Nuveen Virginia 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
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| Investment Company Act file number |
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811-07490 |
Nuveen Virginia Quality Municipal Income Fund
(Exact name of registrant as
specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL
60606
(Address of principal
executive offices) (Zip code)
Mark L. Winget
Nuveen Investments
333 West Wacker
Drive
Chicago, IL 60606
(Name and address of agent for service)
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| Registrant’s telephone number, including area code: |
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(312) 917-7700 |
|
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| Date of fiscal year end: |
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May 31 |
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| Date of reporting period: |
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May 31, 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. |
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
Chair’s
Letter
to
Shareholders
3
Portfolio
Managers’
Comments
4
Fund
Leverage
9
Common
Share
Information
10
About
the
Funds’
Benchmarks
12
Performance
Overview
and
Holding
Summaries
13
Shareholder
Meeting
Report
21
Report
of
Independent
Registered
Public
Accounting
Firm
23
Portfolios
of
Investments
24
Statement
of
Assets
and
Liabilities
51
Statement
of
Operations
52
Statement
of
Changes
in
Net
Assets
53
Statement
of
Cash
Flows
55
Financial
Highlights
56
Notes
to
Financial
Statements
61
Shareholder
Update
74
Important
Tax
Information
99
Additional
Fund
Information
100
Glossary
of
Terms
Used
in
this
Report
101
Annual
Investment
Management
Agreement
Approval
Process
102
Board
Members
&
Officers
109
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
since
2022
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
May
2023,
the
Fed
raised
the
target
fed
funds
rate
by
5.00%
to
a
range
of
5.00%
to
5.25%,
then
left
the
rate
unchanged
in
June
2023,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Inflation
rates
in
the
U.S.
and
across
most
of
the
world
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
relatively
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
2022
overall
compared
to
2021
and
expanded
at
a
moderate
pace
of
2.0%
in
the
first
quarter
of
2023.
A
relatively
strong
jobs
market
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages,
although
the
collapse
of
three
regional
U.S.
banks
(Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank)
and
major
European
bank
Credit
Suisse
in
March
2023
is
likely
to
add
further
downward
pressure
to
the
economy
as
the
banking
system
slows
lending
in
response.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis,
including
pausing
rate
adjustments
at
the
most
recent
meeting
in
June
2023
to
assess
the
effects
of
monetary
policy
so
far
on
the
economy.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
Additionally,
market
concerns
surrounding
the
U.S.
debt
ceiling
faded
after
the
government
agreed
in
June
2023
to
suspend
the
nation’s
borrowing
limit
until
January
2025,
averting
a
near-term
default
scenario.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
turbulence.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
July 21,
2023
Portfolio
Managers’
Comments
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
(NMT)
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(NMS)
Nuveen
Missouri
Quality
Municipal
Income
Fund
(NOM)
Nuveen
Virginia
Quality
Municipal
Income
Fund
(NPV)
These
Funds
portfolio
management
by
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser.
Portfolio
manager
Michael
S.
Hamilton
manages
the
Nuveen
Massachusetts
Quality
Municipal
Income
Fund,
Christopher
L.
Drahn,
CFA,
manages
the
Nuveen
Minnesota
Quality
Municipal
Income
Fund
and
Nuveen
Missouri
Quality
Municipal
Income
Fund
and
Stephen
J.
Candido,
CFA,
manages
the
Nuveen
Virginia
Quality
Municipal
Income
Fund.
Here
the
Funds’
portfolio
managers
review
U.S.
economic
and
municipal
market
conditions,
key
investment
strategies
and
the
performance
of
the
Funds
for
the
twelve-month
reporting
period
ended
May
31,
2023.
For
more
information
on
the
Funds’
investment
objectives
and
policies,
please
refer
to
the
Shareholder
Update
section
at
the
end
of
the
report.
What
factors
affected
the
U.S.
economy
and
the
municipal
bond
market
during
the
twelve-month
annual
reporting
period
ended
May
31,
2023?
U.S.
economic
growth
continued
to
moderate
amid
high
inflation
and
tightening
financial
conditions
during
the
twelve-month
period
ended
May
31,
2023.
In
the
first
quarter
of
2023,
the
economy
expanded
at
an
annualized
rate
of
2%,
according
to
the
U.S.
Bureau
of
Economic
Analysis,
compared
to
2.1%
in
2022
overall.
At
the
start
of
the
reporting
period,
inflation
rose
sharply
because
of
supply
chain
disruptions
and
high
food
and
energy
prices
related
to
the
pandemic,
the
Russia-Ukraine
war
and
China’s
zero-COVID
restrictions
(eventually
lifted
in
December
2022).
Inflation
during
the
reporting
period
reached
its
peak
level
in
the
U.S.
in
June
2022.
Since
then,
price
pressures
have
eased
given
normalization
in
supply
chains,
falling
energy
prices
and
aggressive
measures
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
to
tighten
financial
conditions
and
slow
demand
in
their
economies.
Nevertheless,
inflation
levels
remained
much
higher
than
central
banks’
target
levels.
The
Fed
raised
its
target
fed
funds
rate
eight
times
during
the
reporting
period,
bringing
it
to
a
range
of
5.00%
to
5.25%
as
of
May
2023.
At
the
June
2023
meeting
(subsequent
to
the
close
of
this
reporting
period),
the
Fed
opted
to
leave
rates
unchanged.
One
of
the
Fed’s
rate
increases
occurred
in
March
2023,
a
decision
that
was
closely
watched
because
of
the
failure
of
Silicon
Valley
Bank
and
Signature
Bank
during
the
same
month
and
uncertainty
around
the
economic
impact
of
these
failures.
Additionally,
in
March
2023,
Swiss
bank
UBS
agreed
to
buy
Credit
Suisse,
which
was
considered
to
be
vulnerable
in
the
current
environment.
For
much
of
the
reporting
period,
the
Fed’s
activity
led
to
significant
volatility
in
bond
and
stock
markets.
In
addition,
it
contributed
to
an
increase
in
the
U.S.
dollar’s
value
relative
to
major
world
currencies,
which
acts
as
a
headwind
to
the
profits
of
international
companies
and
U.S.
domestic
companies
with
overseas
earnings.
Global
currency
and
bond
markets
were
further
roiled
in
September
2022
by
an
unpopular
fiscal
spending
proposal
in
the
U.K.
but
recovered
after
the
plans
were
abandoned.
During
the
reporting
period,
elevated
inflation
and
higher
borrowing
costs
weighed
on
some
segments
of
the
economy,
including
the
real
estate
market.
Consumer
spending,
however,
has
remained
more
resilient
than
expected,
in
part
because
of
a
still-strong
labor
market,
another
key
gauge
of
the
economy’s
health.
By
July
2022,
the
economy
had
recovered
the
22
million
jobs
lost
since
the
beginning
of
the
pandemic.
As
of
May
2023,
the
unemployment
rate
remained
near
its
pre-pandemic
low
of
3.7%,
although
monthly
job
growth
appeared
to
be
slowing.
The
strong
labor
market
and
wage
gains
helped
provide
a
measure
of
resilience
to
the
U.S.
economy
during
the
reporting
period,
even
as
the
Fed
sought
to
soften
job
growth
to
help
curb
inflation
pressures.
The
broad
municipal
bond
market
was
impacted
by
interest
rate
volatility
and
economic
uncertainty
during
the
reporting
period.
Municipal
yields
rose
across
the
maturity
spectrum,
but
the
move
was
uneven.
The
greatest
increase
in
yields
was
at
the
shorter
end
of
the
curve
as
markets
priced
in
a
more
aggressive
pace
of
monetary
tightening
to
combat
persistently
high
inflation.
Yields
at
the
long
end
of
the
municipal
curve
also
rose
significantly,
but
intermediate
and
intermediate-long
maturities
saw
relatively
smaller
yield
increases.
Overall,
shorter
maturities
generally
outperformed
longer
maturities
during
the
reporting
period.
In
response
to
the
rising
interest
rate
environment
and
heightened
market
volatility,
dealers
reduced
their
inventories
and
investors
increased
redemptions
from
traditional
municipal
bond
mutual
funds,
particularly
in
the
first
half
of
the
reporting
period.
Fund
flows
have
stabilized
and
began
to
improve
in
2023.
For
much
of
the
reporting
period,
credit
spreads
were
generally
stable
given
relatively
strong
municipal
fundamentals,
although
there
was
some
widening
as
the
market
sell-off
continued.
What
were
the
economic
and
market
environments
in
Massachusetts,
Minnesota,
Missouri,
and
Virginia
during
the
twelve-
month
reporting
period
ended
May
31,
2023?
Massachusetts’
economy
is
led
by
health
care,
education,
financial
services,
and
technology
and
enjoys
the
second-highest
per
capita
income
among
the
50
states.
Massachusetts’
unemployment
rate
stood
at
2.8%
in
May
2023,
compared
to
3.7%
for
the
nation.
In
fiscal
year
2022
(July
1,
2021,
to
June
30,
2022),
the
state
added
$2.3
billion
to
its
rainy
day
fund,
bringing
it
to
a
total
balance
of
$6.9
billion.
The
governor’s
approved
budget
for
fiscal
year
2023
(July
1,
2022,
to
June
30,
2023)
projects
the
rainy
day
fund
to
grow
to
$8.4
billion
by
the
end
of
the
fiscal
year.
In
April
2023,
S&P
upgraded
the
commonwealth
to
AA+
with
a
stable
outlook
from
AA
with
a
positive
outlook.
Moody’s
maintained
its
Aa1
rating
with
a
stable
outlook
for
Massachusetts
as
of
May
2023.
Massachusetts
municipal
bond
new
issuance
totaled
$10.9
billion
for
the
twelve-month
period
ended
May
31,
2023,
a
4.1%
decrease
from
the
same
period
a
year
earlier.
Minnesota’s
nominal
economic
growth
has
slightly
underperformed
the
nation
over
the
last
three
years.
As
of
May
2023,
Minnesota’s
unemployment
rate
was
2.9%,
below
the
national
unemployment
rate
of
3.7%.
Minnesota
closed
fiscal
year
2022
(July
1,
2021,
to
June
30,
2022)
with
a
$7.4
billion
general
fund
surplus
on
improved
revenue
performance
across
all
tax
categories.
The
state
more
than
doubled
its
unassigned
reserves
from
the
prior
fiscal
year
with
a
balance
of
$10.8
billion,
or
34.2%
of
fiscal
year
2022
revenue.
As
of
February
2023,
the
state
estimates
an
improved
fiscal
year
2023
unassigned
reserve
balance
of
$12.5
billion
resulting
from
higher-than-expected
individual
and
corporate
income
tax
collections.
As
of
May
2023,
Minnesota’s
general
obligation
debt
carried
ratings
of
Aaa
from
Moody’s
and
AAA
from
S&P.
Moody’s
upgraded
the
state’s
rating
to
Aaa
from
Aa1
in
July
2022.
Minnesota
municipal
bond
new
issuance
totaled
$5.7
billion
for
the
twelve-month
period
ended
May
31,
2023,
a
28.4%
decrease
from
the
same
period
a
year
earlier.
Missouri’s
economic
and
job
growth
lagged
the
nation
and
most
of
its
Midwestern
peers
for
the
period
ending
May
31,
2023.
However,
as
of
May
2023,
the
state’s
unemployment
rate
of
2.5%
was
lower
than
the
national
rate
of
3.7%.
Fiscal
year
2022
(July
1,
2021,
to
June
30,
2022)
concluded
with
a
$4.0
billion
general
fund
surplus,
which
bolstered
available
reserves
to
roughly
$7.5
billion.
The
state
continued
to
experience
favorable
tax
revenue
growth,
with
general
tax
revenues
up
5.3%
through
year-to-date
May
2023
compared
to
May
2022.
As
of
May
2023,
Moody’s,
S&P
and
Fitch
rated
Missouri
general
obligation
debt
at
Aaa/AAA/
AAA
with
stable
outlooks.
Missouri
municipal
bond
new
issuance
totaled
$5.0
billion
for
the
twelve-month
period
ended
May
31,
2023,
a
19%
decrease
from
the
same
period
a
year
earlier.
In
2022,
Virginia’s
real
GDP
grew
a
modest
1.5%
after
growing
strongly
at
5.5%
in
2021.
As
of
May
2023,
the
unemployment
rate
was
2.9%,
below
the
national
rate
of
3.7%.
In
fiscal
year
2022
(July
1,
2021,
to
June
30,
2022),
general
fund
revenues
were
11.9%
higher
than
the
year
prior,
and
general
fund
expenditures
increased
only
9.4%.
This
is
the
fourth
consecutive
year
the
state
ended
in
a
general
fund
surplus.
Virginia
issues
biennium
budgets
with
annual
amendments.
The
fiscal
year
2022-2024
budget
is
currently
in
surplus,
and
the
House
and
Senate
are
still
negotiating
amendments
for
the
2023-2024
portion.
As
of
May
2023,
Moody’s,
S&P
and
Fitch
rated
Virginia
general
obligation
debt
at
Aaa/AAA/AAA
with
stable
outlooks.
Virginia
municipal
bond
new
issuance
totaled
$4.6
billion
for
the
twelve-month
period
ended
May
31,
2023,
a
62.8%
decrease
from
the
same
period
a
year
earlier.
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
(NMT)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Fund’s
primary
investment
objective
is
current
income
exempt
from
both
regular
federal
income
taxes
and
Massachusetts
state
income
taxes;
its
secondary
investment
objective
is
the
enhancement
of
portfolio
value.
The
Fund
uses
leverage.
Leverage
is
discussed
in
more
detail
later
in
the
Fund
Leverage
section
of
this
report.
During
the
reporting
period,
the
Fund’s
trading
activity
remained
focused
on
pursuing
its
investment
objectives.
The
portfolio
management
team
took
advantage
of
periods
of
market
weakness
to
buy
bonds
at
attractive
valuations.
The
rising
yield
environment
during
this
reporting
period
was
favorable
for
the
portfolio
management
team
to
reset
embedded
yields
higher
in
the
Fund’s
portfolio,
including
engaging
in
tax-loss
swap
opportunities.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies.
Portfolio
Managers’
Comments
(continued)
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2023?
For
the
twelve
months
ended
May
31,
2023,
NMT
underperformed
the
returns
for
the
S&P
Municipal
Bond
Massachusetts
Index.
For
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Massachusetts
Index.
The
Fund’s
use
of
leverage
through
preferred
shares
and
inverse
floating
rate
securities
detracted
significantly
from
relative
performance
during
the
reporting
period.
Additional
detractors
included
the
Fund’s
overweight
to
longer-duration,
non-rated
bonds
and
selection
in
longer-duration,
AAA
rated
bonds.
Unfavorable
security
selection
also
detracted
from
relative
performance.
Partially
offsetting
these
detractors
was
advantageous
sector
allocation.
The
Fund’s
overweight
allocations
to
dedicated
tax
and
incremental
tax
bonds
were
beneficial
as
these
segments
outperformed.
Additionally,
an
underweight
to
local
general
obligations
bonds,
which
underperformed,
contributed
to
relative
performance.
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(NMS)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Fund’s
primary
investment
objective
is
current
income
exempt
from
both
regular
federal
income
taxes
and
Minnesota
state
income
taxes;
its
secondary
investment
objective
is
the
enhancement
of
portfolio
value.
The
Fund
uses
leverage.
Leverage
is
discussed
in
more
detail
later
in
the
Fund
Leverage
section
of
this
report.
During
the
reporting
period,
the
Fund’s
trading
activity
remained
focused
on
pursuing
its
investment
objectives.
The
rising
yield
environment
during
this
reporting
period
was
favorable
for
the
portfolio
management
team
to
reset
embedded
yields
higher
in
the
Fund’s
portfolio,
including
engaging
in
tax-loss
swap
opportunities.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies.
Additionally,
the
portfolio
management
team
increased
the
Fund’s
exposure
to
the
AA
rated
category
while
maintaining
its
overall
exposure
to
below
investment
grade
credit.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2023?
For
the
twelve
months
ended
May
31,
2023,
NMS
underperformed
the
S&P
Municipal
Bond
Minnesota
Index.
For
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Minnesota
Index.
The
Fund’s
use
of
leverage
through
preferred
shares
detracted
significantly
from
relative
performance
during
the
reporting
period.
However,
the
Fund’s
use
of
leverage
was
accretive
to
overall
common
share
income.
Other
meaningful
detractors
from
relative
performance
included
an
overweight
to
lower
rated
bonds,
which
underperformed,
and
an
overweight
to
the
weaker-performing
higher
education
sector.
Partially
offsetting
these
detractors
was
the
Fund’s
underweight
in
bonds
with
coupons
below
4%,
which
were
generally
longer
duration
and
underperformed
as
interest
rate
rose.
In
addition,
the
Fund’s
overweight
to
A
rated
credit
contributed
positively
because
it
was
one
of
the
better-performing
credit
categories
during
the
reporting
period.
Nuveen
Missouri
Quality
Municipal
Income
Fund
(NOM)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Fund’s
primary
investment
objective
is
current
income
exempt
from
both
regular
federal
income
taxes
and
Missouri
state
income
taxes;
its
secondary
investment
objective
is
the
enhancement
of
portfolio
value.
The
Fund
uses
leverage.
Leverage
is
discussed
in
more
detail
later
in
the
Fund
Leverage
section
of
this
report.
During
the
reporting
period,
the
Fund’s
trading
activity
remained
focused
on
pursuing
its
investment
objectives.
The
rising
yield
environment
during
this
reporting
period
was
favorable
for
the
portfolio
management
to
reset
embedded
yields
higher
in
the
Fund’s
portfolio,
including
engaging
in
tax-loss
swap
opportunities.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies.
Additions
to
the
Fund’s
portfolio
during
this
reporting
period
included
airport
bonds
and
selected
appropriation
credits.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2023?
For
the
twelve
months
ended
May
31,
2023,
NOM
underperformed
the
S&P
Municipal
Bond
Missouri
Index.
For
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Missouri
Index.
The
Fund’s
use
of
leverage
through
preferred
shares
and
inverse
floating
rate
securities
detracted
significantly
from
relative
performance
during
the
reporting
period.
Other
primary
detractors
included
the
Fund’s
overweight
allocations
to
BBB
and
BB
bonds,
which
underperformed,
and
the
Fund’s
security
selection
in
the
non-rated
category.
The
Fund’s
overweight
to
the
longer
end
of
the
yield
curve
was
also
unfavorable,
as
longer-duration
bonds
generally
lagged
during
the
reporting
period.
Partially
offsetting
these
detractors
was
the
Fund’s
allocation
across
coupon
structures.
An
underweight
in
lower-coupon
bonds,
which
underperformed,
and
an
overweight
in
higher
coupon
bonds,
which
outperformed,
were
beneficial.
Security
selection
also
contributed
positively,
notably
in
the
higher
education
and
senior
living
sectors.
Nuveen
Virginia
Quality
Municipal
Income
Fund
(NPV)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2023?
The
Fund’s
primary
investment
objective
is
current
income
exempt
from
both
regular
federal
income
taxes
and
Virginia
state
income
taxes;
its
secondary
investment
objective
is
the
enhancement
of
portfolio
value.
The
Fund
uses
leverage.
Leverage
is
discussed
in
more
detail
later
in
the
Fund
Leverage
section
of
this
report.
During
the
reporting
period,
the
Fund’s
trading
activity
remained
focused
on
pursuing
its
investment
objectives.
The
rising
yield
environment
during
this
reporting
period
was
favorable
for
the
portfolio
management
team
to
reset
embedded
yields
higher
in
the
Fund’s
portfolio,
including
engaging
in
tax-loss
swap
opportunities.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies.
During
the
reporting
period,
the
portfolio
management
team
also
continued
to
reinvest
the
proceeds
of
called
and
maturing
bonds
and
added
Puerto
Rico
Highway
bonds,
Virginia
state
general
obligations
and
select
health
care
bonds.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2023?
For
the
twelve
months
ended
May
31,
2023,
NPV
underperformed
the
S&P
Municipal
Bond
Virginia
Index.
For
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Virginia
Index.
The
Fund’s
use
of
leverage
through
preferred
shares
and
inverse
floating
rate
securities
detracted
significantly
from
relative
performance
during
the
reporting
period.
The
Fund’s
longer-duration
positioning
relative
to
the
benchmark
also
detracted.
In
addition,
the
Fund’s
allocation
to
below
investment
grade
and
non-rated
bonds
and
its
underweight
to
AAA
and
AA
rated
bonds
detracted
as
lower
rated
bonds
lagged
higher
rated
bonds.
Partially
offsetting
these
detractors
were
the
Fund’s
holdings
in
the
transportation
sector,
including
toll
road
and
airport
bonds,
which
performed
well
during
the
reporting
period.
Portfolio
Managers’
Comments
(continued)
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
managers
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements,
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Funds
disclaim
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group
(S&P),
Moody’s
Investors
Service,
Inc.
(Moody’s)
or
Fitch,
Inc.
(Fitch).
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings,
while
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Bond
insurance
guarantees
only
the
payment
of
principal
and
interest
on
the
bond
when
due,
and
not
the
value
of
the
bonds
themselves,
which
will
fluctuate
with
the
bond
market
and
the
financial
success
of
the
issuer
and
the
insurer.
Insurance
relates
specifically
to
the
bonds
in
the
portfolio
and
not
to
the
share
prices
of
a
Fund.
No
representation
is
made
as
to
the
insurers’
ability
to
meet
their
commitments.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
IMPACT
OF
THE
FUND’S
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
significantly
detracted
from
relative
performance
over
this
reporting
period.
In
addition,
NMS’s
use
of
leverage
was
accretive
to
overall
common
share
income.
As
of
May
31,
2023
,
the
Funds’
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
THE
FUNDS’
REGULATORY
LEVERAGE
As
of
May
31,
2023
,
the
following
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
*
41.84%
40.55%
40.85%
40.37%
Regulatory
Leverage
*
39.56%
40.55%
40.06%
36.87%
*
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.
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
May
31,
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.
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).
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NMT
NMS
NOM
NPV
June
$0.0430
$0.0525
$0.0415
$0.0485
July
0.0390
0.0480
0.0375
0.0485
August
0.0390
0.0480
0.0375
0.0485
September
0.0390
0.0480
0.0375
0.0485
October
0.0335
0.0435
0.0320
0.0435
November
0.0335
0.0435
0.0320
0.0435
December
0.0335
0.0435
0.0320
0.0435
January
0.0260
0.0360
0.0255
0.0360
February
0.0260
0.0360
0.0255
0.0360
March
0.0260
0.0360
0.0255
0.0360
April
0.0260
0.0360
0.0255
0.0340
May
0.0260
0.0360
0.0255
0.0340
Total
Distributions
from
Net
Investment
Income
$0.3905
$0.5070
$0.3775
$0.5005
Yields
NMT
NMS
NOM
NPV
Market
Yield*
3.03%
3.91%
3.10%
3.76%
Taxable-Equivalent
Yield*
6.03%
7.93%
5.73%
6.99%
*
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.
COMMON
SHARE
REPURCHASES
During
August
2022,
the
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
May
31,
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
May
31,
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
$12.62
$11.46
$12.23
Common
share
price
$10.29
$11.04
$9.86
$10.86
Premium/(Discount)
to
NAV
(15.10)%
(12.52)%
(13.96)%
(11.20)%
Average
premium/(discount)
to
NAV
(10.58)%
(0.79)%
(2.94)%
(2.50)%
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
May
31,
2023
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
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2023
-
Common
Share
Price
Total
Returns
as
of
May
31,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NMT
at
Common
Share
NAV
3/18/93
(3.07)%
0.18%
1.83%
NMT
at
Common
Share
Price
3/18/93
(12.60)%
(0.38)%
1.53%
S&P
Municipal
Bond
Index
—
0.19%
1.68%
2.31%
S&P
Municipal
Bond
Massachusetts
Index
—
0.17%
1.44%
2.08%
Performance
Overview
and
Holdings
Summaries
May
31,
2023
(continued)
Holdings
Summaries
as
of
May
31,
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
161
.4
%
Short-Term
Municipal
Bonds
1
.3
%
Other
Assets
&
Liabilities,
Net
2.5%
VRDP
Shares,
Net
(
65
.2
)
%
Net
Assets
100
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
3.2%
AAA
11.1%
AA
49.0%
A
17.7%
BBB
12.2%
BB
or
Lower
1.2%
N/R
(not
rated)
5.6%
Total
100
%
Portfolio
Composition
1
(%
of
total
investments)
Education
and
Civic
Organizations
29.7%
Health
Care
18.2%
Tax
Obligation/General
17.6%
Tax
Obligation/Limited
14.5%
Utilities
5.9%
Transportation
4.8%
U.S.
Guaranteed
3.4%
Other
5.9%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
Massachusetts
93.2%
Puerto
Rico
5.0%
Guam
1.2%
Virgin
Islands
0.6%
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
May
31,
2023
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
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2023
-
Common
Share
Price
Total
Returns
as
of
May
31,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NMS
at
Common
Share
NAV
6/25/93
(3.79)%
1.00%
2.36%
NMS
at
Common
Share
Price
6/25/93
(25.51)%
0.09%
(0.02)%
S&P
Municipal
Bond
Index
—
0.19%
1.68%
2.31%
S&P
Municipal
Bond
Minnesota
Index
—
(0.24)%
1.55%
2.08%
Performance
Overview
and
Holdings
Summaries
May
31,
2023
(continued)
Holdings
Summaries
as
of
May
31,
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
.3
%
Other
Assets
&
Liabilities,
Net
1.9%
AMTP
Shares,
Net
(
68
.2
)
%
Net
Assets
100
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
3.2%
AAA
14.5%
AA
25.1%
A
26.7%
BBB
10.7%
BB
or
Lower
9.4%
N/R
(not
rated)
10.4%
Total
100
%
Portfolio
Composition
1
(%
of
total
investments)
Health
Care
22.4%
Education
and
Civic
Organizations
19.6%
Tax
Obligation/General
18.8%
Tax
Obligation/Limited
9.1%
Utilities
9.0%
Long-Term
Care
5.7%
Transportation
5.5%
Other
9.9%
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
May
31,
2023
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
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2023
-
Common
Share
Price
Total
Returns
as
of
May
31,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NOM
at
Common
Share
NAV
5/20/93
(4.13)%
0.38%
1.94%
NOM
at
Common
Share
Price
5/20/93
(18.12)%
(2.34)%
(0.58)%
S&P
Municipal
Bond
Index
—
0.19%
1.68%
2.31%
S&P
Municipal
Bond
Missouri
Index
—
(0.19)%
1.67%
2.39%
Performance
Overview
and
Holdings
Summaries
May
31,
2023
(continued)
Holdings
Summaries
as
of
May
31,
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
.6
%
Short-Term
Municipal
Bonds
2
.9
%
Other
Assets
&
Liabilities,
Net
(0.2)%
Floating
Rate
Obligations
(2.2)%
MFP
Shares,
Net
(
66
.1
)
%
Net
Assets
100
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.9%
AAA
2.4%
AA
53.1%
A
22.0%
BBB
6.1%
BB
or
Lower
5.8%
N/R
(not
rated)
8.7%
Total
100
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/Limited
22.2%
Health
Care
18.5%
Tax
Obligation/General
17.3%
Utilities
13.2%
Education
and
Civic
Organizations
10.4%
Transportation
8.4%
Long-Term
Care
5.4%
Other
4.6%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
Missouri
96.8%
Puerto
Rico
2.5%
Guam
0.7%
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
May
31,
2023
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
Growth
of
an
Assumed
$10,000
Investment
as
of May
31,
2023
-
Common
Share
Price
Total
Returns
as
of
May
31,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NPV
at
Common
Share
NAV
3/18/93
(3.94)%
0.88%
1.95%
NPV
at
Common
Share
Price
3/18/93
(11.31)%
1.45%
1.75%
S&P
Municipal
Bond
Index
—
0.19%
1.68%
2.31%
S&P
Municipal
Bond
Virginia
Index
—
(0.05)%
1.49%
2.14%
Performance
Overview
and
Holdings
Summaries
May
31,
2023
(continued)
Holdings
Summaries
as
of
May
31,
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
.7
%
Other
Assets
&
Liabilities,
Net
1.9%
Floating
Rate
Obligations
(9.3)%
VRDP
Shares,
Net
(
58
.3
)
%
Net
Assets
100
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
9.4%
AAA
5.2%
AA
36.9%
A
16.8%
BBB
12.2%
BB
or
Lower
7.8%
N/R
(not
rated)
11.7%
Total
100
%
Portfolio
Composition
1
(%
of
total
investments)
Transportation
29.4%
Health
Care
17.7%
Tax
Obligation/Limited
14.5%
U.S.
Guaranteed
10.1%
Education
and
Civic
Organizations
8.0%
Utilities
5.9%
Long-Term
Care
4.6%
Other
9.8%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
Virginia
72.1%
District
of
Columbia
15.3%
Puerto
Rico
6.0%
Guam
2.5%
Virgin
Islands
1.5%
Pennsylvania
1.2%
Colorado
1.2%
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.
Shareholder
Meeting
Report
The
annual
meeting
of
shareholders
was
held
on
May
8,
2023
for
NMS,
NOM
and
NPV;
at
this
meeting
the
shareholders
were
asked
to
elect
Board
members.
NMS
NOM
NPV
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Approval
of
the
Board
Members
was
reached
as
follows:
Amy
B.R.
Lancellotta
For
4,112,188
—
1,498,076
—
13,464,856
—
Withhold
191,912
—
205,966
—
376,612
—
Total
4,304,100
—
1,704,042
—
13,841,468
—
John
K.
Nelson
For
4,126,143
—
1,489,647
—
13,379,260
—
Withhold
177,957
—
214,395
—
462,208
—
Total
4,304,100
—
1,704,042
—
13,841,468
—
Terence
J.
Toth
For
4,107,926
—
1,489,647
—
13,474,001
—
Withhold
196,174
—
214,395
—
367,467
—
Total
4,304,100
—
1,704,042
—
13,841,468
—
Robert
L.
Young
For
4,122,606
—
1,489,024
—
13,428,139
—
Withhold
181,494
—
215,018
—
413,329
—
Total
4,304,100
—
1,704,042
—
13,841,468
—
William
C.
Hunter
For
—
498
—
180
—
1,280
Withhold
—
—
—
—
—
—
Total
—
498
—
180
—
1,280
Albin
F.
Moschner
For
—
498
—
180
—
1,280
Withhold
—
—
—
—
—
—
Total
—
498
—
180
—
1,280
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Shareholders
and
Board
of
Trustees
Nuveen
Massachusetts
Quality
Municipal
Income
Fund,
Nuveen
Minnesota
Quality
Municipal
Income
Fund,
Nuveen
Missouri
Quality
Municipal
Income
Fund,
and
Nuveen
Virginia
Quality
Municipal
Income
Fund:
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
Nuveen
Massachusetts
Quality
Municipal
Income
Fund,
Nuveen
Minnesota
Quality
Municipal
Income
Fund,
Nuveen
Missouri
Quality
Municipal
Income
Fund,
and
Nuveen
Virginia
Quality
Municipal
Income
Fund
(the
Funds),
including
the
portfolios
of
investments,
as
of
May
31,
2023,
the
related
statements
of
operations
and
cash
flows
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
years
in
the
two
year
period
then
ended,
and
the
related
notes
(collectively,
the
financial
statements)
and
the
financial
highlights
for
each
of
the
years
in
the
five
year
period
then
ended.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
May
31,
2023,
the
results
of
their
operations
and
their
cash
flows
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
years
in
the
two
year
period
then
ended,
and
the
financial
highlights
for
each
of
the
years
in
the
five
year
period
then
ended,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
these
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Such
procedures
also
included
confirmation
of
securities
owned
as
of
May
31,
2023,
by
correspondence
with
custodians
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
KPMG
LLP
We
have
served
as
the
auditor
of
one
or
more
Nuveen
investment
companies
since
2014.
Chicago,
Illinois
July
26,
2023
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
161.4% (99.2%
of
Total
Investments)
X
182,481,780
MUNICIPAL
BONDS
-
161.4% (99.2%
of
Total
Investments)
X
182,481,780
Education
and
Civic
Organizations
-
48.3%
(29.7%
of
Total
Investments)
$
210
Lowell,
Massachusetts,
Collegiate
Charter
School
Revenue
Bonds,
Series
2019,
5.000%,
6/15/49
6/26
at
100.00
N/R
$
192,032
3,515
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berklee
College
of
Music,
Series
2016,
5.000%,
10/01/39
10/26
at
100.00
A
3,617,181
2,200
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2013S,
5.000%,
7/01/38
7/23
at
100.00
AA-
2,201,342
730
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2017T,
5.000%,
7/01/42
7/27
at
100.00
AA-
771,296
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Tender
Option
Bond
Trust
2016-XG0070:
575
8.041%,
10/01/48,
144A,
(IF)
(4)
10/23
at
100.00
AA-
578,335
1,880
8.066%,
10/01/48,
144A,
(IF)
(4)
10/23
at
100.00
AA-
1,890,923
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2017A:
2,000
5.000%,
1/01/34
1/28
at
100.00
BBB+
2,068,420
2,240
5.000%,
1/01/37
1/28
at
100.00
BBB+
2,287,376
1,955
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lesley
University,
Series
2016,
5.000%,
7/01/35
7/26
at
100.00
BBB+
1,986,847
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
MCPHS
University
Issue,
Series
2015H:
450
3.500%,
7/01/35
7/25
at
100.00
AA
440,123
190
5.000%,
7/01/37
7/25
at
100.00
AA
196,015
1,200
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2017,
5.000%,
7/01/47
7/26
at
100.00
BBB-
1,193,568
500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2022,
5.000%,
7/01/52
7/32
at
100.00
BBB-
490,505
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2014A:
875
5.000%,
3/01/39
3/24
at
100.00
A1
881,939
1,400
5.000%,
3/01/44
3/24
at
100.00
A1
1,408,120
500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Simmons
College,
Series
2013J,
5.250%,
10/01/39
10/23
at
100.00
BBB
501,160
1,100
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Simmons
University
Issue,
Series
2020M,
4.000%,
10/01/38
10/30
at
100.00
BBB
1,005,290
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
AA
1,279,003
450
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2019,
5.000%,
7/01/36
7/29
at
100.00
Baa2
466,380
1,175
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
Baa2
981,254
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Broad
Institute,
Series
2017:
2,200
5.000%,
4/01/35
10/27
at
100.00
AA-
2,368,498
1,250
5.000%,
4/01/36
10/27
at
100.00
AA-
1,340,187
875
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Tufts
University,
Series
2015Q,
5.000%,
8/15/38
8/25
at
100.00
AA-
896,525
1,325
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wheaton
College,
Series
2017H,
5.000%,
1/01/42
1/28
at
100.00
Baa2
1,321,847
1,510
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018,
5.000%,
6/01/43
6/28
at
100.00
AA-
1,583,326
840
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2016,
5.000%,
9/01/37
9/26
at
100.00
A
870,727
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017:
550
5.000%,
9/01/42
9/27
at
100.00
A
570,174
700
5.000%,
9/01/47
9/27
at
100.00
A
721,847
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
2,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017B,
5.000%,
9/01/42
9/27
at
100.00
A
$
2,591,700
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2019,
4.000%,
9/01/44
9/29
at
100.00
A
933,960
500
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2017,
5.000%,
7/01/35
7/27
at
100.00
Baa2
515,080
3,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A,
5.750%,
1/01/42
-
AMBAC
Insured
No
Opt.
Call
AAA
3,716,430
2,495
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2016,
5.000%,
1/01/40
7/26
at
100.00
AA-
2,569,875
Massachusetts
Development
Finance
Authority,
Revenue
Refunding
Bonds,
Boston
University,
Series
1999P:
1,090
6.000%,
5/15/29
No
Opt.
Call
Aa3
1,212,331
1,000
6.000%,
5/15/59
5/29
at
105.00
Aa3
1,168,640
500
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
L,
Senior
Series
2020B,
5.000%,
7/01/28,
(AMT)
No
Opt.
Call
AA
525,900
4,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2015-1,
5.000%,
11/01/40
11/25
at
100.00
Aa2
4,141,880
2,900
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2022-1,
5.000%,
11/01/52
5/30
at
100.00
Aa2
3,074,261
Total
Education
and
Civic
Organizations
54,560,297
Health
Care
-
29.6%
(18.2%
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
BBB
1,354,083
1,100
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Baystate
Medical
Center
Issue,
Series
2014N,
5.000%,
7/01/44
7/24
at
100.00
A+
1,104,136
500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E,
5.000%,
7/01/32
7/26
at
100.00
BBB
518,685
3,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2023G,
5.250%,
7/01/52
7/33
at
100.00
BBB
3,122,340
1,675
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I,
5.000%,
7/01/30
7/26
at
100.00
A
1,759,135
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1:
900
5.000%,
7/01/30
7/25
at
100.00
A
931,383
1,000
5.000%,
7/01/32
7/25
at
100.00
A
1,034,620
500
5.000%,
7/01/33
7/25
at
100.00
A
516,855
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2:
1,500
5.000%,
7/01/38
7/28
at
100.00
A
1,583,160
2,000
5.000%,
7/01/53
7/28
at
100.00
A
2,054,120
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
A1
2,856,224
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
A
3,556,000
2,145
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Mass
General
Brigham,
Series
2020A-2,
5.000%,
7/01/39
1/30
at
100.00
AA-
2,300,513
1,080
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2014F,
5.750%,
7/15/43
7/23
at
100.00
B+
1,080,238
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
B+
85,744
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
AA-
2,044,875
820
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2013F,
5.000%,
7/01/37
7/23
at
100.00
BBB+
820,402
170
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2021G,
5.000%,
7/01/50
7/31
at
100.00
A-
172,746
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Lowell
General
Hospital,
Series
2013G:
1,000
5.000%,
7/01/37
7/23
at
100.00
BBB+
982,200
2,200
5.000%,
7/01/44
7/23
at
100.00
BBB+
2,115,322
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
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
A-
$
621,187
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017L:
400
3.625%,
7/01/37
7/27
at
100.00
A-
350,936
1,095
5.000%,
7/01/44
7/27
at
100.00
A-
1,103,979
445
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care,
Series
2016I,
5.000%,
7/01/36
7/26
at
100.00
A-
456,690
280
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2019A,
5.000%,
7/01/44
1/29
at
100.00
BBB+
271,295
700
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2020C,
4.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
AA
659,603
Total
Health
Care
33,456,471
Housing/Multifamily
-
4.6%
(2.8%
of
Total
Investments)
215
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2003H,
5.125%,
6/01/43
6/23
at
100.00
AA+
215,213
700
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2019B-1,
3.100%,
12/01/44
12/28
at
100.00
AA+
553,917
1,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2020A-1,
3.000%,
12/01/50
12/28
at
100.00
AA+
715,130
1,335
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2020D-1,
2.550%,
12/01/50
6/30
at
100.00
AA+
856,990
400
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2021A-1,
2.450%,
12/01/51
6/30
at
100.00
AA+
247,584
2,500
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2022C-1,
5.100%,
12/01/52
6/32
at
100.00
AA+
2,595,700
Total
Housing/Multifamily
5,184,534
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
AA+
485,305
Total
Housing/Single
Family
485,305
Long-Term
Care
-
3.3%
(2.0%
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
6/23
at
105.00
BB+
838,001
250
5.000%,
10/01/47,
144A
6/23
at
105.00
BB+
224,375
460
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berkshire
Retirement
Community
Lennox,
Series
2015,
5.000%,
7/01/31
7/25
at
100.00
A+
466,978
525
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Loomis
Communities,
Series
2022.
Forward
Delivery,
4.000%,
1/01/51,
144A
1/27
at
103.00
BBB
406,455
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Orchard
Cove,
Inc.,
Refunding
Series
2019,
5.000%,
10/01/49
10/24
at
104.00
BBB
932,110
1,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Salem
Community
Corporation,
Refunding
Series
2022,
5.250%,
1/01/50
1/32
at
100.00
N/R
858,460
Total
Long-Term
Care
3,726,379
Tax
Obligation/General
-
28.7%
(17.6%
of
Total
Investments)
2,000
Concord,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2023,
4.000%,
1/15/53
,
(WI/DD)
1/33
at
100.00
Aaa
1,952,820
1,240
Hudson,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2011,
5.000%,
2/15/32
7/23
at
100.00
AA
1,241,575
1,885
Ludlow,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2019,
3.000%,
2/01/49
2/27
at
100.00
AA-
1,450,112
2,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015C,
5.000%,
7/01/45
7/25
at
100.00
AA+
2,045,960
3,895
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2017F,
5.000%,
11/01/46
11/27
at
100.00
AA+
4,090,490
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
4,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2019A,
5.000%,
1/01/49
1/29
at
100.00
AA+
$
4,235,120
3,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2022C,
5.000%,
10/01/47
10/32
at
100.00
AA+
3,295,680
1,775
North
Reading,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2012,
5.000%,
5/15/35
7/23
at
100.00
Aa2
1,776,952
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
AA
1,657,315
2,010
Pentucket
Regional
School
District,
Massachusetts,
General
Obligation
Bonds,
Series
2019,
3.000%,
9/01/43
9/27
at
100.00
Aa2
1,619,558
2,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/46
7/31
at
103.00
N/R
1,617,120
815
Quincy,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022A,
5.000%,
6/01/50
6/32
at
100.00
AA
878,863
3,000
Quincy,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022B,
5.000%,
7/01/47
7/32
at
100.00
AA
3,250,590
Revere,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Municipal
Purpose
Loan
Series
2022:
1,625
4.000%,
8/01/42
8/31
at
100.00
AA+
1,622,871
1,745
4.000%,
8/01/43
8/31
at
100.00
AA+
1,728,161
Total
Tax
Obligation/General
32,463,187
Tax
Obligation/Limited
-
23.6%
(14.5%
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
AA
874,135
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
AA
534,250
2,500
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Series
2023A-1,
5.250%,
7/01/53
7/33
at
100.00
AAA
2,808,075
135
Massachusetts
College
Building
Authority,
Project
Revenue
Bonds,
Refunding
Series
2022A,
4.000%,
5/01/47
5/32
at
100.00
AA
133,445
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
AAA
1,392,863
3,185
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Series
2016B,
5.000%,
11/15/46
11/26
at
100.00
AAA
3,308,100
2,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2018A,
5.250%,
2/15/48
2/28
at
100.00
AA+
2,123,620
3,075
Massachusetts
State,
Special
Obligation
Dedicated
Tax
Revenue
Bonds,
Refunding
Series
2005,
5.500%,
1/01/27
-
NPFG
Insured
No
Opt.
Call
AAA
3,321,215
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
AAA
2,127,660
1,500
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2015A,
5.000%,
6/01/45
6/25
at
100.00
AAA
1,533,480
485
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/39
10/32
at
100.00
N/R
478,569
1,050
Puerto
Rico
Highway
and
Transportation
Authority,
Restructured
Toll
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/62
7/32
at
100.00
N/R
1,009,312
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
N/R
3,753,093
4,218
0.000%,
7/01/51
7/28
at
30.01
N/R
840,015
775
4.750%,
7/01/53
7/28
at
100.00
N/R
718,619
1,260
5.000%,
7/01/58
7/28
at
100.00
N/R
1,207,004
520
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
-
AGM
Insured
7/23
at
100.00
AA
520,307
Total
Tax
Obligation/Limited
26,683,762
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
-
7.7%
(4.8%
of
Total
Investments)
$
2,500
Massachusetts
Port
Authority,
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
7/01/47,
(AMT)
7/27
at
100.00
AA
$
2,540,575
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2014A:
1,000
5.000%,
7/01/39
7/24
at
100.00
AA
1,012,060
2,500
5.000%,
7/01/44
7/24
at
100.00
AA
2,524,625
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2015A:
715
5.000%,
7/01/40
7/25
at
100.00
AA
734,083
1,000
5.000%,
7/01/45
7/25
at
100.00
AA
1,022,980
1,000
Massachusetts
Port
Authority,
Special
Facilities
Revenue
Bonds,
BOSFUEL
Corporation,
Series
2019A,
4.000%,
7/01/44,
(AMT)
7/29
at
100.00
A1
931,680
Total
Transportation
8,766,003
U.S.
Guaranteed
-
5.5%
(3.4%
of
Total
Investments)
(5)
1,265
Massachusetts
Clean
Energy
Cooperative
Corporation,
Revenue
Bonds,
Massachusetts
Municipal
Lighting
Plant
Cooperative,
Series
2013,
5.000%,
7/01/32,
(Pre-refunded
7/01/23)
7/23
at
100.00
A1
1,266,556
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
AA
1,634,697
1,000
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
Childrens
Hospital
Issue,
Series
2014P,
5.000%,
10/01/46,
(Pre-refunded
10/01/24)
10/24
at
100.00
AA
1,019,710
1,410
Massachusetts
Development
Finance
Agency,
Hospital
Revenue
Bonds,
Cape
Cod
Healthcare
Obligated
Group,
Series
2013,
5.250%,
11/15/41,
(Pre-refunded
11/15/23)
11/23
at
100.00
N/R
1,421,548
335
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
North
Hill
Communities
Issue,
Series
2013A,
6.250%,
11/15/28,
(Pre-refunded
11/15/23),
144A
11/23
at
100.00
N/R
338,826
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
AA+
532,370
Total
U.S.
Guaranteed
6,213,707
Utilities
-
9.7%
(5.9%
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
A-
570,057
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017:
1,250
5.000%,
7/01/37
7/27
at
100.00
A-
1,273,513
420
5.000%,
7/01/40
7/27
at
100.00
A-
425,321
415
Lynn
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2003A,
5.000%,
12/01/32
-
NPFG
Insured
7/23
at
100.00
A+
415,498
1,000
Massachusetts
Clean
Water
Trust,
State
Revolving
Fund
Bonds,
Green
18
Series
2015,
5.000%,
2/01/45
2/24
at
100.00
AAA
1,005,850
4,445
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A,
4.000%,
7/01/46
1/32
at
100.00
AA-
4,260,710
1,230
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2017B,
5.000%,
8/01/42
8/27
at
100.00
AA+
1,293,566
1,000
Springfield
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2017C,
5.000%,
4/15/37
4/27
at
100.00
AA
1,055,330
635
Springfield
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2019E,
4.000%,
4/15/38
4/29
at
100.00
AA
642,290
Total
Utilities
10,942,135
Total
Municipal
Bonds
(cost
$186,798,275)
182,481,780
Total
Long-Term
Investments
(cost
$186,798,275)
182,481,780
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
SHORT-TERM
INVESTMENTS
-
1.3%(0.8%
of
Total
Investments)
X
1,500,000
MUNICIPAL
BONDS
-
1.3% (0.8%
of
Total
Investments)
X
1,500,000
Housing/Single
Family
-
1.3%
(0.8%
of
Total
Investments)
$
1,500
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018-200,
3.450%,
12/01/48,
(Mandatory
Put
6/07/23)
(6)
5/23
at
100.00
AA+
$
1,500,000
Total
Housing/Single
Family
$
1,500,000
Total
Municipal
Bonds
(cost
$1,500,000)
1,500,000
Total
Short-Term
Investments
(cost
$1,500,000)
1,500,000
Total
Investments
(cost
$188,298,275)
-
162.7%
183,981,780
VRDP
Shares,
Net
-
(65.2)%
(7)
(
73,768,291
)
Other
Assets
&
Liabilities,
Net
-
2.5%
2,846,879
Net
Assets
Applicable
to
Common
Shares
-
100%
$
113,060,368
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(5)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(6)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(7)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
40.1%.
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
IF
Inverse
floating
rate
security
issued
by
a
tender
option
bond
(“TOB”)
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
(SIFMA)
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
Notes
to
Financial
Statements
Nuveen
Minnesota
Quality
Municipal
Income
Fund
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
166.3% (100.0%
of
Total
Investments)
X
121,409,599
MUNICIPAL
BONDS
-
166.3% (100.0%
of
Total
Investments)
X
121,409,599
Education
and
Civic
Organizations
-
32.7%
(19.6%
of
Total
Investments)
City
of
Ham
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
DaVinci
Academy
Project,
Series
2016A:
$
500
4.000%,
7/01/28
7/24
at
102.00
N/R
$
475,850
50
5.000%,
7/01/36
7/24
at
102.00
N/R
48,457
250
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2015A,
5.250%,
7/01/40
7/25
at
100.00
BB+
248,168
570
Forest
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Lakes
International
Language
Academy,
Series
2014A,
5.750%,
8/01/44
7/23
at
102.00
BB+
572,679
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
BB+
729,930
100
Greenwood,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Main
Street
School
of
Performing
Arts
Project,
Series
2016A,
5.000%,
7/01/47
7/26
at
100.00
N/R
82,177
2,200
Hugo,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Noble
Academy
Project,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
BB
2,009,810
1,575
Independence,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Beacon
Academy
Project,
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
N/R
1,354,894
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Yinghua
Academy
Project,
Series
2013A:
300
6.000%,
7/01/33
7/23
at
100.00
BB+
300,174
1,425
6.000%,
7/01/43
7/23
at
100.00
BB+
1,425,299
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Bethel
University,
Refunding
Series
2017:
500
5.000%,
5/01/37
5/27
at
100.00
BB+
482,000
2,000
5.000%,
5/01/47
5/27
at
100.00
BB+
1,806,260
1,580
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Carleton
College,
Refunding
Series
2017,
4.000%,
3/01/42
3/27
at
100.00
Aa2
1,567,202
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
College
of
Saint
Scholastica,
Inc.,
Refunding
Series
2019:
500
4.000%,
12/01/34
12/29
at
100.00
Baa2
470,740
425
4.000%,
12/01/40
12/29
at
100.00
Baa2
369,333
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
Baa2
275,507
600
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Refunding
Series
2017,
4.000%,
3/01/48
3/27
at
100.00
Aa3
579,900
225
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
Catherine
University,
Refunding
Series
2018A,
5.000%,
10/01/45
10/28
at
100.00
Baa1
229,214
745
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Saint
Olaf
College,
Series
2021,
4.000%,
10/01/50
10/30
at
100.00
A1
691,792
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2019:
750
5.000%,
10/01/33
10/29
at
100.00
A2
819,142
235
5.000%,
10/01/40
10/29
at
100.00
A2
245,949
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B:
2,125
5.000%,
10/01/39
10/30
at
100.00
A2
2,255,114
710
4.125%,
10/01/41
10/30
at
100.00
A2
690,922
400
5.000%,
10/01/47
10/30
at
100.00
A2
417,976
705
Otsego,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Kaleidoscope
Charter
School
Project,
Series
2014A,
5.000%,
9/01/44
9/24
at
100.00
BB-
615,536
1,250
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
of
Peace
Academy
Project,
Series
2019,
4.000%,
12/01/49
12/29
at
100.00
BBB-
994,513
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
Academy
Project,
Series
2015A:
$
360
5.300%,
7/01/45
7/25
at
100.00
BB
$
336,877
510
5.375%,
7/01/50
7/25
at
100.00
BB
473,989
1,680
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
German
Immersion
School,
Series
2013A,
5.000%,
7/01/44
7/23
at
100.00
BB
1,565,928
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
7/23
at
100.00
BB
332,826
1,000
Savage,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Aspen
Academy
Project,
Series
2016A,
5.000%,
10/01/41
10/26
at
100.00
N/R
895,780
500
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Charter
School
Revenue
Bonds,
Higher
Ground
Academy
Charter
School,
Series
2018,
5.125%,
12/01/49
12/26
at
102.00
BB+
473,335
Total
Education
and
Civic
Organizations
23,837,273
Health
Care
-
37.2%
(22.4%
of
Total
Investments)
250
Chippewa
County,
Minnesota,
Gross
Revenue
Hospital
Bonds,
Montevideo
Hospital
Project,
Refunding
Series
2016,
4.000%,
3/01/32
3/26
at
100.00
N/R
246,555
180
City
of
Plato,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Glencoe
Regional
Health
Services
Project,
Series
2017,
5.000%,
4/01/41
4/27
at
100.00
BBB
182,815
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
A-
96,493
1,400
5.000%,
2/15/43
2/28
at
100.00
A-
1,429,260
4,050
5.000%,
2/15/48
2/28
at
100.00
A-
4,110,548
1,000
5.000%,
2/15/53
2/28
at
100.00
A-
1,012,080
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2021A:
200
4.000%,
6/15/33
6/31
at
100.00
BBB-
193,142
430
3.000%,
6/15/44
6/31
at
100.00
BBB-
298,098
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
BBB-
152,496
Glencoe,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Glencoe
Regional
Health
Services
Project,
Series
2013:
400
4.000%,
4/01/27
7/23
at
100.00
BBB
392,028
230
4.000%,
4/01/31
7/23
at
100.00
BBB
225,172
500
Maple
Grove,
Minnesota,
Health
Care
Facilities
Revenue
Refunding
Bonds,
North
Memorial
Health
Care,
Series
2015,
4.000%,
9/01/35
9/25
at
100.00
Baa1
475,965
Maple
Grove,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
North
Memorial
Health
Care,
Series
2017:
200
5.000%,
5/01/31
5/27
at
100.00
Baa1
208,220
165
5.000%,
5/01/32
5/27
at
100.00
Baa1
171,089
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Series
2021:
1,500
4.000%,
11/15/36
11/31
at
100.00
AA-
1,487,955
500
4.000%,
11/15/39
11/31
at
100.00
AA-
484,375
265
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2015A,
4.000%,
11/15/40
11/25
at
100.00
BBB+
243,315
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2018A:
1,500
4.000%,
11/15/48
11/28
at
100.00
BBB+
1,307,355
1,000
5.000%,
11/15/49
11/28
at
100.00
BBB+
1,013,790
915
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2018A,
4.000%,
11/15/48
5/28
at
100.00
AA
885,034
1,000
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2022,
5.000%,
11/15/57
11/32
at
100.00
AA
1,076,510
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
1,275
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2016A,
4.000%,
5/01/37
5/26
at
100.00
AA-
$
1,241,251
1,500
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019,
5.000%,
5/01/48
5/29
at
100.00
AA-
1,534,530
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
A
3,926,311
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
BBB+
232,542
240
4.000%,
11/15/37
11/27
at
100.00
BBB+
224,822
2,170
4.000%,
11/15/43
11/27
at
100.00
BBB+
1,955,734
955
Saint
Paul
Port
Authority,
Minnesota,
Lease
Revenue
Bonds,
Regions
Hospital
Parking
Ramp
Project,
Series
2007-1,
5.000%,
8/01/36
7/23
at
100.00
N/R
955,162
Shakopee,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Francis
Regional
Medical
Center,
Refunding
Series
2014:
765
4.000%,
9/01/31
9/24
at
100.00
A
764,365
630
5.000%,
9/01/34
9/24
at
100.00
A
635,928
Total
Health
Care
27,162,940
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
7/23
at
100.00
Aaa
1,601,216
Total
Housing/Multifamily
1,601,216
Housing/Single
Family
-
0.6%
(0.4%
of
Total
Investments)
50
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2013C,
3.900%,
7/01/43
7/23
at
100.00
AA+
48,605
20
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2014C,
3.500%,
1/01/32
7/24
at
100.00
AA+
19,901
445
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020I,
1.700%,
1/01/31
1/30
at
100.00
AA+
379,180
Total
Housing/Single
Family
447,686
Industrials
-
6.2%
(3.7%
of
Total
Investments)
Minneapolis,
Minnesota,
Limited
Tax
Supported
Development
Revenue
Bonds, Common
Bond
Fund
Series
2013-1:
1,400
4.500%,
6/01/33
12/23
at
100.00
A+
1,411,900
600
4.750%,
6/01/39
12/23
at
100.00
A+
607,560
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
7/23
at
100.00
BBB
2,499,215
Total
Industrials
4,518,675
Long-Term
Care
-
9.5%
(5.7%
of
Total
Investments)
805
Anoka,
Minnesota,
Health
Care
and
Housing
Facility
Revenue
Bonds,
The
Homestead
at
Anoka,
Inc.
Project,
Series
2014,
5.125%,
11/01/49
11/24
at
100.00
N/R
658,273
380
Center
City,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Hazelden
Betty
Ford
Foundation
Project,
Series
2014,
4.000%,
11/01/39
11/24
at
100.00
Baa1
344,117
875
Cold
Spring,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Assumption
Home,
Inc.,
Refunding
Series
2013,
5.200%,
3/01/43
7/23
at
100.00
N/R
698,206
Columbus,
Minnesota,
Senior
Housing
Revenue
Bonds,
Richfield
Senior
Housing,
Inc.,
Refunding
Series
2015:
175
5.250%,
1/01/40
7/23
at
100.00
N/R
141,823
850
5.250%,
1/01/46
7/23
at
100.00
N/R
660,076
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
7/23
at
100.00
N/R
446,040
750
Minneapolis,
Minnesota,
Senior
Housing
and
Healthcare
Revenue
Bonds,
Ecumen
Abiitan
Mill
City
Project, Series
2015,
5.250%,
11/01/45
7/23
at
100.00
N/R
656,078
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
$
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
N/R
$
168,416
1,300
Saint
Louis
Park,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mount
Olivet
Careview
Home
Project,
Series
2016B,
4.900%,
6/01/49
6/26
at
100.00
N/R
1,032,460
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
7/23
at
100.00
N/R
405,705
Saint
Paul
Park,
Minnesota,
Senior
Housing
and
Health
Care
Revenue
Bonds,
Presbyterian
Homes
Bloomington
Project,
Refunding
Series
2017:
500
4.125%,
9/01/34
9/24
at
100.00
N/R
470,895
350
4.125%,
9/01/35
9/24
at
100.00
N/R
326,137
585
Sauk
Rapids,
Minnesota,
Health
Care
and
Housing
Facilities
Revenue
Bonds,
Good
Shepherd
Luthran
Home,
Refunding
Series
2013,
5.125%,
1/01/39
7/23
at
100.00
N/R
490,218
500
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019,
5.000%,
8/01/49
8/24
at
102.00
N/R
466,150
Total
Long-Term
Care
6,964,594
Tax
Obligation/General
-
31.3%
(18.8%
of
Total
Investments)
Brainerd
Independent
School
District
181,
Crow
Wing
County,
Minnesota,
General
Obligation
Bonds,
Facilities
Maintenance
Series
2018D:
1,015
4.000%,
2/01/38
2/27
at
100.00
AAA
1,021,861
1,055
4.000%,
2/01/39
2/27
at
100.00
AAA
1,058,661
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
AAA
1,002,000
1,020
Brooklyn
Center
Independent
School
District
286,
Minnesota,
General
Obligation
Bonds,
Series
2018A,
4.000%,
2/01/43
2/27
at
100.00
Aa1
1,018,266
300
Circle
Pines
Independent
School
District
12,
Centennial,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015A,
0.000%,
2/01/35
2/25
at
67.23
AAA
189,123
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
Aa1
1,008,720
1,000
Corcoran,
Minnesota,
General
Obligation
Bonds,
Series
2023A,
4.000%,
2/01/48
-
BAM
Insured
2/31
at
100.00
AA
972,740
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
AAA
495,455
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
Aa1
368,593
1,000
Hennepin
County,
Minnesota,
General
Obligation
Bonds,
Series
2020A,
5.000%,
12/01/36
12/30
at
100.00
AAA
1,133,170
2,000
Independent
School
District
621,
Mounds
View,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/42
2/27
at
100.00
AAA
2,014,860
Independent
School
District
No.
2397
(Le
Sueur-
Henderson),
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2022A:
1,145
5.000%,
2/01/36
2/31
at
100.00
AAA
1,300,674
1,000
4.500%,
2/01/41
2/31
at
100.00
AAA
1,037,450
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
AAA
1,455,300
1,345
Minneapolis,
Minnesota,
General
Obligation
Bonds,
Improvement
&
Various
Purpose
Series
2018,
4.000%,
12/01/40
12/26
at
100.00
AAA
1,356,164
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
Aa1
1,031,790
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
AAA
974,320
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
1,000
Saint
James
Independent
School
District
840,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2015B,
4.000%,
2/01/45
2/26
at
100.00
AAA
$
1,007,030
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
Aa1
1,133,030
1,000
Sartell
Independent
School
District
748,
Stearns
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Capital
Appreciation
Series
2016B,
0.000%,
2/01/39
2/25
at
62.98
Aa1
492,270
800
Sartell,
Minnesota,
General
Obligation
Bonds,
Series
2022A,
4.000%,
2/01/43
2/30
at
100.00
AA
787,928
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
Aa1
1,503,135
500
West
Saint
Paul-Mendota
Heights-Eagan
Independent
School
District
197,
Dakota
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/39
2/27
at
100.00
AAA
505,480
Total
Tax
Obligation/General
22,868,020
Tax
Obligation/Limited
-
15.1%
(9.1%
of
Total
Investments)
1,000
Anoka-Hennepin
Independent
School
District
11,
Minnesota,
Certificates
of
Participation,
Series
2015A,
4.000%,
2/01/41
7/23
at
100.00
A+
975,360
125
Minneapolis,
Minnesota,
Tax
Increment
Revenue
Bonds,
Grant
Park
Project,
Refunding
Series
2015,
4.000%,
3/01/30
7/23
at
100.00
N/R
120,785
500
Minneapolis,
Minnesota,
Tax
Increment
Revenue
Bonds,
Ivy
Tower
Project,
Series
2015,
5.000%,
3/01/29
3/24
at
100.00
N/R
500,500
200
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2017A,
4.000%,
8/01/35
8/27
at
100.00
AA+
206,282
500
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2018D,
4.000%,
8/01/39
8/28
at
100.00
AA+
497,845
420
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021A,
3.000%,
8/01/41
8/31
at
100.00
AA+
344,724
1,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2022A,
5.000%,
8/01/40
8/32
at
100.00
AA+
1,090,110
2,230
Minnesota
Housing
Finance
Agency,
Nonprofit
Housing
Bonds,
State
Appropriation
Series
2011,
5.000%,
8/01/31
7/23
at
100.00
AA+
2,232,988
1,000
Northeast
Metropolitan
Intermediate
School
District
916,
White
Bear
Lake,
Minnesota,
Certificates
of
Participation,
Series
2015A,
3.750%,
2/01/36
2/25
at
100.00
A1
991,300
750
Northeast
Metropolitan
Intermediate
School
District
916,
White
Bear
Lake,
Minnesota,
Certificates
of
Participation,
Series
2015B,
4.000%,
2/01/42
2/25
at
100.00
A1
727,545
Saint
Cloud
Independent
School
District
742,
Stearns
County,
Minnesota,
Certificates
of
Participation,
Saint
Cloud
Area
Public
Schools,
Series
2017A:
145
5.000%,
2/01/32
2/25
at
100.00
A1
148,419
500
4.000%,
2/01/38
2/25
at
100.00
A1
497,745
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Multifamily
Housing
Revenue
Bonds,
2700
University
at
Westgate
Station,
Series
2015B:
455
4.875%,
4/01/30
7/23
at
100.00
N/R
454,577
895
5.250%,
4/01/43
7/23
at
100.00
N/R
857,696
800
Saint
Paul,
Minnesota,
Sales
Tax
Revenue
Bonds,
Series
2014G,
3.750%,
11/01/33
11/24
at
100.00
A+
802,160
635
Zumbro
Education
District
6012,
Minnesota,
Certificates
of
Participation
Series
2021A,
4.000%,
2/01/41
2/31
at
100.00
Baa1
576,434
Total
Tax
Obligation/Limited
11,024,470
Transportation
-
9.1%
(5.5%
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
A+
320,274
500
5.000%,
1/01/44
7/29
at
100.00
A+
526,870
280
5.000%,
1/01/49
7/29
at
100.00
A+
292,211
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
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
A+
$
2,046,220
1,600
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C,
5.000%,
1/01/41
1/27
at
100.00
AA-
1,658,304
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
A+
527,960
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
A+
1,235,536
Total
Transportation
6,607,375
U.S.
Guaranteed
-
7.4%
(4.5%
of
Total
Investments)
(4)
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
Aa1
514,678
1,075
0.000%,
2/01/38,
(Pre-refunded
2/01/24)
2/24
at
53.49
Aa1
561,440
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
AAA
1,504,635
580
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A,
5.000%,
11/15/44,
(Pre-
refunded
11/15/25)
11/25
at
100.00
N/R
604,424
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2014A:
1,000
4.000%,
1/01/40,
(Pre-refunded
1/01/24)
1/24
at
100.00
Aa2
1,003,780
1,200
5.000%,
1/01/46,
(Pre-refunded
1/01/24)
1/24
at
100.00
Aa2
1,211,376
Total
U.S.
Guaranteed
5,400,333
Utilities
-
15.0%
(9.0%
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
A-
418,818
30
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
A-
30,130
500
Luverne,
Minnesota,
Electric
Revenue
Bonds,
Series
2022A,
3.000%,
12/01/47
-
AGM
Insured
12/28
at
100.00
AA
380,685
500
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Refunding
Series
2014A,
4.000%,
10/01/33
10/24
at
100.00
Aa3
505,320
965
Minnesota
Municipal
Power
Agency,
Electric
Revenue
Bonds,
Series
2016,
5.000%,
10/01/35
10/26
at
100.00
Aa3
1,010,210
1,200
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
12/01/47
12/26
at
100.00
AA
1,232,592
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
A-
633,143
Southern
Minnesota
Municipal
Power
Agency,
Power
Supply
System
Revenue
Bonds,
Series
1994A:
3,070
0.000%,
1/01/24
-
NPFG
Insured
No
Opt.
Call
A+
3,002,736
100
0.000%,
1/01/26
-
NPFG
Insured
No
Opt.
Call
A+
90,868
3,500
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/49
7/28
at
100.00
Aa2
3,672,515
Total
Utilities
10,977,017
Total
Municipal
Bonds
(cost
$125,339,519)
121,409,599
Total
Long-Term
Investments
(cost
$125,339,519)
121,409,599
AMTP
Shares,
Net
-
(68.2)%
(5)
(
49,773,106
)
Other
Assets
&
Liabilities,
Net
-
1.9%
1,371,978
Net
Assets
Applicable
to
Common
Shares
-
100%
$
73,008,471
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(5)
AMTP
Shares,
Net
as
a
percentage
of
Total
Investments
is
41.0%
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
See
Notes
to
Financial
Statements
Nuveen
Missouri
Quality
Municipal
Income
Fund
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
165.6% (98.2%
of
Total
Investments)
X
44,588,401
MUNICIPAL
BONDS
-
165.6% (98.2%
of
Total
Investments)
X
44,588,401
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
AA-
$
1,167,505
Total
Consumer
Staples
1,167,505
Education
and
Civic
Organizations
-
14.6%
(8.6%
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
AA+
302,565
410
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Kansas
City
University
of
Medicine
and
Biosciences,
Series
2013A,
5.000%,
6/01/33
6/23
at
100.00
A1
410,427
600
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Southwest
Baptist
University
Project,
Series
2012,
5.000%,
10/01/33
7/23
at
100.00
BBB-
590,466
725
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
University
of
Central
Missouri,
Series
2013C-2,
5.000%,
10/01/34
10/23
at
100.00
A+
726,312
1,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2015A,
4.000%,
10/01/42
10/25
at
100.00
AA-
975,140
500
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2019A,
5.000%,
10/01/46
4/29
at
100.00
AA-
532,585
115
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Webster
University,
Refunding
Series
2017,
4.000%,
4/01/34
4/27
at
100.00
Ba1
104,207
210
Missouri
Southern
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2019A,
4.000%,
10/01/39
-
AGM
Insured
10/29
at
100.00
AA
206,865
100
Saline
County
Industrial
Development
Authority,
Missouri,
First
Mortgage
Revenue
Bonds,
Missouri
Valley
College,
Series
2017,
4.500%,
10/01/40
10/23
at
100.00
N/R
85,411
Total
Education
and
Civic
Organizations
3,933,978
Health
Care
-
31.2%
(18.5%
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
Ba3
268,311
190
Bridgeton
Industrial
Development
Authority,
Missouri,
Senior
Housing
Revenue
Bonds,
The
Sarah
Community
Project,
Refunding
Series
2016,
4.000%,
5/01/33
5/25
at
100.00
N/R
191,339
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
Ba1
405,820
250
Hannibal
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Hannibal
Regional
Healthcare
System,
Series
2017,
5.000%,
10/01/47
10/27
at
100.00
A-
253,200
315
Joplin
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Freeman
Health
System,
Series
2015,
5.000%,
2/15/35
2/24
at
100.00
A+
317,492
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
AA
237,205
750
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)
(4)
1/28
at
100.00
AA
674,048
500
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Capital
Region
Medical
Center,
Series
2020,
5.000%,
11/01/40
11/30
at
100.00
Ba2
435,760
1,730
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A,
5.000%,
11/15/44
11/23
at
100.00
A2
1,715,312
415
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2015A,
5.000%,
11/15/32
11/25
at
100.00
A2
427,151
390
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2012,
4.000%,
11/15/42
7/23
at
100.00
A+
377,200
Nuveen
Missouri
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
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
A+
$
546,535
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
A+
667,199
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
AA-
889,920
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
AA-
320,436
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
BBB+
106,835
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
N/R
570,996
Total
Health
Care
8,404,759
Housing/Single
Family
-
0.2%
(0.1%
of
Total
Investments)
45
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2017A-2,
3.800%,
11/01/37
11/26
at
100.00
AA+
44,028
Total
Housing/Single
Family
44,028
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
BB-
85,283
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
BBB
460,055
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A:
400
5.000%,
2/01/36
2/26
at
100.00
BBB
384,012
500
5.000%,
2/01/46
2/26
at
100.00
BBB
455,145
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
BBB
75,997
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2012:
250
5.000%,
9/01/32
7/23
at
100.00
BB+
242,597
250
5.000%,
9/01/42
7/23
at
100.00
BB+
216,780
430
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A,
5.875%,
9/01/43
9/23
at
100.00
BB+
429,910
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
N/R
89,955
Total
Long-Term
Care
2,439,734
Tax
Obligation/General
-
29.1%
(17.3%
of
Total
Investments)
Clay
County
Public
School
District
53,
Liberty,
Missouri,
General
Obligation
Bonds,
Series
2018:
1,000
4.000%,
3/01/34
3/26
at
100.00
AA
1,015,440
335
4.000%,
3/01/36
3/26
at
100.00
AA
339,167
340
Clay
County
Reorganized
School
District
R-II
Smithville,
Missouri,
General
Obligation
Bonds,
Refunding
Series
2015,
4.000%,
3/01/36
3/27
at
100.00
AA+
347,096
350
Fenton
Missouri
Fire
Protection
District,
Missouri,
General
Obligation
Bonds,
Series
2019,
4.000%,
3/01/39
3/27
at
100.00
AA+
343,315
500
Fort
Zumwalt
School
District,
Callaway
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2015,
4.000%,
3/01/32
3/24
at
100.00
AA+
503,135
200
Fort
Zumwalt
School
District,
Callaway
County,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018,
5.000%,
3/01/36
3/27
at
100.00
AA+
213,184
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
500
Hazelwood
School
District,
St.
Louis
County,
Missouri,
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2023A,
5.000%,
3/01/42
-
BAM
Insured
3/32
at
100.00
AA
$
545,845
500
Jefferson
City
School
District,
Missouri,
General
Obligation
Bonds,
Series
2023A,
5.500%,
3/01/43
,
(WI/DD)
3/32
at
100.00
AA+
563,830
1,000
Joplin
Schools,
Missouri,
General
Obligation
Bonds,
Refunding,
Direct
Deposit
Program
Series
2017,
4.000%,
3/01/32
3/27
at
100.00
AA+
1,030,170
300
Kansas
City,
Missouri,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018A,
4.000%,
2/01/35
2/28
at
100.00
AA
307,272
Saint
Charles
County
Francis
Howell
School
District,
Missouri,
General
Obligation
Bonds,
Series
2022:
1,000
5.000%,
3/01/41
3/31
at
100.00
AA
1,095,380
500
5.000%,
3/01/42
3/31
at
100.00
AA
545,535
1,000
Valley
Park
Fire
Protection
District,
Missouri,
General
Obligation
Bonds,
Series
2019,
4.000%,
3/01/39
3/27
at
100.00
AA
991,520
Total
Tax
Obligation/General
7,840,889
Tax
Obligation/Limited
-
37.4%
(22.2%
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
AA
1,509,855
1,160
4.000%,
10/01/48
10/29
at
100.00
AA
1,112,115
230
Blue
Springs,
Missouri,
Special
Obligation
Tax
Increment
Bonds,
Adams
Farm
Project,
Special
Districts
Refunding
&
Improvement
Series
2015A,
4.750%,
6/01/30
6/24
at
100.00
N/R
227,307
145
Clay,
Jackson
&
Platte
Counties
Consolidated
Public
Library
District
3,
Missouri,
Certificates
of
Participation,
Mid-Continent
Public
Library
Project,
Series
2018,
4.000%,
3/01/35
3/26
at
100.00
Aa3
147,203
250
Conley
Road
Transportation
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2017,
5.125%,
5/01/41
5/25
at
100.00
N/R
233,697
304
Fulton,
Missouri,
Tax
Increment
Revenue
Bonds,
Fulton
Commons
Redevelopment
Project,
Series
2006,
5.000%,
6/01/28
(5)
7/23
at
100.00
N/R
97,210
Howard
Bend
Levee
District,
St.
Louis
County,
Missouri,
Levee
District
Improvement
Bonds,
Series
2013B:
250
4.875%,
3/01/33
7/23
at
100.00
BB+
236,325
200
5.000%,
3/01/38
7/23
at
100.00
BB+
186,722
300
Kansas
City
Industrial
Development
Authority,
Missouri,
Downtown
Redevelopment
District
Revenue
Bonds,
Series
2011A,
5.000%,
9/01/32
7/23
at
100.00
AA-
300,432
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
N/R
72,778
500
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Downtown
Arena
Project,
Refunding
&
Improvement
Series
2016E,
5.000%,
4/01/40
4/25
at
100.00
AA-
503,360
325
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Downtown
Redevelopment
District,
Series
2014C,
5.000%,
9/01/33
9/23
at
100.00
AA-
325,640
Land
Clearance
for
Redevelopment
Authority
of
Kansas
City,
Missouri,
Project
Revenue
Bonds,
Convention
Center
Hotel
Project
-
TIF
Financing,
Series
2018B:
100
5.000%,
2/01/40,
144A
2/28
at
100.00
N/R
78,754
100
5.000%,
2/01/50,
144A
2/28
at
100.00
N/R
72,410
245
Missouri
Development
Finance
Board,
Infrastructure
Facilities
Revenue
Bonds,
City
of
Branson
-
Branson
Landing
Project,
Series
2015A,
4.000%,
6/01/34
7/23
at
100.00
A-
245,137
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
200
4.550%,
7/01/40
7/28
at
100.00
N/R
190,840
350
0.000%,
7/01/46
7/28
at
41.38
N/R
94,584
97
0.000%,
7/01/51
7/28
at
30.01
N/R
19,318
500
4.750%,
7/01/53
7/28
at
100.00
N/R
463,625
117
5.000%,
7/01/58
7/28
at
100.00
N/R
112,079
252
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.329%,
7/01/40
7/28
at
100.00
N/R
234,090
Nuveen
Missouri
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
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
N/R
$
39,848
250
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Chesterfield
Blue
Valley
Community
Improvement
District
Project,
Series
2014A,
5.250%,
7/01/44,
144A
7/24
at
100.00
N/R
217,488
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
Baa1
507,055
Saint
Louis
Municipal
Finance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Convention
Center,
Expansion
&
Improvement
Projects
Series
2020:
500
5.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
AA
523,750
500
5.000%,
10/01/49
-
AGM
Insured
10/30
at
100.00
AA
517,335
600
Springfield,
Missouri,
Special
Obligation
Bonds,
Sewer
System
Improvements
Project,
Series
2015,
4.000%,
4/01/35
4/25
at
100.00
Aa2
605,394
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
N/R
122,238
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
N/R
332,113
215
Transportation
Development
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2017,
4.500%,
6/01/36
6/26
at
100.00
BBB
206,159
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
N/R
193,631
320
Wentzville,
Missouri,
Certificates
of
Participation,
Series
2023,
5.000%,
3/01/37
3/33
at
100.00
Aa3
347,933
Total
Tax
Obligation/Limited
10,076,425
Transportation
-
14.2%
(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
A2
463,428
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
A2
2,057,720
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
AA
1,309,819
Total
Transportation
3,830,967
U.S.
Guaranteed
-
3.2%
(1.9%
of
Total
Investments)
(6)
335
Guam
A.B.
Won
Pat International
Airport
Authority,
Revenue
Bonds,
Series
2013B,
5.500%,
10/01/33,
(Pre-refunded
10/01/23)
-
AGM
Insured
10/23
at
100.00
AA
337,248
510
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
A.T.
Still
University
of
Health
Sciences,
Series
2014,
5.000%,
10/01/39,
(Pre-
refunded
10/01/23)
10/23
at
100.00
A
512,509
Total
U.S.
Guaranteed
849,757
Utilities
-
22.3%
(13.2%
of
Total
Investments)
250
Camden
County
Public
Water
Supply
District
4,
Missouri,
Certificates
of
Participation,
Series
2017,
5.000%,
1/01/47
1/25
at
100.00
A-
253,177
150
Franklin
County
Public
Water
Supply
District
3,
Missouri,
Certificates
of
Participation,
Series
2017,
4.000%,
12/01/37
12/24
at
100.00
A+
151,049
160
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2018A,
4.000%,
1/01/35
1/28
at
100.00
AA
163,966
500
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2023A,
4.000%,
1/01/48
1/33
at
100.00
AA
487,250
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
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
AAA
$
549,020
500
5.250%,
5/01/52
5/32
at
100.00
AAA
554,525
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
AA
571,985
500
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Water
Facility
Revenue
Bonds,
Tri-County
Water
Authority,
Series
2015,
5.000%,
1/01/40
1/25
at
100.00
Aa3
509,810
350
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Plum
Point
Project,
Refunding
Series
2014A,
5.000%,
1/01/32
1/25
at
100.00
A
355,093
500
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Plum
Point
Project,
Refunding
Series
2015A,
4.000%,
1/01/35
1/26
at
100.00
A
506,875
500
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
MoPEP
Facilities,
Series
2018,
5.000%,
12/01/43
6/27
at
100.00
A2
514,385
585
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Refunding
Series
2016C,
5.000%,
12/01/32
12/25
at
100.00
AA+
605,551
550
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Series
2018,
4.000%,
12/01/39
12/25
at
100.00
AA+
550,308
260
Stone
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Series
2021B,
4.000%,
12/01/51
12/28
at
100.00
N/R
227,365
Total
Utilities
6,000,359
Total
Municipal
Bonds
(cost
$45,739,124)
44,588,401
Total
Long-Term
Investments
(cost
$45,739,124)
44,588,401
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
SHORT-TERM
INVESTMENTS
-
2.9%(1.8%
of
Total
Investments)
X
800,000
MUNICIPAL
BONDS
-
2.9% (1.8%
of
Total
Investments)
X
800,000
Education
and
Civic
Organizations
-
2.9%
(1.8%
of
Total
Investments)
$
800
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Washington
University,
Variable
Rate
Demand
Obligations,
Series
2000B,
4.000%,
3/01/40,
(Mandatory
Put
5/31/23)
(7)
6/23
at
100.00
AA+
$
800,000
Total
Education
and
Civic
Organizations
$
800,000
Total
Municipal
Bonds
(cost
$800,000)
800,000
Total
Short-Term
Investments
(cost
$800,000)
800,000
Total
Investments
(cost
$46,539,124)
-
168.5%
45,388,401
Floating
Rate
Obligations
-
(2.2)%
(
600,000
)
MFP
Shares,
Net
-
(66.1)%
(8)
(
17,803,410
)
Other
Assets
&
Liabilities,
Net
-
(0.2)%
(
55,029
)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
26,929,962
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(5)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
Nuveen
Missouri
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
(6)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(7)
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.
(8)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
39.2%.
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.
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
Notes
to
Financial
Statements
Nuveen
Virginia
Quality
Municipal
Income
Fund
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
165.7% (100.0%
of
Total
Investments)
X
363,045,041
MUNICIPAL
BONDS
-
165.7% (100.0%
of
Total
Investments)
X
363,045,041
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
7/23
at
100.00
BBB
$
1,005,670
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A:
500
5.250%,
6/01/32
6/23
at
100.00
N/R
477,860
705
5.625%,
6/01/47
6/23
at
100.00
N/R
645,738
5,135
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1,
5.000%,
6/01/47
6/23
at
100.00
B-
4,775,755
6,645
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007B2,
5.200%,
6/01/46
6/23
at
100.00
B-
6,488,178
Total
Consumer
Staples
13,393,201
Education
and
Civic
Organizations
-
13.3%
(8.0%
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
A1
965,250
Alexandria
Industrial
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Episcopal
High
School,
Series
2017:
1,105
4.000%,
1/01/37
1/27
at
100.00
A1
1,111,763
565
4.000%,
1/01/40
1/27
at
100.00
A1
560,847
320
Amherst
Industrial
Development
Authority,
Virginia,
Revenue
Bonds,
Sweet
Briar
College,
Series
2006,
5.000%,
9/01/26
7/23
at
100.00
BB
314,806
1,000
Industrial
Development
Authority
of
the
City
of
Lexington,
Virginia,
Washington
and
Lee
University,
Educational
Facility
Revenue
Bonds,
Refunding
Series
2018A,
5.000%,
1/01/43
1/28
at
100.00
AA
1,059,890
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
AAA
1,462,950
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
Aa1
1,552,020
500
Montgomery
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Virginia
Tech
Foundation,
Refunding
Series
2017A,
4.000%,
6/01/36
6/27
at
100.00
Aa2
506,170
750
Roanoke
Economic
Development
Authority,
Virginia,
Educational
Facilities
Revenue
Bonds,
Lynchburg
College,
Series
2018A,
5.000%,
9/01/43
9/28
at
100.00
BBB+
756,472
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
BBB+
865,780
2,500
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Green
Series
2015A-2,
5.000%,
4/01/45
4/25
at
100.00
AAA
2,562,700
1,515
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
4/01/39
(4)
4/27
at
100.00
AAA
1,611,036
9,000
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Pledge
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
4/01/39,
(UB)
(4)
4/27
at
100.00
AAA
9,570,510
1,000
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Green
Series
2015B,
5.000%,
7/01/45,
144A
7/25
at
100.00
BB+
943,790
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Refunding
Series
2015A:
1,500
5.000%,
7/01/35,
144A
7/25
at
100.00
BB+
1,489,200
4,000
5.000%,
7/01/45,
144A
7/25
at
100.00
BB+
3,775,160
Total
Education
and
Civic
Organizations
29,108,344
Nuveen
Virginia
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
-
29.4%
(17.7%
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
AA-
$
1,696,630
2,000
4.000%,
7/01/39
7/30
at
100.00
AA-
1,977,460
225
4.000%,
7/01/40
7/30
at
100.00
AA-
221,589
1,055
4.000%,
7/01/45
7/30
at
100.00
AA-
1,011,819
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
A
1,588,071
1,205
4.000%,
7/01/37
7/29
at
100.00
A
1,187,202
1,000
4.000%,
7/01/43
7/29
at
100.00
A
958,550
1,920
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/44
8/29
at
100.00
A-
1,778,573
2,700
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
4.000%,
8/01/49
8/29
at
100.00
A-
2,432,160
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
AA+
3,926,902
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
AA+
2,429,000
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
AA+
1,905,520
1,325
Fairfax
County
Industrial
Development
Authority,
Virginia,
Hospital
Revenue
Refunding
Bonds,
Inova
Health
System,
Series
1993A,
5.000%,
8/15/23
No
Opt.
Call
AA+
1,328,922
2,500
Fredericksburg
Economic
Development
Authority,
Virginia,
Hospital
Facilities
Revenue
Bonds,
MediCorp
Health
System,
Series
2007,
5.250%,
6/15/23
No
Opt.
Call
A
2,501,325
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
A+
2,286,850
3,500
Industrial
Development
Authority
of
the
City
of
Newport
News,
Virginia,
Health
System
Revenue
Bonds,
Riverside
Health
System,
Series
2015A,
5.330%,
7/01/45,
144A
7/25
at
100.00
N/R
3,532,830
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2017A:
195
5.000%,
1/01/31
1/27
at
100.00
A-
203,561
4,885
5.000%,
1/01/47
1/27
at
100.00
A-
4,965,016
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
A-
1,397,104
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
AA
1,889,740
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
AA-
890,522
5,000
4.000%,
7/01/51
7/30
at
100.00
AA-
4,708,200
Stafford
County
Economic
Development
Authority,
Virginia,
Hospital
Facilities
Revenue
Bonds,
Mary
Washington
Healthcare
Obligated
Group,
Refunding
Series
2016:
1,000
5.000%,
6/15/32
6/26
at
100.00
A
1,038,050
1,440
5.000%,
6/15/35
6/26
at
100.00
A
1,486,497
1,360
4.000%,
6/15/37
6/26
at
100.00
A
1,300,922
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
AA-
4,615,500
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
AA-
3,195,570
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
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
AA
$
1,139,616
1,000
4.000%,
11/01/39
11/29
at
100.00
AA
983,860
Winchester
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Refunding
Series
2015:
1,500
5.000%,
1/01/33
1/26
at
100.00
A+
1,549,770
1,000
5.000%,
1/01/35
1/26
at
100.00
A+
1,031,340
2,000
4.000%,
1/01/37
1/26
at
100.00
A+
2,003,680
1,215
5.000%,
1/01/44
1/26
at
100.00
A+
1,231,803
Total
Health
Care
64,394,154
Housing/Multifamily
-
6.5%
(3.9%
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
N/R
964,105
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015A:
1,000
3.500%,
3/01/35
3/24
at
100.00
AA+
976,850
1,000
3.625%,
3/01/39
3/24
at
100.00
AA+
926,970
900
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015C,
4.000%,
8/01/45
8/24
at
100.00
AA+
853,182
2,750
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2015E,
3.750%,
12/01/40
12/24
at
100.00
AA+
2,547,958
1,500
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2016B,
3.350%,
5/01/36
5/25
at
100.00
AA+
1,418,085
1,700
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2017A,
3.875%,
3/01/47
3/26
at
100.00
AA+
1,525,597
3,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2019A,
3.800%,
9/01/44
3/28
at
100.00
AA+
2,693,520
1,855
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2020E,
2.500%,
7/01/45
7/29
at
100.00
AA+
1,302,321
1,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2022F,
5.000%,
10/01/52
10/31
at
100.00
AA+
1,018,620
Total
Housing/Multifamily
14,227,208
Long-Term
Care
-
7.6%
(4.6%
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
BBB+
2,737,090
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
A-
621,250
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
N/R
934,938
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
N/R
697,280
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
BBB-
878,760
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
BBB-
913,506
1,000
4.000%,
1/01/48
1/29
at
103.00
BBB-
764,650
Nuveen
Virginia
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
Norfolk
Redevelopment
and
Housing
Authority,
Virginia,
Fort
Norfolk
Retirement
Community,
Inc.,
Harbor's
Edge
Project,
Series
2019A:
$
625
5.000%,
1/01/49
1/24
at
104.00
N/R
$
484,444
2,700
5.250%,
1/01/54
1/24
at
104.00
N/R
2,121,147
Prince
William
County
Industrial
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
at
Lake
Ridge,
Refunding
Series
2016:
670
5.000%,
1/01/37
1/25
at
102.00
BB
580,749
2,000
5.000%,
1/01/46
1/25
at
102.00
BB
1,595,220
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
N/R
2,748,216
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
A
1,604,151
Total
Long-Term
Care
16,681,401
Tax
Obligation/General
-
3.7%
(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
N/R
1,938,651
4,000
4.000%,
7/01/33
7/31
at
103.00
N/R
3,680,160
1,000
4.000%,
7/01/41
7/31
at
103.00
N/R
837,590
380
Richmond,
Virginia,
General
Obligation
Bonds,
Refunding
&
Public
Improvement
Series
2017D,
5.000%,
3/01/33
No
Opt.
Call
AA+
452,588
1,000
Virginia
State,
General
Obligation
Bonds,
Series
2022A,
5.000%,
6/01/52
6/32
at
100.00
AAA
1,108,720
Total
Tax
Obligation/General
8,017,709
Tax
Obligation/Limited
-
23.9%
(14.5%
of
Total
Investments)
Arlington
County
Industrial
Development
Authority,
Virginia,
Revenue
Bonds,
Refunding
County
Projects,
Series
2017:
1,730
5.000%,
2/15/35
8/27
at
100.00
Aa1
1,879,126
1,340
5.000%,
2/15/37
8/27
at
100.00
Aa1
1,442,349
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
7/23
at
100.00
N/R
1,115,995
1,500
Fairfax
County
Economic
Development
Authority,
Virginia,
Revenue
Bonds,
Metrorail
Parking
System
Project,
Series
2017,
5.000%,
4/01/42
4/27
at
100.00
AA+
1,566,270
1,740
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
N/R
1,641,829
4,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D,
5.000%,
11/15/34
11/25
at
100.00
BB
4,038,640
395
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2021F.
Forward
Delivery,
4.000%,
1/01/36
1/31
at
100.00
Ba1
374,353
1,000
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A,
5.000%,
12/01/33
12/26
at
100.00
BB
1,024,870
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Hampton
Roads
Transportation
Fund
Revenue
Bonds,
Senior
Lien
Series
2018A:
2,900
5.000%,
7/01/48,
(UB)
1/28
at
100.00
AA+
3,052,308
2,000
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2020A,
5.000%,
7/01/45
7/30
at
100.00
AA
2,168,580
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
AA
2,872,680
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
N/R
1,112,430
915
Lower
Magnolia
Green
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Series
2015,
5.000%,
3/01/35,
144A
3/25
at
100.00
N/R
895,840
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
440
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/32
No
Opt.
Call
N/R
$
437,699
Peninsula
Town
Center
Community
Development
Authority,
Virginia,
Special
Obligation
Bonds,
Refunding
Series
2018:
360
4.500%,
9/01/28,
144A
9/27
at
100.00
N/R
355,716
3,000
5.000%,
9/01/45,
144A
9/27
at
100.00
N/R
2,779,560
1,000
Puerto
Rico
Highway
and
Transportation
Authority,
Restructured
Toll
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/62
7/32
at
100.00
N/R
961,250
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
39
0.000%,
7/01/24
No
Opt.
Call
N/R
37,315
96
0.000%,
7/01/27
No
Opt.
Call
N/R
80,829
94
0.000%,
7/01/29
7/28
at
98.64
N/R
72,057
219
0.000%,
7/01/31
7/28
at
91.88
N/R
151,923
136
0.000%,
7/01/33
7/28
at
86.06
N/R
85,060
3,609
0.000%,
7/01/51
7/28
at
30.01
N/R
718,732
8,320
5.000%,
7/01/58
7/28
at
100.00
N/R
7,970,061
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
N/R
1,439,841
150
4.536%,
7/01/53
7/28
at
100.00
N/R
134,259
62
4.784%,
7/01/58
7/28
at
100.00
N/R
57,109
1,500
Virgin
Islands
Public
Finance
Authority,
Federal
Highway
Grant
Anticipation
Loan
Note
Revenue
Bonds,
Series
2015,
5.000%,
9/01/33,
144A
9/25
at
100.00
A
1,526,475
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
AA
2,268,269
3,500
Virginia
Commonwealth
Transportation
Board,
Federal
Transportation
Grant
Anticipation
Revenue
Notes,
Series
2016,
5.000%,
9/15/30
9/26
at
100.00
AA+
3,704,890
2,000
Virginia
Public
Building
Authority,
Public
Facilities
Revenue
Bonds,
Series
2019B,
4.000%,
8/01/38,
(AMT)
8/29
at
100.00
AA+
1,997,820
2,000
Virginia
Public
School
Authority,
School
Financing
Bonds,
1997
Resolution,
Series
2015A,
5.000%,
8/01/26
8/25
at
100.00
AA+
2,080,200
35
Virginia
Resources
Authority,
Infrastructure
Revenue
Bonds,
Pooled
Financing
Program,
Series
2012A,
5.000%,
11/01/42
7/23
at
100.00
AAA
35,021
120
Virginia
Small
Business
Finance
Authority,
Tourism
Development
Financing
Program
Revenue
Bonds,
Downtown
Norfolk
and
Virginia
Beach
Oceanfront
Hotel
Projects,
Series
2018A,
8.375%,
4/01/41,
144A
4/28
at
112.76
N/R
120,712
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
N/R
308,799
1,000
Virginia
Transportation
Board,
Transportation
Revenue
Bonds,
Capital
Projects,
Series
2018,
4.000%,
5/15/38
5/28
at
100.00
AA+
1,009,420
920
Western
Virginia
Regional
Jail
Authority,
Virginia,
Facility
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
12/01/36
12/26
at
100.00
Aa2
961,731
Total
Tax
Obligation/Limited
52,480,018
Transportation
-
48.7%
(29.4%
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
A2
378,450
400
4.000%,
7/01/35
7/26
at
100.00
A2
402,444
250
4.000%,
7/01/38
7/26
at
100.00
A2
243,650
1,500
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Bond
Anticipation
Notes
Series
2019,
5.000%,
11/01/23
No
Opt.
Call
BBB
1,506,525
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
AA
5,452,628
1,705
5.000%,
7/01/46
7/26
at
100.00
BBB
1,731,922
4,200
5.000%,
7/01/51
7/26
at
100.00
BBB
4,254,516
Nuveen
Virginia
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B:
$
2,000
0.000%,
7/15/32
(5)
7/28
at
100.00
A-
$
2,081,620
1,000
0.000%,
7/15/40
-
AGM
Insured
(5)
7/28
at
100.00
AA
1,020,090
4,225
0.000%,
7/15/40
(5)
7/28
at
100.00
A-
4,290,783
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
A-
4,237,425
3,335
4.000%,
10/01/53
-
AGM
Insured
10/29
at
100.00
AA
3,093,546
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
AA
3,548,800
11,825
0.000%,
10/01/34
-
AGC
Insured
No
Opt.
Call
AA
7,717,231
1,135
0.000%,
10/01/36
-
AGC
Insured
No
Opt.
Call
AA
669,185
5,010
0.000%,
10/01/39
-
AGC
Insured
No
Opt.
Call
AA
2,514,519
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
A-
7,522,023
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
AA-
7,555,354
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
AA-
393,371
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2018A:
2,000
5.000%,
10/01/32,
(AMT)
10/28
at
100.00
AA-
2,126,940
3,290
5.000%,
10/01/36,
(AMT)
10/28
at
100.00
AA-
3,447,492
2,000
5.000%,
10/01/38,
(AMT)
10/28
at
100.00
AA-
2,082,440
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
AA-
1,073,860
4,000
5.000%,
10/01/40,
(AMT)
10/29
at
100.00
AA-
4,168,280
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016:
125
5.000%,
8/01/26,
(AMT)
6/23
at
100.00
B
125,154
595
5.000%,
8/01/31,
(AMT)
6/23
at
100.00
B
595,803
1,585
Norfolk
Airport
Authority,
Virginia,
Airport
Revenue
Bonds,
Series
2019,
5.000%,
7/01/38
7/29
at
100.00
A
1,684,760
3,000
Virginia
Port
Authority,
Port
Facilities
Revenue
Bonds,
Refunding
Series
2016B,
5.000%,
7/01/41,
(AMT)
7/26
at
100.00
A1
3,040,980
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
BBB
8,989,826
805
5.000%,
12/31/52,
(AMT)
6/27
at
100.00
BBB
797,594
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
BBB
1,065,370
3,120
4.000%,
7/01/39,
(AMT)
1/32
at
100.00
BBB
2,876,640
1,500
4.000%,
1/01/42,
(AMT)
1/32
at
100.00
BBB
1,351,890
1,840
5.000%,
12/31/52,
(AMT)
12/32
at
100.00
Baa1
1,857,204
1,500
5.000%,
12/31/57,
(AMT)
12/32
at
100.00
Baa1
1,508,010
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
BBB
2,314,350
5,000
3.000%,
1/01/41,
(AMT)
1/32
at
100.00
BBB
3,810,550
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2017B:
$
3,000
5.000%,
7/01/36
7/27
at
100.00
AA
$
3,167,010
1,000
5.000%,
7/01/42
7/27
at
100.00
AA
1,044,560
1,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2018,
5.000%,
7/01/43
7/27
at
100.00
AA-
1,044,530
Total
Transportation
106,787,325
U.S.
Guaranteed
-
16.8%
(10.1%
of
Total
Investments)
(6)
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
N/R
936,819
640
Bristol,
Virginia,
General
Obligation
Utility
System
Revenue
Bonds,
Series
2002,
5.000%,
11/01/24
-
AGM
Insured,
(ETM)
No
Opt.
Call
AA
647,872
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
AAA
714,778
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
N/R
103,778
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
AA+
1,088,290
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
N/R
716,310
1,965
5.000%,
10/01/42,
(Pre-refunded
10/01/24)
10/24
at
102.00
N/R
2,036,055
1,000
Fairfax
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facilities
Revenue
Bonds,
Vinson
Hall
LLC,
Series
2013A,
5.000%,
12/01/47,
(Pre-refunded
12/01/23)
12/23
at
100.00
N/R
1,007,620
810
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2013,
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
A-
811,215
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Subordinate
Series
2018A:
1,415
5.000%,
10/01/40,
(Pre-refunded
10/01/27)
10/27
at
100.00
AA+
1,533,917
1,010
5.000%,
10/01/42,
(Pre-refunded
10/01/27)
10/27
at
100.00
AA+
1,094,880
1,000
5.000%,
10/01/43,
(Pre-refunded
10/01/27)
10/27
at
100.00
AA+
1,084,040
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Hampton
Roads
Transportation
Fund
Revenue
Bonds,
Senior
Lien
Series
2018A:
1,100
5.000%,
7/01/48,
(Pre-refunded
1/01/28),
(UB)
1/28
at
100.00
N/R
1,203,631
2,000
5.000%,
7/01/52,
(Pre-refunded
1/01/28)
1/28
at
100.00
AA
2,188,420
13,000
5.000%,
7/01/52,
(Pre-refunded
1/01/28),
(UB)
1/28
at
100.00
AA
14,224,730
1,000
5.500%,
7/01/57,
(Pre-refunded
1/01/28)
1/28
at
100.00
AA
1,115,570
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
AAA
1,751,843
600
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
AA
603,036
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
AA
1,500,646
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
A+
2,353,096
Total
U.S.
Guaranteed
36,716,546
Nuveen
Virginia
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
-
9.7%
(5.9%
of
Total
Investments)
$
4,300
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.375%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
BBB-
$
4,298,624
1,675
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016,
5.000%,
1/01/46
7/26
at
100.00
A-
1,690,410
1,000
Norfolk,
Virginia,
Water
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
11/01/42
11/27
at
100.00
AA+
1,060,000
3,000
Norfolk,
Virginia,
Water
Revenue
Bonds,
Series
2015A,
5.250%,
11/01/44
11/24
at
100.00
AA+
3,057,390
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
N/R
1,926,720
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
N/R
853,680
Richmond,
Virginia,
Public
Utility
Revenue
Bonds,
Refunding
Series
2016A:
5,000
5.000%,
1/15/33
1/26
at
100.00
Aa1
5,217,900
1,000
5.000%,
1/15/35
1/26
at
100.00
Aa1
1,038,990
730
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Refunding
Series
2007A,
5.000%,
7/01/24
7/23
at
100.00
CC
710,786
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
7/23
at
100.00
B
1,384,635
Total
Utilities
21,239,135
Total
Municipal
Bonds
(cost
$367,191,084)
363,045,041
Total
Long-Term
Investments
(cost
$367,191,084)
363,045,041
Floating
Rate
Obligations
-
(9.3)%
(
20,350,000
)
VRDP
Shares,
Net
-
(58.3)%
(7)
(
127,693,719
)
Other
Assets
&
Liabilities,
Net
-
1.9%
4,129,886
Net
Assets
Applicable
to
Common
Shares
-
100%
$
219,131,208
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(5)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(6)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(7)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
35.2%.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
May
31,
2023
NMT
NMS
NOM
NPV
ASSETS
Long-term
investments,
at
value
†
$
182,481,780
$
121,409,599
$
44,588,401
$
363,045,041
Short-term
investments,
at
value
◊
1,500,000
–
800,000
–
Cash
2,342,091
–
–
–
Receivables:
Interest
2,796,569
1,665,913
520,348
5,304,694
Investments
sold
–
35,000
120,000
5,402,689
Other
assets
18,979
12,941
11,064
49,288
Total
assets
189,139,419
123,123,453
46,039,813
373,801,712
LIABILITIES
Cash
overdraft
–
40,814
33,504
579,979
Floating
rate
obligations
–
–
600,000
20,350,000
AMTP
Shares,
Net
*
–
49,773,106
–
–
MFP
Shares,
Net
**
–
–
17,803,410
–
VRDP
Shares,
Net
***
73,768,291
–
–
127,693,719
Payables:
Dividends
235,863
203,672
58,351
581,098
Interest
—
–
8,713
235,820
Investments
purchased
-
regular
settlement
–
–
–
4,955,448
Investments
purchased
-
when-issued/delayed-delivery
settlement
1,932,540
–
558,715
–
Accrued
expenses:
Custodian
fees
18,808
15,561
9,303
29,929
Investor
relations
2,670
1,968
948
4,761
Management
fees
100,119
63,865
23,673
187,272
Trustees
fees
2,513
1,630
597
30,221
Professional
fees
1,851
1,368
829
2,909
Shareholder
reporting
expenses
6,365
5,801
3,971
10,402
Shareholder
servicing
agent
fees
171
647
1,223
357
Other
9,860
6,550
6,614
8,589
Total
liabilities
76,079,051
50,114,982
19,109,851
154,670,504
Commitments
and
contingencies
(1)
Net
assets
applicable
to
common
shares
$
113,060,368
$
73,008,471
$
26,929,962
$
219,131,208
Common
shares
outstanding
9,324,617
5,787,058
2,349,992
17,924,699
Net
asset
value
("NAV")
per
common
share
outstanding
$
12
.12
$
12
.62
$
11
.46
$
12
.23
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
250,794,138
Total
distributable
earnings
(loss)
(
16,324,654
)
(
7,995,643
)
(
3,760,151
)
(
31,842,177
)
Net
assets
applicable
to
common
shares
$
113,060,368
$
73,008,471
$
26,929,962
$
219,131,208
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
186,798,275
$
125,339,519
$
45,739,124
$
367,191,084
◊
Short-term
investments,
cost
$
1,500,000
$
—
$
800,000
$
—
*
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.
See
Notes
to
Financial
Statements
Year
Ended
May
31,
2023
NMT
NMS
NOM
NPV
INVESTMENT
INCOME
Interest
$
7,095,773
$
5,329,980
$
1,864,106
$
15,357,365
Total
investment
income
7,095,773
5,329,980
1,864,106
15,357,365
EXPENSES
–
–
–
–
Management
fees
1,174,831
760,101
278,823
2,204,156
Shareholder
servicing
agent
fees
1,933
17,712
14,707
4,528
Interest
expense
and
amortization
of
offering
costs
2,320,219
1,647,689
614,821
4,803,953
Trustees
fees
5,490
3,631
1,322
10,454
Custodian
expenses,
net
23,662
22,798
13,375
39,144
Investor
relations
expenses
7,078
4,766
1,708
13,329
Professional
fees
54,235
59,578
50,421
107,696
Shareholder
reporting
expenses
21,120
18,831
11,331
34,236
Stock
exchange
listing
fees
7,324
7,324
7,336
7,324
Other
32,719
21,981
18,676
54,730
Total
expenses
3,648,611
2,564,411
1,012,520
7,279,550
Net
investment
income
(loss)
3,447,162
2,765,569
851,586
8,077,815
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(4,090,271)
(1,993,359)
(749,699)
(8,086,587)
Net
realized
gain
(loss)
(4,090,271)
(1,993,359)
(749,699)
(8,086,587)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(3,049,188)
(3,840,538)
(1,300,561)
(9,466,959)
Change
in
net
unrealized
appreciation
(depreciation)
(3,049,188)
(3,840,538)
(1,300,561)
(9,466,959)
Net
realized
and
unrealized
gain
(loss)
(7,139,459)
(5,833,897)
(2,050,260)
(17,553,546)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
(3,692,297)
$
(3,068,328)
$
(1,198,674)
$
(9,475,731)
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
NMT
NMS
Year
Ended
5/31/23
Year
Ended
5/31/22
Year
Ended
5/31/23
Year
Ended
5/31/22
OPERATIONS
Net
investment
income
(loss)
$
3,447,162
$
4,716,609
$
2,765,569
$
3,686,335
Net
realized
gain
(loss)
(
4,090,271
)
(
2,926,217
)
(
1,993,359
)
(
1,218,627
)
Change
in
net
unrealized
appreciation
(depreciation)
(
3,049,188
)
(
19,745,586
)
(
3,840,538
)
(
10,185,514
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(
3,692,297
)
(
17,955,194
)
(
3,068,328
)
(
7,717,806
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
3,641,263
)
(
4,923,000
)
(
2,933,841
)
(
3,644,010
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
3,641,263
)
(
4,923,000
)
(
2,933,841
)
(
3,644,010
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Net
proceeds
from
common
shares
issued
to
common
shareholders
due
to
reinvestment
of
distributions
—
28,306
26,890
35,696
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
—
28,306
26,890
35,696
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
7,333,560
)
(
22,849,888
)
(
5,975,279
)
(
11,326,120
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
120,393,928
143,243,816
78,983,750
90,309,870
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
113,060,368
$
120,393,928
$
73,008,471
$
78,983,750
See
Notes
to
Financial
Statements
NOM
NPV
Year
Ended
5/31/23
Year
Ended
5/31/22
Year
Ended
5/31/23
Year
Ended
5/31/22
OPERATIONS
Net
investment
income
(loss)
$
851,586
$
1,154,529
$
8,077,815
$
10,549,661
Net
realized
gain
(loss)
(
749,699
)
(
638,570
)
(
8,086,587
)
(
3,206,206
)
Change
in
net
unrealized
appreciation
(depreciation)
(
1,300,561
)
(
3,534,342
)
(
9,466,959
)
(
36,747,593
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(
1,198,674
)
(
3,018,383
)
(
9,475,731
)
(
29,404,138
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
887,033
)
(
1,228,061
)
(
8,969,819
)
(
10,423,824
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
887,033
)
(
1,228,061
)
(
8,969,819
)
(
10,423,824
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Net
proceeds
from
common
shares
issued
to
common
shareholders
due
to
reinvestment
of
distributions
11,599
25,933
93,914
306,660
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
11,599
25,933
93,914
306,660
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
2,074,108
)
(
4,220,511
)
(
18,351,636
)
(
39,521,302
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
29,004,070
33,224,581
237,482,844
277,004,146
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
26,929,962
$
29,004,070
$
219,131,208
$
237,482,844
See
Notes
to
Financial
Statements
May
31,
2023
NMT
NMS
NOM
NPV
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
(3,692,297)
$
(3,068,328)
$
(1,198,675)
$
(9,475,731)
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
(50,268,656)
(22,860,773)
(11,565,247)
(104,702,304)
Proceeds
from
sale
and
maturities
of
investments
44,385,038
27,475,949
11,151,762
119,014,170
Proceeds
from
(Purchase
of)
short-term
investments,
net
(1,500,000)
—
(800,000)
—
Taxes
paid
—
(16)
(60)
(1,535)
Amortization
(Accretion)
of
premiums
and
discounts,
net
1,772,089
121,091
202,212
742,265
Amortization
of
deferred
offering
costs
9,749
6,984
8,074
15,173
(Increase)
Decrease
in:
Receivable
for
interest
(40,844)
(49,846)
(16,125)
(195,645)
Receivable
for
investments
sold
10,012
5,081
909,021
8,747,466
Other
assets
(8,690)
(8,123)
(3,496)
(13,835)
Increase
(Decrease)
in:
Payable
for
interest
—
—
6,703
175,712
Payable
for
investments
purchased
-
regular
settlement
—
—
(984,703)
(48,052)
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
880,691
(3,378,410)
(3,545)
(18,876,556)
Accrued
custodian
fees
(13,172)
(11,437)
(7,002)
(19,370)
Accrued
investor
relations
fees
(1,496)
(979)
(391)
(2,650)
Accrued
management
fees
(1,242)
(2,892)
(382)
(3,058)
Accrued
Trustees
fees
1,239
782
294
(180)
Accrued
professional
fees
1,468
1,118
740
2,197
Accrued
shareholder
reporting
expenses
(513)
2,242
2,251
978
Accrued
shareholder
servicing
agent
fees
(175)
(1,809)
(1,235)
(467)
Accrued
other
expenses
11,437
6,941
4,784
15,861
Net
realized
(gain)
loss
from
investments
4,090,271
1,993,359
749,700
8,086,587
Net
realized
(gain)
loss
from
paydowns
—
—
(258)
—
Change
in
net
unrealized
(appreciation)
depreciation
of
investments
3,049,188
3,840,538
1,300,561
9,466,959
Net
cash
provided
by
operating
activities
(1,315,903)
4,071,472
(245,017)
12,927,985
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
borrowings
1,322,196
242,052
—
4,100,000
(Repayments)
of
borrowings
(1,322,196)
(242,052)
—
(4,100,000)
(Repayments
for)
AMTP
Shares
redeemed,
at
liquidation
preference
—
(3,000,000)
—
—
Increase
(Decrease)
in
cash
overdraft
—
40,814
33,504
(3,807,057)
Cash
distributions
paid
to
common
shareholders
(3,795,414)
(3,000,570)
(911,431)
(9,120,928)
Net
cash
provided
by
(used
in)
financing
activities
(3,795,414)
(5,959,756)
(877,927)
(12,927,985)
Net
increase
(decrease)
in
cash
and
cash
collateral
at
brokers
(5,111,317)
(1,888,284)
(1,122,944)
—
Cash
and
Cash
Collateral
at
Brokers
at
the
beginning
of
period
7,453,408
1,888,284
1,122,944
—
Cash
at
the
end
of
period
$
2,342,091
$
—
$
—
$
—
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
NMT
NMS
NOM
NPV
Cash
paid
for
interest
$
2,306,600
$
1,638,979
$
598,700
$
4,608,359
Non-cash
financing
activities
not
included
herein
consists
of
reinvestments
of
common
share
distributions
—
26,890
11,599
93,914
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
Beginning
Common
Share
Net
Asset
Value
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Ending
Net
Asset
Value
Ending
Share
Price
NMT
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
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
)
—
(c)
15.19
13.76
(a)
Percentage
is
not
annualized.
See
Notes
to
Financial
Statements
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
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)
Ending
Net
Assets
(000)
Expenses(b)
Net
Investment
Income
(Loss)(b)
Portfolio
Turnover
Rate
(
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
(
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
(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:
(c)
Value
rounded
to
zero.
Financial
Highlights
(continuted)
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
Beginning
Common
Share
Net
Asset
Value
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Ending
Net
Asset
Value
Ending
Share
Price
NOM
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
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.
See
Notes
to
Financial
Statements
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
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)
Ending
Net
Assets
(000)
Expenses(b)
Net
Investment
Income
(Loss)(b)
Portfolio
Turnover
Rate
(
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
(
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
(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:
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
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
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
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
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.
Notes
to
Financial
Statements
1.
General
Information
Fund
Information:
The
state
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
(“NYSE”)
symbols
are
as
follows
(each
a
“Fund”
and
collectively,
the
“Funds”):
Nuveen
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
May
31,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
May
31,
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.
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
trustees
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
from
the
Adviser
or
its
affiliates.
The Board has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
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:
Notes
to
Financial
Statements
(continued)
Distributions
to
Common
Shareholders:
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
Under
the
Funds'
organizational
documents, their
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Funds
that
have
not
yet
occurred.
However,
the Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
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
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
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.
New
Rule
Issuance:
A
new
rule
adopted
by
the
Securities
and
Exchange
Commission
(the
"SEC")
governing
fund
valuation
practices,
Rule
2a-5
under
the
1940
Act,
has
established
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
permits
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
"readily
available"
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotations
are
not
readily
available.
Separately,
new
SEC
Rule
31a-4
under
the
1940
Act
sets
forth
the
recordkeeping
requirements
associated
with
fair
value
determinations.
The
Funds
adopted
a
valuation
policy
conforming
to
the
new
rules,
effective
September
1,
2022,
and
there
was
no
material
impact
to
the
Funds.
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.
Fund
Gross
Custodian
Fee
Credits
NMT
$
4,053
NMS
1,717
NOM
1,567
NPV
4,982
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Prices
of
fixed-income
securities
are
generally
provided
by
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
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
The
fair
values
of
the
Funds’
liabilities
for
preferred
shares
approximate
their
liquidation
preference.
Preferred
shares
are
generally
classified
as
Level
2
and
further
described
in
Note
5
-
Fund
Shares.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
NMT
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
182,481,780
$
–
$
182,481,780
Short-Term
Investments:
Municipal
Bonds
–
1,500,000
–
1,500,000
Total
$
–
$
183,981,780
$
–
$
183,981,780
NMS
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
121,409,599
$
–
$
121,409,599
Total
$
–
$
121,409,599
$
–
$
121,409,599
NOM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
44,588,401
$
–
$
44,588,401
Short-Term
Investments:
Municipal
Bonds
–
800,000
–
800,000
Total
$
–
$
45,388,401
$
–
$
45,388,401
NPV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
363,045,041
$
–
$
363,045,041
Total
$
–
$
363,045,041
$
–
$
363,045,041
Notes
to
Financial
Statements
(continued)
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
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:
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NMT
$
—
$
7,325,000
$
7,325,000
NMS
—
—
—
NOM
600,000
—
600,000
NPV
20,350,000
—
20,350,000
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any
such
facility.
Each
Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(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
reporting
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
(including
maturities)
during
the
current
fiscal
period
were
as
follows:
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NMT
$
—
—
%
NMS
—
—
NOM
600,000
2.74
NPV
20,368,493
2.78
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
NMT
$
—
$
7,325,000
$
7,325,000
NMS
—
—
—
NOM
600,000
—
600,000
NPV
20,350,000
—
20,350,000
Notes
to
Financial
Statements
(continued)
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
In
addition
to
the
inverse
floating
rate
securities
in
which
each
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes,
each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments
such
as
futures,
options
and
swap
contracts.
Each
Fund
limits
its
investments
in
futures,
options
on
futures
and
swap
contracts
to
the
extent
necessary
for
the
Adviser
to
claim
the
exclusion
from
registration
by
the
Commodity
Futures
Trading
Commission
as
a
commodity
pool
operator
with
respect
to
the
Fund.
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable.
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Although
the
Funds
are
authorized
to
invest
in
derivative
instruments
and
may
do
so
in
the
future,
they
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
5.
Fund
Shares
Common Share
Transactions:
Transactions
in common
shares
for
the
Funds
during
the
Funds’
current
and
prior
fiscal
period,
where
applicable,
were
as
follows:
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:
Fund
Purchases
Sales
and
Maturities
NMT
$
50,268,656
$
44,385,038
NMS
22,860,773
27,475,949
NOM
11,565,247
11,151,762
NPV
104,702,304
119,014,170
NMT
NMS
Year
Ended
5/31/23
Year
Ended
5/31/22
Year
Ended
5/31/23
Year
Ended
5/31/22
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
1,866
1,953
2,350
Total
—
1,866
1,953
2,350
NOM
NPV
Year
Ended
5/31/23
Year
Ended
5/31/22
Year
Ended
5/31/23
Year
Ended
5/31/22
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
970
1,853
7,763
19,473
Total
970
1,853
7,763
19,473
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.
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
Funds.
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
Funds.
The
modes
within
MFP
Shares
detail
the
dividend
mechanics
and
are
described
as
follows.
At
a
subsequent
date,
the
Funds
may
establish
additional
mode
structures
with
the
MFP
Share.
Fund
Series
Shares
Outstanding
Liquidation
Preference
Liquidation
Preference,
net
of
deferred
offering
costs
NMS
2028
498
$49,800,000
$49,773,106
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
$
51,279,452
3.20
%
Notes
to
Financial
Statements
(continued)
•
Variable
Rate
Remarketed
Mode
(“VRRM”)
–
Dividends
for
MFP
Shares
within
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
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.
Each
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
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.
Each
Fund
is
required
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
“MuniFund
Preferred
(“MFP”)
Shares,
net
of
deferred
offering
costs”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
details
of
the
Fund’s
MFP
Shares
outstanding
were
as
follows:
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.
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
$17,803,410
October
1,
2047
VRM
April
1,
2024
Fund
Average
Liquidation
Preference
of
MFP
Shares
Outstanding
Annualized
Dividend
Rate
NOM
$
18,000,000
3.27
%
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
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
table.
Transactions
in
AMTP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
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
$73,768,291
March
1,
2047
March
1,
2047
NPV
1
1,280
N/A**
$128,000,000
$127,693,719
July
19,
2023
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.
Fund
Average
Liquidation
Preference
of
VRDP
Shares
Outstanding
Annualized
Dividend
Rate
NMT
$
74,000,000
3.12
%
NPV
128,000,000
3.30
Year
Ended
May
31,
2023
NMS
Series
Shares
Amount
AMTP
Shares
redeemed
2028
(30)
$(3,000,000)
Notes
to
Financial
Statements
(continued)
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
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.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
nondeductible
expenses,
paydowns,
taxable
market
discount,
and
taxes
paid.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund’s
net
assets.
As
of
year
end,
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
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
were
as
follows:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NMT
$
188,277,202
$
1,485,804
$
(5,781,226)
$
(4,295,422)
NMS
125,305,165
1,110,962
(5,006,528)
(3,895,566)
NOM
45,922,591
320,541
(1,454,731)
(1,134,190)
NPV
346,891,917
7,077,040
(11,273,820)
(4,196,780)
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
dividend
declared
on
May
1,
2023
and
paid
on
June
1,
2023.
5/31/23
5/31/22
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
NMT
$
3,631,783
$
9,480
$
—
$
4,923,000
$
—
$
—
NMS
2,925,712
8,129
—
3,644,010
—
—
NOM
887,033
—
—
1,228,061
—
—
NPV
8,893,503
76,316
—
10,419,844
3,980
—
1
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
7.
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:
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
May
31,
2023,
the
complex-level
fee
for
each
Fund
was
as
follows:
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
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
Notes
to
Financial
Statements
(continued)
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:
8.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts
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.
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.
9.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
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
credit
facility
expires
in
June
2024
unless
extended
or
renewed.
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:
Fund
Complex-Level
Fee
NMT
0.1597%
NMS
0.1597%
NOM
0.1597%
NPV
0.1597%
Fund
Purchases
Sales
Realized
Gain
(Loss)
NMT
$
8,376,522
$
12,591,403
$
(1,727,890
)
NMS
4,338,259
3,977,609
(199,256
)
NOM
2,045,235
2,047,546
(138,476
)
NPV
33,048,879
28,079,045
(3,169,697
)
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
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund’s
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund’s
net
assets;
(6)
the
duration
of
inter-
fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day’s
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund’s
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day’s
notice
or
not
renewed,
in
which
case
the
fund may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
10.
Subsequent
Events
Variable
Rate
Demand
Preferred
Shares
During
July
2023,
NPV
extended
the
special
rate
period
for
its
Series
1
VRDP
Shares
to
July
17,
2024.
Fund
Maximum
Outstanding
Balance
NMT
$
1,322,196
NMS
242,052
NOM
—
NPV
4,100,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NMT
4
$
1,322,196
5.53
%
NMS
4
242,052
5.53
NOM
—
—
—
NPV
3
4,100,000
4.28
Shareholder
Update
(Unaudited)
CURRENT
INVESTMENT
OBJECTIVES,
INVESTMENT
POLICIES
AND
PRINCIPAL
RISKS
OF
THE
FUNDS
NUVEEN
MASSACHUSETTS
QUALITY
MUNICIPAL
INCOME
FUND
(NMT)
Investment
Objectives
The
Fund’s
investment
objectives
are
to
provide
current
income
exempt
from
regular
federal
and
Massachusetts
personal
income
taxes
and
to
enhance
portfolio
value
relative
to
the
Massachusetts
municipal
bond
market
by
investing
in
tax-exempt
Massachusetts
municipal
obligations
that
the
Fund’s
investment
adviser
believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80% of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
regular
federal
and
Massachusetts
income
taxes.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
securities
that
at
the
time
of
investment
are
investment
grade
quality.
A
security
is
considered
investment
grade
quality
if
it
is
rated
within
the
four
highest
letter
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
that
rates
such
security
(even
if
it
is
rated
lower
by
another),
or
if
it
is
unrated
by
any
NRSRO
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
or
are
unrated
by
any
NRSRO
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below
B3/B-
or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
AMT
Bonds.
The
Fund
may
invest
up
to
15%
of
its
net
assets
in
inverse
floating
rate
securities.
The
Fund
will
generally
maintain
an
investment
portfolio
with
an
overall
weighted
average
maturity
of
greater
than
10
years.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
(i)
investment
objectives
and
(ii)
policy
of
investing
at
least
80% of
its
Assets
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
regular
federal
and
Massachusetts
income
taxes,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
TOB
trusts,
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
U.S.
federal
income
tax
and
Massachusetts
income
tax.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
municipal
securities
in
which
the
Fund
invests
are
generally
issued
by
the
Commonwealth
of
Massachusetts,
a
municipality
in
Massachusetts,
or
a
political
subdivision
or
agency
or
instrumentality
of
such
Commonwealth
or
municipality,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
Fund’s
sub-adviser
to
be
reliable),
is
exempt
from
regular
federal
and
Massachusetts
income
taxes.
The
Fund
may
invest
in
municipal
bonds
issued
by
United
States
territories
and
possessions
(such
as
Puerto
Rico
or
Guam)
that
are
exempt
from
regular
federal
and
Massachusetts
income
taxes.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
AMT
Bonds.
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the
pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the
pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
Issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
Shareholder
Update
(Unaudited)
(continued)
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term
floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
1933
Act,
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
MMD
Rate
Locks),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
1940
Act,
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
SEC.
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
Preferred
Shares
and
investments
in
inverse
floating
rate
securities. As
a
fundamental
policy,
the
Fund
may
not
issue
senior
securities,
as
defined
in
the
1940
Act,
other
than
Preferred
Shares.
Additionally,
as
a
fundamental
policy,
the
Fund
may
not
borrow
money,
except
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares,
and
then
only
in
an
amount
not
exceeding
one-third
of
the
value
of
the
Fund’s
total
assets
including
the
amount
borrowed.
In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
intermediate-
term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
Fund
may
not
achieve
its
investment
objectives.
NUVEEN
MINNESOTA
QUALITY
MUNICIPAL
INCOME
FUND
(NMS)
Investment
Objectives
The
Fund’s
primary
investment
objective
is
to
seek
to
provide
current
income
exempt
from
both
regular
federal
and
Minnesota
income
taxes.
The
Fund’s
secondary
investment
objective
is
to
enhance
portfolio
value
relative
to
the
Minnesota
municipal
bond
market
by
investing
in
Minnesota
municipal
securities
that
the
Fund’s
sub-adviser
believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80% of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
regular
federal
and
Minnesota
income
taxes.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
securities
that
at
the
time
of
investment
are
investment
grade
quality.
A
security
is
considered
investment
grade
quality
if
it
is
rated
within
the
four
highest
letter
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
that
rates
such
security
(even
if
it
is
rated
lower
by
another),
or
if
it
is
unrated
by
any
NRSRO
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
or
are
unrated
by
any
NRSRO
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below
B3/B-
by
all
NRSROs
that
rate
the
security
or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
AMT
Bonds.
The
Fund
may
invest
up
to
15%
of
its
net
assets
in
inverse
floating
rate
securities.
The
Fund
may
invest
up
to
10%
of
its
Managed
Assets
in
securities
of
other open- or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
bonds
of
the
types
in
which
the
Fund
may
invest
directly.
The
Fund
will
generally
maintain
an
investment
portfolio
with
an
overall
weighted
average
maturity
of
greater
than
10
years.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
(i)
investment
objectives
and
(ii)
policy
of
investing
at
least
80% of
its
Assets
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
regular
federal
and
Minnesota
income
taxes,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
TOB
trusts,
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
U.S.
federal
income
tax
and
Minnesota
income
tax.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
municipal
securities
in
which
the
Fund
invests
are
generally
issued
by
the
State
of
Minnesota,
a
municipality
of
Minnesota,
or
a
political
subdivision
of
either,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
Fund’s
sub-
adviser
to
be
reliable),
is
exempt
from
regular
federal
and
Minnesota
income
taxes,
although
the
interest
may
be
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
securities
issued
by
U.S.
territories
(such
as
Puerto
Rico
or
Guam)
that
are
exempt
from
regular
federal
and
Minnesota
income
taxes.
Shareholder
Update
(Unaudited)
(continued)
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
AMT
Bonds.
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the
pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the
pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term
floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
1933
Act,
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
MMD
Rate
Locks),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
1940
Act,
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
SEC.
Use
of
Leverage
The
Fund
uses
regulatory
leverage
to
pursue
its
investment
objectives.
Regulatory
leverage
consists
of
“senior
securities”
as
defined
under
the
1940
Act,
which
include
(1) borrowings,
including
loans
from
financial
institutions;
(2) issuance
of
debt
securities;
and
(3) issuance
of
Preferred
Shares.
In
addition,
the
Fund
may
also
enter
into
certain
derivatives
transactions
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
Additionally,
as
a
fundamental
policy,
the
Fund
may
not
borrow
money,
except
for
repurchase
of
its
shares
or
as
a
temporary
measure
for
extraordinary
or
emergency
purposes,
including
the
payment
of
dividends
and
the
settlement
of
securities
transactions
which
otherwise
might
require
untimely
dispositions
of
Fund
securities.
The
Fund
may
use
leverage
in
an
amount
permissible
under
the
1940
Act
and
related
SEC
guidance.
The
amounts
and
forms
of
leverage
used
by
the
Fund
may
vary
with
prevailing
market
or
economic
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
intermediate-
term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
Fund
may
not
achieve
its
investment
objectives.
Shareholder
Update
(Unaudited)
(continued)
NUVEEN
MISSOURI
QUALITY
MUNICIPAL
INCOME
FUND
(NOM)
Investment
Objectives
The
Fund’s
investment
objectives
are
to
provide
current
income
exempt
from
regular
federal
and
Missouri
personal
income
taxes
and
to
enhance
portfolio
value
relative
to
the
Missouri
municipal
bond
market
by
investing
in
tax-exempt
Missouri
municipal
obligations
that
the
Fund’s
investment
adviser
believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80% of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
regular
federal
and
Missouri
income
taxes.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
securities
that
at
the
time
of
investment
are
investment
grade
quality.
A
security
is
considered
investment
grade
quality
if
it
is
rated
within
the
four
highest
letter
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
that
rates
such
security
(even
if
it
is
rated
lower
by
another),
or
if
it
is
unrated
by
any
NRSRO
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
or
are
unrated
by
any
NRSRO
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below
B3/B-
or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
AMT
Bonds.
The
Fund
may
invest
up
to
15%
of
its
net
assets
in
inverse
floating
rate
securities.
The
Fund
will
generally
maintain
an
investment
portfolio
with
an
overall
weighted
average
maturity
of
greater
than
10
years.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
(i)
investment
objectives
and
(ii)
policy
of
investing
at
least
80% of
its
Assets
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
regular
federal
and
Missouri
income
taxes,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
TOB
trusts,
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
U.S.
federal
income
tax
and
Missouri
income
tax.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
municipal
securities
in
which
the
Fund
will
invest
are
generally
issued
by
the
State
of
Missouri,
a
municipality
of
Missouri,
or
a
political
subdivision
of
either,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
Fund’s
investment
sub-adviser
to
be
reliable),
is
exempt
from
regular
federal
and
Missouri
personal
income
taxes,
although
the
interest
may
be
subject
to
the
federal
alternative
minimum
tax
applicable
to
individuals.
The
Fund
may
invest
in
municipal
bonds
issued
by
United
States
territories
and
possessions
(such
as
Puerto
Rico
or
Guam)
that
are
exempt
from
regular
federal
and
Missouri
personal
income
taxes.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
AMT
Bonds.
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the
pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the
pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
Shareholder
Update
(Unaudited)
(continued)
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term
floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
1933
Act,
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
MMD
Rate
Locks),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
1940
Act,
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
SEC.
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
Preferred
Shares
and
investments
in
inverse
floating
rate
securities. As
a
fundamental
policy,
the
Fund
may
not
issue
senior
securities,
as
defined
in
the
1940
Act,
other
than
Preferred
Shares.
Additionally,
as
a
fundamental
policy,
the
Fund
may
not
borrow
money,
except
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares,
and
then
only
in
an
amount
not
exceeding
one-third
of
the
value
of
the
Fund’s
total
assets
including
the
amount
borrowed.
In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
intermediate-
term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
Fund
may
not
achieve
its
investment
objectives.
NUVEEN
VIRGINIA
QUALITY
MUNICIPAL
INCOME
FUND
(NPV)
Investment
Objectives
The
Fund’s
primary
investment
objective
is
to
provide
current
income
exempt
from
both
regular
federal
and
Virginia
income
taxes.
The
Fund’s
secondary
investment
objective
is
to
enhance
portfolio
value
relative
to
the
Virginia
municipal
bond
market
by
investing
in tax-exempt Virginia
municipal
securities
that
the
Fund’s
investment
sub-adviser,
believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80% of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments,
the
income
from
which
is
exempt
from
regular
federal
and
Virginia
income
taxes.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
securities
that
at
the
time
of
investment
are
investment
grade
quality.
A
security
is
considered
investment
grade
quality
if
it
is
rated
within
the
four
highest
letter
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
that
rates
such
security
(even
if
it
is
rated
lower
by
another),
or
if
it
is
unrated
by
any
NRSRO
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
or
are
unrated
by
any
NRSRO
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below
B3/B-
or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
AMT
Bonds.
The
Fund
may
invest
up
to
15%
of
its
net
assets
in
inverse
floating
rate
securities.
The
Fund
will
generally
maintain
an
investment
portfolio
with
an
overall
weighted
average
maturity
of
greater
than
10
years.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
(i)
investment
objectives
and
(ii)
policy
of
investing
at
least
80% of
its
Assets
in
municipal
securities
and
other
related
investments,
the
income
from
which
is
exempt
from
regular
federal
and
Virginia
income
taxes,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
TOB
trusts,
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
U.S.
federal
income
tax
and
Virginia
income
tax.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
municipal
securities
in
which
the
Fund
will
invest
are
generally
issued
by
the
Commonwealth
of
Virginia,
a
municipality
in
Virginia,
or
a
political
subdivision
or
agency
or
instrumentality
of
such
state
or
municipality,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
Fund’s
investment
adviser
to
be
reliable),
is
exempt
from
both
regular
federal
income
taxes
and
Virginia
personal
income
tax,
although
the
interest
may
be
subject
to
the
federal
alternative
minimum
tax.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
AMT
Bonds.
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
Shareholder
Update
(Unaudited)
(continued)
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the
pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the
pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both
short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
1933
Act,
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
MMD
Rate
Locks),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
1940
Act,
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
SEC.
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
Preferred
Shares
and
investments
in
inverse
floating
rate
securities. As
a
fundamental
policy,
the
Fund
may
not
issue
senior
securities,
as
defined
in
the
1940
Act,
other
than
Preferred
Shares.
Additionally,
as
a
fundamental
policy,
the
Fund
may
not
borrow
money,
except
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares,
and
then
only
in
an
amount
not
exceeding
one-third
of
the
value
of
the
Fund’s
total
assets
including
the
amount
borrowed.
In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
intermediate-
term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
Fund
may
not
achieve
its
investment
objectives.
Shareholder
Update
(Unaudited)
(continued)
PRINCIPAL
RISKS
OF
THE
FUNDS
The
factors
that
are
most
likely
to
have
a
material
effect
on
a
particular
Fund’s
portfolio
as
a
whole
are
called
“principal
risks.”
Each
Fund
is
subject
to
the
principal
risks
indicated
below,
whether
through
direct
investment
or
derivative
positions.
Each
Fund
may
be
subject
to
additional
risks
other
than
those
identified
and
described
below
because
the
types
of
investments
made
by
a
Fund
can
change
over
time.
Risk
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
(NMT)
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(NMS)
Nuveen
Missouri
Quality
Municipal
Income
Fund
(NOM)
Nuveen
Virginia
Quality
Municipal
Income
Fund
(NPV)
Portfolio
Level
Risks
Alternative
Minimum
Tax
Risk
X
X
X
X
Below
Investment
Grade
Risk
X
X
X
X
Call
Risk
X
X
X
X
Credit
Risk
X
X
X
X
Credit
Spread
Risk
X
X
X
X
Deflation
Risk
X
X
X
X
Derivatives
Risk
X
X
X
X
Distressed
Securities
Risk
X
X
X
X
Duration
Risk
X
X
X
X
Economic
Sector
Risk
X
X
X
X
Financial
Futures
and
Options
Risk
X
X
X
X
Hedging
Risk
X
X
X
X
Illiquid
Investments
Risk
X
X
X
X
Income
Risk
X
X
X
X
Inflation
Risk
X
X
X
X
Insurance
Risk
X
X
X
X
Interest
Rate
Risk
X
X
X
X
Inverse
Floating
Rate
Securities
Risk
X
X
X
X
Municipal
Securities
Market
Liquidity
Risk
X
X
X
X
Municipal
Securities
Market
Risk
X
X
X
X
Other
Investment
Companies
Risk
X
X
X
X
Puerto
Rico
Municipal
Securities
Market
Risk
X
X
X
X
Reinvestment
Risk
X
X
X
X
Special
Considerations
Related
to
Single
State
Concentration
Risk
X
X
X
X
Special
Risks
Related
to
Certain
Municipal
Obligations
X
X
X
X
Swap
Transactions
Risk
X
X
X
X
Tax
Risk
X
X
X
X
Taxability
Risk
X
X
X
X
Tobacco
Settlement
Bond
Risk
X
X
X
X
Unrated
Securities
Risk
X
X
X
X
Valuation
Risk
X
X
X
X
Zero
Coupon
Bonds
Risk
X
X
X
X
Risk
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)
Fund
Level
and
Other
Risks
Anti-Takeover
Provisions
X
X
X
X
Counterparty
Risk
X
X
X
X
Cybersecurity
Risk
X
X
X
X
Economic
and
Political
Events
Risk
X
X
X
X
Fund
Tax
Risk
X
X
X
X
Global
Economic
Risk
X
X
X
X
Investment
and
Market
Risk
X
X
X
X
Legislation
and
Regulatory
Risk
X
X
X
X
Leverage
Risk
X
X
X
X
Market
Discount
from
Net
Asset
Value
X
X
X
X
Recent
Market
Conditions
X
X
X
X
Reverse
Repurchase
Agreement
Risk
X
X
X
X
Shareholder
Update
(Unaudited)
(continued)
Portfolio
Level
Risks:
Alternative
Minimum
Tax
Risk.
The
Fund
may
invest
in
AMT
Bonds.
Therefore,
a
portion
of
the
Fund’s
otherwise
exempt-interest
dividends
may
be
taxable
to
those
shareholders
subject
to
the
federal
alternative
minimum
tax.
Below
Investment
Grade
Risk.
Municipal
securities
of
below
investment
grade
quality
are
regarded
as
having
speculative
characteristics
with
respect
to
the
issuer’s
capacity
to
pay
interest
and
repay
principal,
and
may
be
subject
to
higher
price
volatility
and
default
risk
than
investment
grade
municipal
securities
of
comparable
terms
and
duration.
Issuers
of
lower
grade
municipal
securities
may
be
highly
leveraged
and
may
not
have
available
to
them
more
traditional
methods
of
financing.
The
prices
of
these
lower
grade
securities
are
typically
more
sensitive
to
negative
developments,
such
as
a
decline
in
the
issuer’s
revenues
or
a
general
economic
downturn.
The
secondary
market
for
lower
rated
municipal
securities
may
not
be
as
liquid
as
the
secondary
market
for
more
highly
rated
municipal
securities,
a
factor
which
may
have
an
adverse
effect
on
the
Fund’s
ability
to
dispose
of
a
particular
municipal
security.
If
a
below
investment
grade
municipal
security
goes
into
default,
or
its
issuer
enters
bankruptcy,
it
might
be
difficult
to
sell
that
security
in
a
timely
manner
at
a
reasonable
price.
Call
Risk.
The
Fund
may
invest
in
municipal
securities
that
are
subject
to
call
risk.
Such
municipal
securities
may
be
redeemed
at
the
option
of
the
issuer,
or
“called,”
before
their
stated
maturity
or
redemption
date.
In
general,
an
issuer
will
call
its
instruments
if
they
can
be
refinanced
by
issuing
new
instruments
that
bear
a
lower
interest
rate.
The
Fund
is
subject
to
the
possibility
that
during
periods
of
falling
interest
rates,
an
issuer
will
call
its
high
yielding
municipal
securities.
The
Fund
would
then
be
forced
to
invest
the
unanticipated
proceeds
at
lower
interest
rates,
resulting
in
a
decline
in
the
Fund’s
income.
Credit
Risk.
Issuers
of
municipal
securities
in
which
the
Fund
may
invest
may
default
on
their
obligations
to
pay
principal
or
interest
when
due.
This
non-payment
would
result
in
a
reduction
of
income
to
the
Fund,
a
reduction
in
the
value
of
a
municipal
security
experiencing
non-payment
and
potentially
a
decrease
in
the
net
asset
value
(“NAV”)
of
the
Fund.
To
the
extent
that
the
credit
rating
assigned
to
a
municipal
security
in
the
Fund’s
portfolio
is
downgraded,
the
market
price
and
liquidity
of
such
security
may
be
adversely
affected.
Credit
Spread
Risk.
Credit
spread
risk
is
the
risk
that
credit
spreads
(i.e.,
the
difference
in
yield
between
securities
that
is
due
to
differences
in
their
credit
quality)
may
increase
when
the
market
believes
that
municipal
securities
generally
have
a
greater
risk
of
default.
Increasing
credit
spreads
may
reduce
the
market
values
of
the
Fund’s
securities.
Credit
spreads
often
increase
more
for
lower
rated
and
unrated
securities
than
for
investment
grade
securities.
In
addition,
when
credit
spreads
increase,
reductions
in
market
value
will
generally
be
greater
for
longer-maturity
securities.
Deflation
Risk.
Deflation
risk
is
the
risk
that
prices
throughout
the
economy
decline
over
time.
Deflation
may
have
an
adverse
effect
on
the
creditworthiness
of
issuers
and
may
make
issuer
default
more
likely,
which
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Derivatives
Risk.
The
use
of
derivatives
involves
additional
risks
and
transaction
costs
which
could
leave
the
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Derivative
instruments
can
be
used
to
acquire
or
to
transfer
the
risk
and
returns
of
a
municipal
security
or
other
asset
without
buying
or
selling
the
municipal
security
or
asset.
These
instruments
may
entail
investment
exposures
that
are
greater
than
their
cost
would
suggest.
As
a
result,
a
small
investment
in
derivatives
can
result
in
losses
that
greatly
exceed
the
original
investment.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
An
over-the-counter
derivative
transaction
between
the
Fund
and
a
counterparty
that
is
not
cleared
through
a
central
counterparty
also
involves
the
risk
that
a
loss
may
be
sustained
as
a
result
of
the
failure
of
the
counterparty
to
the
contract
to
make
required
payments.
The
payment
obligation
for
a
cleared
derivative
transaction
is
guaranteed
by
a
central
counterparty,
which
exposes
the
Fund
to
the
creditworthiness
of
the
central
counterparty.
The
use
of
certain
derivatives
involves
leverage,
which
can
cause
the
Fund’s
portfolio
to
be
more
volatile
than
if
the
portfolio
had
not
been
leveraged.
Leverage
can
significantly
magnify
the
effect
of
price
movements
of
the
reference
asset,
disproportionately
increasing
the
Fund’s
losses
and
reducing
the
Fund’s
opportunities
for
gains
when
the
reference
asset
changes
in
unexpected
ways.
In
some
instances,
such
leverage
could
result
in
losses
that
exceed
the
original
amount
invested.
It
is
possible
that
regulatory
or
other
developments
in
the
derivatives
market,
including
changes
in
government
regulation,
could
adversely
impact
the
Fund’s
ability
to
invest
in
certain
derivatives
or
successfully
use
derivative
instruments.
Distressed
Securities
Risk.
The
Fund
may
invest
in
low-rated
securities
or
securities
unrated
but
judged
by
the
sub-adviser
to
be
of
comparable
quality.
Some
or
many
of
these
low-rated
securities,
although
not
in
default,
may
be
“distressed,”
meaning
that
the
issuer
is
experiencing
financial
difficulties
or
distress
at
the
time
of
acquisition.
Such
securities
would
present
a
substantial
risk
of
future
default
which
may
cause
the
Fund
to
incur
losses,
including
additional
expenses,
to
the
extent
it
is
required
to
seek
recovery
upon
a
default
in
the
payment
of
principal
or
interest
on
those
securities.
In
any
reorganization
or
liquidation
proceeding
relating
to
a
portfolio
security,
the
Fund
may
lose
its
entire
investment
or
may
be
required
to
accept
cash
or
securities
with
a
value
less
than
its
original
investment.
Distressed
securities
may
be
subject
to
restrictions
on
resale.
Duration
Risk.
Duration
is
the
sensitivity,
expressed
in
years,
of
the
price
of
a
fixed-income
security
to
changes
in
the
general
level
of
interest
rates
(or
yields).
Securities
with
longer
durations
tend
to
be
more
sensitive
to
interest
rate
(or
yield)
changes,
which
typically
corresponds
to
increased
volatility
and
risk,
than
securities
with
shorter
durations.
For
example,
if
a
security
or
portfolio
has
a
duration
of
three
years
and
interest
rates
increase
by
1%,
then
the
security
or
portfolio
would
decline
in
value
by
approximately
3%.
Duration
differs
from
maturity
in
that
it
considers
potential
changes
to
interest
rates,
and
a
security’s
coupon
payments,
yield,
price
and
par
value
and
call
features,
in
addition
to
the
amount
of
time
until
the
security
matures.
The
duration
of
a
security
will
be
expected
to
change
over
time
with
changes
in
market
factors
and
time
to
maturity.
Economic
Sector
Risk
.
The
Fund
may
invest
a
significant
amount
of
its
total
assets
in
municipal
securities
in
the
same
economic
sector.
This
may
make
the
Fund
more
susceptible
to
adverse
economic,
political
or
regulatory
occurrences
affecting
an
economic
sector
making
the
Fund
more
vulnerable
to
unfavorable
developments
in
that
sector
than
funds
that
invest
more
broadly.
As
the
percentage
of
the
Fund’s
Managed
Assets
invested
in
a
particular
sector
increases,
so
does
the
potential
for
fluctuation
in
the
value
of
the
Fund’s
assets.
In
addition,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
certain
sectors
of
the
municipal
securities
market,
such
as
health
care
facilities,
private
educational
facilities,
special
taxing
districts
and
start-up
utility
districts,
and
private
activity
bonds
including
industrial
development
bonds
on
behalf
of
transportation
companies,
whose
credit
quality
and
performance
may
be
more
susceptible
to
economic,
business,
political,
regulatory
and
other
developments
than
other
sectors
of
municipal
issuers.
If
the
Fund
invests
a
significant
portion
of
its
assets
in
one
or
more
sectors,
the
Fund’s
performance
may
be
subject
to
additional
risk
and
variability.
Financial
Futures
and
Options
Transactions
Risk.
The
Fund
may
use
certain
transactions
for
hedging
the
portfolio’s
exposure
to
credit
risk
and
the
risk
of
increases
in
interest
rates,
which
could
result
in
poorer
overall
performance
for
the
Fund.
There
may
be
an
imperfect
correlation
between
price
movements
of
the
futures
and
options
and
price
movements
of
the
portfolio
securities
being
hedged.
If
the
Fund
engages
in
futures
transactions
or
in
the
writing
of
options
on
futures,
it
will
be
required
to
maintain
initial
margin
and
maintenance
margin
and
may
be
required
to
make
daily
variation
margin
payments
in
accordance
with
applicable
rules
of
the
exchanges
and
the
Commodity
Futures
Trading
Commission
(“CFTC”).
If
the
Fund
purchases
a
financial
futures
contract
or
a
call
option
or
writes
a
put
option
in
order
to
hedge
the
anticipated
purchase
of
municipal
securities,
and
if
the
Fund
fails
to
complete
the
anticipated
purchase
transaction,
the
Fund
may
have
a
loss
or
a
gain
on
the
futures
or
options
transaction
that
will
not
be
offset
by
price
movements
in
the
municipal
securities
that
were
the
subject
of
the
anticipatory
hedge.
There
can
be
no
assurance
that
a
liquid
market
will
exist
at
a
time
when
the
Fund
seeks
to
close
out
a
derivatives
or
futures
or
a
futures
option
position,
and
the
Fund
would
remain
obligated
to
meet
margin
requirements
until
the
position
is
closed.
Hedging
Risk.
The
Fund’s
use
of
derivatives
or
other
transactions
to
reduce
risk
involves
costs
and
will
be
subject
to
the
investment
adviser’s
and/or
the
sub-adviser’s
ability
to
predict
correctly
changes
in
the
relationships
of
such
hedge
instruments
to
the
Fund’s
portfolio
holdings
or
other
factors.
No
assurance
can
be
given
that
the
investment
adviser’s
and/or
the
sub-adviser’s
judgment
in
this
respect
will
be
correct,
and
no
assurance
can
be
given
that
the
Fund
will
enter
into
hedging
or
other
transactions
at
times
or
under
circumstances
in
which
it
may
be
advisable
to
do
so.
Hedging
activities
may
reduce
the
Fund’s
opportunities
for
gain
by
offsetting
the
positive
effects
of
favorable
price
movements
and
may
result
in
net
losses.
Illiquid
Investments
Risk.
Illiquid
investments
are
investments
that
are
not
readily
marketable.
These
investments
may
include
restricted
investments,
including
Rule
144A
securities,
which
cannot
be
resold
to
the
public
without
an
effective
registration
statement
under
the
1933
Act,
or
if
they
are
unregistered
may
be
sold
only
in
a
privately
negotiated
transaction
or
pursuant
to
an
available
exemption
from
registration.
The
Fund
may
not
be
able
to
readily
dispose
of
such
investments
at
prices
that
approximate
those
at
which
the
Fund
could
sell
such
investments
if
they
were
more
widely
traded
and,
as
a
result
of
such
illiquidity,
the
Fund
may
have
to
sell
other
investments
or
engage
in
borrowing
transactions
if
necessary
to
raise
cash
to
meet
its
obligations.
Limited
liquidity
can
also
affect
the
market
price
of
investments,
thereby
adversely
affecting
the
Fund’s
NAV
and
ability
to
make
dividend
distributions.
The
financial
markets
in
general
have
in
recent
years
experienced
periods
of
extreme
secondary
market
supply
and
demand
imbalance,
resulting
in
a
loss
of
liquidity
during
which
market
prices
were
suddenly
and
substantially
below
traditional
measures
of
intrinsic
value.
During
such
periods,
some
investments
could
be
sold
only
at
arbitrary
prices
and
with
substantial
losses.
Periods
of
such
market
dislocation
may
occur
again
at
any
time.
Income
Risk.
The
Fund’s
income
could
decline
due
to
falling
market
interest
rates.
This
is
because,
in
a
falling
interest
rate
environment,
the
Fund
generally
will
have
to
invest
the
proceeds
from
maturing
portfolio
securities
in
lower-yielding
securities.
Inflation
Risk
.
Inflation
risk
is
the
risk
that
the
value
of
assets
or
income
from
investments
will
be
worth
less
in
the
future
as
inflation
decreases
the
value
of
money.
As
inflation
increases,
the
real
value
of
the
common
shares
and
distributions
can
decline.
Currently,
inflation
rates
are
elevated
relative
to
normal
market
conditions
and
could
continue
to
increase.
Insurance
Risk.
The
Fund
may
purchase
municipal
securities
that
are
secured
by
insurance,
bank
credit
agreements
or
escrow
accounts.
The
credit
quality
of
the
companies
that
provide
such
credit
enhancements
will
affect
the
value
of
those
securities.
Certain
significant
providers
of
insurance
for
municipal
securities
have
incurred
significant
losses
as
a
result
of
exposure
to
sub-prime
mortgages
and
other
lower
credit
quality
investments.
As
a
result,
such
losses
reduced
the
insurers’
capital
and
called
into
question
their
continued
ability
to
perform
their
obligations
under
such
insurance
if
they
are
called
upon
to
do
so
in
the
future.
While
an
insured
municipal
security
will
typically
be
deemed
to
have
the
rating
of
its
insurer,
if
the
insurer
of
a
municipal
security
suffers
a
downgrade
in
its
credit
rating
or
the
market
discounts
the
value
of
the
insurance
provided
by
the
insurer,
the
value
of
the
municipal
security
would
more
closely,
if
not
entirely,
reflect
such
rating.
In
such
a
case,
the
value
of
insurance
associated
with
a
municipal
security
may
not
add
any
value.
The
insurance
feature
of
a
municipal
security
does
not
guarantee
the
full
payment
of
principal
and
interest
through
the
life
of
an
insured
obligation,
the
market
value
of
the
insured
obligation
or
the
NAV
of
the
common
shares
represented
by
such
insured
obligation.
Interest
Rate
Risk.
Interest
rate
risk
is
the
risk
that
municipal
securities
in
the
Fund’s
portfolio
will
decline
in
value
because
of
changes
in
market
interest
rates.
Generally,
when
market
interest
rates
rise,
the
market
value
of
such
securities
will
fall,
and
vice
versa.
As
interest
rates
decline,
issuers
of
municipal
securities
may
prepay
principal
earlier
than
scheduled,
forcing
the
Fund
to
reinvest
in
lower-yielding
securities
and
potentially
reducing
the
Fund’s
income.
As
interest
rates
increase,
slower
than
expected
principal
payments
may
extend
the
average
life
of
municipal
securities,
potentially
locking
in
a
below-market
interest
rate
and
reducing
the
Fund’s
value.
In
typical
market
interest
rate
environments,
the
prices
of
longer-
term
municipal
securities
generally
fluctuate
more
than
prices
of
shorter-term
municipal
securities
as
interest
rates
change.
Shareholder
Update
(Unaudited)
(continued)
Inverse
Floating
Rate
Securities
Risk.
The
Fund
may
invest
in
inverse
floating
rate
securities.
In
general,
income
on
inverse
floating
rate
securities
will
decrease
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
Investments
in
inverse
floating
rate
securities
may
subject
the
Fund
to
the
risks
of
reduced
or
eliminated
interest
payments
and
losses
of
principal.
In
addition,
inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate,
which
effectively
leverages
the
Fund’s
investment.
As
a
result,
the
market
value
of
such
securities
generally
will
be
more
volatile
than
that
of
fixed
rate
securities.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
special
purpose
trusts
that
have
recourse
to
the
Fund.
In
such
instances,
the
Fund
may
be
at
risk
of
loss
that
exceeds
its
investment
in
the
inverse
floating
rate
securities.
The
Fund
may
be
required
to
sell
its
inverse
floating
rate
securities
at
less
than
favorable
prices,
or
liquidate
other
Fund
portfolio
holdings
in
certain
circumstances,
including,
but
not
limited
to,
the
following:
If
the
Fund
has
a
need
for
cash
and
the
securities
in
a
special
purpose
trust
are
not
actively
trading
due
to
adverse
market
conditions;
If
special
purpose
trust
sponsors
(as
a
collective
group
or
individually)
experience
financial
hardship
and
consequently
seek
to
terminate
their
respective
outstanding
special
purpose
trusts;
and
If
the
value
of
an
underlying
security
declines
significantly
and
if
additional
collateral
has
not
been
posted
by
the
Fund.
Municipal
Securities
Market
Liquidity
Risk.
Inventories
of
municipal
securities
held
by
brokers
and
dealers
have
decreased
in
recent
years,
lessening
their
ability
to
make
a
market
in
these
securities.
This
reduction
in
market
making
capacity
has
the
potential
to
decrease
the
Fund’s
ability
to
buy
or
sell
municipal
securities
at
attractive
prices,
and
increase
municipal
security
price
volatility
and
trading
costs,
particularly
during
periods
of
economic
or
market
stress.
In
addition,
recent
federal
banking
regulations
may
cause
certain
dealers
to
reduce
their
inventories
of
municipal
securities,
which
may
further
decrease
the
Fund’s
ability
to
buy
or
sell
municipal
securities.
As
a
result,
the
Fund
may
be
forced
to
accept
a
lower
price
to
sell
a
security,
to
sell
other
securities
to
raise
cash,
or
to
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
If
the
Fund
needed
to
sell
large
blocks
of
municipal
securities
to
raise
cash
to
meet
its
obligations,
those
sales
could
further
reduce
the
municipal
securities’
prices
and
hurt
performance.
Municipal
Securities
Market
Risk.
The
amount
of
public
information
available
about
the
municipal
securities
in
the
Fund’s
portfolio
is
generally
less
than
that
for
corporate
equities
or
bonds,
and
the
investment
performance
of
the
Fund
may
therefore
be
more
dependent
on
the
analytical
abilities
of
the
sub-adviser
than
if
the
Fund
were
a
stock
fund
or
taxable
bond
fund.
The
secondary
market
for
municipal
securities,
particularly
below
investment
grade
municipal
securities,
also
tends
to
be
less
well-developed
or
liquid
than
many
other
securities
markets,
which
may
adversely
affect
the
Fund’s
ability
to
sell
its
municipal
securities
at
attractive
prices.
Other
Investment
Companies
Risk.
The
Fund
may
invest
in
the
securities
of
other
investment
companies,
including
ETFs.
Investing
in
an
investment
company
exposes
the
Fund
to
all
of
the
risks
of
that
investment
company’s
investments.
The
Fund,
as
a
holder
of
the
securities
of
other
investment
companies,
will
bear
its
pro
rata
portion
of
the
other
investment
companies’
expenses,
including
advisory
fees.
These
expenses
are
in
addition
to
the
direct
expenses
of
the
Fund’s
own
operations.
As
a
result,
the
cost
of
investing
in
investment
company
shares
may
exceed
the
costs
of
investing
directly
in
its
underlying
investments.
In
addition,
securities
of
other
investment
companies
may
be
leveraged.
As
a
result,
the
Fund
may
be
indirectly
exposed
to
leverage
through
an
investment
in
such
securities
and
therefore
magnify
the
Fund’s
leverage
risk.
With
respect
to
ETF’s,
an
ETF
that
is
based
on
a
specific
index
may
not
be
able
to
replicate
and
maintain
exactly
the
composition
and
relative
weighting
of
securities
in
the
index.
The
value
of
an
ETF
based
on
a
specific
index
is
subject
to
change
as
the
values
of
its
respective
component
assets
fluctuate
according
to
market
volatility.
ETFs
typically
rely
on
a
limited
pool
of
authorized
participants
to
create
and
redeem
shares,
and
an
active
trading
market
for
ETF
shares
may
not
develop
or
be
maintained.
The
market
value
of
shares
of
ETFs
and
closed-end
funds
may
differ
from
their
NAV.
Puerto
Rico
Municipal
Securities
Market
Risk.
To
the
extent
that
the
Fund
invests
a
significant
portion
of
its
assets
in
the
securities
issued
by
the
Commonwealth
of
Puerto
Rico
or
its
political
subdivisions,
agencies,
instrumentalities,
or
public
corporations
(collectively
referred
to
as
“Puerto
Rico”
or
the
“Commonwealth”),
it
will
be
disproportionally
affected
by
political,
social
and
economic
conditions
and
developments
in
the
Commonwealth.
In
addition,
economic,
political
or
regulatory
changes
in
that
territory
could
adversely
affect
the
value
of
the
Fund’s
investment
portfolio.
Puerto
Rico
currently
is
experiencing
significant
fiscal
and
economic
challenges,
including
substantial
debt
service
obligations,
high
levels
of
unemployment,
underfunded
public
retirement
systems,
and
persistent
government
budget
deficits.
These
challenges
may
negatively
affect
the
value
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
Several
major
ratings
agencies
have
downgraded
the
general
obligation
debt
of
Puerto
Rico
to
below
investment
grade
and
continue
to
maintain
a
negative
outlook
for
this
debt,
which
increases
the
likelihood
that
the
rating
will
be
lowered
further.
Puerto
Rico
recently
defaulted
on
its
debt
by
failing
to
make
full
payment
due
on
its
outstanding
bonds,
and
there
can
be
no
assurance
that
Puerto
Rico
will
be
able
to
satisfy
its
future
debt
obligations.
Further
downgrades
or
defaults
may
place
additional
strain
on
the
Puerto
Rico
economy
and
may
negatively
affect
the
value,
liquidity,
and
volatility
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
Additionally,
numerous
issuers
have
entered
Title
III
of
the
Puerto
Rico
Oversite,
Management
and
Economic
Stability
Act
(“PROMESA”),
which
is
similar
to
bankruptcy
protection,
through
which
the
Commonwealth
of
Puerto
Rico
can
restructure
its
debt.
However,
Puerto
Rico’s
case
is
the
first
ever
heard
under
PROMESA
and
there
is
no
existing
case
precedent
to
guide
the
proceedings.
Accordingly,
Puerto
Rico’s
debt
restructuring
process
could
take
significantly
longer
than
traditional
municipal
bankruptcy
proceedings.
Further,
it
is
not
clear
whether
a
debt
restructuring
process
will
ultimately
be
approved
or,
if
so,
the
extent
to
which
it
will
apply
to
Puerto
Rico
municipal
securities
sold
by
an
issuer
other
than
the
territory.
A
debt
restructuring
could
reduce
the
principal
amount
due,
the
interest
rate,
the
maturity,
and
other
terms
of
Puerto
Rico
municipal
securities,
which
could
adversely
affect
the
value
of
Puerto
Rican
municipal
securities.
Legislation
that
would
allow
Puerto
Rico
to
restructure
its
municipal
debt
obligations,
thus
increasing
the
risk
that
Puerto
Rico
may
never
pay
off
municipal
indebtedness,
or
may
pay
only
a
small
fraction
of
the
amount
owed,
could
also
impact
the
value
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
These
challenges
and
uncertainties
have
been
exacerbated
by
multiple
hurricanes
and
the
resulting
natural
disasters
that
have
stuck
Puerto
Rico
since
2017.
The
full
extent
of
the
natural
disasters’
impact
on
Puerto
Rico’s
economy
and
foreign
investment
in
Puerto
Rico
is
difficult
to
estimate.
Reinvestment
Risk.
Reinvestment
risk
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
and
when
the
Fund
invests
the
proceeds
from
matured,
traded
or
called
municipal
securities
at
market
interest
rates
that
are
below
the
portfolio’s
current
earnings
rate.
A
decline
in
income
could
affect
the
common
shares’
market
price,
NAV
and/or
a
common
shareholder’s
overall
returns.
Special
Considerations
Related
to
Single
State
Concentration
Risk.
Because
the
Fund
primarily
invests
in
municipal
securities
from
a
single
state,
the
Fund
is
more
susceptible
to
political,
economic
or
regulatory
factors
affecting
issuers
of
single
state
municipal
securities.
Information
regarding
the
financial
condition
of
the
state
is
ordinarily
included
in
various
public
documents
issued
thereby,
such
as
the
official
statements
prepared
in
connection
with
the
issuance
of
general
obligation
bonds
for
the
state.
Additionally,
the
states
are
party
to
numerous
legal
proceedings,
many
of
which
normally
occur
in
governmental
operations.
The
creditworthiness
of
obligations
issued
by
local
issuers
of
the
state
may
be
unrelated
to
the
creditworthiness
of
obligations
issued
by
the
state,
and
that
there
is
no
obligation
on
the
part
of
the
state
to
make
payment
on
such
local
obligations
in
the
event
of
default.
Special
Risks
Related
to
Certain
Municipal
Obligations.
Municipal
leases
and
certificates
of
participation
involve
special
risks
not
normally
associated
with
general
obligations
or
revenue
bonds.
Leases
and
installment
purchase
or
conditional
sale
contracts
(which
normally
provide
for
title
to
the
leased
asset
to
pass
eventually
to
the
governmental
issuer)
have
evolved
as
a
means
for
governmental
issuers
to
acquire
property
and
equipment
without
meeting
the
constitutional
and
statutory
requirements
for
the
issuance
of
debt.
The
debt
issuance
limitations
are
deemed
to
be
inapplicable
because
of
the
inclusion
in
many
leases
or
contracts
of
“non-appropriation”
clauses
that
relieve
the
governmental
issuer
of
any
obligation
to
make
future
payments
under
the
lease
or
contract
unless
money
is
appropriated
for
such
purpose
by
the
appropriate
legislative
body.
In
addition,
such
leases
or
contracts
may
be
subject
to
the
temporary
abatement
of
payments
in
the
event
that
the
governmental
issuer
is
prevented
from
maintaining
occupancy
of
the
leased
premises
or
utilizing
the
leased
equipment.
Although
the
obligations
may
be
secured
by
the
leased
equipment
or
facilities,
the
disposition
of
the
property
in
the
event
of
non-appropriation
or
foreclosure
might
prove
difficult,
time
consuming
and
costly,
and
may
result
in
a
delay
in
recovering
or
the
failure
to
fully
recover
the
Fund’s
original
investment.
In
the
event
of
non-appropriation,
the
issuer
would
be
in
default
and
taking
ownership
of
the
assets
may
be
a
remedy
available
to
the
Fund,
although
the
Fund
does
not
anticipate
that
such
a
remedy
would
normally
be
pursued.
Certificates
of
participation
involve
the
same
risks
as
the
underlying
municipal
leases.
In
addition,
the
Fund
may
be
dependent
upon
the
municipal
authority
issuing
the
certificates
of
participation
to
exercise
remedies
with
respect
to
the
underlying
securities.
Certificates
of
participation
also
entail
a
risk
of
default
or
bankruptcy,
both
of
the
issuer
of
the
municipal
lease
and
also
the
municipal
agency
issuing
the
certificate
of
participation.
Swap
Transactions
Risk.
The
Fund
may
enter
into
debt-related
derivative
instruments
such
as
credit
default
swap
contracts
and
interest
rate
swaps.
Like
most
derivative
instruments,
the
use
of
swaps
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
In
addition,
the
use
of
swaps
requires
an
understanding
by
the
adviser
and/or
the
sub-
adviser
of
not
only
the
referenced
asset,
rate
or
index,
but
also
of
the
swap
itself.
If
the
investment
adviser
and/or
the
sub-adviser
is
incorrect
in
its
forecasts
of
default
risks,
market
spreads
or
other
applicable
factors
or
events,
the
investment
performance
of
the
Fund
would
diminish
compared
with
what
it
would
have
been
if
these
techniques
were
not
used.
Tax
Risk.
The
value
of
the
Fund’s
investments
and
its
NAV
may
be
adversely
affected
by
changes
in
tax
rates,
rules
and
policies.
Because
interest
income
from
municipal
securities
is
normally
not
subject
to
regular
federal
income
taxation,
the
attractiveness
of
municipal
securities
in
relation
to
other
investment
alternatives
is
affected
by
changes
in
federal
income
tax
rates
or
changes
in
the
tax
exempt
status
of
interest
income
from
municipal
securities.
Additionally,
the
Fund
is
not
a
suitable
investment
for
individual
retirement
accounts,
for
other
tax
exempt
or
tax-deferred
accounts,
for
investors
who
are
not
sensitive
to
the
federal
income
tax
consequences
of
their
investments.
Taxability
Risk.
The
Fund
will
invest
in
municipal
securities
in
reliance
at
the
time
of
purchase
on
an
opinion
of
bond
counsel
to
the
issuer
that
the
interest
paid
on
those
securities
will
be
excludable
from
gross
income
for
regular
federal
income
tax
purposes,
and
the
sub-adviser
will
not
independently
verify
that
opinion.
Subsequent
to
the
Fund’s
acquisition
of
such
a
municipal
security,
however,
the
security
may
be
determined
to
pay,
or
to
have
paid,
taxable
income.
As
a
result,
the
treatment
of
dividends
previously
paid
or
to
be
paid
by
the
Fund
as
“exempt-interest
dividends”
could
be
adversely
affected,
subjecting
the
Fund’s
shareholders
to
increased
federal
income
tax
liabilities.
Certain
other
investments
made
by
the
Fund,
including
derivatives
transactions,
may
result
in
the
receipt
of
taxable
income
or
gains
by
the
Fund.
Tobacco
Settlement
Bond
Risk.
The
Fund
may
invest
in
tobacco
settlement
bonds.
Tobacco
settlement
bonds
are
municipal
securities
that
are
backed
solely
by
expected
revenues
to
be
derived
from
lawsuits
involving
tobacco
related
deaths
and
illnesses
which
were
settled
between
certain
states
and
American
tobacco
companies.
Tobacco
settlement
bonds
are
secured
by
an
issuing
state’s
proportionate
share
in
the
Master
Settlement
Agreement,
an
agreement
between
46
states
and
nearly
all
of
the
U.S.
tobacco
manufacturers
(the
“MSA”).
Under
the
terms
of
the
MSA,
the
actual
amount
of
future
settlement
payments
by
tobacco-manufacturers
is
dependent
on
many
factors,
including,
among
other
things,
reduced
cigarette
consumption.
Payments
made
by
tobacco
manufacturers
could
be
negatively
impacted
if
the
decrease
in
tobacco
consumption
is
significantly
greater
than
the
forecasted
decline.
Unrated
Securities
Risk.
The
Fund
may
purchase
securities
that
are
not
rated
by
any
rating
organization.
Unrated
securities
determined
by
the
Fund’s
investment
adviser
to
be
of
comparable
quality
to
rated
investments
which
the
Fund
may
purchase
may
pay
a
higher
dividend
or
interest
rate
than
such
rated
investments
and
be
subject
to
a
greater
risk
of
illiquidity
or
price
changes.
Less
public
information
is
typically
available
about
unrated
investments
or
issuers
than
rated
investments
or
issuers.
Some
unrated
securities
may
not
have
an
active
trading
market
or
may
be
difficult
to
value,
Shareholder
Update
(Unaudited)
(continued)
which
means
the
Fund
might
have
difficulty
selling
them
promptly
at
an
acceptable
price.
To
the
extent
that
the
Fund
invests
in
unrated
securities,
the
Fund’s
ability
to
achieve
its
investment
objectives
will
be
more
dependent
on
the
investment
adviser’s
credit
analysis
than
would
be
the
case
when
the
Fund
invests
in
rated
securities.
Valuation
Risk.
The
municipal
securities
in
which
the
Fund
invests
typically
are
valued
by
a
pricing
service
utilizing
a
range
of
market-based
inputs
and
assumptions,
including
readily
available
market
quotations
obtained
from
broker-dealers
making
markets
in
such
instruments,
cash
flows
and
transactions
for
comparable
instruments.
There
is
no
assurance
that
the
Fund
will
be
able
to
sell
a
portfolio
security
at
the
price
established
by
the
pricing
service,
which
could
result
in
a
loss
to
the
Fund.
Pricing
services
generally
price
municipal
securities
assuming
orderly
transactions
of
an
institutional
“round
lot”
size,
but
some
trades
may
occur
in
smaller,
“odd
lot”
sizes,
often
at
lower
prices
than
institutional
round
lot
trades.
Different
pricing
services
may
incorporate
different
assumptions
and
inputs
into
their
valuation
methodologies,
potentially
resulting
in
different
values
for
the
same
securities.
As
a
result,
if
the
Fund
were
to
change
pricing
services,
or
if
the
Fund’s
pricing
service
were
to
change
its
valuation
methodology,
there
could
be
a
material
impact,
either
positive
or
negative,
on
the
Fund’s
NAV.
Zero
Coupon
Bonds
Risk.
Because
interest
on
zero
coupon
bonds
is
not
paid
on
a
current
basis,
the
values
of
zero
coupon
bonds
will
be
more
volatile
in
response
to
interest
rate
changes
than
the
values
of
bonds
that
distribute
income
regularly.
Although
zero
coupon
bonds
generate
income
for
accounting
purposes,
they
do
not
produce
cash
flow,
and
thus
the
Fund
could
be
forced
to
liquidate
securities
at
an
inopportune
time
in
order
to
generate
cash
to
distribute
to
shareholders
as
required
by
tax
laws.
Fund
Level
and
Other
Risks:
Anti-Takeover
Provisions.
The
Fund’s
organizational
documents
include
provisions
that
could
limit
the
ability
of
other
entities
or
persons
to
acquire
control
of
the
Fund
or
convert
the
Fund
to
open-end
status,
which
are
commonly
known
as
“Control
Share
Acquisition”
provisions.
Although
the
application
of
the
"Control
Share
Acquisition"
provisions
has
currently
been
suspended,
these
provisions
could
have
the
effect
of
depriving
the
common
shareholders
of
opportunities
to
sell
their
common
shares
at
a
premium
over
the
then-current
market
price
of
the
common
shares.
Counterparty
Risk.
Changes
in
the
credit
quality
of
the
companies
that
serve
as
the
Fund’s
counterparties
with
respect
to
derivatives
or
other
transactions
supported
by
another
party’s
credit
will
affect
the
value
of
those
instruments.
Certain
entities
that
have
served
as
counterparties
in
the
markets
for
these
transactions
have
incurred
or
may
incur
in
the
future
significant
financial
hardships
including
bankruptcy
and
losses
as
a
result
of
exposure
to
sub-prime
mortgages
and
other
lower-quality
credit
investments.
As
a
result,
such
hardships
have
reduced
these
entities’
capital
and
called
into
question
their
continued
ability
to
perform
their
obligations
under
such
transactions.
By
using
such
derivatives
or
other
transactions,
the
Fund
assumes
the
risk
that
its
counterparties
could
experience
similar
financial
hardships.
In
the
event
of
the
insolvency
of
a
counterparty,
the
Fund
may
sustain
losses
or
be
unable
to
liquidate
a
derivatives
position.
Cybersecurity
Risk.
The
Fund
and
its
service
providers
are
susceptible
to
operational
and
information
security
risk
resulting
from
cyber
incidents.
Cyber
incidents
refer
to
both
intentional
attacks
and
unintentional
events
including:
processing
errors,
human
errors,
technical
errors
including
computer
glitches
and
system
malfunctions,
inadequate
or
failed
internal
or
external
processes,
market-wide
technical-related
disruptions,
unauthorized
access
to
digital
systems
(through
“hacking”
or
malicious
software
coding),
computer
viruses,
and
cyber-attacks
which
shut
down,
disable,
slow
or
otherwise
disrupt
operations,
business
processes
or
website
access
or
functionality
(including
denial
of
service
attacks).
Cyber
incidents
could
adversely
impact
the
Fund
and
cause
the
Fund
to
incur
financial
loss
and
expense,
as
well
as
face
exposure
to
regulatory
penalties,
reputational
damage,
and
additional
compliance
costs
associated
with
corrective
measures.
In
addition,
substantial
costs
may
be
incurred
in
order
to
prevent
any
cyber
incidents
in
the
future.
Furthermore,
the
Fund
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
its
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Fund.
Economic
and
Political
Events
Risk.
The
Fund
may
be
more
sensitive
to
adverse
economic,
business
or
political
developments
if
it
invests
a
substantial
portion
of
its
assets
in
the
municipal
securities
of
similar
projects
(such
as
those
relating
to
the
education,
health
care,
housing,
transportation,
or
utilities
industries),
industrial
development
bonds,
or
in
particular
types
of
municipal
securities
(such
as
general
obligation
bonds,
private
activity
bonds
or
moral
obligation
bonds).
Such
developments
may
adversely
affect
a
specific
industry
or
local
political
and
economic
conditions,
and
thus
may
lead
to
declines
in
the
creditworthiness
and
value
of
such
municipal
securities.
Fund
Tax
Risk.
The
Fund
has
elected
to
be
treated
and
intends
to
qualify
each
year
as
a
Regulated
Investment
Company
(“RIC”)
under
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Code”).
As
a
RIC,
the
Fund
is
not
expected
to
be
subject
to
U.S.
federal
income
tax
to
the
extent
that
it
distributes
its
investment
company
taxable
income
and
net
capital
gains.
To
qualify
for
the
special
tax
treatment
available
to
a
RIC,
the
Fund
must
comply
with
certain
investment,
distribution,
and
diversification
requirements.
Under
certain
circumstances,
the
Fund
may
be
forced
to
sell
certain
assets
when
it
is
not
advantageous
in
order
to
meet
these
requirements,
which
may
reduce
the
Fund’s
overall
return.
If
the
Fund
fails
to
meet
any
of
these
requirements,
subject
to
the
opportunity
to
cure
such
failures
under
applicable
provisions
of
the
Code,
the
Fund’s
income
would
be
subject
to
a
double
level
of
U.S.
federal
income
tax.
The
Fund’s
income,
including
its
net
capital
gain,
would
first
be
subject
to
U.S.
federal
income
tax
at
regular
corporate
rates,
even
if
such
income
were
distributed
to
shareholders
and,
second,
all
distributions
by
the
Fund
from
earnings
and
profits,
including
distributions
of
net
capital
gain
(if
any),
would
be
taxable
to
shareholders
as
dividends.
Global
Economic
Risk.
National
and
regional
economies
and
financial
markets
are
becoming
increasingly
interconnected,
which
increases
the
possibilities
that
conditions
in
one
country,
region
or
market
might
adversely
impact
issuers
in
a
different
country,
region
or
market.
Changes
in
legal,
political,
regulatory,
tax
and
economic
conditions
may
cause
fluctuations
in
markets
and
investments
prices
around
the
world,
which
could
negatively
impact
the
value
of
the
Fund’s
investments.
Major
economic
or
political
disruptions,
particularly
in
large
economies
like
China’s,
may
have
global
negative
economic
and
market
repercussions.
Additionally,
instability
in
various
countries,
such
as
Afghanistan
and
Syria,
and
natural
and
environmental
disasters
and
the
spread
of
infectious
illnesses
or
other
public
health
emergencies
,
possible
terrorist
attacks
in
the
United
States
and
around
the
world,
continued
tensions
between
North
Korea
and
the
United
States
and
the
international
community
generally,
growing
social
and
political
discord
in
the
United
States,
the
European
debt
crisis,
the
response
of
the
international
community—through
economic
sanctions
and
otherwise—further
downgrade
of
U.S.
government
securities,
the
change
in
the
U.S.
president
and
the
new
administration
and
other
similar
events
may
adversely
affect
the
global
economy
and
the
markets
and
issuers
in
which
the
Fund
invests.
Recent
examples
of
such
events
include
the
outbreak
of
a
novel
coronavirus
known
as
COVID-19
that
was
first
detected
in
China
in
December
2019
and
heightened
concerns
regarding
North
Korea’s
nuclear
weapons
and
long-range
ballistic
missile
programs.
In
addition,
Russia’s
recent
invasion
of
Ukraine
in
February
2022
has
resulted
in
sanctions
imposed
by
several
nations,
such
as
the
United
States,
United
Kingdom,
European
Union
and
Canada.
The
current
sanctions
and
potential
further
sanctions
may
negatively
impact
certain
sectors
of
Russia’s
economy,
but
also
may
negatively
impact
the
value
of
the
Fund’s
investments
that
do
not
have
direct
exposure
to
Russia.
These
events
could
reduce
consumer
demand
or
economic
output,
result
in
market
closure,
travel
restrictions
or
quarantines,
and
generally
have
a
significant
impact
on
the
economy.
These
events
could
also
impair
the
information
technology
and
other
operational
systems
upon
which
the
Fund’s
service
providers,
including
the
Fund’s
sub-adviser,
rely,
and
could
otherwise
disrupt
the
ability
of
employees
of
the
Fund’s
service
providers
to
perform
essential
tasks
on
behalf
of
the
Fund.
The
Fund
does
not
know
and
cannot
predict
how
long
the
securities
markets
may
be
affected
by
these
events
and
the
effects
of
these
and
similar
events
in
the
future
on
the
U.S.
economy
and
securities
markets.
The
Fund
may
be
adversely
affected
by
abrogation
of
international
agreements
and
national
laws
which
have
created
the
market
instruments
in
which
the
Fund
may
invest,
failure
of
the
designated
national
and
international
authorities
to
enforce
compliance
with
the
same
laws
and
agreements,
failure
of
local,
national
and
international
organizations
to
carry
out
the
duties
prescribed
to
them
under
the
relevant
agreements,
revisions
of
these
laws
and
agreements
which
dilute
their
effectiveness
or
conflicting
interpretation
of
provisions
of
the
same
laws
and
agreements.
Governmental
and
quasi-governmental
authorities
and
regulators
throughout
the
world
have
in
the
past
responded
to
major
economic
disruptions
with
a
variety
of
significant
fiscal
and
monetary
policy
changes,
including
but
not
limited
to,
direct
capital
infusions
into
companies,
new
monetary
programs
and
dramatically
lower
interest
rates.
An
unexpected
or
quick
reversal
of
these
policies,
or
the
ineffectiveness
of
these
policies,
could
increase
volatility
in
securities
markets,
which
could
adversely
affect
the
Fund’s
investments.
Investment
and
Market
Risk.
An
investment
in
common
shares
is
subject
to
investment
risk,
including
the
possible
loss
of
the
entire
principal
amount
that
you
invest.
Common
shares
frequently
trade
at
a
discount
to
their
NAV.
An
investment
in
common
shares
represents
an
indirect
investment
in
the
securities
owned
by
the
Fund.
Common
shares
at
any
point
in
time
may
be
worth
less
than
your
original
investment,
even
after
taking
into
account
the
reinvestment
of
Fund
dividends
and
distributions.
Legislation
and
Regulatory
Risk.
At
any
time
after
the
date
of
this
report,
legislation
or
additional
regulations
may
be
enacted
that
could
negatively
affect
the
assets
of
the
Fund,
securities
held
by
the
Fund
or
the
issuers
of
such
securities.
Fund
shareholders
may
incur
increased
costs
resulting
from
such
legislation
or
additional
regulation.
There
can
be
no
assurance
that
future
legislation,
regulation
or
deregulation
will
not
have
a
material
adverse
effect
on
the
Fund
or
will
not
impair
the
ability
of
the
Fund
to
achieve
its
investment
objectives.
Leverage
Risk.
The
use
of
leverage
creates
special
risks
for
common
shareholders,
including
potential
interest
rate
risks
and
the
likelihood
of
greater
volatility
of
NAV
and
market
price
of,
and
distributions
on,
the
common
shares.
The
use
of
leverage
in
a
declining
market
will
likely
cause
a
greater
decline
in
the
Fund’s
NAV,
which
may
result
at
a
greater
decline
of
the
common
share
price,
than
if
the
Fund
were
not
to
have
used
leverage.
The
Fund
will
pay
(and
common
shareholders
will
bear)
any
costs
and
expenses
relating
to
the
Fund’s
use
of
leverage,
which
will
result
in
a
reduction
in
the
Fund’s
NAV.
The
investment
adviser
may,
based
on
its
assessment
of
market
conditions
and
composition
of
the
Fund’s
holdings,
increase
or
decrease
the
amount
of
leverage.
Such
changes
may
impact
the
Fund’s
distributions
and
the
price
of
the
common
shares
in
the
secondary
market.
The
Fund
may
seek
to
refinance
its
leverage
over
time,
in
the
ordinary
course,
as
current
forms
of
leverage
mature
or
it
is
otherwise
desirable
to
refinance;
however,
the
form
that
such
leverage
will
take
cannot
be
predicted
at
this
time.
If
the
Fund
is
unable
to
replace
existing
leverage
on
comparable
terms,
its
costs
of
leverage
will
increase.
Accordingly,
there
is
no
assurance
that
the
use
of
leverage
may
result
in
a
higher
yield
or
return
to
common
shareholders.
The
amount
of
fees
paid
to
the
investment
adviser
and
the
sub-adviser
for
investment
advisory
services
will
be
higher
if
the
Fund
uses
leverage
because
the
fees
will
be
calculated
based
on
the
Fund’s
Managed
Assets
-
this
may
create
an
incentive
for
the
investment
adviser
and
the
sub-
adviser
to
leverage
the
Fund
or
increase
the
Fund’s
leverage.
Market
Discount
from
Net
Asset
Value.
Shares
of
closed-end
investment
companies
like
the
Fund
frequently
trade
at
prices
lower
than
their
NAV.
This
characteristic
is
a
risk
separate
and
distinct
from
the
risk
that
the
Fund’s
NAV
could
decrease
as
a
result
of
investment
activities.
Whether
investors
will
realize
gains
or
losses
upon
the
sale
of
the
common
shares
will
depend
not
upon
the
Fund’s
NAV
but
entirely
upon
whether
the
market
price
of
the
common
shares
at
the
time
of
sale
is
above
or
below
the
investor’s
purchase
price
for
the
common
shares.
Furthermore,
management
may
have
difficulty
meeting
the
Fund’s
investment
objectives
and
managing
its
portfolio
when
the
underlying
securities
are
redeemed
or
sold
during
periods
of
market
turmoil
and
as
investors’
perceptions
regarding
closed-end
funds
or
their
underlying
investments
change.
Because
the
market
price
of
the
common
shares
will
be
determined
by
factors
such
as
relative
supply
of
and
demand
for
the
common
shares
in
the
market,
general
market
and
economic
circumstances,
and
other
factors
beyond
the
control
of
the
Fund,
the
Fund
cannot
predict
whether
the
common
shares
will
trade
at,
below
or
above
NAV.
The
common
shares
are
designed
primarily
for
long-term
investors,
and
you
should
not
view
the
Fund
as
a
vehicle
for
short-term
trading
purposes.
Recent
Market
Conditions.
Periods
of
unusually
high
financial
market
volatility
and
restrictive
credit
conditions,
at
times
limited
to
a
particular
sector
or
geographic
area,
have
occurred
in
the
past
and
may
be
expected
to
recur
in
the
future.
Some
countries,
including
the
United
States,
have
adopted
or
have
signaled
protectionist
trade
measures,
relaxation
of
the
financial
industry
regulations
that
followed
the
financial
crisis,
and/or
reductions
to
corporate
taxes.
The
scope
of
these
policy
changes
is
still
developing,
but
the
equity
and
debt
markets
may
react
strongly
to
expectations
of
change,
which
could
increase
volatility,
particularly
if
a
resulting
policy
runs
counter
to
the
market’s
expectations.
The
outcome
of
such
changes
cannot
be
foreseen
at
the
present
time.
In
addition,
geopolitical
and
other
risks,
including
environmental
and
public
health
risks,
may
add
to
instability
in
the
world
economy
and
markets
generally.
As
a
result
of
increasingly
interconnected
global
economies
and
financial
markets,
the
value
and
liquidity
of
the
Fund’s
investments
may
be
negatively
affected
by
events
impacting
a
country
or
region,
regardless
of
whether
the
Fund
invests
in
issuers
located
in
or
with
significant
exposure
to
such
country
or
region.
Shareholder
Update
(Unaudited)
(continued)
Ukraine
has
experienced
ongoing
military
conflict,
most
recently
in
February
2022
when
Russia
invaded
Ukraine;
this
conflict
may
expand
and
military
attacks
could
occur
elsewhere
in
Europe.
Europe
has
also
been
struggling
with
mass
migration
from
the
Middle
East
and
Africa.
The
ultimate
effects
of
these
events
and
other
socio-political
or
geographical
issues
are
not
known
but
could
profoundly
affect
global
economies
and
markets.
The
ongoing
trade
war
between
China
and
the
United
States,
including
the
imposition
of
tariffs
by
each
country
on
the
other
country’s
products,
has
created
a
tense
political
environment.
These
actions
may
trigger
a
significant
reduction
in
international
trade,
the
oversupply
of
certain
manufactured
goods,
substantial
price
reductions
of
goods
and
possible
failure
of
individual
companies
and/or
large
segments
of
China’s
export
industry,
which
could
have
a
negative
impact
on
the
Fund’s
performance.
U.S.
companies
that
source
material
and
goods
from
China
and
those
that
make
large
amounts
of
sales
in
China
would
be
particularly
vulnerable
to
an
escalation
of
trade
tensions.
Uncertainty
regarding
the
outcome
of
the
trade
tensions
and
the
potential
for
a
trade
war
could
cause
the
U.S.
dollar
to
decline
against
safe
haven
currencies,
such
as
the
Japanese
yen
and
the
euro.
Events
such
as
these
and
their
consequences
are
difficult
to
predict
and
it
is
unclear
whether
further
tariffs
may
be
imposed
or
other
escalating
actions
may
be
taken
in
the
future.
Recently
the
U.S.
Federal
Reserve
(the
“Fed”)
has
sharply
raised
interest
rates
and
has
signaled
an
intention
to
continue
to
do
so
until
current
inflation
levels
re-align
with
the
Fed’s
long-term
inflation
target.
Changing
interest
rate
environments
impact
the
various
sectors
of
the
economy
in
different
ways.
For
example,
in
March
2023,
the
Federal
Deposit
Insurance
Corporation
("FDIC")
was
appointed
receiver
for
each
of
Silicon
Valley
Bank
and
Signature
Bank,
the
second-
and
third-largest
bank
failures
in
U.S.
history,
which
failures
may
be
attributable,
in
part,
to
rising
interest
rates.
Bank
failures
may
have
a
destabilizing
impact
on
the
broader
banking
industry
or
markets
generally.
The
impact
of
these
developments
in
the
near-
and
long-term
is
unknown
and
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
Reverse
Repurchase
Agreement
Risk.
A
reverse
repurchase
agreement,
in
economic
essence,
constitutes
a
securitized
borrowing
by
the
Fund
from
the
security
purchaser.
The
Fund
may
enter
into
reverse
repurchase
agreements
for
the
purpose
of
creating
a
leveraged
investment
exposure
and,
as
such,
their
usage
involves
essentially
the
same
risks
associated
with
a
leveraging
strategy
generally
since
the
proceeds
from
these
agreements
may
be
invested
in
additional
portfolio
securities.
Reverse
repurchase
agreements
tend
to
be
short-term
in
tenor,
and
there
can
be
no
assurances
that
the
purchaser
(lender)
will
commit
to
extend
or
“roll”
a
given
agreement
upon
its
agreed-upon
repurchase
date
or
an
alternative
purchaser
can
be
identified
on
similar
terms.
Reverse
repurchase
agreements
also
involve
the
risk
that
the
purchaser
fails
to
return
the
securities
as
agreed
upon,
files
for
bankruptcy
or
becomes
insolvent.
The
Fund
may
be
restricted
from
taking
normal
portfolio
actions
during
such
time,
could
be
subject
to
loss
to
the
extent
that
the
proceeds
of
the
agreement
are
less
than
the
value
of
securities
subject
to
the
agreement
and
may
experience
adverse
tax
consequences.
EFFECTS
OF
LEVERAGE
The
following
table
is
furnished
in
response
to
requirements
of
the
SEC.
It
is
designed
to
illustrate
the
effects
of
leverage
through
the
use
of
senior
securities,
as
that
term
is
defined
under
Section
18
of
the
1940
Act,
as
well
as
certain
other
forms
of
leverage,
such
as
reverse
repurchase
agreements
and
investments
in
inverse
floating
rate
securities,
on
common
share
total
return,
assuming
investment
portfolio
total
returns
(consisting
of
income
and
changes
in
the
value
of
investments
held
in
the
Fund’s
portfolio)
of
-10%,
-5%,
0%,
5%
and
10%.
The
table
below
reflects
each
Fund’s
(i)
continued
use
of
leverage
as
of
May
31,
2022
as
a
percentage
of
Managed
Assets
(including
assets
attributable
to
such
leverage),
(ii)
the
estimated
annual
effective
interest
expense
rate
payable
by
the
Funds
on
such
instruments
(based
on
actual
leverage
costs
incurred
during
the
fiscal
year
ended
May
31,
2022)
as
set
forth
in
the
table,
and
(iii)
the
annual
return
that
the
Fund’s
portfolio
must
experience
(net
of
expenses)
in
order
to
cover
such
costs
of
leverage
based
on
such
estimated
annual
effective
interest
expense
rate.
The
information
below
does
not
reflect
any
Fund’s
use
of
certain
other
forms
of
economic
leverage
achieved
through
the
use
of
certain
derivative
instruments.
The
numbers
are
merely
estimates,
used
for
illustration.
The
costs
of
leverage
may
vary
frequently
and
may
be
significantly
higher
or
lower
than
the
estimated
rate.
The
assumed
investment
portfolio
returns
in
the
table
below
are
hypothetical
figures
and
are
not
necessarily
indicative
of
the
investment
portfolio
returns
experienced
or
expected
to
be
experienced
by
the
Funds.
Your
actual
returns
may
be
greater
or
less
than
those
appearing
below.
Common
Share
total
return
is
composed
of
two
elements
—
the
distributions
paid
by
the
Fund
to
holders
of
common
shares
(the
amount
of
which
is
largely
determined
by
the
net
investment
income
of
the
Fund
after
paying
dividend
payments
on
any
preferred
shares
issued
by
the
Fund
and
expenses
on
any
forms
of
leverage
outstanding)
and
gains
or
losses
on
the
value
of
the
securities
and
other
instruments
the
Fund
owns.
As
required
by
SEC
rules,
the
table
assumes
that
the
Funds
are
more
likely
to
suffer
capital
losses
than
to
enjoy
capital
appreciation.
For
example,
to
assume
a
total
return
of
0%,
the
Fund
must
assume
that
the
income
it
receives
on
its
investments
is
entirely
offset
by
losses
in
the
value
of
those
investments.
This
table
reflects
hypothetical
performance
of
the
Fund’s
portfolio
and
not
the
actual
performance
of
the
Fund’s
common
shares,
the
value
of
which
is
determined
by
market
forces
and
other
factors.
Should
the
Fund
elect
to
add
additional
leverage
to
its
portfolio,
any
benefits
of
such
additional
leverage
cannot
be
fully
achieved
until
the
proceeds
resulting
from
the
use
of
such
leverage
have
been
received
by
the
Fund
and
invested
in
accordance
with
the
Fund’s
investment
objectives
and
policies.
As
noted
above,
the
Fund’s
willingness
to
use
additional
leverage,
and
the
extent
to
which
leverage
is
used
at
any
time,
will
depend
on
many
factors.
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)
Estimated
Leverage
as
a
Percentage
of
Managed
Assets
(Including
Assets
Attributable
to
Leverage)
41.84%
40.55%
40.85%
40.37
Estimated
Annual
Effective
Leverage
Expense
Rate
Payable
by
Fund
on
Leverage
3.13%
3.21%
3.30%
3.23%
Annual
Return
Fund
Portfolio
Must
Experience
(net
of
expenses)
to
Cover
Estimated
Annual
Effective
Interest
Expense
Rate
on
Leverage
1.31%
1.30%
1.35%
1.31%
Common
Share
Total
Return
for
(10.00)%
Assumed
Portfolio
Total
Return
(19.45)%
(19.01)%
(19.18)%
(18.96)%
Common
Share
Total
Return
for
(5.00)%
Assumed
Portfolio
Total
Return
(10.85)%
(10.60)%
(10.73)%
(10.57)%
Common
Share
Total
Return
for
0.00%
Assumed
Portfolio
Total
Return
(2.25)%
(2.19)%
(2.28)%
(2.19)%
Common
Share
Total
Return
for
5.00%
Assumed
Portfolio
Total
Return
6.35%
6.22%
6.18%
6.20%
Common
Share
Total
Return
for
10.00%
Assumed
Portfolio
Total
Return
14.94%
14.63%
14.63%
14.58%
Shareholder
Update
(Unaudited)
(continued)
DIVIDEND
REINVESTMENT
PLAN
Nuveen
Closed-End
Funds
Automatic
Reinvestment
Plan
Your
Nuveen
Closed-End
Fund
allows
you
to
conveniently
reinvest
distributions
in
additional
Fund
shares.
By
choosing
to
reinvest,
you’ll
be
able
to
invest
money
regularly
and
automatically,
and
watch
your
investment
grow
through
the
power
of
compounding.
Just
like
distributions
in
cash,
there
may
be
times
when
income
or
capital
gains
taxes
may
be
payable
on
distributions
that
are
reinvested.
It
is
important
to
note
that
an
automatic
reinvestment
plan
does
not
ensure
a
profit,
nor
does
it
protect
you
against
loss
in
a
declining
market.
Easy
and
convenient
To
make
recordkeeping
easy
and
convenient,
each
month
you’ll
receive
a
statement
showing
your
total
distributions,
the
date
of
investment,
the
shares
acquired
and
the
price
per
share,
and
the
total
number
of
shares
you
own.
How
shares
are
purchased
The
shares
you
acquire
by
reinvesting
will
either
be
purchased
on
the
open
market
or
newly
issued
by
the
Fund.
If
the
shares
are
trading
at
or
above
NAV
at
the
time
of
valuation,
the
Fund
will
issue
new
shares
at
the
greater
of
the
NAV
or
95%
of
the
then-current
market
price.
If
the
shares
are
trading
at
less
than
NAV,
shares
for
your
account
will
be
purchased
on
the
open
market.
If
Computershare
Trust
Company,
N.A.
(the
“Plan
Agent”)
begins
purchasing
Fund
shares
on
the
open
market
while
shares
are
trading
below
NAV,
but
the
Fund’s
shares
subsequently
trade
at
or
above
their
NAV
before
the
Plan
Agent
is
able
to
complete
its
purchases,
the
Plan
Agent
may
cease
open-market
purchases
and
may
invest
the
uninvested
portion
of
the
distribution
in
newly-issued
Fund
shares
at
a
price
equal
to
the
greater
of
the
shares’
NAV
or
95%
of
the
shares’
market
value
on
the
last
business
day
immediately
prior
to
the
purchase
date.
Distributions
received
to
purchase
shares
in
the
open
market
will
normally
be
invested
shortly
after
the
distribution
payment
date.
No
interest
will
be
paid
on
distributions
awaiting
reinvestment.
Because
the
market
price
of
the
shares
may
increase
before
purchases
are
completed,
the
average
purchase
price
per
share
may
exceed
the
market
price
at
the
time
of
valuation,
resulting
in
the
acquisition
of
fewer
shares
than
if
the
distribution
had
been
paid
in
shares
issued
by
the
Fund.
A
pro
rata
portion
of
any
applicable
brokerage
commissions
on
open
market
purchases
will
be
paid
by
Dividend
Reinvestment
Plan
(the
“Plan”)
participants.
These
commissions
usually
will
be
lower
than
those
charged
on
individual
transactions.
Flexible
You
may
change
your
distribution
option
or
withdraw
from
the
Plan
at
any
time,
should
your
needs
or
situation
change.
You
can
reinvest
whether
your
shares
are
registered
in
your
name,
or
in
the
name
of
a
brokerage
firm,
bank,
or
other
nominee.
Ask
your
investment
advisor
if
his
or
her
firm
will
participate
on
your
behalf.
Participants
whose
shares
are
registered
in
the
name
of
one
firm
may
not
be
able
to
transfer
the
shares
to
another
firm
and
continue
to
participate
in
the
Plan.
The
Fund
reserves
the
right
to
amend
or
terminate
the
Plan
at
any
time.
Although
the
Fund
reserves
the
right
to
amend
the
Plan
to
include
a
service
charge
payable
by
the
participants,
there
is
no
direct
service
charge
to
participants
in
the
Plan
at
this
time.
Call
today
to
start
reinvesting
distributions
For
more
information
on
the
Nuveen
Automatic
Reinvestment
Plan
or
to
enroll
in
or
withdraw
from
the
Plan,
speak
with
your
financial
professional
or
call
us
at
(800)
257-8787.
CHANGES
OCCURRING
DURING
THE
FISCAL
YEAR
The
following
information
in
this
annual
report
is
a
summary
of
certain
changes
during
the
most
recent
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
shares
of
a
Fund.
During
the
most
recent
fiscal
year,
there
have
been
no
changes
to:
(i)
the
Funds’
investment
objectives
and
principal
investment
policies
that
have
not
been
approved
by
shareholders,
(ii)
the
principal
risks
of
the
Fund,
(iii)
the
portfolio
managers
of
the
Funds;
(iv)
a
Fund’s
charter
or
by-laws
that
would
delay
or
prevent
a
change
of
control
of
the
Fund
that
have
not
been
approved
by
shareholders
except
as
follows:
Principal
Risks
The
following
risk
factor
was
added
as
a
principal
risk
to
the
Funds:
Fund
Tax
Risk.
The
Fund
has
elected
to
be
treated
and
intends
to
qualify
each
year
as
a
Regulated
Investment
Company
(“RIC”)
under
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Code”).
As
a
RIC,
the
Fund
is
not
expected
to
be
subject
to
U.S.
federal
income
tax
to
the
extent
that
it
distributes
its
investment
company
taxable
income
and
net
capital
gains.
To
qualify
for
the
special
tax
treatment
available
to
a
RIC,
the
Fund
must
comply
with
certain
investment,
distribution,
and
diversification
requirements.
Under
certain
circumstances,
the
Fund
may
be
forced
to
sell
certain
assets
when
it
is
not
advantageous
in
order
to
meet
these
requirements,
which
may
reduce
the
Fund’s
overall
return.
If
the
Fund
fails
to
meet
any
of
these
requirements,
subject
to
the
opportunity
to
cure
such
failures
under
applicable
provisions
of
the
Code,
the
Fund’s
income
would
be
subject
to
a
double
level
of
U.S.
federal
income
tax.
The
Fund’s
income,
including
its
net
capital
gain,
would
first
be
subject
to
U.S.
federal
income
tax
at
regular
corporate
rates,
even
if
such
income
were
distributed
to
shareholders
and,
second,
all
distributions
by
the
Fund
from
earnings
and
profits,
including
distributions
of
net
capital
gain
(if
any),
would
be
taxable
to
shareholders
as
dividends.
The
following
principal
risks
were
consolidated
into
a
single
risk
factor
entitled,
“Economic
Sector
Risk,”
and
are
therefore
no
longer
included
as
stand-alone
principal
risks:
Sector
and
Industry
Risk.
Subject
to
the
concentration
limits
of
the
Fund’s
investment
policies
and
guidelines,
a
Fund
may
invest
a
significant
portion
of
its
net
assets
in
certain
sectors
of
the
municipal
securities
market,
such
as
hospitals
and
other
health
care
facilities,
charter
schools
and
other
private
educational
facilities,
special
taxing
districts
and
start-up
utility
districts,
and
private
activity
bonds
including
industrial
development
bonds
on
behalf
of
transportation
companies
such
as
airline
companies,
whose
credit
quality
and
performance
may
be
more
susceptible
to
economic,
business,
political,
regulatory
and
other
developments
than
other
sectors
of
municipal
issuers.
If
the
Fund
invests
a
significant
portion
of
its
net
assets
in
the
sectors
noted
above,
the
Fund’s
performance
may
be
subject
to
additional
risk
and
variability.
Sector
Focus
Risk.
At
times,
the
Fund
may
focus
its
investments
(i.e.,
overweight
its
investments
relative
to
the
overall
municipal
securities
market)
in
one
or
more
particular
sectors,
which
may
subject
the
Fund
to
additional
risk
and
variability.
Securities
issued
in
the
same
sector
may
be
similarly
affected
by
economic
or
market
events,
making
the
Fund
more
vulnerable
to
unfavorable
developments
in
that
sector
than
funds
that
invest
more
broadly.
As
the
percentage
of
the
Fund’s
Managed
Assets
invested
in
a
particular
sector
increases,
so
does
the
potential
for
fluctuation
in
the
NAV
of
the
Fund’s
common
shares.
The
following
principal
risk
was
removed
as
a
principal
risk
of
the
Funds:
London
Interbank
Offered
Rate
(“LIBOR”)
Replacement
Risk.
LIBOR
is
an
index
rate
that
historically
has
been
widely
used
in
lending
transactions
and
remains
a
common
reference
rate
for
setting
the
floating
interest
rate
on
private
loans.
The
use
of
the
LIBOR
will
begin
to
be
phased
out
in
the
near
future,
which
may
adversely
affect
the
Fund’s
investments
whose
value
is
tied
to
LIBOR.
While
the
Secured
Overnight
Financing
Rate
(“SOFR”)
has
been
recommended
as
the
replacement
rate
for
LIBOR,
and
some
product
markets
have
adopted
the
use
of
SOFR,
LIBOR
may
still
be
used
as
a
reference
rate
until
such
time
that
private
markets
have
fully
transitioned
to
using
SOFR
or
other
alternative
reference
rates
recommended
by
applicable
market
regulators.
The
transition
process
away
from
LIBOR
may
involve,
among
other
things,
increased
volatility
or
illiquidity
in
markets
for
instruments
that
currently
rely
on
LIBOR.
The
potential
effect
of
a
discontinuation
of
LIBOR
on
the
Fund’s
investments
will
vary
depending
on,
among
other
things:
(1)
existing
fallback
provisions
that
provide
a
replacement
reference
rate
if
LIBOR
is
no
longer
available;
(2)
termination
provisions
in
individual
contracts;
and
(3)
how,
and
when
industry
participants
develop
and
adopt
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products
and
instruments
held
by
the
Fund.
Accordingly,
it
is
difficult
to
predict
the
full
impact
of
the
transition
away
from
LIBOR
until
it
is
clearer
how
the
Fund’s
products
and
instruments
will
be
impacted
by
this
transition.
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
amended
the
Funds’
bylaws
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,
Shareholder
Update
(Unaudited)
(continued)
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.
CHANGES
OCCURRING
AFTER
THE
FISCAL
YEAR
END
Effective
June
22,
2023,
the
Board
of
Trustees
(the
“Board”)
of
each
Fund
approved
a
change
in
each
Fund’s
maturity
policy.
Each
Fund’s
maturity
policy
effective
as
of
June
22,
2023
is
presented
below:
“The
Fund
will
generally
maintain
an
investment
portfolio
with
an
overall
weighted
average
maturity
of
greater
than
10
years.”
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
NMT
$
—
NMS
—
NOM
—
NPV
—
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
Jack
B.
Evans
William
C.
Hunter
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
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
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.
Gross
Domestic
Product
(GDP):
The
total
market
value
of
all
final
goods
and
services
produced
in
a
country/region
in
a
given
year,
equal
to
total
consumer,
investment
and
government
spending,
plus
the
value
of
exports,
minus
the
value
of
imports.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities,
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
Exposu
re:
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.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
At
a
meeting
held
on
May
23-25,
2023
(the
“May
Meeting”),
the
Boards
of
Trustees
(collectively,
the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds,
which
are
comprised
entirely
of
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
approved,
for
their
respective
Fund,
the
renewal
of
the
management
agreement
(each,
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”)
pursuant
to
which
the
Adviser
serves
as
investment
adviser
to
such
Fund
and
the
sub-advisory
agreement
(each,
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-
Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund
for
an
additional
one-year
term.
As
the
Board
is
comprised
of
all
Independent
Board
Members,
the
references
to
the
Board
and
the
Independent
Board
Members
are
interchangeable.
Following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
the
Adviser
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each,
a
“Fund
Adviser.”
The
Independent
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
to
be
an
ongoing
process
and
employed
the
accumulated
information,
knowledge
and
experience
the
Board
Members
had
gained
during
their
tenure
on
the
boards
governing
the
Nuveen
funds
and
working
with
the
Adviser
and
the
applicable
sub-advisers
in
their
annual
review
of
the
advisory
agreements.
Throughout
the
year,
the
Board
and
its
committees
meet
regularly
and,
at
these
meetings,
receive
regular
and/or
special
reports
that
cover
an
extensive
array
of
topics
and
information
that
are
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
Such
information
may
address,
among
other
things,
fund
performance
and
risk
information;
the
Adviser’s
strategic
plans;
product
initiatives
for
various
funds;
the
review
of
the
funds
and
investment
teams;
compliance,
regulatory
and
risk
management
matters;
the
trading
practices
of
the
various
sub-advisers
to
the
Nuveen
funds;
management
of
distributions;
valuation
of
securities;
fund
expenses;
securities
lending;
liquidity
management;
overall
market
and
regulatory
developments;
and
with
respect
to
closed-end
funds,
capital
management
initiatives,
institutional
ownership,
management
of
leverage
financing
and
the
secondary
market
trading
of
the
closed-end
funds
and
any
actions
to
address
discounts.
The
Board
also
seeks
to
meet
periodically
with
the
Nuveen
funds’
sub-advisers
and/or
portfolio
teams,
when
feasible.
The
presentations,
discussions,
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements
for
the
Nuveen
funds,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
such
advisory
agreements
by
the
Adviser
and
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data.
The
materials
cover
a
wide
range
of
topics
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
a
review
of
product
actions
advanced
in
2022
for
the
benefit
of
particular
Nuveen
funds
and/or
the
Nuveen
fund
complex;
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and/or
the
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
any
Nuveen
funds
considered
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
with
a
focus
on
any
Nuveen
funds
considered
expense
outliers;
a
review
of
management
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
(including,
among
other
things,
an
analysis
of
secondary
market
performance
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
programs
of
Nuveen
closed-end
funds);
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
the
sub-advisers
to
the
Nuveen
funds;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
Nuveen
funds.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
Nuveen
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
Nuveen
funds
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
information
prepared
specifically
with
respect
to
the
annual
review
of
such
advisory
agreements.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Independent
Board
Members.
As
part
of
its
review,
the
Board
met
on
April
11-12,
2023
(the
“April
Meeting”)
to
review
and
discuss,
in
part,
the
performance
of
the
Nuveen
funds
and
the
Adviser’s
evaluation
of
each
sub-adviser
to
the
Nuveen
funds
and/or
its
investment
teams.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
from
the
Adviser
or
the
Sub-Adviser
were
present.
In
connection
with
their
annual
review,
the
Independent
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decision
to
renew
the
Advisory
Agreements
was
not
based
on
a
single
identified
factor,
but
rather
the
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
renewal
process.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
approval
process
and
may
place
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Independent
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
the
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Independent
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
respective
roles
of
the
Adviser
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
recognized
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
Nuveen
funds
and
that
the
scope
and
complexity
of
these
services,
along
with
the
undertakings
required
of
the
Adviser
in
connection
with
providing
these
services,
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments.
The
Board
noted
the
Adviser’s
dedication
of
resources,
time,
personnel
and
capital
and
commitment
to
continuing
to
develop
improvements
and
innovations
that
seek
to
enhance
the
Nuveen
fund
complex
and
meet
the
needs
of
the
Nuveen
funds
in
an
increasingly
complex
regulatory
environment.
The
Board
received
and
reviewed
information
regarding,
among
other
things,
the
Adviser’s
investment
oversight
responsibilities,
regulatory
and
compliance
services,
administrative
duties
and
other
services.
The
Board
considered
the
breadth
and
the
quality
of
the
services
the
Adviser
and
its
various
teams
provide
in
overseeing
the
investment
management
of
the
Nuveen
funds,
including,
among
other
things,
overseeing
and
reviewing
the
services
provided
by
the
various
sub-advisers
to
the
Nuveen
funds
and
their
investment
teams;
evaluating
fund
performance
and
market
conditions;
overseeing
operational
and
investment
risks;
evaluating
investment
strategies
and
recommending
any
changes
thereto;
managing
liquidity;
managing
the
daily
valuation
of
portfolio
securities;
overseeing
trade
execution
and
securities
lending;
and
setting
and
managing
distributions
consistent
with
the
respective
fund’s
product
design.
With
respect
to
closed-end
funds,
such
services
also
include
managing
leverage;
monitoring
asset
coverage
levels
for
leveraged
funds
and
compliance
with
rating
agency
criteria;
providing
capital
management
and
secondary
market
services
(such
as
implementing
common
share
shelf
offerings,
capital
return
programs
and
common
share
repurchases);
and
maintaining
a
closed-end
fund
investor
relations
program.
The
Board
also
reviewed
the
structure
of
investment
personnel
compensation
of
each
Fund
Adviser
and
considered
whether
the
structure
provides
appropriate
incentives
to
attract
and
maintain
qualified
personnel
and
to
act
in
the
best
interests
of
the
respective
Nuveen
fund.
Given
the
Nuveen
funds
operate
in
a
highly
regulated
industry,
the
Board
further
considered
the
extensive
compliance,
regulatory
and
administrative
services
the
Adviser
and
its
various
teams
provide
to
manage
and
operate
the
Nuveen
funds.
The
Board
recognized
such
services
included,
but
were
not
limited
to,
managing
compliance
policies;
monitoring
compliance
with
applicable
policies,
laws
and
regulations;
devising
internal
compliance
programs
in
seeking
to
enhance
compliance
with
regulatory
requirements
and
creating
a
framework
to
review
and
assess
compliance
programs;
overseeing
sub-adviser
compliance
testing;
preparing
compliance
training
materials;
and
responding
to
regulatory
requests.
The
Board
reviewed
highlights
of
the
various
initiatives
Nuveen
compliance
had
taken
in
2022
including,
among
other
things,
additional
due
diligence
of
service
providers
as
their
operating
environments
evolve
post-Covid
to
more
hybrid
in-person
working
arrangements;
investments
in
supporting
and
expanding
international
trading
capabilities;
continuing
efforts
to
enhance
policies
and
controls
to
address
compliance
risks
including
those
related
to
environmental,
social
and
governance
(“ESG”)
matters
and
new
regulatory
developments
or
guidance;
and
establishing
and
maintaining
compliance
policies
and
comprehensive
compliance
training
programs.
The
Board
also
considered
information
regarding
the
Adviser’s
business
continuity,
disaster
recovery
and
information
security
programs
and
the
periodic
testing
and
review
of
such
programs.
In
addition
to
the
above
functions,
the
Board
considered
the
quality
and
extent
of
other
non-advisory
services
the
Adviser
provides
including,
among
other
things,
various
fund
administration
services
(such
as
preparing,
overseeing
or
assisting
with
the
preparation
of
tax
and
regulatory
filings);
product
management
services
(such
as
evaluating
and
enhancing
products
and
strategies);
legal
support
services;
shareholder
services
and
transfer
agency
function
oversight
services;
and
board
support
and
reporting
services.
With
respect
to
board
support
services,
the
Board
reviewed
a
summary
of
the
annual,
quarterly,
and
special
reports
the
Adviser
and/or
its
affiliates
provided
to
the
Board
throughout
2022.
The
Board
further
acknowledged
various
initiatives
the
Adviser
had
undertaken
or
continued
in
2022
in
seeking
to
improve
the
effectiveness
of
its
organization,
the
Nuveen
funds
product
line-up
as
well
as
particular
Nuveen
fund(s)
through,
among
other
things,
rationalizing
the
product
line
and
gaining
efficiencies
through
mergers,
repositionings
and
liquidations;
launching
new
funds;
reviewing
and
updating
investment
policies
and
benchmarks;
reopening
certain
funds
previously
closed
to
new
investors;
adding
or
modifying
the
share
classes
offered
by
certain
funds;
implementing
fee
waivers
and
expense
cap
changes
for
certain
funds
and
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
represented.
Aside
from
the
services
provided,
the
Board
recognized
the
financial
resources
of
the
Adviser
and
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
Nuveen
funds,
including
maintaining
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
noted
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
Nuveen
funds
including
during
stressed
times.
The
Board
recognized
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates,
the
Adviser’s
continuing
commitment
to
provide
high
quality
services,
its
willingness
to
implement
operational
or
organizational
changes
in
seeking,
among
other
things,
to
enhance
efficiencies
and
services
to
the
Nuveen
funds
and
its
responsiveness
to
the
Board’s
questions
and/or
concerns
raised
throughout
the
year
and
during
the
annual
review
of
advisory
agreements.
The
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
Nuveen
funds,
including
entrepreneurial
risks
in
sponsoring
new
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
The
Board
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Adviser
and
recognized
that
the
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
the
Adviser
which
included,
among
other
things,
the
assets
under
management
of
the
applicable
investment
team
and
changes
thereto,
a
summary
of
the
applicable
investment
team
and
changes
to
such
team,
the
investment
process
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
and
philosophy
of
the
applicable
investment
team,
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time
and
a
summary
of
any
significant
policy
and/or
other
changes
to
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser.
The
Board
further
considered
at
the
May
Meeting
or
prior
meetings
evaluations
of
the
Sub-Adviser’s
compliance
programs
and
trade
execution.
The
Board
noted
that
the
Adviser
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
prepared
specifically
for
the
annual
review
of
the
advisory
agreements
as
well
as
the
performance
data
the
Board
received
throughout
the
year
representing
different
time
periods.
In
this
regard,
leading
into
the
May
Meeting,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2022
and
March
31,
2023.
In
addition,
the
Board
reviewed
and
discussed
performance
data
at
its
regularly
scheduled
quarterly
meetings
during
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
have
been
provided
for
the
annual
review
as
well
as
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
the
Adviser’s
analysis
of
a
fund’s
performance
with
particular
focus
on
performance
outliers
(both
overperformance
and
underperformance),
the
factors
contributing
to
performance
(including
relative
to
a
fund’s
benchmark
and
peers
and
the
impact
of
market
conditions)
and
any
recommendations
or
steps
that
had
been
taken
or
were
proposed
to
be
taken
to
address
significant
performance
concerns.
In
this
regard,
the
Board
noted,
among
other
things,
that
certain
Nuveen
funds
had
changes
in
portfolio
managers
or
other
significant
changes
to
their
investment
strategies
or
policies
since
March
2020,
and,
as
a
result,
the
Board
reviewed
certain
tracking
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
The
Board
recognized
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
noted
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
Nuveen
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods
and
evaluated
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”)
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
Nuveen
fund.
With
respect
to
relative
performance
of
a
Nuveen
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
the
Adviser
has
ranked
the
relevancy
of
the
peer
group
to
the
Funds
as
low,
medium
or
high.
The
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
also
continues
to
be
a
priority
for
the
Board
given
its
importance
to
shareholders,
and
therefore
the
Board
and/or
its
Closed-end
Fund
committee
reviews
certain
performance
data
reflecting,
among
other
things,
the
premiums
and
discounts
at
which
the
shares
of
the
Nuveen
closed-end
funds
have
traded
over
specified
periods
throughout
the
year.
In
its
review,
the
Board
considers,
among
other
things,
changes
to
investment
mandates
and
guidelines,
distribution
policies,
leverage
levels
and
types;
share
repurchases
and
similar
capital
market
actions;
and
effective
communications
programs
to
build
greater
awareness
and
deepen
understanding
of
closed-end
funds.
As
applicable,
the
Board
considered
the
impact
of
leverage
on
a
Nuveen
fund’s
performance.
The
Board
further
acknowledged
that
performance
results
should
include
the
distribution
yields
of
funds
that
seek
to
provide
income
as
part
of
their
investment
objective(s)
to
shareholders.
In
this
regard,
the
Board
considered
that
the
use
of
leverage
by
various
funds
may
have
detracted
from
total
return
performance
of
such
funds
over
various
periods
in
current
market
conditions,
but
the
leverage
also
was
accretive
in
helping
to
provide
income.
The
Board
also
evaluated
Nuveen
fund
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
recognized
that
the
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
recognized
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
relation
to
recent
general
market
conditions,
the
Board
had
recognized
the
general
market
volatility
and
underperformance
of
the
market
in
2022
in
considering
Nuveen
fund
performance.
The
Board
took
into
account
the
Adviser’s
assessment
of
a
fund’s
performance
during
the
recent
period
of
significant
market
volatility.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
closely
until
performance
improves,
discusses
with
the
Adviser
the
reasons
for
such
results,
considers
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
and
reviews
the
results
of
any
steps
undertaken.
The
Board’s
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Massachusetts
Quality
Municipal
Income
Fund
(the
“Massachusetts
Fund”),
the
Board
noted
that
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022
and
March
31,
2023.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
The
Board
took
into
account
management’s
discussion
of
the
Fund’s
performance,
including
the
reasons
for
the
Fund’s
challenged
performance
for
certain
periods,
and
the
Fund’s
more
recent
improved
performance
for
the
quarter
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Minnesota
Quality
Municipal
Income
Fund
(the
“Minnesota
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
such
periods.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2023
and
first
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2023.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Missouri
Quality
Municipal
Income
Fund
(the
“Missouri
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022
and
March
31,
2023,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
and
third
quartile
for
the
five-year
periods
ended
December
31,
2022
and
March
31,
2023.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Virginia
Quality
Municipal
Income
Fund
(the
“Virginia
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December
31,
2022
and
second
quartile
for
the
five-year
period
ended
December
31,
2022.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2023
and
second
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2023.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
closed-end
funds,
the
contractual
management
fee
and
actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
considered
the
total
operating
expense
ratio
of
a
fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
Nuveen
closed-end
fund’s
actual
management
fee
rate
(after
fee
waivers
and/or
expense
reimbursements,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
established
by
Broadridge.
The
Independent
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Peer
Universe
and
recognized
that
differences
between
the
applicable
fund
and
its
respective
Peer
Universe
as
well
as
changes
to
the
composition
of
the
Peer
Universe
from
year
to
year
may
limit
some
of
the
value
of
the
comparative
data.
The
Independent
Board
Members
take
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Independent
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
the
shareholder’s
costs
in
investing
in
the
respective
fund.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
In
their
review,
the
Independent
Board
Members
considered,
in
particular,
each
Nuveen
fund
with
a
net
total
expense
ratio
(excluding
investment-related
costs
of
leverage
for
closed-end
funds)
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”),
including
the
Missouri
Fund,
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund’s
total
net
expenses
both
including
and
excluding
investment-related
expenses
(i.e.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
recognized
that
leverage
expenses
will
vary
across
funds
and
in
comparison
to
peers
because
of
differences
in
the
forms
and
terms
of
leverage
employed
by
the
respective
fund.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
total
expense
ratio
and
fees
(excluding
leverage
costs
and
leveraged
assets
for
the
closed-end
funds)
to
be
higher
if
they
were
over
10
basis
points
higher,
slightly
higher
if
they
were
6
to
10
basis
points
higher,
in
line
if
they
were
within
approximately
5
basis
points
higher
than
the
peer
average
and
below
if
they
were
below
the
peer
average
of
the
Peer
Universe.
The
Independent
Board
Members
also
considered,
in
relevant
part,
a
Nuveen
fund’s
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history,
including
reviewing
certain
funds
identified
by
the
Adviser
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
addition,
with
respect
to
closed-end
funds
that
utilize
leverage,
the
Independent
Board
Members
recognized
that
certain
assets
attributable
to
a
fund’s
use
of
leverage
may
be
included
in
the
amount
of
assets
upon
which
the
advisory
fee
or
sub-advisory
fee
is
calculated.
The
Independent
Board
Members
acknowledged
the
fact
that
a
decision
to
employ
leverage
or
increase
a
fund’s
leverage
which
has
the
effect,
all
other
things
being
equal,
of
increasing
the
assets
upon
which
an
advisory
or
sub-
advisory
fee
is
based
(and,
in
turn,
increasing
the
Adviser’s
and
applicable
sub-adviser’s
management
fees),
means
that
the
Adviser
and
applicable
sub-adviser
may
have
a
conflict
of
interest
in
determining
whether
to
use
or
increase
leverage.
The
Independent
Board
Members
recognized,
however,
that
the
Adviser
and
sub-advisers
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
the
Adviser
and/or
sub-adviser,
as
applicable,
has
determined
that
such
action
would
be
in
the
best
interests
of
the
respective
fund
and
its
common
shareholders
and
by
periodically
reviewing
with
the
Board
the
fund’s
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
In
their
review
of
the
fee
arrangements
for
the
Nuveen
funds,
the
Independent
Board
Members
also
considered
the
management
fee
schedules,
including
the
complex-wide
and
fund-level
breakpoint
schedules,
as
applicable.
The
Board
noted
that
across
the
Nuveen
fund
complex,
the
complex-wide
fee
breakpoints
reduced
fees
by
approximately
$62.4
million
and
fund-level
breakpoints
reduced
fees
by
approximately
$76.1
million
in
2022.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund
and
comparative
data
of
the
fees
the
Sub-Adviser
charges
to
other
clients,
if
any.
In
its
review,
the
Board
recognized
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
the
Adviser,
not
the
Funds.
The
Independent
Board
Members
noted
that
(a)
the
Massachusetts
Fund
and
the
Virginia
Fund
each
had
an
actual
management
fee
that
was
in
line
with
the
respective
peer
average
and
a
net
total
expense
ratio
that
was
below
the
respective
peer
average;
(b)
the
Minnesota
Fund
had
an
actual
management
fee
and
a
net
total
expense
ratio
that
were
in
line
with
the
respective
peer
averages;
and
(c)
the
Missouri
Fund
had
an
actual
management
fee
that
was
in
line
with
the
peer
average,
but
a
net
total
expense
ratio
that
was
higher
than
the
peer
average.
The
Independent
Board
Members
noted
that
the
Missouri
Fund’s
net
total
expense
ratio
was
higher
than
the
peer
average
due,
in
part,
to
the
small
size
of
such
Fund
compared
to
peers
in
the
peer
set.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
information
regarding
the
fee
rates
the
respective
Fund
Advisers
charged
to
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
With
respect
to
the
municipal
Nuveen
funds,
such
other
clients
may
include
retail
and
institutional
municipal
managed
accounts
sub-advised
by
the
Sub-Adviser,
municipal
exchange-traded
funds
(“ETFs”)
sub-advised
by
the
Sub-Adviser
that
are
offered
by
another
fund
complex,
municipal
managed
accounts
offered
by
an
unaffiliated
adviser
and
certain
municipal
private
limited
partnerships
offered
by
Nuveen.
The
Board
reviewed,
among
other
things,
the
fee
range
and
average
fee
of
municipal
retail
advisory
accounts
and
municipal
institutional
accounts,
the
sub-advisory
fee
the
Sub-Adviser
received
for
serving
as
sub-adviser
to
certain
municipal
ETFs
offered
outside
the
Nuveen
family
and
the
management
fee
rates
paid
by
the
municipal
private
limited
partnerships
operated
by
Nuveen.
In
considering
the
comparative
fee
data,
the
Board
recognized
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
Nuveen
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
eligible
portfolio
assets
and
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
account
sizes;
and
regulatory
requirements
contribute
to
the
variations
in
the
fee
schedules.
The
Board
acknowledged
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
Nuveen
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
further
considered
that
the
Sub-Adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
as
well
as
profitability
data
of
other
publicly
traded
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2022
and
2021
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution
and
certain
other
expenses)
for
the
2022
and
2021
calendar
years.
The
Independent
Board
Members
also
considered
a
summary
of
some
of
the
key
factors
that
impacted
Nuveen’s
profitability
in
2022.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
the
Adviser
derived
from
its
ETF
product
line
for
the
2022
and
2021
calendar
years.
In
developing
the
profitability
data
of
the
Adviser
for
its
advisory
services
to
the
Nuveen
funds,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
perfect
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
history
of
changes
to
the
methodology
over
the
years
from
2010
through
2022,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2022.
The
Board
had
also
appointed
four
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
meet
with
representatives
of
the
Adviser
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
recognized
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2012
to
2022.
Although
the
total
company
operating
margins
of
Nuveen
Investments
were
in
the
bottom
half
of
the
peer
group
range
for
2022
and
2021,
the
Independent
Board
Members
recognized
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
Nuveen’s
profitability,
the
Board
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2022
and
2021
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
recognized
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
noted
the
reinvestments
Nuveen,
its
parent
and/or
other
affiliates
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
technological
capabilities.
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
the
Independent
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December
31,
2022
and
December
31,
2021.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
by
asset
type
for
the
Sub-Adviser
for
the
calendar
years
ending
December
31,
2022
and
December
31,
2021.
In
evaluating
the
reasonableness
of
the
compensation,
the
Independent
Board
Members
also
considered
any
other
ancillary
benefits
derived
by
the
respective
Fund
Adviser
from
its
relationship
with
the
Nuveen
funds
as
discussed
in
further
detail
below.
Based
on
a
consideration
of
all
the
information
provided,
the
Board
noted
that
Nuveen’s
and
the
Sub-Adviser’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
Nuveen
funds,
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
recognized
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
Nuveen
shares
the
benefits
of
economies
of
scale,
if
any,
in
a
number
of
ways
including
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
In
this
regard,
the
Board
recognized
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
With
this
structure,
the
Board
noted
that
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
are
designed
to
share
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
noted,
however,
that
although
closed-end
funds
may
make
additional
share
offerings
from
time
to
time,
the
closed-end
funds
have
a
more
limited
ability
to
increase
their
assets
because
the
growth
of
their
assets
will
occur
primarily
from
the
appreciation
of
their
investment
portfolios.
As
noted
above,
the
Independent
Board
Members
also
recognized
the
continued
reinvestment
in
Nuveen’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
in
the
Nuveen
business
were
not
specific
to
individual
Nuveen
funds
but
rather
incurred
across
of
a
variety
of
products
and
services
pursuant
to
which
the
family
of
Nuveen
funds
as
a
whole
may
benefit.
In
addition,
the
Board
also
considered
that
Nuveen
has
provided,
without
raising
advisory
fees
to
the
Nuveen
funds,
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
Nuveen’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
regarding
other
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
The
Board
acknowledged
that
an
affiliate
of
the
Adviser
may
receive
compensation
for
serving
as
a
co-manager
in
the
initial
public
offerings
of
new
Nuveen
closed-end
funds
(if
any)
and
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services,
if
any,
in
2021
and
2022.
In
addition,
the
Independent
Board
Members
noted
that
the
various
sub-advisers
to
the
Nuveen
funds
do
not
generally
benefit
from
soft
dollar
arrangements
with
respect
to
Nuveen
fund
portfolio
transactions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Independent
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Independent
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Board
Members
&
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of
Trustees
of
the
Funds.
None
of
the
trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“independent
board
members”)
has
ever
been
a
director
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the
trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
Trustee
oversees
and
other
directorships
they
hold
are
set
forth
below.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Independent
Trustees:
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Board
Member
2008
Class
II
Formerly,
a
Co-Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008-2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012-2021);
Chair
of
the
Board
of
the
Kehrein
Center
for
the
Arts
(philanthropy)
(since
2021);
member:
Catalyst
Schools
of
Chicago
Board
(since
2008)
and
Mather
Foundation
Board
(philanthropy)
(since
2012),
formerly,
Chair
of
its
Investment
Committee
(2017-2022);
formerly,
Member,
Chicago
Fellowship
Board
(philanthropy)
(2005-2016);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010-2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012-2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008-2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004-2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000-2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005-2007),
Northern
Trust
Global
Investments
Board
(2004-2007),
Northern
Trust
Japan
Board
(2004-2007),
Northern
Trust
Securities
Inc.
Board
(2003-
2007)
and
Northern
Trust
Hong
Kong
Board
(1997-2004).
138
Jack
B.
Evans
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
1999
Class
III
Chairman
(since
2019),
formerly,
President
(1996-2019),
The
Hall-Perrine
Foundation,
(private
philanthropic
corporation);
Life
Trustee
of
Coe
College
and
the
Iowa
College
Foundation;
formerly,
Member
and
President
Pro-Tem
of
the
Board
of
Regents
for
the
State
of
Iowa
University
System
(2007-
2013);
Director
and
Chairman
(2009-2021),
United
Fire
Group,
a
publicly
held
company;
Director,
Public
Member,
American
Board
of
Orthopaedic
Surgery
(2015-2020);
Director
(2000-2004),
Alliant
Energy;
Director
(1996-2015),
The
Gazette
Company
(media
and
publishing);
Director
(1997-
2003),
Federal
Reserve
Bank
of
Chicago;
President
and
Chief
Operating
Officer
(1972-1995),
SCI
Financial
Group,
Inc.,
(regional
financial
services
firm).
138
William
C.
Hunter
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2003
Class
I
Dean
Emeritus,
formerly,
Dean,
Tippie
College
of
Business,
University
of
Iowa
(2006-2012);
Director
of
Wellmark,
Inc.
(since
2009);
past
Director
(2005-2015),
and
past
President
(2010-
2014)
Beta
Gamma
Sigma,
Inc.,
The
International
Business
Honor
Society;
formerly,
Director
(2004-2018)
of
Xerox
Corporation;
formerly,
Dean
and
Distinguished
Professor
of
Finance,
School
of
Business
at
the
University
of
Connecticut
(2003-2006);
previously,
Senior
Vice
President
and
Director
of
Research
at
the
Federal
Reserve
Bank
of
Chicago
(1995-2003);
formerly,
Director
(1997-2007),
Credit
Research
Center
at
Georgetown
University.
138
Board
Members
&
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
II
Formerly,
Managing
Director,
Independent
Directors
Council
(IDC)
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
Member
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA)
(since
2020).
138
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
III
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)
(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
138
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
III
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
138
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2013
Class
II
Member
of
Board
of
Directors
of
Core12
LLC.
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients)
(since
2008);
served
The
President’s
Council
of
Fordham
University
(2010-2019)
and
previously
a
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009-2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012-2014);
former
Chair
of
the
Board
of
Trustees
of
Marian
University
(2010-2014
as
trustee,
2011-2014
as
Chair);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007-2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
138
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2020
Class
III
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
138
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
I
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-
2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
(since
2004)
formerly,
Chair
(2015-
2022)
of
the
Board
of
Trustees
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
138
Robert
L.
Young
(2)
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2017
Class
I
or
Class
II
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
138
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(3)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
David
J.
Lamb
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
2015
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2020-2021)
of
Nuveen
Securities,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
of
Nuveen
(2006-2017).
Brett
E.
Black
1972
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
2022
Managing
Director
of
Nuveen
(since
2022);
formerly,
Vice
President
(2014-2022),
Chief
Compliance
Officer
(2017-2022);
Deputy
Chief
Compliance
Officer
(2014-
2017)
of
BMO
Funds,
Inc.
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Assistant
Secretary
2013
Managing
Director
(since
2022),
formerly,
Vice
President
(2016-2022),
and
Assistant
Secretary
(since
2016)
of
Nuveen
Securities,
LLC;
Managing
Director
(since
2022),
formerly,
Vice
President
(2017-2022)
and
Assistant
Secretary
(since
2017)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
and
Associate
General
Counsel
(since
January
2022),
formerly,
Vice
President
and
Associate
General
Counsel
of
Nuveen
(2013-2021);
Managing
Director
(since
2022),
formerly,
Vice
President
(2018-2022),
Assistant
Secretary
and
Associate
General
Counsel
(since
2018)
of
Nuveen
Asset
Management,
LLC.
Board
Members
&
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(3)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Diana
R.
Gonzalez
1978
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2017);
Vice
President
and
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2022);
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2017);
formerly,
Associate
General
Counsel
of
Jackson
National
Asset
Management
(2012-2017).
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
(2016-2017)
of
Nuveen;
Managing
Director
(since
2015)
of
Nuveen
Fund
Advisors,
LLC;
Chartered
Financial
Analyst.
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
(since
2017),
formerly,
Senior
Vice
President
(2014-2017)
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Vice
President
(2010-2017)
of
Nuveen;
Head
of
Investment
Oversight
(since
2017),
formerly,
Team
Leader
of
Manager
Oversight
(2015-2017);
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
(since
2021),
General
Counsel
and
Secretary
(since
2023),
formerly,
Assistant
Secretary
(2021-2023),
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2021);
Managing
Director
(since
2021)
and
Assistant
Secretary
(since
2016)
of
TIAA
SMA
Strategies
LLC;
Managing
Director
(since
2019,
formerly,
Vice
President
and
Director),
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2018),
formerly,
Vice
President
and
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Nuveen
Alternative
Advisors
LLC;
General
Counsel
and
Assistant
Secretary
of
Covariance
Capital
Management,
Inc.
(2014-2017).
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Executive
Vice
President
(since
2022)
and
Secretary
and
General
Counsel
(since
2016)
of
Nuveen
Investments,
Inc.,
formerly,
Senior
Managing
Director
(2017-
2022);
Executive
Vice
President
(since
2023)
and
Assistant
Secretary
(since
2008)
of
Nuveen
Securities,
LLC,
formerly
Senior
Managing
Director
(2017-2023);
Executive
Vice
President
and
Assistant
Secretary
(since
2023)
of
Nuveen
Fund
Advisors,
LLC,
formerly,
Senior
Managing
Director
(2017-2023),
Secretary
(2016-
2023)
and
Co-General
Counsel
(2011-2020);
Executive
Vice
President
(since
2023)
and
Secretary
(since
2016)
of
Nuveen
Asset
Management,
LLC,
formerly,
Senior
Managing
Director
(2017-2023)
and
Associate
General
Counsel
(2011-
2020);
formerly,
Vice
President
(2007-2021)
and
Secretary
(2016-2021),
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC
(since
2010);
Executive
Vice
President
(since
2023)
and
Secretary
(since
2016)
of
Nuveen
Alternative
Investments,
LLC,
formerly
Senior
Managing
Director
(2017-2023).
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
(since
2022),
formerly,
Managing
Director
of
Mutual
Fund
Tax
and
Financial
Reporting
groups
(2017-2022),
at
Nuveen;
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Managing
Director
(since
2021),
formerly,
Senior
Director
(2016-2021),
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
(since
2022),
formerly,
Senior
Director
Mutual
Fund
Taxation
(2015-2022),
to
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2004.
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
(since
2017),
formerly
Senior
Vice
President
(2016-2017)
of
Nuveen.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(3)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Trey
S.
Stenersen
1965
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2022
Senior
Managing
Director
of
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2018);
Senior
Managing
Director
(since
2019)
and
Chief
Risk
Officer
(since
2022),
formerly
Head
of
Investment
Risk
Management
(2017-
2022)
of
Nuveen;
Senior
Managing
Director
(since
2018)
of
Nuveen
Alternative
Advisors
LLC.
E.
Scott
Wickerham
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Controller
2019
Senior
Managing
Director,
Head
of
Public
Investment
Finance
at
Nuveen
(since
2019),
formerly,
Managing
Director;
Senior
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2022)
of
Nuveen
Asset
Management,
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
(since
2017)
of
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
Principal
Financial
Officer,
Principal
Accounting
Officer
(since
2020)
and
Treasurer
(since
2017)
of
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2006.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2008),
and
Nuveen
Fund
Advisors,
LLC
(since
2019);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2020);
Vice
President
(since
2010)
and
Associate
General
Counsel
(since
2019)
of
Nuveen.
Rachael
Zufall
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
and
Assistant
Secretary
(since
2023)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2014)
of
the
CREF
Accounts,
TIAA
Separate
Account
VA-1,
TIAA-
CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Teacher
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director
of
Nuveen,
LLC
and
of
TIAA
(since
2017).
(1)
The
Board
of
Trustees
is
divided
into
three
classes,
Class
I,
Class
II,
and
Class
III,
with
each
being
elected
to
serve
until
the
third
succeeding
annual
shareholders’
meeting
subsequent
to
its
election
or
thereafter
in
each
case
when
its
respective
successors
are
duly
elected
or
appointed,
except
two
board
members
are
elected
by
the
holders
of
Preferred
Shares,
when
applicable,
to
serve
until
the
next
annual
shareholders’
meeting
subsequent
to
its
election
or
thereafter
in
each
case
when
its
respective
successors
are
duly
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
board
member
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
complex.
(2)
Robert
L.
Young
has
been
reclassified
as
a
Class
I
Board
Member
for
those
Funds
that
have
held
their
2023
annual
shareholder
meetings
and
will
be
re-designated
as
a
Class
I
Board
Member
at
the
remaining
2023
annual
shareholder
meetings.
(3)
Officers
serve
indefinite
terms
until
their
successor
has
been
duly
elected
and
qualified,
their
death
or
their
resignation
or
removal. The
year
first
elected
or
appointed
represents
the
year
in
which
the
Officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
EAN-A-0523P
2956482-INV-Y-07/24
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
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive
officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the
code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
| ITEM 3. |
AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant
has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Jack B. Evans, Albin F. Moschner, John K. Nelson and
Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Mr. Evans was formerly President and Chief Operating Officer of
SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the
“CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial
statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the
preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Moschner is a
consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held
various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August
2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point
Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for
clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to
2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income,
Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of
The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan
Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as
President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s
domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan
Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and
establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from
1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.
| ITEM 4. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Nuveen Virginia Quality Municipal Income Fund
The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For
engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those
non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation
S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by
the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the
services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other
member of the Audit Committee).
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended |
|
Audit Fees
Billed to Fund 1 |
|
|
Audit-Related Fees
Billed to Fund 2 |
|
|
Tax Fees
Billed to Fund 3 |
|
|
All Other Fees
Billed to Fund 4 |
|
| May 31, 2023 |
|
$ |
28,000 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage approved pursuant to pre-approval exception |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| May 31, 2022 |
|
$ |
26,580 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage approved pursuant to pre-approval exception |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and
regulatory filings or engagements.
2 “Audit Related Fees” are the aggregate fees billed
for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and
leverage.
3 “Tax Fees” are the aggregate fees billed for professional services for tax
advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
4 “All Other Fees” are the aggregate fees billed for products and services other than
“Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all engagements pertaining to the Fund’s use of leverage.
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”),
and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and
financial reporting, during the Fund’s last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services)
waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and
Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the
Fund’s audit is completed.
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended |
|
Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers |
|
|
Tax Fees
Billed to Adviser and
Affiliated Fund
Service Providers |
|
|
All Other Fees
Billed to Adviser and
Affiliated Fund
Service Providers |
|
| May 31, 2023 |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage approved pursuant to pre-approval exception |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| May 31, 2022 |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage approved pursuant to pre-approval exception |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-AUDIT SERVICES
The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for
non-audit services. The Audit Committee is required to pre-approve non- audit services that KPMG LLP provides to the Adviser and
any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The
Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service
Provider. The Committee considered this information in evaluating KPMG LLP’s independence.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended |
|
Total Non-Audit Fees
Billed to Fund |
|
|
Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to
the
operations and financial
reporting of the Fund) |
|
|
Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) |
|
|
Total |
|
| May 31, 2023 |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
| May 31, 2022 |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other
Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal
accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s
independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service
Providers
(with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected
to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit
Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
| ITEM 5. |
AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act
of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee Jack B. Evans, Albin F. Moschner, John K. Nelson, Chair, Margaret L. Wolff, and Robert L. Young.
| ITEM 6. |
SCHEDULE OF INVESTMENTS. |
| a) |
|
See Portfolio of Investments in Item 1. |
| ITEM 7. |
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES. |
Nuveen Fund Advisors, LLC is the registrant’s investment adviser
(referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain
clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary
investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related
duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying
out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
| ITEM 8. |
PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the
selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC
(“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:
| ITEM 8(a)(1). |
PORTFOLIO MANAGER BIOGRAPHY |
As of the date of filing this report, the following individual at the Sub-Adviser (the “Portfolio Manager”) has primary responsibility for the
day-to-day implementation of the registrant’s investment strategies:
Stephen J. Candido, CFA, Managing Director at Nuveen Asset Management,
is a portfolio manager for high yield municipal strategies at Nuveen, managing high yield funds and institutional accounts. He also has responsibility for tax-exempt open-end funds and closed-end funds that allocate to both investment grade and high
yield municipals. Stephen started working in the investment industry in 1996 when he joined Nuveen in the Unit Trust Division. Prior to his current role, he was a vice president and senior research analyst specializing in high yield sectors
including land secured credits, project finance and housing. Stephen was also an assistant vice president for Nuveen’s Global Structured Products team beginning in 2005. He also served as the manager of the Fixed Income Unit Trust Product
Management and Pricing Group starting in 2001 and prior to that held positions as an equity research analyst and fixed income pricing analyst. Stephen graduated with a B.S. in Finance from Miami University and an M.B.A. in Finance from the
University of Illinois at Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.
| ITEM 8(a)(2). |
OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGER |
Other Accounts Managed. In addition to managing the registrant, the Portfolio Manager is also primarily responsible for the day-to-day portfolio
management of the following accounts:
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Manager |
|
Type of Account
Managed |
|
Number of
Accounts |
|
|
Assets* |
|
| Stephen J. Candido |
|
Registered Investment Company |
|
|
8 |
|
|
$ |
31.30 billion |
|
|
|
Other Pooled Investment Vehicles |
|
|
1 |
|
|
$ |
170 million |
|
|
|
Other Accounts |
|
|
3 |
|
|
$ |
2.61 billion |
|
* Assets are
as of May 31, 2023. None of the assets in these accounts are subject to an advisory fee based on performance.
POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one
account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset
Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment
strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more
than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted
procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management
determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to
the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the
market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject
to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other
accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with
respect to which a portfolio manager has day-to-day management responsibilities.
Conflicts of interest may also arise when the Sub-Adviser invests one or
more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where
there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in
governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage.
In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular
accounts.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among
investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Nuveen Asset
Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from
purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset
Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or
instruments with respect to which investment limits have been reached.
The investment activities of Nuveen Asset Management or its affiliates may also
limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or
are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client
accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of
the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or
other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential
regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.
| ITEM 8(a)(3). |
FUND MANAGER COMPENSATION |
As of the most recently completed fiscal year end, the primary Portfolio Manager’s compensation is as follows:
Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award;
and (iii) participation in a profits interest plan.
Base salary. A portfolio manager’s base salary is determined based upon an analysis of
the portfolio manager’s general performance, experience and market levels of base pay for such position.
Cash bonus. A portfolio manager is
eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s
tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.
Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the
award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the
portfolio manager during the vesting period and the performance of the TIAA organization as a whole.
Profits interest plan. Portfolio managers are
eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each
portfolio manager based on such person’s overall contribution to the firms.
There are generally no differences between the methods used to determine
compensation with respect to the Fund and the Other Accounts shown in the table above.
| ITEM 8(a)(4). |
OWNERSHIP OF NPV SECURITIES AS OF MAY 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Name of Portfolio Manager |
|
None |
|
$1 -
$10,000 |
|
$10,001-
$50,000 |
|
$50,001-
$100,000 |
|
$100,001-
$500,000 |
|
$500,001-
$1,000,000 |
|
Over
$1,000,000 |
| Stephen J. Candido |
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
| ITEM 9. |
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 10. |
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the
registrant last provided disclosure in response to this Item.
| ITEM 11. |
CONTROLS AND PROCEDURES. |
| (a) |
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date
of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17
CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) |
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
| ITEM 12. |
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES. |
Not applicable.
File the exhibits listed below as part of this Form.
(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted
on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required
by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(a)(4) Change in the registrant’s independent public accountant. Not applicable.
(b) If the report is filed under Section
13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b)
or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of
Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to
the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Virginia Quality Municipal Income Fund
|
|
|
| By (Signature and Title) |
|
/s/ Mark L. Winget |
|
|
Mark L. Winget |
|
|
Vice President and Secretary |
Date: August 3, 2023
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: August 3, 2023
|
|
|
| By (Signature and Title) |
|
/s/ E. Scott Wickerham |
|
|
E. Scott Wickerham |
|
|
Vice President and Funds Controller |
|
|
(principal financial officer) |
Date: August 3, 2023