N-CSRS 1 nom.htm NOM

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-07616

 

Nuveen Missouri Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

 

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

 

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

 

Date of fiscal year end: May 31

 

Date of reporting period: November 30, 2021

 

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

 

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

 
 


 

ITEM 1. REPORTS TO STOCKHOLDERS.

 

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Table of Contents

Chair’s Letter to Shareholders 4
Important Notices 5
Fund Leverage 6
Common Share Information 8
Performance Overview and Holding Summaries 10
Shareholder Meeting Report 20
Portfolios of Investments 21
Statement of Assets and Liabilities 56
Statement of Operations 57
Statement of Changes in Net Assets 58
Statement of Cash Flows 61
Financial Highlights 62
Notes to Financial Statements 71
Risk Considerations 84
Additional Fund Information 86
Glossary of Terms Used in this Report 87

 

3


Chair’s Letter
to Shareholders

 

 

Dear Shareholders,

In 2021, we have seen a nearly full recovery in the economy and began to approach more normalcy in our daily lives, enabled by unprecedented help from governments and central banks and the development of effective COVID-19 vaccines and therapies.

As crisis-related monetary and fiscal supports are phasing out, global economic growth is expected to moderate from post-pandemic peak growth toward a more sustainable pace of expansion. In the U.S., the Federal Reserve has begun winding down its pandemic bond buying program and has signaled higher short-term interest rates in 2022 to help keep inflation in check. On the fiscal side, government spending will be lower from here, but the U.S. will begin funding projects with the $1.2 trillion Infrastructure Investment and Jobs Act enacted on November 15, 2021, and Europe, Japan and China are also expected to roll out fiscal support in 2022.

Inflation levels, the timing of monetary policy normalization and the global economy’s response to tighter financial conditions will be a key focus in the markets. We anticipate periodic volatility as markets digest incoming data on these impacts, as well as COVID-19 headlines, as there is still uncertainty about the course of the pandemic. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.

To learn more about how your portfolio can take advantage of new opportunities arising from the normalizing global economy, we encourage you to review your time horizon, risk tolerance and investment goals with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Terence J. Toth
Chair of the Board
January 21, 2022

 

4

 


Important Notices

For Shareholders of

Nuveen Georgia Quality Municipal Income Fund (NKG)

Nuveen Massachusetts Quality Municipal Income Fund (NMT)

Nuveen Minnesota Quality Municipal Income Fund (NMS)

Nuveen Missouri Quality Municipal Income Fund (NOM)

Nuveen Virginia Quality Municipal Income Fund (NPV)

Portfolio Manager Commentaries in Semiannual Reports

Beginning with this semiannual shareholder report, the Funds will include portfolio manager commentary only in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Funds’ May 31, 2021 annual shareholder report.

For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.

For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

5

 


Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. All this will make the shares’ total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

The use of leverage had a negligible impact on the performance of NKG, NMT, NOM, and NPV over the reporting period. Leverage had a positive impact on the performance of NMS over the reporting period.

As of November 30, 2021, the Funds’ percentages of leverage are as shown in the accompanying table.

  NKG NMT NMS NOM NPV
Effective Leverage* 34.50% 36.47% 36.97% 36.10% 35.09%
Regulatory Leverage* 28.29% 34.31% 36.97% 35.35% 31.81%

 

*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.

6

 

THE FUNDS’ REGULATORY LEVERAGE

As of November 30, 2021, the Funds have issued and outstanding preferred shares as shown in the accompanying table.

    Variable Rate  
  Variable Rate Remarketed  
  Preferred* Preferred**  
  Shares Issued at Shares Issued at  
  Liquidation Preference Liquidation Preference Total
NKG $ 58,500,000 $ — $ 58,500,000
NMT $ 74,000,000 $ — $ 74,000,000
NMS $ 52,800,000 $ — $ 52,800,000
NOM $ 18,000,000 $ — $ 18,000,000
NPV $128,000,000 $ — $128,000,000

 

*Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.
**Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.

Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on preferred shares and each Fund’s respective transactions.

7

 

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of November 30, 2021. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

  Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date) NKG NMT NMS NOM NPV
June 2021 $0.0450 $0.0460 $0.0525 $0.0440 $0.0485
July 0.0450 0.0460 0.0525 0.0440 0.0485
August 0.0450 0.0460 0.0525 0.0440 0.0485
September 0.0450 0.0460 0.0525 0.0440 0.0485
October 0.0450 0.0430 0.0525 0.0440 0.0485
November 2021 0.0450 0.0430 0.0525 0.0440 0.0485
Total Distributions from Net Investment Income $0.2700 $0.2700 $0.3150 $0.2640 $0.2910
 
Yields          
Market Yield* 3.90% 3.36% 4.17% 3.62% 3.46%
Taxable-Equivalent Yield* 7.24% 6.21% 8.46% 6.66% 6.46%

 

*Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 46.6%, 45.8%, 50.7%, 46.2% and 46.6% for NKG, NMT, NMS, NOM and NPV, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.

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

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

8

 

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE REPURCHASES

During August 2021, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

As of November 30, 2021, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

  NKG NMT NMS NOM NPV
Common shares cumulatively repurchased and retired 149,500 26,148 10,000 0 55,000
Common shares authorized for repurchase 1,035,000 930,000 575,000 230,000 1,790,000
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.    

 

OTHER COMMON SHARE INFORMATION

As of November 30, 2021, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:

  NKG NMT NMS NOM NPV
Common share NAV $14.26 $15.19 $15.57 $14.02 $15.32
Common share price $13.84 $15.34 $15.10 $14.59 $16.80
Premium/(Discount) to NAV (2.95)% 0.99% (3.02)% 4.07% 9.66%
Average premium/(discount) to NAV (3.93)% 0.08% 0.92% 9.98% 6.71%

 

9

 


NKG

Nuveen Georgia Quality Municipal Income Fund

Performance Overview and Holding Summaries as of November 30, 2021

 

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

 

Average Annual Total Returns as of November 30, 2021        

 
  Cumulative Average Annual  
  6-Month 1-Year 5-Year 10-Year
NKG at Common Share NAV 0.84% 2.97% 5.04% 4.31%
NKG at Common Share Price 3.77% 13.25% 5.38% 4.30%
S&P Municipal Bond Index 0.67% 2.22% 4.21% 3.97%
S&P Municipal Bond Georgia Index1 0.69% 1.67% 3.77% 3.50%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

 

1 For purposes of Fund performance, relative results are measured against this benchmark/index.

10

 


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

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

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 149.7%
Other Assets Less Liabilities 2.9%
Net Assets Plus Floating Rate Obligations  
& AMTP Shares, net of deferred  
offering costs 152.6%
Floating Rate Obligations (13.2)%
AMTP Shares, net of deferred  
offering costs (39.4)%
Net Assets 100%

 

States and Territories1  
(% of total municipal bonds)  
Georgia 89.5%
Florida 2.6%
West Virginia 1.8%
Colorado 1.6%
Puerto Rico 1.5%
Illinois 1.2%
Nevada 1.0%
Washington 0.8%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Utilities 29.5%
Tax Obligation/Limited 16.2%
Tax Obligation/General 16.1%
Health Care 12.0%
Education and Civic Organizations 9.8%
U.S. Guaranteed 9.6%
Transportation 5.1%
Other 1.7%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 7.9%
AAA 6.2%
AA 57.7%
A 16.9%
BBB 8.6%
BB or Lower 0.5%
N/R (not rated) 2.2%
Total 100%

 

1The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Georgia's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.

11

 


NMT

Nuveen Massachusetts Quality Municipal Income Fund

Performance Overview and Holding Summaries as of November 30, 2021

 

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

 

Average Annual Total Returns as of November 30, 2021

 

  Cumulative Average Annual
  6-Month 1-Year 5-Year 10-Year
NMT at Common Share NAV 0.66% 3.51% 5.21% 4.78%
NMT at Common Share Price 4.65% 7.58% 6.91% 5.80%
S&P Municipal Bond Index 0.67% 2.22% 4.21% 3.97%
S&P Municipal Bond Massachusetts Index1 0.48% 1.39% 3.92% 3.55%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

 

1 For purposes of Fund performance, relative results are measured against this benchmark/index.

12

 


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

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

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 150.4%
Other Assets Less Liabilities 1.7%
Net Assets Plus VRDP Shares,  
net of deferred offering costs 152.1%
VRDP Shares, net of deferred  
offering costs (52.1)%
Net Assets 100%

 

States and Territories1  
(% of total municipal bonds)  
Massachusetts 95.9%
Puerto Rico 2.2%
Guam 1.2%
Virgin Islands 0.7%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Education and Civic Organizations 31.5%
Health Care 18.3%
Tax Obligation/Limited 15.6%
Tax Obligation/General 10.6%
Utilities 7.8%
Transportation 6.2%
U.S. Guaranteed 5.8%
Other 4.2%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 5.2%
AAA 4.5%
AA 53.5%
A 21.4%
BBB 9.7%
BB or Lower 1.2%
N/R (not rated) 4.5%
Total 100%

 

1The 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 judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.

13

 

NMS

Nuveen Minnesota Quality Municipal Income Fund

Performance Overview and Holding Summaries as of November 30, 2021

 

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

 

Average Annual Total Returns as of November 30, 2021        

 

  Cumulative Average Annual
  6-Month 1-Year 5-Year 10-Year
NMS at Common Share NAV 1.71% 4.39% 5.99% 5.56%
NMS at Common Share Price (5.11)% 5.26% 3.11% 4.09%
S&P Municipal Bond Index 0.67% 2.22% 4.21% 3.97%
S&P Municipal Bond Minnesota Index1 0.60% 1.69% 3.83% 3.55%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

 

1 For purposes of Fund performance, relative results are measured against this benchmark/index.

14

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

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

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 157.3%
Other Assets Less Liabilities 1.3%
Net Assets Plus AMTP Shares,  
net of deferred offering costs 158.6%
AMTP Shares, net of deferred  
offering costs (58.6)%
Net Assets 100%

 

States and Territories1  
(% of total municipal bonds)  
Minnesota 99.6%
Guam 0.4%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Health Care 23.6%
Education and Civic Organizations 20.5%
Tax Obligation/General 15.0%
Tax Obligation/Limited 10.0%
Utilities 9.0%
Long-Term Care 7.3%
U.S. Guaranteed 5.8%
Other 8.8%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 3.2%
AAA 14.3%
AA 22.5%
A 30.5%
BBB 6.6%
BB or Lower 10.0%
N/R (not rated) 12.9%
Total 100%

 

1The 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's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.

15

 

NOM

Nuveen Missouri Quality Municipal Income Fund

Performance Overview and Holding Summaries as of November 30, 2021

 

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

 

Average Annual Total Returns as of November 30, 2021        

 

  Cumulative Average Annual
  6-Month 1-Year 5-Year 10-Year
NOM at Common Share NAV 0.88% 3.67% 4.84% 4.90%
NOM at Common Share Price 1.04% 6.58% 0.49% 3.65%
S&P Municipal Bond Index 0.67% 2.22% 4.21% 3.97%
S&P Municipal Bond Missouri Index1 0.83% 2.57% 4.25% 3.99%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

 

1 For purposes of Fund performance, relative results are measured against this benchmark/index.

16

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

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

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 150.1%
Other Assets Less Liabilities 5.7%
Net Assets Plus Floating Rate Obligations  
& MFP Shares, net of deferred  
offering costs 155.8%
Floating Rate Obligations (1.8)%
MFP Shares, net of deferred  
offering costs (54.0)%
Net Assets 100%

 

States and Territories1  
(% of total municipal bonds)  
Missouri 96.4%
Puerto Rico 2.0%
Guam 1.6%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Health Care 24.4%
Tax Obligation/Limited 17.5%
Tax Obligation/General 16.7%
Education and Civic Organizations 10.9%
Utilities 10.1%
U.S. Guaranteed 8.1%
Long-Term Care 6.1%
Other 6.2%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 4.0%
AAA 5.5%
AA 45.1%
A 23.9%
BBB 9.2%
BB or Lower 4.0%
N/R (not rated) 8.3%
Total 100%

 

1The 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's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.

17

 

NPV

Nuveen Virginia Quality Municipal Income Fund

Performance Overview and Holding Summaries as of November 30, 2021

 

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

 

Average Annual Total Returns as of November 30, 2021        

 

  Cumulative Average Annual
  6-Month 1-Year 5-Year 10-Year
NPV at Common Share NAV 0.85% 4.47% 6.06% 4.80%
NPV at Common Share Price 6.06% 12.18% 9.93% 5.66%
S&P Municipal Bond Index 0.67% 2.22% 4.21% 3.97%
S&P Municipal Bond Virginia Index1 0.50% 1.23% 3.89% 3.57%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

 

1 For purposes of Fund performance, relative results are measured against this benchmark/index.

18

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

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

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 153.7%
Other Assets Less Liabilities 0.2%
Net Assets Plus Floating Rate Obligations  
& VRDP Shares, net of deferred  
offering costs 153.9%
Floating Rate Obligations (7.4)%
VRDP Shares, net of deferred  
offering costs (46.5)%
Net Assets 100%

 

States and Territories1  
(% of total municipal bonds)  
Virginia 69.6%
District of Columbia 16.3%
Puerto Rico 5.7%
Guam 3.5%
Virgin Islands 2.1%
Colorado 1.4%
Washington 0.7%
Pennsylvania 0.5%
New York 0.2%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Transportation 29.0%
Tax Obligation/Limited 21.9%
Health Care 14.4%
Education and Civic Organizations 8.9%
U.S. Guaranteed 7.4%
Utilities 5.6%
Long-Term Care 5.1%
Other 7.7%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 6.9%
AAA 4.7%
AA 42.9%
A 12.7%
BBB 14.2%
BB or Lower 7.3%
N/R (not rated) 11.3%
Total 100%

 

1The 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's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential.

19

 

Shareholder Meeting Report

The annual meeting of shareholders was held on November 17, 2021 for NMT. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.

  NMT
  Common and  
  Preferred  
  shares voting  
  together Preferred
  as a class Shares
Approval of the Board Members was reached as follows:    
Jack B. Evans    
For 7,752,817
Withhold 313,053
Total 8,065,870
Joanne T. Medero    
For 7,733,886
Withhold 331,984
Total 8,065,870
Matthew Thornton III    
For 7,813,151
Withhold 252,719
Total 8,065,870
William C. Hunter    
For 740
Withhold
Total 740
Albin F. Moschner    
For 740
Withhold
Total 740

 

20

 

NKG

Nuveen Georgia Quality Municipal Income Fund

Portfolio of Investments

November 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 149.7% (100.0% of Total Investments)      
  MUNICIPAL BONDS – 149.7% (100.0% of Total Investments)      
  Education and Civic Organizations – 14.7% (9.8% of Total Investments)      
$ 3,000 Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 3/28 at 100.00 AA $ 3,423,180
  Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43      
1,340 Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten 10/23 at 100.00 N/R 1,410,417
  Academy Project, Series 2013B, 7.000%, 10/01/43      
3,000 Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts 3/26 at 100.00 A2 3,439,290
  Center, Inc. Project, Refunding Series 2015A, 5.000%, 3/15/36      
1,530 Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College 7/27 at 100.00 A+ 1,842,656
  Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37      
1,155 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 9/29 at 100.00 AA 1,448,359
  Green Series 2019B, 5.000%, 9/01/48      
3,000 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 10/23 at 100.00 AA 3,216,060
  Refunding Series 2013A, 5.000%, 10/01/43      
2,000 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 10/26 at 100.00 AA 2,368,180
  Refunding Series 2016A, 5.000%, 10/01/46 (UB) (4)      
1,325 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 10/22 at 100.00 Baa1 1,372,554
  Refunding Series 2012C, 5.250%, 10/01/30      
830 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 10/31 at 100.00 Baa1 966,186
  Series 2021, 4.000%, 10/01/50      
2,000 Savannah Economic Development Authority, Georgia, Revenue Bonds, Savannah State 6/31 at 100.00 A+ 2,340,900
  University Projects, Refunding & Improvement Series 2021B, 4.000%, 6/15/44      
19,180 Total Education and Civic Organizations     21,827,782
  Health Care – 18.0% (12.0% of Total Investments)      
  Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical      
  Center, Series 1998:      
205 5.250%, 12/01/22 (5),(6) 12/21 at 100.00 N/R 14,854
745 5.375%, 12/01/28 (5),(6) 12/21 at 100.00 N/R 53,983
88 Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical No Opt. Call N/R 98,754
  Center, Series 2016, 6.500%, 10/01/22 (5),(6)      
  Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of      
  Atlanta, Inc. Project, Series 2019A:      
3,245 4.000%, 7/01/44 7/29 at 100.00 AA+ 3,784,903
1,000 4.000%, 7/01/49 7/29 at 100.00 AA+ 1,158,540
875 Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, 4/30 at 100.00 A 1,087,625
  Wellstar Health System, Series 2020A, 5.000%, 4/01/50      
  Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health      
  System, Inc Project, Series 2017A:      
1,780 5.000%, 4/01/36 4/27 at 100.00 A 2,131,052
1,000 5.000%, 4/01/37 4/27 at 100.00 A 1,196,620
3,485 Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. 7/26 at 100.00 AA– 4,100,730
  Project, Series 2016A, 5.000%, 7/01/46      
2,500 Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. 7/29 at 100.00 AA– 2,879,100
  Project, Series 2019A, 4.000%, 7/01/49      

 

21

 

NKG

Nuveen Georgia Quality Municipal Income Fund

Portfolio of Investments (continued)

November 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Health Care (continued)      
  Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation      
  Certificates, Northeast Georgia Health Services Inc., Series 2017B:      
$ 3,000 5.500%, 2/15/42 (UB) (4) 2/27 at 100.00 AA $ 3,614,820
5,500 5.250%, 2/15/45 (UB) (4) 2/27 at 100.00 AA 6,546,980
23,423 Total Health Care     26,667,961
  Housing/Multifamily – 0.8% (0.6% of Total Investments)      
1,205 Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 11/23 at 100.00 BB+ 1,211,314
  Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35      
  Industrials – 1.7% (1.1% of Total Investments)      
  Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center      
  Hotel Revenue Bonds, First Tier Series 2021A:      
1,000 4.000%, 1/01/36 1/31 at 100.00 BBB– 1,157,910
1,220 4.000%, 1/01/54 1/31 at 100.00 BBB– 1,385,542
2,220 Total Industrials     2,543,452
  Tax Obligation/General – 24.2% (16.1% of Total Investments)      
4,000 Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%, 8/26 at 100.00 AA+ 4,777,400
  8/01/42 (UB) (4)      
700 Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, 7/30 at 100.00 AA 822,535
  Tanner Medical Center Inc. Project, Series 2020, 4.000%, 7/01/50      
3,000 Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, 7/25 at 100.00 AA 3,432,210
  Tanner Medical Center, Inc. Project, Series 2015, 5.000%, 7/01/41      
2,000 Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building 6/28 at 100.00 A+ 2,311,160
  Series 2018A, 4.000%, 6/15/37      
1,760 Crisp County Hospital Authority, Georgia, Revenue Anticipation Certificates, Crisp 7/31 at 100.00 A1 2,025,232
  County Hospital Project, Series 2021, 4.000%, 7/01/51      
  East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding      
  Series 2017:      
1,000 5.000%, 2/01/29 – AGM Insured 2/27 at 100.00 AA 1,196,010
650 5.000%, 2/01/35 – AGM Insured 2/27 at 100.00 AA 778,069
2,350 Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series 6/28 at 100.00 AA+ 2,672,373
  2018A, 4.000%, 12/01/43      
2,000 Forsyth County School District, Georgia, General Obligation Bonds, Series 2020, 2/30 at 100.00 AAA 2,584,460
  5.000%, 2/01/38      
3,000 Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & 4/25 at 100.00 AAA 3,430,290
  Improvement Series 2015, 5.000%, 4/01/44      
3,550 Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28 2/25 at 100.00 AAA 4,055,342
170 Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, 3/29 at 100.00 AA+ 216,694
  5.000%, 3/01/32      
345 Lamar County School District, Georgia, General Obligation Bonds, Series 2017, 9/27 at 100.00 Aa1 423,198
  5.000%, 3/01/33      
500 Paulding County, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/31 2/28 at 100.00 Aa1 618,920
  Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation      
  Certificates, Refunding Series 2019A:      
500 5.000%, 10/01/34 10/29 at 100.00 Aa2 640,295
370 5.000%, 10/01/36 10/29 at 100.00 Aa2 472,483
195 5.000%, 10/01/37 10/29 at 100.00 Aa2 248,504
  Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016:      
500 5.000%, 8/01/30 2/26 at 100.00 Aa1 589,250
400 5.000%, 8/01/31 2/26 at 100.00 Aa1 471,508

 

22

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Tax Obligation/General (continued)      
$ 3,500 West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 6/28 at 100.00 Aa2 $ 4,081,875
  4.000%, 6/01/42      
30,490 Total Tax Obligation/General     35,847,808
  Tax Obligation/Limited – 24.2% (16.2% of Total Investments)      
  Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta      
  Parking Facility Project, Series 2017:      
1,180 5.000%, 12/01/34 12/27 at 100.00 AA+ 1,457,571
1,260 5.000%, 12/01/36 12/27 at 100.00 AA+ 1,558,267
3,250 Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium 7/25 at 100.00 A1 3,730,220
  Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44      
575 Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, No Opt. Call A3 649,152
  5.000%, 12/01/24      
  Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D:      
1,200 5.000%, 1/01/30 1/27 at 100.00 A2 1,421,856
1,525 5.000%, 1/01/31 1/27 at 100.00 A2 1,800,995
725 Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/41 7/23 at 100.00 A– 774,822
3,880 Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding No Opt. Call Baa2 4,362,944
  Series 1993, 5.625%, 10/01/26 – NPFG Insured      
300 Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding No Opt. Call AA– 338,922
  Series 2005, 5.500%, 10/01/26 – NPFG Insured      
3,020 Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, No Opt. Call Baa2 3,402,694
  Series 1998A, 4.750%, 6/01/28 – NPFG Insured      
700 Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue 6/27 at 100.00 AA 852,628
  Bonds, Series 2017A, 5.000%, 6/01/29      
  Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third      
  Indenture, Series 2015B:      
1,000 5.000%, 7/01/41 7/26 at 100.00 AA+ 1,191,120
3,000 5.000%, 7/01/42 7/26 at 100.00 AA+ 3,574,320
5,000 Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, 7/28 at 100.00 AA 5,715,400
  4.000%, 7/01/48      
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:      
710 4.500%, 7/01/34 7/25 at 100.00 N/R 776,747
2,312 4.550%, 7/01/40 7/28 at 100.00 N/R 2,626,270
1,675 Washington State Convention Center Public Facilities District, Lodging Tax Revenue 7/31 at 100.00 Baa3 1,681,499
  Bonds, Refunding Subordinate Series 2021B. Exchange Purchase, 3.000%, 7/01/58      
31,312 Total Tax Obligation/Limited     35,915,427
  Transportation – 7.6% (5.1% of Total Investments)      
2,000 Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31 1/22 at 100.00 Aa3 2,007,760
  Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds,      
  Refunding Subordinate Lien Series 2014A:      
2,575 5.000%, 1/01/32 1/24 at 100.00 Aa3 2,815,016
3,750 5.000%, 1/01/34 1/24 at 100.00 Aa3 4,092,975
1,995 Georgia Ports Authority, Revenue Bonds, Series 2021, 4.000%, 7/01/51 7/31 at 100.00 AA 2,382,908
10,320 Total Transportation     11,298,659

 

23

 


NKG

Nuveen Georgia Quality Municipal Income Fund

Portfolio of Investments (continued)

November 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  U.S. Guaranteed – 14.4% (9.6% of Total Investments) (7)      
$ 2,810 Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 1/22 at 100.00 Aa3 $ 2,820,650
  (Pre-refunded 1/01/22) (AMT)      
2,000 Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Revenue Bonds, 1/22 at 100.00 N/R 2,007,720
  Memorial Health University Medical Center, Inc., Refunding & Improvement Series 2012A,      
  5.000%, 1/01/31 (Pre-refunded 1/01/22)      
600 Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens 1/22 at 100.00 AA 602,352
  Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22)      
500 Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/24 at 100.00 AA+ 556,355
  5/01/31 (Pre-refunded 5/01/24)      
625 Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation 5/22 at 100.00 AA+ 637,556
  Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22)      
3,000 Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 2/25 at 100.00 AA 3,477,090
  Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54      
  (Pre-refunded 2/15/25)      
1,620 Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic 11/22 at 100.00 AA– 1,694,131
  Health East Issue, Series 2012, 5.000%, 11/15/37 (Pre-refunded 11/15/22)      
3,500 Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 2/23 at 100.00 AAA 3,695,510
  2/01/36 (Pre-refunded 2/01/23)      
1,500 Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2/24 at 100.00 Aa3 1,652,340
  2014B, 5.000%, 2/01/37 (Pre-refunded 2/01/24)      
3,000 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of 4/24 at 100.00 A+ 3,323,310
  Art & Design Projects, Series 2014, 5.000%, 4/01/44 (Pre-refunded 4/01/24)      
810 Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 12/22 at 100.00 Aa2 848,913
  5.000%, 12/01/38 (Pre-refunded 12/01/22)      
19,965 Total U.S. Guaranteed     21,315,927
  Utilities – 44.1% (29.5% of Total Investments)      
4,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A, 5.000%, 11/27 at 100.00 Aa2 4,925,840
  11/01/39 (UB) (4)      
5,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, 11/27 at 100.00 Aa2 6,138,700
  5.000%, 11/01/47      
260 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 – No Opt. Call AA 361,941
  AGM Insured      
1,250 Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 2/28 at 100.00 BBB+ 1,419,675
  Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45      
1,250 Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 2/28 at 100.00 BBB+ 1,419,675
  Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45      
5 Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 12/21 at 100.00 Aa1 5,020
  5.000%, 8/01/35 – AGM Insured      
500 Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36 5/26 at 100.00 AA+ 592,510
1,600 Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2021B, 6/31 at 100.00 AA+ 1,751,312
  3.000%, 6/01/46      
1,750 Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33 3/27 at 100.00 A2 2,084,302
1,000 Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 3/01/41 3/30 at 100.00 A2 1,170,590
  DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B:      
6,000 5.250%, 10/01/32 – AGM Insured (UB) (4) 10/26 at 100.00 AA 7,294,680
300 5.000%, 10/01/35 – AGM Insured 10/26 at 100.00 AA 358,965
5,350 DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 12/21 at 100.00 Aa3 5,372,095
  2011A, 5.250%, 10/01/41      
1,000 Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 1/23 at 100.00 AA 1,049,260
  5.000%, 1/01/33      
3,000 Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 1/23 at 100.00 A1 3,138,720
  5.000%, 1/01/43      

 

24

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Utilities (continued)      
$ 1,500 Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, No Opt. Call A+ $ 1,520,325
  5.000%, 3/15/22      
2,000 Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, No Opt. Call A+ 2,025,820
  5.000%, 3/15/22      
1,000 Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, No Opt. Call A3 1,496,080
  5.000%, 5/15/49      
1,525 Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%, 9/24 at 100.43 Aa2 1,677,027
  8/01/49 (Mandatory Put 12/02/24)      
2,000 Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Variable Rate Demand 6/23 at 100.40 Aa2 2,116,080
  Bonds Series 2018A, 4.000%, 4/01/48 (Mandatory Put 9/01/23)      
225 Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, No Opt. Call AA 225,000
  12/01/21 – AGM Insured      
3,500 Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 12/01/50 – 12/30 at 100.00 AA 4,121,040
  AGM Insured      
  Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project P Bonds,      
  Series 2021A:      
650 5.000%, 1/01/56 1/30 at 100.00 BBB+ 787,638
1,000 5.000%, 1/01/63 1/30 at 100.00 BBB+ 1,211,750
1,500 Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien No Opt. Call A2 1,205,655
  Series 2015A, 0.000%, 1/01/32      
2,260 Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien 7/26 at 100.00 AA 2,668,811
  Series 2016A, 5.000%, 1/01/30 – BAM Insured      
  Oconee County, Georgia, Water and Sewerage Revenue Bonds, Series 2017A:      
155 5.000%, 9/01/35 9/27 at 100.00 AA 189,466
535 5.000%, 9/01/37 9/27 at 100.00 AA 654,471
2,000 South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, 1/24 at 100.00 AA 2,182,340
  Refunding Series 2014, 5.000%, 1/01/30      
2,315 Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard 2/26 at 100.00 Aa1 2,610,973
  Creek Reservoir Project, Series 2016, 4.000%, 2/01/38      
3,105 Warner Robins, Georgia, Water and Sewerage Revenue Bonds, Refunding & Improvement 7/30 at 100.00 Aa3 3,656,634
  Series 2020, 4.000%, 7/01/50      
57,535 Total Utilities     65,432,395
$ 195,650 Total Long-Term Investments (cost $207,813,098)     222,060,725
  Floating Rate Obligations – (13.2)%     (19,600,000)
  Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (39.4)% (8)     (58,447,874)
  Other Assets Less Liabilities – 2.9%     4,293,447
  Net Asset Applicable to Common Shares – 100%     $ 148,306,298

 

(1)All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.
(6)Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(7)Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. (8) Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 26.3%.
AMT Alternative Minimum Tax
UB  Underlying bond of an inverse floating rate trust reflected as a financing transaction.

See accompanying notes to financial statements.

25

 

NMT

Nuveen Massachusetts Quality Municipal Income Fund

Portfolio of Investments

November 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 150.4% (100.0% of Total Investments)      
  MUNICIPAL BONDS – 150.4% (100.0% of Total Investments)      
  Education and Civic Organizations – 47.3% (31.5% of Total Investments)      
$ 210 Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, 6/26 at 100.00 N/R $ 225,656
  5.000%, 6/15/49      
  Massachusetts Development Finance Agency, Revenue Bonds, Bentley College Issue,      
  Series 2021A:      
1,000 4.000%, 7/01/38 7/31 at 100.00 A2 1,197,950
735 4.000%, 7/01/39 7/31 at 100.00 A2 879,993
3,515 Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music, 10/26 at 100.00 A 4,151,953
  Series 2016, 5.000%, 10/01/39      
2,200 Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2013S, 7/23 at 100.00 AA– 2,347,576
  5.000%, 7/01/38      
730 Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T, 7/27 at 100.00 AA– 878,365
  5.000%, 7/01/42      
  Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender      
  Option Bond Trust 2016-XG0070:      
1,880 18.009%, 10/01/48, 144A (IF) (4) 10/23 at 100.00 AA– 2,468,966
575 17.904%, 10/01/48, 144A (IF) (4) 10/23 at 100.00 AA– 754,918
  Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A:      
2,000 5.000%, 1/01/34 1/28 at 100.00 BBB+ 2,408,140
2,240 5.000%, 1/01/37 1/28 at 100.00 BBB+ 2,683,498
1,955 Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016, 7/26 at 100.00 A– 2,301,856
  5.000%, 7/01/35      
1,500 Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts Institute of No Opt. Call AAA 2,396,205
  Technology, Series 2020P, 5.000%, 7/01/50      
  Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue,      
  Series 2015H:      
450 3.500%, 7/01/35 7/25 at 100.00 AA 486,576
190 5.000%, 7/01/37 7/25 at 100.00 AA 217,582
1,200 Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, 7/26 at 100.00 BBB– 1,375,968
  5.000%, 7/01/47      
550 Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 10/22 at 100.00 A1 570,735
  2012, 5.000%, 10/01/31      
  Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University,      
  Series 2014A:      
875 5.000%, 3/01/39 3/24 at 100.00 A1 959,656
1,400 5.000%, 3/01/44 3/24 at 100.00 A1 1,534,792
500 Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, 10/23 at 100.00 BBB+ 535,565
  5.250%, 10/01/39      
1,100 Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue, 10/30 at 100.00 BBB+ 1,283,359
  Series 2020M, 4.000%, 10/01/38      
1,230 Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art 7/25 at 100.00 AA 1,419,211
  Institute, Series 2015, 5.000%, 7/01/33      
450 Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding 7/29 at 100.00 Baa2 551,169
  Series 2019, 5.000%, 7/01/36      
1,175 Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Series 7/31 at 100.00 Baa2 1,358,653
  2021, 4.000%, 7/01/51      

 

26

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Education and Civic Organizations (continued)      
  Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute,      
  Series 2017:      
$ 2,200 5.000%, 4/01/35 10/27 at 100.00 AA– $ 2,677,598
1,250 5.000%, 4/01/36 10/27 at 100.00 AA– 1,518,863
875 Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, 8/25 at 100.00 AA– 1,004,413
  5.000%, 8/15/38      
1,325 Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H, 1/28 at 100.00 Baa1 1,574,762
  5.000%, 1/01/42      
1,510 Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic 6/28 at 100.00 AA– 1,863,733
  Institution, Series 2018, 5.000%, 6/01/43      
1,365 Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 9/22 at 100.00 A 1,410,741
  Institute, Series 2012, 5.000%, 9/01/50      
840 Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 9/26 at 100.00 A 993,560
  Institute, Series 2016, 5.000%, 9/01/37      
  Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic      
  Institute, Series 2017:      
550 5.000%, 9/01/42 9/27 at 100.00 A 667,381
700 5.000%, 9/01/47 9/27 at 100.00 A 844,193
2,500 Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 9/27 at 100.00 A 3,033,550
  Institute, Series 2017B, 5.000%, 9/01/42      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 9/29 at 100.00 A 1,151,740
  Institute, Series 2019, 4.000%, 9/01/44      
500 Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, 7/27 at 100.00 Baa2 587,920
  Refunding Series 2017, 5.000%, 7/01/35      
3,000 Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, No Opt. Call AA– 4,648,710
  Series 2002A, 5.750%, 1/01/42 – AMBAC Insured      
2,495 Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 7/26 at 100.00 AA– 2,965,732
  Series 2016, 5.000%, 1/01/40      
  Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University,      
  Series 1999P:      
1,090 6.000%, 5/15/29 No Opt. Call Aa3 1,374,370
1,000 6.000%, 5/15/59 5/29 at 105.00 Aa3 1,355,510
240 Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J, 12/21 at 100.00 AA 240,302
  Series 2011, 5.625%, 7/01/33 (AMT)      
500 Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue L, 12/28 at 100.00 AA 608,385
  Senior Series 2020B, 5.000%, 7/01/28 (AMT)      
4,000 University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 11/25 at 100.00 Aa2 4,668,440
  2015-1, 5.000%, 11/01/40      
690 University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 11/29 at 100.00 Aa2 887,243
  2020-1, 5.000%, 11/01/36      
55,290 Total Education and Civic Organizations     67,065,488
  Health Care – 27.5% (18.3% of Total Investments)      
1,000 Massachusetts Development Finance Agency Revenue Bonds, Children’s Hospital Issue, 10/24 at 100.00 AA 1,120,770
  Series 2014P, 5.000%, 10/01/46      
1,340 Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series 7/26 at 100.00 BBB+ 1,559,264
  2016I, 5.000%, 7/01/41      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue, 7/24 at 100.00 A+ 1,099,930
  Series 2014N, 5.000%, 7/01/44      
500 Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 7/26 at 100.00 BBB 584,615
  Series 2016E, 5.000%, 7/01/32      
1,675 Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding 7/26 at 100.00 A 1,972,447
  Series 2016-I, 5.000%, 7/01/30      

 

27

 

 

   
NMT

Nuveen Massachusetts Quality Municipal Income Fund

Portfolio of Investments (continued)

November 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Health Care (continued)      
  Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue,      
  Series 2015H-1:      
$ 900 5.000%, 7/01/30 7/25 at 100.00 A $ 1,029,663
1,000 5.000%, 7/01/32 7/25 at 100.00 A 1,141,790
500 5.000%, 7/01/33 7/25 at 100.00 A 570,325
  Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue,      
  Series 2018J-2:      
1,500 5.000%, 7/01/38 7/28 at 100.00 A 1,833,360
2,000 5.000%, 7/01/43 7/28 at 100.00 A 2,427,760
2,800 Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute 12/26 at 100.00 A1 3,301,564
  Issue, Series 2016N, 5.000%, 12/01/46      
3,500 Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated 8/25 at 100.00 A 3,984,680
  Group Issue, Series 2015F, 5.000%, 8/15/45      
1,080 Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center 7/23 at 100.00 BB+ 1,142,467
  Issue, Series 2014F, 5.750%, 7/15/43      
100 Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center 7/30 at 100.00 BB+ 121,815
  Issue, Series 2020G, 5.000%, 7/15/46, 144A      
3,450 Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System 7/26 at 100.00 AA– 4,059,546
  Issue, Series 2016Q, 5.000%, 7/01/47      
  Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System      
  Issue, Series 2017S-1:      
2,200 5.000%, 7/01/37 1/28 at 100.00 AA– 2,695,638
2,100 4.000%, 7/01/41 1/28 at 100.00 AA– 2,404,290
820 Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System 7/23 at 100.00 BBB+ 870,594
  Obligated Group Issue, Series 2013F, 5.000%, 7/01/37      
170 Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System 7/31 at 100.00 A– 216,815
  Obligated Group Issue, Series 2021G, 5.000%, 7/01/50      
  Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital,      
  Series 2013G:      
1,000 5.000%, 7/01/37 7/23 at 100.00 BBB+ 1,070,210
2,200 5.000%, 7/01/44 7/23 at 100.00 BBB+ 2,349,314
610 Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care 1/27 at 100.00 A– 723,021
  Obligated Group Issue, Series 2017K, 5.000%, 7/01/38      
  Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care      
  Obligated Group Issue, Series 2017L:      
400 3.625%, 7/01/37 7/27 at 100.00 A– 433,656
1,095 5.000%, 7/01/44 7/27 at 100.00 A– 1,312,051
445 Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, 7/26 at 100.00 A– 522,483
  Series 2016I, 5.000%, 7/01/36      
280 Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, 1/29 at 100.00 BBB+ 338,374
  5.000%, 7/01/44      
100 Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2020C, 10/30 at 100.00 AA 116,652
  4.000%, 10/01/45 – AGM Insured      
33,765 Total Health Care     39,003,094
  Housing/Multifamily – 2.7% (1.8% of Total Investments)      
215 Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43 12/21 at 100.00 AA 215,370
740 Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/44 12/28 at 100.00 AA 778,776
1,000 Massachusetts Housing Finance Agency, Housing Bonds, Series 2020A-1, 3.000%, 12/01/50 12/28 at 100.00 AA 1,029,320
1,335 Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 6/30 at 100.00 AA 1,341,101
  2020D-1, 2.550%, 12/01/50      
400 Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 6/30 at 100.00 AA 399,748
  2021A-1, 2.450%, 12/01/51      
3,690 Total Housing/Multifamily     3,764,315

 

28 

 



         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Long-Term Care – 3.7% (2.4% of Total Investments)      
  Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the      
  Charles, Inc. Issue, Series 2017:      
$ 1,040 4.125%, 10/01/42, 144A 10/22 at 105.00 BB+ $ 1,113,330
250 5.000%, 10/01/47, 144A 10/22 at 105.00 BB+ 270,065
460 Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community 7/25 at 100.00 A+ 522,496
  Lennox, Series 2015, 5.000%, 7/01/31      
485 Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, 12/25 at 103.00 A– 540,295
  Series 2019, 4.000%, 12/01/42      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 1/23 at 100.00 BBB 1,052,970
  2013A, 5.250%, 1/01/26      
525 Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 1/27 at 103.00 N/R 560,222
  2022. Forward Delivery, 4.000%, 1/01/51, 144A, (WI/DD, Settling 10/13/22)      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc., Refunding 10/24 at 104.00 BBB 1,113,400
  Series 2019, 5.000%, 10/01/49      
4,760 Total Long-Term Care     5,172,778
  Tax Obligation/General – 15.9% (10.6% of Total Investments)      
1,250 Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 12/21 at 100.00 AA 1,254,663
  5.000%, 2/15/32      
1,885 Ludlow, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2019, 2/27 at 100.00 AA– 1,988,694
  3.000%, 2/01/49      
2,000 Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, 7/25 at 100.00 Aa1 2,311,340
  5.000%, 7/01/45      
3,895 Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F, 11/27 at 100.00 Aa1 4,785,825
  5.000%, 11/01/46      
4,000 Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A, 1/29 at 100.00 Aa1 5,082,400
  5.250%, 1/01/44      
2,500 Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2020C, 3/30 at 100.00 Aa1 2,663,350
  3.000%, 3/01/47      
525 Massachusetts State, General Obligation Bonds, Refunding Series 2020D, 3.000%, 11/01/42 11/30 at 100.00 Aa1 571,184
1,775 North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 5/22 at 100.00 Aa2 1,811,920
  2012, 5.000%, 5/15/35      
1,950 Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series 9/27 at 100.00 Aa2 2,093,598
  2019, 3.000%, 9/01/42      
19,780 Total Tax Obligation/General     22,562,974
  Tax Obligation/Limited – 23.5% (15.6% of Total Investments)      
855 Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014, 11/24 at 100.00 AA 959,985
  5.000%, 5/01/33 – BAM Insured      
500 Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2017, 5/27 at 100.00 AA 601,275
  5.000%, 5/01/35      
1,000 Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 7/22 at 100.00 AAA 1,026,680
  5.000%, 7/01/41      
2,000 Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series 7/28 at 100.00 AA 2,479,800
  2020B-1, 5.000%, 7/01/41      
  Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated      
  Series 2021A-1:      
2,165 4.000%, 7/01/39 7/31 at 100.00 AA 2,649,787
1,000 4.000%, 7/01/51 7/31 at 100.00 AA 1,196,390
  Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B:      
1,000 5.375%, 5/01/23 – SYNCORA GTY Insured No Opt. Call AA 1,072,030
2,500 5.500%, 5/01/39 – SYNCORA GTY Insured No Opt. Call AA 3,736,800

 

29

 

 


NMT

Nuveen Massachusetts Quality Municipal Income Fund

Portfolio of Investments (continued)

November 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Tax Obligation/Limited (continued)      
$ 1,350 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Refunding 8/25 at 100.00 AAA $ 1,570,820
  Senior Series 2015C, 5.000%, 8/15/37      
2,000 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 2/28 at 100.00 AA+ 2,494,540
  Series 2018A, 5.250%, 2/15/48      
1,500 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 2/29 at 100.00 AA+ 1,877,430
  Series 2019A, 5.000%, 2/15/44      
  Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Refunding Series 2005:      
1,500 5.500%, 1/01/27 – NPFG Insured No Opt. Call A1 1,837,890
2,000 5.500%, 1/01/34 – NPFG Insured No Opt. Call AAA 2,730,860
1,000 Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated 6/29 at 100.00 AA+ 1,246,760
  Bridge Programs, Series 2019A, 5.000%, 6/01/49      
1,500 Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 6/25 at 100.00 AA+ 1,719,705
  2015A, 5.000%, 6/01/45      
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:      
863 4.550%, 7/01/40 7/28 at 100.00 N/R 980,308
820 0.000%, 7/01/46 7/28 at 41.38 N/R 274,208
4,205 0.000%, 7/01/51 7/28 at 30.01 N/R 1,017,778
775 4.750%, 7/01/53 7/28 at 100.00 N/R 878,315
1,259 5.000%, 7/01/58 7/28 at 100.00 N/R 1,445,395
520 Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 10/22 at 100.00 AA 535,657
  Series 2012A, 5.000%, 10/01/32 – AGM Insured      
1,000 Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 10/22 at 100.00 AA 1,030,110
  2012A, 5.000%, 10/01/32 – AGM Insured      
31,312 Total Tax Obligation/Limited     33,362,523
  Transportation – 9.3% (6.2% of Total Investments)      
2,500 Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 7/27 at 100.00 Aa2 2,985,700
  7/01/47 (AMT)      
  Massachusetts Port Authority, Revenue Bonds, Series 2014A:      
1,000 5.000%, 7/01/39 7/24 at 100.00 Aa2 1,114,570
2,500 5.000%, 7/01/44 7/24 at 100.00 Aa2 2,787,025
  Massachusetts Port Authority, Revenue Bonds, Series 2015A:      
715 5.000%, 7/01/40 7/25 at 100.00 Aa2 825,253
1,000 5.000%, 7/01/45 7/25 at 100.00 Aa2 1,154,130
2,500 Massachusetts Port Authority, Revenue Bonds, Series 2021E, 5.000%, 7/01/51 (AMT) 7/31 at 100.00 Aa2 3,157,625
1,000 Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, 7/29 at 100.00 A1 1,142,640
  Series 2019A, 4.000%, 7/01/44 (AMT)      
11,215 Total Transportation     13,166,943
  U.S. Guaranteed – 8.7% (5.8% of Total Investments) (5)      
1,265 Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts 7/23 at 100.00 AA– 1,359,015
  Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32 (Pre-refunded 7/01/23)      
1,610 Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B, 5/24 at 100.00 Aa2 1,789,080
  5.000%, 5/01/44 (Pre-refunded 5/01/24)      
855 Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/22 at 100.00 Aa2 872,280
  5/01/37 (Pre-refunded 5/01/22)      
1,410 Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 11/23 at 100.00 A 1,545,318
  Obligated Group, Series 2013, 5.250%, 11/15/41 (Pre-refunded 11/15/23)      
1,000 Massachusetts Development Finance Agency, Revenue Bonds, Covenant Health System 7/22 at 100.00 BBB 1,027,580
  Obligated Group, Series 2012, 5.000%, 7/01/31 (Pre-refunded 7/01/22)      
368 Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue, 11/23 at 100.00 N/R 405,286
  Series 2013A, 6.250%, 11/15/28 (Pre-refunded 11/15/23), 144A      

 

30

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  U.S. Guaranteed (5) (continued)      
$ 1,000 Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/33 7/22 at 100.00 Aa2 $ 1,027,870
  (Pre-refunded 7/01/22)      
  Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior      
  Series 2013A:      
990 5.000%, 5/15/38 (Pre-refunded 5/15/23) 5/23 at 100.00 N/R 1,057,884
885 5.000%, 5/15/38 (Pre-refunded 5/15/23) 5/23 at 100.00 AAA 946,357
  University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 2014-1:      
1,620 5.000%, 11/01/44 (Pre-refunded 11/01/24) 11/24 at 100.00 N/R 1,839,186
380 5.000%, 11/01/44 (Pre-refunded 11/01/24) 11/24 at 100.00 Aa2 431,167
11,383 Total U.S. Guaranteed     12,301,023
  Utilities – 11.8% (7.8% of Total Investments)      
565 Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 7/24 at 100.00 A– 615,279
  Refunding Series 2014A, 5.000%, 7/01/29      
  Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,      
  Refunding Series 2017:      
1,250 5.000%, 7/01/37 7/27 at 100.00 A– 1,451,175
420 5.000%, 7/01/40 7/27 at 100.00 A– 486,289
415 Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, 12/21 at 100.00 A1 416,639
  5.000%, 12/01/32 – NPFG Insured      
1,000 Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015, 2/24 at 100.00 AAA 1,093,570
  5.000%, 2/01/45      
  Massachusetts Municipal Wholesale Electric Company, MMWEC, Revenue Bonds, Project 2015A,      
  Series 2021A:      
1,000 4.000%, 7/01/39, (WI/DD, Settling 12/01/21) 1/32 at 100.00 N/R 1,226,360
1,310 4.000%, 7/01/40, (WI/DD, Settling 12/01/21) 1/32 at 100.00 N/R 1,603,388
1,400 4.000%, 7/01/41, (WI/DD, Settling 12/01/21) 1/32 at 100.00 N/R 1,709,064
60 Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 12/21 at 100.00 AAA 60,235
  5.000%, 8/01/22      
500 Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B, 8/26 at 100.00 AA+ 597,035
  5.000%, 8/01/40      
1,230 Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B, 8/27 at 100.00 AA+ 1,507,746
  5.000%, 8/01/42      
2,000 Massachusetts Water Resources Authority, General Revenue Bonds, Series 2019B, 8/29 at 100.00 AA+ 2,535,540
  5.000%, 8/01/44      
1,130 Massachusetts Water Resources Authority, General Revenue Bonds, Series 2020B, 8/30 at 100.00 AA+ 1,455,598
  5.000%, 8/01/45      
1,000 Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 4/27 at 100.00 AA 1,214,860
  2017C, 5.000%, 4/15/37      
635 Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 4/29 at 100.00 AA 749,871
  2019E, 4.000%, 4/15/38      
13,915 Total Utilities     16,722,649
$ 185,110 Total Long-Term Investments (cost $196,223,659)     213,121,787
  Variable Rate Demand Preferred Shares, net of deferred offering costs – (52.1)% (6)     (73,753,680)
  Other Assets Less Liabilities – 1.7%     2,305,363
  Net Asset Applicable to Common Shares – 100%     $ 141,673,470

 

31

 

NMT

Nuveen Massachusetts Quality Municipal Income Fund

Portfolio of Investments (continued)

November 30, 2021 (Unaudited)

 

(1)All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 34.6%.
144AInvestment 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.
AMTAlternative Minimum Tax
IFInverse 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/DDPurchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

32

 


NMS

Nuveen Minnesota Quality Municipal Income Fund

Portfolio of Investments

November 30, 2021 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 157.3% (100.0% of Total Investments)      
  MUNICIPAL BONDS – 157.3% (100.0% of Total Investments)      
  Education and Civic Organizations – 32.2% (20.5% 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 $ 533,730
50 5.000%, 7/01/36 7/24 at 102.00 N/R 54,200
250 Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, 7/25 at 100.00 BB+ 277,478
  Series 2015A, 5.250%, 7/01/40      
570 Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 8/22 at 102.00 BB+ 593,855
  Academy, Series 2014A, 5.750%, 8/01/44      
750 Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 8/27 at 102.00 BB+ 856,702
  Academy, Series 2019A, 5.250%, 8/01/43      
100 Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of 7/26 at 100.00 N/R 105,256
  Performing Arts Project, Series 2016A, 5.000%, 7/01/47      
2,200 Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 7/24 at 100.00 BB 2,303,400
  2014A, 5.000%, 7/01/44      
1,575 Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, 7/26 at 100.00 N/R 1,645,954
  Series 2016A, 5.000%, 7/01/46      
  Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project,      
  Series 2013A:      
300 6.000%, 7/01/33 7/23 at 100.00 BB+ 318,474
1,425 6.000%, 7/01/43 7/23 at 100.00 BB+ 1,501,095
  Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University,      
  Refunding Series 2017:      
750 5.000%, 5/01/37 5/27 at 100.00 BB+ 842,032
2,000 5.000%, 5/01/47 5/27 at 100.00 BB+ 2,218,480
1,580 Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, 3/27 at 100.00 Aa2 1,780,154
  Refunding Series 2017, 4.000%, 3/01/42      
  Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint      
  Scholastica, Inc., Refunding Series 2019:      
500 4.000%, 12/01/34 12/29 at 100.00 Baa2 580,985
425 4.000%, 12/01/40 12/29 at 100.00 Baa2 487,972
305 Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, 3/26 at 100.00 Baa1 331,703
  Series 2016-8K, 4.000%, 3/01/43      
600 Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, 3/27 at 100.00 Aa3 675,954
  Refunding Series 2017, 4.000%, 3/01/48      
  Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College,      
  Refunding Series 2021:      
180 3.000%, 3/01/40 3/31 at 100.00 Aa3 198,049
165 3.000%, 3/01/43 3/31 at 100.00 Aa3 179,934
225 Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine 10/28 at 100.00 Baa1 269,177
  University, Refunding Series 2018A, 5.000%, 10/01/45      
350 Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John’s University, 10/30 at 100.00 A2 383,635
  Refunding Series 2021, 3.000%, 10/01/38      
  Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College,      
  Series 2021:      
1,750 4.000%, 10/01/46 10/30 at 100.00 A1 2,069,812
100 4.000%, 10/01/50 10/30 at 100.00 A1 117,796

 

33

 

 

NMS

Nuveen Minnesota Quality Municipal Income Fund

Portfolio of Investments (continued)

November 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Education and Civic Organizations (continued)      
  Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint      
  Thomas, Series 2019:      
$ 750 5.000%, 10/01/33 10/29 at 100.00 A2 $ 946,897
235 5.000%, 10/01/40 10/29 at 100.00 A2 293,249
705 Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School 9/24 at 100.00 BB– 734,871
  Project, Series 2014A, 5.000%, 9/01/44      
450 Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, 12/21 at 100.00 BBB– 451,382
  Series 2004A, 5.500%, 12/01/33      
1,250 Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 12/29 at 100.00 BBB– 1,408,612
  Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49      
  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 395,086
510 5.375%, 7/01/50 7/25 at 100.00 BB 560,092
1,680 Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 7/23 at 100.00 BB 1,745,453
  Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44      
800 Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, 12/22 at 100.00 BB+ 823,608
  Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33      
390 Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint 3/23 at 100.00 BB 397,203
  Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43      
1,000 Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 10/26 at 100.00 N/R 1,086,460
  2016A, 5.000%, 10/01/41      
500 St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, 12/26 at 102.00 BB+ 563,425
  Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49      
1,000 University of Minnesota, General Obligation Bonds, Series 2020A, 5.000%, 11/01/42 11/30 at 100.00 Aa1 1,299,580
26,280 Total Education and Civic Organizations     29,031,745
  Health Care – 37.2% (23.6% of Total Investments)      
250 Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, 3/26 at 100.00 N/R 264,565
  Refunding Series 2016, 4.000%, 3/01/32      
180 City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health 4/27 at 100.00 BBB 203,110
  Services Project, Series 2017, 5.000%, 4/01/41      
  Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds,      
  Essentia Health Obligated Group, Series 2018A:      
700 5.000%, 2/15/43 2/28 at 100.00 A– 835,128
3,000 5.000%, 2/15/48 2/28 at 100.00 A– 3,558,450
2,750 5.000%, 2/15/53 2/28 at 100.00 A– 3,254,817
510 5.000%, 2/15/58 2/28 at 100.00 A– 603,621
  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– 236,556
430 3.000%, 6/15/44 6/31 at 100.00 BBB– 445,351
  Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health      
  Services Project, Series 2013:      
400 4.000%, 4/01/27 4/22 at 100.00 BBB 403,596
230 4.000%, 4/01/31 4/22 at 100.00 BBB 231,470
720 Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial 9/25 at 100.00 Baa1 784,022
  Health Care, Series 2015, 4.000%, 9/01/35      
  Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care,      
  Series 2017:      
200 5.000%, 5/01/31 5/27 at 100.00 Baa1 238,436
165 5.000%, 5/01/32 5/27 at 100.00 Baa1 196,358

 

34

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Health Care (continued)      
$ 2,000 Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 11/31 at 100.00 AA– $ 2,424,240
  2021, 4.000%, 11/15/40      
  Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services,      
  Series 2015A:      
265 4.000%, 11/15/40 11/25 at 100.00 A+ 293,159
1,000 5.000%, 11/15/44 11/25 at 100.00 A+ 1,145,480
  Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services,      
  Series 2018A:      
1,500 4.000%, 11/15/48 11/28 at 100.00 A+ 1,696,620
1,500 5.000%, 11/15/49 11/28 at 100.00 A+ 1,835,760
710 Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, 12/21 at 100.00 N/R 669,104
  Refunding Series 2013A, 4.400%, 12/01/33      
  Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds,      
  Series 2013C:      
240 4.500%, 12/01/25 12/21 at 100.00 N/R 240,012
190 4.750%, 12/01/27 12/21 at 100.00 N/R 189,850
160 5.000%, 12/01/28 12/21 at 100.00 N/R 160,003
310 5.400%, 12/01/33 12/21 at 100.00 N/R 310,059
915 Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 5/28 at 100.00 AA 1,050,145
  4.000%, 11/15/48      
720 Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 5/26 at 100.00 AA– 804,348
  2016A, 4.000%, 5/01/37      
  Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System,      
  Series 2019:      
500 5.000%, 5/01/48 5/29 at 100.00 AA– 612,790
750 4.000%, 5/01/49 5/29 at 100.00 AA– 856,373
4,000 Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue 7/25 at 100.00 A 4,386,160
  Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35      
  Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds,      
  Fairview Health Services, Series 2017A:      
245 4.000%, 11/15/36 11/27 at 100.00 A+ 280,319
240 4.000%, 11/15/37 11/27 at 100.00 A+ 274,152
2,170 4.000%, 11/15/43 11/27 at 100.00 A+ 2,471,652
1,000 Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 12/21 at 100.00 N/R 1,001,200
  Project, Series 2007-1, 5.000%, 8/01/36      
  Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional      
  Medical Center, Refunding Series 2014:      
765 4.000%, 9/01/31 9/24 at 100.00 A 824,089
630 5.000%, 9/01/34 9/24 at 100.00 A 695,980
29,545 Total Health Care     33,476,975
  Housing/Multifamily – 1.9% (1.2% of Total Investments)      
1,670 Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments 12/21 at 100.00 Aaa 1,674,559
  Project, Series 2010, 4.500%, 6/01/26      
  Housing/Single Family – 0.6% (0.4% of Total Investments)      
9 Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue 12/21 at 100.00 AA+ 8,592
  Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (AMT)      
55 Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 1/23 at 100.00 AA+ 55,778
  3.900%, 7/01/43      

 

35

 

 

NMS

Nuveen Minnesota Quality Municipal Income Fund

Portfolio of Investments (continued)

November 30, 2021 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Housing/Single Family (continued)      
$ 20 Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 7/24 at 100.00 AA+ $ 20,634
  3.500%, 1/01/32      
465 Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I, 1/30 at 100.00 AA+ 468,283
  1.700%, 1/01/31      
549 Total Housing/Single Family     553,287
  Industrials – 5.2% (3.3% of Total Investments)      
  Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond      
  Fund Series 2013-1:      
1,400 4.500%, 6/01/33 6/22 at 100.00 A+ 1,425,760
600 4.750%, 6/01/39 6/22 at 100.00 A+ 611,298
2,650 Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint 10/22 at 100.00 BBB– 2,689,247
  Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A      
4,650 Total Industrials     4,726,305
  Long-Term Care – 11.5% (7.3% of Total Investments)      
805 Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at 11/24 at 100.00 N/R 849,372
  Anoka, Inc. Project, Series 2014, 5.125%, 11/01/49      
380 Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford 11/24 at 100.00 Baa1 402,652
  Foundation Project, Series 2014, 4.000%, 11/01/39      
875 Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., 12/21 at 100.00 N/R 875,297
  Refunding Series 2013, 5.200%, 3/01/43      
  Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc.,      
  Refunding Series 2015:      
175 5.250%, 1/01/40 1/23 at 100.00 N/R 175,028
850 5.250%, 1/01/46 1/23 at 100.00 N/R 831,206
500 Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, 8/22 at 100.00 N/R 507,195
  Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A      
1,350 Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding 11/22 at 100.00 N/R 1,357,830
  Series 2012, 4.750%, 11/15/28      
750 Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen, Abiitan 5/23 at 100.00 N/R 763,770
  Mill City Project, Series 2015, 5.250%, 11/01/45      
500 Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc. 8/25 at 100.00 N/R 522,750
  Project, Refunding Series 2017A, 5.000%, 8/01/48      
215 Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of 7/24 at 102.00 N/R 218,773
  Country Manor Project, Series 2019 A, 5.000%, 7/01/55      
1,300 Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview 6/26 at 100.00 N/R 1,323,075
  Home Project, Series 2016B, 4.900%, 6/01/49      
500 Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care 5/23 at 100.00 N/R 512,485
  Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48      
  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 522,780
350 4.125%, 9/01/35 9/24 at 100.00 N/R 365,663
585 Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd 1/23 at 100.00 N/R 588,604
  Luthran Home, Refunding Series 2013, 5.125%, 1/01/39      
500 Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, 8/24 at 102.00 N/R 535,570
  Refunding Series 2019, 5.000%, 8/01/49      
10,135 Total Long-Term Care     10,352,050

 

36

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Tax Obligation/General – 23.6% (15.0% of Total Investments)      
$ 1,000 Bloomington Independent School District 271, Hennepin County, Minnesota, General 2/27 at 100.00 AAA $ 1,122,860
  Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40      
  Brainerd Independent School District 181, Crow Wing County, Minnesota, General      
  Obligation Bonds, Facilities Maintenance Series 2018D:      
1,015 4.000%, 2/01/38 2/27 at 100.00 AAA 1,154,309
1,055 4.000%, 2/01/39 2/27 at 100.00 AAA 1,198,269
  Brainerd Independent School District 181, Crow Wing County, Minnesota, General      
  Obligation Bonds, School Building Series 2018A:      
500 4.000%, 2/01/38 2/27 at 100.00 AAA 568,625
1,000 4.000%, 2/01/42 2/27 at 100.00 AAA 1,131,130
1,020 Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, 2/27 at 100.00 Aa2 1,145,878
  Series 2018A, 4.000%, 2/01/43      
300 Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation 2/25 at 67.23 AAA 191,418
  Bonds, School Building Series 2015A, 0.010%, 2/01/35      
1,000 Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, 2/25 at 100.00 Aa2 1,091,150
  General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36      
540 Duluth Independent School District 709, Saint Louis County, Minnesota, General 2/28 at 89.86 Aa2 420,304
  Obligation Bonds, Capital Appreciation Series 2021C, 0.000%, 2/01/33      
500 Forest Lake, Washington County, Minnesota, General Obligation Bonds, Series 2019A, 2/29 at 100.00 AA+ 593,895
  4.000%, 2/01/32      
2,000 Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, 2/27 at 100.00 AAA 2,254,800
  School Building Series 2018A, 4.000%, 2/01/42      
345 Lake Crystal, Minnesota, General Obligation Bonds, Series 2019A, 3.000%, 12/15/33 12/27 at 100.00 AA 378,582