0001193125-24-022485.txt : 20240202 0001193125-24-022485.hdr.sgml : 20240202 20240202100621 ACCESSION NUMBER: 0001193125-24-022485 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20231130 FILED AS OF DATE: 20240202 DATE AS OF CHANGE: 20240202 EFFECTIVENESS DATE: 20240202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND CENTRAL INDEX KEY: 0000897419 ORGANIZATION NAME: IRS NUMBER: 367032570 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07484 FILM NUMBER: 24589128 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND DATE OF NAME CHANGE: 19930714 N-CSRS 1 d533960dncsrs.htm NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND Nuveen Massachusetts Quality Municipal Income Fund

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       811-07484

Nuveen Massachusetts Quality Municipal Income Fund

 

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

 

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

 

(Name and address of agent for service)

 

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

 

Date of fiscal year end:       May 31

 

Date of reporting period:       November 30, 2023

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

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

ITEM 1.

REPORTS TO STOCKHOLDERS.

Closed-End
Funds
Closed-End
Funds
Nuveen
Municipal
November
30,
2023
Semi-annual
Report
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
2
Table
of
Contents
Letter
to
Shareholders
3
Important
Notices
4
Fund
Leverage
5
Common
Share
Information
6
About
the
Funds’
Benchmarks
8
Performance
Overview
and
Holding
Summaries
9
Portfolios
of
Investments
17
Statement
of
Assets
and
Liabilities
45
Statement
of
Operations
46
Statement
of
Changes
in
Net
Assets
47
Statement
of
Cash
Flows
49
Financial
Highlights
50
Notes
to
Financial
Statements
55
Risk
Considerations
68
Additional
Fund
Information
69
Glossary
of
Terms
Used
in
this
Report
70
Letter
to
Shareholders
3
Dear
Shareholders,
Financial
markets
spent
the
past
year
focused
on
the
direction
of
inflation
and
whether
policy
makers
would
be
able
to
deliver
a
soft
landing
in
their
economies.
After
more
than
a
year
and
a
half
of
interest
rate
increases
by
the
U.S.
Federal
Reserve
(Fed)
and
other
central
banks,
financial
conditions
have
tightened
and
inflation
rates
have
cooled
considerably.
The
Fed
increased
the
target
fed
funds
rate
from
near
zero
in
March
2022
to
a
range
of
5.25%
to
5.50%
at
its
latest
increase
in
July
2023,
then
left
the
rate
unchanged
through
December
2023.
At
its
December
2023
policy
meeting,
the
Fed
acknowledged
the
fed
funds
rate
may
have
reached
its
peak.
But
current
inflation
rates
remain
above
central
banks’
targets,
and
the
trajectory
from
here
is
difficult
to
predict
given
that
monetary
policy
acts
on
the
economy
with
long
and
variable
lags.
Surprisingly,
economies
were
relatively
resilient
for
much
of
2023.
By
year-end,
the
“most
predicted
recession”
had
yet
to
materialize
in
the
U.S.,
while
U.K.
and
European
economic
growth
was
just
beginning
to
show
signs
of
stagnation
or
decline.
U.S.
gross
domestic
product
rose
4.9%
in
the
third
quarter
of
2023,
2.1%
in
the
second
quarter
of
2023
and
2.0%
in
the
first
quarter
of
2023,
after
growing
2.1%
in
2022
overall
compared
to
2021.
Much
of
the
growth
was
driven
by
a
relatively
strong
jobs
market,
which
kept
consumer
sentiment
and
spending
elevated
despite
long-term
interest
rates
nearing
multi-year
highs,
a
series
of
U.S.
regional
bank
failures
and
shocks
from
flaring
geopolitical
tensions.
While
central
banks
are
likely
nearing
the
end
of
this
interest
rate
hiking
cycle,
there
are
still
upside
risks
to
inflation
and
downside
risks
to
the
economy.
Some
labor
market
and
consumer
indicators
are
softening.
Government
funding
and
deficits
remain
a
concern,
especially
as
the
U.S.
election
year
gets
underway.
The
markets
will
continue
to
try
to
anticipate
monetary
policy
shifts
as
the
Fed
evaluates
incoming
data
and
adjusts
its
rate
setting
activity
on
a
meeting-
by-meeting
basis.
Geopolitical
risks
–
from
relations
with
China,
to
wars
in
Europe
and
the
Middle
East
–
also
expand
the
range
of
outcomes
from
economies
and
markets
around
the
world.
All
these
uncertainties,
and
others,
will
remain
sources
of
short-term
market
volatility.
In
this
environment,
Nuveen
remains
committed
to
filtering
the
market
noise
for
investable
opportunities
that
ultimately
serve
long-term
investment
objectives.
Maintaining
a
long-term
perspective
is
also
important
for
investors,
and
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.
Terence
J.
Toth
Co-Chair
of
the
Board
January
19,
2024
4
Important
Notices
Portfolio
Manager
Commentaries
in
Semi-annual
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
report.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
May
31,
2023
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objective,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holdings
Summaries
section
within
this
report.
Portfolio
Manager
Updates
Effective
October
13,
2023,
Stephen
Candido,
CFA
and
Michael
Hamilton
were
added
as
portfolio
managers
of
NMS
and
NOM.
Additionally,
Christopher
Drahn
will
continue
to
serve
as
a
portfolio
manager
of
NMS
and
NOM
until
his
retirement
on
April
1,
2024.
Effective
October
13,
2023,
Stephen
Candido,
CFA,
was
added
as
a
portfolio
manager
of
NMT
and
Michael
Hamilton
was
added
as
a
portfolio
manager
of
NPV.
There
were
no
other
changes
to
the
portfolio
management
of
the
Funds
during
the
reporting
period.
Fund
Leverage
5
IMPACT
OF
THE
FUNDS’
LEVERAGE
STRATEGY
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
a
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.
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
securities
acquired
through
the
use
of
leverage
increase
in
value,
but
will
also
experience
a
correspondingly
larger
decline
in
their
net
asset
value
if
the
securities
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
interest
rates.
While
fund
leverage
expenses
are
higher
than
their
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-term
periods.
The
Funds’
use
of
leverage
detracted
from
relative
performance
over
this
reporting
period.
As
of
November
30,
2023
,
the
Funds’
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
THE
FUNDS’
REGULATORY
LEVERAGE
As
of
November
30,
2023
,
the
Funds
have
issued
and
outstanding
preferred
shares
as
shown
in
the
accompanying
table.
Refer
to
Notes
to
Financial
Statements
for
further
details
on
preferred
shares
and
each
Fund’s
respective
transactions.
NMT
NMS
NOM
NPV
Effective
Leverage
*
39.56%
40.83%
40.68%
40.27%
Regulatory
Leverage
*
39.56%
40.83%
39.89%
37.00%
*
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.
Variable
Rate
Preferred*
Variable
Rate
Remarketed
Preferred**
Fund
Shares
Issued
at
Liquidation
Preference
Shares
Issued
at
Liquidation
Preference
Total
NMT
$74,000,000
$  
-
$74,000,000
NMS
$49,800,000
$  
-
$49,800,000
NOM
$18,000,000
$  
-
$18,000,000
NPV
$128,000,000
$  
-
$128,000,000
*
Preferred
shares
of
the
Fund
featuring
a
floating
rate
dividend
based
on
a
predetermined
formula
or
spread
to
an
index
rate.
Includes
the
following
preferred
shares
AMTP,
iMTP,
MFP-VRM
and
VRDP
in
Special
Rate
Mode,
where
applicable.
See
Notes
to
Financial
Statements
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
for
further
details.
6
Common
Share
Information
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
November
30,
2023.  Each
Fund's
distribution
levels
may
vary
over
time
based
on each
Fund's
investment
activity
and
portfolio
investment
value
changes.
During
the
current
reporting
period, each
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
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 the
Notes
to
Financial Statements for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
each
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/
or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
each
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
each
Fund
as
of
its
most
recent
tax
year
end
is
presented
in the
Notes
to
Financial
Statements
of
this
report.
Updated
Distribution
Policy
On
October
23,
2023,
the
Funds’
Board
of
Trustees
(the
“Board”)
updated
each
Fund’s
distribution
policy.
Effective
for
distributions
payable
on
December
1,
2023,
each
Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
The
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
If
the
Fund’s
distribution
includes
anything
other
than
net
investment
income,
the
Fund
will
provide
a
notice
to
shareholders
of
its
best
estimate
of
the
distribution
sources
at
that
the
time
of
the
distribution.
These
estimates
may
not
match
the
final
tax
characterization
(for
the
full
year’s
distributions)
contained
in
shareholders’
1099-DIV
forms
after
the
end
of
the
year.
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NMT
NMS
NOM
NPV
June
$0.0260
$0.0360
$0.0255
$0.0340
July
0.0260
0.0360
0.0255
0.0340
August
0.0260
0.0360
0.0255
0.0340
September
0.0260
0.0360
0.0255
0.0340
October
0.0260
0.0360
0.0255
0.0340
November
0.0310
0.0410
0.0315
0.0365
Total
Distributions
from
Net
Investment
Income
$0.1610
$0.2210
$0.1590
$0.2065
Yields
NMT
NMS
NOM
NPV
Market
Yield*
3.63%
4.60%
3.88%
4.16%
Taxable-Equivalent
Yield*
6.69%
9.32%
7.19%
7.74%
*
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
49.8%,
50.7%,
45.8%
and
46.6%
for
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.
7
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-
closedend
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
The
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
November
30,
2023
,
(and
since
the
inception
of
the
Funds’
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
OTHER
COMMON
SHARE
INFORMATION
As
of
November
30,
2023,
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:
NMT
NMS
NOM
NPV
Common
shares
cumulatively
repurchased
and
retired
26,148
10,000
0
55,000
Common
shares
authorized
for
repurchase
930,000
575,000
230,000
1,790,000
NMT
NMS
NOM
NPV
Common
share
NAV
$12.12
$12.47
$11.54
$12.16
Common
share
price
$10.25
$10.69
$9.75
$10.52
Premium/(Discount)
to
NAV
(15.43)%
(14.27)%
(15.51)%
(13.49)%
Average
premium/(discount)
to
NAV
(15.33)%
(13.92)%
(14.38)%
(13.59)%
8
About
the
Funds’
Benchmarks
S&P
Municipal
Bond
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Massachusetts
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Massachusetts
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Minnesota
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Minnesota
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Missouri
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Missouri
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Virginia
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Virginia
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Nuveen
Massachusetts
Quality
Municipal
In-
come
Fund
Performance
Overview
and
Holdings
Summaries
as
of
November
30,
2023
9
NMT
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Massachusetts
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
November
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NMT
at
Common
Share
NAV
3/18/93
1.37%
2.48%
0.70%
2.73%
NMT
at
Common
Share
Price
3/18/93
1.22%
(1.88)%
0.24%
2.59%
S&P
Municipal
Bond
Index
—
1.93%
3.61%
1.99%
2.79%
S&P
Municipal
Bond
Massachusetts
Index
—
1.84%
3.14%
1.76%
2.46%
10
Performance
Overview
and
Holdings
Summaries
November
30,
2023
(continued)
Holdings
Summaries
as
of
November
30,
2023
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)
Municipal
Bonds
160.6‌%
Other
Assets
&
Liabilities,
Net
4.7%
VRDP
Shares,
Net
(65.3‌)%
Net
Assets
100‌%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.7%
AAA
16.3%
AA
45.8%
A
17.0%
BBB
12.0%
BB
or
Lower
1.2%
N/R
(not
rated)
6.0%
Total
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Education
and
Civic
Organizations
29.8%
Tax
Obligation/Limited
19.4%
Health
Care
17.9%
Tax
Obligation/General
17.7%
Utilities
5.7%
Transportation
2.9%
Housing/Multifamily
2.8%
Other
3.8%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
Massachusetts
93.0%
Puerto
Rico
5.2%
Guam
1.3%
Virgin
Islands
0.5%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Massachusetts
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
Minnesota
Quality
Municipal
Income
Fund
Performance
Overview
and
Holdings
Summaries
as
of
November
30,
2023
11
NMS
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Minnesota
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
November
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NMS
at
Common
Share
NAV
6/25/93
0.63%
2.24%
1.34%
3.02%
NMS
at
Common
Share
Price
6/25/93
(1.10)%
(3.89)%
1.59%
1.93%
S&P
Municipal
Bond
Index
—
1.93%
3.61%
1.99%
2.79%
S&P
Municipal
Bond
Minnesota
Index
—
1.65%
2.94%
1.84%
2.39%
12
Performance
Overview
and
Holdings
Summaries
November
30,
2023
(continued)
Holdings
Summaries
as
of
November
30,
2023
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)
Municipal
Bonds
167
.0‌
%
Short-Term
Municipal
Bonds
0
.7‌
%
Other
Assets
&
Liabilities,
Net
1.3%
AMTP
Shares,
Net
(
69
.0‌
)
%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
2.2%
AAA
13.1%
AA
27.4%
A
25.9%
BBB
10.6%
BB
or
Lower
10.2%
N/R
(not
rated)
10.6%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Education
and
Civic
Organizations
22.2%
Health
Care
21.6%
Tax
Obligation/General
17.4%
Utilities
10.0%
Tax
Obligation/Limited
10.0%
Transportation
5.4%
Long-Term
Care
4.8%
Other
8.6%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
Minnesota
99.6%
Guam
0.4%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Minnesota
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
Missouri
Quality
Municipal
Income
Fund
Performance
Overview
and
Holdings
Summaries
as
of
November
30,
2023
13
NOM
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Missouri
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
November
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NOM
at
Common
Share
NAV
5/20/93
2.14%
3.19%
0.90%
2.85%
NOM
at
Common
Share
Price
5/20/93
0.54%
(6.53)%
(0.34)%
1.29%
S&P
Municipal
Bond
Index
—
1.93%
3.61%
1.99%
2.79%
S&P
Municipal
Bond
Missouri
Index
—
1.75%
3.38%
1.95%
2.75%
14
Performance
Overview
and
Holdings
Summaries
November
30,
2023
(continued)
Holdings
Summaries
as
of
November
30,
2023
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)
Municipal
Bonds
165
.5‌
%
Short-Term
Municipal
Bonds
0
.9‌
%
Other
Assets
&
Liabilities,
Net
1.5%
Floating
Rate
Obligations
(2.2)%
MFP
Shares,
Net
(
65
.7‌
)
%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
AAA
2.4%
AA
54.7%
A
22.5%
BBB
6.9%
BB
or
Lower
4.8%
N/R
(not
rated)
8.7%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/Limited
22.8%
Health
Care
21.0%
Tax
Obligation/General
18.8%
Utilities
13.8%
Transportation
8.4%
Education
and
Civic
Organizations
7.1%
Long-Term
Care
5.4%
Other
2.7%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
Missouri
97.5%
Puerto
Rico
2.5%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Missouri
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
Virginia
Quality
Municipal
Income
Fund
Performance
Overview
and
Holdings
Summaries
as
of
November
30,
2023
15
NPV
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Virginia
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
November
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NPV
at
Common
Share
NAV
3/18/93
1.18%
2.99%
1.37%
3.17%
NPV
at
Common
Share
Price
3/18/93
(1.15)%
(9.26)%
2.03%
3.26%
S&P
Municipal
Bond
Index
—
1.93%
3.61%
1.99%
2.79%
S&P
Municipal
Bond
Virginia
Index
—
1.92%
3.16%
1.83%
2.55%
16
Performance
Overview
and
Holdings
Summaries
November
30,
2023
(continued)
Holdings
Summaries
as
of
November
30,
2023
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)
Municipal
Bonds
166
.2‌
%
Other
Assets
&
Liabilities,
Net
1.1%
Floating
Rate
Obligations
(8.7)%
VRDP
Shares,
Net
(
58
.6‌
)
%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
5.6%
AAA
5.4%
AA
39.5%
A
16.8%
BBB
12.1%
BB
or
Lower
7.7%
N/R
(not
rated)
12.9%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Transportation
30.1%
Health
Care
18.2%
Tax
Obligation/Limited
14.4%
Housing/Multifamily
7.9%
Education
and
Civic
Organizations
7.9%
U.S.
Guaranteed
6.3%
Long-Term
Care
4.7%
Other
10.5%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
Virginia
71.7%
District
of
Columbia
16.0%
Puerto
Rico
6.2%
Guam
2.3%
Virgin
Islands
1.4%
Pennsylvania
1.1%
Colorado
1.1%
New
York
0.2%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Virginia
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
17
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
Portfolio
of
Investments
November
30,
2023
(Unaudited)
NMT
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
160.6% (100.0%
of
Total
Investments)  
X
181,510,616
MUNICIPAL
BONDS
-
160.6%  (100.0%
of
Total
Investments)
X
181,510,616
Education
and
Civic
Organizations
-
47
.8
%
(
29
.8
%
of
Total
Investments)
$
210
Lowell,
Massachusetts,
Collegiate
Charter
School
Revenue
Bonds,
Series
2019,
5.000%,
6/15/49
6/26
at
100.00
$
184,970
3,515
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berklee
College
of
Music,
Series
2016,
5.000%,
10/01/39
10/26
at
100.00
3,589,498
2,200
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2013S,
5.000%,
7/01/38
12/23
at
100.00
2,200,704
730
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2017T,
5.000%,
7/01/42
7/27
at
100.00
759,934
5,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Refunding
Series
2023FF,
4.000%,
10/01/46
10/33
at
100.00
4,963,198
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2017A:
2,000
5.000%,
1/01/34
1/28
at
100.00
2,074,669
2,240
5.000%,
1/01/37
1/28
at
100.00
2,299,659
1,955
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lesley
University,
Series
2016,
5.000%,
7/01/35
7/26
at
100.00
1,997,088
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
MCPHS
University
Issue,
Series
2015H:
450
3.500%,
7/01/35
7/25
at
100.00
441,619
190
5.000%,
7/01/37
7/25
at
100.00
193,935
1,200
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2017,
5.000%,
7/01/47
7/26
at
100.00
1,200,745
500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2022,
5.000%,
7/01/52
7/32
at
100.00
495,045
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2014A:
875
5.000%,
3/01/39
3/24
at
100.00
875,470
1,400
5.000%,
3/01/44
3/24
at
100.00
1,400,683
1,100
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Simmons
University
Issue,
Series
2020M,
4.000%,
10/01/38
10/30
at
100.00
1,010,221
1,230
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sterling
and
Francine
Clark
Art
Institute,
Series
2015,
5.000%,
7/01/33
7/25
at
100.00
1,261,691
450
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2019,
5.000%,
7/01/36
7/29
at
100.00
467,394
1,175
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
983,004
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Broad
Institute,
Series
2017:
2,200
5.000%,
4/01/35
10/27
at
100.00
2,334,544
1,250
5.000%,
4/01/36
10/27
at
100.00
1,319,302
875
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Tufts
University,
Series
2015Q,
5.000%,
8/15/38
8/25
at
100.00
894,138
1,325
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wheaton
College,
Series
2017H,
5.000%,
1/01/42
1/28
at
100.00
1,333,104
1,510
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018,
5.000%,
6/01/43
6/28
at
100.00
1,570,661
840
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2016,
5.000%,
9/01/37
9/26
at
100.00
866,292
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
18
NMT
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Education
and
Civic
Organizations
(continued)
$
550
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017,
5.000%,
9/01/42
9/27
at
100.00
$
570,224
2,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017B,
5.000%,
9/01/42
9/27
at
100.00
2,591,926
500
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2017,
5.000%,
7/01/35
7/27
at
100.00
514,991
3,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A,
5.750%,
1/01/42
-
AMBAC
Insured
No
Opt.
Call
3,648,627
2,495
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2016,
5.000%,
1/01/40
7/26
at
100.00
2,561,249
Massachusetts
Development
Finance
Authority,
Revenue
Refunding
Bonds,
Boston
University,
Series
1999P:
1,090
6.000%,
5/15/29
No
Opt.
Call
1,198,164
1,000
6.000%,
5/15/59
5/29
at
105.00
1,132,062
4,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2015-1,
5.000%,
11/01/40
11/25
at
100.00
4,059,346
2,900
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2022-1,
5.000%,
11/01/52
5/30
at
100.00
3,080,159
Total
Education
and
Civic
Organizations
54,074,316
Health
Care
-
28
.7
%
(
17
.9
%
of
Total
Investments)
1,340
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
South
Shore
Hospital,
Series
2016I,
5.000%,
7/01/41
7/26
at
100.00
1,343,763
1,100
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Baystate
Medical
Center
Issue,
Series
2014N,
5.000%,
7/01/44
7/24
at
100.00
1,102,827
500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E,
5.000%,
7/01/32
7/26
at
100.00
513,338
2,350
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2023G,
5.250%,
7/01/48
7/33
at
100.00
2,465,428
1,675
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I,
5.000%,
7/01/30
7/26
at
100.00
1,729,860
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1:
900
5.000%,
7/01/30
7/25
at
100.00
918,345
1,000
5.000%,
7/01/32
7/25
at
100.00
1,016,962
500
5.000%,
7/01/33
7/25
at
100.00
508,204
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2:
1,500
5.000%,
7/01/38
7/28
at
100.00
1,560,933
2,000
5.000%,
7/01/53
7/28
at
100.00
2,031,518
2,800
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-Farber
Cancer
Institute
Issue,
Series
2016N,
5.000%,
12/01/46
12/26
at
100.00
2,839,976
3,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lahey
Health
System
Obligated
Group
Issue,
Series
2015F,
5.000%,
8/15/45
8/25
at
100.00
3,522,224
2,145
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Mass
General
Brigham,
Series
2020A-2,
5.000%,
7/01/39
1/30
at
100.00
2,292,745
1,080
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2014F,
5.750%,
7/15/43
1/24
at
100.00
1,065,553
100
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G,
5.000%,
7/15/46,
144A
7/30
at
100.00
87,766
2,100
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2017S-1,
4.000%,
7/01/41
1/28
at
100.00
2,057,423
820
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2013F,
5.000%,
7/01/37
1/24
at
100.00
820,409
19
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Lowell
General
Hospital,
Series
2013G:
$
1,000
5.000%,
7/01/37
1/24
at
100.00
$
999,933
2,200
5.000%,
7/01/44
1/24
at
100.00
2,076,830
610
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017K,
5.000%,
7/01/38
1/27
at
100.00
621,736
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
352,712
1,095
5.000%,
7/01/44
7/27
at
100.00
1,109,760
445
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care,
Series
2016I,
5.000%,
7/01/36
7/26
at
100.00
455,727
280
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2019A,
5.000%,
7/01/44
1/29
at
100.00
274,148
700
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2020C,
4.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
640,932
Total
Health
Care
32,409,052
Housing/Multifamily
-
4
.6
%
(
2
.8
%
of
Total
Investments)
215
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2003H,
5.125%,
6/01/43
12/23
at
100.00
215,056
665
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2019B-1,
3.100%,
12/01/44
12/28
at
100.00
510,896
1,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2020A-1,
3.000%,
12/01/50
12/28
at
100.00
696,493
1,335
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2020D-1,
2.550%,
12/01/50
6/30
at
100.00
871,579
400
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2021A-1,
2.450%,
12/01/51
6/30
at
100.00
241,173
2,500
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2022C-1,
5.100%,
12/01/52
6/32
at
100.00
2,605,645
Total
Housing/Multifamily
5,140,842
Housing/Single
Family
-
0
.4
%
(
0
.3
%
of
Total
Investments)
500
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2022-224,
4.350%,
12/01/42
6/32
at
100.00
499,233
Total
Housing/Single
Family
499,233
Long-Term
Care
-
2
.9
%
(
1
.8
%
of
Total
Investments)
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017:
1,040
4.125%,
10/01/42,
144A
12/23
at
104.00
850,235
250
5.000%,
10/01/47,
144A
12/23
at
104.00
224,625
460
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berkshire
Retirement
Community
Lennox,
Series
2015,
5.000%,
7/01/31
7/25
at
100.00
465,078
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Orchard
Cove,
Inc.,
Refunding
Series
2019,
5.000%,
10/01/49
10/24
at
104.00
908,385
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Salem
Community
Corporation,
Refunding
Series
2022,
5.250%,
1/01/50
1/32
at
100.00
840,626
Total
Long-Term
Care
3,288,949
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
20
NMT
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
-
28
.5
%
(
17
.7
%
of
Total
Investments)
$
2,000
Concord,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2023,
4.000%,
1/15/53
1/33
at
100.00
$
1,970,040
1,240
Hudson,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2011,
5.000%,
2/15/32
1/24
at
100.00
1,241,906
2,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015C,
5.000%,
7/01/45
7/25
at
100.00
2,027,928
3,895
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2017F,
5.000%,
11/01/46
11/27
at
100.00
4,019,628
4,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2019A,
5.000%,
1/01/49
1/29
at
100.00
4,179,426
3,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2022C,
5.000%,
10/01/47
10/32
at
100.00
3,243,692
5,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Series
2023D,
5.000%,
10/01/51
10/33
at
100.00
5,410,526
1,775
North
Reading,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2012,
5.000%,
5/15/35
1/24
at
100.00
1,777,751
1,685
Northeast
Metropolitan
Regional
Vocational
Technical
School
District,
Massachusetts,
General
Obligation
Bonds,
School
Series
2022,
4.000%,
4/15/47
4/31
at
100.00
1,639,394
2,010
Pentucket
Regional
School
District,
Massachusetts,
General
Obligation
Bonds,
Series
2019,
3.000%,
9/01/43
9/27
at
100.00
1,617,721
2,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/46
7/31
at
103.00
1,666,907
Revere,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Municipal
Purpose
Loan
Series
2022:
1,625
4.000%,
8/01/42
8/31
at
100.00
1,626,865
1,745
4.000%,
8/01/43
8/31
at
100.00
1,741,378
Total
Tax
Obligation/General
32,163,162
Tax
Obligation/Limited
-
31
.1
%
(
19
.4
%
of
Total
Investments)
855
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2014,
5.000%,
5/01/33
-
BAM
Insured
11/24
at
100.00
865,093
500
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2017,
5.000%,
5/01/35
-
BAM
Insured
5/27
at
100.00
530,411
3,000
Massachusetts
Bay
Transportation
Authority,
Assessment
Bonds,
Sustainability
Series
2022A-2,
5.000%,
7/01/52
7/32
at
100.00
3,221,339
2,500
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Series
2023A-1,
5.250%,
7/01/53
7/33
at
100.00
2,753,117
1,350
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Refunding
Senior
Series
2015C,
5.000%,
8/15/37
8/25
at
100.00
1,378,513
3,185
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Series
2016B,
5.000%,
11/15/46
11/26
at
100.00
3,255,357
2,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2018A,
5.250%,
2/15/48
2/28
at
100.00
2,091,722
3,075
Massachusetts
State,
Special
Obligation
Dedicated
Tax
Revenue
Bonds,
Refunding
Series
2005,
5.500%,
1/01/27
-
NPFG
Insured
No
Opt.
Call
3,316,977
2,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2019A,
5.000%,
6/01/49
6/29
at
100.00
2,093,355
1,500
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2015A,
5.000%,
6/01/45
6/25
at
100.00
1,519,910
5,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2023B,
5.000%,
6/01/49
6/33
at
100.00
5,402,508
485
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/39
10/32
at
100.00
477,667
21
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
1,050
Puerto
Rico
Highway
and
Transportation
Authority,
Restructured
Toll
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/62
7/32
at
100.00
$
1,039,500
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
13,888
0.000%,
7/01/46
7/28
at
41.38
4,098,250
4,218
0.000%,
7/01/51
7/28
at
30.01
917,669
775
4.750%,
7/01/53
7/28
at
100.00
733,439
1,016
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.784%,
7/01/58
7/28
at
100.00
957,138
490
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
-
AGM
Insured
1/24
at
100.00
490,267
Total
Tax
Obligation/Limited
35,142,232
Transportation
-
4
.6
%
(
2
.9
%
of
Total
Investments)
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2014A:
1,000
5.000%,
7/01/39
7/24
at
100.00
1,004,204
2,500
5.000%,
7/01/44
7/24
at
100.00
2,506,847
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2015A:
715
5.000%,
7/01/40
7/25
at
100.00
726,281
1,000
5.000%,
7/01/45
7/25
at
100.00
1,012,135
Total
Transportation
5,249,467
U.S.
Guaranteed
-
2
.8
%
(
1
.7
%
of
Total
Investments)
(c)
1,610
Massachusetts
College
Building
Authority,
Project
Revenue
Bonds,
Green
Series
2014B,
5.000%,
5/01/44,
(Pre-refunded
5/01/24)
5/24
at
100.00
1,621,518
1,000
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
Children's
Hospital
Issue,
Series
2014P,
5.000%,
10/01/46,
(Pre-refunded
10/01/24)
10/24
at
100.00
1,015,561
500
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2016B,
5.000%,
8/01/40,
(Pre-refunded
8/01/26)
8/26
at
100.00
529,128
Total
U.S.
Guaranteed
3,166,207
Utilities
-
9
.2
%
(
5
.7
%
of
Total
Investments)
565
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2014A,
5.000%,
7/01/29
7/24
at
100.00
569,075
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
1,279,786
420
5.000%,
7/01/40
7/27
at
100.00
426,090
415
Lynn
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2003A,
5.000%,
12/01/32
-
NPFG
Insured
1/24
at
100.00
415,450
1,000
Massachusetts
Clean
Water
Trust,
State
Revolving
Fund
Bonds,
Green
18
Series
2015,
5.000%,
2/01/45
2/24
at
100.00
1,003,419
4,445
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A,
4.000%,
7/01/46
1/32
at
100.00
4,357,699
1,230
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2017B,
5.000%,
8/01/42
8/27
at
100.00
1,278,552
1,000
Springfield
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2017C,
5.000%,
4/15/37
4/27
at
100.00
1,047,085
Total
Utilities
10,377,156
Total
Municipal
Bonds
(cost
$183,353,716)
181,510,616
Total
Long-Term
Investments
(cost
$183,353,716)
181,510,616
VRDP
Shares,
Net
-
(65.3)%
(d)
(
73,773,179
)
Other
Assets
&
Liabilities,
Net
-
4.7%
5,303,950
Net
Assets
Applicable
to
Common
Shares
-
100%
$
113,041,387
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
22
NMT
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
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.
(d)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
40.6%.
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.
See
Notes
to
Financial
Statements
23
Nuveen
Minnesota
Quality
Municipal
Income
Fund
Portfolio
of
Investments
November
30,
2023
(Unaudited)
NMS
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
167.0% (99.6%
of
Total
Investments)  
X
120,502,602
MUNICIPAL
BONDS
-
167.0%  (99.6%
of
Total
Investments)
X
120,502,602
Education
and
Civic
Organizations
-
37
.3
%
(
22
.2
%
of
Total
Investments)
City
of
Ham
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
DaVinci
Academy
Project,Series
2016A:
$
500
4.000%,
7/01/28
7/24
at
102.00
$
471,940
50
5.000%,
7/01/36
7/24
at
102.00
46,146
500
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2015A,
5.250%,
7/01/40
7/25
at
100.00
496,698
570
Forest
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Lakes
International
Language
Academy,
Series
2014A,
5.750%,
8/01/44
1/24
at
101.00
557,157
750
Forest
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Lakes
International
Language
Academy,
Series
2019A,
5.250%,
8/01/43
8/27
at
102.00
692,836
100
Greenwood,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Main
Street
School
of
Performing
Arts
Project,
Series
2016A,
5.000%,
7/01/47
7/26
at
100.00
81,304
2,200
Hugo,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Noble
Academy
Project,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
1,970,575
1,575
Independence,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Beacon
Academy
Project,
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
1,325,045
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Yinghua
Academy
Project,
Series
2013A:
300
6.000%,
7/01/33
1/24
at
100.00
300,145
1,425
6.000%,
7/01/43
1/24
at
100.00
1,425,176
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Bethel
University,
Refunding
Series
2017:
500
5.000%,
5/01/37
5/27
at
100.00
475,564
2,000
5.000%,
5/01/47
5/27
at
100.00
1,770,711
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Carleton
College,
Refunding
Series
2017:
1,580
4.000%,
3/01/42
3/27
at
100.00
1,548,543
1,165
5.000%,
3/01/44
3/27
at
100.00
1,197,953
2,000
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Carleton
College,
Series
2023,
5.000%,
3/01/53
3/33
at
100.00
2,126,278
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
481,920
425
4.000%,
12/01/40
12/29
at
100.00
376,064
305
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
College
of
St.
Benedict,
Series
2016-8K,
4.000%,
3/01/43
3/26
at
100.00
270,158
600
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Refunding
Series
2017,
4.000%,
3/01/48
3/27
at
100.00
569,637
225
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
Catherine
University,
Refunding
Series
2018A,
5.000%,
10/01/45
10/28
at
100.00
225,811
750
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2019,
5.000%,
10/01/35
10/29
at
100.00
806,914
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B:
710
4.125%,
10/01/41
10/30
at
100.00
691,860
2,445
5.000%,
10/01/47
10/30
at
100.00
2,510,776
705
Otsego,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Kaleidoscope
Charter
School
Project,
Series
2014A,
5.000%,
9/01/44
9/24
at
100.00
609,151
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
24
NMS
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Education
and
Civic
Organizations
(continued)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
of
Peace
Academy
Project,
Series
2019:
$
500
5.000%,
12/01/39
12/29
at
100.00
$
488,368
1,250
4.000%,
12/01/49
12/29
at
100.00
966,004
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
332,988
510
5.375%,
7/01/50
7/25
at
100.00
467,890
1,680
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
German
Immersion
School,
Series
2013A,
5.000%,
7/01/44
1/24
at
100.00
1,493,790
390
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Lease
Revenue
Bonds,
Saint
Paul
Conservatory
for
Performing
Artists
Charter
School
Project,
Series
2013A,
4.625%,
3/01/43
1/24
at
100.00
321,493
1,000
Savage,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Aspen
Academy
Project,
Series
2016A,
5.000%,
10/01/41
10/26
at
100.00
887,343
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Charter
School
Revenue
Bonds,
Higher
Ground
Academy
Charter
School,
Series
2018:
500
5.000%,
12/01/43
12/26
at
102.00
468,180
500
5.125%,
12/01/49
12/26
at
102.00
461,263
Total
Education
and
Civic
Organizations
26,915,681
Health
Care
-
35
.5
%
(
21
.2
%
of
Total
Investments)
250
Chippewa
County,
Minnesota,
Gross
Revenue
Hospital
Bonds,
Montevideo
Hospital
Project,
Refunding
Series
2016,
4.000%,
3/01/32
3/26
at
100.00
241,537
180
City
of
Plato,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Glencoe
Regional
Health
Services
Project,
Series
2017,
5.000%,
4/01/41
4/27
at
100.00
181,958
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A:
100
4.250%,
2/15/43
2/28
at
100.00
96,665
1,400
5.000%,
2/15/43
2/28
at
100.00
1,421,003
5,050
5.000%,
2/15/53
2/28
at
100.00
5,057,500
430
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2021A,
3.000%,
6/15/44
6/31
at
100.00
293,372
150
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2022B,
5.250%,
6/15/47
6/32
at
100.00
150,792
Glencoe,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Glencoe
Regional
Health
Services
Project,
Series
2013:
400
4.000%,
4/01/27
1/24
at
100.00
397,375
230
4.000%,
4/01/31
1/24
at
100.00
225,099
500
Maple
Grove,
Minnesota,
Health
Care
Facilities
Revenue
Refunding
Bonds,
North
Memorial
Health
Care,
Series
2015,
4.000%,
9/01/35
9/25
at
100.00
476,872
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
206,737
165
5.000%,
5/01/32
5/27
at
100.00
169,950
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Series
2021:
1,500
4.000%,
11/15/36
11/31
at
100.00
1,517,207
500
4.000%,
11/15/39
11/31
at
100.00
495,163
265
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2015A,
4.000%,
11/15/40
11/25
at
100.00
242,186
1,500
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2018A,
4.000%,
11/15/48
11/28
at
100.00
1,280,003
25
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
$
915
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2018A,
4.000%,
11/15/48
5/28
at
100.00
$
877,538
1,000
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2016A,
4.000%,
5/01/37
5/26
at
100.00
996,421
1,675
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019,
5.000%,
5/01/48
5/29
at
100.00
1,724,167
3,920
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
HealthPartners
Obligated
Group,
Refunding
Series
2015A,
4.000%,
7/01/35
7/25
at
100.00
3,868,090
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
232,119
240
4.000%,
11/15/37
11/27
at
100.00
224,868
2,170
4.000%,
11/15/43
11/27
at
100.00
1,932,016
1,000
5.000%,
11/15/47
11/27
at
100.00
1,008,074
905
Saint
Paul
Port
Authority,
Minnesota,
Lease
Revenue
Bonds,
Regions
Hospital
Parking
Ramp
Project,
Series
2007-1,
5.000%,
8/01/36
1/24
at
100.00
905,414
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
741,251
630
5.000%,
9/01/34
9/24
at
100.00
632,241
Total
Health
Care
25,595,618
Housing/Multifamily
-
2
.2
%
(
1
.3
%
of
Total
Investments)
1,600
Coon
Rapids,
Minnesota,
Multifamily
Housing
Revenue
Bonds,
Tralee
Terrace
Apartments
Project,
Series
2010,
4.500%,
6/01/26
1/24
at
100.00
1,601,323
Total
Housing/Multifamily
1,601,323
Housing/Single
Family
-
0
.1
%
(
0
.1
%
of
Total
Investments)
50
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2013C,
3.900%,
7/01/43
1/24
at
100.00
47,090
20
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2014C,
3.500%,
1/01/32
7/24
at
100.00
19,705
Total
Housing/Single
Family
66,795
Industrials
-
6
.3
%
(
3
.7
%
of
Total
Investments)
Minneapolis,
Minnesota,
Limited
Tax
Supported
Development
Revenue
Bonds,  Common
Bond
Fund
Series
2013-1:
1,400
4.500%,
6/01/33
6/24
at
100.00
1,410,478
600
4.750%,
6/01/39
6/24
at
100.00
603,049
2,650
Saint
Paul
Port
Authority,
Minnesota,
Solid
Waste
Disposal
Revenue
Bonds,
Gerdau
Saint
Paul
Steel
Mill
Project,
Series
2012-7,
4.500%,
10/01/37,
(AMT),
144A
1/24
at
100.00
2,511,109
Total
Industrials
4,524,636
Long-Term
Care
-
8
.1
%
(
4
.8
%
of
Total
Investments)
805
Anoka,
Minnesota,
Health
Care
and
Housing
Facility
Revenue
Bonds,
The
Homestead
at
Anoka,
Inc.
Project,
Series
2014,
5.125%,
11/01/49
11/24
at
100.00
645,027
380
Center
City,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Hazelden
Betty
Ford
Foundation
Project,
Series
2014,
4.000%,
11/01/39
11/24
at
100.00
339,014
875
Cold
Spring,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Assumption
Home,
Inc.,
Refunding
Series
2013,
5.200%,
3/01/43
1/24
at
100.00
697,245
Columbus,
Minnesota,
Senior
Housing
Revenue
Bonds,
Richfield
Senior
Housing,
Inc.,
Refunding
Series
2015:
175
5.250%,
1/01/40
1/24
at
100.00
139,956
850
5.250%,
1/01/46
1/24
at
100.00
648,879
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
26
NMS
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Long-Term
Care
(continued)
$
500
Dakota
County
Community
Development
Agency,
Minnesota,
Senior
Housing
Revenue
Bonds,
Walker
Highview
Hills
LLC
Project,
Refunding
Series
2016A,
5.000%,
8/01/51,
144A
1/24
at
100.00
$
438,962
750
Minneapolis,
Minnesota,
Senior
Housing
and
Healthcare
Revenue
Bonds,
Ecumen
Abiitan
Mill
City
Project,  Series
2015,
5.250%,
11/01/45
1/24
at
100.00
643,580
215
Saint
Joseph,
Minnesota,
Senior
Housing
and
Healthcare
Revenue
Bonds,
Woodcrest
of
Country
Manor
Project,
Series
2019
A,
5.000%,
7/01/55
7/24
at
102.00
168,171
500
Saint
Paul
Housing
and
Redevelopment
Authority
Minnesota,
Senior
Housing
and
Health
Care
Revenue
Bonds,
Episcopal
Homes
Project,
Series
2013,
5.125%,
5/01/48
1/24
at
100.00
397,885
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
462,375
350
4.125%,
9/01/35
9/24
at
100.00
319,818
585
Sauk
Rapids,
Minnesota,
Health
Care
and
Housing
Facilities
Revenue
Bonds,
Good
Shepherd
Luthran
Home,
Refunding
Series
2013,
5.125%,
1/01/39
1/24
at
100.00
483,811
500
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019,
5.000%,
8/01/49
8/24
at
102.00
471,043
Total
Long-Term
Care
5,855,766
Tax
Obligation/General
-
29
.2
%
(
17
.4
%
of
Total
Investments)
Brainerd
Independent
School
District
181,
Crow
Wing
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2018D:
1,015
4.000%,
2/01/38
2/27
at
100.00
1,024,339
1,055
4.000%,
2/01/39
2/27
at
100.00
1,062,552
1,000
Brainerd
Independent
School
District
181,
Crow
Wing
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/42
2/27
at
100.00
1,001,930
1,020
Brooklyn
Center
Independent
School
District
286,
Minnesota,
General
Obligation
Bonds,
Series
2018A,
4.000%,
2/01/43
2/27
at
100.00
1,017,365
300
Circle
Pines
Independent
School
District
12,
Centennial,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015A,
0.000%,
2/01/35
2/25
at
67.23
192,916
1,000
Cloquet
Independent
School
District
94,
Carlton
and
Sant
Louis
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015B,
4.000%,
2/01/36
2/25
at
100.00
1,003,100
1,000
Corcoran,
Minnesota,
General
Obligation
Bonds,
Series
2023A,
4.000%,
2/01/48
-
BAM
Insured
2/31
at
100.00
968,761
500
Dover-Eyota
Independent
School
District
533,
Minnesota,
General
Obligation
Bonds,
School
Building  
Facilities
Maintenance
Series
2023A,
4.000%,
2/01/44
2/31
at
100.00
494,270
540
Duluth
Independent
School
District
709,
Saint
Louis
County,
Minnesota,
General
Obligation
Bonds,
Capital
Appreciation
Series
2021C,
0.000%,
2/01/33
2/28
at
89.86
361,879
500
GFW
Independent
School
District
No.
2365,
Sibley,
Renville,
McLeod
and
Nicollet
Counties,
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2023A,
5.000%,
2/01/48
2/31
at
100.00
532,853
1,000
Independent
School
District
621,
Mounds
View,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/42
2/27
at
100.00
1,000,163
Independent
School
District
No.
2397
(Le
Sueur-Henderson),
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2022A:
1,145
5.000%,
2/01/36
2/31
at
100.00
1,292,235
1,000
4.500%,
2/01/41
2/31
at
100.00
1,037,367
1,500
Maple
River
Independent
School
District
2135,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A,
4.000%,
2/01/50
2/30
at
100.00
1,437,406
1,345
Minneapolis,
Minnesota,
General
Obligation
Bonds,
Improvement
&
Various
Purpose
Series
2018,
4.000%,
12/01/40
12/26
at
100.00
1,355,377
27
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
(continued)
$
310
Minnetonka
Independent
School
District
276,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2023B,
5.000%,
2/01/39
2/32
at
100.00
$
338,914
1,000
Roseville
Independent
School
District
623,
Ramsey
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/34
2/27
at
100.00
1,026,513
1,000
Round
Lake-Brewster
Independent
School
District
2907,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2023A,
4.000%,
2/01/42
2/32
at
100.00
991,705
1,000
Saint
James
Independent
School
District
840,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015B,
4.000%,
2/01/45
2/26
at
100.00
1,002,580
1,000
Saint
Louis
Park
Independent
School
District
283,
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2022A,
5.000%,
2/01/36
2/31
at
100.00
1,133,412
1,000
Sartell
Independent
School
District
748,
Stearns
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Capital
Appreciation
Series
2016B,
0.000%,
2/01/39
2/25
at
62.98
494,781
800
Sartell,
Minnesota,
General
Obligation
Bonds,
Series
2022A,
4.000%,
2/01/43
2/30
at
100.00
791,604
1,500
Sibley
East
Independent
School
District
2310,
Sibley,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015A,
4.000%,
2/01/40
2/25
at
100.00
1,502,557
Total
Tax
Obligation/General
21,064,579
Tax
Obligation/Limited
-
16
.7
%
(
10
.0
%
of
Total
Investments)
1,000
Anoka-Hennepin
Independent
School
District
11,
Minnesota,
Certificates
of
ParticIpation,
Series
2015A,
4.000%,
2/01/41
1/24
at
100.00
962,515
500
Elbow
Lake
Economic
Development
Authority,
Minnesota,
Lease
Revenue
Bonds,
Grant
County
Public
Project,
Series
2023A,
5.000%,
12/15/44
12/32
at
100.00
488,704
125
Minneapolis,
Minnesota,
Tax
Increment
Revenue
Bonds,
Grant
Park
Project,
Refunding
Series
2015,
4.000%,
3/01/30
1/24
at
100.00
120,860
500
Minneapolis,
Minnesota,
Tax
Incriment
Revenue
Bonds,
Ivy
Tower
Project,
Series
2015,
5.000%,
3/01/29
3/24
at
100.00
500,067
200
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2017A,
4.000%,
8/01/35
8/27
at
100.00
205,478
500
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2018D,
4.000%,
8/01/39
8/28
at
100.00
489,205
1,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2022A,
5.000%,
8/01/40
8/32
at
100.00
1,091,992
2,230
Minnesota
Housing
Finance
Agency,
Nonprofit
Housing
Bonds,
State
Appropriation
Series
2011,
5.000%,
8/01/31
1/24
at
100.00
2,233,256
1,000
New
London
Economic
Development
Authority,
Minnesota,
Lease
Revenue
Bonds,
SWWC
Service
Cooperative
Lease
With
Option
to
Purchase
Project,
Public
Series
2023,
4.500%,
2/01/33
2/28
at
100.00
985,197
1,000
Northeast
Metropolitan
Intermediate
School
District
916,
White
Bear
Lake,
Minnesota,
Certificates
of
Particpation,
Series
2015A,
3.750%,
2/01/36
2/25
at
100.00
1,000,349
750
Northeast
Metropolitan
Intermediate
School
District
916,
White
Bear
Lake,
Minnesota,
Certificates
of
Particpation,
Series
2015B,
4.000%,
2/01/42
2/25
at
100.00
727,821
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
147,626
500
4.000%,
2/01/38
2/25
at
100.00
500,489
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Multifamily
Housing
Revenue
Bonds,
2700
University
at
Westgate
Station,
Series
2015B:
455
4.875%,
4/01/30
1/24
at
100.00
450,945
825
5.250%,
4/01/43
1/24
at
100.00
774,434
800
Saint
Paul,
Minnesota,
Sales
Tax
Revenue
Bonds,
Series
2014G,
3.750%,
11/01/33
11/24
at
100.00
801,118
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
28
NMS
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
635
Zumbro
Education
District
6012,
Minnesota,
Certificates
of
Participation
Series
2021A,
4.000%,
2/01/41
2/31
at
100.00
$
573,202
Total
Tax
Obligation/Limited
12,053,258
Transportation
-
9
.1
%
(
5
.4
%
of
Total
Investments)
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A:
300
5.000%,
1/01/39
7/29
at
100.00
316,749
500
5.000%,
1/01/44
7/29
at
100.00
521,302
250
5.000%,
1/01/49
7/29
at
100.00
258,666
2,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019B,
5.000%,
1/01/49,
(AMT)
7/29
at
100.00
2,032,627
1,600
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C,
5.000%,
1/01/46
1/27
at
100.00
1,648,875
500
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022A,
5.000%,
1/01/52
1/32
at
100.00
526,937
1,175
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022B,
5.250%,
1/01/47,
(AMT)
1/32
at
100.00
1,235,505
Total
Transportation
6,540,661
U.S.
Guaranteed
-
5
.8
%
(
3
.5
%
of
Total
Investments)
(c)
Hermantown
Independent
School
District
700,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015A:
940
0.000%,
2/01/37,
(Pre-refunded
2/01/24)
2/24
at
56.07
524,246
1,075
0.000%,
2/01/38,
(Pre-refunded
2/01/24)
2/24
at
53.49
571,874
1,500
Mankato
Independent
School
District
77,
Nicollet
and
Le
Sueur
Counties,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2014A,
4.000%,
2/01/30,
(Pre-refunded
2/01/24)
2/24
at
100.00
1,501,497
580
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A,
5.000%,
11/15/44,
(Pre-refunded
11/15/25)
11/25
at
100.00
596,031
1,000
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2014A,
4.000%,
1/01/40,
(Pre-refunded
1/01/24)
1/24
at
100.00
1,000,303
Total
U.S.
Guaranteed
4,193,951
Utilities
-
16
.7
%
(
10
.0
%
of
Total
Investments)
415
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
1/01/46
7/26
at
100.00
417,626
30
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
30,186
500
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Refunding
Series
2014A,
4.000%,
10/01/33
10/24
at
100.00
502,900
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Series
2016:
965
5.000%,
10/01/35
10/26
at
100.00
1,008,088
2,795
5.000%,
10/01/47
10/26
at
100.00
2,865,870
655
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2021-1.
501
C3,
4.000%,
10/01/41
10/27
at
100.00
612,842
200
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2023-3,
4.750%,
10/01/43
10/33
at
100.00
199,022
Southern
Minnesota
Municipal
Power
Agency,
Power
Supply
System
Revenue
Bonds,
Series
1994A:
3,070
0.000%,
1/01/24
-
NPFG
Insured
No
Opt.
Call
3,061,309
100
0.000%,
1/01/26
-
NPFG
Insured
No
Opt.
Call
92,597
29
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
(continued)
$
3,200
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/49
7/28
at
100.00
$
3,299,894
Total
Utilities
12,090,334
Total
Municipal
Bonds
(cost
$123,717,134)
120,502,602
Total
Long-Term
Investments
(cost
$123,717,134)
120,502,602
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
 0.7%(0.4%
of
Total
Investments)  
X
500,000
MUNICIPAL
BONDS
-
0.7%  (0.4%
of
Total
Investments)
X
500,000
Health
Care
-
0
.7
%
(
0
.4
%
of
Total
Investments)
$
500
(d)
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2018
A,
3.400%,
11/15/48,
(Mandatory
Put
11/30/23)
11/23
at
100.00
$
500,000
Total
Health
Care
500,000
Total
Municipal
Bonds
(cost
$500,000)
500,000
Total
Short-Term
Investments
(cost
$500,000)
500,000
Total
Investments
(cost
$124,217,134)
-
167.7%
121,002,602
AMTP
Shares,
Net
-
(69.0)%
(e)
(
49,775,716
)
Other
Assets
&
Liabilities,
Net
-
1.3%
941,196
Net
Assets
Applicable
to
Common
Shares
-
100%
$
72,168,082
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
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.
(d)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(e)
AMTP
Shares,
Net
as
a
percentage
of
Total
Investments
is
41.1%.
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
See
Notes
to
Financial
Statements
30
Nuveen
Missouri
Quality
Municipal
Income
Fund
Portfolio
of
Investments
November
30,
2023
(Unaudited)
NOM
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
165.5% (99.4%
of
Total
Investments)  
X
44,887,129
MUNICIPAL
BONDS
-
165.5%  (99.4%
of
Total
Investments)
X
44,887,129
Consumer
Staples
-
4
.3
%
(
2
.6
%
of
Total
Investments)
$
1,055
Missouri
Development
Finance
Board,
Solid
Waste
Disposal
Revenue
Bonds,
Procter
and
Gamble
Inc.,
Series
1999,
5.200%,
3/15/29,
(AMT)
No
Opt.
Call
$
1,160,847
Total
Consumer
Staples
1,160,847
Education
and
Civic
Organizations
-
11
.8
%
(
7
.1
%
of
Total
Investments)
300
Curators
of
the
University
of
Missouri,
System
Facilities
Revenue
Bonds,
Series
2014A,
4.000%,
11/01/33
11/24
at
100.00
300,442
410
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Kansas
City
University
of
Medicine
and
Biosciences,
Series
2013A,
5.000%,
6/01/33
12/23
at
100.00
410,353
600
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Southwest
Baptist
University
Project,
Series
2012,
5.000%,
10/01/33
1/24
at
100.00
599,984
1,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2015A,
4.000%,
10/01/42
10/25
at
100.00
975,146
500
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2019A,
5.000%,
10/01/46
4/29
at
100.00
523,102
115
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Webster
University,
Refunding
Series
2017,
4.000%,
4/01/34
4/27
at
100.00
99,242
210
Missouri
Southern
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2019A,
4.000%,
10/01/39
-
AGM
Insured
10/29
at
100.00
207,256
100
Saline
County
Industrial
Development
Authority,
Missouri,
First
Mortgage
Revenue
Bonds,
Missouri
Valley
College,
Series
2017,
4.500%,
10/01/40
1/24
at
100.00
84,145
Total
Education
and
Civic
Organizations
3,199,670
Health
Care
-
34
.0
%
(
20
.4
%
of
Total
Investments)
300
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016,
5.000%,
8/01/30
8/26
at
100.00
273,354
210
Bridgeton
Industrial
Development
Authority,
Missouri,
Senior
Housing
Revenue
Bonds,
The
Sarah
Community
Project,
Refunding
Series
2016,
4.000%,
5/01/33
5/25
at
100.00
210,892
400
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Southeasthealth,
Series
2017A,
5.000%,
3/01/36
3/27
at
100.00
406,145
300
Hannibal
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Hannibal
Regional
Healthcare
System,
Series
2017,
5.000%,
10/01/42
10/27
at
100.00
302,765
315
Joplin
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Freeman
Health
System,
Series
2015,
5.000%,
2/15/35
2/24
at
100.00
315,324
250
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2015A,
4.000%,
1/01/45
1/25
at
100.00
233,120
750
(c)
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Variable
Rate
Demand
Obligation
Series
2017D,
4.000%,
1/01/58,
(Mandatory
Put
1/01/48),
(UB)
1/28
at
100.00
697,459
1,730
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A,
5.000%,
11/15/44
1/24
at
100.00
1,730,489
500
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2015A,
5.000%,
11/15/33
11/25
at
100.00
505,327
390
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2012,
4.000%,
11/15/42
1/24
at
100.00
373,381
31
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
$
550
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F,
4.250%,
11/15/48
11/24
at
100.00
$
531,247
650
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C,
5.000%,
11/15/42
11/27
at
100.00
665,189
1,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2023,
5.500%,
12/01/48
12/33
at
100.00
1,094,143
1,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A,
4.000%,
2/15/54
2/29
at
100.00
893,812
350
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Children's
Mercy
Hospital,
Series
2017A,
4.000%,
5/15/48
5/25
at
102.00
319,612
125
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lake
Regional
Health
System,
Series
2021,
4.000%,
2/15/51
8/31
at
100.00
102,793
600
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Ranken-Jordan
Project,
Refunding
&
Improvement
Series
2016,
5.000%,
11/15/46
11/25
at
100.00
574,365
Total
Health
Care
9,229,417
Housing/Single
Family
-
0
.1
%
(
0
.1
%
of
Total
Investments)
40
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2017A-2,
3.800%,
11/01/37
11/26
at
100.00
38,142
Total
Housing/Single
Family
38,142
Long-Term
Care
-
9
.1
%
(
5
.4
%
of
Total
Investments)
100
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A,
5.250%,
5/15/37
5/27
at
100.00
83,753
500
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2014A,
5.000%,
2/01/44
2/24
at
100.00
465,129
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
393,183
500
5.000%,
2/01/46
2/26
at
100.00
459,768
100
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019C,
4.000%,
2/01/48
2/29
at
100.00
77,951
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2012:
250
5.000%,
9/01/32
1/24
at
100.00
243,593
250
5.000%,
9/01/42
1/24
at
100.00
220,787
430
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A,
5.875%,
9/01/43
1/24
at
100.00
429,987
100
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Saint
Andrew's
Resources
for
Seniors,
Series
2015A,
5.125%,
12/01/45
12/25
at
100.00
86,865
Total
Long-Term
Care
2,461,016
Tax
Obligation/General
-
31
.3
%
(
18
.8
%
of
Total
Investments)
Clay
County
Public
School
District
53,
Liberty,
Missouri,
General
Obligation
Bonds,
Series
2018:
1,000
4.000%,
3/01/34
3/26
at
100.00
1,007,750
335
4.000%,
3/01/36
3/26
at
100.00
337,607
340
Clay
County
Reorganized
School
District
R-II
Smithville,
Missouri,
General
Obligation
Bonds,
Refunding
Series
2015,
4.000%,
3/01/36
3/27
at
100.00
344,285
350
Fenton
Missouri
Fire
Protection
District,
Missouri,
General
Obligation
Bonds,
Series
2019,
4.000%,
3/01/39
3/27
at
100.00
350,355
Nuveen
Missouri
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
32
NOM
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
(continued)
$
500
Fort
Zumwalt
School
District,
Callaway
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2015,
4.000%,
3/01/32
3/24
at
100.00
$
500,283
200
Fort
Zumwalt
School
District,
Callaway
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018,
5.000%,
3/01/36
3/27
at
100.00
211,145
500
Jefferson
City
School
District,
Missouri,
General
Obligation
Bonds,
Series
2023A,
5.500%,
3/01/43
3/32
at
100.00
558,684
225
Jefferson
County
School
District
R-1
Northwest,
Missouri,
General
Obligation
Bonds,
Direct
Deposit
Program
Series
2023,
5.000%,
3/01/43
3/31
at
100.00
239,955
1,000
Joplin
Schools,
Missouri,
General
Obligation
Bonds,
Refunding,
Direct
Deposit
Program
Series
2017,
4.000%,
3/01/32
3/27
at
100.00
1,022,463
300
Kansas
City,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018A,
4.000%,
2/01/35
2/28
at
100.00
306,137
155
Ozark
R-6
School
District,
Christian
County,
Missouri,
General
Obligation
Bonds,
Series
2023,
5.000%,
4/01/45
4/31
at
100.00
157,954
1,250
Saint
Charles
County
Francis
Howell
School
District,
Missouri,
General
Obligation
Bonds,
Series
2022,
5.000%,
3/01/42
3/31
at
100.00
1,350,568
1,000
Saint
Louis
County
Pattonville
School
District
R3,
Missouri,
General
Obligation
Bonds,
Series
2023,
5.250%,
3/01/43
3/31
at
100.00
1,093,947
1,000
Valley
Park
Fire
Protection
District,
Missouri,
General
Obligation
Bonds,
Series
2019,
4.000%,
3/01/39
3/27
at
100.00
1,001,014
Total
Tax
Obligation/General
8,482,147
Tax
Obligation/Limited
-
38
.0
%
(
22
.8
%
of
Total
Investments)
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District,
Mass
Transit
Sales
Tax
Appropriation
Bonds,
Refunding
Combined
Lien
Series
2019:
1,500
4.000%,
10/01/36
10/29
at
100.00
1,521,573
1,160
4.000%,
10/01/48
10/29
at
100.00
1,128,787
155
Blue
Springs,
Missouri,
Special
Obligation
Tax
Increment
Bonds,
Adams
Farm
Project,
Special
Districts
Refunding
&
Improvement
Series
2015A,
4.750%,
6/01/30
6/24
at
100.00
153,042
145
Clay,
Jackson
&
Platte
Counties
Consolidated
Public
Library
District
3,
Missouri,
Certificates
of
Participation,
Mid-Continent
Public
Library
Project,
Series
2018,
4.000%,
3/01/35
3/26
at
100.00
145,594
250
Conley
Road
Transportation
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2017,
5.125%,
5/01/41
5/25
at
100.00
250,156
297
(d)
Fulton,
Missouri,
Tax
Increment
Revenue
Bonds,
Fulton
Commons
Redevelopment
Project,
Series
2006,
5.000%,
6/01/28
1/24
at
100.00
94,943
Howard
Bend
Levee
District,
St.
Louis
County,
Missouri,
Levee
District
Improvement
Bonds,
Series
2013B:
250
4.875%,
3/01/33
1/24
at
100.00
236,350
200
5.000%,
3/01/38
1/24
at
100.00
186,465
300
Kansas
City
Industrial
Development
Authority,
Missouri,
Downtown
Redevelpment
District
Revenue
Bonds,
Series
2011A,
5.000%,
9/01/32
1/24
at
100.00
300,466
75
Kansas
City
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Ward
Parkway
Center
Community
Improvement
District,
Senior
Refunding
&
Improvement
Series
2016,
4.250%,
4/01/26,
144A
No
Opt.
Call
73,102
500
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Downtown
Arena
Project,
Refunding
&
Improvement
Series
2016E,
5.000%,
4/01/40
4/25
at
100.00
502,656
325
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Downtown
Redevelopment
District,
Series
2014C,
5.000%,
9/01/33
1/24
at
100.00
325,248
33
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
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
$
79,584
100
5.000%,
2/01/50,
144A
2/28
at
100.00
73,866
250
Marshall
School
District,
Missouri,
Certificates
of
Participation,
Series
2023,
5.000%,
3/01/49
-
BAM
Insured
3/33
at
100.00
260,013
245
Missouri
Development
Finance
Board,
Infrastructure
Facilities
Revenue
Bonds,
City
of
Branson
-
Branson
Landing
Project,
Series
2015A,
4.000%,
6/01/34
1/24
at
100.00
245,055
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
350
0.000%,
7/01/46
7/28
at
41.38
103,283
97
0.000%,
7/01/51
7/28
at
30.01
21,103
500
4.750%,
7/01/53
7/28
at
100.00
473,186
117
5.000%,
7/01/58
7/28
at
100.00
113,734
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
239,160
200
4.329%,
7/01/40
7/28
at
100.00
189,814
50
Saint
Charles
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Wentzville
Parkway
Regional
Community
Improvement
District
Project,
Series
2019B,
4.250%,
11/01/49,
144A
11/29
at
102.00
39,763
250
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Chesterfield
Blue
Valley
Community
Improvement
District
Project,
Series
2014A,
5.250%,
7/01/44,
144A
7/24
at
100.00
217,097
500
Saint
Louis
Land
Clearance
for
Redevelopment
Authority,
Missouri,
Annual
Appropriation
Redevelopment
Revenue
Bonds,
National
Geospatial-
Intelligence
Agency
Offsite
Improvements,
Series
2022C,
5.125%,
6/01/46
6/30
at
100.00
501,928
1,000
Saint
Louis
Municipal
Finance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Convention
Center,
Expansion
&
Improvement
Projects
Series
2020,
5.000%,
10/01/49
-
AGM
Insured
10/30
at
100.00
1,033,816
600
Springfield,
Missouri,
Special
Obligation
Bonds,
Sewer
System
Improvements
Project,
Series
2015,
4.000%,
4/01/35
4/25
at
100.00
601,478
125
Taney
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Improvement
Bonds,
Big
Cedar
Infrastructure
Project
Series
2023,
6.000%,
10/01/49,
144A
10/30
at
100.00
121,788
450
The
Industrial
Development
Authority
of
the
City
of
Saint
Louis,
Missouri,
Development
Financing
Revenue
Bonds,
Ballpark
Village
Development
Project,
Series
2017A,
4.750%,
11/15/47
11/26
at
100.00
326,817
205
Transportation
Development
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2017,
4.500%,
6/01/36
6/26
at
100.00
205,759
195
Universal
City
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Tax
Increment
and
Special
District
Markets
at
Olive
Project
Series
2023A,
5.500%,
6/15/42
6/33
at
100.00
192,987
320
Wentzville,
Missouri,
Certificates
of
Participation,
Series
2023,
5.000%,
3/01/37
3/33
at
100.00
350,605
Total
Tax
Obligation/Limited
10,309,218
Nuveen
Missouri
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
34
NOM
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Transportation
-
14
.0
%
(
8
.4
%
of
Total
Investments)
$
450
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019A,
5.000%,
3/01/44,
(AMT)
3/29
at
100.00
$
456,054
2,000
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B,
5.000%,
3/01/46,
(AMT)
3/29
at
100.00
2,021,475
1,265
Saint
Louis,
Missouri,
Airport
Revenue
Bonds,
Lambert-St.
Louis
International
Airport,
Series
2017C,
5.000%,
7/01/47
-
AGM
Insured
7/27
at
100.00
1,308,316
Total
Transportation
3,785,845
Utilities
-
22
.9
%
(
13
.8
%
of
Total
Investments)
150
Franklin
County
Public
Water
Supply
District
3,
Missouri,
Certificates
of
Participation,
Series
2017,
4.000%,
12/01/37
12/24
at
100.00
150,660
500
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2023A,
4.000%,
1/01/48
1/33
at
100.00
485,323
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Refunding
Improvement
Series
2022B:
500
5.000%,
5/01/47
5/32
at
100.00
541,095
500
5.250%,
5/01/52
5/32
at
100.00
548,074
500
Missouri
Development
Finance
Board,
Infrastructure
Facilities
Revenue
Bonds,
City
of  Independence
Annual
Appropriation
Electric
System,
Refunding
Series
2022,
5.000%,
6/01/34
-
AGM
Insured
6/32
at
100.00
570,606
500
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Water
Facility
Revenue
Bonds,
Tri-County
Water
Authority,
Series
2015,
5.000%,
1/01/40
1/25
at
100.00
507,559
500
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Plum
Point
Project,
Refunding
Series
2014A,
5.000%,
1/01/33
1/25
at
100.00
505,637
500
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Plum
Point
Project,
Refunding
Series
2015A,
4.000%,
1/01/35
1/26
at
100.00
502,195
500
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
MoPEP
Facilities,
Series
2018,
5.000%,
12/01/43
6/27
at
100.00
509,689
500
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Missouri
Project,
Series
2022,
5.000%,
12/01/44
12/30
at
100.00
529,733
585
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Refudning
Series
2016C,
5.000%,
12/01/32
12/25
at
100.00
603,382
550
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Series
2018,
4.000%,
12/01/39
12/25
at
100.00
547,018
260
Stone
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Series
2021B,
4.000%,
12/01/51
12/28
at
100.00
219,856
Total
Utilities
6,220,827
Total
Municipal
Bonds
(cost
$45,635,296)
44,887,129
Total
Long-Term
Investments
(cost
$45,635,296)
44,887,129
35
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
 0.9%(0.6%
of
Total
Investments)  
X
250,000
MUNICIPAL
BONDS
-
0.9%  (0.6%
of
Total
Investments)
X
250,000
Health
Care
-
0
.9
%
(
0
.6
%
of
Total
Investments)
$
250
(e)
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
BJC
Health
System,
Variable
Rate
Demand
Obligations,
Series
2008C,
3.250%,
5/15/38,
(Mandatory
Put
12/07/23)
11/23
at
100.00
$
250,000
Total
Health
Care
250,000
Total
Municipal
Bonds
(cost
$250,000)
250,000
Total
Short-Term
Investments
(cost
$250,000)
250,000
Total
Investments
(cost
$45,885,296)
-
166.4%
45,137,129
Floating
Rate
Obligations
-
(2.2)%  
(
600,000
)
MFP
Shares,
Net
-
(65.7)%
(f)
(
17,807,458
)
Other
Assets
&
Liabilities,
Net
-
1.5%
392,606
Net
Assets
Applicable
to
Common
Shares
-
100%
$
27,122,277
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(d)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(e)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(f)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
39.5%.
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
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
See
Notes
to
Financial
Statements
36
Nuveen
Virginia
Quality
Municipal
Income
Fund
Portfolio
of
Investments
November
30,
2023
(Unaudited)
NPV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
166.2% (100.0%
of
Total
Investments)  
X
362,222,052
MUNICIPAL
BONDS
-
166.2%  (100.0%
of
Total
Investments)
X
362,222,052
Consumer
Staples
-
6
.1
%
(
3
.7
%
of
Total
Investments)
$
1,000
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-Backed
Bonds,
Refunding
Series
2002,
5.625%,
5/15/43
1/24
at
100.00
$
1,011,354
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A:
495
5.250%,
6/01/32
12/23
at
100.00
484,722
705
5.625%,
6/01/47
12/23
at
100.00
673,669
5,135
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1,
5.000%,
6/01/47
12/23
at
100.00
4,735,054
6,645
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007B2,
5.200%,
6/01/46
12/23
at
100.00
6,397,772
Total
Consumer
Staples
13,302,571
Education
and
Civic
Organizations
-
13
.1
%
(
7
.9
%
of
Total
Investments)
1,000
Alexandria
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Episcopal
High
School,
Refunding
Series
2021C,
4.000%,
1/01/46
1/31
at
100.00
934,212
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
1,107,541
565
4.000%,
1/01/40
1/27
at
100.00
546,015
245
Amherst
Industrial
Development
Authority,
Virginia,
Revenue
Bonds,
Sweet
Briar
College,
Series
2006,
5.000%,
9/01/26
1/24
at
100.00
240,439
1,000
(c)
Industrial
Development
Authority
of
the
City
of
Lexington,
Virginia,
Washington
and
Lee
University,
Educational
Facility
Revenue
Bonds,
Refunding
Series
2018A,
5.000%,
1/01/43
1/28
at
100.00
1,047,744
1,500
Loudoun
County
Industrial
Development
Authority,
Virginia,
Multi-Modal
Revenue
Bonds,
Howard
Hughes
Medical
Institute,
Series
2022A,
4.000%,
10/01/52
10/32
at
100.00
1,486,391
2,000
Madison
County
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Woodberry
Forest
School,
Series
2021,
3.000%,
10/01/50
10/30
at
100.00
1,481,377
500
Montgomery
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Virginia
Tech
Foundation,
Refunding
Series
2017A,
4.000%,
6/01/36
6/27
at
100.00
507,303
750
Roanoke
Economic
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Lynchburg
College,
Series
2018A,
5.000%,
9/01/43
9/28
at
100.00
747,607
1,000
Salem
Economic
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Roanoke
College,
Series
2020,
4.000%,
4/01/45
4/30
at
100.00
858,703
2,500
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Green
Series
2015A-2,
5.000%,
4/01/45
4/25
at
100.00
2,545,182
1,515
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
4/01/39
4/27
at
100.00
1,594,194
9,000
(c)
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
4/01/39,
(UB)
4/27
at
100.00
9,470,458
1,000
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Green
Series
2015B,
5.000%,
7/01/45,
144A
7/25
at
100.00
904,476
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
1,471,538
4,000
5.000%,
7/01/45,
144A
7/25
at
100.00
3,617,904
Total
Education
and
Civic
Organizations
28,561,084
37
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
-
30
.3
%
(
18
.2
%
of
Total
Investments)
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020:
$
1,550
5.000%,
7/01/29
No
Opt.
Call
$
1,686,810
2,000
4.000%,
7/01/39
7/30
at
100.00
1,987,043
225
4.000%,
7/01/40
7/30
at
100.00
221,073
2,055
4.000%,
7/01/45
7/30
at
100.00
1,939,006
1,465
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2023A,
5.000%,
7/01/53,
(Mandatory
Put
7/01/31)
7/30
at
100.00
1,593,833
Chesapeake
Hospital
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Chesapeake
Regional
Medical
Center,
Series
2019:
1,470
5.000%,
7/01/34
7/29
at
100.00
1,579,552
1,205
4.000%,
7/01/37
7/29
at
100.00
1,173,754
1,000
4.000%,
7/01/43
7/29
at
100.00
929,546
1,920
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/44
8/29
at
100.00
1,740,553
2,700
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
4.000%,
8/01/49
8/29
at
100.00
2,373,862
4,005
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Refunding
Series
2022,
4.000%,
5/15/42
5/32
at
100.00
3,918,429
2,500
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Series
2014A,
4.000%,
5/15/44
5/24
at
100.00
2,396,701
2,000
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Series
2018A,
4.000%,
5/15/48
5/28
at
100.00
1,871,000
2,500
Front
Royal
and
Warren
County
Industrial
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2018,
4.000%,
1/01/50
1/25
at
103.00
2,254,191
3,500
Industrial
Development
Authority
of
the
City
of
Newport
News,
Virginia,
Health
System
Revenue
Bonds,
Riverside
Health
System,
Series
2015A,
5.330%,
7/01/45,
144A
7/25
at
100.00
3,501,227
2,310
Isle
Economic
Development
Authority,
Wight
County,
Virginia,
Health
System
Revenue
Bonds,
Riverside
Health
System
Series
2023,
5.250%,
7/01/48
,
(WI/
DD)
No
Opt.
Call
2,462,055
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
202,596
4,885
5.000%,
1/01/47
1/27
at
100.00
4,927,389
1,575
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2021,
4.000%,
1/01/55
1/32
at
100.00
1,424,752
2,000
Norfolk
Economic
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Sentara
Healthcare
Systems,
Refunding
Series
2018B,
4.000%,
11/01/48
11/28
at
100.00
1,868,961
Roanoke
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Carilion
Clinic
Obligated
Group,
Series
2020A:
875
4.000%,
7/01/36
7/30
at
100.00
889,454
5,000
4.000%,
7/01/51
7/30
at
100.00
4,670,218
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
1,025,144
1,440
5.000%,
6/15/35
6/26
at
100.00
1,465,413
1,360
4.000%,
6/15/37
6/26
at
100.00
1,316,883
Nuveen
Virginia
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
38
NPV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
$
5,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc.,
Series
2020A,
4.000%,
12/01/49
6/30
at
100.00
$
4,559,398
3,000
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc.,
Series
2022A,
5.000%,
10/01/42
10/32
at
100.00
3,189,636
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Sentara
Healthcare,
Refunding
Series
2020:
1,150
4.000%,
11/01/38
11/29
at
100.00
1,157,296
2,000
4.000%,
11/01/39
11/29
at
100.00
2,008,351
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
1,538,572
1,000
5.000%,
1/01/35
1/26
at
100.00
1,024,748
2,000
4.000%,
1/01/37
1/26
at
100.00
2,004,334
1,215
5.000%,
1/01/44
1/26
at
100.00
1,228,819
Total
Health
Care
66,130,599
Housing/Multifamily
-
13
.2
%
(
7
.9
%
of
Total
Investments)
1,080
Richmond
Redevelopment
and
Housing
Authority,
Virginia,
Multi-Family
Housing
Revenue
Bonds,
American
Tobacco
Apartments,
Series
2017,
5.550%,
1/01/37,
144A
1/27
at
100.00
1,005,777
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015A:
1,000
3.500%,
3/01/35
3/24
at
100.00
978,966
1,000
3.625%,
3/01/39
3/24
at
100.00
918,078
900
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015C,
4.000%,
8/01/45
8/24
at
100.00
830,932
2,750
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015E,
3.750%,
12/01/40
12/24
at
100.00
2,496,128
1,500
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2016B,
3.350%,
5/01/36
5/25
at
100.00
1,390,420
1,700
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2017A,
3.875%,
3/01/47
3/26
at
100.00
1,492,409
3,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2019A,
3.800%,
9/01/44
3/28
at
100.00
2,636,898
1,855
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2020E,
2.500%,
7/01/45
7/29
at
100.00
1,337,148
1,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2022F,
5.000%,
10/01/52
10/31
at
100.00
1,032,385
Williamsburg
Economic
Development
Authority,
Virginia,
Student
Housing
Revenue
Bonds,
Provident
Group
-
Williamsburg
Properties
LLC
-
William
and
Mary
Project
Series
2023A:
7,650
(c)
4.000%,
7/01/48
-
AGM
Insured,
(UB)
7/33
at
100.00
7,271,094
2,600
(c)
4.125%,
7/01/58
-
AGM
Insured,
(UB)
7/33
at
100.00
2,478,719
5,000
(c)
4.375%,
7/01/63
-
AGM
Insured,
(UB)
7/33
at
100.00
4,922,773
Total
Housing/Multifamily
28,791,727
Housing/Single
Family
-
0
.5
%
(
0
.3
%
of
Total
Investments)
1,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023C,
4.875%,
7/01/48
7/32
at
100.00
1,008,028
Total
Housing/Single
Family
1,008,028
39
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Long-Term
Care
-
7
.8
%
(
4
.7
%
of
Total
Investments)
$
3,225
Albemarle
County,
Virginia,
Residential
Care
Facility
Revenue
Bonds,  Westminster-Canterbury
of
the
Blue
Ridge,
Refunding
Series
2022A,
4.000%,
6/01/42
6/29
at
103.00
$
2,845,906
700
Henrico
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
of
Richmond,
Refunding
Series
2020,
4.000%,
10/01/45
10/26
at
103.00
620,949
1,155
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Refunding
Series
2021A,
4.000%,
12/01/40
12/27
at
103.00
938,719
1,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
WindsorMeade,
Series
2021A,
4.000%,
6/01/47
6/27
at
103.00
718,977
1,000
Lexington
Industrial
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Kendal
at
Lexington
Retirement
Community
Inc.,
Refunding
Series
2016,
4.000%,
1/01/37
1/25
at
102.00
906,618
Lexington
Industrial
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Kendal
at
Lexington
Retirement
Community
Inc.,
Refunding
Series
2022.
Forward
Delivery:
1,120
4.000%,
1/01/42
1/29
at
103.00
948,488
1,000
4.000%,
1/01/48
1/29
at
103.00
801,102
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
484,887
2,700
5.250%,
1/01/54
1/24
at
104.00
2,124,034
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
597,549
2,000
5.000%,
1/01/46
1/25
at
102.00
1,614,827
2,920
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,
5.000%,
9/01/31
9/24
at
102.00
2,761,754
1,900
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
National
Senior
Campuses
Inc
Obligated
Group,
Series
2020A,
4.000%,
1/01/51
7/27
at
103.00
1,599,524
Total
Long-Term
Care
16,963,334
Tax
Obligation/General
-
3
.8
%
(
2
.2
%
of
Total
Investments)
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
3,300
0.000%,
7/01/33
7/31
at
89.94
2,013,176
4,000
4.000%,
7/01/33
7/31
at
103.00
3,741,907
1,000
4.000%,
7/01/41
7/31
at
103.00
865,939
380
Richmond,
Virginia,
General
Obligation
Bonds,
Refunding
&
Public
Improvement
Series
2017D,
5.000%,
3/01/33
No
Opt.
Call
450,362
1,000
Virginia
State,
General
Obligation
Bonds,
Series
2022A,
5.000%,
6/01/52
6/32
at
100.00
1,089,533
Total
Tax
Obligation/General
8,160,917
Tax
Obligation/Limited
-
23
.9
%
(
14
.4
%
of
Total
Investments)
1,340
Arlington
County
Industrial
Development
Authority,
Virginia,
Revenue
Bonds,
Refunding
County
Projects,
Series
2017,
5.000%,
2/15/37
8/27
at
100.00
1,409,137
1,000
Cherry
Hill
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Potomac
Shores
Project,
Series
2015,
5.400%,
3/01/45,
144A
3/25
at
100.00
1,001,693
1,150
Dulles
Town
Center
Community
Development
Authority,
Loudon
County,
Virginia
Special
Assessment
Refunding
Bonds,
Dulles
Town
Center
Project,
Series
2012,
4.250%,
3/01/26
1/24
at
100.00
1,121,165
1,500
Fairfax
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Metrorail
Parking
System
Project,
Series
2017,
5.000%,
4/01/42
4/27
at
100.00
1,554,945
Nuveen
Virginia
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
40
NPV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
1,620
Farms
of
New
Kent
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Refunding
Series
2021A,
3.750%,
3/01/36,
144A
3/31
at
100.00
$
1,535,815
4,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D,
5.000%,
11/15/34
11/25
at
100.00
4,035,534
395
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2021F.
Forward
Delivery,
4.000%,
1/01/36
1/31
at
100.00
386,182
1,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A,
5.000%,
12/01/33
12/26
at
100.00
1,023,865
2,000
Hampton
Roads
Transportation
Accountability
Commision,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2020A,
5.000%,
7/01/45
7/30
at
100.00
2,138,667
3,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2022A,
4.000%,
7/01/57
7/32
at
100.00
2,877,708
1,000
Industrial
Development
Authority
of
the
City
of
Alexandria,
Virginia,
Tourism
Development
Financing
Program
Revenue
Bonds
(699
Prince
Street
Hotel
Project),
Senior
Series
2022A-1
(Tax-Exempt)
and
Senior
Series
2022B-1,
7.750%,
9/01/44,
144A
9/32
at
110.31
1,093,350
Lower
Magnolia
Green
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Series
2015:
910
5.000%,
3/01/35,
144A
3/25
at
100.00
896,033
3,000
5.000%,
3/01/45,
144A
3/25
at
100.00
2,856,462
440
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/32
No
Opt.
Call
441,840
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
355,633
3,000
5.000%,
9/01/45,
144A
9/27
at
100.00
2,771,502
1,000
Puerto
Rico
Highway
and
Transportation
Authority,
Restructured
Toll
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/62
7/32
at
100.00
990,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
22
0.000%,
7/01/24
No
Opt.
Call
21,523
96
0.000%,
7/01/27
No
Opt.
Call
82,918
94
0.000%,
7/01/29
7/28
at
98.64
74,350
219
0.000%,
7/01/31
7/28
at
91.88
157,997
136
0.000%,
7/01/33
7/28
at
86.06
89,148
3,609
0.000%,
7/01/51
7/28
at
30.01
785,175
8,320
5.000%,
7/01/58
7/28
at
100.00
8,087,704
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
1,550
4.329%,
7/01/40
7/28
at
100.00
1,471,022
150
4.536%,
7/01/53
7/28
at
100.00
137,083
62
4.784%,
7/01/58
7/28
at
100.00
58,408
1,500
Virgin
Islands
Public
Finance
Authority,
Federal
Highway
Grant
Anticipation
Loan
Note
Revenue
Bonds,
Series
2015,
5.000%,
9/01/33,
144A
9/25
at
100.00
1,519,630
2,240
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Working
Capital
Series
2014A,
5.000%,
10/01/34
-
AGM
Insured,
144A
10/24
at
100.00
2,257,492
3,500
Virginia
Commonwealth
Transportation
Board,
Federal
Transportation
Grant
Anticipation
Revenue
Notes,
Series
2016,
5.000%,
9/15/30
9/26
at
100.00
3,659,050
2,000
Virginia
Public
Building
Authority,
Public
Facilities
Revenue
Bonds,
Series
2019B,
4.000%,
8/01/38,
(AMT)
8/29
at
100.00
1,982,232
35
Virginia
Resources
Authority,
Infrastructure
Revenue
Bonds,
Pooled
Financing
Program,
Series
2012A,
5.000%,
11/01/42
1/24
at
100.00
35,019
41
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
120
Virginia
Small
Business
Finance
Authority,
Tourism
Development
Financing
Program
Revenue
Bonds,
Downtown
Norfolk
and
Virginia
Beach
Oceanfront
Hotel
Projects,
Series
2018A,
8.375%,
4/01/41,
144A
4/28
at
112.76
$
119,478
300
Virginia
Small
Business
Financing
Authority,
Tourism
Development
Financing
Program
Revenue
Bonds,
Virginia
Beach
Oceanfront
South
Hotel
Project,
Senior
Series
2020A-1,
8.000%,
10/01/43,
144A
10/30
at
120.40
304,282
1,000
Virginia
Transportation
Board,
Transportation
Revenue
Bonds,
Capital
Projects,
Series
2018,
4.000%,
5/15/38
5/28
at
100.00
1,011,525
2,470
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Dedicated
Revenue
Bonds,
Second
Lien
Green
Series
2023A.,
5.250%,
7/15/53
7/33
at
100.00
2,716,738
920
Western
Virginia
Regional
Jail
Authority,
Virginia,
Facility
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
12/01/36
12/26
at
100.00
962,439
Total
Tax
Obligation/Limited
52,022,744
Transportation
-
50
.0
%
(
30
.1
%
of
Total
Investments)
Capital
Region
Airport
Commission,
Virginia,
Airport
Revenue
Bonds,
Refunding
Series
2016A:
375
4.000%,
7/01/34
7/26
at
100.00
379,664
400
4.000%,
7/01/35
7/26
at
100.00
404,786
250
4.000%,
7/01/38
7/26
at
100.00
250,213
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016:
5,320
5.000%,
7/01/41
-
AGM
Insured
7/26
at
100.00
5,455,202
1,705
5.000%,
7/01/46
7/26
at
100.00
1,711,691
4,200
5.000%,
7/01/51
7/26
at
100.00
4,206,728
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B:
2,000
4.750%,
7/15/32
7/28
at
100.00
2,086,491
1,000
4.875%,
7/15/40
-
AGM
Insured
7/28
at
100.00
1,036,207
4,225
4.875%,
7/15/40
7/28
at
100.00
4,310,469
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B:
4,500
4.000%,
10/01/44
10/29
at
100.00
4,171,353
3,335
4.000%,
10/01/53
-
AGM
Insured
10/29
at
100.00
3,121,691
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
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
3,644,295
11,825
0.000%,
10/01/34
-
AGC
Insured
No
Opt.
Call
7,791,573
1,135
0.000%,
10/01/36
-
AGC
Insured
No
Opt.
Call
668,341
5,010
0.000%,
10/01/39
-
AGC
Insured
No
Opt.
Call
2,467,354
6,700
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
Capital
Appreciation,
Second
Senior
Lien
Series
2010B,
6.500%,
10/01/44
10/28
at
100.00
7,339,951
7,300
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
10/01/35,
(AMT)
10/26
at
100.00
7,397,182
375
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
10/01/34,
(AMT)
10/27
at
100.00
393,432
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2018A:
2,000
(c)
5.000%,
10/01/32,
(AMT)
10/28
at
100.00
2,126,251
3,290
(c)
5.000%,
10/01/36,
(AMT)
10/28
at
100.00
3,451,689
2,000
5.000%,
10/01/38,
(AMT)
10/28
at
100.00
2,075,841
Nuveen
Virginia
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
42
NPV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Transportation
(continued)
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2019A:
$
1,000
5.000%,
10/01/30,
(AMT)
10/29
at
100.00
$
1,075,395
4,000
5.000%,
10/01/40,
(AMT)
10/29
at
100.00
4,152,123
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016:
95
5.000%,
8/01/26,
(AMT)
12/23
at
100.00
95,004
595
5.000%,
8/01/31,
(AMT)
12/23
at
100.00
594,960
1,585
Norfolk
Airport
Authority,
Virginia,
Airport
Revenue
Bonds,
Series
2019,
5.000%,
7/01/38
7/29
at
100.00
1,666,374
Virginia
Port
Authority,
Port
Facilities
Revenue
Bonds,
Refunding
Series
2016B:
3,000
5.000%,
7/01/41,
(AMT)
7/26
at
100.00
3,039,058
3,000
5.000%,
7/01/45,
(AMT)
7/26
at
100.00
3,025,248
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017:
9,035
5.000%,
12/31/49,
(AMT)
6/27
at
100.00
9,078,629
805
5.000%,
12/31/52,
(AMT)
6/27
at
100.00
807,840
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022:
1,000
5.000%,
7/01/33,
(AMT)
1/32
at
100.00
1,068,684
500
5.000%,
1/01/36,
(AMT)
1/32
at
100.00
528,266
260
5.000%,
7/01/38,
(AMT)
1/32
at
100.00
267,577
3,120
4.000%,
7/01/39,
(AMT)
1/32
at
100.00
2,901,447
1,500
4.000%,
1/01/42,
(AMT)
1/32
at
100.00
1,367,588
1,500
5.000%,
12/31/47,
(AMT)
12/32
at
100.00
1,537,074
1,840
5.000%,
12/31/52,
(AMT)
12/32
at
100.00
1,871,390
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
Elizabeth
River
Crossing
OPCO,
LLC
Project,
Refunding
Senior
Lien
Series
2022:
2,500
4.000%,
1/01/39,
(AMT)
1/32
at
100.00
2,352,086
5,000
3.000%,
1/01/41,
(AMT)
1/32
at
100.00
3,908,905
3,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2017B,
5.000%,
7/01/36
7/27
at
100.00
3,141,683
2,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2018,
5.000%,
7/01/43
7/27
at
100.00
2,060,762
Total
Transportation
109,030,497
U.S.
Guaranteed
-
10
.4
%
(
6
.3
%
of
Total
Investments)
(d)
900
Alexandria
Industrial
Development
Authority,
Virginia,
Residential
Care
Facilities
Mortgage
Revenue
Bonds,
Goodwin
House
Incorporated,
Series
2015,
5.000%,
10/01/50,
(Pre-refunded
10/01/25)
10/25
at
100.00
928,778
325
Bristol,
Virginia,
General
Obligation
Utility
System
Revenue
Bonds,
Series
2002,
5.000%,
11/01/24
-
AGM
Insured,
(ETM)
No
Opt.
Call
330,291
705
Chesapeake
Bay
Bridge
and
Tunnel
Commission,
Virginia,
General
Resolution
Revenue
Bonds,
Refunding
Series
1998,
5.500%,
7/01/25
-
NPFG
Insured,
(ETM)
No
Opt.
Call
715,993
100
Embrey
Mill
Community
Development
Authority,
Virginia,
Special
Assessment
Revenue
Bonds,
Series
2015,
5.600%,
3/01/45,
(Pre-refunded
3/01/25)
3/25
at
100.00
102,873
1,000
Fairfax
County
Economic
Development
Authority,
Virginia,
County
Facilities
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
10/01/33,
(Pre-refunded
10/01/27)
10/27
at
100.00
1,083,918
43
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
U.S.
Guaranteed
(d)
(continued)
Fairfax
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facilities
Mortgage
Revenue
Bonds,
Goodwin
House,
Inc.,
Series
2016A:
$
700
4.000%,
10/01/42,
(Pre-refunded
10/01/24)
10/24
at
102.00
$
717,151
1,965
5.000%,
10/01/42,
(Pre-refunded
10/01/24)
10/24
at
102.00
2,028,984
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
1,531,064
1,010
5.000%,
10/01/42,
(Pre-refunded
10/01/27)
10/27
at
100.00
1,092,845
1,000
5.000%,
10/01/43,
(Pre-refunded
10/01/27)
10/27
at
100.00
1,082,024
1,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Hampton
Roads
Transportation
Fund
Revenue
Bonds,
Senior
Lien
Series
2018A,
5.500%,
7/01/57,
(Pre-refunded
1/01/28)
1/28
at
100.00
1,109,653
1,630
Norfolk,
Virginia,
General
Obligation
Bonds,
Refunding
Series
2017C,
5.000%,
9/01/30,
(Pre-refunded
3/01/27)
3/27
at
100.00
1,744,605
Richmond,
Virginia,
Public
Utility
Revenue
Bonds,
Refunding
Series
2016A:
5,000
5.000%,
1/15/33,
(Pre-refunded
1/15/26)
1/26
at
100.00
5,209,312
1,000
5.000%,
1/15/35,
(Pre-refunded
1/15/26)
1/26
at
100.00
1,041,862
150
Virgin
Islands
Public
Finance
Authority,
Matching
Fund
Loan
Notes
Revenue
Bonds,
Senior
Lien
Series
2013A,
5.000%,
10/01/24
-
AGM
Insured,
(ETM)
No
Opt.
Call
150,476
1,460
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Washington
and
Lee
University,
Series
2015A,
5.000%,
1/01/40,
(Pre-
refunded
1/01/25)
1/25
at
100.00
1,489,995
2,335
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2014A,
5.000%,
1/01/44,
(Pre-refunded
1/01/24)
1/24
at
100.00
2,337,516
Total
U.S.
Guaranteed
22,697,340
Utilities
-
7
.1
%
(
4
.3
%
of
Total
Investments)
4,300
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.750%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
4,123,356
1,675
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
1/01/46
7/26
at
100.00
1,685,601
1,000
Norfolk,
Virginia,
Water
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
11/01/42
11/27
at
100.00
1,050,358
3,000
Norfolk,
Virginia,
Water
Revenue
Bonds,
Series
2015A,
5.250%,
11/01/44
11/24
at
100.00
3,029,444
2,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/47,
144A
7/30
at
100.00
1,940,641
1,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
4.000%,
7/01/42,
144A
7/31
at
100.00
871,098
725
Richmond,
Virginia,
Public
Utility
Revenue
Bonds,
Refunding
Series
2023C,
5.000%,
1/15/47
,
(WI/DD)
1/34
at
100.00
793,485
730
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Refunding
Series
2007A,
5.000%,
7/01/24
1/24
at
100.00
721,122
1,500
Virginia
Small
Business
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Covanta
Project,
Series
2018,
5.000%,
1/01/48,
(AMT),
(Mandatory
Put
7/01/38),
144A
1/24
at
100.00
1,338,106
Total
Utilities
15,553,211
Total
Municipal
Bonds
(cost
$366,455,488)
362,222,052
Total
Long-Term
Investments
(cost
$366,455,488)
362,222,052
Floating
Rate
Obligations
-
(8.7)%  
(
18,950,000
)
VRDP
Shares,
Net
-
(58.6)%
(e)
(
127,701,326
)
Other
Assets
&
Liabilities,
Net
-
1.1%
2,363,702
Net
Assets
Applicable
to
Common
Shares
-
100%
$
217,934,428
Nuveen
Virginia
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
November
30,
2023
(Unaudited)
44
NPV
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(d)
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.
(e)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
35.3%.
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.
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
45
November
30,
2023
(Unaudited)
NMT
NMS
NOM
NPV
ASSETS
Long-term
investments,
at
value
†
$
181,510,616‌
$
120,502,602‌
$
44,887,129‌
$
362,222,052‌
Short-term
investments,
at
value
◊
–‌
500,000‌
250,000‌
–‌
Cash
3,046,364‌
–‌
–‌
619,762‌
Receivables:
Interest
2,640,524‌
1,621,078‌
556,717‌
5,520,726‌
Investments
sold
35,000‌
960,427‌
115,016‌
1,005,000‌
Other
3,071‌
2,719‌
7,102‌
35,153‌
Total
assets
187,235,575‌
123,586,826‌
45,815,964‌
369,402,693‌
LIABILITIES
Cash
overdraft
–‌
1,311,608‌
141,059‌
–‌
Floating
rate
obligations
–‌
–‌
600,000‌
18,950,000‌
AMTP
Shares,
Net
*
–‌
49,775,716‌
–‌
–‌
MFP
Shares,
Net
**
–‌
–‌
17,807,458‌
–‌
VRDP
Shares,
Net
***
73,773,179‌
–‌
–‌
127,701,326‌
Payables:
Management
fees
91,825‌
59,377‌
22,197‌
173,352‌
Dividends
281,036‌
227,694‌
71,702‌
623,809‌
Interest
–‌
10‌
20,175‌
468,440‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
–‌
–‌
–‌
3,454,283‌
Accrued
expenses:
Custodian
fees
17,227‌
14,972‌
9,252‌
27,035‌
Investor
relations
3,045‌
2,312‌
1,059‌
5,727‌
Trustees
fees
3,757‌
2,421‌
890‌
32,237‌
Professional
fees
15,308‌
16,514‌
16,322‌
16,330‌
Shareholder
reporting
expenses
5,871‌
3,287‌
254‌
8,612‌
Shareholder
servicing
agent
fees
304‌
2,449‌
2,451‌
706‌
Other
2,636‌
2,384‌
868‌
6,408‌
Total
liabilities
74,194,188‌
51,418,744‌
18,693,687‌
151,468,265‌
Commitments
and
contingencies
(1)
Net
assets
applicable
to
common
shares
$
113,041,387‌
$
72,168,082‌
$
27,122,277‌
$
217,934,428‌
Common
shares
outstanding
9,324,616‌
5,787,058‌
2,349,992‌
17,924,699‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
12
.12‌
$
12
.47‌
$
11
.54‌
$
12
.16‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
93,246‌
$
57,871‌
$
23,500‌
$
179,247‌
Paid-in
capital
129,291,776‌
80,946,243‌
30,666,613‌
250,794,139‌
Total
distributable
earnings
(loss)
(
16,343,635‌
)
(
8,836,032‌
)
(
3,567,836‌
)
(
33,038,958‌
)
Net
assets
applicable
to
common
shares
$
113,041,387‌
$
72,168,082‌
$
27,122,277‌
$
217,934,428‌
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
183,353,716‌
$
123,717,134‌
$
45,635,296‌
$
366,455,488‌
◊
Short-term
investments,
cost
$
—‌
$
500,000‌
$
250,000‌
$
—‌
*
AMTP
Shares,
liquidation
preference
—‌
49,800,000‌
—‌
—‌
**
MFP
Shares,
liquidation
preference
—‌
—‌
18,000,000‌
—‌
***
    VRDP
Shares,
liquidation
preference
74,000,000‌
—‌
—‌
128,000,000‌
(1)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Operations
See
Notes
to
Financial
Statements
46
Six
Months
Ended
November
30,
2023
(Unaudited)
NMT
NMS
NOM
NPV
INVESTMENT
INCOME
Interest
$
3,696,720‌
$
2,709,645‌
$
963,927‌
$
7,801,320‌
Total
investment
income
3,696,720‌
2,709,645‌
963,927‌
7,801,320‌
EXPENSES
–
–
–
–
Management
fees
573,240‌
367,502‌
136,695‌
1,075,673‌
Shareholder
servicing
agent
fees
945‌
7,942‌
7,369‌
2,166‌
Interest
expense
and
amortization
of
offering
costs
1,627,964‌
1,119,404‌
425,904‌
3,342,229‌
Trustees
fees
3,664‌
2,396‌
881‌
6,798‌
Custodian
expenses,
net
—‌
1,145‌
281‌
—‌
Investor
relations
expenses
4,320‌
2,901‌
1,122‌
8,043‌
Professional
fees
24,364‌
21,154‌
19,495‌
29,662‌
Shareholder
reporting
expenses
8,693‌
7,184‌
5,610‌
13,994‌
Stock
exchange
listing
fees
3,757‌
3,757‌
3,764‌
3,757‌
Other
26,487‌
11,231‌
11,284‌
35,049‌
Total
expenses
2,273,434‌
1,544,616‌
612,405‌
4,517,371‌
Net
investment
income
(loss)
1,423,286‌
1,165,029‌
351,522‌
3,283,949‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
2,414,399‌
)
(
1,441,866‌
)
(
188,114‌
)
(
691,886‌
)
Net
realized
gain
(loss)
(
2,414,399‌
)
(
1,441,866‌
)
(
188,114‌
)
(
691,886‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
2,473,395‌
715,388‌
402,556‌
(
87,393‌
)
Net
change
in
unrealized
appreciation
(depreciation)
2,473,395‌
715,388‌
402,556‌
(
87,393‌
)
Net
realized
and
unrealized
gain
(loss)
58,996‌
(
726,478‌
)
214,442‌
(
779,279‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
1,482,282‌
$
438,551‌
$
565,964‌
$
2,504,670‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
47
NMT
NMS
Unaudited
Six
Months
Ended
11/30/23
Year
Ended
5/31/23
Unaudited
Six
Months
Ended
11/30/23
Year
Ended
5/31/23
OPERATIONS
Net
investment
income
(loss)
$
1,423,286‌
$
3,447,162‌
$
1,165,029‌
$
2,765,569‌
Net
realized
gain
(loss)
(
2,414,399‌
)
(
4,090,271‌
)
(
1,441,866‌
)
(
1,993,359‌
)
Net
change
in
unrealized
appreciation
(depreciation)
2,473,395‌
(
3,049,188‌
)
715,388‌
(
3,840,538‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
1,482,282‌
(
3,692,297‌
)
438,551‌
(
3,068,328‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
1,501,263‌
)
(
3,641,263‌
)
(
1,278,940‌
)
(
2,933,841‌
)
Total
distributions
(
1,501,263‌
)
(
3,641,263‌
)
(
1,278,940‌
)
(
2,933,841‌
)
CAPITAL
SHARE
TRANSACTIONS
Reinvestments
of
distributions
—‌
—‌
—‌
26,890‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—‌
—‌
—‌
26,890‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
18,981‌
)
(
7,333,560‌
)
(
840,389‌
)
(
5,975,279‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
113,060,368‌
120,393,928‌
73,008,471‌
78,983,750‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
113,041,387‌
$
113,060,368‌
$
72,168,082‌
$
73,008,471‌
See
Notes
to
Financial
Statements
48
NOM
NPV
Unaudited
Six
Months
Ended
11/30/23
Year
Ended
5/31/23
Unaudited
Six
Months
Ended
11/30/23
Year
Ended
5/31/23
OPERATIONS
Net
investment
income
(loss)
$
351,522‌
$
851,586‌
$
3,283,949‌
$
8,077,815‌
Net
realized
gain
(loss)
(
188,114‌
)
(
749,699‌
)
(
691,886‌
)
(
8,086,587‌
)
Net
change
in
unrealized
appreciation
(depreciation)
402,556‌
(
1,300,561‌
)
(
87,393‌
)
(
9,466,959‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
565,964‌
(
1,198,674‌
)
2,504,670‌
(
9,475,731‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
373,649‌
)
(
887,033‌
)
(
3,701,450‌
)
(
8,969,819‌
)
Total
distributions
(
373,649‌
)
(
887,033‌
)
(
3,701,450‌
)
(
8,969,819‌
)
CAPITAL
SHARE
TRANSACTIONS
Reinvestments
of
distributions
—‌
11,599‌
—‌
93,914‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—‌
11,599‌
—‌
93,914‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
192,315‌
(
2,074,108‌
)
(
1,196,780‌
)
(
18,351,636‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
26,929,962‌
29,004,070‌
219,131,208‌
237,482,844‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
27,122,277‌
$
26,929,962‌
$
217,934,428‌
$
219,131,208‌
Statement
of
Cash
Flows
See
Notes
to
Financial
Statements
49
Six
Months
Ended
November
30,
2023
(Unaudited)
NMT
NMS
NOM
NPV
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
1,482,282‌
$
438,551‌
$
565,964‌
$
2,504,670‌
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Purchases
of
investments
(22,288,970‌)
(26,773,608‌)
(6,836,749‌)
(35,279,245‌)
Proceeds
from
sale
and
maturities
of
investments
22,703,264‌
26,948,366‌
6,668,101‌
34,995,101‌
Proceeds
from
(Purchase
of)
short-term
investments,
net
1,500,000‌
(500,000‌)
550,000‌
—‌
Amortization
(Accretion)
of
premiums
and
discounts,
net
615,866‌
5,761‌
84,362‌
327,854‌
Amortization
of
deferred
offering
costs
4,888‌
2,610‌
4,048‌
7,607‌
(Increase)
Decrease
in:
Receivable
for
interest
156,045‌
44,835‌
(36,369‌)
(216,032‌)
Receivable
for
investments
sold
(35,000‌)
(925,427‌)
4,984‌
4,397,689‌
Other
assets
15,908‌
10,222‌
3,962‌
14,135‌
Increase
(Decrease)
in:
Payable
for
interest
—‌
10‌
11,462‌
232,620‌
Payable
for
investments
purchased
-
regular
settlement
—‌
—‌
—‌
(4,955,448‌)
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
(1,932,540‌)
—‌
(558,715‌)
3,454,283‌
Accrued
custodian
fees
(1,581‌)
(589‌)
(51‌)
(2,894‌)
Accrued
investor
relations
fees
375‌
344‌
111‌
966‌
Accrued
management
fees
(8,294‌)
(4,488‌)
(1,476‌)
(13,920‌)
Accrued
Trustees
fees
1,244‌
791‌
293‌
2,016‌
Accrued
professional
fees
13,457‌
15,146‌
15,493‌
13,421‌
Accrued
shareholder
reporting
expenses
(494‌)
(2,514‌)
(3,717‌)
(1,790‌)
Accrued
shareholder
servicing
agent
fees
133‌
1,802‌
1,228‌
349‌
Accrued
other
expenses
(7,224‌)
(4,166‌)
(5,746‌)
(2,181‌)
Net
realized
(gain)
loss
from
investments
2,414,399‌
1,441,866‌
188,114‌
691,886‌
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
(2,473,395‌)
(715,388‌)
(402,556‌)
87,393‌
Net
cash
provided
by
(used
in)
operating
activities
2,160,363‌
(15,876‌)
252,743‌
6,258,480‌
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
borrowings
524,827‌
334,895‌
101,581‌
1,670,418‌
(Repayments)
of
borrowings
(524,827‌)
(334,895‌)
(101,581‌)
(1,670,418‌)
Proceeds
from
floating
rate
obligations
—‌
—‌
—‌
(1,400,000‌)
Increase
(Decrease)
in:
Cash
overdraft
—‌
1,270,794‌
107,555‌
(579,979‌)
Cash
distributions
paid
to
common
shareholders
(1,456,090‌)
(1,254,918‌)
(360,298‌)
(3,658,739‌)
Net
cash
provided
by
(used
in)
financing
activities
(1,456,090‌)
15,876‌
(252,743‌)
(5,638,718‌)
Net
increase
(decrease)
in
Cash
704,273‌
–‌
–‌
619,762‌
Cash
at
the
beginning
of
period
2,342,091‌
—‌
—‌
—‌
Cash
at
the
end
of
period
$
3,046,364‌
$
—‌
$
—‌
$
619,762‌
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
NMT
NMS
NOM
NPV
Cash
paid
for
interest
$
1,626,114‌
$
1,111,655‌
$
410,144‌
$
3,096,582‌
Financial
Highlights
50
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NMT
11/30/23(c)
2.95
%
(d)
5/31/23
2.03
5/31/22
0.54
5/31/21
0.49
5/31/20
1.14
5/31/19
1.30
NMS
11/30/23(c)
3.17
(d) 
5/31/23
2.22
5/31/22
0.65
5/31/21
0.60
5/31/20
1.32
5/31/19
1.59
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NMT
11/30/23(c)
$
12.12
$
0.15
$
0.01
$
0.16
$
(0.16)
$
—
$
(0.16)
$
—
$
12.12
$
10.25
5/31/23
12.91
0.37
(0.77)
(0.40)
(0.39)
—
(0.39)
—
12.12
10.29
5/31/22
15.36
0.51
(2.43)
(1.92)
(0.53)
—
(0.53)
—
12.91
12.20
5/31/21
14.65
0.57
0.69
1.26
(0.55)
—
(0.55)
—
15.36
14.92
5/31/20
14.73
0.52
(0.10)
0.42
(0.50)
—
(0.50)
—
14.65
13.15
5/31/19
14.28
0.52
0.42
0.94
(0.50)
—
(0.50)
0.01
14.73
12.84
NMS
11/30/23(c)
12.62
0.20
(0.13)
0.07
(0.22)
—
(0.22)
—
12.47
10.69
5/31/23
13.65
0.48
(1.00)
(0.52)
(0.51)
—
(0.51)
—
12.62
11.04
5/31/22
15.62
0.64
(1.98)
(1.34)
(0.63)
—
(0.63)
—
13.65
15.45
5/31/21
14.81
0.66
0.76
1.42
(0.61)
—
(0.61)
—
15.62
16.24
5/31/20
15.19
0.59
(0.40)
0.19
(0.57)
—
(0.57)
—
14.81
13.55
5/31/19
14.69
0.62
0.50
1.12
(0.62)
—
(0.62)
—(e)
15.19
13.76
(a)
Percentage
is
not
annualized.
(b)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
issued
by
the
Fund,
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expenses
and
other
costs
related
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements)
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
Notes
to
Financial
Statements),
where
applicable,
as
follows:
See
Notes
to
Financial
Statements
51
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(a)
Based
on
Share
Price(a)
Net
Assets,
End
of
Period
(000)
Expenses(b)
Net
Investment
Income
(Loss)(b)
Portfolio
Turnover
Rate
1.37‌
%
1.22‌
%
$
113,041
4.12‌
%
(d)
2.58‌
%
(d)
12‌
%
(3.07‌)
(12.60‌)
113,060
3.19‌
3.02‌
24‌
(12.84‌)
(15.12‌)
120,394
1.60‌
3.45‌
18‌
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
0.63‌
(1.10‌)
72,168
4.37‌
(d)
3.30‌
(d)
22‌
(3.79‌)
(25.51‌)
73,008
3.46‌
3.74‌
19‌
(8.87‌)
(0.84‌)
78,984
1.77‌
4.22‌
19‌
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
(c)
Unaudited.
(d)
Annualized.
(e)
Value
rounded
to
zero.
Financial
Highlights
(continuted)
52
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NOM
11/30/23(c)
3.24
%
(d)
5/31/23
2.25
5/31/22
0.69
5/31/21
0.63
5/31/20
1.29
5/31/19
1.40
NPV
11/30/23(c)
3.14
(d)
5/31/23
2.16
5/31/22
0.63
5/31/21
0.58
5/31/20
1.18
5/31/19
1.42
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NOM
11/30/23(c)
$
11.46
$
0.15
$
0.09
$
0.24
$
(0.16)
$
—
$
(0.16)
$
—
$
11.54
$
9.75
5/31/23
12.35
0.36
(0.87)
(0.51)
(0.38)
—
(0.38)
—
11.46
9.86
5/31/22
14.16
0.49
(1.78)
(1.29)
(0.52)
—
(0.52)
—
12.35
12.46
5/31/21
13.64
0.55
0.48
1.03
(0.51)
—
(0.51)
—
14.16
14.70
5/31/20
13.84
0.50
(0.21)
0.29
(0.49)
—
(0.49)
—
13.64
14.56
5/31/19
13.48
0.52
0.36
0.88
(0.52)
—
(0.52)
—
13.84
13.97
NPV
11/30/23(c)
12.23
0.18
(0.04)
0.14
(0.21)
—
(0.21)
—
12.16
10.52
5/31/23
13.25
0.45
(0.97)
(0.52)
(0.50)
—
(0.50)
—
12.23
10.86
5/31/22
15.48
0.59
(2.24)
(1.65)
(0.58)
—
(0.58)
—
13.25
12.77
5/31/21
14.51
0.61
0.94
1.55
(0.58)
—
(0.58)
—
15.48
16.13
5/31/20
14.67
0.54
(0.17)
0.37
(0.53)
—
(0.53)
—
14.51
13.40
5/31/19
14.17
0.53
0.49
1.02
(0.53)
—
(0.53)
0.01
14.67
12.92
(a)
Percentage
is
not
annualized.
(b)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
issued
by
the
Fund,
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expenses
and
other
costs
related
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements)
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
Notes
to
Financial
Statements),
where
applicable,
as
follows:
See
Notes
to
Financial
Statements
53
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(a)
Based
on
Share
Price(a)
Net
Assets,
End
of
Period
(000)
Expenses(b)
Net
Investment
Income
(Loss)(b)
Portfolio
Turnover
Rate
2.14‌
%
0.54‌
%
$
27,122
4.66‌
%
(d)
2.67‌
%
(d)
15‌
%
(4.13‌)
(18.12‌)
26,930
3.71‌
3.12‌
25‌
(9.35‌)
(11.98‌)
29,004
2.03‌
3.61‌
25‌
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
1.18‌
(1.15‌)
217,934
4.24‌
(d)
3.08‌
(d)
10‌
(3.94‌)
(11.31‌)
219,131
3.28‌
3.64‌
29‌
(10.89‌)
(17.67‌)
237,483
1.64‌
3.97‌
18‌
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
(c)
Unaudited.
(d)
Annualized.
54
Financial
Highlights
(continued)
The
following
table
sets
forth
information
regarding
each
Fund's
outstanding
senior
securities
as
of
the
end
of
each
of
the
Fund's
last
five
fiscal
periods,
as
applicable.
AMTP
Shares
MFP
Shares
VRDP
Shares
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
NMT
11/30/23(c)
$
—
$
—
$
—
$
—
$
74,000
$
252,759
5/31/23
—
—
—
—
74,000
252,784
5/31/22
—
—
—
—
74,000
262,694
5/31/21
—
—
—
—
74,000
293,573
5/31/20
—
—
—
—
74,000
284,556
5/31/19
—
—
—
—
74,000
285,515
NMS
11/30/23(c)
49,800
244,916
—
—
—
—
5/31/23
49,800
246,603
—
—
—
—
5/31/22
52,800
249,590
—
—
—
—
5/31/21
52,800
271,041
—
—
—
—
5/31/20
52,800
262,204
—
—
—
—
5/31/19
52,800
266,310
—
—
—
—
NOM
11/30/23(c)
—
—
18,000
250,679
—
—
5/31/23
—
—
18,000
249,611
—
—
5/31/22
—
—
18,000
261,134
—
—
5/31/21
—
—
18,000
284,581
—
—
5/31/20
—
—
18,000
277,757
—
—
5/31/19
—
—
18,000
280,242
—
—
NPV
11/30/23(c)
—
—
—
—
128,000
270,261
5/31/23
—
—
—
—
128,000
271,196
5/31/22
—
—
—
—
128,000
285,533
5/31/21
—
—
—
—
128,000
316,409
5/31/20
—
—
—
—
128,000
302,608
5/31/19
—
—
—
—
128,000
304,845
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
liquidation
preference
as
of
the
end
of
the
relevant
fiscal
year.
(b)
Asset
Coverage
Per
$100,000:
Asset
coverage
per
$100,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable,)
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
100,000.
(c)
Unaudited.
Notes
to
Financial
Statements
(Unaudited)
55
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
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.
NMT
and
NPV
were
organized
as
Massachusetts
business
trusts
on
January
12,
1993.
NMS
and
NOM
were
organized
as
Massachusetts
business
trusts
on
April
28,
2014
and
March
29,
1993,
respectively.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
November
30,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
November
30,
2023
(the
“current
fiscal
period”).
Investment
Adviser
and
Sub-Adviser:
The
Fund’s
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
portfolio
of
the
Funds.
Developments
Regarding
the
Funds’
Control
Share
By-Law:
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Board
of
Trustees
(the
“Board”)
amended
the
Funds’
by-laws
to
provide
that
the
Funds’
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Funds’
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
On
November
30,
2023,
the
U.S.
Court
of
Appeals
for
the
Second
Circuit
upheld
the
opinion
of
the
District
Court.
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
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and shareholder
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
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
from
the
Adviser
or
its
affiliates.
The Board has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit:
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
56
Notes
to
Financial
Statements
(Unaudited)
(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
expects
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
accretion
of
discounts
and
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.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financials.
New
Accounting
Pronouncement: 
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.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024.
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.
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
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
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:
Fund
Gross
Custodian
Fee
Credits
NMT
$
18,061
NMS
8,471
NOM
5,708
NPV
18,266
57
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
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,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
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;
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:
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
later
in
these Notes
to
Financial
Statements.
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
later
in
these
Notes
to
Financial
Statements.
4.
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
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
NMT
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
181,510,616
$
–
$
181,510,616
Total
$
–
$
181,510,616
$
–
$
181,510,616
NMS
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
120,502,602
$
–
$
120,502,602
Short-Term
Investments:
Municipal
Bonds
–
500,000
–
500,000
Total
$
–
$
121,002,602
$
–
$
121,002,602
NOM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
44,887,129
$
–
$
44,887,129
Short-Term
Investments:
Municipal
Bonds
–
250,000
–
250,000
Total
$
–
$
45,137,129
$
–
$
45,137,129
NPV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
362,222,052
$
–
$
362,222,052
Total
$
–
$
362,222,052
$
–
$
362,222,052
58
Notes
to
Financial
Statements
(Unaudited)
(continued)
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
The
Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
A
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
Floaters
issued
by
each
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
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
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NMT
$
—
$
—
$
—
NMS
—
—
—
NOM
600,000
—
600,000
NPV
18,950,000
—
18,950,000
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NMT
$
—
—
%
NMS
—
—
NOM
600,000
4.01
NPV
19,830,548
3.96
59
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any
such
facility.
Each
Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(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
(sometimes
referred
to
as
“shortfall
payments”).
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
current
fiscal
period,
the
Funds
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
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.
Purchases
and
sales:
Long-term
purchases
and
sales
during
the
current
fiscal
period
were
as
follows:
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. 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.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
NMT
$
—
$
—
$
—
NMS
—
—
—
NOM
600,000
—
600,000
NPV
18,950,000
—
18,950,000
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
NMT
$
22,288,970
$
22,703,264
NMS
26,773,608
26,948,366
NOM
6,836,749
6,668,101
NPV
35,279,245
34,995,101
60
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
6.
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:
Preferred
Shares
Adjustable
Rate
MuniFund
Term
Preferred
Shares:
NMS
has
issued
and
has
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
publicly
available.
The
details
of
the
Fund’s
AMTP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows:
The
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.
NMT
NMS
Six
Months
Ended
11/30/23
Year
Ended
5/31/23
Six
Months
Ended
11/30/23
Year
Ended
5/31/23
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
—
—
1,953
Total
—
—
—
1,953
NOM
NPV
Six
Months
Ended
11/30/23
Year
Ended
5/31/23
Six
Months
Ended
11/30/23
Year
Ended
5/31/23
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
970
—
7,763
Total
—
970
—
7,763
Fund
Series
Shares
Outstanding
Liquidation
Preference
Liquidation
Preference,
net
of
deferred
offering
costs
NMS
2028
498
$49,800,000
$49,775,716
61
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
the
Fund’s
AMTP
Shares
are
as
follows:
*
Subject
to
early
termination
by
either
the
Fund
or
the
holder.
The
average
liquidation
preference
of
AMTP
Shares
outstanding
and
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
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
Fund's
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
“AMTP
Shares,
Net”
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
“Payable
for
interest”
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
the
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
“AMTP
Shares,
net”
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
have
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
their
MFP
Shares
by
the
date
as
specified
in
its
offering
documents
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Fund.
MFP
Shares
are
initially
issued
in
a
pre-specified
mode,
however,
MFP
Shares
can
be
subsequently
designated
as
an
alternative
mode
at
a
later
date
at
the
discretion
of
the
Fund.
The
modes
within
MFP
Shares
detail
the
dividend
mechanics
and
are
described
as
follows.
At
a
subsequent
date,
the
Fund
may
establish
additional
mode
structures
with
the
MFP
Share.
•
Variable
Rate
Remarketed
Mode
(“VRRM”)
–
Dividends
for
MFP
Shares
within
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
Shareholders
have
the
ability
to
request
a
best-efforts
tender
of
its
shares
upon
seven
days
notice.
If
the
remarketing
agent
is
unable
to
identify
an
alternative
purchaser,
the
shares
will
be
retained
by
the
shareholder
requesting
tender
and
the
subsequent
dividend
rate
will
increase
to
its
step-up
dividend
rate.
If
after
one
consecutive
year
of
unsuccessful
remarketing
attempts,
the
Fund
will
be
required
to
designate
an
alternative
mode
or
redeem
the
shares.
The
Fund
will
pay
a
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
Shares
while
designated
in
VRRM.
Payments
made
by
the
Fund
to
the
remarketing
agent
are
recognized
as
“Remarketing
fees”
on
the
Statement
of
Operations.
•
Variable
Rate
Mode
(“VRM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
are
based
upon
a
short-term
index
plus
an
additional
fixed
“spread”
amount
established
at
the
time
of
issuance
or
renewal
/
conversion
of
its
mode.
At
the
end
of
the
period
of
the
mode,
the
Fund
will
be
required
to
either
extend
the
term
of
the
mode,
designate
an
alternative
mode
or
redeem
the
MFP
Shares.
The
fair
value
of
MFP
Shares
while
in
VRM
are
expected
to
approximate
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
shares
remains
roughly
in
line
with
the
“spread”
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market.
In
current
market
conditions,
the
Adviser
has
determined
that
the
fair
value
of
the
shares
are
approximately
their
liquidation
preference,
but
their
fair
value
could
vary
if
market
conditions
change
materially.
•
Variable
Rate
Demand
Mode
(“VRDM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
While
in
this
mode,
shares
will
have
an
unconditional
liquidity
feature
that
enable
its
shareholders
to
require
a
liquidity
provider,
which
the
Fund
has
entered
into
a
contractual
agreement,
to
purchase
shares
in
the
event
that
the
shares
are
not
able
to
be
successfully
remarketed.
In
the
event
that
shares
within
this
mode
are
unable
to
be
successfully
Fund
Notice
Period
Series
Term
Redemption
Date
Premium
Expiration
Date
NMS
360-day
2028
December
1,
2028*
November
30,
2019
Fund
Average
Liquidation
Preference
of
AMTP
Shares
Outstanding
Annualized
Dividend
Rate
NMS
$
49,800,000
4.46
%
62
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
Operations.
For
financial
reporting
purposes,
the
liquidation
preference
of
MFP
Shares
is
recorded
as
a
liability
and
is
recognized
as
a
component
of
“MFP
Shares,
Net”
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
“Payable
for
interest”
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
MFP
Shares,
Net
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:
The
average
liquidation
preference
of
MFP
Shares
outstanding
and
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
Variable
Rate
Demand
Preferred
Shares:
The
following
Funds
have
issued
and
have
outstanding
Variable
Rate
Demand
Preferred
(“VRDP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
VRDP
Shares
are
issued
via
private
placement
and
are
not
publicly
available.
As
of
the
end
of
the
reporting
period,
details
of
the
Funds’
VRDP
Shares
outstanding
were
as
follows:
VRDP
Shares
include
a
liquidity
feature
that
allows
VRDP
shareholders
to
have
their
shares
purchased
by
a
liquidity
provider
with
whom
each
Fund
has
contracted
in
the
event
that
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
Fund
Series
Shares
Outstanding
Liquidation
Preference
Liquidation
Preference,
net
of
deferred
offering
costs
Term
Redemption
Date
Mode
Mode
Termination
Date
NOM
A
180
$18,000,000
$17,807,458
October
1,
2047
VRM
April
1,
2024
Fund
Average
Liquidation
Preference
of
MFP
Shares
Outstanding
Annualized
Dividend
Rate
NOM
$
18,000,000
4.55
%
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Liquidation
Preference,
net
of
deferred
offering
costs
Special
Rate
Period
Expiration
Maturity
NMT
1
740
N/A**
$74,000,000
$73,773,179
March
1,
2047
March
1,
2047
NPV
1
1,280
N/A**
$128,000,000
$127,701,326
July
17,
2024
August
3,
2043
*
Remarketing
fees
as
a
percentage
of
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding
for
each
series.
**
Not
applicable.
Series
is
considered
to
be
Special
Rate
VRDP
and
therefore
does
not
pay
a
remarketing
fee.
63
rate
based
on
the
predetermined
formula.
Following
the
initial
special
rate
period,
Special
Rate
Period
VRDP
Shares
may
transition
to
traditional
VRDP
Shares
with
dividends
set
at
weekly
remarketings,
and
be
supported
by
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
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:
For
financial
reporting
purposes,
the
liquidation
preference
of
VRDP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“VRDP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities.
Unpaid
dividends
on
VRDP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
Dividends
accrued
on
VRDP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Costs
incurred
by
the
Funds
in
connection
with
their
offerings
of
VRDP
Shares
were
recorded
as
a
deferred
charge,
which
are
being
amortized
over
the
life
of
the
shares
and
are
recognized
as
a
component
of
“VRDP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offerings
costs”
on
the
Statement
of
Operations.
In
addition
to
interest
expense,
each
Fund
also
pays
a
per
annum
liquidity
fee
to
the
liquidity
provider,
as
well
as
a
remarketing
fee,
which
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees,”
respectively,
on
the
Statement
of
Operations.
Preferred
Share
Transactions: 
Transactions
in
preferred
shares
during
the
Funds'
current
and
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
tables.
Transactions
in
AMTP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Fund
Average
Liquidation
Preference
of
VRDP
Shares
Outstanding
Annualized
Dividend
Rate
NMT
$
74,000,000
4.39
%
NPV
128,000,000
4.59
Year
Ended
May
31,
2023
NMS
Series
Shares
Amount
AMTP
Shares
redeemed
2028
(30)
$(3,000,000)
64
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
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
each
Fund’s
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:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NMT
$
183,321,533
$
2,164,760
$
(3,975,677)
$
(1,810,917)
NMS
124,174,438
1,408,839
(4,580,675)
(3,171,836)
NOM
45,268,224
459,854
(1,190,949)
(731,095)
NPV
347,540,239
7,183,531
(11,451,718)
(4,268,187)
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NMT
$
106,801
$
1,437
$
—
$
(4,295,422)
$
(11,895,030)
$
—
$
(242,440)
$
(16,324,654)
NMS
121,071
1,253
—
(3,895,567)
(4,014,066)
—
(208,334)
(7,995,643)
NOM
55,707
—
—
(1,134,191)
(2,621,742)
—
(59,925)
(3,760,151)
NPV
527,964
4,949
—
(4,196,779)
(27,568,871)
—
(609,440)
(31,842,177)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividends
declared
on
May
1,
2023
and
paid
on
June
1,
2023.
Fund
Short-Term
Long-Term
Total
NMT
$
4,991,192
$
6,903,838
$
11,895,030
NMS
1,922,890
2,091,176
4,014,066
NOM
801,761
1,819,981
2,621,742
NPV
11,482,199
16,086,672
27,568,871
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
65
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:
*
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
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
As
of
November
30,
2023,
the
complex-level
fee
for
each
Fund
was
as
follows:
Other
Transactions
with
Affiliates:
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
9.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts
and
certain
agreements
related
to
preferred
shares,
which
are
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.
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
Fund
Complex-Level
Fee
NMT
0.1608%
NMS
0.1608%
NOM
0.1608%
NPV
0.1608%
Fund
Purchases
Sales
Realized
Gain
(Loss)
NMT
$
2,291,015
$
5,971,260
$
(606,570
)
NMS
17,074,435
15,910,798
(528,056
)
NOM
826,837
784,001
(33,604
)
NPV
2,660,970
—
—
66
Notes
to
Financial
Statements
(Unaudited)
(continued)
From
time
to
time,
the
Funds
may
be
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
management
has
determined
that
any
legal
proceeding(s)
the
Funds
are
subject
to,
including
those
described
within
this
report,
are
unlikely
to
have
a
material
impact
to
any
of
the
Funds’
financial
statements.
10.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-
going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
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
current
credit
facility
was
entered
into
on
June
21,
2023
expiring
on
June
19,
2024,
replacing
the
previous
facility,
which
expired
in June
2023.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
following
Funds
utilized
this
facility.
Each
Fund’s
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
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:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
Inter-Fund
Borrowing
and
Lending:
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
Fund
Maximum
Outstanding
Balance
NMT
$
524,827
NMS
334,895
NOM
69,472
NPV
1,670,418
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NMT
3
$
524,827
6.28
%
NMS
10
254,895
6.28
NOM
6
50,790
6.41
NPV
3
1,670,418
6.53
67
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.
11.
Subsequent
Events
As
noted
in
the
Common
Share
information
section
of
this
report,
effective
with
distributions
payable
on
December
1,
2023,
each
Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
The
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
If
the
Fund’s
distribution
includes
anything
other
than
net
investment
income,
the
Fund
will
provide
a
notice
to
shareholders
of
its
best
estimate
of
the
distribution
sources
at
that
the
time
of
the
distribution.
These
estimates
may
not
match
the
final
tax
characterization
(for
the
full
year’s
distributions)
contained
in
shareholders’
1099-DIV
forms
after
the
end
of
the
year.
68
Risk
Considerations
(Unaudited)
Fund
shares
are
not
guaranteed
or
endorsed
by
any
bank
or
other
insured
depository
institution,
and
are
not
federally
insured
by
the
Federal
Deposit
Insurance
Corporation.
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
(NMT)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
State
concentration
makes
the
Fund
more
susceptible
to
local
adverse
economic,
political,
or
regulatory
changes
affecting
municipal
bond
issuers.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NMT.
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(NMS)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
State
concentration
makes
the
Fund
more
susceptible
to
local
adverse
economic,
political,
or
regulatory
changes
affecting
municipal
bond
issuers.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NMS.
Nuveen
Missouri
Quality
Municipal
Income
Fund
(NOM)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
State
concentration
makes
the
Fund
more
susceptible
to
local
adverse
economic,
political,
or
regulatory
changes
affecting
municipal
bond
issuers.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NOM.
Nuveen
Virginia
Quality
Municipal
Income
Fund
(NPV)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
State
concentration
makes
the
Fund
more
susceptible
to
local
adverse
economic,
political
or
regulatory
changes
affecting
municipal
bond
issuers.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NPV.
69
Additional
Fund
Information
(Unaudited)
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
The
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.
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.
Board
of
Trustees
Joseph
A.
Boateng
*
Jack
B.
Evans**
Michael
A.
Forrester*
William
C.
Hunter**
Thomas
J.
Kenny***
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr***
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
*
Effective
January
1,
2024,
serves
as
a
Trustee
to
NMT
and
a
consultant
to
NMS,
NOM
and
NPV.
**
Retired
from
the
Funds'
Board
of
Trustees
effective
December
31,
2023.
***
Effective
January
1,
2024.
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
NMT
NMS
NOM
NPV
Common
shares
repurchased
0
0
0
0
70
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
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Effective
Leverage:
Effective
leverage
is
a
fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
(see
leverage)
and
the
leverage
effects
of
certain
derivative
investments
in
the
fund’s
portfolio.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Escrowed
to
Maturity
Bond:
When
proceeds
of
a
refunding
issue
are
deposited
in
an
escrow
account
for
investment
in
an
amount
sufficient
to
pay
the
principal
and
interest
on
the
issue
being
refunded.
In
some
cases,
though,
an
issuer
may
expressly
reserve
its
right
to
exercise
an
early
call
of
bonds
that
have
been
escrowed
to
maturity.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities,
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
“inverse
floaters”,
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater”)
to
an
investor
(such
as
a
Fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Pre-Refunded
Bond/Pre-Refunding:
Pre-Refunded
Bond/Pre-Refunding,
also
known
as
advanced
refundings
or
refinancing,
is
a
procedure
used
by
state
and
local
governments
to
refinance
municipal
bonds
to
lower
interest
expenses.
The
issuer
sells
new
bonds
with
a
lower
yield
and
uses
the
proceeds
to
buy
U.S.
Treasury
securities,
the
interest
from
which
is
used
to
make
payments
on
the
higher-yielding
bonds.
Because
of
this
collateral,
pre-refunding
generally
raises
a
bond’s
credit
rating
and
thus
its
value.
Regulatory
Leverage:
Regulatory
leverage
consists
of
preferred
shares
issued
by
or
borrowings
of
a
fund.
Both
of
these
are
part
of
a
fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
in
the
Investment
Company
Act
of
1940.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
Zero
Coupon
Bond:
A
zero
coupon
bond
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
bond.
Income
to
the
holder
of
the
bond
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
bond
at
issuance
and
the
par
value
of
the
bond
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
bonds
generally
are
more
volatile
than
the
market
prices
of
bonds
that
pay
interest
periodically.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-A-1123P
3299626-INV-B-01/25
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
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
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

ITEM 2.

CODE OF ETHICS.

Not applicable to this filing.

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

 

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

 

ITEM 6.

SCHEDULE OF INVESTMENTS.

 

(a)   See Portfolio of Investments in Item 1.

 

(b)   Not applicable.

 

ITEM 7.

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

Not applicable to this filing.

 

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

 

ITEM 9.

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

Not applicable.

 

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11.

CONTROLS AND PROCEDURES.

 

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

 

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

 

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 13.

EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

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

SIGNATURES

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

(Registrant) Nuveen Massachusetts Quality Municipal Income Fund

 

By (Signature and Title)    /s/ David J. Lamb
  David J. Lamb
  Chief Administrative Officer

Date: February 2, 2024

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: February 2, 2024

 

By (Signature and Title)    /s/ E. Scott Wickerham
  E. Scott Wickerham
  Vice President and Controller
  (principal financial officer)

Date: February 2, 2024

EX-99.CERT 2 d533960dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

Exhibit 99.CERT

CERTIFICATION

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Massachusetts Quality Municipal Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)   designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)   evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)   disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)   all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: February 2, 2024    /s/ David J. Lamb
   David J. Lamb
   Chief Administrative Officer
   (principal executive officer)

CERTIFICATION

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Massachusetts Quality Municipal Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)   designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)   evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)   disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)   all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: February 2, 2024    /s/ E. Scott Wickerham
   E. Scott Wickerham
   Vice President and Controller
   (principal financial officer)
 EX-99.906CERT 3 d533960dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Exhibit 99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Massachusetts Quality Municipal Income Fund (the “Fund”), certify that, to the best of each such officer’s knowledge and belief:

 

  1.   The Form N-CSR of the Fund for the period ended November 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date: February 2, 2024

 

/s/ David J. Lamb
David J. Lamb
Chief Administrative Officer
(principal executive officer)
/s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)