abuse (JCADA) (since 2020).
JOANNE T. MEDERO
Formerly, Managing Director, Government Relations and Public Policy
1954
(2009-2020) and Senior Advisor to the Vice Chairman (2018-2020),
333 W. Wacker Drive
Board Member
2021
BlackRock, Inc. (global investment management firm); formerly, Managing
143
Chicago, IL 60606
Class III
Director, Global Head of Government Relations and Public Policy,
Barclays Group (IBIM) (investment banking, investment management and
wealth management businesses) (2006-2009); formerly, Managing Director,
Global General Counsel and Corporate Secretary, Barclays Global Investors
(global investment management firm) (1996-2006); formerly, Partner, Orrick,
Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel,
Commodity Futures Trading Commission (government agency overseeing
U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/
Associate Director for Legal and Financial Affairs, Office of Presidential
Personnel, The White House (1986-1989); Member of the Board of Directors,
Baltic-American Freedom Foundation (seeks to provide opportunities for
citizens of the Baltic states to gain education and professional development
through exchanges in the U.S.) (since 2019).
ALBIN F. MOSCHNER
Founder and Chief Executive Officer, Northcroft Partners, LLC,
1952
(management consulting) (since 2012); formerly, Chairman (2019),
333 W. Wacker Drive
Board Member
2016
and Director (2012-2019), USA Technologies, Inc., (provider of
143
Chicago, IL 60606
Class III
solutions and services to facilitate electronic payment transactions);
formerly, Director, Wintrust Financial Corporation (1996-2016);
previously, held positions at Leap Wireless International, Inc., (consumer
wireless services) including Consultant (2011-2012), Chief Operating
Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly,
President, Verizon Card Services division of Verizon Communications,
Inc. (2000-2003); formerly, President, One Point Services at One Point
Communications (telecommunication services) (1999-2000); formerly,
Vice Chairman of the Board, Diba, Incorporated (internet technology
provider) (1996-1997); formerly, various executive positions (1991-1996)
including Chief Executive Officer (1995-1996) of Zenith Electronics
Corporation (consumer electronics).
JOHN K. NELSON
Member of Board of Directors of Core12 LLC. (private firm which develops
1962
branding, marketing and communications strategies for clients) (since
333 W. Wacker Drive
Board Member
2013
2008); served on The President's Council of Fordham University (2010-
143
Chicago, IL 60606
Class II
2019) and previously a Director of the Curran Center for Catholic American
Studies (2009-2018); formerly, senior external advisor to the Financial
Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of
the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014
as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North
America, and Global Head of the Financial Markets Division (2007-2008),
with various executive leadership roles in ABN AMRO Bank N.V. between
1996 and 2007.

136
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Name,
Position(s) Held
Year First
Principal
Number
Year of Birth
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
Appointed
Including other
in Fund Complex
and Term(1)
Directorships
Overseen by
During Past 5 Years
Board Member
Independent Board Members (continued):
JUDITH M. STOCKDALE
Board Member, Land Trust Alliance (national public charity addressing
1947
natural land and water conservation in the U.S.) (since 2013); formerly,
333 W. Wacker Drive
Board Member
1997
Board Member, U.S. Endowment for Forestry and Communities
143
Chicago, IL 60606
Class I
(national endowment addressing forest health, sustainable forest
production and markets, and economic health of forest-reliant communities
in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord
and Dorothy Donnelley Foundation (private foundation endowed to support
both natural land conservation and artistic vitality); prior thereto, Executive
Director, Great Lakes Protection Fund (endowment created jointly by seven
of the eight Great Lake states' Governors to take a regional approach to
improving the health of the Great Lakes) (1990-1994).
CAROLE E. STONE
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); and
1947
C2 Options Exchange, Incorporated (2009-2017); formerly, Director, Cboe,
333 W. Wacker Drive
Board Member
2007
Global Markets, Inc. (2010-2020) (formerly named CBOE Holdings, Inc.;
143
Chicago, IL 60606
Class I
formerly, Commissioner, New York State Commission on Public
Authority Reform (2005-2010).
MATTHEW THORNTON III
Formerly, Executive Vice President and Chief Operating Officer (2018-2019),
1958
FedEx Freight Corporation, a subsidiary of FedEx Corporation ('FedEx')
333 W. Wacker Drive
Board Member
2020
(provider of transportation, e-commerce and business services through its
143
Chicago, IL 60606
Class III
portfolio of companies); formerly, Senior Vice President, U.S. Operations
(2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly,
Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a
non-profit organization dedicated to preventing childhood injuries).
Member of the Board of Directors (since 2014), The Sherwin-Williams
Company (develops, manufactures, distributes and sells paints, coatings
and related products); Director (since 2020), Crown Castle International
(provider of communications infrastructure)
MARGARET L. WOLFF
Formerly, member of the Board of Directors (2013-2017) of Travelers
1955
Insurance Company of Canada and The Dominion of Canada General
333 W. Wacker Drive
Board Member
2016
Insurance Company (each, a part of Travelers Canada, the Canadian
143
Chicago, IL 60606
Class I
operation of The Travelers Companies, Inc.); formerly, Of Counsel,
Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers &
Acquisitions Group) (2005-2014); Member of the Board of Trustees of
New York-Presbyterian Hospital (since 2005); Member (since 2004) and
Chair (since 2015) of the Board of Trustees of The John A. Hartford
Foundation (philanthropy dedicated to improving the care of older adults);
formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of
Trustees of Mt. Holyoke College.
ROBERT L. YOUNG
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment
1963
Management Inc. (financial services) (2010-2016); formerly, President
333 W. Wacker Drive
Board Member
2017
and Principal Executive Officer (2013-2016), and Senior Vice President
143
Chicago, IL 60606
Class II
and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly,
Director and various officer positions for J.P.Morgan Investment
Management Inc. (formerly, JPMorgan Funds Management, Inc. and
formerly, One Group Administrative Services) and JPMorgan Distribution
Services, Inc. (financial services) (formerly, One Group Dealer Services,
Inc.) (1999-2017).
137
Table of Contents
Board Members & Officers (Unaudited) (continued)
Name,
Position(s) Held
Year First
Principal
Year of Birth
with the Funds
Elected or
Occupation(s)
& Address
Appointed(2)
During Past 5 Years
Officers of the Funds:
DAVID J. LAMB
Managing Director of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2020);
1963
Chief
Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice
333 W. Wacker Drive
Administrative
2015
President of Nuveen (2006-2017), Vice President prior to 2006
Chicago, IL 60606
Officer
MARK J. CZARNIECKI
Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund
1979
Vice President
Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since
901 Marquette Avenue
and Assistant
2013
2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset
Minneapolis, MN 55402
Secretary
Management, LLC (since 2018).
DIANA R. GONZALEZ
Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President
1978
Vice President
and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson
333 W. Wacker Drive
and Assistant
2017
National Asset Management, LLC (2012-2017).
Chicago, IL 60606
Secretary
NATHANIEL T. JONES
Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice
1979
President (2016-2017), formerly, Vice President (2011-2016) of Nuveen; Managing Director
333 W. Wacker Drive
Vice President
2016
(since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst.
Chicago, IL 60606
and Treasurer
TINA M. LAZAR
Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of
1961
Nuveen Securities, LLC.
333 W. Wacker Drive
Vice President
2002
Chicago, IL 60606
BRIAN J. LOCKHART
Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director
1974
(since 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen;
333 W. Wacker Drive
Vice President
2019
Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight
Chicago, IL 60606
(2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager.
JACQUES M. LONGERSTAEY
Senior Managing Director, Chief Risk Officer, Nuveen (since May 2019); Senior Managing
1963
Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model
8500 Andrew Carnegie Blvd.
Vice President
2019
Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (2013-2019).
Charlotte, NC 28262
KEVIN J. MCCARTHY
Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen
1966
Vice President
Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and
333 W. Wacker Drive
and Assistant
2007
Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary
Chicago, IL 60606
Secretary
(since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and
Managing Director (2008-2016); Senior Managing Director (since 2017), and Secretary (since 2016)
of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President
(2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior
Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC,
formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and
Managing Director and Assistant Secretary (2011- 2016); Vice President (since 2007) and Secretary
(since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Santa
Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior
Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC.
138
Table of Contents

Name,
Position(s) Held
Year First
Principal
Year of Birth
with the Funds
Elected or
Occupation(s)
& Address
Appointed(2)
During Past 5 Years
Officers of the Funds (continued)
JON SCOTT MEISSNER
Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017);
1973
Vice President
Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers
8500 Andrew Carnegie Blvd.
and Assistant
2019
Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director
Charlotte, NC 28262
Secretary
(since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA
Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004.
DEANN D. MORGAN
President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of
1969
Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC
730 Third Avenue
Vice President
2020
since 2020); Managing Member of MDR Collaboratory LLC (since 2018); Managing Director,
New York, NY 10017
(Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone
Group (2013-2017)
CHRISTOPHER M. ROHRBACHER
Managing Director and Assistant Secretary (since 2017) of Nuveen Securities, LLC; Managing
1971
Vice President
Director (since 2017) General Counsel (since 2020), and Assistant Secretary (since 2016),
333 W. Wacker Drive
and Assistant
2008
formerly, Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing
Chicago, IL 60606
Secretary
Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management,
LLC (since 2020); Managing Director (since 2017), and Associate General Counsel (since 2016),
formerly, Senior Vice President (2012-2017) and Assistant General Counsel (2008-2016) of
Nuveen.
WILLIAM A. SIFFERMANN
Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President
1975
(2011-2016) of Nuveen.
333 W. Wacker Drive
Vice President
2017
Chicago, IL 60606
E. SCOTT WICKERHAM
Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019),
1973
Vice President
formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisers,
8500 Andrew Carnegie Blvd.
and Controller
2019
(LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the
Charlotte, NC 28262
TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal
Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) to the CREF
Accounts; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various
positions with TIAA since 2006.
MARK L. WINGET
Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen
1968
Vice President
Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant
333 W. Wacker Drive
and Secretary
2008
Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and
Chicago, IL 60606
Associate General Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of
Nuveen.
139
Table of Contents
Board Members & Officers (Unaudited) (continued)
Name,
Position(s) Held
Year First
Principal
Year of Birth
with the Funds
Elected or
Occupation(s)
& Address
Appointed(2)
During Past 5 Years
Officers of the Funds (continued)
GIFFORD R. ZIMMERMAN
Formerly: Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen
1956
Vice President
Securities, LLC; formerly, Managing Director (2002-2020), Assistant Secretary (1997-2020) and
333 W. Wacker Drive
and Chief
1988
Co-General Counsel (2011- 2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director
Chicago, IL 60606
Compliance Officer
(2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; formerly,
Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset
Management, LLC (2011-2020); formerly, Vice President and Assistant Secretary of NWQ
Investment Management Company, LLC (2002-2020), Santa Barbara Asset Management, LLC
(2006-2020) and Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst.
(1)
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex.

(2)
Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex.
140
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Notes
141
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Notes

142
Table of Contents
Notes
143
Table of Contents

Nuveen:
Serving Investors for Generations
Since 1898, financial professionals 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 professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

Nuveen Securities, LLC member of FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

EAN-A-0521D 1706536-INV-Y-07/22


ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ('Board') determined that the registrant has at least one 'audit committee financial expert' (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial experts are Carole E. Stone, Jack B. Evans, William C. Hunter and Albin F. Moschner, who are 'independent' for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser ('SCI'). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the 'CFO') and actively supervised the CFO's preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI's financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter's responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.

Mr. Moschner, Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., (consumer wireless services) including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996), including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Missouri Quality Municipal Income Fund

The following tables show the amount of fees that KPMG LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the 'pre-approval exception'). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
Audit Fees Billed
Audit-Related Fees
Tax Fees
All Other Fees
Fiscal Year Ended
to Fund 1
Billed to Fund 2
Billed to Fund 3
Billed to Fund 4
May 31, 2021
$
25,580
$
0
$
0
$
0
Percentage approved
0
%
0
%
0
%
0
%
pursuant to
pre-approval
exception
May 31, 2020
$
25,090
$
0
$
0
$
0
Percentage approved
0
%
0
%
0
%
0
%
pursuant to
pre-approval
exception

1 'Audit Fees' are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
connection with statutory and regulatory filings or engagements.
2 'Audit Related Fees' are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
financial statements that are not reported under 'Audit Fees'. These fees include offerings related to the Fund's common shares and leverage.
3 'Tax Fees' are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
4 'All Other Fees' are the aggregate fees billed for products and services other than 'Audit Fees', 'Audit-Related Fees' and 'Tax Fees'. These fees
represent all engagements pertaining to the Fund's use of leverage.

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the 'Adviser'), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund ('Affiliated Fund Service Provider'), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.
Audit-Related Fees
Tax Fees Billed to
All Other Fees
Billed to Adviser and
Adviser and
Billed to Adviser
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
May 31, 2021
$ 0
$ 0
$ 0
Percentage approved
0%
0%
0%
pursuant to
pre-approval
exception
May 31, 2020
$ 0
$ 0
$ 0
Percentage approved
0%
0%
0%
pursuant to
pre-approval
exception

NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non- audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP's independence.

Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Total Non-Audit Fees
Providers (engagements
billed to Adviser and
related directly to the
Affiliated Fund Service
Total Non-Audit Fees
operations and financial
Providers (all other
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
May 31, 2021
$ 0
$ 0
$ 0
$ 0
May 31, 2020
$ 0
$ 0
$ 0
$ 0

'Non-Audit Fees billed to Fund' for both fiscal year ends represent 'Tax Fees' and 'All Other Fees' billed to Fund in their respective
amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Albin F. Moschner, Judith M. Stockdale and Carole E. Stone, Chair.
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.

Nuveen Fund Advisors, LLC is the registrant's investment adviser (referred to herein as the 'Adviser'). The Adviser is responsible for the on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC ('Sub-Adviser') as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant's portfolio and related duties in accordance with the Sub-Adviser's policies and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser's proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant's investment adviser (also referred to as the 'Adviser'). The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC ('Nuveen Asset Management' or 'Sub-Adviser') as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHY

As of the date of filing this report, the following individual at the Sub-Adviser (the 'Portfolio Manager') has primary responsibility for the day-to-day implementation of the Fund's investment strategy:

Christopher L. Drahn, CFA, Managing Director at Nuveen Asset Management, manages tax-exempt fixed income portfolios as well as mutual funds and closed-end funds. He began working in the investment industry when he joined FAF Advisors in 1980. Chris became a portfolio manager in 1988. He received a B.A. from Wartburg College and an M.B.A. in finance from the University of Minnesota. Chris holds the Chartered Financial Analyst designation.

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER

Other Accounts Managed. In addition to managing the registrant, the Portfolio Manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Christopher L. Drahn
Registered Investment Company
10
$25.32 billion
Other Pooled Investment Vehicles
0
$ 0
Other Accounts
2
$139 million
*
Assets are as of May 31, 2021. None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients' accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer's capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

As of the most recently completed fiscal year end, the primary Portfolio Manager's compensation is as follows:
Portfolio managers are compensated through a combination of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.
Base salary. A portfolio manager's base salary is determined based upon an analysis of the portfolio manager's general performance, experience and market levels of base pay for such position.
Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager's tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager's tenure is shorter), and management and peer reviews.
Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.
Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms' annual profits. Profits interests are allocated to each portfolio manager based on such person's overall contribution to the firms.
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF NOM SECURITIES AS OF MAY 31, 2021

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
Christopher Drahn
X

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 because the code is posted on registrant's website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(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: 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. 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 Missouri Quality Municipal Income Fund

By (Signature and Title) /s/ Mark L. Winget
Mark L. Winget
Vice President and Secretary
Date: July 30, 2021

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/ David J. Lamb
David J. Lamb
Chief Administrative Officer
(principal executive officer)
Date: July 30, 2021
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)

Date: July 30, 2021